New Delhi: The Chartered Accountants examination and education is set to take a new form as the Institute of Chartered Accountants (CA) in India (ICAI) has introduced the new Syllabus of Education and Training for CA with effective from 01 July 2017. Major changes are introduced at the all the three levels of the test. The three levels will be known as Foundation, Intermediate and Final courses. Earlier, as per old syllabus these levels of CA education has been known: Common Proficiency Test (CPT), Intermediate (Integrated Professional Competence) Course (IPC) and Final, respectively.
The entry level CA examination, Foundation test, will now be more difficult as the tests will now be held on both objective and subjective basis. The Foundation course will have four papers each having 100 marks: Paper 1- Principles and Practices of Accounting (100 Marks); Paper 2 – Business Law & Business Correspondence and Reporting (100 Marks); Paper 3- Business Mathematics and Logical Reasoning &Statistics (100 Marks); and Paper 4- Business Economics & Business and Commercial Knowledge (100 Marks). Only Paper 3 and 4 will be objective type with negative marking system.
“The issue with the CA course is it`s easy to enter, difficult to exit,” Nilesh Shivji Vikamsey, President, ICAI, said at a press conference. ICAI will introduce updated syllabus for students “with major revisions”. While ICAI keeps introducing minor changes, this is the first time in more than 13 years that major revisions have been done in the syllabus, added he.
The institute has included new subjects at each level of the course. Two new subjects — Business Correspondence & Reporting and Business & Commercial Knowledge — have been introduced at the foundation level. At the intermediate level, students will study Economics of Finance from the coming year.
At the final level, for the first time, an elective paper has been introduced. A student can choose one out of six papers in which he or she wants to specialise. There will be eight papers, out of which seven will be fixed and one paper will be a choice out of six subjects. These subjects can include: international tax, risk management, global finance and similar ones.
Prime Minister Mr Narendra Modi will launch the new Syllabus of Education and Training for CA students today (01 July 2017) on the occasion of 68th Chartered Accountants Day.