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Wednesday, February 18, 2015

ICAI Proposes New Scheme of Education and Training

Recently Institute of Chartered Accountants of India has published the New Scheme of Education and Training for Chartered Accountant Students. ICAI has also invited comments from Chartered Accountants, Students and Industry to give comment and suggestion on the new proposed CA Course. The said changes as per ICAI is necessary due to changes in Technology and Globalization.

Committee for Review of Education and Training (CRET) was formed in the year 2014, with a specific aim of formulating a new scheme for CA Education. It has formulated a New scheme and had invited comments for the same.

You can submit your response at cret@icai.in


Below is the List of all you have to know about the proposed changes:





LIST OF PROPOSED CHANGES IN CHARTERED ACCOUNTANT COURSE (EDUCATION AND TRAINING)


1. NAME CHANGES
  • Changes in Nomenclature  of CA Course
The exams will have the same three-tier structure but will have new names i.e. Foundation, Intermediate and Final. 



2. CPT RELATED CHANGES
  • Increase in number of Papers in Foundation i.e. erestwhile CPT 
Instead of 4 papers in CPT, there is an increase by 2 more papers i.e. General English and Business Communication. This move is quiet appreciable due to lack of writing and speaking skills, the industry complains in CA's


  • Not All Papers will be MCQ based in CPT
Another good change, due to MCQ type of pattern many students enter the course but are unable to crack the Intermediate Level (IPCC). By making only 2 papers MCQ and letting other papers as written, there will be a restriction on students who are not qualifies for the course.



3. IPCC RELATED CHANGES
  • Twelve Months Gap between Foundation (CPT) and Intermediate(IPCC)
The gap between CPT and IPCC will be increase by 3 more months.


  • Changes in Papers in Intermediate (IPCC)
Whereas in IPCC there will be 8 papers, due to Cost and Financial management being 2 separate papers from now on  and ITSM paper has been dropped and there will be a seperate paper of Indirect Tax and Direct Tax.

Also Business Law and Communication section has been dropped and Company law is now of full 60 marks.


4. FINAL RELATED CHANGES
  • Changes in Papers of Final
ISCA has been dropped (a sigh of relief for many students) and a new paper of Financial Services and Capital Market has been added to make CA's more competitive. Direct Tax will now include International Taxation, to make Chartered Accountant handle MNC and International Clients.

  • Students Can appear only after completing training
Now, students cannot appear in Final exams before completing training of 3 years. This will help them to have an uninterrupted practical training.


5. PRACTICAL TRAINING

NO CHANGES


6. GMCS. ITT AND ORIENTATION
These courses will be merged and a new course in the name of Integrated Course on Information Technology and Soft Skills (ICITSS) will be started. The course will happen twice in the Education program one before starting Practical training and one in last 2 years of practical training in the name of AICITSS. Duration of course is 3 weeks.




Hope this article will help you to get all proposed changes at one place. In case of any query or mistake, feel free to comment or email us at samacharca@gmail.com




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