ICAI CA intermediate study material 2022 for May exams and November exams released. As the amendments change every year, CA intermediate study material 2021 and year 2022 differ. Accounting, corporate and other laws, cost and management accounting, tax, advance accounting, auditing, EISM, financial management and economics for finance are the subjects that create influence because of the amendments. In this blog, the students understand the impact of the amendments on the CA study material and syllabus. The students appearing for the May and November intermediate 2022 exams take note of these changes. It helps with the preparation strategy.
Amendments in CA intermediate 2022:
The RTP issued by ICAI for May 2022 will explain the CA inter exam pattern 2022 & CA intermediate syllabus 2022. The BOS portal update all the changes for May 2022. The objective and subjective pattern of questions are structured in the ICAI exams. There is no negative marking in the CA 2022 examination. The following amendments are suitable for accountancy, law, and tax and auditing.
• The accounting standards applicable as per the syllabus are disclosure of accounting policies AS, Valuation of inventories, property, borrowing costs, accounting for government grants, accounting for investments, plant and equipment, cash flow statements, accounting for government, and the effects of changes in foreign exchange rates.
• Schedule III of the Companies Act is not applicable from the 1st of April 2021. During the 400th meeting, ICAI gave criteria for the applicability of the AS to non-company entities.
• In the Company law, the inclusions and exclusions are with Companies act 2013, the Indian contract act, 1872, the negotiable instruments act 1881, interpretation of statutes, and the general clauses act, 1987.
• In the prospectus and allotment of securities, sections 24, 33, 30, 38 and 41 are exempted. Under share capital and debentures, sections 45, 44, 65, 60 and 72 are exempted. Acceptance of deposits by Companies chapter has omission with section 75. Under registration of charges sections, 81 and 85 are omitted.
• Under the Indian contract Act, 1872, sections one to hundred and twenty-two are avoided.
• Under the heading, the negotiable instruments act, 1881, parties to notes, bills and cheques are excluded. The presentment of negotiable instruments is also excluded.
• The general clauses act must take into account the legislative amendments and the updated syllabus.
• Interpretation of statutes has changed as per the October 2020 edition.
• For the November 2021 and May 2022 exams, the amendments made till April 2021 are applicable for the Income-tax subject. The excluded topics in Income tax are CGST act 2017 for the supply of goods, supply of services, reverse charge basis, rate of tax for the supply of goods, supply of services, interstate supply, intrastate supply, territorial waters supply, and payment of tax by a supplier for online service. Under time and value of supply, the CGST ACT and CGST rules are exempted. TDS, returns, and input tax credit are exempted from the syllabus. The supply of goods and services ends with a zero tax rate. So this part is excluded from tax calculations.
• In the given accounting standards, AS4, AS5, AS19, AS14, AS9, AS18, AS26, AS22, and AS20 are excluded from the syllabus.
• Statement on reporting under the Companies ACT is excluded from the syllabus.
Analysis of the amendments related to schedule III of the Companies Act:
Schedule III of the Companies Act was exposed to amendments by the MCA in 2018. The two divisions such Indian GAAP and Ind AS modified by the institute. The third division of the Companies Act speaks about non-banking financial types of companies. Ind AS applies to these Companies. Division one states the words in the balance sheet of the Company. The term fixed asset and the current asset are rephrased in the balance sheet as per the amendments. In business terms, assets are conferred by plants and equipment. The amendments made to division II are about loans, interest paid and unpaid, non-current and current receivables, equity, and trade payables. The equity topic shows the trade payables of small and micro-enterprises. The reserves which come under the equity should be added to the footnotes of the financial statements. The reserves move as per the time to the equity heading. And it shall be described in the notes with reasons. Current and non-current trade receivables are divided further as secured and unsecured. If there is credit risk in the receivables, it must be added to the doubtful section. Trade receivables must have the structure of secured, unsecured and doubtful. MSME industries must disclose the principal amount, interest unpaid, interest paid, accrued interest unpaid, and interest unpaid for disallowance of expenses under section 23 of MSME units. NBFC must provide notes for the disaggregation’s, items that do not qualify for the statements, and changes in the equity structure, P&L statements. The rounding off of the monetary figures of less than or more than 100 crores is to the nearest hundreds to millions or decimals.
Why do students read CA study materials?
ICAI material is of paramount importance for the CA examination. Some students feel that the official material of the institute is hard to understand. RR Academy provides the study material and model tests for the students. The institute material includes the amendments and the dynamic questions as per the amendments. By focusing on CA study material, students learn from the expert minds of the institute. RTP, MTP and study material are important to understand the past trends and current changes with the system.
The amendments replicate to understand the changes in the syllabus and the study material. The amendments bring minor changes to the presentation and calculation. The students gain more marks in the CA 2022 examination by learning these changes.