ICAI Proposed Scheme of Education and Training (2022) | New Syllabus

 

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ICAI has proposed a New Scheme of Education and Training on June 6^th, 2022

Major Changes

• Articleship period - reduced to 24 months from 36 months.
• Articleship can be commenced only after passing both groups of CA Inter.
• Leaves during articleship - reduced to 24 days.
• Appear in Final exams - 6 months gap from the end of articleship.
• Syllabus – no major changes, but a few subjects shuffled across different levels and few subjects converted to Self-Paced Online Module for the first time.
• Direct entry students – 9 months compulsory articleship is now removed.
• Certificate of Business Accounting Associate is awarded on fulfilment of the prescribed criteria.
• Application for CoP – 12 months of work experience under a practicing CA after qualifying CA Final.

 

Syllabus

• CA Foundation

Existing	Additions / Deletions	Proposed
Principles and Practice of Accounting.	A portion from Intermediate level	Accounting.
Business Laws and Business Correspondence and Reporting.	Business Correspondence and Reporting	Business Laws. (Dedicated 100 marks descriptive paper).
Business Mathematics and Logical Reasoning and Statistics.	Quantitative Aptitude	Quantitative Aptitude, Business Mathematics, Logical Reasoning and Statistics.
Business Economics and               Business & Commercial Knowledge.	Business & Commercial Knowledge Economics for Finance from Intermediate level	Business Economics (Dedicated 100 marks paper).

 

• CA Intermediate

	Existing	Additions / Deletions	Proposed
	Group-1
	Accounting	Some portion moved to foundation Advanced Accounting added from group-2	Advanced Accounting
	Corporate and Other Laws	Other Laws	Corporate Laws (The Companies Act)
	Cost and Management Accounting.		Cost and Management Accounting.
	Taxation	Moved to group-2	-
	Group-2
		Taxation from group-1		Taxation
	Advanced Accounting	Moved to group-1		-
	Auditing & Assurance	Code of Ethics		Auditing and Code of Ethics
	Enterprise Information System & Strategic Management	Enterprise Information System Financial Management		Financial Management &      Strategic Management (50 marks each)
	Financial Management            Economics for Finance	Financial Management moved to paper-6 Economics for Finance moved to Foundation		-

• CA Final

Existing	Additions / Deletions	Proposed
Group-1
Financial Reporting		Financial Reporting
Strategic Financial Management		Advanced Financial Management
Advanced Auditing and Professional Ethics		Advanced Auditing and Professional Ethics
Corporate and Economic Laws	Moved under	Self-Paced Online Mandatory Module
Group-2
Strategic Cost Management and Performance Evaluation (SCMPE)	Moved under	Self-Paced Online Mandatory Module
Direct Tax Laws & International Taxation		Direct Tax Laws & International Taxation
Indirect Tax Laws		Indirect Tax Laws
Electives (1 out of 6) A.     Risk Management B.     Financial Services & Capital Markets C.     International Taxation D.    Economic Laws E.     Global Financial Reporting Standards F.     Multidisciplinary   Case Study		Integrated Business Solutions (Multidisciplinary Case Study with Strategic Management)

 

 

Self-Paced Online Modules

(Before Final, during Articleship)

Self-Paced Online Modules are to be qualified by students on their own pace after qualifying Intermediate examination and before writing Final examination.

 

• Set A (compulsory)

Economics Laws

1. Foreign Exchange Management Act, 1999
2. Insolvency and Bankruptcy Code, 2016
3. Prevention of Money Laundering Act, 2002
4. Competition Act, 2002
5. Securitisation and Reconstruction of Financial Assets
6. Enforcement of Security Interest Act, 2002
7. Real Estate (Regulation and Development) Act, 2016
8. Prohibition of Benami Property Transactions Act, 1988

 

• Set B (compulsory)

Strategic Cost Management and Performance Evaluation

 

• Set C (select any 1)

Specialization Elective

1. Risk management
2. Integrated and Sustainability Reporting
3. Government Accounting and Public Finance
4. Introduction to Digital Ecosystem and Transformation
5. International Taxation
6. Arbitration, Mediation and Conciliation
7. Forensic Audit
8. Financial Services and Capital Markets
9. Valuation
10. Forex and Treasury Management

 

• Set D (select any 1)

Incorporating Multi-disciplinary approach envisaged in NEP, 2020

1. Constitution of India
2. Psychology (including self-awareness)
3. Entrepreneurship (to include MSMEs & Start-ups)
4. Communication (to include advocacy)
5. Philosophy

 

 

Articleship

 

Tenure                                               :                       24 months

Eligibility                                           :                       Both groups qualified + ICITSS

Industrial training                             :                       2^nd year of articleship (optional)        

Leaves                                               :                       24 days (12 days per year)

Study for Final exams                       :                       6 months after completion of articleship

To Apply for CoP                              :                       12 months after qualifying CA Final and completing additional employment

	Existing	Proposed
Tenure	36 months	24 months
Eligibility	Either of the groups	Both groups
Leaves	156 days	24 days
Industrial training	3rd year of articleship	2nd year of articleship
Study period for Final exams	-	6 months from the end of articleship
To Applying for CoP	-	12 months work experience

 

 

Course Process

Admission, Registration & Exams

 

Foundation

 

Intermediate

Eligibility for admission
Class 12th student	Pass CA Foundation and class 12
Commerce Graduate	Minimum 55% marks
Other Graduates/Post Graduates	Minimum 60% marks
Institute of Company Secretary of India	Pass Intermediate level
Institute of Cost Accountant of India	Pass Intermediate level
Validity of Registration	5 years
Re-validation	Possible with prescribed fee permitted once
Eligibility for appearing in examination	Complete 8 months study period.

 

Final

Eligibility for admission	Pass Intermediate both groups Complete ICITSS
Validity of Registration	10 years
Eligibility for appearing in examination	Complete AITICSS Complete 6 months from end of articleship Qualify 4 self-paced online modules

 

 

Examination Pattern

Foundation - Partly Subjective and Partly Objective (with a negative marking of 25% for each wrong answer to MCQs)

Intermediate - 30% case scenario / study based MCQs and 70% descriptive questions in all papers with a negative marking of 25% for each wrong answer to MCQs.

Final - 30% case scenario / study based MCQs and 70% descriptive questions in all papers with negative marking of 25% for each wrong answer to MCQs.  Open book/Restricted open book pattern of assessment.

 

 

Passing Criteria

Foundation                              -            50% in each paper

Intermediate & Final              -             40% marks in individual paper and 50% marks in aggregate to pass the group.

Self-paced modules                -             50% marks in each module.

 

 

Exemption Criteria

• If student secures 60% or more in paper/s in one attempt, exemption of paper(s) for immediate 3 attempts is allowed.
• After 3 attempts, exempted paper/s will be treated as permanently passed and student has to score 50% to pass in the remaining paper/s individually. Student may, however, opt to surrender the exemption after three attempts.

 

 

Business Accounting Associate (BAA)

A candidate would be awarded the certificate of Business Accounting Associate (BAA) on fulfilment of following criteria –

1. If he has passed both groups of intermediate level examination;
2. Completed his practical training;
3. Completed the soft-skills and information technology courses;
4. Qualified the four self-paced learning modules.

 

 

Summary of Changes

 

Syllabus

1. Looking at the entire CA course, syllabus has not changed.
2. But changes have been made at respective levels.
3. Some of the topics have moved from Intermediate to Foundation.
4. Some of the topics have moved from Intermediate to Self-Paced Module.
5. Self-Paced Online Module is introduced in the curriculum.

Articleship

6. Tenure of articleship is reduced from 36 months to 24 months, but in order to apply for CoP, 12 months additional articleship is made mandatory.
7. Eligibility for articleship is changed from qualifying either of the groups to qualifying both the groups.
8. Leaves during the articleship is significantly reduced to 12 days a year.
9. Industrial training from 2^nd year of articleship is made applicable.
10. 6 months gap from the end of articleship to appear for Final examination is made mandatory.

Course process

11. Talking about registration process, just the validity of registration is increased.
12. For Direct Entry route, 9 months of compulsory articleship is removed, instead 8 months study period is made mandatory.
13. Provisional registration for final year graduation/post-graduation students is made available.

Examination pattern

14. Negative marking is applied at all the 3 levels for objective type questions.
15. Passing percentage in Foundation exams is increased to 50% in each paper.
16. Exempted paper is treated as permanently passed after 3 attempts but 50% will be the passing percentage in each paper, however students may surrender this exemption.

Business Accounting Associate

17. Students who have passed their Intermediate examination and Self-Paced Online Module, and, completed their AITICSS and articleship will be awarded the certificate of Business Accounting Associate (BAA).

The first PPT for members to comment and suggest can be checked here