The new (revised) scheme of education and training which was launched on 1st July 2017 is one of the best systems which provides all-round skills, exposure, competence, knowledge of the various field of finance to qualify as a Chartered Accountant. It was launched on a very special day (CA DAY) by our honorable Prime minister of our Nation. This day happened to be the day where GST was implemented in our country.

This syllabus is world class and is objective is to make Indian CA as a world class professionals. It offers Global opportunities and provides wider scope . Both Industry and practice offers a good platform as a career as well has its own risk rewards. This scheme of education has been comprehensively revised considering the industrial trend, changes in economy, expectation from corporates /clients ,technological changes. It focuses on all recent contemporary Updated syllabus.

Changes in economy for last 5 years which form a vital part of CA syllabus

• In context of accounting IND AS has come into force which are converged With IFRS(International financial reporting standards). This IND AS meet global accounting requirements but are converged in context of Indian economy IF IND AS comes will existing Accounting standard (company rules 2006) go? The answer is NO Existing AS will still continue for small medium entities. For CA final Entire IND AS is covered and form a substantial part of syllabus. For CA Inter Existing Accounting standards are covered (70%) and basics of IND AS is dealt . For CA Foundation overview of accounting standards is given.
• In indirect tax a huge tax reform has been introduced. The implementation of GST a boost to nation which is one nation , one market ,one tax . For Ca Inter 60% of GST is applicable . For CA final Entire GST act is applicable also customs and foreign trade policy form part of syllabus.
• In legal context Companies act 2013 is introduced . The Act has company rules 2014 as well has got company amendment Act 2017. The law although slightly complicated but proves to be beneficial in long run Starting from CA Foundation basics of companies act is introduced . For CA Inter upto 40% of company act is part of syllabus. For CA final the last 60% of act forms part of syllabus. The distribution of companies act portions across three levels help to analyze, assimilate the law on systematic basis. Another significant reform in legal field is insolvency and bankruptcy code 2016. The law is forming part of final syllabus
• The Income tax act 1961 is a law which undergoes changes every year due to finance Act . A significant reform is that ICDS (income computation disclosure standards) has been mandatorily for certain class of Assesses .The international taxation is growing at a rapid pace in areas of double taxation, transfer pricing, BEPS(base erosion and profit shifting),OCED . 50% of income tax act is applicable for CA Inter and entire act is applicable for Final. International taxation constitute 30% of syllabus . This area is most welcome and has long growth in future.

More than above some of changes made by ICAI which provides an extra edge for CA students when qualifying as a professional . These changes are to be taken care of students and so that they can have extra edge in their exams as well as in their career.

A. Orientation/management communication skill and ITT/advanced ITT

In Today competitive world a CA student apart from learning the Syllabus should develop sound communication, technological, management, Linguistic, professional, intellectual, innovative skills. To make Chartered accountants as competent to MBAs soft skills course is made part of curriculum. The first level is orientation course (anytime after foundation but before joining practical training/before joining practical training in case of direct entry) which is for a period of 15 days of 6 hours each. The second level is Advanced management communication skills (after 1st year of practical training but before appearing in CA final New Exams). This is for 15 days 6 hours each. This is handled by eminent faculties who are MBA(handling B schools) leading HR managers from industry ,and Chartered accountants from Industry /practice. The brief coverage of course

• Building values/ethics
• Perform skit /essay writing/Demo interview
• Explaining the journey of life and what is happiness also develop a team leadership skills

These skills are indeed essential for a Chartered accountant to gain respect and move on a faster track. The course truly if done with spirit act as stress reliever and brings Joy, enthusiasm, happiness. This provides an opportunity for students to mingle with all students in the batch and build leadership skills. This course even helps to overcome stage fear.

The first level is about basics of computer MS word, MS excel, MS Power point, Tally .After the course is over a project has to be submitted and an online exam has to be passed. 40% is to obtained in exam which is online MCQ based with no Negative marking. The second level is Advanced ITT which covers the areas like advanced MS Excel, MS access, Audit in ERP environment, SAP and new emerging areas. A project has to be submitted and an examination has to be passed . The criteria for passing examination is 40% which is an offline MCQ based (no negative marking).

For Final Old course students Advanced (MCS,ITT) is to be done only before applying membership. But for Final NEW course Advanced (MCS,ITT) is to be completed before writing CA final examinations.

b) Elective paper(final)

The elective paper introduced at CA final is one of hall mark ever of education System . This is done as a paper by itself at CA final level. It is done to introduce specialization as well as become expert in respective field at global level. There are six different subjects introduced namely

• Risk management
• Financial services and capital market
• International taxation
• Economic laws
• Global financial reporting standards
• Multidisciplinary case study

Each subject by itself offers career opportunities Every subject while preparing the nitties and gritties have to be taken into account . The selection of subject is very crucial it should be based on strength , liking of subject, which field of career interested is based on student interest.

The pattern of examination are as follows.

- The exam is for 100 marks (4 hours) and 15 minutes reading time. It is a open book case study based examination. It contains of 3 case study (50 marks each) of which 2 is to be answered.

- 50 marks of case study is as follows

- A text is given for one and half pages (like English comprehension) from there 2*10=20 (MCQ based) It has no NEGATIVE MARKING. Balance 30 marks is asked in descriptive question format.

- The preparation should begin from ICAI resources then making notes of it by writing key concepts, principles and using one reference book (as on date reference book is not available hence forth go for some members related or foreign body books) . The passage given in question should be used as key source .(for passage understanding more case based has to be practiced).

- In May 2018 exams held material for exams was given by ICAI but in subsequent exams from NOV 18 onwards any book can be carried for exam.

Elective paper is only for Final NEW scheme.

But the sincere suggestion would be to only take only one book. (Which to take decide in advance) for aid in examination.

The book taken acts as tool for interpretation, judgment based and doing some analysis. To shine in this examination 80 % of answers should be memory based and from the context of passage, 20% should be based from referring the material in examination.

The environment in which a profession operates in firm/company is type of exams made at CA final.

c) Student journal

This is monthly journal which gives updates of all students related information. It contains message from president, Vice president, Board of studies chairman. More than above every student journal contains a subject capsule (IPCC / Final level). The subject wise capsule is introduced to facilitate a mechanism for quick revision. When the time of revision is to be done apart from revising from notes prepared the subject wise capsule given in student journal act as extra edge. Henceforth student is advised to make use of it and also be aware of what is going at ICAI.

D) Practical training assessment

A scheme of assessment of practical training test has been introduced. From April 2017 students who registered for articleship have to face 2 online exams (after year 1,2 ). It applies for both Final old scheme /new scheme. The test will be online MCQ based and contains no negative marking. This is done to strike a balance between theory and practical. Student henceforth have to take articleship training seriously and start preparing for final examination from end of 1st year of practical training. The test can be prepared from sample questions given in website, reading exam and understanding aspect learnt at practical training.

The first year consists of Accounting and corporate law auditing for 25 marks each (total 50 marks). Another optional module which is 25 marks can be selected from options

• Internal Audit.
• Direct taxes
• Indirect taxes.

The second-year consist of Accounting and corporate law auditing for 25 marks each (total 50 marks). Another two modules which are 25 marks each can be selected from options given below

• Internal Audit.
• Direct taxes
• Indirect taxes.

For the above test, only grades will be assigned. No pass criteria but better to end up in good grades as will be part of final mark sheet.

E Partially based MCQ

Starting MAY 2019 exams onwards for IPCC, Final (old and new scheme) certain subjects will be partially MCQ. This is 30 % and balance 70 % is subjective. An article in this regard would be written soon. This is a key area of concern and students have to be educated more and more to prepare.

Conclusion

A lot of changes which has been done in education system is to create world-class professional, skilled, competent professionals. As a new council 2019-22 is coming up following issues could be taken

• For MCS/ITT efforts could be taken to increase batch size/increase no of batches
• For elective paper an option is given is to change the paper till filing exam form.

But each subject has its own diverse areas. Switching from one paper to another will create more pressure on students end. As per present norms, students after joining articleship (in case completed both groups ) has to register for CA final .hereby a gap of nearly 2 .5years . The student is not clear of what to take and keeps on changing. Considering the constraint faced by students Measure can be taken that Elective paper registration can be done only atleast 1.5 years before examinations so as to make student clear of what subject to take. This will improve quality of performance and more guidance could be given on how to prepare and crack this examinations

A poem for institute resources

Love, Respect, faith
Develop trust, belief
Enhance pre-reading idea
Read, learn, write, practice

No Substitute for ICAI materials
Learn from fundamentals to being an expert
Act as extra edge over everything

Above all the education system is adopted is based on IAESB(international accounting education standard based). This has been possible only because of efforts taken by the board of studies and committee for review of examination and training..