Archive for the ‘ICAI’ Category


Discontinuation of Professional Competence Examination (PCE) reg

Important Announcement

BoS/Announcement/227/13 dated January 7, 2013

As notified in the ‘Implementation Schedule’ on the Institute website, students who are pursuing Professional Competence Course (PCC) are hereby informed that the Professional Competence Examination (PCE) will be discontinued on culmination of November, 2012 examination. PCC students who wish to continue their studies in Chartered Accountancy Course, are required to switchover to Intermediate (Integrated Professional Competence) Course immediately and students who are appearing for November, 2012 Examination, may switchover to Intermediate (IPC) Course after declaration of PCE result, by fulfilling the following procedure:

1. Conversion Fee to be paid alongwith the Conversion Form:

Particulars of fee

Fee

(Rs.)

Fee

($)

Conversion Fee for Both Groups (including Study Material)

500

30

ATC (Optional ) Fee

1000

60

Above fee is to be paid by way of Demand Draft drawn in favour of “The Secretary, The Institute of Chartered Accountants of India, payable at Mumbai, Chennai, Kolkata, Kanpur or Delhi”, as the case may be alongwith the Conversion Form as available at www.icai.org > Students > Course Registration Form > Conversion Form from PCC to Intermediate (IPC) Course.

 

Fee Payable for undergoing IT Training, if not completed earlier, to the concerned Regional Office/ Branch where the Training is to be undergone:

 

IT Training Course Fee

4000

250

Further details and procedure to be followed for converting from Professional Competence Course (PCC) to Intermediate (IPC) Course:

All students who have been registered for the Professional Competence Course under Regulation 28C of the Chartered Accountants Regulations, 1988 are hereby informed that Professional Competence Examination (PCE) will be discontinued with the culmination of the November, 2012 examination. Students who wish to pursue the Chartered Accountancy Course are required to switchover to Intermediate (IPC) Course immediately by submitting the following to the respective Regional Offices from where practical training registration was done earlier, for conversion to Intermediate (IPC) Course:

  1. Fill and submit the prescribed form alongwith Conversion Fee as specified above for shifting from Professional Competence Course (PCC) to Intermediate (IPC) Course. Form for switchover to Intermediate (IPC) Course can be downloaded from the following link: http://220.227.161.86/14650IPCC_Converson_Form.pdf or from www.icai.org > Students > Course Registration Form > Conversion Form from PCC to Intermediate (IPC) Course.
  1. Enclose a copy of certificate issued by the ICAI having undergone Compulsory Computer Training (CCT)/ Information Technology Training (ITT), if already completed, for ready reference.
  1. Enclose a copy of Articled/ Audit Training Registration/ Completion Certificate issued by the Institute.

2. Eligibility Requirement to appear in Intermediate (IPC) Examination after conversion:

Professional Competence Course (PCC) students would be eligible to appear in the Intermediate (IPC) Examination on fulfilling the following requirements:

(a) Undergo 100 hours Information Technology Training (ITT), if not completed earlier;

(b) Completion of nine months practical training (which include concurrent study course for a period of eight months) – students who are not fulfilling the above requirement (i.e. has served less than 9 months of articled training), shall be required to re-register for practical training and complete nine months so as to become eligible for appearing in the Intermediate (IPC) Examination;

It is clarified that students who are converting from PCC to Intermediate (IPC) Course are required to undergo articled training for a period of three and half years (3½);

(c) Orientation Course is exempted for PCC students converting to Intermediate (IPC) Course.

3. Validity of Exemption and Validity of One of Groups Passed in Professional Competence Examination (PCE):

(a) Students who have passed one of the groups under Professional Competence Examination (PCE) will get paper wise exemption (NOT group wise exemption) in the Intermediate (IPC) Examination. Those students, who have passed one of the groups earlier, will have to register for both groups of Intermediate (IPC) Course and have to appear and pass under ‘Unit Scheme’ of Intermediate (IPC) Examination. Details of ‘Units’ are given hereunder.

UNIT SCHEME UNDER INTERMEDIATE (IPC) EXAMINATION

DETAILS OF PAPERS IN WHICH CANDIDATES ARE RE QUIRED TO APPEAR AND PASS IN ONE SITTING AS A UNIT CANDIDATE IN INTERMEDIATE (IPC) EXAMINATION

STUDENTS WHO HAVE PASSED GROUP-I OF PROFESSIONAL COMPETENCE EXAMINATION

Student to pass Group I Of Intermediate (IPC) Course has to appear

Student to pass Group II Of Intermediate (IPC)

Course has to appear

Student to pass Both Groups

Of Intermediate (IPC)

Course has to appear

UNIT – 4

 

Group I Paper 3 : Cost Accounting and Financial Management

Group I Paper 4 : Taxation

UNIT – 6

 

Group II Paper 7 : Information Technology and Strategic Management

UNIT – 8

 

Group I Paper 3 : Cost Accounting and Financial Management

Group I Paper 4 : Taxation

Group II Paper 7 : Information

Technology and Strategic

Management


STUDENTS WHO HAVE PASSED GROUP-II OF PROFESSIONAL COMPETENCE EXAMINATION

Student to pass Group II Of Intermediate (IPC) Course has to appear Student to pass Group I Of Intermediate (IPC) Course has to appear Student to pass Both Groups

Of Intermediate (IPC) Course has to appear

UNIT – 5

 

Group II Paper 5 : Advanced Accounting

Group II Paper 6 : Auditing and Assurance

UNIT – 7

 

Group I Paper 1 : Accounting

Group I Paper 2 : Business Laws, Ethics and Communication

UNIT – 9

 

Group I Paper 1 : Accounting

Group I Paper 2 : Business Laws, Ethics and Communication

Group II Paper 5 : Advanced

Accounting

Group II Paper 6 : Auditing and

Assurance

(b) Students who have got exemption in Professional Competence Examination by securing 60% and above marks under Regulation 37B (6) will get exemption in the corresponding paper/s for the unexpired period chances in the Intermediate (IPC) Examination, are given under.

Paper-wise Exemption to the Candidates appearing in the Intermediate (IPC) Examination/Accounting Technician Examination for the Un-expired chance(s) on the basis of having secured a minimum 60 percent marks in a paper(s) in the Professional Competence Examination (PCE)

Award of exemption/s in paper/s granted in the Professional Competence Examination under syllabus as specified in Regulation 28C (3) of the Chartered Accountants Regulations, 1988

Award of exemption/s in corresponding paper/s in the Intermediate (IPC) Examination/Accounting Technician Examination (ATE) under syllabus as specified in 28E(3) of the Chartered Accountants Regulations, 1988

Group I – Paper 1 : Advanced Accounting Group I – Paper 1 : Accounting and

Group II – Paper 5 : Advanced Accounting

Group I – Paper 2 : Auditing and Assurance Group II – Paper 6 : Auditing and Assurance
Group I – Paper 3 : Law, Ethics and Communication Group I – Paper 2 : Business Laws, Ethics and Communication
Group II – Paper 4 : Cost Accounting and Financial Management Group I – Paper 3 : Cost Accounting and Financial Management
Group II – Paper 5 : Taxation Group I – Paper 4 : Taxation
Group II – Paper 6 : Information Technology and Strategic Management Group II – Paper 7 : Information Technology and Strategic Management

Director

Board of Studies

Click here to download the above Announcement {PDF Format}.

Source: The Institute of Chartered Accountants of India.


IMPORTANT ANNOUNCEMENT

January, 11, 2013

The result of the Chartered Accountants Final Examination held in November, 2012 and Common Proficiency Test (CPT) held in December, 2012 are likely to be declared on Monday, the 21st January, 2013 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test and in accordance with the decision of the Examination Committee) on all India basis will be available on the following website:

http://www.caresults.nic.in

Arrangements have also been made for the students of Final Examination and Common Proficiency Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above website, i.e., http://www.caresults.nic.in from 16th January, 2013. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

In addition to above, it may be noted that for accessing the result at the above website i.e. http://www.caresults.nic.in the student shall have to enter his registration no. and PIN no. alongwith his roll number.

Further, facilities have been made for students of Final Examination and Common Proficiency Test (CPT) held in November/December, 2012 desirous of knowing their results with marks on SMS. The service will be available through India Times.

For getting results through SMS students should type:

i) for Final Examination result the following

CAFNL(space)XXXXXX (Where XXXXXX is the six digit Final examination roll number of the candidate)

e.g. CAFNL 000028

ii) for Common Proficiency Test result the following

CACPT(Space)XXXXXX (Where XXXXXX is the six digit Common Proficiency Test roll number of the candidate

e.g. CACPT 000171

and send the message to:

58888 – for all mobile services – India Times

(G. SOMASEKHAR)

ADDITIONAL SECRETARY (EXAMS.)

Click here to download the above Announcement in PDF Format.

Source: The Institute of Chartered Accountants of India.


The Indirect Taxes Committee of the Institute has submitted the Pre-Budget Memorandum, 2013 relating to Indirect Taxes to the Ministry of Finance. The Memorandum contains suggestions on various issues in the area of indirect taxes with a view to make tax laws simple, fair and transparent.

Indirect Taxes Committee Secretariat

ICAI

Pre-Budget Memorandum, 2013

Source: The Institute of Chartered Accountants of India.


Salient Features of Companies Bill, 2012 on CSR:

Lok Sabha on 18th December, 2012 passed Companies Bill, 2012.

Clause 135:

(1) Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director.

(2) The Board’s report under sub-section (3) of section 134 shall disclose the composition of the Corporate Social Responsibility Committee.

(3) The Corporate Social Responsibility Committee shall:

(a) Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company as specified in Schedule VII;

(b) Recommend the amount of expenditure to be incurred on the activities referred to in clause (a); and

(c) Monitor the Corporate Social Responsibility Policy of the company from time to time.

(4) The Board of every company referred to in sub-section (1) shall:

(a) After taking into account the recommendations made by the Corporate Social Responsibility Committee, approve the Corporate Social Responsibility Policy for the company and disclose contents of such Policy in its report and also place it on the company’s website, if any, in such manner as may be prescribed; and

(b) Ensure that the activities as are included in Corporate Social Responsibility Policy of the company are undertaken by the company.

(5) The Board of every company referred to in sub-section (1), shall ensure that the company spends, in every financial year, at least two per cent of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy: Provided that the company shall give preference to the local area and areas around it where it operates, for spending the amount earmarked for Corporate Social Responsibility activities: Provided further that if the company fails to spend such amount, the Board shall, in its report made under clause (o) of sub-section (3) of section 134, specify the reasons for not spending the amount.

Explanation.—for the purposes of this section “average net profit” shall be calculated in accordance with the provisions of section 198.

SCHEDULE VII

Activities which may be included by companies in their Corporate Social Responsibility Policies Activities relating to:

(i) Eradicating extreme hunger and poverty;

(ii) Promotion of education;

(iii) Promoting gender equality and empowering women;

(iv) Reducing child mortlity and improving maternal health;

(v) Combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases;

(vi) Ensuring environmental sustainability;

(vii) Employment enhancing vocational skills;

(viii) Social business projects;

(ix) Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government or the State Governments for socio-economic development and relief and funds for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women; and

(x) Such other matters as may be prescribed.

Click here to download- Salient Features of Companies Bill, 2012 on CSR [PDF Format].

Source: The Institute of Chartered Accountants of India.


CA CPT June 2013 Examination Details (Dates, Fees etc.)

Notification dated 2nd January, 2013

No.13-CA (EXAM)/CPT/ June/2013: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil Mode) will be held on Sunday, 16th June, 2013 in two sessions as below.

[This Common Proficiency Test will be conducted as per provisions of Regulation 25 D (3) of the Chartered Accountants Regulations, 1988 and the syllabus as published in the pages 291-293 of the Journal ‘The Chartered Accountant’ August 2006 issue and pages 12-13 of Chartered Accountants Students’ Newsletter August 2006 issue.]

First Session

(i.e. Morning Session)

10.30 AM to 12.30 PM (IST)

Section – A Fundamentals of Accounting

Section – B Mercantile Laws

Second Session

(i.e. Afternoon Session)

2.00 PM to 4.00 PM (IST)

Section – C General Economics

Section – D Quantitative Aptitude

The Council reserves the right to withdraw any centre at any stage without assigning any reason.

Applications for admission to Common Proficiency Test is required to be made in the relevant prescribed form as contained in the Information Brochure, which may be obtained from the Additional Secretary (Examinations), The Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110 002 on payment of Rs. 1000/- (Rs.500/- towards examination fee and Rs. 500/- towards cost of application form and Information brochure) per application form. The fee for candidates opting for Abu Dhabi, Dubai, Doha and Bahrain centres will be US $160 (US $ 150 towards examination fee and US $ 10 towards cost of application form and information brochure) or its equivalent Indian Currency. The fee for the candidates opting for Kathmandu centre are required to remit INR.1350/-(INR 850/- towards examination fee and INR 500/- towards the cost of application form and information brochure) or its equivalent foreign Currency. Since the cost of Information brochure containing Common Proficiency Test application form includes the examination fee, no separate fee is required to be remitted at the time of submitting the filled in application form. The Information brochure containing Common Proficiency Test application form will also be available in the Regional and Branch Offices of the Institute and can be obtained there from on cash payment on or from 3rd April, 2013.

Common Proficiency Test application forms duly filled in may be sent so as to reach the Additional Secretary (Examinations) at New Delhi not later than 24th April, 2013. Applications received after 24th April, 2013 shall not be entertained under any circumstances. Applications duly filled in will be received by hand delivery at the offices of Institute at New Delhi and at the Decentralised Offices of the Institute at Mumbai, Chennai, Kolkata, Kanpur, Ahmedabad, Bangalore, Hyderabad, Jaipur and Pune upto 24th April, 2013. Candidates residing in these cities are advised to take advantage of this facility. It may be noted that there is no provision for acceptance of application forms after 24th April, 2013 with late fee.

The candidates who fill up the examination application form online at http://icaiexam.icai.org from 3rd April, 2013 (10.00 hrs) to 24th April, 2013 (17.30 hrs) and remit the fee online by using either VISA or MASTER Credit/ Debit Card shall not be charged Rs. 500/- (i.e. cost of application form fee) in order to popularize filling-in of application form online.

Common Proficiency Test (CPT) is open only to those students who are already registered with the Institute of Chartered Accountants of India for the said course on or before 2nd April, 2013 and fulfill the requisite eligibility conditions.

QUESTION PAPER BOOKLET LANGUAGE:

Common Proficiency Test will be an objective type multiple choice questions based examination. Candidates will be allowed to opt for Hindi medium Question Paper Booklet for answering the questions.

Detailed information will be found given in the Information brochure.

Click here to download the complete text of the above Notification in PDF Format.

Source: The Institute of Chartered Accountants of India.