The Institute of Chartered Accountants of India (ICAI) has clarified that the December 2023 Chartered Accountancy – CA Foundation Exams will be conducted as per the existing syllabus and not the new CRET Scheme approved by the Ministry of Corporate Affairs (MCA).
The Ministry of Corporate Affairs (MCA) had approved the new CRET Scheme proposed by ICAI, amidst fake news of the scheme being rejected and making rounds in Social Media.
MCA had asked ICAI to propose the scheme excluding the training part post membership.
The new Scheme is expected to be implemented in May 2024. It incorporates adjustments to all levels of the course, including changes made to the training procedure and merging and reducing of some subjects.
The Institute of Chartered Accountants of India (ICAI) proposed a new scheme of education and training to improve the education and training procedures for aspiring chartered accountants in June 2022.
Additionally, eligibility criteria, syllabus, exemptions, paper patterns, and leaving procedures have undergone considerable changes. The new scheme incorporates best practices from international accounting bodies, which will help reduce the burden on students.
As per the new scheme, The study period for CA Foundation stays the same at four months. This level serves as an entry-level exam for students who have completed their 10+2 and wish to pursue a career as a Chartered Accountant. There were six subjects, at the CA foundation level but now two subjects have been removed from the course which are: Business Corresponding & Reporting and Business & Commercial Knowledge. So, as per the New scheme, there are 4 subjects.
ICAI has added this module to the New Scheme of Education and Training. Students can also study these modules at their own pace and take online tests. Set A, Set B, Set C, and Set D are the four modules. And in which Sets A and B are compulsory economic laws and strategic cost and management, which are also deleted subjects from the old CA Final syllabus. In the rest of the sets, students can choose their own topic and study at their own pace throughout their articleship.
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