All You Need To know About Chartered Accountancy Course


All You Need To Know About CA

CA is an excellent career options considering the fact that not financial and accounting management have taken hot seat in the overall operation, management and development of any organization. Unlimited scope and one of the most regarded and respected professions. A CA is today involves in each and every financial transaction of any organisation and has the responsibility not only of generating resources but also to manage and spend prudently.

Levels :

Level 1

  • Session I – i) Fundamentals of Accounting & ii) Mercentile Laws
  • Session II – i) General Economics & ii) Quantitative Aptitude
  • Passing Percentage – 50% of Total marks are required to qualify the CPT. It has a flexible scheme of negative marking to the extent of 25% of incorrect answers.

Level 2
Professional Competence Course (IPCC) and Practical Training

ICAI believes in regular updation of the C.A. course to suit the fast changing environment. As part of this effort the Level Two of the course has been changed and re-christened IPCC. The details of IPCC are:

  • Eligibility Criteria: A student who has passed the CPT and 12th standard examination may join the Integrated Professional Competence Course
  • Practical Training: After passing group-I of the course, a student must join a practicing Chartered Accountant for practical training (Articleship). Articleship shall be of 3 years duration (36 months).
  • Additionally: In addition to artcileship a student must complete 100 hours of Information Technology Training (ITT) and 35 hours of ‘Orientation Programme’ ITT is to be started after a student registers for IPCC and completed before appearing in Group-I and Group-II of IPCE or Group I / ATE. Orientation Programme is of 4 sessions per day for 35 hours with an ICAI accredited institute.

Roles Of A Chartered Accountants

Practical experience is gained in the workplace where candidates draw on their knowledge, skills, values and ethics to face real-life situations. To do this successfully, they need the guidance of an experienced Chartered Accountant.

As their mentor you will:

  • Share your knowledge and experience
  • Help your candidate to identify and plan to meet the gaps in their knowledge
  • Meet with your candidate face-to-face at least quarterly to plan and focus on demonstrating how their daily work meets the areas of competency
  • Submit a Mentor’s Final Report confirming that your candidate has developed technical and non-technical competence to the levels required.

Your commitment

Candidates are required to work with a mentor for the entire period they are completing the Practical Experience component of the Chartered Accountants Program, to be eligible to apply for membership.

The amount of time you allocate to your mentoring role is dependent on the level of involvement you have agreed to with your candidate. It is recommended that you meet with your candidate face-to-face at least quarterly to plan and focus on demonstrating how their work meets the areas of technical and non-technical competency. Candidates will need to have updated their Candidate Practical Experience Logbook, and you will be asked to sign off on competencies achieved to date.

If you are unable to continue mentoring your candidate for any reason, you should provide them with as much notice as possible to support them with finding a replacement, for example, continue as their mentor until the end of their current Program module.

At the end of the Practical Experience component and your when your candidate is eligible for membership, you are required to submit a Mentor’s Final Report. It is recommended that you keep your meeting records until you are advised that your candidate has been admitted into membership.

If you and your candidate work in a large organisation, or you are mentoring your candidate from outside their organisation, your candidate will also require the support of a line manager. The line manager will provide day-to-day exposure to relevant activities and tasks needed to develop required competence, whereas your role is to provide high-level workplace support and guidance to your candidate.

Further information

For further information on the roles and responsibilities of candidates, line managers and mentors, refer to the Mentor Practical Experience Guidelines.

How To Become A Chartered Accountant

casteps

Registration for CPT:

The candidate needs to register with the Institute of Chartered Accountants of India (ICAI) for the Common Proficiency Test (CPT) after passing the Standard X examination.

Passing the CPT examination:

The CPT examination is held twice in a year – in June, and in December. The candidate can appear for the CPT examination after appearing for the standard XII examination, and after the completion of a period of a minimum of 60 days from the date of registration for CPT with the ICAI, as on the first day of the month in which examination is to be held, i.e. candidates registered on or before 1st April / 1st October are eligible to appear in June / December examination respectively.

Registration for IPCC:

In order to register for the Integrated Professional Competence Course (IPCC), the candidate should pass both CPT and 10+2. Registration for the IPCC should be done 9 months prior to the first day of the month in which examination is held. IPCC comprises of a total of 7 papers. Group I consists of 4 papers and Group II consists of 3 papers. For pursuing Articleship, passing Group I is essential.

Orientation and ITT:

The orientation course is one week long, spanning 35 hours and covers topics such as communication skills, personality development, office procedure general commercial knowledge etc. Information Technology Training (ITT) orientation is spans 100 hours and must be completed in order to register for Articleship.

Appearing and passing IPCC Group I Exam:

The candidate can appear and pass Group I or both groups of Integrated Professional Competence Examination (IPCE).

Registration for Articleship:

After passing either Group I or both IPCE Groups, the candidate can register as Articled Assistant for a period of 3 years Practicing Chartered Accountant.

Appearing and passing IPCC Group II Exam:

If the candidate has not already passed Group II of the Integrated Professional Competence Examination (IPCE), this can be done during the Articleship.

Registration for CA Final Course:

The candidate may register for the CA Final Course on passing the two groups of IPCC.

Appearing and Passing CA Final Course:

The candidate can appear for the CA final examination during the last 6 months of 3 years of articled training.

Complete Articleship:

Complete 3 years period of articled training.

GMCS:

Successfully complete the course on General Management and Communication Skills over a period of 15 days.

Membership:

Enroll as a member of ICAI and designate as “Chartered Accountant”.

Procedures To become CA 

Chartered accountancy is different from other courses in the sense that one does not need to go to any institute and attend classes to be able to become a chartered accountant.
The chartered accountancy course is done via the correspondence route, and the applicants are required to study by themselves and then give the examinations on the dates set by the Institute of Chartered Accountants of India (ICAI).After completing +2 following steps have to be completed in becoming a chartered accountant

The steps involved in becoming a chartered accountant are as follows:

Step 1. Taking up the foundation course for chartered accountancy: Students have to get registered for the foundation course at the Indian Chartered Accountants Institute before embarking on their studies to become a chartered accountant. This foundation course is usually of a one-year duration, and the course material is provide to the student, who then has to study it in preparation for an examination at the end of the one-year period.

Step 2. Completing the foundation course and preparing for the intermediate examination: After clearing the foundation exam for chartered accountancy, students then have to start their practical training. They have to complete 18 months of practical training with a chartered accountant before sitting for the intermediate examination. The students are tested on two groups of three papers each during this examination.

Step 3. Qualifying in the intermediate examination and appearing for the final examination: Students can start studying for the final exam only after dealing the intermediate examination. They then have to undergo two more years of practical training before they can sit for the final examination, in which the students are tested on two groups of four papers each.

Step 4. Enroll as a member of the ICAI and choose to either join employment or set up own practice: After successful completion of the final exam, the aspiring CA can apply for membership of the ICAI. All members are deemed associate members of the institute. Associate members who have been in practice for a minimum of five years and possess the experience prescribed by the council for this purpose are entitled to apply for Fellowship.

 

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MOTIVATION


SUCCESS MANTRA

  1. Speak loudly – I AM THE BEST AND I KNOW IT.
  2. I FACE FEAR.
  3. I PROMISE TO MYSELF TO MAKE REALISTIC MISTAKE ON A DAILY BASIS.
  4. MY LIFE’S REMOTE CONTROL HAS TO BE WITH ME ONLY.
  5. SUCCESS = FAMILY + TEACHERS + FRIENDS + MYSELF.

CONCENTRATE ON WORDS IN BOLD.

COMMUNICATION ENHANCEMENT STEPS

  1. PRACTICE MIRROR EXERCISE – FOR FACIAL EXPRESSION AND KNOWLEDGE UPDATION.
  2. RECORD YOUR VOICE – FOR TONE PITCH MODULATION.
  3. TALK WITH FRIENDS IN ENGLISH FOR ATLEAST HALF AN HOUR – FOR DEVELOPING ENGLISH CONVERSATIONAL SKILLS.
  4. REGULAR INTRACTION WITH PRIVATE BANKS – FOR DRESSING SENSE AND CONVERSATIONAL SKILLS.
  5. DEVELOP PASSION – JOSH + HOSH

 

SOME MOTIVATIONAL QUOTES

  1. HARDER I WORK. LUCKIER I GET.
  2. MAGIC WILL HAPPEN. PATIENCE IS THE NAME OF THE GAME.
  3. DON’T CARRY UNNECESSARY BURDEN ON YOUR SHOULDER.
  4. IT’S GREAT TO BE CLICKED. PHOTOS NEVER LIE.
  5. ANYTHING WHICH GIVES YOU VALUE (MONEY) TO YOU IS कड़वी IN STARTING.
  6. SHARE AND SPREAD SMILE FLU.

 

Clarification regarding Corporate Social Responsibility under New Companies act 2013


AGeneral Circular No. 21/2014

No. 05/01/2014- CSR

Government of India

Ministry of Corporate Affairs

 

5th Floor, ‘A’ Wing,

Shastri Bhawan, Dr. R. P. Marg

New Delhi – 110 001  Dated: 18th June, 2014

 

To,

All Regional Director,

All Registrar of Companies,

All Stakeholders

 

Subject: – Clarifications with regard to provisions of Corporate Social Responsibility under section 135 of the Companies Act, 2013. 

Sir,

This Ministry has received several references and representation from stakeholders seeking clarifications on the provisions under Section 135 of the Companies Act, 2013 (herein after referred as ‘the Act’) and the Companies (Corporate Social Responsibility Policy) Rules, 2014, as well as activities to be undertaken as per Schedule VII of the Companies Act, 2013.

Clarifications with respect to representations received in the Ministry on Corporate Social

Responsibility (herein after referred as (‘CSR’) are as under:-

(i) The statutory provision and provisions of CSR Rules, 2014, is to ensure that while activities undertaken in pursuance of the CSR policy must be relatable to Schedule VII of the Companies Act 2013, the entries in the said Schedule VII must be interpreted liberally so as to capture the essence of the subjects enumerated in the said Schedule. The items enlisted in the amended Schedule VII of the Act, are broad-based and are intended to cover a wide range of activities as illustratively mentioned in the Annexure.

 

Contd….

 

-2-

 

(ii)           It is further clarified that CSR activities should be undertaken by the companies in project/ programme mode [as referred in Rule 4 (1) of Companies CSR Rules, 2014].  One-off events such as marathons/ awards/ charitable contribution/ advertisement/ sponsorships of TV programmes etc. would not be qualified as part of CSR expenditure.

 

(iii)          Expenses incurred by companies for the fulfillment of any Act/ Statute of regulations (such as Labour Laws, Land Acquisition Act etc.) would not count as CSR expenditure under the Companies Act.

 

(iv)         Salaries paid by the companies to regular CSR staff as well as to volunteers of the companies (in proportion to company’s time/hours spent specifically on CSR) can be factored into CSR project cost as part of the CSR expenditure.

 

(v)          “Any financial year” referred under Sub-Section (1) of Section 135 of the Act read with Rule 3(2) of Companies CSR Rule, 2014, implies ‘any of the three preceding financial years’.

 

(vi)         Expenditure incurred by Foreign Holding Company for CSR activities in India will qualify as CSR spend of the Indian subsidiary if, the CSR expenditures are routed through Indian subsidiaries and if the Indian subsidiary is required to do so as per section 135 of the Act.

 

(vii)        ‘Registered Trust’ (as referred in Rule 4(2) of the Companies CSR Rules, 2014) would include Trusts registered under Income Tax Act 1956, for those States where registration of Trust is not mandatory.

 

Contd….

 

 

 

 

-3-

 

 

(viii) Contribution to Corpus of a Trust/ society/ section 8 companies etc. will qualify as CSR expenditure as long as (a) the Trust/ society/ section 8 companies etc. is created exclusively for undertaking CSR activities or (b) where the corpus is created exclusively for a purpose directly relatable to a subject covered in Schedule VII of the Act.

 

2. This issues with the approval of Competent Authority.

 

Yours faithfully,

 

                                                                                                                     Sd/-

(Seema Rath)

Assistant Director (CSR)  Phone No. 23389622 Copy to:

  1. PSO to Secretary
  2. PPS to Additional Secretary
  3. PS to DG (IICA)/JS (M) /JS(B)/JS(SP)/DII (UCN)/EA/DII(POLICY)
  4. DIR (AK)/DIR (AB)/DIR(NC)/DIR(PS)
  5. e-Governance Cell for uploading on website of MCA

 

 

 

 

 

 

Annexure referred to at para (i) of General Circular No. 21/2014 dated 18.06.2014

SI.

No.

Additional items requested to be included in

Schedule VII or to be clarified as already being covered under Schedule VII of the Act

Whether covered under Schedule VII of the

Act

 

1.

 

Promotion of   Road Safety through CSR:

 

 

  (i)            (a)   Promotions of Education, “Educating the Masses and Promotion of Road Safety awareness in all facets of road usage,

 

(b)  Drivers’ training,

 

 

(c)  Training to enforcement personnel,

 

 

(d)  Safety traffic engineering and awareness through print, audio and visual media” should be included.

 

(ii)           Social Business Projects :

“giving medical and Legal aid, treatment to road accident victims” should be included.

(a)  Schedule VII (ii) under “promoting education”.

 

 

 

(b)  For drivers training etc. Schedule VII (ii) under “vocational skills”.

 

(c)  It is establishment functions of Government (cannot be covered).

 

(d)  Schedule VII (ii) under “promoting education”.

 

 

(ii) Schedule VII (i) under ‘promoting health care including preventive health care.’

 

 

2.

Provisions for aids and appliances to the differently- able persons – ‘Request for inclusion

 

Schedule VII (i) under ‘promoting health care including preventive health care.’

 

 

3.

 

The company contemplates of setting up ARTIIC (Applied Research Training and

Innovation Centre) at Nasik.  Centre will cover the following aspects as CSR initiatives for the benefit of the predominately rural farming community:

 

(a)  Capacity building for farmers covering best sustainable farm management practices.

 

(b)  Training Agriculture Labour on skill development.

 

 

Item no. (ii) of Schedule VII under the head of

“promoting education” and “vocational skills” and “rural development”.

 

 

 

(a)  “Vocational skill” livelihood enhancement projects.

 

 

(b)  “Vocational skill”

 

 

  (c)  Doing our own research on the field for individual crops to find out the most cost optimum and Agri – ecological sustainable farm practices.  (Applied research) with a focus on water management.

 

(d)  To do Product Life Cycle analysis from the soil conservation point of view.

(c)  ‘Ecological balance’, ‘maintaining quality of soil, air and water’.

 

 

 

 

 

(d)  “Conservation of natural resource” and ‘maintaining quality of soil, air and water’.

 

 

4.

 

To make “Consumer Protection Services” eligible under CSR. (Reference received by Dr. V.G. Patel, Chairman of Consumer Education and Research Centre).

(i)         Providing effective          consumer grievance redressal mechanism.

 
  (ii)           Protecting consumer’s health and safety,             sustainable      consumption, consumer        service,           support             and complaint resolution.

(iii)          Consumer protection activities.

(iv)         Consumer Rights to be mandated.

(v)          all consumer protection programs and

activities” on the same lines as Rural Development, Education etc.

Consumer education and awareness can be covered under Schedule VII (ii) “promoting education”.
   

a) Donations to IIM [A] for conservation of buildings and renovation of classrooms would qualify as “promoting education” and

 

 

 

 

  hence eligible for compliance of companies with Corporate Social

 

b) Donations to IIMA for conservation of buildings and renovation of classrooms would qualify as “protection of national heritage, art and culture, including restoration of buildings and sites of historical importance” and hence eligible for compliance of companies with CSR.

 

Conservation and renovation of school buildings and classrooms relates to CSR activities under Schedule VII as “promoting education”.

 

 

   

Non Academic Technopark within an academic Institution but approved and

supported by Department Technology.

 

 

 TBI

of

not

Science

located and  

Schedule VII (ii) under “promoting education”, if approved by Department of Science and Technology.

 

   

Disaster Relief

 

       

Disaster relief can cover wide range of activities that can be appropriately shown under various items listed in Schedule VII.  For example,

(i)            medical aid can be covered under

‘promoting health care including

preventive health care.’

 

(ii)           food supply can be covered under eradicating hunger, poverty and malnutrition.

 

(iii)          supply of clean water can be covered under         ‘sanitation        and       making available safe drinking water’.

 

   

Trauma care around highways in case of road accidents.

 

Under ‘health care’.

   

Clarity on “rural development projects”

 

 

Any project meant for the development of rural India will be covered under this.

   

Supplementing of Govt. schemes like mid-day meal by corporates through additional nutrition would qualify under Schedule VII.

 

Yes.  Under Schedule VII, item no. (i) under ‘poverty and malnutrition’.

   

Research and Studies in the areas specified in Schedule VII.

 

 

 

Yes, under the respective areas of items defined in Schedule VII.  Otherwise under ‘promoting education’.

   

Capacity building of government officials and elected representatives – both in the area of PPPs and urban infrastructure.

 
 

 

 

 

Sustainable urban development and urban public transport systems

 

 

Not covered.

 

 

 

Enabling access to, or improving the delivery of, public health systems be considered under the head “preventive healthcare” or “measures for reducing inequalities faced by socially & economically backward groups”?

 

Can be covered under both the heads of “healthcare” or “measures for reducing inequalities faced by socially & economically backward groups”, depending on the context.

 

 

 

Likewise, could slum re-development or EWS

 

 

 

  housing be covered under “measures for reducing inequalities faced by socially & economically backward groups”?
 

 

 

Renewable energy projects

 

Under ‘Environmental sustainability, ecological balance and conservation of natural resources’,

 

 

 

(i)         Are the initiatives mentioned in

 

 

 

  Schedule VII exhaustive?

 

(ii) In case a company wants to undertake initiatives for the beneficiaries mentioned in Schedule VII, but the activity is not included in Schedule VII, then will it count (as per 2(c)(ii) of the Final Rules, they will count)?

(i) & (ii) Schedule VII is to be liberally interpreted so as to capture the essence of subjects enumerated in the schedule.

 

 

 

 

 

 

US-India Physicians Exchange Program – broadly speaking, this would be program that provides for the professional exchange of physicians between India and the United States.

 

 

 

****************************

 

 

 

 

 

Marrying a Chartered Accountant : FUN STORY


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   Marrying a Chartered Accountant 

When I told my mom that I wanted a professional woman as my wife, she got me one; a Chartered Accountant.

She uses LIFO method while taking out the refrigerated food.

She thinks I am no good at figure work. Fine with me, for now she handles the budget of the house.

Initially she used to send me a bill at the month end, but when I told her that I am not her client but her husband, she asks for the money in advance.

The expenses had been rising steadily over the months, so one day I snooped into the papers maintained in a current file.

No wonder! She was charging conveyance and overtime to the house budget. She is crazy, I tell her but she corrects me.

“No my darling, I am the auditor.”

I fail to see the light. Every scrap of the paper in our house is filed.

She tells me as per some Ordinance she must keep a copy of every thing for at least ten years before destroying it.

I am worried. The other day we had an hour-long fight. Later, I got to know that she had charged that hour to a client of hers, in the time sheet. My time was put down as unoccupied.

She says that she loves me and I tell her that I love her too. However, she never believes me.

She says that there is susceptibility of it being a misstatement. Duh! She wants my representation on this & Expert opinion of some Expert!

Not a long time back my brother’s wedding was to be solemnized. Wedding cards had been sent. After some time I started receiving a steady trickle of letters.

I was puzzled until my wife explained that external evidence was more reliable.

She had called for confirmations from all those to whom cards were sent. When she cooks, my wife at times does not go by recipe.

Where the recipe says add half-teaspoon vinegar, one tsp black salt or one teacup of water, she ignores them.

She says that they are not material when taken in context of whole meal being prepared. She is crazy, I tell you.
Charteredbook
Surprisingly everybody calls her an auditor, instead. I checked the dictionary and it did not state that auditor is a synonym for crazy.

The dictionary must be outdated. When we got married, she had given me an Engagement Letter and I Had said how cute-how sweet.

Now she gives it to me every year saying that her standards state that it must be sent anew if there is any indication that I have misunderstood the objective and scope of engagement.

Huh! Apart from sending me the engagement letter once again she says I can’t get rid off her just like that.

She says that she has the right of being heard before I appoint some one else.

It seems I must keep reading one local and another English newspaper published and circulated in the vicinity of our house for more details.

Phew! For a minute, I thought that we had jeopardized our going concern status.

Duh! Dare I say so?? I am told by one of my female colleagues who is married to a CA that the scenario is even worse when the guy is a CA.

Apparently he capitalised the wedding expenses as preliminary expenses and is writing it off every year.

Also the time he spent dating his wife before marrying her is still under consideration for valuation under AS-26…valuation of intangible assets.

So guys please think twice….should u really marry a CA? And yes please discount it by the appropriate rate to arrive at the present value of the risk of doing so !!!

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FOR CA'S AND CA STUDENTS

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