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    ICMAI - Intermediate New Syllabus - Paper 12: Company Accounts and Audit

    Section A: Generally Accepted Accounting Principles (GAAP) (20 marks)

    1. Conceptual Framework for preparation and Presentation of Financial Statements
    Financial Statements in line with the Companies Act, 1956

    2. Accounting Standards:
    AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)

    AS 12: Accounting for Government Grants

    AS 15: Employee Benefits

    AS 19: Leases

    AS 20: Earning Per Share

    AS 26: Intangible Assets

    AS 29: Provisions, Contingent Liabilities and Contingent Assets

    Section B: Accounts of Joint Stock Companies (40 marks)

    3. Accounting for Shares and Debentures
    (a) Issue of Equity shares – IPO (Initial Public Offer), FPO (Follow on Public Offer), Right Shares, Bonus Shares, Sweat Equity Shares, Shares issued otherwise than for cash

    (b) Forfeiture of Shares, Reissue of Forfeited Shares

    (c) Buy Back of Equity Shares

    (d) Issue and Redemption of Preference Shares

    (e) Issue and Redemption of Debentures

    (f) Employees Stock Option Plan (ESOP), Employees Stock Option Scheme (ESOS)

    (g) Under writing of Shares and Debentures

    4. Presentation of Financial Statements (as per Revised Schedule VI)
    (a) Part I – Form of Balance Sheet

    (b) Part II – Form of Statement of Profit and Loss

    5. Cash Flow Statement (AS 3)

    6. Segmental Reporting (AS 17)

    7. Business Combinations and Corporate Restructuring
    (a) Accounting for Amalgamation [AS -14]

    (b) Advanced problems for business acquisition, Amalgamation and reconstruction (excluding problems of amalgamation of inter- company holding)

    (c) Internal Reconstruction

    (d) Profits and Losses prior to Incorporation

    8. Accounting involved in liquidation of companies, Statement of affairs (including deficiency/surplus accounts) and Liquidator’s statement of account of winding up

    Section C – Auditing (40 marks)
    9. Auditing Concepts
    (a) Nature, scope and significance of Audit

    (b) Generally Accepted Auditing Principles and Techniques

    (c) Auditing and Assurance Standards

    (d) Internal Check, Internal Control,

    (e) Internal Audit – industry specific – regulated and non-regulated industries

    10. Provision relating to Audit under Companies Act
    (a) Auditor’s qualification, disqualification, appointment, remuneration ,removal, power and duties

    (b) Branch Audit, Joint Audit, Special Audit, Cost Audit, Secretarial Audit

    (c) Reporting requirements under companies act , Report versus certificate , contents of the reports, qualifications in the report

    (d) Audit of shares and debentures

    (e) Audit of divisible profits and dividends

    (f) Audit of Government Companies

    (g) Interface between Statutory Auditors and Internal Auditors


    (h) Contemporary issues in Auditor’s independence – issues, tools and institutions ( basic knowledge)

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