Amendments and notification are pronounced by The Board of Studies, ICAI time to time as per the requirements. Such amendments and changes are relevant for upcoming Examinations.

ICAI amending The Syllabus SM and PM of CA Final Examination from time to time, it always better to check changes and amendments before appearing for examinations.

CA Final Group I Amendments

Financial Reporting (FR) Amendments for CA Final May 2017 Exam

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No major changes or amendments are made compared to Nov 2016 Examinations. only two new guidelines on 'Accounting of Expenditure on CSR Activities' and 'Accounting for Derivative Contracts' are add in CA Final May 2017 Examination. more details provided as follows.

Applicability of Accounting Standards (AS):

All AS (Accounting Standards) are Applicable Except Following:

AS 30, AS 31, AS 32 is not applicable For Financial Reporting (FR) in CA Final May 2017 Examinations

AS 8 "Accounting for Research and Development" has been withdrawn consequent to the issue of AS 26 on “Intangible Assets”.

Applicability of Indian Accounting Standard (Ind AS):

• Introduction of Indian Accounting Standards (Ind AS)
• Comparative study of ASs Vs Ind ASs
• Carve-outs/ins in Ind ASs vs International Financial Reporting Standards (IFRSs)
• Overview of IAS (International Accounting Standards) / IFRS (International Financial Reporting Standards)
• Significant differences between Indian Accounting Standards, Understanding of US GAAPs, Applications of IFRS and US GAAPs

FR Topic Applicable in May 2017 CA Final Exam:

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• Framework for the Preparation and Presentation of Financial Statements.
• Guidance Notes on Accounting Aspects
• Relevant Sections of The Companies Act, 2013 and other Legislative Amendments including relevant Notifications /Circulars / Rules / Guidelines issued up to 31st October 2016 will be applicable for CA Final May 2017 Examination.
• Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 are applicable for FR, CA Final  May 2017 examination.

CA Final SFM Amendments for May 2017 Exam

Generally, ICAI Not Amending SFM Syllabus. hence, No new Amendment and Changes are made in Strategic Financial management -SFM, CA Final May 2017 Examination compare to the previous examination November 2016. The syllabus applicableare same as the previous exam November 2016.

However, new Question and Practical problems add added in new Practice manual.Check Study material (SM) and Practice Manual (PM) of the relevant attempt.

Amendments in Audit for CA Final May 2017 Exam

CA Final May 2017 Examinations Amendments in paper of Advanced Auditing and Professional Ethics

Statements and Standards:

1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 (1) of the Companies Act, 2013).
2. Framework for Assurance Engagements.

Applicability of the Companies Act, 2013 in Auditing:

1. The relevant notified Sections of the Companies Act, 2013 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities, cut-off date will be 31st October 2016.
2. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for CA Final May 2017 Examination.

Applicable Guidance Notes and other publications for CA Final May 2017 Exam

1. Code of Ethics
2. Guidance Note on Independence of Auditors.
3. Guidance Note on Audit under Section 44AB of the Income-tax Act.
4. Guidance Note on Audit of Inventories.
5. Guidance Note on Audit of Debtors, Loan's and Advances.
6. Guidance Note on Audit of Investments.
7. Guidance Note on Audit of Cash and Bank Balances.
8. Guidance Note on Audit of Liabilities.
9. Guidance Note on Audit of Revenue.
10. Guidance Note on Audit of Expenses.
11. Guidance Note on Computer Assisted Audit Techniques (CAATs).
12. Guidance Note on Audit of Payment of Dividend.
13. Guidance Note on Audit of Capital and Reserves.
14. Guidance Note on Audit of Banks.
15. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
16. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013.
17. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013.
18. Guidance Note on the Companies (Auditor’s Report) Order, 2016.

Engagements and Quality Control Standards on Auditing

Following Standards on Auditing (SA) and  Quality Control Standards (SQC) of Advanced Auditing and Professional Ethics for CA Final May 2017 Examinations

CA Final Corporate and Allied Law Amendments for May 2017 Exam

The Companies Act, 2013

The relevant sections of the Companies Act, 2013, along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs upto 31st October 2016 for CA Final May 2017 Examinations. such Amendments are available onwww.mca.gov.in

SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009

Vide Notification No. SEBI/LAD-NRO/GN/2016-17/003 dated 25th May 2016, SEBI hereby further amend the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 through the enforcement of the SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations,2016 Applicable for May 2017 Examination

For amendment, refer the following Link.
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1464245320010.pdf

Other Applicability:

Ministry of Law and Justice on 16th August2016 has published for general information, the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016.

It is an Act further to amend four laws:

1. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI)
2. Recovery of Debts due to Banks and Financial Institutions Act, 1993 (RDDBFI)
3. Indian Stamp Act, 1899 and
4. Depositories Act, 1996, and for matters connected therewith or incidental thereto.

For amendment, refer the following Link
http://financialservices.gov.in/Banking/LAWS.pdf

Non-Applicability

Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies.

CA Final Group II Amendments

CA Final AMA - Costing Amendments for May 2017 Exam

Same as SFM, No new Amendment or changes are made in Advance Management Accounting (AMA) for CA Final May 2017 Examinations. The syllabus applicableare same as the previous exam November 2016.

However, new Question and Practical problems add added in new Practice manual.Check Study material (SM) and Practice Manual (PM) of the relevant attempt.

ISCA Amendments for CA Final may 2017 Exam

Last New Edition of Study Material and Practice Manual of Information System Control and Audit (ISCA) January 2016 Edition are applicable for May 2017 CA Final Examination. No new Changes and Amendment are made in ISCA CA Final May 2017 Examination.

CA Final Direct Tax (DT) Amendments May 2017 Exam

Applicable Budget: Finance Act, 2016

The provisions of direct tax laws (DT') as amended by the Finance Act, 2016, including notifications and circulars issued up to 31st October2016, are applicable for CA FinalMay2017 examination.

Applicable Relevant A.Y: 2017-18

Applicable Relevant P.Y: 2016-17

Amendments in Indirect tax (IDT) of CA Final May 2017 Exam

Applicable Budget: Finance Act, 2016

Similar to Direct Tax (DT),The provisions of Indirect tax laws (IDT) as amended by the Finance Act, 2016, including notifications and circulars issued up to 31st October2016, are applicable for CA FinalMay2017 examination.

DT & IDT Amendments

It is Advisable to Read latest Study material (SM) and Practices Manual Case laws of DT and IDT for CA Final Student who appear in May 2017 Examination.

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