Indirect Taxes Summary Notes for November 2016

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Following is the Summary of Indirect Taxes by CA N.Rajasekhar sir which is compiled by him for MAY 2016 EXAMS

Read this along with Revision Test Papers of November 2016 and Supplementary study paper by ICAI for Revising your syllabus with ease.

CLICK HERE to DOWNLOAD NOTES

CLICK HERE to DOWNLOAD NOTES (FTP SUMMARY)

Amendments in Group II - CA Final November 2016

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1. ADVANCED MANAGEMENT ACCOUNTING


  • No Amendments have been made for NOV 2016
2. INFORMATION SYSTEMS CONTROL AND AUDIT

  • Refer Latest January 2016 Edition Study Materia from ICAI 
  • For a specific List of amendments Refer Summary at the beginning of each chapter in the Practice Manual where amendments are highlighted in BOLD
3.DIRECT TAX LAWS 
  • For Amendments in Direct taxes Refer Supplementary Study Paper released by ICAI at CLICK HERE and Corrections CLICK HERE
  • Also Refer RTP for significant and recent amendments 
  • Also Prepare Relevant Case Laws Released by ICAI CLICK HERE
4.INDIRECT TAX LAWS


  • For Amendments in Direct taxes Refer Supplementary Study Paper released by ICAI at CLICK HERE and Corrections CLICK HERE
  • Also Refer RTP for significant and recent amendments 
  • Also Prepare Relevant Case Laws Released by ICAI CLICK HERE

Amendments in Group I - CA Final November 2016

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1. FINANCIAL REPORTING


  • Ind AS a.k.a Converged IFRS have been made applicable to the CA Final Novemeber 2016 Examinations 

              Reference Material is released by ICAI Regarding the same and can be viewed / downloaded               by CLICK HERE

  • AS 30, 31 and 32 on the topic ‘Accounting and Reporting of Financial Instruments’ are omitted and are not applicable for the examination
  • Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 Have NOT BEEN MADE APPLICABLE for the examination accordingly students may ignore the same for November 2016 Examinations 
  • Revised Chapter VI on Reporting of Financial Instruments CLICK HERE FOR MATERIAL 
2. STRATEGIC FINANCIAL MANAGEMENT

  • No amendments for November 2016 But Refer to the Supplementary Study paper released by ICAI which contains New Q&A and Corrections to the OLD Materials 
3. ADVANCED AUDITING AND PROFESSIONAL ETHICS

  • The relevant notified Sections of the Companies Act, 2013 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities, cut-off date will be 30th April, 2016. 
  • Companies (Auditor’s Report) Order, 2016 issued by Ministry of Corporate Affairs on 29th March, 2016 is applicable for November, 2016 Examination.
4. CORPORATE AND ALLIED LAWS

  • The Companies Act, 2013:The relevant sections of the Companies Act, 2013, along with significantRules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs upto 30thApril 2016
  • Chapter 9, 15 of the new STUDY MATERIAL JAN 2016 EDITION ARE NOT APPLICABLE
  • Note : Plz Read updated material on Insurance Act Instead of Old Materials

NOTE : ALONG WITH THE ABOVE AMENDMENTS ALSO READ THE NOTIFICATIONS ANNEXED TO THE REVISION TEST PAPERS NOVEMBER 2016 FOR FULL COVERAGE OF THE AMENDMENTS

Monetary Policy - All you need to know!!

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Today is the day of Monetary policy by RBI

Some of you may not be knowing what is monetary policy and how to understand it..

some may be wondering this isn't related to our subject of major in accounting

our view is that being a student and aspiring finance professional you should be aware of what is going on in the country's/global economy to shape up your career in a bright way.

So here is an effort to give you insight on what actually monetary policy is and what is its impact?

Monetary policy is the process by which monetary authority of a country, generally a central bank controls the supply of money in the economy by its control over interest rates in order to maintain price stability and achieve high economic growth. In India, the central monetary authority is the Reserve Bank of India (RBI). is so designed as to maintain the price stability in the economy.
Price stability refers to controlled inflation
What do RBI generally do by monetary policy?

Cut Interest rates(Repo)-to increase money supply and thereby contributing to the GDP
By cutting interest rates people would like to borrow more and do business and hence it increases production and adds to GDP
Hike Interest rates(Repo)-to decrease money supply and thereby curb inflation
On hiking interest rates the people will prefer to repay the borrowings or avoid them thereby money supply will be reduced consequently higher demand and the inflation
RBI tries to balance inflation and money supply to give economy a steady growth
In a monetary policy the RBI also tries to control the lending by prescribing reserve and liquidity ratios
Apart from these RBI can increase / decrease money supply by buying/selling government securities respectively
What did RBI do today?
It has reduced Interest rate(Repo) by 25 basis points from 7.5% earlier to 7.25% now
Repo is the rate at which Banks borrow from RBI
Why did it do so?
The Inflation is in a decreasing trend
Industrial demand is in an increasing trend
What's its impact ?
Increase in GDP
The article aims to give you an basic idea for more clarity do google..

FRM - Course for the future

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Day by day the competition is increasing for the CA's in getting high paying jobs and they are also facing other difficulties.

To overcome this and give them a bright career here is an emerging course known as FRM

The course is ideal for those who want to extend the career in Financial markets and risk management areas , now a days risk mgmt is gaining importance due to various risks involved.

Who can do this course?

1.CA Articleship interns
2.CA Final appeared
3.Graduates from any stream

Note : there is no prescribed educational qualification needed the above are recommendatory in nature

COURSE DETAILS:


The Financial Risk Manager (FRM®) Exam is the globally recognized standard for measuring the skills and knowledge of those who manage financial risk. A practice-oriented examination offered in two parts, questions are designed to relate theory to practical, real-world, problems. As such, candidates are expected to understand risk management concepts and approaches as they would apply to a risk manager?s day-to-day activities. The FRM Exam Part I focuses on the essential tools and concepts required to assess financial risk. Passing the FRM Exam Part I is the first step for an individual to become a Certified FRM. 

EXAM DETAILS

Time Limit:4 hours
Cost:Varies
Number of Questions:100
Format:Multiple Choice
Prerequisites:None
Corequisites:None
Exam Date(s):May and November
Exam Results:Usually provided within 60 days
Official Exam Website:http://www.garp.org/frm/

Part 1 curriculum covers the tools used to assess risk
Foundations of Risk Management (20%)
Quantitative Analysis (20%)
Financial Markets and Products (30%)
Valuation and Risk Models (30%)

The Financial Risk Manager (FRM®) Exam Part II is the second of two exams that comprise the FRM Program. The FRM Part II Exam, in addition to other requirements, must be passed in order for an individual to become a Certified FRM. The FRM Exam Part II focuses on the practical application of risk management tools covered in Part I to specific areas of risk management such as credit risk, market risk, and operational risk. In addition, the FRM Exam covers the application of risk management tools and techniques to the investment management process. Questions are designed to be practical and related to real-world work experiences and candidates are expected to understand risk management concepts and approaches as they would apply to a risk manager's day-to-day activities. 


EXAM DETAILS

Time Limit:4 hours
Cost:Varies
Number of Questions:80
Format:Multiple Choice
Prerequisites:Passing FRM Exam Part I.
Corequisites:None
Exam Date(s):May and November
Exam Results:Usually provided within 60 days
Official Exam Website:http://www.garp.org/frm/


Part II curriculum focuses on the practical application of risk management tools established in Part I
Market Risk Measurement and Management (25%)
Credit Risk Measurement and Management (25%)
Operational and Integrated Risk Management (25%)
Risk Management in Investment Management (15%)
Current Issues in Financial Markets (10%)

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