notes for ca final

8/6/2019 Notes for CA Final

1/15

AAS 1

AAS 2

AAS 3 DOCUMENTATION

AAS 4

AAS 5AAS 6

AAS 7

AAS 8

AAS 9

AAS 10

AAS 11

AAS 12

AAS 13

AAS 14

AAS 15AAS 16

AAS 17

AAS 18

AAS 19

AAS 20

AAS 21

AAS 22

AAS 23

AAS 24

AAS 25 COMPARATIVES

AAS 26

AAS 27

AAS 28

AAS 29

AAS 30

AAS 31

AAS 32

AAS 33 ENGAGEMENT TO REVIEW FINANCIAL STATEMENT

AAS 34 AUDIT EVIDENCE - ADDITIONAL CONSIDERATION FOR SPECIFIC ITEMS

BASIC PRINCIPLESGOVERNING AN AUDIT

OBJECTIVE AND SCOPEOF THE AUDIT OF FINANCIAL STATEMENTS

THE AUDITOR'S RESPONSIBILITY TO CONSIDER FRAUD AND ERROR IN AUDIT OFFINANCIAL STATEMENTS

AUDIT EVIDENCERISKASSESMENT AND INTERNAL CONTROLS

RELYING UPON THE WORK OF THEINTERNAL AUDITOR

AUDITPLANNING

USING THE WORK OF AN EXPERT

USING THE WORK OFANOTHER AUDITOR

REPRESENTATIONSBY MANAGEMENT

RESPONSIABLITY OF JOINT AUDITORS

AUDIT MATERIALITY

ANALYTICAL PROCEDURES

AUDIT SAMPLINGGOINGCONCERN

QUALITYCONTROL FOR AUDIT WORK

AUDIT OF ACCOUNTINGESTIMATES

SUBSEQUENTEVENTS

KNOWLEDGEOF THE BUSINESS

CONSIDERATION OF LAWSAND REGULATIONS IN AN AUDIT OF FINANCIALSTATEMENTS

INITIAL ENGAGEMENTS - OPENING BALANCE

RELATED PARTIES

AUDIT CONSIDERATIONS RELATING TO ENTITIES USING SERVICEORGANISATIONS

TERMS OF AUDIT ENGAGEMENT

COMMUNICATIONS OF AUDIT MATTERS WITH THOSE CHANGED WITHGOVERNANCE

THE AUDITOR'S REPORTON FINANCIAL STATEMENTS

INFORMATIONSYSTEMS ENVIRONMENT

EXTERNAL CONFIRMATIONS

ENGAGEMENTS TO COMPILEFINANCIAL INFORMATION

ENGAGEMENTS TO PERFOMAGREED UPON PROCEDURES REGARDING FINANCIAINFORMATION


2/15

AS 1 DISCLOSURES OF ACCOUNTING POLICIES

AS 2

AS 3 CASH FLOW STATEMENT

AS 4

AS 5

AS 6 DEPRECIATION ACCOUNTING

AS 7 CONSTRUCTION CONTRACTS

AS 8 Omitted

AS 9 REVENUE RECOGNITION

AS 10

AS 11

AS 12

AS 13

AS 14

AS 15

AS 16 BORROWING COSTS

AS 17 SEGMENT REPORTING

AS 18

AS 19

AS 20 EARNINGS PER SHARE

AS 21 CONSOLIDATED FINANCIAL STATEMENTS

AS 22

AS 23

AS 24 DISCONTINUING OPERATIONS

AS 25 INTRIM FINANCIAL REPORTING

AS 26

AS 27

AS 28

AS 29

VALUATION OF INVENTORIES

CONTINGENCIES AND EVENTSOCCOURING AFTER BALANCE SHEET DATE

NET PROFIT OR LOSS FOR THE PERIOD, PRIOR PERIOD ITEMS AND CHANGE IN

ACCOUNTING POLICIES

ACCOUNTING FOR FIXED ASSETS

EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES

ACCOUNTING FOR GOVERNMENT GRANTS

ACCOUNTING FOR INVESTMENTS

ACCOUNTING FOR AMALGAMATIONS

ACCOUNTING FOR RETIREMENT BENEFITSIN THE FINANCIAL STATEMENTS OFEMPLOYERS

RELATED PARTY DISCLOSURER

ACCOUNTING FORLEASES

ACCOUNTING FOR TAXESON INCOME

ACCOUNTING FOR INVESTMENTS IN ASSOCIATESIN CONSOLIDATED FINANCIALSTATEMENTS

INTANGIBLE ASSETS

FINANCIAL REPORTING OFINTREST IN JOINT VENTURE

IMPAIRMENT OF ASSETS

PROVISIONS,CONTINGENTLIABLITIES AND CONTINGENTASSETS


3/15

N

1

2

3

4

5

6

7

8

9

10

11

12

13


4/15


5/15

SCHEDULE II -- PART - I

1

2

3

4

5

6

7

8

9

10

If he discloses any information in relation to client, to person other than client,without the consent OF client or otherwise than as required by law

If he certifies or submits in his name a report OF an examination OF financial

statements unless such examination has been made by + him or his partner orhis employee under his supervision or another ca in practice (joint audior)

if he permits his name or the name OF his firm to be used in connection with theestimate OF earning contingent upon future transactions+ in a manner whichmay lead to belief that he vouches for the accuracy OF forcast.

if he expresses his opinion on financial statements OF any enterpirse in whichhe, his firm or a partner in his firm, has a substantial interest + unless he

discloses the interest in his report.

if he fails to disclose material fact known to him which is not disclosed in thefinancial statements + where disclosure of such fact is necessary to make thefinancial statements not misleading.

if he fails to report a material misstatement appering in a financial statement +and of which he has knowledge.

if he is grossly negligent in the conduct of his professional duties.

if he fails to obtain sufficient information to warrant the expression of an opinion

+ or his exceptions are sufficient material to negate the expression of an opinion.

if he fails to invite attention to any material departure + from generally acceptedaudit procedures applicable to the circumstances.

if he fails to keep moneys of his client in a separate banking account + or touse such moneys for intended purpose or as per instructions of client.


6/15

SERVICE TASEC HEADING

65 Defination ST-1

65A Calassification of taxable services ST-2

66 Charge of service tax ST-3

67 value of taxable service ST-3A

68 payment of service tax ST-4

69 Registration ST-570 Return ST-6

73 Recovery of Service Tax ST-7

74 Rectification of mistake

75 Interest on delay(13%) Rules

76 Failure to pay S.T.

77 General Penalty 3

78 Supressing value of Taxable service 4

82 Search 5

84 Revision

85 Appeal to Commissioner(Appeal) %86 Appeal to Tribunal

15

Rules Description 25

4 Registration 30

4A Invoice by Service Tax Distributor 40

4B Issue of Consignment note 40

5 Maintenance of Record 50

6 Payment of Service tax 60

7 Returns 60

7A Return by goods transport operators 678 Form of appeal to commissioner appeal 67

9 Form to appeal to app tribunal 90


7/15

XFORMS

Application for Registration

Certificate of Registration

Return

Memoranda return

Appeal to Comm(Appeal)

Appeal to Tribunal

App to Tribunal by commissioner by dept.

EXPORT OF S.T. RULES 2005

Export of taxable service

Export without payment of S.T.

Rebate of S.T.

NAME OF SERVICE

Custom house agent in case of turkney proj.

goods transport agency

pandal or shamiyana cont.

convention service with catering

mandap keeper with hotel & catering

outdoor caterer also provide food

Rent a cab schme operator

Tour operator

ConstructionErection, commissioning,installation

Tour opeartor only booking accomodation


8/15

Rule-3

Rule-4

Rule-5Rule-6

Rule-7

Rule-8

Rule-9

Rule-10

Rule-11

Rule-12

Rule-15Rule-16

Rule-16A

Rule-16B

Rule-16C

Rule-17

Rule-18

Rule-19

Rule-20

Rule-21

Rule-22

Rule-23

Rule-24

Rule-25

Rule-26

Rule-27Rule-28

Rule-29

Rule-30

Rule-31


9/15

Central Excise Act-1944

Appointment & Jurisdiction

Duty payable on removal

Date of determination of duty & tariff ValuationAssessment of Duty

Provisional Assessment

Manner of Payment

Registration (Read with Sec-6)

Daily stock Account

Goods to be removed on Invoice

Filing of return

Special procedure for payment of duty(Compounded Levy Scheme)Credit of duty on goods brought to factory

Removal of goods for Job Work

Removal of goods for Semi finished goods

Removal of goods Finished Gooods

Removal of goods by 100% EOU to DTA

Rebate of Duty

Export without Payment of duty

Warehousing

Remission of Duty

Access to Registered primises

Power to Stop & Search

Power to Detain & Search

Confiscation & Penalty

Penalty for Certain Offences

General PenaltyConfiscated property to vest in CG

Disposal of confiscated goods

Storage Charges in respect of goods confiscated & redeemed

Power to issue Supplementry instructions


10/15

GroupDirectors

Constitution of BOD

252 Minimum No. of Directors

254 Subscribers to memorandum deemed to be directors

255 Appointment of directors and proportion of those who are to retire by rotation

256 Ascertainment of directors retiring by rotation and filing of vacancies

257 Right of persons other than retiring directors to stand for directorship

258 Right of co. to increase or reduce the no. of directors

259 Increase in no. of directors to require CG sanction260 Additional directors

262 Filling of casual vacancies among directors

263 Appointment of directors to be voted on individually

264 Consent of director to be filed with co. & ROC

265 Option to co. to adopt proportional representation for the app. of directors

270 Time within share qualification is to be obtained and max. amount there of

274 Disqualification of Directors

Restrictions on No. of Directorships

275 No person to be a director of more than 15 Co.

276 Choice to be made by director of more than 15 co. at commencement of act277 Choice to be made by director of more than 15 co. after commencement of act

278 Exclusion of certain directorships for the purpose of sec 275,276 & 277

283 Vacation of office by directors

284 Removal of directors

Meetings of Board

285 Board to meet at lease once in every 3 calendar months

286 Notice of meetings

287 Quorum for meetings

288 Procedure when meeting adjourned for want of quorum

289 Passing of resolutions by circulation

290 Valadity of acts of directors

Board's powers and restrictions thereon

291 General poers of board

292 Certain poers to be excercised by board only at meeting

292A Audit committee

293 Restriction on power of board

Political Contributions

293A Prohibitions and restrictions regarding political contributions

293B Power of board and other persons to make contributions to NDF,etcAppointment of Sole Selling Agents

294 Appointment of SSA to require approval of co. in GM

294A Prohibition of payment of compensation to SSA for loss of office in certain cases

294AA Power of CG to prohibit the appointment of SSA in certain cases

Loans to directors, procedure when director interested

295 Loans to directors etc

296 Application of sec 295 to book debts in certain cases

297 Board's sanction to be reqd. for certain contracts in which directors are interested

299 Disclosure of interests by directors

300 Interested director not to participate or vote in Board's proceedingsRemuneration of directors

309 Remuneration of directors


11/15

313 Appointment and term of office of alternate directors

314 Directors etc not to hold office or place of profit


12/15

Section

Sec-57Sec-58

Sec-59

Sec-60

Sec-61

Sec-62

Sec-63

Sec-64

Sec-65

Sec-66

Sec-67

Sec-68

Sec-69

Sec-70

Sec-71

Sec-72

Sec-73


13/15

WAREHOUSING

ALB-PPC-POMP-RCC-AGGC

Description

Appointing of Public WarehouseLicencing of Private Warehouse

Warehousing Bond

Permission For Deposit of Goods in a Warehouse

Period For Which Goods May Remain Warehoused

Control Over Warehoused Goods

Payment of Rent And Warehouse Charges

Owner's Right to Deal With Warehoused Goods

Manufacture And Other Operations In Relation to Goods in a Warehouse

Powerto Exempt Imported Material Used In Manufacture of Goods in Warehouse

Removal of Goods From One Warehouse to Another

Clearance of Warehoused Goods ForHome Consumption

Clearance of Warehoused Goods ForExportation

Allowance In Case of Volatile Goods

Goods Not to be Taken Out of Warehouse Except as Provided by This Act

Goods Improperly Removed From Warehouse, etc

Cancellation and Return of Warehousing Bond


14/15

SEC

12

13

14

1516

17

18

19

20

21

22

23

24

29

30

31

32

33

34

3536

37

38

39

40

41

42

44

45

46


15/15

HEADING

Dutiable Goods

Duty on Pilfered Goods

Valuation of Goods

Date of determination of Rate of duty & Tarriff valuation of Imported goodsDate of determination of Rate of duty & Tarriff valuation of Export goods

Assessment of duty

Provisional assessment

Determination of duty where goods consist of articles liable to diff rate of duty

Reimportation of goods

Goods derelict, wreck etc.

Abatement of duty on damaged or deteriorated goods

Remission of duty on lost, destroyed or abandoned goods

Power to make rules for denaturing or mutilated of goods

PROVISIONS RELATING TO CONVEYANCE

Arrival of vessels and aircrafts in India

Delivery of import manifest or import report

Imported goods not to be unloaded from vessel until entry inwards granted

Imported goods not to be unloaded unless mentioned in import manifest or import r

unloading and loading of goods at approved places only.

Goods not to be unloaded or loaded except under supervision of customs officer

Restrictions on goods being waterborneRestrictions on unloading and loading of goods on holidays etc.

Power to board conveyance

Power to requie production of documents and ask questions

Export goods not to be loaded on vessel until entry outwards granted.

Export goods not to be loaded unless duly passed by proper officer.

Delivery of export manifest or export report

No conveyance to leave without written order

PROVISIONS RELATING TO CLEARANCE OF GOODS

notes for ca final

Documents