ICAI Exemption Criteria for May 2024 New Course

ICAI Exemption Criteria for May 2024 New Course

ICAI Issued a detailed announcement for New course exemption criteria for existing students (Students registered under the old course)

 

Exemption(s) from appearing in paper(s) or Group of Chartered Accountancy Examinations under the New Scheme of Education and Training w.e.f. May 2024 Examination

New Scheme of Education and Training of the Institute of Chartered Accountants of India has been implemented with effect from1st July 2023. The examination at Intermediate and Final levelsunder the New Scheme of Education and Training will be held with effect from May 2024 Examination.

The Council of the Institute has decided to grant exemptions under New Syllabus approved by it for Intermediate Examination (under sub-regulation (4) of regulation 28G of the Chartered Accountants Regulations, 1988) and for Final Examination (under clause (v) of regulation 31 of the Chartered Accountants Regulations, 1988) to existingstudents for papers passed by them under the Old/Existing Scheme as follows: -

  1. Final Examination:
  1. Paper-wise exemptionon the basis of securing sixty per cent or more marks:

 

The Council decided (under sub-regulation (5) of regulation 38D of the Chartered Accountants Regulations, 1988) to continue to award exemption in a paper or papers to a candidate, granted earlier under Old/Existing Scheme (by virtue of having secured a minimum of sixty percent marks in one or more papers in a Group/s as per the existing criteria for grant of exemption), for the unexpired chance(s) of the exemption in the corresponding paper(s) approved by the Council under New Scheme as given below:

 

Paper(s) underExisting Scheme

Corresponding paper(s) under New Scheme

Paper 1: Financial Reporting

Paper 1: Financial Reporting

Paper 2: Strategic Financial Management

Paper 2: Advanced Financial Management

Paper 3: Advanced Auditing and Professional Ethics

Paper 3: Advanced Auditing, Assurance andProfessional Ethics

Paper 4: Corporate and Economic Laws

Self-PacedOnline Module SET A: Corporate and Economic Laws

Paper 5: Strategic CostManagement and 

Performance Evaluation

Self-Paced OnlineModule SET B: Strategic Cost&

 Performance Management

Paper 6: Elective Paper

Paper 6: Integrated Business Solutions

Paper 7: DirectTax Laws and International Taxation

Paper 4: DirectTax Laws & International Taxation

Paper 8: Indirect Tax Laws

Paper 5: Indirect Tax Laws

 

 

  1. Details of papers/group in which candidates are required to appear and pass in FinalExamination under New Scheme:


The Council decided that a candidate who has passed in any one but not in both the groups of the Final Examination under Existing Scheme shall be eligible for exemption in that particular group and shall be required to appear and pass in the remaining group /paper(s) in order to pass the Final Examination under New Schemeas given below:

 

Group passed under Existing Scheme

Papers passed under Existing SchemeCorresponding exemption under New SchemePapers required to be passed underNew Scheme

Group-I

Paper 1: Financial Reporting

Paper 1: Financial Reporting

Paper 4: Direct Tax Laws & 

International Taxation

Paper 5: Indirect Tax Laws

Paper 6: Integrated Business Solutions

Self-Paced Online Module 

SET B: Strategic Cost & Performance Management*

Paper 2: Strategic Financial 

Management

Paper 2: Advanced Financial 

Management

Paper 3: Advanced Auditing 

and Professional Ethics

Paper 3: Advanced Auditing, Assurance 

and ProfessionalEthics

Paper 4: Corporate and Economic Laws

Self-Paced OnlineModule 

SET A: Corporate and Economic Laws

Group-II

Paper 5: Strategic Cost Management 

and Performance Evaluation

Self-Paced Online Module SET B: 

Strategic Cost & Performance Management

Paper 1: Financial Reporting

Paper 2: Advanced Financial Management

Paper 3: Advanced Auditing, Assurance 

and Professional Ethics

Self Paced Online Module 

SET A: Corporate and Economic Laws*

Paper 6: Elective Paper

Paper 6: Integrated Business Solutions

Paper 7: Direct Tax Laws 

and International Taxation

Paper 4: Direct Tax Laws & 

International Taxation

Paper 8: Indirect Tax LawsPaper 5: Indirect Tax Laws

 

* Final Course Students appearingin May 2024 Examination underNew Scheme may qualify Self-Paced Online Modules, as applicable, after passing May 2024 Examination but before applying for membership. Thereafter, the candidate would be eligiblefor subsequent examination only after qualifying Self-Paced Online Modules,as applicable.

Students who have appeared in Final Old/ Existing Scheme and converting to Final New Scheme are exempted from appearance in Self-Paced Online Module SET C and SET D.

 

  1. Intermediate Examination:

 

  1. Paper-wise exemptionon the basis of securingsixty per cent or more marks:

 

The Council decided (under sub-regulation (7) of regulation 37D of the Chartered Accountants Regulations, 1988) to continue to award exemption in a paper or papers to a candidate, granted earlier under Old/Existing Scheme (by virtue of having secured a minimum of sixty percent marks in one or more papers in a Group/s as per the existing criteria for grant of exemption), for the unexpired chance(s) of the exemption in the corresponding paper(s) approved by the Council under New Scheme as given below:

 

Paper(s) underExisting Scheme

Corresponding paper(s) under New Scheme

Paper 1: Accounting

Paper 1: Advanced Accounting

Paper 2: Corporate and OtherLaws

Paper 2: Corporate and OtherLaws

Paper 3: Cost and Management Accounting

Paper 4: Cost and Management Accounting

 

 

Paper 4: Taxation

Paper 3: Taxation

Paper 5: Advanced Accounting

Paper 1: Advanced Accounting

Paper 6: Auditing and Assurance

Paper 5: Auditing and Ethics

Paper 7: Enterprise Information Systems & Strategic Management

Paper 6: Financial Management and Strategic Management

Paper 8: Financial Management & Economics for Finance

Paper 6: Financial Management and Strategic Management

 

  1. Details of paper/unit/group in which candidates are required to appear and pass in Intermediate Examination under New Scheme:

 

The Council also approved the “Unit” Scheme for those candidates who had completed one of the Groups under the erstwhile Intermediate Examination under the syllabus as specified in paragraph 2A of Schedule B to the Chartered Accountants Regulations, 1988 (held in November 1994 or thereafter) or Professional Education (Examination II) or Professional Competence Examination (PCE), or Intermediate (Professional Competence) Examination, or Integrated Professional Competence Examination or Intermediate (IPC) Examination or Intermediate Examination and are desirous of completing the Intermediate Course(New) Syllabus as given below:

 

Scenario

Details of paper/unit/group passed

Papers passed under Old/Existing Scheme

Corresponding exemption under New Scheme

Papers required to be passed under New Scheme at Intermediate

Self-Paced Online Modules to be passed before appearing in Final

Examination

I

Group-I passed in Intermediate under Paragraph 2A of Schedule ‘B’ (i.e. November 1994 or later) or Professional Education Examination–II or Professional Competence Examination

Paper 1: Advanced Accounting/ Accounting

Group I Paper 1: Advanced Accounting

Unit 1

 

Group I Paper 3: Taxation

 

Group II Paper4: Cost and Management Accounting

 

Group II Paper 6: Financial Management and Strategic Management

SET A: Corporate and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

SET C:

Specialization (elective)

 

and

SET D: Multi- disciplinary (elective)

Paper 2: Auditing/ Auditing and Assurance

Group II Paper 5: Auditing and Ethics

Paper 3: Corporate and Other Laws/ Business and Corporate Laws/ Law, Ethics and Communication

Group I Paper 2: Corporate and Other Laws

IIA

Group-I passed in Intermediate  under Paragraph 2A of Schedule ‘B’ (i.e.

November 1994 or later) or Professional EducationExamination–II or Professional Competence Examination and subsequently passed Unit 6 in Integrated Professional Competence

Examination/

Paper 1: Advanced Accounting/ Accounting

Group I Paper 1: Advanced Accounting

Unit 1A

 

Group I Paper3: Taxation

 

Group II Paper4: Cost and Management Accounting

SET A: Corporate and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

SET C:

Specialization (elective)

Paper 2: Auditing/ Auditing and Assurance

Group II Paper 5:Auditing and Ethics

Paper 3: Corporate and Other Laws/ Business and Corporate Laws/

Law, Ethics and

Group I Paper 2: Corporate and Other Laws

 

Intermediate (Integrated Professional Competence) Examination

Communication

 

 

and

SET D: Multi- disciplinary (elective)

Paper 7: Information Technology  and Strategic

Management

Group II Paper 6:Financial Management and Strategic

Management

IIB

Group-I passed inIntermediate under Paragraph 2A of Schedule ‘B’ (i.e.

November 1994 or later) or Professional EducationExamination–II or Professional Competence Examination and subsequently passed Unit 6A in Intermediate Examination

Paper 1: Advanced Accounting/ Accounting

Group I Paper 1: Advanced Accounting

Unit 1A

 

Group I Paper3: Taxation

 

Group II Paper4: Cost and Management Accounting

SET A: Corporate and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

either of

SET C:

Specialization (elective)

 

or

SET D: Multi- disciplinary (elective)

Paper 2: Auditing/ Auditing and Assurance

Group II Paper 5: Auditing and Ethics

Paper 3: Corporate and Other Laws/ Business and Corporate Laws/ Law, Ethics and Communication

Group I Paper 2: Corporate and Other Laws

Paper 7: Enterprise Information Systems & Strategic Management

 

 

 

 

Group II Paper 6:Financial Management and Strategic Management

Paper 8: Financial Management & Economics for Finance

III

Group-I passed inIntermediate under Paragraph 2A of Schedule ‘B’ (i.e.

November 1994 or later) or Professional EducationExamination–II or Professional Competence Examination and subsequently passed Unit 4/4A in Integrated Professional Competence Examination/ Intermediate (Integrated Professional Competence) Examination/ Intermediate Examination

Paper 1: Advanced Accounting/ Accounting

Group I Paper 1: Advanced Accounting

Unit 1B

 

Group II Paper 6: Financial Management and Strategic Management

SET A: Corporate and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

SET C:

Specialization (elective)

 

and

SET D: Multi- disciplinary (elective)

Paper 2: Auditing/ Auditing and Assurance

Group II Paper 5: Auditing and Ethics

Paper 3: Corporate and Other Laws/ Business and Corporate Laws/ Law, Ethics and Communication

Group I Paper 2: Corporate and Other Laws

Paper 3: Cost Accounting and Financial Management/Cost and Management Accounting

Group II Paper4: Cost and Management Accounting

Paper 4: Taxation

Group I Paper 3: Taxation

IV

Group-II passed in

Paper 4: Cost

Group II Paper4:

Unit 2SET A: Corporate

 

Intermediate under Paragraph 2A of Schedule ‘B’ (i.e. November 1994 or later) or Professional Education Examination–II

Accounting/ CostAccounting and Financial Management

Cost and Management Accounting

 

Group I Paper1: Advanced Accounting

 

Group I Paper2: Corporate and OtherLaws

 

Group II Paper 5: Auditing & Ethics

 

Group II Paper 6: Financial Management and Strategic Management

and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

 

either of

SET C:

Specialization (elective)

 

or

SET D: Multi- disciplinary (elective)

Paper 5: IncomeTax and Central Sales Tax

Group I Paper 3: Taxation

Paper 6: Organisation & Management and Fundamentals of Electronic Data Processing/ Information Technology

 

V

Group-II passed In Professional Competence Examination

Paper 4: Cost Accounting and Financial Management

Group II Paper4: Cost and Management Accounting

Unit 2A

 

Group I Paper1: Advanced Accounting

 

Group I Paper2: Corporate and OtherLaws

 

Group II Paper5: Auditing and Ethics

SET A: Corporate and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

SET C:

Specialization (elective)

 

and

SET D: Multi- disciplinary (elective)

Paper 5: Taxation

Group I Paper 3: Taxation

Paper 6: Information Technology  and Strategic Management

Group II Paper 6:Financial Management and Strategic Management

VI

Group-II passed in Intermediate under Paragraph 2A of Schedule ‘B’ (i.e.

November 1994 or later) or Professional EducationExamination–II and subsequently passedUnit 5/5A in Integrated Professional Competence Examination/ Intermediate (Integrated Professional Competence) Examination/ Intermediate Examination

Paper 4: Cost Accounting/ Cost Accounting and Financial Management

Group II Paper4: Cost and Management Accounting

Unit 2B

 

Group I Paper2: Corporate and OtherLaws

 

Group II Paper 6: Financial Management and Strategic Management

SET A: Corporate and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

 

either of

SET C:

Specialization (elective)

 

or

SET D: Multi- disciplinary (elective)

Paper 5: IncomeTax and Central Sales Tax

Group I Paper 3: Taxation

Paper 6: Organisation & Management and Fundamentals of Electronic Data Processing/ Information Technology

 

Paper 5: Advanced Accounting

Group I Paper 1: Advanced Accounting

 

 

Paper 6: Auditing and Assurance

Group II Paper 5: Auditing and

Ethics

 

 

VII

Group-II passed in Professional Competence Examination and subsequently passed Unit 5/5A in Integrated Professional Competence Examination/ Intermediate (Integrated Professional Competence) Examination/ Intermediate Examination

Paper 4: Cost Accounting  and Financial Management

Group II Paper4: Cost and Management Accounting

Unit 2C

 

Group I Paper2: Corporate and OtherLaws

SET A: Corporate and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

SET C:

Specialization (elective)

 

and

SET D: Multi- disciplinary (elective)

Paper 5: Taxation

Group I Paper 3: Taxation

Paper 6: Information Technology  and Strategic Management

Group II Paper 6:Financial Management and Strategic Management

Paper 5: Advanced Accounting

Group I Paper1: Advanced Accounting

Paper 6: Auditing and Assurance

Group II Paper 5: Auditing and Ethics

 

VIII

Group-II passed in Intermediate under Paragraph 2A of Schedule ‘B’ (i.e.

November 1994 or later) or Professional EducationExamination–II and subsequently passedUnit 7/7A in Integrated Professional Competence Examination/ Intermediate (Integrated Professional Competence) Examination/ Intermediate Examination

Paper 4: Cost Accounting/ Cost Accounting and Financial Management

Group II Paper4: Cost and Management Accounting

Unit 2D

 

Group II Paper5: Auditing and Ethics

 

Group II Paper 6: Financial Management and Strategic Management

SET A: Corporate and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

 

either of

SET C:

Specialization (elective)

 

or

SET D: Multi- disciplinary (elective)

Paper 5: IncomeTax and Central Sales Tax

Group I Paper 3: Taxation

Paper 6: Organisation & Management and Fundamentals of Electronic Data Processing/ Information Technology

 

Paper 1: Accounting

Group I Paper 1: Advanced Accounting

Paper 2: Business Laws, Ethics and Communication/ Corporate and Other Laws

Group I Paper 2: Corporate and Other Laws

IX

Group-II passed in Professional Competence Examination and subsequently passed

Unit 7/7A in Integrated

Paper 4: Cost Accounting  and Financial Management

Group II Paper4: Cost and Management Accounting

Unit 2E

 

Group II Paper5: Auditing and

Ethics

SET A: Corporate and Economic Laws

 

SET B: Strategic

 

Professional Competence Examination/ Intermediate (Integrated Professional Competence) Examination/ Intermediate Examination

Paper 5: Taxation

Group I Paper 3: Taxation

 

Cost &Performance Management

 

SET C:

Specialization (elective)

 

and

SET D: Multi- disciplinary (elective)

Paper 6: Information Technology  and Strategic Management

Group II Paper 6:Financial Management and Strategic Management

Paper 1: Accounting

Group I Paper 1: Advanced Accounting

Paper 2: Business Laws, Ethics and Communication/ Corporate and

Other Laws

Group I Paper 2: Corporate and Other Laws

X

Group-I passed inIntegrated Professional Competence Examination/ Intermediate (Integrated Professional Competence) Examination/ Intermediate Examination

Paper 1: Accounting

Group I Paper 1: Advanced Accounting

Unit 2D

 

Group II Paper5: Auditing and Ethics

 

Group II Paper 6: Financial Management and Strategic Management

SET A: Corporate and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

SET C:

Specialization (elective)

 

and

SET D: Multi- disciplinary (elective)

Paper 2: Business Laws, Ethics and Communication/ Corporate and Other Laws

Group I Paper 2: Corporate and Other Laws

Paper 3: Cost Accounting and Financial Management/Cost and Management Accounting

Group II Paper4: Cost and Management Accounting

Paper 4: Taxation

Group I Paper 3: Taxation

XIA

Group-II passed in Integrated Professional Competence Examination/ Intermediate (Integrated Professional Competence) Examination

Paper 5: Advanced Accounting

Group I Paper1: Advanced Accounting

Unit 3

 

Group I Paper2: Corporate and OtherLaws

 

Group I Paper3: Taxation

 

Group II Paper 4:Cost and Management Accounting

SET A: Corporate and Economic Laws

 

SET B: Strategic Cost & Performance Management

 

SET C:

Specialization (elective)

 

and

SET D: Multi- disciplinary

(elective)

Paper 6: Auditing and Assurance

Group II Paper 5: Auditing and Ethics

Paper 7: Information Technology  and Strategic Management

Group II Paper 6:Financial Management and Strategic Management

XIB

Group-II passedin Intermediate Examination

Paper 5: Advanced Accounting

Group I Paper 1: Advanced Accounting

Unit 3

 

Group I Paper 2: Corporate and

SET A: Corporate and Economic Laws

 

 

Paper 6: Auditing and Assurance

Group II Paper 5: Auditing and Ethics

Other Laws

 

Group I Paper3: Taxation

 

Group II Paper4: Cost and Management Accounting

SET B: Strategic Cost & Performance Management

 

 

either of

SET C:

Specialization (elective)

or

SET D: Multi- disciplinary (elective)

Paper 7: Enterprise Information Systems & Strategic Management

 

 

 

Group II Paper 6:Financial Management and Strategic Management

Paper 8: Financial Management & Economics for

Finance

 

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