The Central Government in consultation with NACAS had notified Companies (Accounting Standards) Amendment Rules 2016 vide notification dated 30th March 2016 in the official gazette and amended the Accounting Standards viz. AS – 2, 4, 10, 13, 14, 21, 29 and omitted the Accounting Standard 6 – Depreciation Accounting.

The Institute of Chartered Accountants of India (ICAI) vide its notification dated 29th September 2016 also amended the accounting standards issued by the ICAI to bring consistency in AS followed by non-corporate entities.

As per the notification, the AS-6 for depreciation accounting shall stand withdrawn and the concept of depreciation is now merged with the AS-10. Therefore, the name of AS-10 has been changed from ‘Fixed Assets’ to ‘Property, Plant & Equipment’. Following are the main features of new AS-10:

  1. Now, the AS will deal with accounting of PPE except where another AS permits different accounting treatment.
  2. The standard does not apply to (a) Biological Assets (living animal or plant) related to agricultural activity other than bearer plants. This Standard applies to bearer plants but it does not apply to the produce on bearer plants, for example, Mango tree is a bearer plant and it is covered under AS-10 but the mango grown on this tree will be the produce of Bearer plant and is not covered by this AS; and (b) wasting assets including mineral rights, expenditure on the exploration for and extraction of minerals, oil, natural gas and similar non-regenerative resources.
  3. The cost of PPE is recognized as an asset if and only if entity’s future economic benefits are associated with the asset and the cost of an asset can be measured reliably.
  4. The initial cost of PPE shall consist of purchase price including import duties, non-refundable purchase taxes, cost directly attributable to bring the asset to the location and condition necessary for it to be used by it in a manner intended by management. The cost also includes initial estimate of dismantling / decommissioning, removing and site restoration.
  5. The subsequent cost shall include repair and maintenance of the asset or modification to the asset that will lead to increase the capacity and useful life of the asset, improve the quality of output etc.
  6. Depreciation shall be charged as per Schedule II of the Companies Act 2013 and Guidance Notes thereon i.e. on the basis of useful life of asset.
  7. Disclosure requirement are as follows:
  • Basis of measurement used for determining the gross carrying amount
  • Depreciation method used
  • Useful lives of the assets or depreciation rates used
  • Gross Amount and Accumulated depreciation at beginning and end of the period.
  • Addition in Fixed Assets, Revaluations, Impairment Losses, Exchange differences and other movements etc.


The said amendments shall be applicable from 01st April 2017 onwards and hence will be applicable for May-2017 CA Final Examinations. However, the students appearing for November 2016 CA Final examinations need not to worry about these amendments as these are not applicable to them.


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Mock Test papers with Solutions for CA Final Nov’16 Attempt


ICAI has launched Mock Test Papers for CA Final for Nov 16 attempt. We are providing you links below so that you can go through it can download all  CA Final Model Test Papers. These Mock Test Papers will help you to self assets your own performance before the examination.

These are covering questions relating to the latest amendments and case laws. It is also been discovered that in past straight questions are picked from these Mock Test Papers.

Question Papers – 


Group 1 – 

Financial Reporting – click here

Strategic Financial Management – click here

Advance Auditing and Professional Ethics – click here

Corporate and Allied Laws – click here


Group 2 –

Advanced Management Accounting – click here

Information Systems Control and Audit – click here

Direct Tax Laws – click here

Indirect Tax Laws – click here


Answer Papers- 


Group 1 –

Financial Reporting – click here

Strategic Financial Management – click here

Advance Auditing and Professional Ethics – click here

Corporate and Allied Laws – click here


Group 2 –

Advanced Management Accounting – click here

Information Systems Control and Audit – click here

Direct Tax Laws – click here

Indirect Tax Laws – click here


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CA Final Revisionary Test Paper November’16


The Institute of Chartered Accountants of India has released the RTP’s for November, 2016. Students going for CA Final November, 2016 examination must venture these papers.

These are covering questions relating to the latest amendments and case laws. It is also been discovered that in past straight questions are picked from these RTP’s.

Group 1:

1. Financial Reporting – Click Here

2. Strategic Financial Management – Click Here, Corrigendum – Click Here

3. Advanced Auditing and Professional Ethics – Click Here

4. Corporate and Allied Laws – Click Here



Group 2:

  1. Advanced Management Accounting – Click Here

  2. Information Systems Control and Audit – Click Here

  3. Direct Tax Laws – Click Here

8. Indirect Tax Laws – Click Here, Corrigendum – Click Here


In case of any academic queries please send it to

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Each CA Final examination is unique. The examiner focus is changing quite frequently. However the requirement always remains the same. ICAI always wants to find out whether the CA Final student has developed the expert knowledge in the various subjects. Now let us analyze same with reference to each subject in depth for CA Final Group 2. It is divided in to two parts.

Cost Accountancy covers 70 marks and Operation Research cover 30 marks.

In the subject Advanced Management Accountancy, the examiner always considers following eight items urgent and important which must be in the control of the examinees before they plan to write the November 2016 examination:

  • Whether the students know all the elements of CVP including multiple BEP correctly. Minimum one question is compulsorily asked in each exam covering 16 marks to 20 marks.
  • Business decisions like special order, export order, minimum and maximum order based on the scarcity of the resources are regularly tested areas in the ICAI examination. Recent trend suggests that roughly 30 marks minimum question appears in each examination.
  • Examiner also looks forward how does a student analyzes  business decision making questions specially make/buy/subcontract questions correctly? In   the machine replacement questions capital budgeting decisions are checked.
  • Standard costing is an area where missing variance type questions or the operating statement type numerical are usually asked. Analysis of the variance must be conceptually clear. In last five exams, it has appeared for four time. Usually it is a 8 marks to 16 marks area.
  • New emerging business concepts of target costing, kaizen costing and activity based costing are now appearing as 16 marks to 25 marks questions in each examination. Even numerical is being asked on repeat basis regularly. ABC costing is the favourite area for the examiner.
  • Operation research covers 30 marks. Questions on LPP covering the equation framing and simplex is always asked in the exam. Every alternate exam, a question on assignment and transportation always appears.
  • Other important topics which are repeated is Simplex and Learning curve. You should do same from the last ten ICAI examination papers which are sufficient.
  • Finally, you must have grip on the various theoretical topics which are repeating. You should always cover last ten exam theory questions. Make a mind map or summary and keep on writing them again and again.


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It is an approach which allows strategic policy formation and achievement of results based on the management information system. It may include both financial and non –financial elements and cover areas like profitability, consumer satisfaction, internal innovation and business growth. It has four dimensions as mentioned below :

  • Customer perspective which covers consumer satisfaction through product usage. Competitive price in the market is an example of customer perspective in the business.
  • Internal business perspective which include improving the different business departments. Sales penetration can be measured through sales plan. Another example can be rate of new product introduction in the business.
  • Learning and growth perspective which covers improvement in the business dynamics. The number of new product patented in the area of research and development is a valid illustration in case of learning and growth perspective.
  • Financial perspective which covers operating income by the different business segments. It includes prosperity measure through cash flows analysis, profitability measure through return on investment.

Balanced Score card sometimes fail to provide the desired results due to :

  • The use of non financial measures lead s managers to think that they have a balanced score card already working for strategic purposes.
  • Many time higher management level delegate wrongly the responsibility of the score card implementation to the middle level managers.
  • It is thought that the balanced score card is used only for the reporting purposes
  • It is not seen in a long term perspective by the strategic management.

It is a very popular concept which is applied in western countries and USA.  It is applied in a very limited way in India. It is majorly found suitable for the large corporations.


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Revisionary Activity for the repeaters in Advanced Management Accountancy subject of CA Final is required. My suggestion is that they should prepare eight weeks program which will work positively for them. There are three steps involved in the constructive use of the eight weeks. It can be said as 3:3:2(week) STRATEGY. It means that there must be time for revise, test and improve.

First part of three weeks may be devoted for completely revising the previously learnt concepts from the different sources used by you. Ideally, you should cover basic concepts, numerical covered in the ICAI materials both in the study material and practice manual.

You should specially cover questions on neo- management accounting concepts like kaizen costing, value chain analysis, just in time(JIT), activity based concept (ABC), balanced score card and Transfer Pricing. Decision making including standard costing and budgetary analysis are such area where around forty marks questions are asked.

Second part of the three weeks must be focused on   solving latest five   examination papers asked in the ICAI final examination. Here solving the questions in the examination condition between 2pm to 5 pm will allow you to find the best abilities. You should check well in advance your level of the preparation under the examination pressure. Ask a mentor to check and suggest the areas of improvement, so that you may focus your working in the suggested area.

Third part of the two weeks must be dedicated on the revision of the improvement areas along with the theory concepts asked in the examination. More time must be devoted in the writing aspect. You should refrain from reading and develop the writing skills. Presentation skills are required to be developed on a regular basis. You must write your best in the first hour. You must present your best. Hope you will follow same to get the success with flying colour in CA Final exam.


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CA Final is such a dreaded examination where out of 100 students around 85 students on average basis has to repeat the examination every six month. You have to do the diagnostic test to understand where regular   mistakes is being committed. Find a mentor who can help you find such error.

Firstly, you can’t pass the exam by reading the same content material again and again. You must have an out of box approach. You must change the reading source in some subjects where your score is too low. You must select certain  subjects provided by the online classes.

Secondly, you must focus on the assessments. An assessment means writing skills  which are mandatory. It means around a third to half time must be devoted in to working for the  presentation skills.

You must keep on writing all the subjects with- out feeling that certain subjects are too good that its writing is postponed till last. You can’t pass the exam without developing the proper writing and presentation skills. Both theory and practical subjects demand equal attention because each subject carry 100 marks each.

Above are the basic factors which are neglected by the maximum students. You have questions of short notes category coming  in almost all the papers. Develop the art of writing the short notes type questions. You have almost case studies coming  in all the  five subjects. Make yourself capable so that through constant practice, you may write such case studies in the different subjects at ease and comfort.

You must be crystal clear of the areas of improvement sought by you. Please be very clear which  areas are required to be improved and it must be done in the first stage itself. Be clear with all the course update and amendments in the various subjects. This is the way for your success.

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The Companies Act 2013 introduces significant changes in the various provisions relating to compliance and management, disclosure norms, governance, auditors, mergers & acquisition etc.

One of the major changes announced under 2013 act was relating to the calculation of Depreciation which is now going to be allowed on the basis of useful life instead of rate of depreciation as prescribed under Companies Act 1956.

Schedule II – ‘Useful lives to Compute Depreciation’ read with section 123 of the Companies Act 2013 defines the following provisions for calculating depreciation:

  1. The PART-C of new schedule describes the useful life of assets and rates of depreciation applicable for the assets purchased on or after 01st April 2014. For the assets purchased before 01st April 2014, the depreciation is calculated for the remaining useful life given under PART C and after retaining the salvage value which shall not be more than @5% of the purchase value.
  2. PART-A of the Schedule II specified the amortization of Intangible Assets to be done in accordance with the provisions of applicable accounting standard i.e. AS-26.
  3. The new companies act has deleted the concept of methods of depreciation i.e. WDV or SLM. There will be only one method for calculation for all assets.
  4. The concept of fully depreciating the asset costing Rs.5000/- or less under Companies act 1956 has been deleted. It means that all the assets will be depreciated as per the normal provisions of Schedule II irrespective of the amount of purchase.
  5. If during the financial year, any addition has been made to any asset or any asset has been sold, discarded or destroyed, then the depreciation amount will be calculated on pro-rata basis from the date of its addition or upto the date on which the asset was sold, discarded or demolished, as the case may be.
  6. The PART-C of Schedule II provides the useful life of different assets. If the cost of any part of asset is significant to the total cost of the asset and the useful life of that part is different from the useful life of the remaining asset, then the depreciation on that significant part shall be calculated separately.
  7. In case of any asset existing as on 01st April 2014 and whose remaining useful life is NIL, then the carrying amount of such asset shall be transferred to the opening balance of Retained Earnings.

Our institute ICAI has also issued a Guidance Note to provide guidance on certain practical issues in the implementation of Schedule II to the Companies Act 2013 (2013 Act) relating to the depreciation of assets.

The depreciation charged on the basis of useful life is the factual commercial depreciation which will represent the financial statements prepared closer to those prepared in accordance with International Standards.

Contributed by CA Garima Goyal

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In CA final examination, you must always have a revisionary tool. This revisionary tool will allow you to revisit your weakness areas so that it can be strengthened through revisionary cycle. Revision can be categorized in to three types.

First revisionary will cover allow a student to do the total concepts with example.  It will reinforce the conceptual framework. Second revision will include the practice questions along with the concepts and illustrations. It will strengthen the basic intellectual frame work. Third revisionary will be a summarized representation of the concepts through decision tree, diagram and mind maps. Constant revision is the only way which can be used for successfully qualifying the exam.

Above three methods of revision can be done in all the eight subjects of CA final. A student should classify the course in terms of most important, important and less important topic. These topics can be christened as A, B and C items. It can be decided by taking the latest two exams as basis of the decision. Revisionary time should be proportional to A, B and C mentioned above.

You must always think positively and stick to A and B items in the examination.  In the first stage of revision in terms of time allowed try to revise the entire course in four week time.  At the second level the aim is to cover one group a week. In the final third round a student should cover one subject a day and try to write the mock test at the exam hour in the exam condition.

Hope the above revisionary tool will help to decide the learning process quicker and effectively.


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Rejection is everywhere, sometimes from your own family too. This is the story of a man who  was an adopted son who dropped out from college  as he couldn’t see its worth in life. He started a company in car garage with his friend. Calligraphy learnt by him was later used by him in his career also. In ten year’s period, he created a billion dollar company with 4000 employees working across globe.

He was thrown out of board from the company which he co founded. In his journey, he got tons of rejections. Again the same company asked him to come back and head after certain years. Since 2005, he was considered as a legend. In his own words “I had no idea what I wanted to do with my life and no idea how college was going to help me figure it out”

Towards his entire life, he was rejected but on long term basis these rejections created learning and business value. Yes he was STEVE JOBS who don’t need any introduction. A legend, a masterpiece who has created a place in the business world.

Likewise you may be facing rejections in CA examination. No worries. Improve your learning skills. Work on your improvement seriously and in a focus manner . Write more model paper in each subject. Ultimately you will succeed like Steve Jobs. If Steve wouldn’t have not tried to solve failures, he wouldn’t have been successful at a global level. Always think and act to improve your writing   and presentation skills and you will pass the CA exam with flying color. Have faith in your dream. You will succeed with glorious score.

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