Modification in the Syllabus of Final Paper 1: Financial Reporting and applicability of

the same for the forthcoming CA Examinations - (30-05-2015)

The topic of Overview of International Accounting Standards (IAS) / International
Financial Reporting Standards (IFRS), Interpretations by International Financial
Reporting Interpretation Committee (IFRIC), Significant differences vis-a-vis Indian
Accounting Standards; Understanding of US GAAPs, Applications of IFRS and US
would be excluded from the syllabus of Final Paper 1 : Financial Reporting and the
same would not be applicable from November, 2015 Examination.

Further, the topic of Introduction of Indian Accounting Standards (Ind AS);

Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis--vis
International Financial Reporting Standards (IFRSs) would be included in the
syllabus of Final Paper 1 : Financial Reporting and the same would be applicable
from May, 2016 Examination.
In answer to Question 1(a) of Final Paper 1: Financial Reporting Suggested Answers of November, 2014 given at
page 2, the provision for doubtful debts should be treated as a timing difference instead of permanent difference,
which will lead to creation of deferred tax asset by Rs. 19,005. Accordingly, the total deferred tax asset in the answer
will be Rs. 2,37,230 instead of Rs. 2,18,225.
The above correction has been incorporated in the Paper 1 : Financial Reporting Suggested Answers of November,
2014 hosted on the BoS Knowledge Portal at ICAI website.

Applicability of Relevant Amendments/Circulars/ Notifications/Regulations etc.

1. The Companies Act, 2013
The relevant sections of the Companies Act, 2013, notified up to 31st March, 2015
along with
relevant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of
Corporate Affairs upto 30th April, 2015.
2. SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009
SEBI vide Notification dated 24th March, 2015 has issued SEBI (Issue of Capital and
Disclosure
Requirements) (Amendment) Regulations, 2015.
The amendments have been carried out in regulation 4 and 54 of SEBI (ICDR)
Regulations, 2009.
3. The Insurance Act, 1938 and the Insurance Regulatory and Development
Authority Act, 1999

Vide Notification dated 23rd March, 2015, Ministry of Law and Justice further
amended the
Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act,
1999 by
enacting the Insurance Laws (Amendment) Act, 2015. It shall be deemed to have
come into force
on the 26th day of December, 2014.
II Non-Applicability of the following Amendments/Circulars/Notifications
S.No. Subject Matter
1. Chapter 9 of the study material (October, 2014 edition) covering provisions
relating to Revival
and Rehabilitation of Sick-Industrial Companies.
2. Chapter 15 of the study material (October, 2014 edition) covering provisions
relating to the
National Company Law Tribunal and Appellate Tribunal.