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CA IPCC : Revision Test Paper (with Answers) - ACCOUNTING May 2017

61 pages, 29 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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PAPER 1: ACCOUNTING PART I: ANNOUNCEMENTS STATING APPLICABILITY & NON-APPLICABILITY FOR MAY, 2017 EXAMINATION A. Applicable for May, 2017 examination I. Companies Act, 2013 Relevant Sections of the Companies Act, 2013 notified up to 31st October, 2016 will be applicable for May, 2017 Examination. II. Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 have been made applicable for May, 2017examination. MCA has issued Companies (Accounting Standards) Amendment Rules, 2016 to amend Companies (Accounting Standards) Rules, 2006 by incorporating the references of the Companies Act, 2013, wherever applicable. Also, the Accounting Standard (AS) 2, AS 4, AS 10, AS 13, AS 14, AS 21 and AS 29 as specified in these Rules will substitute the corresponding Accounting Standards with the same number as specified in Companies (Accounting Standards) Rules, 2006. Following table summarises the changes made by the Companies (Accounting Standards) Amendment Rules, 2016 vis a vis the Companies (Accounting Standards) Rules, 2006 in the Accounting Standards relevant for Paper 1: Name of Para no. the standard AS 2 4 (an extract) As per the As per the Companies Companies (Accounting (Accounting Standards) Standards) Rules, 2006 Amendment Rules, 2016 Inventories do Inventories do not not include include spare machinery parts, servicing spares which can equipment and be used only in standby connection with equipment which an item of fixed meet the asset and whose definition of use is expected property, plant to be irregular; and equipment as such machinery per AS 10, spares are Property, Plant The Institute of Chartered Accountants of India Implication Now, inventories also do not include servicing equipment and standby equipment other than spare parts if they meet the definition of property, plant and equipment as per AS 10,

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