ICAI would exempt commerce graduates from appearing for CA entrance exam
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
