K. Raghu, President of Institute of Chartered Accountants of India (ICAI), New Delhi, said on Monday that the ICAI would be introducing new syllabi for chartered accountancy course in the country from 2016.
Speaking to presspersons on the sidelines of the national conclave for CA students organised by Udupi branch of ICAI here, Mr. Raghu said that chartered accountancy education and profession in the country should match global academic, technological and economic advancements. The new syllabus scheme for CA education and training was ready for final consideration of the Council.
The whole syllabus for CA proficiency test to CA final had been minutely scrutinised and changes had been made to make the course more practical in approach to meet the global needs. “The draft of the new syllabus has been approved. We are now seeking the opinion of people and students on it. This future oriented CA education will be more industry-friendly and practical,” he said.
The Indian companies would have to migrate to International Financial Reporting Standards (IFRS). While the IFRS would be voluntary for companies in 2015-16, it would be mandatory from 2016-17. The ICAI would help the companies to comply with the IFRS.
The IFRS were essential for the foreign companies to make proper interpretation of the balance sheets of Indian firms to make a correct assessment of their performance which reflect the condition of the economy. The ICAI also backed the move of the Union government to introduce Goods and Services Tax (GST) as this would do away with multiplicity of taxes.
When compared to other courses, Chartered Accountancy was cheaper as its fee was just Rs. 45,000. There was lot of scope for Chartered Accountancy in the country and abroad. The average pay packet for a student who passed Chartered Accountancy was Rs. 8.14 lakh.
There were 2.35 lakh Chartered Accountants in the country, while 8.35 lakh students pursuing Chartered Accountancy course. There were seven branches of ICAI and there were 13,000 Chartered Accountants in the State. There were over 1,000 students who had taken up Chartered Accountancy course in Udupi. The ICAI had 28 foreign chapters.
The ICAI was giving importance to Cloud Campus, where the CA study materials were available to the students online. The stipend for students pursuing Chartered Accountancy course had been doubled, Mr. Raghu said.
Venkatesh Nayak, President of Udupi branch of ICAI, M. Devaraja Reddy, Babu Abraham Kallivayalil, P.V. Rajarajeswaran, office bearers of ICAI, were present.
