Latest ICAI Proposed CA New Scheme 2023 Updates For CA Foundation, Inter and Final

    CA New Scheme 2023 – The ICAI recently recommended a CA new education and training system. The CA New Scheme will now be released on July 1st, as verified by an official notification from the ICAI.

    Furthermore, the ICAI confirmed that the CA New Scheme of Education and Training was notified in the Gazette of India on June 22, 2023, and will take effect on July 1, 2023.

    Also, look for the official Notification ICAI on CA New Scheme in the announcement column on its official website.

    Some papers from all three levels are integrated and some are withdrawn in the CA revised syllabus 2023. Furthermore, the CA articleship time is decreased from three to two years under the new arrangement.

    Eligibility, registration validity, curriculum, subjects, paper pattern, passing requirements, exemptions, training leaves, and leaving the CA course have all changed.

    CA Foundation New Scheme 2023

    There are currently no requirements for the number of attempts in the CA Foundation course. As a result, students can attempt as many times as they like. The validity of the CA Foundation registration can also be revalidated many times.

    However, under the proposed education and training scheme, students can enroll after the tenth grade, and the CA Foundation registration is valid for four years. Furthermore, students cannot revalidate their foundation registration after four years.

    There will also be no more cut-off dates for the CA Foundation enrollment, such as January 1 and July 1. This will allow the ICAI to hold three exams every year.

    CA Foundation New Syllabus 2023

    The CA Foundation syllabus now consists of six subjects and four papers. ICAI has recently withdrawn two subjects from the new scheme: Business Correspondence & Reporting and Business & Commercial Knowledge.

    The revised CA Foundation syllabus for 2023 is as follows:

    • Paper – 1: Accounting (100 Marks)
    • Paper – 2: Business Laws (100 Marks)
    • Paper – 3: Quantitative Aptitude (100 Marks) Business Mathematics, Logical Reasoning, Statistics
    • Paper – 4: Business Economics (100 Marks)

    CA Intermediate New Scheme 2023

    CA Intermediate Eligibility and Registration Validity

    • The eligibility conditions for the CA Intermediate course remain unchanged. However, in order to sit for the tests, direct entry students must complete an 8-month study term.
    • The CA Intermediate registration is now valid for five years rather than four. Furthermore, CA Intermediate students can only revalidate their registration form once with the stipulated fees.

    New Syllabus 2023 for CA Intermediate

    The CA Intermediate course will now consist of six papers rather than eight. The ICAI has proposed the following changes to the CA Intermediate subjects:

    Papers 1 and 5 have been combined into one, and the first paper will be titled Advanced Accounting. Paper 7 has Enterprise Information Systems removed, while Paper 8 has Economics for Finance removed. The remaining portion is included in exam 6 as Financial Management and Strategic Management (50 points each). Paper 2 of corporate law will completely cover the Companies Act. Its business law element will be covered at the CA Foundation level.

    Group 1

    Paper -1: Advanced Accounting (100 marks)

    Paper -2: Corporate laws (100 marks)

    Paper-3 : Cost and Management Accounting(100 marks)

    Group 2

    Paper-4: Taxation (100 marks)

    • Direct Tax
    • Indirect Tax

    Paper-5: Auditing and Code of Ethics (100 marks)

    Paper-6A: Financial Management (50 Marks)
    Paper-6B: Strategic Management (50 Marks)

    CA Articleship Training

    • The ICAI has decreased the duration of the CA articleship from three to two years. It is fantastic news for all CA hopefuls because they can now become CAs sooner than before.
    • However, with the shorter time of CA Articleship comes a need for applicants who want to become practitioners.
    • CA students must have one year of experience in a Chartered Accountancy business. They will then receive a certificate of practice.
    • Existing CAs will be considered fulfilled if they have worked in a CA firm for one year in the last five years. This condition does not apply to anyone seeking employment.

    CA Final Course under New Scheme 2023

    Students must pass both rounds of CA Intermediate exams and complete the ICITSS training to be eligible to register for the CA Final course.

    However, in order to take the CA Final exams, students must:

    Finish the Advanced ICITISS Course

    • After the practical training, complete a 6-month study session.
    • Complete all four self-paced modules.
    • CA Final registration is good for ten years. After ten years, aspirants can revalidate their registration for the stipulated cost.

    CA Final New Syllabus 2023

    ICAI has reduced the number of CA Final papers from eight to six in the CA New Scheme 2023. There are now two groups of three papers each.

    The following are the major modifications made to the CA Final Subjects:

    • Papers 4 and 5 subjects will be deleted and included in the self-paced modules.
    • Paper 6 will no longer have any alternatives. It will be a multidisciplinary case study with a strategic management component.
    • Risk management, financial services, and capital markets are now included in Set C of the self-paced modules.

    Group 1

    Paper -1: Financial Reporting (100 marks

    Paper -2: Advanced Financial Management (100 marks)

    Paper-3: Advanced Auditing & Professional Ethics (100 marks)

    Group 2

    Paper-4: Direct Tax Laws and International Taxation (100 marks)

    Paper-5: Indirect Tax Laws (100 marks)

    Paper-6: Integrated Business Solutions (Multi-disciplinary case study with Strategic Management) (100 marks)

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