Guidance Notes for CA Intermediate Exam November 2023

Guidance Notes for CA Intermediate Exam November 2023: The Institute of Chartered Accountants of India (ICAI) has recently unveiled a comprehensive set of Standards, Guidance Notes, and Legislative Amendments designed specifically for the CA Intermediate Exam November 2023 . This release encompasses a wide array of subjects, encompassing but not limited to accounting, corporate and other laws, taxation, advanced accounting, auditing, and assurance.

It is worth noting that the ICAI diligently organizes the Chartered Accountancy examinations for the Intermediate Course on a biannual basis, namely in May and November. In preparation for these crucial examinations, the CA Institute ensures that a meticulously curated and officially sanctioned compendium of Accounting Standards, Guidance Notes, Legislative Amendments, and other pertinent materials are made available well in advance of the examination dates, thus affording candidates ample time to study and prepare.

This initiative facilitates a comprehensive and structured approach to the examination process, ensuring that candidates have the requisite knowledge and resources to excel in their endeavors.

The upcoming examinations for the Chartered Accountancy Intermediate course are scheduled for November 2023. ICAI will administer the CA Intermediate May 2024 session under the New Syllabus for CA Intermediate Exam. However, the Old Syllabus of CA Inter will remain applicable for the November 2023 examination.

Following this, the Institute of Chartered Accountants of India (ICAI) has declared the Accounting Standards (AS), Guidance Notes (GNs), Legislative Amendments, and updates that are relevant for the Intermediate Examination in November 2023.

This article provides comprehensive information on the amendments and updates pertaining to the CA Intermediate Nov 2023 examination. It covers CA Intermediate amendments specifically relevant for the November 2023 session and updated notes for Nov 2023. The Institute of Chartered Accountants of India (ICAI) has officially released the pertinent publications and materials applicable for the November 2023 exams.

Applicable Notes for CA Intermediate Exam Nov 2023

Amendments for CA Intermediate Nov 2023 Exam

ICAI Announcement for Updates: Applicability of Standards/ Guidance Notes/ Legislative Amendments, etc. for CA Intermediate Exam Nov 2023.

Paper 1: Accounting

List of Applicable Accounting Standards

AS 1 : Disclosure of Accounting Policies AS 2 : Valuation of Inventories AS 3 : Cash Flow Statements AS 10 : Property, Plant and Equipment AS 11 : The Effects of Changes in Foreign Exchange Rates AS 12 : Accounting for Government Grants AS 13 : Accounting for Investments AS 16 : Borrowing Costs

Applicability of the Companies Act, 2013 and other Legislative Amendments for November, 2023 Examination

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities up to 30th April, 2023 will be applicable for November, 2023 Examination.

Non-Applicability of Ind AS

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Rules, 2015 on 16th February, 2015, for compliance by certain class of companies. These Ind AS do not form part of the syllabus and hence are not applicable.

Paper 2: Corporate and Other Laws

The provisions of the Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Other Laws, as amended by concerned authority, including significant notifications and circulars issued up to 30th April, 2023 are applicable for November 2023 examination.

Inclusions /Exclusions from the syllabus

Note: The September 2021 edition of the Study Material is relevant for the November 2023 examinations. The amendments made after issuing this Study Material from 1st May 2021 to 30th April 2023– are also relevant for the November 2023 examinations. The Relevant Legislative amendments will be available on the BoS Knowledge Portal.

Paper 4: Taxation

Section A: Income-tax Law

The provisions of income-tax law, as amended by the Finance Act, 2022, including significant circulars, notifications, press releases issued and legislative amendments made upto 30th April, 2023, are applicable for November, 2023 examination. The relevant assessment year for income-tax is A.Y. 2023-24.

Note – The May, 2022 edition of the Study Material for Intermediate (New) Paper 4A, based on the provisions of income-tax law, as amended by the Finance Act, 2022, is relevant for November, 2023 examination. The said Study Material is available at ICAI Official website. The Study Material has to be read along with the Statutory Update for November, 2023 examination, webhosted at the BoS Knowledge Portal. The initial pages of the Study Material available at ICAI Official website contains the Study Guidelines which specifies the list of topic-wise exclusions from the scope of syllabus.

Section B: Indirect Taxes

Applicability of the GST law The provisions of the CGST Act, 2017 and the IGST Act, 2017 as amended by the Finance Act, 2022 including significant notifications and circulars issued and other legislative amendments made, up to 30th April, 2023, are applicable for November 2023 examination.