FR Amendments for November 2014

ICAI through announcement dated 20th May, 2014 hosted on the students’ portal at http://220.227.161.86/33530bos23144nov14.pdf made applicable the notified sections of Chapter IX, “Accounts of Companies” and Chapter X, “Audit and Auditors” of the Companies Act, 2013, along with its Rules for November 2014 examinations in respect of following papers:

Paper 1: Financial Reporting (Group I)
Paper 3: Advanced Auditing and Professional Ethics (Group I)
Paper 4: Corporate and Allied Laws (Group I)

In this regard the attention is required relating to the amendments made by these chapter IX and X

In short the amendments in respect of the FR Paper are

1.The form and contents of B/S and Statement of Profit and loss shall be as per Schedule III of The Companies Act 2013 as against Revised Schedule VI of The Companies Act 1956 which was applicable earlier.i.e Revised Schedule VI is not applicable from November 2014 exams onwards.

The supplementary study material which contains the Schedule III can be downloaded at http://220.227.161.86/33649bos23281.pdf