CA Final Amendments Applicability of Standards/Guidance Notes for November 2022

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We are Sharing With You CA Final Amendments for November 2022 . So kindly Check Out our http://www.castudynotes.com website and ALL the Best for Your Upcoming Exams.

CA STUDY NOTES

Board of Studies The Institute of Chartered Accountants of India

25th July, 2022

———————————————————————————————–

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2022 Examination

Study Guidelines for November, 2022 Examinations Final New Course

Paper 1: Financial Reporting

List of topic-wise exclusions from the syllabus

(1)

(2)

(3)

S. No. in the revised syllabus

Topics of the syllabus

Exclusions

2.

Application of Indian Accounting Standards (Ind AS) with reference to General Purpose Financial Statements

(v) Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS

Indian Accounting Standard (Ind AS) 16 ‘Property, Plant and Equipment’

  • Appendix B- Stripping Costs in the Production Phase of a Surface Mine

Indian Accounting Standard (Ind AS) 37 ‘Provisions, Contingent Liabilities and Contingent Assets’

  • Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
  • Appendix B: Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment

(viii) Other Ind AS

  • Indian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyperinflationary Economies
  • Indian Accounting Standard (Ind AS) 104 : Insurance Contracts
  • Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation of Mineral Resources
  • Indian Accounting Standard (Ind AS) 114 : Regulatory Deferral Accounts

5.

Analysis of financial statements

Analysis of financial statements based on Accounting Standards

Notes:

  1. October, 2021 edition of the Study Material is relevant for November, 2022 examination. The relevant / applicable topics or content are to be read alongwith the webhosted ‘Corrigendum to Study Material’, if any.
  2. The relevant Amendments / Notifications / Circulars / Rules issued by the Companies Act, 2013 up to 30th April, 2022 will be applicable for November, 2022 Examination.

Accordingly, amendments issued by MCA and notified by the Central Government on 23rd March, 2022 wrt Amendments in the Companies Indian Accounting Standards Rules, 2015 is applicable for November, 2022 Examination.

Further, revised Conceptual Framework for Financial Reporting under Indian Accounting Standards is applicable from May, 2022 examination.

Paper 3: Advanced Auditing and Professional Ethics

A. List of topic-wise inclusion in the syllabus

  1. List of applicable Statements and Standards for November, 2022 Examination:
    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.
  2. List of applicable Engagements and Quality Control Standards on Auditing for November, 2022 Examination

S.No

SA

Title of Standard on Auditing

1

SQC 1

Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements

2

SA 200

Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing

3

SA 210

Agreeing the Terms of Audit Engagements

4

SA 220

Quality Control for Audit of Financial Statements

5

SA 230

Audit Documentation

6

SA 240

The Auditor’s responsibilities Relating to Fraud in an Audit of Financial

Statements

7

SA 250

Consideration of Laws and Regulations in An Audit of Financial Statements

8

SA 260

Communication with Those Charged with Governance (Revised)

9

SA 265

Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

10

SA 299

Joint Audit of Financial Statements (Revised)

11

SA 300

Planning an Audit of Financial Statements

12

SA 315

Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment

13

SA 320

Materiality in Planning and Performing an Audit

14

SA 330

The Auditor’s Responses to Assessed Risks

15

SA 402

Audit Considerations Relating to an Entity Using a Service Organization

16

SA 450

Evaluation of Misstatements Identified during the Audits

17

SA 500

Audit Evidence

18

SA 501

Audit Evidence – Specific Considerations for Selected Items

19

SA 505

External Confirmations

20

SA 510

Initial Audit Engagements-Opening Balances

21

SA 520

Analytical Procedures

22

SA 530

Audit Sampling

23

SA 540

Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

24

SA 550

Related Parties

25

SA 560

Subsequent Events

26

SA 570

Going Concern (Revised)

27

SA 580

Written Representations

28

SA 600

Using the Work of Another Auditor

29

SA 610

Using the Work of Internal Auditors (Revised)

30

SA 620

Using the Work of an Auditor’s Expert

31

SA 700

Forming an Opinion and Reporting on Financial Statements (Revised)

32

SA 701

Communicating Key Audit Matters in the Independent Auditor’s Report (New)

33

SA 705

Modifications to the Opinion in the Independent Auditor’s Report (Revised)

34

SA 706

Emphasis of Matter Paragraphs and Other Matter Paragraphs in the

Independent Auditor’s Report (Revised)

35

SA 710

Comparative Information – Corresponding Figures and Comparative Financial Statements

36

SA 720

The Auditor’s Responsibility in Relation to Other Information (Revised)

List of applicable Guidance Notes and other publications for November, 2022 Examination:

    1. Guidance Note on Audit under Section 44AB of the Income-tax Act.
    2. Guidance Note on Audit of Banks.
    3. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.

IV Applicability of the Companies Act, 2013 and other Legislative Amendments for November, 2022 Examination

  1. Students are expected to be updated with the notifications, circulars and other legislative amendments made up to 6 months prior to the examination. Accordingly, the relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2022 will be applicable for November, 2022 Examination. It may be noted that the significant notifications and circulars issued which are not covered in the October 2021 edition of Study Material, would be given as Academic Update in the Revision Test Paper for November, 2022 Examination.
  2. Companies (Auditor’s Report) Order, 2020 issued by Ministry of Corporate Affairs is applicable for

November, 2022 Examination.

Revised Statement on Peer Review is applicable for November, 2022 Examination.

  1. Revised Chapter on Professional Ethics based on Code of Ethics 2020 is applicable for November, 2022 Examination.
  2. Applicability of the Amendments to Schedule III to the Companies Act, 2013: The Central Government made certain amendments in Schedule III to the Companies Act, 2013 (vide Notification dated 24th March, 2021), with effect from 1st day of April, 2021.These amendments to Schedule III are applicable for November, 2022 Examination.

B- List of topic-wise exclusions from the syllabus

I Non-Applicability of GST Audit topic: GST Audit Topic is not applicable for November, 2022 Examination.

  1. Topic on NOCLAR in Chapter on Professional Ethics is not applicable for November 2022 Examination.
  2. Following Engagement and Quality Control Standards excluded:

(1)

(2)

(3)

S. No

Topics of the syllabus

Exclusions

1

SA 800

Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework

2

SA 805

Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

3

SA 810

Engagements to Report on Summary Financial Statements

4

SRE 2400

Engagements to Review Historical Financial Statements (Revised)

5

SRE 2410

Review of Interim Financial Information Performed by the Independent Auditor of the Entity

6

SAE 3400

The Examination of Prospective Financial Information

7

SAE 3402

Assurance Reports on Controls At a Service Organisation

8

SAE 3420

Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (New)

9

SRS 4400

Engagements to Perform Agreed Upon Procedures Regarding Financial Information

10

SRS 4410

Compilations Engagements (Revised)

  1. Following Guidance Notes and other publications are excluded:
    1. Code of Ethics publication is excluded whereas Chapter 18 on Professional Ethics is in syllabus
    2. Guidance Note on Independence of Auditors.
    3. Guidance Note on Audit of Inventories.
    4. Guidance Note on Audit of Debtors, Loans and Advances.
    5. Guidance Note on Audit of Investments.
    6. Guidance Note on Audit of Cash and Bank Balances.
    7. Guidance Note on Audit of Liabilities.
    8. Guidance Note on Audit of Revenue.
    9. Guidance Note on Audit of Expenses.
    10. Guidance Note on Computer Assisted Audit Techniques (CAATs).
    11. Guidance Note on Audit of Payment of Dividend.
    12. Guidance Note on Audit of Capital and Reserves.
    13. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013
    14. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013.

Paper 4: Corporate and Economic Laws

provisions of the Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ rs issued by the Ministry of Corporate Affairs and the laws covered under the Economic Laws, as amended oncerned authority, including significant notifications and circulars issued up to 30 th April, 2022 are applicable ovember 2022 examination

Inclusions / Exclusions from the syllabus

hapters/ Topics of the syllabus

(1)

Inclusions

(Provisions which are included from the corresponding chapter of the syllabus)

(2)

Exclusions

(Provisions which are excluded from the corresponding chapter of the syllabus)

(3)

art I: Section A- Company Law

The entire content included in the October 2021 edition of the Study

Following sections of the Companies Act are excluded-

Material and the Legislative amendments hosted on the website for November 2022 examinations, shall only be relevant for the said examinations.

337-351, 359-378, 396-405, 408-

419, 441, 448- 449, 451-453, 456 –

470 and provisions related to Producer Companies.

Whereas, the Relevant rules of the

Companies Act to the extent covered

in the October 2021 edition of the

Study Material, shall only be relevant

for the said examinations.

art I: Section B- Securities aws- Chapter 1: The ecurities Contract egulation) Act, 1956 and ecurities Contract egulation) Rules, 1957

–

The entire chapter is excluded.

art I: Section B- Securities Laws– hapter 2: The Securities Exchange oard of India Act, 1992 and SEBI ODR) Regulations, 2015

The entire content included in the October 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2022 examinations,

Following provisions of the SEBI Act, are excluded – Sections 2(1)(b), 2(1)(c), 2(1)(d), 2(1)(da), 2(1)(f),

2(1)(fa), 2(1)(g), 21, 25, 28,33 & 35.

shall only be relevant for the said

examinations.

In particular, SEBI (LODR)

Regulations, 2015 to the extent

covered in the study material, shall

only be applicable for the

examination.

Part II: Economic Laws

The FEMA, 1999 along with the following Rules/Regulations to the extent covered in the October 2021 edition of the study material and the Legislative amendments hosted on the website for November 2022 examinations, shall only be relevant for the said examinations-

  • Fem (Permissible Capital Account Transactions) Regulations, 2000
  • Fem (Current Account Transactions) Rules, 2000
  • FEM (Export of Goods & Services) Regulations, 2015
  • Overseas Direct Investment
  • Import of Goods and Services
  • External Commercial Borrowing Policy

Following provisions of the FEMA,

Chapter 1: The Foreign Exchange Management Act, 1999

1999 is excluded for the examination-Sections 2(cc) & Section 2(gg), 16(2)- 16(6) ,17(4)

17(6), 19 to 34, 37(2) – 37(3), 37A,

45, 46, 47 & 48.

All other FEM (Regulations)/ Rules

except given in column (3), are

excluded.

Chapter 2: SARFAESI Act, 2002

–

The entire chapter is excluded.

Chapter 3: Prevention of Money

The entire content included in the

Following Sections are excluded for

Laundering Act, 2002

October 2021 edition of the Study

examination: 2(1)(a), (b)(c), (d), (da),

Material and the Legislative

(f), (g), (h), (i), (ia), (ib), (j), (ja), (k),

amendments hosted on the website

(m), (na), (o), (q), (r), (rc), (s), (sb),

for November 2022 examinations,

(sc), (t), (va), (z) , (zb) & (2)-

shall only be relevant for the said

Definitions, 6(3)-6(15), 7, 16 to 24,

examinations.

27-34, 35(1), 35(3)- 35(5), 36- 37,

39- 40, 49 to 54, 73, 74 & 75.

Rules to the extent covered in the

Study material are only relevant.

Chapter

4:

Foreign Contribution

The entire content included in the

Following Sections are excluded for

Regulation Act, 2010

October 2021 edition of the Study

examination:

Material and the Legislative amendments to be hosted on the website for November 2022 examinations, shall only be relevant for the said examinations.

Section 2(1)(a), (b), (c), (d), (e), (f),

(k), (l), (o), (p), (q), (s), (t), & (u)-

Definitions, 21, 23 – 27, 44, 45, 49,

53 & 54.

Rules related to FCRR, 2011 is

relevant to the extent covered in the

Study Material.

Chapter

5:

The Arbitration and

The entire content included in the

–

Conciliation Act, 1996

October 2021 edition of the Study

Material and the Legislative

amendments hosted on the website

for November 2022 examinations,

shall only be relevant for the said

examinations.

Chapter 6: The Insolvency and

The entire content included in the

Provisions from section 60 onwards

Bankruptcy Code, 2016

October 2021 edition of the Study

are excluded.

Material and the Legislative

amendments hosted on the website

for November 2022 examinations, shall only be relevant for the said examinations covering-

  • Relevant definitions in the Study Material
  • Provisions uptill section 59

Rules related to Insolvency and Bankruptcy Code, is relevant to the extent covered in the Study Material.

Notes:

  1. In the above table of exclusion, in respect of the Chapters of the syllabus specified in column (1) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.
  2. October 2021 edition of the Study Material is relevant for November 2022 examinations.
  3. Except the exclusions mentioned in the column (3) of the table, the entire content of the syllabus included in the October 2021 edition of the Study Material shall only be relevant for the said examinations.
  4. The amendments – made after the issuance of this Study Material for the period 1st of May 2021 to 30th April, 2022 shall also be relevant for November 2022 examination. The Relevant Legislative amendments hosted on the BoS Knowledge Portal.

ELECTIVE PAPERS

Paper 6A: Risk Management

“The pattern of examination for this paper is open-book and case study based. The entire content included in the August 2019 edition of the Study Material (including additional topics mentioned in the syllabus) shall be relevant for the November 2022 examination.”

Paper 6B: Financial Services and Capital Markets

The pattern of examination for this paper is open-book and case study based. Part A of the Study Material of Financial Services and Capital Markets (November 2020 Edition) shall be relevant for the November 2022 examination. Furthermore, following SEBI Regulations (excluding Schedules) revised upto 30th June 2022 are also relevant:

  1. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  2. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
  3. SEBI (Prohibition of Insider Trading) Regulations, 2015
  4. SEBI (Buy Back of Securities) Regulations, 2018
  5. SEBI (Mutual Funds) Regulations, 1996

Paper – 6C : International Taxation

Applicability of amendments made by Finance Act

As far as the applicability of Finance Act is concerned, the amendments made by the Finance Act of a particular year would be applicable for the May and November examinations of the next year. Accordingly, the direct tax laws, as amended by the Finance Act, 2021, would be applicable for November, 2022 examinations. The relevant assessment year for November, 2022 examinations is A.Y.2022-23. This would be relevant as far as the topics on International Taxation pertain to the Income-tax Act, 1961, equalization levy and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

However, if the case study based question requires computation/determination relating to any earlier assessment year also, then, the relevant provisions pertaining to that year would be given in the question itself. In the alternative, the question may mention that the relevant provisions in the earlier year were the same as they are for A.Y.2022-23.

Applicability of amendments made by circulars, notifications, press releases/press notes and other legislations

Students are expected to be updated with the notifications, circulars, press releases/press notes issued and other legislative amendments made in direct tax laws upto 6 months prior to the examination. For instance, for November, 2022 examination, significant notifications, circulars, press releases/press notes issued by the CBDT/Central Government and legislative amendments made upto 30th April, 2022 would be relevant.

Applicability of provisions of direct tax laws dealt with in Final (New) Paper 7 while addressing issues and making computation in case study based questions in Final (New) Paper 6C

The questions based on case study in the Elective Paper 6C: International Taxation may involve application of other provisions of direct tax laws dealt with in detail in Paper 7: Direct Tax Laws and International Taxation, which the students are expected to be aware of. Students may note that they are expected to integrate and apply the provisions of direct tax laws (dealt with in Final Paper 7: Direct Tax Laws and International Taxation and in the Elective Paper 6C: International Tax ation) in making computations and addressing relevant issues in questions raised in the Elective Paper 6C on International Taxation.

Therefore, the October, 2021 edition of the Study Material for Final Paper 6C: International Taxation available at https://www.icai.org/post.html?post_id=17802 and Final Paper 7: Direct Tax Laws and International Taxation available at https://www.icai.org/post.html?post_id=17843 are relevant and important for answering case-study based questions in Paper 6C. These publications have to be read along with the relevant bare Acts and Rules to address issues and make computations in case study based questions. The initial pages of the Study Material of Paper 6C available at https://resource.cdn.icai.org/66899bos53930ip.pdf contains the link to the important webpages of the income-tax department and the relevant bare Acts and Rules. The Study Material has to be read along with the Statutory Update for November, 2022 examination for Paper 6C and Paper 7 webhosted at the BOS Knowledge Portal.

Scope of coverage of certain topics

As regards certain topics on International Taxation, namely, Tax Treaties: Overview, Features, Application & Interpretation and Anti-Avoidance Measures, only the content as covered in the October, 2021 edition of the Study Material and Statutory Update for November, 2022 examination would be relevant for November, 2022 Examination. US Model Convention is excluded from the scope of the topic “Overview of Model Tax Conventions” by way of Study Guidelines.

It may be noted that if a case study based question involves application of a double taxation avoidance agreement (DTAA), the extract of the relevant article(s) of the DTAA would be given in the question paper. Alternatively, the question may mention that the DTAA is in line with the OECD/UN Model Tax Convention, in which case, the students have to refer to the relevant article(s) of the Model Tax Convention. Students are expected to have the ability to interpret the article(s) of the DTAA in answering case study based questions.

Paper 6D: Economic Laws

All the significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued in the specified Acts covered under the Economic Laws, up to 30th April, 2022, are applicable for November 2022 examination.

(1)

Chapters/ Topics of the syllabus

(2)

(3)

Inclusions (Provisions which are included

from the corresponding chapter of

the syllabus)

Exclusions (Provisions which are excluded from the corresponding chapter

of the syllabus)

Chapter 1- The Competition Act, 2002 and Rules/Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments hosted on

Following Sections of the Competition Act, 2002 are excluded for the examination: 34, 37, 38, 40 are excluded.

the website, shall only be relevant.

Significant Rules/Regulations

related to the Competition Act are

relevant for November 2022

examination to the extent covered

in the study material.

Chapter 2- Real Estate (Regulation and Development) Act, 2016 and Rules/Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments, if any, hosted on the website, shall only

Regulations pertaining to RERA are excluded.

be relevant.

Chapter 3- The Insolvency and Bankruptcy Code, 2016 and Rules/Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments hosted on the website, if any, shall only be

Following sections are excluded of the Notified chapters of the Code:

3(2), 3(3), 3(5), 3(14), 3(22), 3(24),

3(25), 3(26), 3(28), 3(29), 3(32),

3(36), 3(37), 5(2) to 5(4), 5(16),

relevant for the said examinations

5(19).

In specific, Regulations/ Rules

related to Insolvency and

Bankruptcy, it is covered broadly

and not in entirety.

These shall only be applicable to

the extent covered in the study

material.

Chapter 4- The Prevention of Money Laundering Act, 2002 and Rules/Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant

–

relevant amendments, if any, hosted on the website, shall only be relevant.

Rules to the extent covered in the study material are relevant.

Chapter 5- The Foreign Exchange Management Act, 1999 and Rules /Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments, if any, hosted on the website, shall only be relevant.

In specific following FEM (Regulations)/ Rules read with the Act, shall only be applicable to the extent covered in the study material-

  • Foreign Exchange Management (Current Account Transactions) Rules, 2000
  • Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000
  • Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018
  • Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015
  • Foreign Exchange Management (Export of Goods and Services) Regulations, 2015
  • Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015
  • Foreign Exchange Management (Possession and retention of foreign currency) Regulations, 2015
  • Liberalized Remittance Scheme.
  • Import of Goods and Services
  • External Commercial Borrowings
  • Overseas Direct Investments

Following FEM(Regulations)/ Rules are entirely excluded:

  • Foreign Exchange (Authentication of Documents) Rules, 2000
  • Foreign Exchange (Compounding Proceedings) Rules, 2000
  • Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000
  • Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and Payment of Interest) Rules, 2000
  • Foreign Exchange Management (Borrowing and lending in Rupees) Regulations, 2000
  • Foreign Exchange

Management (Deposit) Regulations, 2016

  • Foreign Exchange Management (Establishment in India of a Branch Office or a Liaison Office or a Project Office or any other place of business) Regulations, 2016
  • Foreign Exchange Management (Export and Import of Currency) Regulations, 2015
  • Foreign Exchange

Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015

  • Foreign Exchange

Management (Foreign

Exchange Derivative Contracts) Regulations, 2000

  • Foreign Exchange Management (Guarantees) Regulations, 2000
  • Foreign Exchange

Management (Insurance) Regulations, 2015

  • Foreign Exchange Management (Investment in firm or proprietary Concern in India) Regulations, 2000
  • Foreign Exchange Management (Issue of security in India by a Branch Office or Agency of a person Resident in outside India) Regulations, 2000
  • Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016
  • Foreign Exchange Management (Remittance of Assets) Regulations, 2016
  • Foreign Exchange Management (Transfer or issue of any Foreign security) Regulations, 2004
  • Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000
  • Foreign Exchange Management (Withdrawal of General permission to Overseas Corporate Bodies) Regulations, 2003
  • Foreign Exchange Management (Removal of Difficulties) Order, 2000
  • Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014
  • Foreign Exchange

Management (Offshore Banking Unit) Regulations, 2002

  • Foreign Exchange Management (International financial Services Centre) Regulations, 2015
  • Foreign Exchange Management (Regularization of assets held abroad by a person Resident in India) Regulations, 2015

Chapter 6 – Prohibition of Benami Property Transactions Act,1988 and Rules/ Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments, if any, hosted on the website shall only be relevant.

–

Chapter 7- SARFAESI, 2002

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments, if any, hosted on the website shall only be relevant.

–

Notes:

  1. In the above table of Inclusion/exclusion, in respect of the Chapters of the syllabus specified in column (1) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.

October 2021 edition of the Study Material and Booklet on Significant Case Laws of January 2022 edition are relevant for November 2022 examinations.

  1. Except the exclusions mentioned in the column (3) of the table, the entire content of the syllabus included in the October 2021 edition of the Study Material, shall be relevant for the said examinations.

Paper 6E: Global Financial Reporting Standards

Relevant Study Material and Scope of Coverage of the content

October, 2021 edition of the Study Material is relevant for November, 2022 examination.

The study material contains the amendments in IFRS equivalent to the corresponding amendments taken place in Ind AS till 31st October, 2021. In case any amendment had taken place in IFRS but the same is yet to be notified in Ind AS, then it would not be applicable for this paper for November, 2022 examination.

As regards to the topic on ‘Significant differences between IFRS and US GAAPs’, the content as covered in the chapter given in the study material would be relevant for November, 2022 examination. The same file has also been uploaded on the website at the link https://resource.cdn.icai.org/48696bos32691a.PDF.

  1. Non-applicability of certain International Financial Reporting Standards (IFRS) and IFRS Interpretations (IFRICs)

Since the Core paper on Financial Reporting does not cover Ind AS equivalent to IAS 26, IAS 29 (including IFRIC 7), IFRS 4, IFRS 6, IFRS 14 and IFRS 17, the same IFRS shall also not form part of this Paper. Similarly, in applicable Ind AS there are no corresponding Appendix on IFRIC 2 and SIC 7, hence these IFRICs shall also not form part of the GFRS Paper.

Paper 6F: Multidisciplinary Case Study

The Multi-disciplinary case study would involve application of two or more of the seven core subjects at the Final level. List of seven core subjects at final level is given as under:

Final Paper

Paper 1: Financial Reporting

Paper 2: Strategic Financial Management

Paper 3: Advanced Auditing and Professional Ethics

Paper 4: Corporate and Economic Laws

Paper 5: Strategic Cost Management and Performance Evaluation

Paper 7: Direct Tax Laws & International Taxation

Paper 8: Indirect Tax Laws

Note: The applicability/ non-applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for Paper 6F: Multidisciplinary Case Study for November, 2022 Examination would be same as applicable for each of the above individual papers.

Paper 7 : Direct Tax Laws and International Taxation

Applicability of Finance Act, Assessment Year etc. for November, 2022 Examination

The provisions of direct tax laws, as amended by the Finance Act, 2021 including significant notifications, circulars and press releases issued up to 30th April, 2022, are applicable for November, 2022 examination. The relevant assessment year is A.Y.2022-23.

The October, 2021 edition of the Study Material contains the provisions of direct tax laws [Modules 1, 2 and 3] and international taxation [Module 4] relevant for November, 2022 examination. The same has to be read along with the Statutory Update for November, 2022 examination webhosted at the BOS Knowledge Portal.

Scope of coverage of certain topics in Part II: International Taxation

As regards certain topics on International Taxation, namely, Overview of Model Tax Conventions, Application & Interpretation of Tax Treaties and Fundamentals of Base Erosion and Profit Shifting, the specific content as covered in the October, 2021 edition of the Study Material and Statutory Update for November, 2022 Examination would be relevant for November, 2022 Examination.

Paper 8 : Indirect Tax Laws

The following are applicable for November 2022 examination:

    1. The provisions of the CGST Act, 2017 and IGST Act, 2017 as amended by the Finance Act, 2021, which have become effective up to 30th April, 2022, including significant notifications and circulars issued and other legislative amendments made, up to 30th April, 2022.
    2. The provisions of the Customs Act, 1962 and the Customs Tariff Act, 1975, as amended by the Finance Act, 2021, including significant notifications and circulars issued and other legislative amendments made, up to 30th April, 2022.

The Study Guidelines given below specify the exclusions from the syllabus for November 2022 examination.

List of topic-wise exclusions from the syllabus

(1)

(2)

(3)

S.No. in the syllabus

Topics of the syllabus

Exclusions

(Provisions which are excluded from the corresponding topic of the syllabus)

Part-I: Goods and Services Tax

1(ii)

Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse charge; Exemption from tax; Composition levy

  1. Rate of tax prescribed for supply of goods*
  2. Rate of tax prescribed for supply of services*
  3. Exemptions for supply of goods

Categories of supply of goods, tax on which is payable on reverse charge basis

1(iv)

Time and Value of supply

Value of supply in cases where Kerala Flood Cess is applicable.

1(v)

Input tax credit

Manner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate projects

Manner of reversal of credit of additional duty of customs in respect of Gold dore bar

1(vii)

Procedures under GST including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund, job work

  1. Furnishing of GSTR-2, GSTR-1A and GSTR-3
  2. Matching, reversal & reclaim of input tax credit Matching, reversal & reclaim of reduction in output tax liability

1(xv)

Other provisions

Transitional Provisions

Part-II: Customs & FTP

1.(v)

Officers of Customs; Appointment of customs ports, airports etc.

Completely excluded

1.(vii)

Provisions relating to coastal goods and vessels carrying coastal goods

1.(x)

Demand and Recovery

1.(xi)

Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods

1.(xii)

Searches, seizure and arrest; Offences; Penalties; Confiscation and Prosecution

1.(xiii)

Appeals and Revision; Advance Rulings; Settlement Commission

1.(xiv)

Other provisions

*Rates specified for computing the tax payable under composition levy are included in the syllabus. Notes:

  1. The amendments made by the Annual Union Finance Acts in the CGST Act, 2017 and IGST Act, 2017 are made effective from the date notified subsequently. Thus, only those amendments made by the Finance Act, 2021 which have become effective till 30.04.2022 are applicable for November 2022 examinations. Consequently, amendment made by the Finance Act, 2021 in section 16 of the IGST Act, 2017 is not applicable for November 2022 examinations as the same has not become effective till 30.04.2022.

Further, it may be noted that amendments made by the Finance (No. 2) Act, 2019 in sections 2(4), 95, 102, 103, 104, 105 and 106 of the CGST Act, 2017 and the insertion of new sections 101A, 101B & 101C in the CGST Act, 2017 have not become effective till 30.04.2022 and thus, are not applicable for November 2022 examinations.

  1. In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.
  2. October 2021 edition of the Study Material is relevant for November 2022 examinations. The amendments in the GST law and in the customs law and FTP – made after the issuance of this Study Material – to the extent covered in the Statutory Update for November 2022 examination alone shall be relevant for the said examination. The Statutory Update shall be hosted on the BoS Knowledge Portal.

Though the Statutory Update for November 2022 examination shall provide the precise scope and coverage of the amendments, for the sake of clarity, it may be noted that the amendments made in the various provisions of the GST law for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19) shall not be applicable for November 2022 examinations.

  1. The entire content included in the October 2021 edition of the Study Material (except the exclusions mentioned herein) and the Statutory Update for November 2022 examination shall be relevant for the said examination.

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