Chartered Accountants syllabus change: This has happened after over a decade, 13 years to be precise. The chartered accountants’ apex body ICAI has introduced the updated syllabus for students with major revisions. Prime Minister Narendra Modi on Saturday launched the CA Institute’s revised scheme of education and training for CA students. The new scheme launched by PM Modi on CA Institute’s Foundation Day has been prepared keeping in mind the evolving role of chartered accountants in the new global economic landscape. The Institute of Chartered Accountants of India (ICAI) has prepared the revised syllabus after extensive consultations and discussions over the past few years. 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.
Here are key changes made to the syllabus of CA course:-
– The revised scheme of education and training has been formulated taking into account changes in the global business scenario, according to the institute.
– The revised course intends to promote innovation and bring about out-of-the-box thinking in the curriculum and education system of chartered accountancy course
– Now, the entry process would be slightly different. Earlier, the paper had objective questions for 200 marks of four subjects. Now, it is of 400 marks, out of which 200 mark questions will be subjective and the rest objective.
– New subjects have also been introduced at the foundation and the intermediate levels.
– After decades, the institute would be introducing electives for students appearing in the final examination.
– According to ICAI President Nilesh Shivji Vikamsey, “A student can choose from one out of six papers to specialise in… Out of the eight papers, seven are fixed and one subject the student can choose.”
There are thousands of students pursuing chartered accountancy programme.
After launching the new CA course. Prime Minister Narendra Modi called for creating four big Indian accounting firms that are counted among the world’s Big-8 even as he cautioned CAs against misuse of their all-powerful signature. He said the signature of a chartered accountant is more powerful than even that of a prime minister and the government also believes the accounts signed by them.
Referring to the ‘Big 4’ – a term used for the world’s four biggest audit firms — the prime minister said there are so many accounting firms in India but none of them has managed to find a place among the top global players. “People talk of the Big 4 accounting firms. Sadly, there is no Indian firm there. By 2022, let us have a Big 8, where 4 firms are Indian,” Modi said while addressing the CAs on the Foundation Day of the ICAI (Institute of Chartered Accountants in India).
The top global accountancy firms include PwC, Deloitte, EY and KPMG.