CA IPCC Accounts and Advanced Accounts Amendments for Nov 2017 Exam are very less when compared to the amendments in other subjects like Taxation and Company Law. Accounting Standards are the part of Business Laws Syllabus of CA IPCC.
Once in a while, as Accounting Standards are amended, few notable changes comes into effect. Therefore, for every 12 months, there will be very minor to major changes in the Accounting and Advanced Accounting Papers.
This leads to severe confusion among the students regarding what Accounts and Advanced Accounts Amendments that are applicable for the Nov 2017 exam and what amendments are not applicable for the Nov 2017.
To clear this confusion, we are below providing the complete list of changes and what amendments have come into effect for the upcoming Nov 2017 exams.
Accounts and Advanced Accounts Amendments
ICAI has brought in many changes in Accounting Standards portions in the last 12 months, which has led to confusion among students regarding the applicability of these changes for upcoming Nov 2017 Exam. This post is to clarify these changes.
Amendments Applicable for Nov 2017
Relevant Sections of the Companies Act, 2013 notified up to 30th April, 2016 will be applicable for Nov 2017 Examination.
Proposed Dividend Amendment applicable from Nov 2017:
Amendment in AS 6 and AS 10:
Amendment in AS-2, AS-13, AS-29:
Indian Accounting Standards for Nov 2017
ICAI has already made clear that the newly introduced Indian Accounting Standards will be applicable for CA IPCC Nov 2017 Exam.
However, only the basics and introduction to the Indian Accounting Standards will be applicable for CA IPCC Nov 2017 Syllabus.
IPCC Accounting Syllabus for Nov 2017 – IPCC Accounts Amendments
- Accounting Standards 1,7,9,10, 13 and 14
- Final Accounts
- Internal Reconstruction
- Accounting for Bonus Issue
- Accounts from incomplete records
- Investment Accounts
- Insurance Claims Accounting
- Partnership Accounts
- Accounting in Computerised Environment
Importance of Accounts Paper – IPCC Accounts Amendments
The Accounting paper constitutes a very important area of core skills for chartered accountants. The paper of ‘Accounting’ at Intermediate (IPC) level stresses on conceptual understanding of the crucial areas of accounting.
The paper of Accounting at Intermediate (IPC) level tries to lay a foundation for the preparation and presentation of Accounts of sole proprietors, partnerships and companies and also expects students to have good and adequate working knowledge of the principles of accounts and their application to different real life situations. Also See CA IPCC Accounts Notes PDF.
The study material of Paper 1 ‘Accounting’ is divided in fifteen chapters/topics based on the curriculum.
The topics covered under Accounts paper include
- Accounting Standards;
- Financial Statements of Companies,
- Profit or Losses Prior to Incorporation,
- Bonus issue,
- Amalgamation and Internal Reconstruction (excluding problems on inter- company holding); Average Due Date,
- Account Current;
- Self Balancing Ledgers;
- Financial Statements of Not for Profit Organizations;
- Accounts from Incomplete Records;
- Hire Purchase and Instalment Sale Transactions;
- Investment Accounts; Insurance Claims for Loss of Stock and Loss of Profit;
- Issues in Partnership Accounts;
- Accounting in Computerized Environment.
The Accounts syllabus has an appropriate mix of topics like sole proprietorship, partnership and companies and the objective of the subject is to gain ability to solve simple problems related to different businesses organisations.