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CA IPCC : Revision Test Paper (with Answers) - ADVANCED ACCOUNTING May 2014

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

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PAPER 5 : ADVANCED ACCOUNTING PART I: ANNOUNCEMENTS STATING APPLICABILITY & NON-APPLICABILITY FOR MAY, 2014 EXAMINATION A. Applicable for May, 2014 examination (i) Revision in the Criteria for classifying Level II Non-Corporate Entities Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria of Level II Non-Corporate Entities i.e. determination of SME on turnover basis from ` 40 lakhs to ` 1 Crore vide announcement Revision in the Criteria for classifying Level II Non-Corporate Entities issued by ICAI on 7th March, 2013. This revision is applicable with effect from the accounting year commencing on or after April 1, 2012. (ii) 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. (iii) 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 vide circular no. advances by banks/ financial institutions DBOD.No.BP.BC.63/21.04.048/2012-13 applicable for all scheduled commercial banks excluding RRBs dated November 26, 2012. As per paragraph 81 of the Monetary Policy Statement 2013-14 announced on May 3, 2013, Prudential guidelines on restructuring of advances by banks / financial institutions have been revised taking into account the recommendations of the Working Group (Chairman: Shri B. Mahapatra) vide notification no. DBOD.BP.BC.No. /21.04.132/2012-13 dated January 31, 2013. The Major decisions are as follows: 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 The Institute of Chartered Accountants of India

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