Frequently Asked Questions (FAQs) on "Exemption in a Paper/s" for CA Students

Please note that this paper is merely an attempt to provide answers to questions on the subject, posed to us, by the candidates from time to time, to the extent possible and with reference to the extant scheme of examination.  However, this compilation is neither exhaustive not does it purport to be a source of complete information on the subject. Hence, candidates are advised, in their own interest, to refer to the “Guidance Notes” supplied along with the examination application form, besides referring to the Chartered Accountants Regulations, 1988.

1. What are the passing requirements for PCE/IPCE/Final exam?

a) A candidate shall ordinarily be declared to have passed in both the groups simultaneously, if he-

(i) secures at one sitting a minimum of 40% marks in each paper of each of the groups and minimum of 50% marks in the aggregate of all the papers of each of the groups; or

(ii) secures at one sitting a minimum of 40% marks in each paper of both the groups and a minimum of 50% marks in the aggregate of all the papers of both the groups taken together.

b) A candidate shall be declared to have passed in a Group, if he secures at one sitting a minimum of 40% marks in each paper of the Group and minimum of 50% marks in the aggregate of all the papers of that Group.

2. What are the rules regarding “exemption” and validity period?

a) A candidate who has appeared in all the papers comprised in a group/unit and fails in one or more papers comprised in that group/unit but secures a minimum of 60% of the marks in any paper or papers of that group/unit shall be eligible for exemption in that paper or papers in the next three following examinations.

b) He shall be declared to have passed in that group/unit if he secures at one sitting a minimum of 40% marks in each of the papers of that group/unit and a minimum of 50% of the total marks of all the papers of that group/unit including the paper/s in which he had secured a minimum of 60% marks in the earlier examination.

c) He/she shall not be eligible for any further exemption in the remaining paper(s) of that group/unit until he/she has exhausted the exemption already granted to him in that group/unit.

d) The implications of the above paragraph are clarified below:i. You must have appeared in all the papers of the group/unit.

ii. You must have failed in the group/unit and should have secured a minimum of 60 marks in any paper/s of the group/unit.

iii. The exemption is automatic and will be found indicated in the statement of marks issued by the Institute.

iv. An exemption is valid for three immediate succeeding exams and will be carried forward automatically for the next three examinations.

v. A candidate shall be declared to have passed in a Group/unit, if he secures at one sitting a minimum of 40 percent marks  in each paper of the Group/unit and a minimum of 50 percent marks in the aggregate of all the papers of that group/unit. For the purpose of arriving at the aggregate marks, 60 percent or more marks secured earlier will also be taken into account.

vi. As long as exemption in one or more paper(s) of a group/unit, brought forward from an earlier attempt is subsisting, no further exemption in any paper in that group/unit will be given, even if one secures 60% or more marks in any paper in that group/unit.

e) The above rules relating to “Exemption” are common to all the exams, i.e., PCE, IPCE, IPCE Units, ATE and Final, conducted by the Institute.

3. I secured exemption in Paper I of PCE/IPCE/Final exam in November 2009 exam.   I did not appear in the exams held in May 2010, November 2010 and also in May 2011.  I have submitted my exam application form for appearing in November 2011 exam.  Can I get the exemption in the said paper in November 2011 exam?

No.  The exemption obtained by you in November 2009 exam would last only for the next three exams, i.e. for May 2010, November 2010 and May 2011 exam, irrespective of the fact whether you appeared in those exams or not.  The exemption you obtained in November 2009 examination stands exhausted now and will not be valid for November 2011 exam onwards.  You will have to appear in the said paper once again in November 2011 exam.

4. I appeared, say, in Papers 1 and 2 of Group I and remained absent in the remaining paper(s) of Group I of PCE / IPCE / Final and secured more than 60% of the marks in both the papers. However my mark sheet does not show any exemption in those two papers.

To be eligible for exemption in any paper of a group in any of the exams (PCE/IPCE/Final), you should have appeared in all the papers comprised in that group.  In your case, though you obtained more than 60% marks in two papers, you will not be eligible for exemption in those two papers since you did not appear in all the papers of that group

5. How do I know that I am eligible for exemption in a paper?

The fact that you are eligible for exemption in a paper, will be found indicated in the statement of marks, issued by the Institute, by way of a symbol “#” against the marks of the paper(s) in which you had secured a minimum of 60% marks.

In your statement of marks, you will find the alphabet “E” marked against the marks of already exempted paper(s) carried forward from an earlier examination, provided the exemption is still valid.

6. I secured exemption in Paper V( Group II) of PCE/IPCE/Final in May 2011 exam.  I have submitted my exam application form for appearing in Group II of November 2011 exam. Is the exemption automatic or do I have to specifically mention in my exam application form that I got exemption in Paper V in May 2011 exam?

An exemption is valid for three immediate succeeding exams and will be carried forward automatically for the next three examinations. However, you are required to give details of the exemption(s) secured by you in the immediate three preceding exams, in your exam form, which will help us to cross check with our data base.

7. I secured exemption in Paper 3 (Group I) of PCE/IPCE/Final in November 2009 exam.   I appeared in Group I in May 2011 exam once again and secured more than 60% marks in Paper 2 of (Group I) of PCE/IPCE/Final. However, I did not get exemption in Paper 2 even though I secured more than 60% marks in that paper?  Why is it so?

As long as exemption in one or more paper(s) of a group/unit, brought forward from an earlier attempt is subsisting, no further exemption in any other paper in that group/unit will be given, even if you secure 60% or more marks in any other paper in that group/unit.  You will not be eligible for any further exemption in the remaining paper(s) of that group until you have exhausted the exemption already granted to you in that group.

The exemption that you secured in a paper in November 2009 exam lasted till May 2011 exam. Hence, you did not get any exemption in Paper 2 in May 2011 exam even though you secured more than 60% marks in that paper.

8. I secured exemption in Paper 3 (Group I) of PCE/IPCE/Final in November 2010 exam.   I intend to appear in Group II in November 2011 exam and applied for the same.  Can I get exemption in any paper in Group II in November 2011 exam if I secure more than 60% marks in any of the papers of Group II?

Yes.  You can get exemption in any of the papers of Group II in November 2011 exam.  The exemption that you secured in Paper 3 of Group I does not come in the way of your getting exemption in any paper of Group II. Please note that the rules relating to exemptions are applied group-wise.

However, you will not be eligible for any further exemption in the remaining paper(s) of Group I until you have exhausted the exemption already granted to you in that group.

9. I have already passed one group in PCE and converted to IPCE.  I am now a Unit candidate under IPCE.  Will I get the benefit of the exemption secured by me in PCE, in the corresponding papers of IPCE?

Yes.  The exemption in a paper or papers in a particular group granted earlier to a candidate of PCE shall continue to be valid, in the corresponding paper or papers under the IPCE/ATE,  for the unexpired chance(s).

10. What about exemption from appearing in any paper/s available to IPCE Unit candidates?

Unit scheme is meant for those candidates who have passed one of the groups in any of the following exams:

a) CA Intermediate under Para 2A of Schedule B of CA Regulations 1988( i.e Nov 1994 or later) or

b) PE II or

c) PCE who have converted to IPCE

Such a candidate is eligible for conversion to IPCE and may apply for conversion as a student of IPCE. For details, please visit the Board of Studies Announcements within the students section of the website www.icai.org

Group-wise exemption in IPCE by virtue of having passed one group in CA Intermediate examination under the syllabus as specified in paragraph 2A of Schedule B of Chartered Accountants Regulations 1988 ( i.e. Nov. 1994 or later) or PE II or PCE is not available in IPCE because the composition of papers in each group of IPCE is  different from that of Intermediate/ PE II / PCE. But paper wise exemption secured on the basis of 60% or more marks in a paper(s) of PCE is available for the corresponding paper(s) for the unexpired chance(s), as per details given below:

Papers of PE II passed	Papers of PCE passed	Paper-wise exemption in IPCE/ATE
Group I Paper 1 Accounting Paper 2:  Auditing Paper 3:  Business and Corporate Laws	Group II Paper 1:  Advanced Accounting Paper 2:  Auditing and Assurance Paper 3:  Law, Ethics and Communication	Group I Paper 1:  Accounting and Group II Paper 5:  Advanced Accounting Group II Paper 6:  Auditing and Assurance Group I Paper 2:  Business Law, Communication and Ethics
Group II Paper 4:  Cost Accounting and Financial Management Paper 5:  Income tax and Central Sales Tax Paper 6:  Information Technology	Group II Paper 4:  Cost Accounting and Financial Management Paper 5:  Taxation Paper 6:  Information Technology and Strategic Management	Group I Paper 3:  Cost Accounting and Financial Management Group 1 Paper 4:  Taxation Group II Paper 7: Information Technology and Strategic Management

http://220.227.161.86/24309announ14197.pdf

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Announcement - Application for CPT (paper-pencil mode) December-2011 Exam - (19-09-2011)

19th September 2011 The next Common Proficiency Test(CPT)-Paper pencil mode, of the Institute will be held on Sunday, 18th December 2011.


Notification and detailed announcement thereon have already been hosted on ICAI website www.icai.org.


Applications for admission to CPT (paper-pencil mode) can be made either through the online mode at http://icaiexam.icai.org or through physical application forms.


The cost of the Information Brochure which also contains the application form for the CPT to be held on 18th December 2011 (paper pencil mode) is as follows. ( This includes the cost of the application form and the Information Brochure which is Rs 500/- and the examination fee which is Rs.500/-).


For candidates opting Overseas Centre, it is priced at US$ 160 (US $ 150/- towards examination fee and US $ 10/- towards cost of application form and Information Brochure) and for candidates opting for Kathmandu Centre, it is priced at INR 1,350( INR 850/- towards examination fee and INR 500/- towards cost of application form and Information Brochure).


Since the cost of information brochure containing the CPT application form includes the examination fee, no further separate fee is required to be remitted at the time of submitting the filled in application form.


In order to encourage the students to take to on-line applications, it has been decided that candidates who submit on-line applications for CPT ( Paper Pencil mode exam) will be required to pay a sum of Rs 500/- only towards examination fees. Candidates may fill in their forms online at http://icaiexam.icai.org and remit the examination fee online by using either VISA or Master credit/debit card.


Students can visit the above mentioned website for the Information Brochure and Guidelines for filling the on-line application forms.


Important dates:


Date of commencement of sale of the application forms-   07.10.2011
Date of opening of the on-line applications window-   07.10.2011(From 10.00 Hrs)
Last date for submission of physical/on-line forms-   28.10.2011( upto 17.30 Hrs)
It may be noted that there is no provision for acceptance of application forms after 28th October 2011, with late fee.


Students are advised to take advantage of the facility of submitting on-line applications and save on the cost of the exam form.


( G. Somasekhar)
Additional Secretary (Exams)
http://www.icai.org/new_post.html?post_id=7684&c_id=219

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Applicability of taxable services for May 2012 and November 2012 CA Examinations

Important Announcement
Applicability of taxable services for May 2012 and November 2012 examinations:-
Professional Competence Examination
It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services.
Integrated Professional Competence Examination
It is clarified that in Part –II : Service tax and VAT of Paper 4 : Taxation, students will be examined only in respect of the following taxable services:
1. Practising Chartered Accountant’s services
2. Mandap keeper’s services
3. Commercial training or coaching services
4. Information technology software services
5. Consulting engineer’s services
6. Business exhibition services
7. Scientific and technical consultancy services
8. Technical testing and analysis services
Final Examinations
Paper 8 : Indirect Tax Laws
It is clarified that in respect of taxable services covered in the syllabus of Paper 8 : Indirect Tax Laws, students will be examined only in respect of the following taxable services:
· Intellectual Property Services
1. Franchise services
2. Intellectual property services
· Financial services
3. Banking & other financial services
4. Credit rating agency’s services
5. Stock broking services
· Transport of goods services
6. Goods transport agency’s services
7. Courier services
8. Mailing list compilation and mailing services
9. Transport of goods by air services
10. Clearing and forwarding agent’s services
11. Cargo handling services
12. Custom house agent’s services
13. Storage and warehousing services
14. Transport of goods through pipeline or other conduit
15. Transport of goods by rail services Professional Services
· Professional Services
16. Practising Chartered Accountant’s services
17. Management or business consultant’s services
18. Technical testing and analysis services
19. Market research agency’s services
20. Legal consultancy services
21. Public relations services
· Real estate & infrastructure services
22. Construction in respect of commercial or industrial buildings or civil structures
23. Construction services in respect of residential complexes
24. Architect’s services
25. Real estate agent’s services
26. Site preparation and clearance, excavation, earthmoving and demolition services
27. Interior decorator’s services
28. Renting of immovable property services
· Business services
29. Business auxiliary services
30. Business support services
31. Manpower recruitment agent’s services
32. Management, maintenance or repair services
ICAI Announcement-http://220.227.161.86/24239announ14161.pdf

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How To Prepare for Job Interview

HOW TO FACE INTERVIEW FOR JOBS:-

This Article has been written by CA. SUMIT VASUDEV He can be contact at: sumitvasudev1987@gmail.com

In this article I am going to give some tips regarding how to face a job interview. These are as follows:

1. The very first thing is to prepare a good cv. This will ensure that you will get calls from the job consultants who may shortlist your resume from the internet job portals.

2. Your Resume must contain the following details, Your Qualifications in detail like %age marks obtained, Year of passing, University, any awards obtained, seminars attended etc.

3. Your Resume must also highlight your work experience in detail in each company. For this you have to recollect the major work done in each organization and mention in your Resume. This will make your Resume stand apart from others. But don’t write any kind of work/assignment not done by you because writing anything false will not give you enough confidence required to face the interview.For this you need to make sure that u prepare a list of work that you do in ur current organization n u should hav thorough knowledge abt that field.

4. Always reach the interview place 15-20 minutes before the scheduled time. This will make you comfortable at the place of interview.Make sure you meet the person from whom u received the interview call. Be prepare urself mentally so that u dnt hav to hurry up for interview n mess up what you have planned.

5. When you enter the interview room, greet the interviewer with respect and occupy the seat when told to do so.

6. During the interview, maintain eye contact with the interviewer. Also you must have a smile on your face. Don’t show over or under confidence for questions you know n which you don’t know be calm n present your answers gentelly. But remember never give impression that you are disinterested for Interview.Always Show some enthusiasm

7. When asked about your salary, always say 20% more. Then the person taking the interview will negotiate and then will reduce it to the salary which is your actual expected salary.This also depends on your experience and current market scenario.

8. Never sign any bond or agreement that will bind you to work for the company for a particular period of time. All thought if period of Bond is of around 1 year n u like the job profile and brand of co. u can sign it.As it will help u getting better job in other organization as it shows your loyalty and period that you work in previous organization .

10. If you don’t know the answer of any question, say it clearly that you don’t know that.Dont try to make answers nd be calm when u even don tknow d answers

11. Be positive throughout the interview and always remember that even if you fail in that it will at least give you experience so that you will perform good in another company interview. So be cheerful and fearless and try to give the answers to all the questions with good confidence.

12. Always listen to the interviewer carefully what he/she is saying or asking; what information about the job responsibility, job profile, information about the company he/she is giving. Listening is an essential part of communication. Then politely answer to his/her questions. There is nothing wrong if you wait for 10-20 seconds before answering the question or making any decision.Dont lie for anything like some people write reading books as there hobby dnt copy paste it on to ur cv if you don t read books dey will ask u some thing from dat poin too.

13. Always be honest in your dealings. Honesty is a quality which the interviewer sees in the candidates. Even a dishonest person wants to have honest employees. So cultivate this habit in you.

14. Always remember that sometimes not getting what you want may be a matter of luck. So don’t worry about that. Prepare yourself well and leave rest to God.

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How To prepare ISCA

INTRODUCTION

The study material of ISCA says “A paper on ISCA will help students to understand how to evaluate controls and standards for information systems in an organized environment.”

When I started reading this subject I always wondered why ICAI made it a part of CA final syllabus. What the use man? I am much technology savvy and even my seniors in my CA firm used to say that I should had been an engineer instead of opting CA. Still I could not find tiny logic behind merging information technology with practical subjects like Financial reporting and taxations.

But today when I see after clearing this course. Yes it is the right thing done by ICAI as we should think beyond what we are doing and can’t ignore the changes taking place in technology which affects our profession like anything.

ADOPTION OF BOOK

Friends this is the first and utmost step in securing good marks in this subject. Most people do mistake in this step and regret later. As per my knowledge this is the only paper in CA final where questions come directly from syllabus and there is no hidden logic behind. There are lots of reference books available in market like book written by Dinesh Madaan , Manish Vallecha, Padhuka, Snow-white publications etc. I have few of them. Not to name them. All are just prepared with some additional work on module. Some author tried to use find and replace option in MS-Word to replace technological words with kids friendly ones and some tried to make pneumonic (although irrelevant). Some just copy pasted module in Q&A format.

May 2011 the question paper of ISCA was very easier one, but the students were shocked to see their marks on the day ( result day ) as they did it from lighter books and judged there exams were quite well but shocked to see 18-35 marks at caresults.nic. This result shocked me too, but in positive sense. I was expecting 45-50 but secured 69 just due to one thing, My adamant attitude to stay with module only.

As per my view the best way to learn this subject is STUDY MATERIAL ITSELF. If you do learn from this book there is no need to run behind compilers or practice manuals as well. It is the best and the examiner expects examinees to answer the questions to write with reference to module only. And the best thing is you will never be in situation of getting a question out of module.

STRATEGY

Guys I do accept this is the worst thing to tell you how to read this subject which has no practice use in our articleship period. For me it was like trying to do something with utmost care and concentration and at the end of very good precious time allotted you get to know that you are still where you start at.

I would like to suggest you all to have an attitude like "KARNA TO HAIN HI ....CHAHE HAS KE KAR YA FIR RO KAR…SYLLABUS MAIN HAIN AUR ISKA 100 MARKS KA PAPER BHI AYEGA….BETTER HAS KE KAR LE.... JITNA HOTA HAIN UTNA KAR … MUJHE MUSHKIL LAG RAHA HAIN TO BAKI SABKO BHI LAG RAHA HOGA … AB AT LEAST UN LOGO SE TO AAGE BADH JO MUSHKIL SAMAJH KE PADHNA BAND KAR CHUKE HAIN YA GIVE UPT KAR CHUKE HAIN".

How to start reading it, guys among the 10 chapters there are few which cannot be opted at the beginning of the preparation as they are presented with very amazing technical term, it includes:

Chapter 8 info system auditing standards (100 bar ek line padh k bhi samajh nahi ti matlab kya hain)

Chapter 9 is security policy (but second half of this chapter is very easy)

Chapter 3 control objectives (I never read this chatper as books shows 130 pages against it)

So better not to start with them, instead choose a easier one and move ahead with some confidence. As per my views the easiest among the most difficult chapters are:

CHAPTER 1 INFO SYSTEM CONCEPTS (easy but 50 pages)

CHAPTER 2  SDLC (although very lengthy)

CHAPTER 4 AUDIT TESTS (updated with audit terms)

CHAPTER 5 RISK ASSESSMENT METHODOLOGIES (EASIEST)

CHAPTER 6 BRP (easy but little technical)

CHAPTER 7 ERP (very easy and bit connected with chapter 1)

CHAPTER 10 IT ACT 2008 (it is very difficult to read it from module so if possible arrange Xerox of padhuka for this chapter)

My suggestion would be to do in order of 1^st → 5^th →6^th →7th→2^nd →10th→4^th 

I suggested such orders as it started with the easiest 2 chapters followed with bit technical chapter 6^th and then lengthy chapter 2 and rest.

However you can follow any other order as well. But the end result should be coverage of at least 80% syllabus before your examinations, it must be sounding bit crazy to cover only 80%? Guys it is enough.  I can assure you that if could do 80% very well you can even do the rest of 20% over viewing it.

Just a suggestion which can be very helpful is carry a small notebook and write small points on it, just for example if you are reading chapter 2 SDLC then in notebook just write key words and main main points, the same can be done on module but there is not enough space there, I call this as index reading habit which is readily useful while revising.

My personal advise is to study this subject daily for at least 2 hours which will make you feel connected to this subject and due to terror of technicality you will also don’t waste time as well which you had done otherwise.

QUESTION PAPER

Just like other subjects this subject is of 100 marks as well with one extra question of 16 marks, so you have a chance to attempt 100 marks out of total 116 marks.

First compulsory question is of Case Study which not to be studied at all., this is mere a compilation of four direct question from four different chapters which is made to trap students who do selective study. I saw some student in examination hall underlining the case study like it is an unseen passage of class 10^th with hidden answers within, ha ha, don’t do that as you can pick out any question paper and check the case study, all question below case study are direct ones from separate chapters.

Rest of the questions are having 2-3 parts in it and are directly related to text of study material. Do the chapter thoroughly and surely you going to have an edge.

ATTITUDE

Just I mentioned above again wish to quote it again that while reading have an attitude of  “KARNA TO HAIN HI, CHAHE HAS KE KAR YA FIR RO KAR...SYLLABUS MAIN HAIN AUR ISKA 100 MARKS KA PAPER BHI AYEGA... BETTER HAS KE KAR LE... JITNA HOTA HAIN UTNA KAR … MUJHE MUSHKIL LAG RAHA HAIN TO BAKI SABKO BHI LAG RAHA HOGA … AB AT LEAST UN LOGO SE TO AAGE BADH JO MUSHKIL SAMAJH KE PADHNA BAND KAR CHUKE HAIN YA GIVE UPT KAR CHUKE HAIN “.

At examination time the day before the examinations it becomes very tedious task to read this subject. I have seen people leaving group because of this subject because they complain that they now don’t remember what ever they have read earlier. The best suggestion at this time from me would be “ FIGHT …… FIGHT  AND FIGHT “

Was it just for surrendering the group that you are reading this subject?

Remember those moments at office when you all have suffered a lot, remember all pain you have come across, remember what your parents expect from you, remember what a soldier do on war front? Does he get his foot back when he knows that his death is certain? Or he fights? Guys done ever give up, LISTEN TO THAT SONG EK JUNOON THA. Thanks a lot Anmol for composing that wonderful song.

Come on mates, you can do it, uthao book ko aur padhte raho .. nahi yaad arha ..? Kyu nahi ayega yaad? Iski aisi ki taisi.. lag jao full dedication se.

Now those 3 hours. Wow, I am getting that feeling man.

Dekho yaar attempt full 100 marks in each paper, struggle hard, the things which you know, present it in best manner and the things which you don’t know, present in better than best manner, in theory papers presentation and handwriting impacts the examiner a lot and this is visible with my marks in theory subjects, if I can with mere 50-60% preparation score 50-69 marks, you can do better than me.

I have never been a good student, although I have always tried to be smart one. I have scored 69 in ITSM and 69 again in ISCA in finals, by just covering 65-70% syllabus. Even this brought good result as I have the habit of attending full 100 marks question paper even I don’t know anything.

CONCLUSION

If done in good manner it is the subject which can fetch you amazing marks, Prince Jain AIR 1^st rank secured 83 in ISCA and when I was a PCC student he mentioned on stage about his presentation on this subject, this is the best paper to score good marks,even now I do agree.

Study well, underline it well and most important part REVISE REVISE AND REVISE.

Please See : The above mentioned views about the books and the way of learning are entirely of my own and my experiences with my group of friends. Different people have different perceptions so it is not intended to represent the mindset of majority. Please suggest anything if you have for me.

This Article has been written by: CA RAVI KHANAL CWA, BCOM

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Introduction to XBRL-Efiling of Balance sheet in XBRL Format

XBRL (Extensible Business Reporting Language) is another advanced reporting language of the XML family. XBRL ensures that the figures reported to government authorities and other organisation does not remain dormant piece of printed papers but these figures can be used in data analysis.

ICAI took initiative in 2001 for implementation of XBRL as a first step towards Digital data Reporting. Knowing the fact that it would take some time before it gets approval from the ministry. It took 10 yrs for the ministry of corporate affairs to release mandate for filing of annual accounts in XBRL format.

Though this fact must be iterated that the Reserve bank of India has already started this reporting method for the Indian banks reporting , but nonetheless it was at very miniscule level.

What is MCA Mandate?

The companies whose Balance Sheet date is 31.03.2011 or onwards, need to file their financial statements in XBRL provided they qualify the criteria laid as per Ministry’s general Circular 37/2011dated 07.06.2011.The following class of companies have to file the Financial Statements in XBRL Form from the year 2010-2011:-

1) 1) All companies listed in India and their subsidiaries (Subsidiary of listed company are required to file in XBRL format, irrespective of its paid up capital)

(Note : If A ltd is Listed Company , B (P) Ltd is A’s Subsidiary and C (P) Ltd is B’s Subsidiary, then as per FAQ by MCA all three i.e. A Ltd , B (P) Ltd & C (P) Ltd have to file in XBRL Format only)

2) All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs. 100 crores or above. I.e. about 28,000 companies have to file in XBRL format.

There shall be a separate set of Form 23AC (Form for filing Balance Sheet and other documents with the Registrar) and Form 23ACA (Form for  filing Profit & Loss Account and other documents with Registrar) available on the MCA portal for filing in XBRL form. Existing Form 23AC and 23ACA shall continue to be there for filing by companies to which XBRL filing is not applicable; and for filing of earlier year’s
documents.

Theoretical Aspects of XBRL – To be known before Filing

XBRL can be broadly understood in two separate aspects:

· Taxonomy
· Instance Document

Taxonomy : In Simplest of words possible, I can define taxonomy as dictionary of accounting elements. These taxonomy is ideal set of elements available with the ministry against which the data of the filer has to be tagged. Revised Taxonomy as released by MCA contains precisely 3,174 elements.

Tagging mechanism will be a process in which the data on physical financial documents will be converted as per available taxonomy. For the purpose of this tagging, XBRL softwares are available in the market . Details can also be obtained from XBRL portal of MCA.

(Note : Taxonomy as released by MCA as of today is compliant with Indian AS and Existing Schedule VI to Companies Act , 1956 . As and when IND – AS and Revised Schedule VI comes applicable , the same will be revised and hosted on MCA Portal )

Instance Document: Once the tagging process is complete, the document that will be generated will be a machine readable XBRL document, this document is called as Instance Document.


MCA Taxonomy

MCA Taxonomy contains majorly the following Parts :

· Elements and their characteristics like the nature of field (text, numeric etc ) , the nature of their balances, period type etc . In totality there are 3,174 elements.

· Extended Link Base – Extended link base are further groupings of elements and are in totality 57 in number.

· Presentation Link Base – Detailing of Extended Link Base.

· Calculations

· Labels

Mapping Process – A Lucid step by Step process

Step 1
Map or tag the company’s financial statements to the published taxonomy. This can be done by following methods.

· Certain ERP systems may have inbuilt feature to tag the financials to the published taxonomy of MCA

· XBRL Softwares.

Detailed list of software vendors can be obtained from http://www.mca.gov.in/XBRL.
It must be noted that MCA does not recommends/associates with these vendors. It has been hosted just for public Convenience.
This is by far the most important and technical step of the process and nearly constitutes 70 – 80% of filing process. The Correctness of this mapping must be reviewed. Errors that creep in must be removed by professional judgement.

Step 2
Based on the Mapping above, create a instance document.

Separate Instance document must be created for :

· Standalone Balance sheet
· Standalone profit and loss account
· Consolidated Balance sheet
· Consolidated Profit and Loss Account
Step 3
Validate the created instance document.

The Validation tool of MCA will be shortly available on the MCA portal. This tool is to be downloaded.
Just as FVU validation or others, the instance document created should be validated from this validation tool.

Checks performed by this validation tool are as below :

· Correct version of taxonomy used ?
· Taxonomy elements fully recuperated ?
· Compliance with Business Rules ?
· Vis a Vis MCA – 21 Database ?

A Secure key lock will be put on Instance Document once the Validation is done correctly.

Step 4
File the Instance Document.

Instance document created and validated as above shall be attached to Form 23AC anc Form 23ACA (Seperate class of XBRL forms will be hosted by MCA for XBRL purpose).

Note
Instance Document is not required to be digitally signed. Only E-form 23AC and 23ACA are required to be signed by practicing professional.

For any other Query/Opinion:
Contact : xbrl.technical@mca.gov.in
This Article has been written by CA.Ankit Jain he can be contacted at:Ankitgulgulia@icai.org
source:http://www.caclubindia.com/articles/a-practical-insight-to-xbrl-efiling--11232.asp

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Grant of Facility of Writer's Help/Extra Time to Physically Disabled Candidates in CS December, 2011 Exam

GRANT OF FACILITY OF WRITER’S HELP/EXTRA TIME TO PHYSICALLY DISABLED CANDIDATES IN  CS DECEMBER, 2011 EXAM.
Any physically disabled student having a minimum of 40% physical defect or deformity of permanent nature and who wishes to seek writer's help and/or extra time for the purpose of appearing or writing Company Secretaries December, 2011 examination should make aseparate written request therefor mentioning complete details about his/her Name, Student Registration No., Complete Postal Address, Mobile Number, E-mail id, specifying nature and extent (in % term) of his/her permanent disability, etc., to the Joint Director (Exams.), The Institute  of Company Secretaries of India, C-37, Institutional Area, Sector 62, NOIDA – 201309 (U.P.) in addition to submitting his/her enrolment application for appearing in  the examination together with the following supporting documents :

(i)        Disability Certificate issued by the Medical Board/Head of Deptt. or Sr. Medical Officer (Specialists) of  a Central or State Govt. Hospital   certifying the nature (permanent or temporary) and percentage of disability, and its duration affecting his/her writing ability and/or the normal physical functions; and            

(ii)       Letter of Permission issued to him/her by Sr. Secondary Board/University and/or any other professional/educational examining body, such as – University, UPSC, SSC, State Public Service Commission, ICAI, ICWAI, etc., granting him/her  such assistance for appearing or writing  the examinations.  

Please note  that even the physically disabled students, who had earlier been granted facility of Writer’s Help/Extra Time in the previous examination and wish to avail of such concession or assistance for writing the ensuing December, 2011 examinations are required to apply afresh giving reference of such facility granted in the past and making a separate application to The Joint Director (Exams.), The Institute of Company Secretaries of India, C-37, Institutional Area, Sector 62, NOIDA – 201309 (U.P.) before the last date for submission of enrolment application for December, 2011 examination. The application for grant of Writer’s Help/Extra Time should not  be clubbed with any other query or correspondence.                                               

It is clarified that in case of disablement of temporary nature and injuries like, fracture in the arm, forearm or dislocation of a shoulder, elbow,  wrist or any other illness, etc., the candidates are not eligible to seek any concession or assistance of writer/extra time.

Intimation about grant of Writer’s Help/Extra Time is normally sent  15-20 days before the commencement of  each examination.
Source: http://www.icsi.edu/WebModules/LinksOfWeeks/grant_of_facility_of_writer.htm

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Modification in PPF Scheme

Modification in PPF Scheme : Deposit Limit Raised from Rs. 70,000 to Rs. One Lac while Rate of Interest on Advances Against Deposits in PPF Scheme Raised from 1% to 2 Percentage Points.

The Committee on Comprehensive Review of National Small Savings Fund (NSSF) headed by Deputy Governor, RBI has recommended revision of certain provisions of PPF Scheme, 1968 and benchmarking of interest rates on various small savings schemes with the secondary market yields on Central Government securities of comparable maturities with suitable spread.

The Committee has recommended increasing the deposit limit under PPF Scheme from existing Rs. 70,000 to Rs. 1 lakh per annum and fixing of rate of interest on advances against deposits in PPF scheme at 2 percentage points as against the prevailing interest rate on such advances at 1%.

The Committee has further recommended benchmarking interest rate on small saving schemes to interest rate on Government securities of similar maturities with a positive spread of 25 basis points on all schemes except for 50 basis points for 10 year NSC and 100 basis point for Senior citizens Savings Scheme. Recommendations of the Committee have been referred to State Governments and concerned Ministries/ Departments of Central Government for their comments.

This information was given by the Minister of State for Finance Shri Namo Narain Meena in a written reply to a question raised in Rajya Sabha today.

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Instructions to examiners can be made public post exam Under RTI Act

Instructions to examiners can be made public post exam and also said The court also held ICAI to be a public entity, under the constitutional definition of “state” and, therefore, said it could not take shelter in the exemptions under the RTI Act.: SC
The Supreme Court (SC) on Friday ruled that instructions issued to examiners in competitive examinations by the agency conducting the exam could be disclosed under the right to information (RTI) law, once the test is held.


The court pronounced the decision in the case between the Institute of Chartered Accountants of India (ICAI) and a candidate who had failed in one of the rounds of the chartered accountancy tests.


It reasoned that question papers, model answer sheets and instructions issued to those correcting exam papers, whether written or oral, could be construed as intellectual property that should not be made public before a test is administered. But this right lapses once the examination is held, said the court.


“The RTI Act does not bar or prohibit the disclosure of question papers, model answers (solutions to questions) and instructions, if any, given to the examiners and moderators after the examination and after the evaluation of answer scripts is completed,” said a bench comprising justices R.V. Raveendran and A.K. Patnaik. But the court clarified that any instructions issued to examiners and moderators, which came under the information held in a ‘fiduciary relationship’, would be exempt from disclosure as there would be an expectation of confidentiality.


The court also held ICAI to be a public entity, under the constitutional definition of “state” and, therefore, said it could not take shelter in the exemptions under the RTI Act.


It also observed that “public authorities owe a duty to disseminate the information widely suo moto to the public so as to make it easily accessible to the public”.


The court also noted that an object of “democracy is to bring about transparency of information to contain corruption and bring about accountability. But achieving this object does not mean that other equally important public interests, including efficient functioning of the governments and public authorities, optimum use of limited fiscal resources, preservation of confidentiality of sensitive information, etc., are to be ignored or sacrificed.”
ICAI Had contended that disclosure of Answer sheet would burden the examination body with extra work. 
However Supreme Court said Additional workload is not a defence.


Earlier Supreme Court Announced that Answer sheet Under RTI Act Can be viewed.


To see the judgemt visit suprement court website http://judis.nic.in/supremecourt/helddis3.aspx

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