IPCC May 2014 Syllabus Amendments | IPCC May 2014 Amendments Syllabus RTP
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IPCC May 2014 Syllabus Amendments


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 Acocunting for IPCC May 2014 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 May 2014 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.


Law Ethics and Communication: 

There are no topics excluded or New amendments applicable for IPCC May 2014, Law Ethics and Communication paper.

Costing and FM

There are no topics excluded or New amendments applicable for IPCC May 2014, Cost Accounting and Financial Management paper.

Taxation:

For November 2013 exams, no new topics have been excluded from the Taxation syllabus. However, icai has released applicable amendments for Tax May 2014 Exam.

                    IPCC May 2014 Tax Amendments

Also Read - IPCC Important questions, topics


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 May 2014 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 AdvancesRate (%)
Sub- standard Advances
Secured Exposures15
Unsecured Exposures25
Unsecured Exposures in respect of Infrastructure loan accounts where certain safeguards such as escrow accounts are available.20
Doubtful Advances – Unsecured Portion100
Doubtful Advances – Secured Portion
For Doubtful upto 1 year25
For Doubtful > 1 year and upto 3 years40
For Doubtful > 3 years100
Loss Advances100

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


Auditing and Assurance:

There are no topics excluded or New amendments applicable for IPCC May 2014, Auditing and Assurance paper.

IT and SM

Especially for Nov 2013 no topics were exlcluded, 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 inthe Paper-7A/6B of IPCC/PCC - Information Technology, it isobserved that some of the topics are not at all relevant in thepresent day context and thus it has been decided that no questionbe asked from such topics from November 2012 examination andonwards till the syllabus is thoroughly revised. Hence, no questionswill be asked from the following topics in November, 2012examination and onwards:-


              Chapter/Unit
               Number and Name

               Syllabus

    Page Numbers in
      Study Material

   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, Multi media
   cards, Cache
   Memory, Buffers,
   Controllers and
   drivers

    1.1- 1.105
   Chapter-IV: Internet
   and other
   Technologies

                      EDI

     4.48 – 4.53





































5 comments:

  1. Sir, please mention the total chapters and their names of IT subject so that we can understand what chapters are covered for may 2014.

    ReplyDelete
  2. Sir, please mention the total chapters and their names of IT subject so that we can understand what chapters are covered for may 2014.Also tell is their any change in SM?

    ReplyDelete
  3. pls provide service tax notes

    ReplyDelete