ICAI CA New Scheme 2024

ICAI CA New Scheme 2024 – Latest Updates & New Syllabus

Introduction

The Institute of Chartered Accountants of India (ICAI) has introduced a new scheme for the Chartered Accountancy (CA) course, which took effect on July 1, 2023. This new scheme brings significant changes to the curriculum, training duration, and overall structure of the CA course, aimed at making it more aligned with international standards and the National Education Policy 2020 (NEP). The first exams under this new scheme will be conducted in May 2024. This comprehensive guide provides all the latest updates and details about the new syllabus.

ICAI CA New Scheme of Education and Training 2024

The new scheme of education and training introduced by ICAI is designed to streamline the process of becoming a Chartered Accountant. It reduces the duration of articleship training and updates the syllabus to better equip students with the necessary skills and knowledge for the profession.

Key Changes in the New Scheme:

  • Reduction in the number of subjects and papers at each level.
  • Reduction in the articleship training period from 3 years to 2 years.
  • Introduction of self-paced modules.
  • Changes in passing criteria and exam patterns.

Latest Update on ICAI CA New Course

The new scheme officially came into effect on July 1, 2023, as per the announcement in the Indian Gazette on June 22, 2023. The first examinations under this scheme will be held in May 2024. This update requires current and prospective CA students to plan their studies according to the new structure and guidelines provided by ICAI.

CA Foundation New Course 2024

The CA Foundation course under the new scheme has been streamlined to make it more manageable and focused.

Changes in CA Foundation Course:

  • Number of subjects reduced from 6 to 4.
  • Registration after 10th grade.
  • Registration validity for four years without revalidation.

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CA Foundation New Syllabus 2024

In the new syllabus for CA Foundation, two subjects have been removed, simplifying the course structure.

New Syllabus:

  1. Paper 1: Accounting
  2. Paper 2: Business Laws
  3. Paper 3: Quantitative Aptitude (Business Mathematics, Logical Reasoning, Statistics)
  4. Paper 4: Business Economics

CA Foundation Passing Criteria

The passing criteria have been updated to ensure students have a thorough understanding of the subjects.

New Passing Criteria:

  • Minimum 50% marks to pass.
  • Negative marking of 0.25 for each wrong MCQ answer

CA Intermediate Course under New Scheme 2024

The CA Intermediate course has also undergone significant changes, reducing the number of papers and updating the registration validity.

Changes in CA Intermediate Course:

  • Papers reduced from 8 to 6.
  • Registration validity increased from 4 years to 5 years (with one revalidation allowed).

CA Intermediate New Syllabus 2024

The new syllabus for CA Intermediate merges certain papers and removes others to focus on core areas.

New Syllabus:

Current Paper New Paper
Paper 1: Accounting Paper 1: Advanced Accounting
Paper 5: Advanced Accounting
Paper 2: Corporate and Other Laws Paper 2: Corporate Laws
Paper 3: Cost and Management Accounting Paper 3: Cost and Management Accounting
Paper 4: Taxation Paper 4: Taxation
Paper 6: Auditing and Assurance Paper 5: Auditing and Code of Ethics
Paper 7: Enterprise Information System & Strategic Management Paper 6A: Financial Management (50 Marks)
Paper 8: Financial Management & Economics for Finance Paper 6B: Strategic Management (50 Marks)

CA Intermediate Passing Criteria

The passing criteria for CA Intermediate have been updated to include more objective questions and negative marking.

New Passing Criteria:

  • 30% MCQ-based questions in all 6 papers.
  • Negative marking of 0.25 for each wrong answer.

CA Intermediate Exam Pattern under New Scheme

The new exam pattern for CA Intermediate focuses on a mix of subjective and objective questions to test students’ comprehensive understanding.

New Exam Pattern:

Paper Subjective Marks Objective Marks
Paper 1: Advanced Accounting 70 30
Paper 2: Corporate Laws 70 30
Paper 3: Cost and Management Accounting 70 30
Paper 4: Taxation 70 30
Paper 5: Auditing and Code of Ethics 70 30
Paper 6A: Financial Management 35 15
Paper 6B: Strategic Management 35 15

CA Articleship Training

The articleship training period has been reduced, and new eligibility criteria have been set to ensure students focus on practical training.

Duration: Reduced from 3 years to 2 years.

CA Articleship Eligibility

New Eligibility Criteria:

  • Clear both groups of CA Intermediate.
  • Completion of ICITSS training.

CA Final Course under New Scheme of Education and Training

The CA Final course now includes fewer papers and incorporates self-paced modules for a more flexible learning approach.

Eligibility:

  • Pass both groups of CA Intermediate.
  • Complete ICITSS training.
  • Clear all self-paced modules.

CA Final New Syllabus 2024

The new syllabus for CA Final focuses on core areas and removes certain subjects to streamline the course.

New Syllabus:

Current Paper New Paper
Paper 1: Financial Reporting Paper 1: Financial Reporting
Paper 2: Strategic Financial Management Paper 2: Advanced Financial Management
Paper 3: Advanced Auditing & Professional Ethics Paper 3: Advanced Auditing & Professional Ethics
Paper 4: Corporate and Economics Laws Self-Paced Online Module
Paper 5: Strategic Cost Management & Performance Evaluation Self-Paced Online Module
Paper 7: Direct Tax Laws and International Taxation Paper 4: Direct Tax Laws and International Taxation
Paper 8: Indirect Tax Laws Paper 5: Indirect Tax Laws
Paper 6: Multi-Disciplinary Case Study with Strategic Management

CA Final Exam Pattern 2024

The exam pattern for CA Final includes both subjective and objective questions, with a focus on practical and analytical skills.

New Exam Pattern:

Paper Subjective Marks Objective Marks
Paper 1: Financial Reporting 70 30
Paper 2: Advanced Financial Management 70 30
Paper 3: Advanced Auditing & Professional Ethics 70 30
Paper 4: Multi-Disciplinary Case Study with Strategic Management 70 30
Paper 5: Direct Tax Laws and International Taxation 70 30
Paper 6: Indirect Tax Laws 35 15

FAQs

Q5: How do you register under the New Scheme of Education and Training?

Students need to register for Foundation, Intermediate, or Final levels through the Self Service Portal (SSP) at ICAI SSP.

Q4: What is the structure of the Chartered Accountancy Course under the New Scheme of Education and Training?

The new scheme includes three levels: Foundation, Intermediate, and Final, with self-paced online modules.

Q3: Will the CA syllabus change in 2024?

Yes, the CA New Syllabus implementation is confirmed from the May 2024 attempt.

Q2: Is the CA New Scheme applicable for the Nov 2023 exam?

No, the new scheme will be applicable from the May 2024 exams.

Q1: When will the ICAI CA New Scheme of Education come into effect?

The ICAI CA New Scheme of Education and Training came into effect on July 1, 2023.

Conclusion

The ICAI CA New Scheme 2024 brings substantial changes to the Chartered Accountancy course, making it more streamlined and aligned with international standards. With reduced training duration, updated syllabi, and new passing criteria, the new scheme aims to produce well-rounded Chartered Accountants ready to meet global market demands. Prospective CA students should carefully review the new scheme and adjust their study plans accordingly to ensure success.