CA Final Amendments for May 2017(All Amendments)

Details for CA Final Amendments for May 2017(All Amendments):

The next examinations of Chartered Accountancy Final course after Nov 2016, will be held in May 2017. The Institute of Chartered Accountants of India (ICAI) has announced the applicability of Standards, Guidance Notes and Legislative Amendments etc for May 2017 Examination.

CA Final Amendments

CA Final Group-1 Amendments

CA Final Financial Reporting Amendments May 2017:

There are only two new amendments in CA Final Financial Reporting Paper. These are:

1. Guidance Note on Accounting for Expenditure on CSR Activities.

2. Guidance Note on Accounting for Derivative Contracts.

Apart from these, all other syllabus is same that of May 2016 exams.

CA Final SFM Amendments for May 2017

There are no new amendments in CA Final SFM Syllabus. The same syllabus that was applicable for earlier exam will be applicable for May 2017 exams also. However, the recent Practice Manual released by ICAI has some new problems added up. Revise them for better preparation.

CA Final Auditing Amendments May 2017

In the beginning months of 2016, the government has notified the CARO 2016. As this notification has come before April, CARO 2016 will be applicable for the upcoming May 2017 and May 2017 CA IPCC Exams.

There has been few changes in the Guidance Note on Reporting under section 143(3)(f) and section 143(3)(h). These sections deals with the duties and powers of company auditors.

It requires the auditors to give his report to the members on the financial statement accounts examined by him. He shall also give his opinion on the financial statements which will be submitted to the shareholders in the Annual General Meting of the company.

Also Read: CA IPCC Amendments for May 2017

Amendments in Corporate and Allied Law for May 2017

The Ministry of Corporate Affairs has implemented few changes in the Companies Act, 2013. Due to this, ICAI has amended few sections and provisions in the Companies Act part. Students are recommended to carefully go through each and every amendment, as these are very important for exam point of view.

CA Final Group-2 Amendments

CA Final AMA Amendments for May 2017

There are no new changes or amendments in the CA Final AMA syllabus. Students can study from existing books only.

ISCA Amendments for May 2017

We have provided the compiled amended study material for CA Final Information Control Systems and Audit (ISCA) for May 2017 exams. All the ISCA Amendments from above mentioned chapters are listed out below.

Chapter 3 – ISCA Amendments for May 2017

Sec. Topic Name Page Number
3.7.1 Top Management and Information Systems Management Controls 3.38 – 3.40
3.7.3 Programming Management Controls 3.42
3.7.4 Data Resource Management Controls 3.43
3.7.5 Quality Assurance Management Controls 3.44
3.7.6 Security Management Controls 3.44 – 3.46
3.7.7 Operations Management Controls 3.46 – 3.47
3.9 Information Technology General Controls (ITGC) 3.61 – 3.62

Chapter 4 – ISCA Amendments for May 2017

Sec. Topic Name Page Number
4.8.2 Classification of Critical Activities 4.15 – 4.16
4.14 Types of Back-ups 4.23 – 4.26

Ch:6 – ISCA Amendments for May 2017

Sec. Topic Name Page Number
6.7 Managerial Controls and their Audit Trails 6.26 – 6.27
6.7.1 Top Management and Information Systems Management Controls 6.27 – 6.28
6.7.2 System Development Management Controls 6.28
6.7.3 Programming Management Controls 6.28 – 6.30
6.7.4 Data Resource Management Controls 6.30
6.7.5 Quality Assurance Management Controls 6.30
6.7.6 Security Management Controls 6.30
6.7.7 Operations Management Controls 6.30

Ch:8 – ISCA Amendments for May 2017

Sec. Topic Name Page Number
8.2 Grid Computing 8.2
8.3.4 Cloud Computing Environment 8.6 – 8.12
8.3.5 Cloud Computing Service Models 8.12 – 8.19
8.4.1 Programming Management Controls 8.26 – 8.27
8.4.2 How Mobile Computing Works? 8.27
8.4.5 Limitations of Mobile Computing 8.28
8.4.6 Issues in Mobile Computing 8.28 – 8.30
8.5.2 Green Computing Best Practices 8.31 – 8.32
8.6.1 Advantages of BYOD 8.33 – 8.34
8.7.2 Web 2.0 8.36
8.7.3 Components of Web 2.0 for Social Networks 8.36 – 8.37
8.7.6 Applications of Web 2.0 8.40 – 8.41
8.7.8 Web 3.0 8.41 – 8.42

CA Final Direct Tax Amendments May 2017

Part-I of Paper-7 contain topics related to Direct Taxation. Accordingly, all amendments made in the provisions of Direct Tax by the Finance Act, 2016 including various circulars and notifications issued up to 31st October, 2016 will be applicable for CA Final May, 2017 examinations. Accordingly, the applicable assessment year shall be A.Y. 2017-18 for Direct Tax Laws for CA Final May, 2017 Examination. Part-II of Paper-7 of CA Final New syllabus covers topics related to International Taxation.

You should note that CA Institute has already excluded the Wealth-tax Act, 1957 and Rules there under from the syllabus of CA Final Course and therefore not applicable for May 2017 examination. You may Download (Available from Feb 2017) the Supplementary Study Paper and Select Cases relevant for May 2017 and November 2017 examinations.

IDT Amendments May 2017

Just like the amendments in Direct Tax paper, there are around 20-25 new amendments in CA Final Indirect Tax Syllabus.

Hope you are satisfied with the information. For more updates of “CA Final Amendments for May 2017(All Amendments)”, keep browsing our site.

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