Icai Essays

Icai Essays Icai Essay Icai Essay Reserve Bank of India has reviewed the prudential guidelines on restructuring of advances by banks/ financial institutions vide circular DOBB. No. BP. BC. 63/21. 04. 048/2012-13 applicable for all scheduled commercial banks excluding Orbs dated November 26, 2012 and has decided: I) To enhance the provisioning requirement for restructured accounts classified as standard advances from the existing 2. 0 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 Restructured accounts classified as non-performing advances, when upgraded to standard category will attract a provision of 2. 5 per cent in the first year from the date of upgrading instead of the existing 2. 00 per cent. In accordance with the above, loans to projects under implementation, when restructu red due to change in the date of commencement of commercial operations (DOC) beyond he original DOC as envisaged at the time of financial closure and classified as standard advances would attract higher provisioning at 2. 75 per cent as against the present requirement of 2. 0 per cent as per the details given below: Infrastructure projects Particulars Provisioning Requirement If the revised DOC is within two years from the 0. 40 per cent original DOC prescribed at the time of financial closure If the DOC is extended beyond two years and Upton four years or three years from the original DOC, as the case (Ref. : DOBB. NO. BP. BC. 85121. 04. 048/2009-10 dated March 31, 2010) 2. 5 per cent From the date of such restructuring till the revised DOC or 2 years from the date of restructuring, whichever is later. Non-infrastructure projects If the revised DOC is within six months from the original DOC prescribed at the time of financial closure If the DOC is extended beyond six months and Upton one year from the original DOC prescribed at the time of financial closure (Ref. : DOBB. NO. BP. BC. 85121. 04. 048/2009-10 dated 0. 40 per cent 2. 75 per cent From the date of such restructuring for 2 years. All other extant guidelines on Income Recognition, Asset Classification and Provisioning pertaining to advances will remain unchanged. Note: (Common for Intermediate (PC) Paper 1 and Paper 5) Non-Applicability of Mind ASS for November, 2013 Examination The MAC has hosted on its website 35 converged Indian Accounting Standards (Mind AS) without announcing the applicability date. These are the standards which are being converged by eliminating the differences of the Indian Accounting Standards visit-Â ¤-visit FIRS. (Students may note that Mind ASS are not applicable in November, 2013 Examination. However, Accounting Standards as specified in the syllabus are applicable for them in November, 2013 examination. Paper 4: Taxation Applicability of Finance Act, Assessment Year etc. For November, 2013 examination (1) The amendments made by the Finance Act, 2012 in income-tax and service tax; The provisions of income-tax law as applicable for the assessment year 2013-14; The significant notifications and circulars issued Upton 30th April, 2013 (mincemeat and service tax) (The Study Materials relevant for May, 2013 and November, 2013 examinations are updated based on the provisions of law as amended by the Finance Act, 2012 and significant circulars and notifications issued up to 30. 6. 2012. The amendments made y the Finance Act, 2012 in income-tax and service-tax and notifications and circulars issued between 1. 5. 2011 and 30. 4. 2012 in income-tax are also separately discussed in the publication Supplementary Study Paper-2012. ) Paper 6: Auditing and Assurance S. NO Standards on Auditing (As) AS Title of Standard on Auditing Effective Date AS 200 Overall Objectives of the Independent Auditor and the April 1, 2010 Conduct of an Audit in Accordance with Standards on Auditing 2 AS 210 Agreeing the Terms of Audit Engagements April 1, 2010 3 AS 220 Quality Control for Audit of Financial Statements 4 AS 230 Audit Documentation April 1, 2009 5 AS 240 The Auditors responsibilities Relating to Fraud in an April 1, 2009 Audit of Financial Statements 6 AS 250 Consideration of Laws and Regulations in An Audit of April 1, 2009 Financial 7 AS 260 Communication with Those Charged with Governance 8 AS 265 Communicating Deficiencies in Internal Control to Those April 1, 2010 Charged with Governance and Management 9 AS 299 Responsibility of Joint Auditors April 1, 1996 AS 300 Planning an Audit of Financial Statements April 1, 2008 11 AS 315 Identifying and Assessing the Risks of Material April 1, 2008 Misstatement through Understanding the Entity and its Environment 12 AS 320 Materiality in Planning and Performing an Audit 13 AS 330 The Auditors Responses to Assessed Risks 14 AS 402 Audit Considerations Relating to an Entity Using a April 1, 2010 Service Organization 15 AS 450 16 AS 500 Audit Evidence 17 AS 501 18 AS 505 Specific Considerations for Selected April 1, 2010 Items External Confirmations 19 AS 510 Initial Audit Engagements-opening Balances 20 AS 520 Analytical Procedures 21 AS 530 AS 540 Auditing Accounting Estimates, Including Fair Value April 1, 2009 Accounting Estimates, and Related Disclosures AS 550 Related Parties 24 AS 560 Subsequent Events 25 AS 570 Going Concern 26 AS 580 Written Representations 27 Using the Work of Another Auditor April 1, 2002 28 AS 610 Using the Work of Internal Auditors 29 AS 620 Using the Work of an Auditors Expert April, 2010 AS 700 Forming an Opinion and Reporting on Financial April 1, 2012 31 AS 705 Modifications to the Opinion in the Independent Auditors April 1, 2012 Report 32 AS 706 Emphasis of Matter Paragraphs and Other Matter April 1, 2012 Paragraphs in the Independent Auditors Report