The Institute of Chartered Accountants of India (ICAI) has brought forward significant announcements on the 24th of August, 2023. These focus on the exemption(s) from appearing in specific papers or entire groups of the Chartered Accountancy Examinations under their newly implemented Scheme of Education and Training, set to take effect from May 2024.
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ICAI’s New Scheme of Education and Training
The New Scheme of Education and Training by ICAI came into play on 1st July 2023. The examinations under this scheme, at both Intermediate and Final levels, are scheduled to commence from May 2024.
Exemptions Under New Scheme for CA Final & Intermediate Examination
The Council of the Institute has made some decisions regarding the exemptions under the New Syllabus:
1. CA Final Examination:
- Paper-wise Exemption Based on Performance: Candidates who have achieved a score of sixty percent or more in a paper or papers from the Old/Existing Scheme can continue to enjoy their exemption for the corresponding paper(s) in the New Scheme. This exemption will be based on the existing criteria for awarding exemptions.
- Examination Details: If a candidate has cleared only one of the two groups under the Existing Scheme, they will be eligible for an exemption in that particular group. However, they must appear and clear the remaining group or paper(s) to pass the Final Examination under the New Scheme.
- Note on Self-Paced Online Modules: Final course students set to appear for the May 2024 Examination under the New Scheme must complete Self-Paced Online Modules after passing, but before applying for membership. Yet, students shifting from the Final Old Scheme to the Final New Scheme are relieved from taking the Self-Paced Online Module SET C and SET D.
2. CA Intermediate Examination:
- Paper-wise Exemption Based on Performance: Similar to the Final Examination, candidates who’ve scored sixty percent or more in certain papers of the Old/Existing Scheme are granted an exemption for the corresponding paper(s) under the New Scheme.
- Examination Details: The Council has introduced the “Unit” Scheme for candidates who had cleared one of the Groups under previous Intermediate Examinations. These candidates can now complete the Intermediate Course (New) Syllabus as per the latest guidelines.
Full Text of the ICAI Announcement is as below:-
THE INSTITUTE CHARTERED ACCOUNTANTS OF INDIA
ANNOUNCEMENT
24th August 2023
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 from 1st July 2023. The examination at Intermediate and Final levels under 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 existing students for papers passed by them under the Old/Existing Scheme as follows: –
I. Final Examination:
(i) Paper-wise exemption on 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) under Existing 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 and Professional Ethics |
| Paper 4: Corporate and Economic Laws | Self-Paced Online Module SET A: Corporate and Economic Laws |
| Paper 5: Strategic Cost Management and Performance Evaluation | Self-Paced Online Module SET B: Strategic Cost & Performance Management |
| 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 Laws | Paper 5: Indirect Tax Laws |
(ii) Details of papers/ group in which candidates are required to appear and pass in Final Examination 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 Scheme as given below:
|
Group passed under Existing Scheme |
Papers passed under Existing Scheme |
Corresponding exemption under New Scheme | Papers required to be passed under New 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 Professional Ethics | ||
| Paper 4: Corporate and Economic Laws | Self-Paced Online Module 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 Laws | Paper 5: Indirect Tax Laws |
* Final Course Students appearing in May 2024 Examination under New Scheme may qualify Self-Paced Online Modules, as applicable, after passing May 2024 Examination but before applying for membership. Thereafter, the candidate would be eligible for 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.
II. Intermediate Examination:
(i) Paper-wise exemption on the basis of securing sixty 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) under Existing Scheme | Corresponding paper(s) under New Scheme |
| Paper 1: Accounting | Paper 1: Advanced Accounting |
| Paper 2: Corporate and Other Laws | Paper 2: Corporate and Other Laws |
| 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 |
(ii) 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:
Details ofpaper/unit/group
|
Papers passed
|
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 |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance ManagementSET C:Specialization (elective)andSET D: Multi-
|
|
Group I Paper 3: TaxationGroup II Paper 4: Cost and Management AccountingGroup II Paper 6: Financial Management and Strategic Management |
||||||
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 Education Examination–II or Professional Competence Examination and subsequently passedUnit 6 in Integrated Professional Competence Examination/ |
Paper 1: Advanced Accounting/ Accounting |
Group I Paper 1: Advanced Accounting |
Unit 1A |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance ManagementSET C:Specialization (elective) |
|
Group I Paper 3: TaxationGroup II Paper 4: Cost and Management Accounting |
||||||
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 |
andSET D: Multi-
|
||||
Paper 7: Information Technology and Strategic Management |
Group II Paper 6: Financial Management and Strategic Management |
|||||
IIB |
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 and subsequently passedUnit 6A in Intermediate Examination |
Paper 1: Advanced Accounting/ Accounting |
Group I Paper 1: Advanced Accounting |
Unit 1A |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance Managementeither of
|
|
Group I Paper 3: TaxationGroup II Paper 4: Cost and Management Accounting |
||||||
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:
|
Group II Paper 6: Financial Management and Strategic Management |
|||||
Paper 8: Financial Management & Economics for Finance |
||||||
III |
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 and subsequently passedUnit 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 |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance ManagementSET C:Specialization (elective)andSET D: Multi-
|
|
Group II Paper 6: Financial Management and Strategic Management |
||||||
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 Paper 4: Cost and Management Accounting |
|||||
Paper 4: Taxation |
Group I Paper 3: Taxation |
|||||
IV |
Group-II passed inIntermediate under Paragraph 2A of Schedule ‘B’ (i.e. November 1994 or later) or Professional Education Examination–II |
Paper 4: Cost |
Group II Paper 4: |
Unit 2 |
SET A: Corporate |
|
Accounting/ Cost Accounting and Financial Management |
Cost and Management Accounting |
Group I Paper 1: Advanced AccountingGroup I Paper 2: Corporate and Other LawsGroup II Paper 5: Auditing & EthicsGroup II Paper 6: Financial Management and Strategic Management |
and Economic
|
|||
Paper 5: Income Tax and Central Sales Tax |
||||||
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 Paper 4: Cost and Management Accounting |
Unit 2A |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance ManagementSET C:Specialization (elective)andSET D: Multi-
|
|
Group I Paper 1: Advanced AccountingGroup I Paper 2: Corporate and Other LawsGroup II Paper 5: Auditing and Ethics |
||||||
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 Education Examination–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 Paper 4: Cost and Management Accounting |
Unit 2B |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance Managementeither of
|
|
Group I Paper 2: Corporate and Other LawsGroup II Paper 6: Financial Management and Strategic Management |
||||||
Paper 5: Income Tax 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 passedUnit 5/5A in Integrated Professional Competence Examination/ Intermediate (Integrated Professional Competence) Examination/ Intermediate Examination |
Paper 4: Cost Accounting and Financial Management |
Group II Paper 4: Cost and Management Accounting |
Unit 2C |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance ManagementSET C:Specialization (elective)andSET D: Multi-
|
|
Group I Paper 2: Corporate and Other Laws |
||||||
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 Paper 1: 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 Education Examination–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 Paper 4: Cost and Management Accounting |
Unit 2D |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance Managementeither of
|
|
Group II Paper 5: Auditing and EthicsGroup II Paper 6: Financial Management and Strategic Management |
||||||
Paper 5: Income Tax and Central Sales Tax |
Group I Paper 3: Taxation |
|||||
Paper 6: Organisation & Management and Fundamentals of Electronic Data Processing/ Information Technology |
||||||
Paper 1:
|
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 Paper 4: Cost and Management Accounting |
Unit 2E |
SET A: Corporate and Economic LawsSET B: Strategic |
|
Group II Paper 5: Auditing and Ethics |
||||||
Professional Competence Examination/ Intermediate (Integrated Professional Competence) Examination/ Intermediate Examination |
Paper 5: Taxation |
Group I Paper 3: Taxation |
Cost &Performance ManagementSET C:Specialization (elective)andSET D: Multi-
|
|||
Paper 6: Information Technology and Strategic Management |
Group II Paper 6: Financial Management and Strategic Management |
|||||
Paper 1:
|
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 in Integrated Professional Competence Examination/ Intermediate (Integrated Professional Competence) Examination/ Intermediate Examination |
Paper 1:
|
Group I Paper 1: Advanced Accounting |
Unit 2D |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance ManagementSET C:Specialization (elective)andSET D: Multi-
|
|
Group II Paper 5: Auditing and EthicsGroup II Paper 6: Financial Management and Strategic Management |
||||||
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 Paper 4: 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 Paper 1: Advanced Accounting |
Unit 3 |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance ManagementSET C:Specialization (elective)andSET D: Multi-
|
|
Group I Paper 2: Corporate and Other LawsGroup I Paper 3: TaxationGroup II Paper 4: Cost and Management Accounting |
||||||
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 passed in
|
Paper 5: Advanced Accounting |
Group I Paper 1: Advanced Accounting |
Unit 3Group I Paper 2: Corporate andOther LawsGroup I Paper 3: TaxationGroup II Paper 4: Cost and Management Accounting |
SET A: Corporate and Economic LawsSET B: Strategic Cost & Performance Managementeither of SET C: Specialization (elective) or SET D: Multi-disciplinary (elective) |
|
Paper 6: Auditing and Assurance |
Group II Paper 5: Auditing and Ethics |
|||||
Paper 7: Enterprise Information Systems & Strategic Management |
Group II Paper 6: Financial Management and Strategic Management |
|||||
Paper 8: Financial Management & Economics for Finance |
||||||
I have exemption in FR which I secured in nov22
and now I also secured exemption in SFM in May 24 so I just want to know is validity of exemption and exam required to be given
What papers are to be given in May 2024 group 2. If someone has already clear Group 1 of IPCC in 2018 ?
If I get exemption in paper 6d in Nov 23 do I have to write multi disciplinary paper in May 2024
What papers are to be given in May 2024. If someone has already clear Group2 of Intermediate & (Group1 NOT CLEARED).
If a student is fail in group 1 accounting and has an exemption for all other 3 subjects . Also he has passed the inter group 2. What papers would he have to reappear under the new scheme?
only advance accounting
I have cleared group 1 CA Intermediate exam in 2017 nov, completed articleship also, now in new scheme in may 2014, for group 2 CA inter should I attempt 3 papers or 2 papers that is except cost and management accounting? because I have already cleared that subect in group 1
If the person gets exemption in sfm in nov 2022 attempt then whether such exemption is unexpired for the life time?
For Nov Attempt If I am appearing CA intermediate Exam
I passed in Group 1 and i Got Exemption in both Audit and Eco + Fm So will that be called as both group pass under New Scheme?
also have same doubt, plz clear