ICAI New Scheme will be launched from July 1

ICAI New Scheme Syllabus

ICAI New Scheme: Institute of Chartered Accountants of India, ICAI new syllabus will be launched on July 1. As per the ICAI sources, the Union Government has approved the new curriculum for the CA exams. President of India Droupadi Murmu will be launching the syllabus on July 1 which is CA Day and also GST Day.

As per the information, the new syllabus of ICAI is in line with National Education Policy, NEP 2020. As per the reports, the ICAI syllabus change will be impacting around 8 lakh students and will be implemented in 2024. Aspirants must note that the upcoming CA November and December exams will be held as per the old curriculum.

Read Also: ICAI won trademark case against Institute of Cost Accountants of India (ICMAI) from using ‘ICAI’ acronym

The ICAI new scheme of education and training for the chartered accountancy course will be launched on its 75th Anniversary which will be celebrated on July 1 marked as CA Foundation Day. The CA new syllabus is aligned with NEP and is framed by the Board of Studies (ICAI BOS).

ICAI New Syllabus Topics

ICAI will be adding new-generation topics like Artificial Intelligence, Blockchain, and others. The aim to introduce such topics is to make the CA aspirants future-ready. In such a case, the syllabus of Chartered Accountant will change after 7 years.

In the changed syllabus, only 16 out of 20 written papers of Foundation, Intermediate and Final will be from the center. 4 papers will be through self pace learning. Students will be able to give these 4 papers through online medium from any part of the country. Students will study subjects like Advanced Technology, Psychology, Constitution of India, Art of Advocacy and Philosophy for the first time from foundation to final year. These subjects were never taught before under the CA syllabus.

Approval has been received from the Ministry of Corporate Affairs and Law Ministry. This will come into effect from 1 July 2023. After this, the first attempt of foundation will be held in June 2024 and the first attempt of intermediate and final will be held in May 2024.

Read Also: ICAI Practice Management Software for CA Firms and Practitioners

Now Students will read One-One Paper for Accounting and Costing

Till now students used to give 8-8 written examinations in intermediate and final. Their number will be reduced to 6-6 after the change in the course. Self-paced learning subjects will be included in place of the deleted subjects. Earlier there were two papers of accounting in intermediate and final, now there will be only one paper. Similarly, earlier students used to study costing in intermediate and final.

Now will study only in intermediate, will be removed from final. Significantly, according to the ICAI new syllabus, practical training will be of 2 years instead of 3. Now students will become CA in only three and a half years. It took four and a half years so far.

Read Also: ICAI advisory to students & members for‘objectionable’ social media posts

Benefits: There will be Overall Development by ICAI new scheme

  • One year of students will be saved.
  • After becoming a CA, he will be relevant not only in the country but also abroad.
  • Will get more time for studies.
  • Will be able to do this professional course in only three and a half years.

After 10th register directly in the Foundation

Very few people know that even after 10th, students can register for the foundation. Also there is an option to take the foundation exam after 12th.

In Foundation, instead of Core Maths, a paper on Quantitative Aptitude will be included. Quantitative Aptitude will be included to see the mental ability of the candidate. Ethics and IT have been linked with all the subjects of the final, so that the student can better understand the technology and principles in each subject. Currently students are studying the subject of Information and Technology. But this topic will be added in different parts in all the 6 papers. Earlier it was mandatory for written examination but will be online now.

Read Also: HRA Exemption: A guide to claim full HRA exemption while filing ITR in India

CA Foundation Day 2023

This year the CA Foundation will be celebrated in Delhi and President Droupadi Murmu will be attending the function as the chief guest. Every year on July 1st, India observes Chartered Accountants’ Day, also known as CA Day. Because it honors the founding of the Institute of Chartered Accountants of India (ICAI) on that day in 1949, it is also known as ICAI Foundation Day.

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