A rumor is currently going on about ICAI going to introduce Open book exams starting 2017.
Many of my dear students and friends are asking me if this is true.
Well, to my best of the knowledge, this is just a rumor. And to add to this, I strongly emphasize on concentrating on the present, to prioritize what’s at stake now. Please donot pay heed to such news.Just focus on your exams and prepare with heart and soul. No one knows the future and there’s absolutely no point speculating about it. Stay focused, prepare smart, work hard!!
The message circulating:
The Institute of Chartered Accountants of India (ICAI) will introduce open book examination system from 2017. This decision was announced at ICAI on Friday. Other initiatives and ICAI’s future plans were also discussed at the meeting. There are three phases in CA examinations-first, second and third phase, which are the final exams. The open book system will be implemented in the third phase. If all goes well, the new syllabi policies will be prepared by the end of 2015 and students appearing for 2016 exams will be under transitional provision, meaning, they can either opt for the existing scheme or the open book scheme. However, the open book system will be made compulsory from 2017. The main aim behind introducing the open book system is to minimize rote learning methods and not check the students’ memory power.
All India president of ICAI, CA Manoj Fadnis, said, “We change the syllabus every 10 years as per industry requirements. Topics relevant to business, trade and commerce will be made part of the syllabus. Right now, we are in talks with industry experts on their needs and expectations from CAs before framing the syllabus.” He then added, “We expect a bill on Goods Service and Tax to be passed soon during monsoon. Since independence, it is the largest tax reform. If passed, we will include it in the syllabus. ”
ICAI may also include International Financial Reporting Standards in the finals of CA only if the central government gives permission for it. They are also thinking of making a few changes in Common Proficiency lest (CPT) syllabus. According to statistical analysis, 5-10% of the students who clear CPT pass the finals in three years whereas 25-30% pass the finals in three-five years. However, there will not be any changes in the Integrated Professional Competence Course.
Note – This information is from other sources. ICAI not yet declared in official website. So please wait for official notification from ICAI.