IPCC May 2014 Advanced Accounting Amendments - Paper 1 & 5

IPCC May 2014 Advanced Accounting Amendments – Paper 1 & 5

December 30, 201338 Comments
Here I have given CA IPCC May 2014 Advanced Accounting Amendments. IPCC Accounts 1 & 2 both amendments are given here.
To crack CA exams at very first attempt, it is really important to get thorough to the subject 100% plus follow amendments and notifications applicable for the exam. So, as its our tag line – “To give you tonic for cracking CA exams with ease”, we are always giving latest and best information and requisites for upcoming CA exams. So, here is CA IPCC May 2014 Advanced Accounting Amendments. These amendments and notifications are for Accounting (Paper 1) and Advanced Accounting (Paper 5) both. Check it out and go for cracking the CA exams with CAcracker !!!

IPCC May 2014 Accounting Amendments

ICAI has not made IPCC May 2014 accounting amendments available online yet.

Stay tuned with CAcracker to get CA IPCC Accounting amendments for May 2014 exam.

Get this too: >CA IPCC Tax Amendments for May 2014 Exam (Available)

You should check these amendments of Nov 2013 also as it will be also applicable for May 2014 exam.

CA IPCC Nov 2013 Advanced Accounting Amendments

Paper 1: Accounting amendments and notifications for IPCC Nov 2013:-

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 5: Advanced Accounting amendments & notification for IPCC Nov 2013:-

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

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.

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

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

Note: (Common for Intermediate (IPC) Paper 1 and Paper 5)
Non-Applicability of Ind ASs for November, 2013 Examination
The MCA has hosted on its website 35 converged Indian Accounting Standards (Ind AS) without announcing the applicability date. These are the standards which are being converged by eliminating the differences of the Indian Accounting Standards vis-à-vis IFRS.
(Students may note that Ind ASs are not applicable in November, 2013 Examination. However, Accounting Standards as specified in the syllabus are applicable for them in November, 2013 examination.)

 

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Comments (38)

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  1. mr. noor.. please give me some question with solution for advanced accounting from each chapter where revised schedule vi is applicable on my mail address rupeshkrnirala@gmail.com.

  2. L.Kmp says:

    mr. noor.. please give me some question with solution for advanced accounting from each chapter where revised schedule vi is applicable on my mail address-krips2828@live.com

  3. neeraj chauhan says:

    some question with solution for advanced accounting with revised schedule vi….

    • Md Noor says:

      Sorry bro. I can not help in giving sums of revised schedule vi cauz m busy in my CA exam preparation. You should refer practice manual or study material for the same.

  4. sindhuja says:

    sir i want details about revised scheduled 6

  5. mr. noor..can you please tell me – is cash flow statement applicable for advanced accounting?

  6. deepika says:

    can u plz tell me first 100 pages of information technology of study material is applicable for may ipcc exam?

  7. Praveen says:

    Not applicable

  8. Kankatala.priyanka says:

    Please tell me about i.t.what chapters are eliminated from i.t syllabus and not applicable for 2013may exams.

  9. Aastha says:

    could u plz tell me whats r the amendments in AS OF CA FINALS? WHETHERifrs is coming india in place of AS.. and what will be applicable for nov2014 ca final exam
    ?

  10. madhav says:

    is there any amendment in electricity also?? for may 2013

  11. mahendra kumar says:

    pls mention rate under banking chapter of advance accounting for standared & sub standared assets..

  12. priya gupta says:

    is there any changes in electricity company

  13. PARVATHA GOWDA says:

    Please inform me,IS there any changes will be made for IPCC may2014 attempt? and new amendments in any subject of my IPCC syllbus

  14. gourav rawal says:

    new bank rate applicable for november 2013 ipcc group2 banking chapter

  15. riya says:

    Is dere NY Chang in d study mtrls provided by icai org for exams to be held on nov 2013 nd may 2014?

  16. i would like to receive updates to my email.

  17. R.M.Vardhini says:

    Hello sir,

    Is there are any changes or amendments for ipcc nov 2013.. can i refer the same books which i brought for nov 2012 attempt?? pls reply soon..

    Thank You

  18. R.M.Vardhini says:

    Sorry please say only group2..

    Thank you

  19. POOJA SACHDEV says:

    pls send me the changes in electricity chapters changes in advanced accounting for nov 2013

  20. harsha says:

    sir,
    I heard that debtors method and stock and debtors method has been removed for nov 2013 exam
    is it correct

  21. AJAY says:

    PLS INFORM ME ABT CHANGES IN IT APPLICABLE FOR CAIPC NOV2013 EXAM.

  22. javed says:

    plz some question with sollution related each chapter where schedule vi is applicable in group-1 account send me my email id -javedmohd706@gmail.com

  23. Pardeep says:

    plz send me accounting standard group 2 notes to my email-id.

  24. roshni nagpure says:

    mr. noor.. please give me some question with solution for advanced accounting from each chapter where revised schedule vi is applicable on my mail address #########

  25. Rashmi Pareek says:

    please tell me amedements in advance a/c and audit

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