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/
* 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/
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/
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* 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/
* 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/
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/
Share It & Spread It
______________________________________________
♦ Subscribe And Be Updated Yourself ♦
♦ ♦ www.pullaharshavardhan.blogspot.in ♦ ♦
♦ ♦ ♦ Be a FAN In Facebook ♦ ♦ ♦
______________________________________________
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