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This year on, Chartered accountant (CA) aspirants will have a reason to cheer, as the Institute of Chartered Accountants of India (ICAI) has relaxed the norms for the students.
While talking to DNA about the important resolution, vice-president of ICAI and chartered accountant (CA), Jaydeep Shah said, "It would exempt commerce graduates from appearing for CA entrance exam. The three years of the B.Com course and completion of 18 to 21 papers will be now considered equivalent to the common proficiency test (CPT) at least, thereby exempting students from the test. "Now, instead of waiting for Group I of the Integrated Professional Competence Course (IPCC) to begin their three-year articleship in CA firms, students can join the firms directly. Commerce graduates, who secure at least 55% marks, or graduates from other streams, who secure 60% marks, avail of these two benefits." The IPCC is a mid-level test held ahead of the CA final exams. Presently, CPT, the entry-level test for chartered accountancy course, is open to students who have passed 10+2. As per the ICAI scheme, after passing the CPT, students can go for Group II of the IPCC after clearing Group I. This rule is universally applicable for every student. Shah was speaking on the sidelines of a conference recently organised by the Pune West Study Circle of ICAI. The one-day mega conference was organised to discuss the topic, "The changing paradigm of financial reporting", at Hotel Le Meridian in Pune.
When questioned about the implementation of international financial reporting standards (IFRS), Shah said, "The Finance Ministry has expressed reservations on the impact of the Indian Financial Statements prepared in accordance with the Indian version of IFRS, in calculating taxable income, as per income tax rules. As long as the tax issues are not resolved, implementation of IFRS would be delayed." He also said that all accounting standards required to implement the global accounting framework are issued by the ICAI and the Ministry of Corporate Affairs has also cleared and notified the transition to IFRS.
Courtesy: DNA India
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