The Institute of Chartered Accountants of India (ICAI) will be renewing its course curriculum soon after a green signal from the government. The Institute wants to update its syllabus as per the current economic situation. Every 10 years, the ICAI revises its syllabus after seeking comments from all stakeholders.
ICAI President ManojFadnis said that the Central government is about to approve the revised course curriculum. The course has been completely revamped after a go ahead by the Corporate Affairs Ministry.
The ICAI was set up as a statutory body under the act of parliament. It comes under the Corporate Affairs Ministry administratively.
Fadnis informed that every 10 years the course gets updated with best business practices worldwide. The ICAI also customizes it as per latest policies in trade and commerce. The final draft of the decision would be put up only after the curriculum is viewed by public online.
Once it is uploaded on the ministry’s website for public review, the government will have look at comments received from all factions. After that the final draft would become part of the curriculum. It would take at least five to six months to implement the new curriculum after the approval.
ICAI’s chartered accountant course is known as one of the toughest exam in the world. The exam is conducted in three stages which also involves an aptitude test along with three years of apprentice. Millions of students appear for the exam annually but the passing rates are very low. The ICAI regulates the number of CAs in the country as per the economic demands.
Currently there are around 2 lakh chartered accountants in India. The ICAI’s CA license is also valid in many of the gulf countries. Many Indian CAs also practice there and some even apply from that region. This decision to change curriculum by government is going affect millions of ICAI students.