In order to prepare the next breed of Chartered Accountant (CA) students for the global challenges, the Institute of Chartered Accountants of India (ICAI) has begun the process of restructuring the curriculum of the CA programme. This would help Indian students who have opted for CA course, to get in line with their global counterparts.
In the key proposals that have come up after discussions are that there would be changes made in the English language and communication skills. There would be replacement of theory papers of InfoTech with that of the practical ones. The proposals would be on debate from other stakeholders and discussions would take place before March 31 to finalize the curriculum. The inclusion of ‘General English and Business Communication’ would be made in the foundation (entrance) level of the course and theoretical information technology (IT) papers would make way practical IT training courses in the intermediate and Final level of the course.
The last change in the curriculum was done ten years back in 2006 and such revamp in the structure happens once every 10 years in ICAI.
After discussions with the stakeholder CA Regulations (1998) would get amended and a draft of regulations would be sent to the government for approval. Upon approval, there would implementation of the new curriculum. Along with the change in course, ICAI has also proposed to introduce foundation examination, which would be available for the students to take just after their Class XII exams. There would be descriptive questions rather than MCQs which is the present format for the examinations.
Due to the rapid change in global economy and market, it became necessary to test English Language and business communication skills of the students going through the course. In the same manner the stress is given to the practical training rather than theory papers to improve the students’ capability to interact more with the growing digital world.
Along with the aforementioned changes, the ICAI has also decide to add, ‘International taxation’ paper of 40 marks and ‘Financial Services and Capital Market’ paper of 100 marks in their final draft of the curriculum. The CA community has welcomed the proposals and few have demanded a specialization in the system, which was long pending.
The President has made sure that the students appearing for the 2016 need not to panic as the implementation would take time to get finalized and would now affect their studies in any manner possible.