Monday, 30 September 2013

My Best wishes to Nov Attempt Students

Dear Friends and Students
There are only 35 days left for your CA exam both IPCC and final exam Whether you had studied well or not well ...It is your choice whether to utilise with better and effective manner or Not






There are only 35 days left for your CA exam ( both IPCC and final exam). Whether you had studied well or not well before, if you are not doing a good acceleration during these 35 days will cause a poor result. So, we have to focus first how to utilise these days productively and effectively and next how to present a good answer.


1.
Give a mission statement in your brain that you can, In this connection forget your past failure or even if you had not carried out your daily study routine well.

“Give the message You can” my life experience.

In CA exams, Someone was failed 3 times in a single subject TAXATION and Then he decided to quit the exam. Mentally lost the balance. The fact that He had failed inspite of His best effort and it is quite miserable. All of his friends were cleared PE 2 was multiplied His feeling several time. I was not touch the book even with left had during oct 14. From oct 15 onwards i had started my studies, i changed my outlook and given a positive feedback that i will clear the exam at any cost. I was aware that not done my preparation well and my limitation.

He had given more than his level best focus during these limited days, holded a good grip over all the 3 papers during these days. He has only one goal, to clear the exam at any cost and carried out studies at his level best.

He was taken a decision that whether the paper may be easy or tough, but i will do what his level best for the preparation aspect. Due to past failure, some positive energy comes with presentation aspect. Extra care, He had given in the answer part.

At last the exam is over, He had a level of satisfaction that He never had in his level best and he had learned a lesson that nothing is impossible provided if we arise , awake....

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2. Understand where you are now, what your limitation is and what is a solution for overcoming your problems. These days are more than enough for clearing the exam.

Each of you has a reason for failure, which may be differ but unique for a particular segment.

One CA student life experience-

He was failed costing and FM due to my improper method of studies. Before carrying out the studies, he had understood his defect; He understood that lack of conceptual clarity and lack of problem solving skills and Time management skills.

For improving conceptual understanding, He had solved the questions without referring to the solution part. Some problems were taken more than one day to get a solution. Some problems He never got the solutions. But He had put his best effort for unsolved problems by his end, hit to the concepts. This approaches helped him to get out of his issues.

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3. Prepare systematic and balancing studies for all these days. For clearing your exam fix a mark on each and individual subject.

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4. Mark fixing should be done according to your past exam trend. Out of which one or more subject should be an “Exemption” Level paper.

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5
. Give studies according to your goal. Targeted papers may be a toughest paper for clearing or any other paper for securing 60 plus mark so that there is no aggregate issues.

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6
. Keep an eye on past questions and answers (suggested answers) and scanners, even if the trend may be differing.

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7. Be sound in the conceptual level; write the answers in your way with clear margin number with suitable heading and sub heading and all the related points in a comprehensive and cohesive manner.

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8.
Never spend toomuch time in social networking site such as Face book, Orkut, and other chatting site. Never waste the time for entertainment. Because these last moment acceleration would have a better effect in your studies.

These 35 days is very important days in your career and life. It is your choice whether to utilise with better and effective manner or Not

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Wish you all the best for your November Exams :-)












 
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Tuesday, 24 September 2013

All amendments for IPCC - Topics Excluded, Amendments for Nov 2013 exams

All amendments for IPCC - Topics Excluded, Amendments for Nov 2013 exams



* IPCC Paper 1 - 

Accounting:

>Exclusion of Hire Purchase Trading A/c, Stock and Debtors Method from IPCC Syllabus:
In Accounting paper, ICAI has made it clear that, these topics are no longer relevant and they are in wrong motion. By this, it is quite clear that ICAI has decided to exclude these topics with immediate effect and so will not be applicable for the upcoming November 2013 exams.
Amendments in Accounting for IPCC Nov 2013 Exams:
A. Pronouncements
Accounting Standards 1, 2, 3, 6, 7, 9, 10, 13 and 14 are covered in the syllabus. (Text of all applicable Accounting Standards are available in the Appendix I of Volume I of ‘Accounting’ Study Material revised in November, 2012.).

B. Announcement relevant for November, 2013 examination
Criteria for Classification of Entities and Applicability of Accounting Standards
Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria i.e. determination of SME on turnover basis for Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year commencing on or after April 01, 2012.



* Paper : 2 - Law Ethics and Communication: 


There are no topics excluded or New amendments applicable for IPCC Nov 2013, Law Ethics and Communication paper.

* Paper : 3 - Costing and FM


There are no topics excluded or New amendments applicable for IPCC Nov 2013, Cost Accounting and Financial Management paper.

* Paper :4 - Taxation:


For November 2013 exams, no new topics have been excluded from the Taxation syllabus. However, ICAI has released applicable amendments for Tax November 2013 Exam.
IPCC Nov'13 Tax Amendments : http://220.227.161.86/30174bos19779-ipcc.pdf

* IPCC Paper 5 - Advanced Accounting:


A. Pronouncements
Accounting Standards 4, 5, 11, 12, 16, 19, 20, 26 and 29 are covered in the syllabus.
(Text of all applicable Accounting Standards are available in the Appendix II of Volume I of ‘Advanced Accounting’ Study Material revised in November, 2012.)
B. Notification/Announcement relevant for November, 2013 examination
1. Presentation of Foreign Currency Monetary Item Translation Difference Account (FCMITDA)
In the Revised Schedule VI format, no line item has been specified for the presentation of “Foreign Currency Monetary Item Translation Difference Account (FCMITDA)”. Therefore, the Council of the Institute at its 324th meeting held on March 24-26, 2013 at New Delhi, decided that debit or credit balance in FCMITDA should be shown on the “Equity and Liabilities” side of the balance sheet under the head ‘Reserves and Surplus’ as a separate line item.

2. Criteria for Classification of Entities and Applicability of Accounting Standards
Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria i.e. determination of SME on turnover basis for Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year commencing on or after April 01, 2012.

3. Clarification on Debenture Redemption Reserve (DRR)
Ministry of Corporate Affairs vide Circular no. 04/2013 dated 11 February, 2013 has clarified the adequacy of DRR for various institutions/companies as follows:
table will be updated soon
Every company required to create/maintain DRR shall before the 30th day of April of each year, deposit or invest, as the case may be, a sum which shall not be less than fifteen percent of the amount of its debentures maturing during the year ending on the 31st day of March next following year.

4. Maintenance of Cash Reserve Ratio at 4.00 per cent for all banks vide circular DBOD. No. Ret. BC. 76/12.01.001/2012-13 dated January 29, 2013.

5. Statutory Liquidity Ratio for Local Area Banks be reduced from 25 per cent to 23 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning August 11, 2012.

6. Review of the Prudential Guidelines on Restructuring of Advances by Banks/Financial Institutions
Reserve Bank of India has reviewed the prudential guidelines on restructuring of advances by banks/ financial institutions vide circular no. DBOD.No.BP.BC.63/21.04.048/2012-13 applicable for all scheduled commercial banks excluding RRBs dated November 26, 2012 and has decided:

i) To enhance the provisioning requirement for restructured accounts classified as standard advances from the existing 2.00 per cent to 2.75 per cent in the first two years from the date of restructuring. In cases of moratorium on payment of interest/principal after restructuring, such advances will attract a provision of 2.75 per cent for the period covering moratorium and two years thereafter; and that

Category of Advances Rate (%)
Sub- standard Advances 

Secured Exposures 15
Unsecured Exposures 25
Unsecured Exposures in respect of Infrastructure loan accounts where certain safeguards such as escrow accounts are available. 20

Doubtful Advances – Unsecured Portion 100
Doubtful Advances – Secured Portion 

For Doubtful upto 1 year 25
For Doubtful > 1 year and upto 3 years 40
For Doubtful > 3 years 100

Loss Advances 100
ii) Restructured accounts classified as non-performing advances, when upgraded to standard category will attract a provision of 2.75 per cent in the first year from the date of upgradation instead of the existing 2.00 per cent.
In accordance with the above, loans to projects under implementation, when restructured due to change in the date of commencement of commercial operations (DCCO) beyond
the original DCCO as envisaged at the time of financial closure and classified as standard advances would attract higher provisioning at 2.75 per cent as against the present requirement of 2.00 per cent as per the details given below:
Infrastructure projects
table will be updated soon

Rates of Provisioning for Non-Performing Assets for Banking Companies
For Banking companies, revised rate of NPA are given.

All other extant guidelines on Income Recognition, Asset Classification and Provisioning pertaining to advances will remain unchanged.

* Paper : 6 - Auditing and Assurance:


There are no topics excluded or New amendments applicable for IPCC Nov 2013, Auditing and Assurance paper.

* Paper : 7 - IT and SM


Especially for Nov 2013 no topics were excluded, but, students may note that since November 2012, the following topics have been completely removed from Information Technology Syllabus.

This is to inform all students that while reviewing topics included in the Paper-7A/6B of IPCC/PCC - Information Technology, it is observed that some of the topics are not at all relevant in the present day context and thus it has been decided that no question be asked from such topics from November 2012 examination and onwards till the syllabus is thoroughly revised. Hence, no questions will be asked from the following topics in November, 2012 examination and on wards:-

Chapter – 1

Unit-I Introduction to Computers

Unit-II Input and Output Devices 
(a)Computer Hardware

Classification of
Computers – Personal Computer,Workstation, Servers and Super computers

Computer Components – CPU, Inputs output devices, Storage devices, Storage devices

(b) Bus, I/O CO Processors, Ports
(Serial, parallel, USB ports), Expansion slots, Add on cards,On board chips, LAN cards, Multimedia cards, Cache Memory, Buffers,Controllers and drivers 





Note : I have tried my best to provide u all amendments truly and correctly,
But U should also check it via institute's official website i.e. www.icai.org

- Thank You

http://220.227.161.86/30174bos19779-ipcc.pdf






 
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Tuesday, 17 September 2013

3 hours - Exam time

In exam you have only 3 hours
Here some tips for utilise that 3 hours.

1.Do 8 marks Question in 15 Min.

2. Do 16 marks Question in 30 Min.

3. After all these you have another 30 min. utilise these 30 min. to do Question No.1 which is of 20 Marks.

4.Remember there will be some Question which will take less time as specified above.

5. But,also remember that there are also some Question which will take more than specified time.

6. And remember there is one tricky Question in every paper which will be based on concept.

Best of Luck...



Sunday, 15 September 2013

Easy Rememberance Of Accounting Standards - IPCC

Here is a way to easily remember AS



I guess this will be useful to beginners, for me this helps a lot even now, bcoz i get stuck in simple things now and then




1 Disclosure of Accounting Policies
2 Valuation of Inventories
1 and 2 will be easily remembered as they are first two
  

3 Cash Flow Statements
has three words 1)CASH 2)FLOW 3)STATEMNTS

4 Contingencies and Events Occuring after the Balance Sheet Date
relates to transactions which fall outside the four walls of a room

5 Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies 
 thats my lucky number so have your own strategy

7 Construction Contracts
we give weekly(7 days) wages for labour of construction activity

8 Accounting for Research and Development
in R of Reaserch..have a small u below R it becomes 8 R+u=8

9 Revenue Recognition
this 9 is the highest number...after this zero will be added and the series continuos, many business people prefer combination of number 9 wherever they have to choose as they believe it earns highest revenue

10 Accounting for Fixed Assets
there are 10 assets for which COA and COI is taken as nill as per sec55 of IT Act
  
11 The Effects of Changes in Foreign Exchange Rates
the first thing flashes in our mind when we read forex is $ dollar, in the symbol S is crossed by 2 lines, i.e.,11
  
12 Accounting for Government Grants
Govt many times say that you invest 1rupee we will provide 2rupees as subsidy 1+2=12
  
13 Accounting for Investments  
14 Accounting for Amalgamations
we are quite familiar with 13 and 14 in our accounts 
for 14- 4 companies A,B,C,D were amalgamated and 1 company is formed 1 formed by 4, 1 by 4=14
  
15 Employee Benefits  
thats my birthday, for you people sec15 of IT act is charging section for Income from salaries(paid to employee)

16 Borrowing Costs
3 sources are Equity Preference Debt as per COC of FM, when you borrow funds firms always try earn income atleast by double, 3X2=6

20 Earnings Per Share
Shareholder expects to double his property when he invests in shares, usually shares are for 10/- each


21 Consolidated Financial Statements
consolidation of 2 companies FS in 1 company=21
  
22 Accounting for Taxes on Income
In PCC tax is 2nd paper in 2nd group







 
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