CA Suchi Kothari
ICAI had recently conducted examination for CA students in May 2010. The question papers of Corporate law and Accountancy contained questions on topics which were specifically excluded from the syllabus by the ICAI through various announcements. Students were asked questions worth 18 marks from the topics which were not a part of the syllabus. Considering the fact that many CA students fail to get through the CA examination by just one mark, it seems to be an injustice to them if they are not given credit for the questions which were not a part of the syllabus.
A CA student from Mumbai ,who do not wish to be named, who appeared in the recently conducted CA final examination has demanded credit of 18 marks for the questions which were asked by ICAI but were out of the syllabus specified for the May 2010 CA final examination.
1. Accountancy:-
In-spite of ICAI announcement dated 29.04.2010 (Reproduced Below) by which it excluded AS-30 relating to “Recognition and measurement”. Students were asked 12 marks question on application of AS-30 relating to “Recognition and measurement”. The question is reproduced below for the reference of ICAI to decide whether it is justified in light of the above mentioned notification to ask such a question.
Question:- “Comforts Limited granted Rs.10,00,000 loan to its employees on January 1, 2009, at a concessional interest rate of 4% p.a. Loan to be repaid in five equal annual installments along with interest. Market rate of interest for such loan is 10% p.a.. Following the principles of recognition and measurement as laid down in AS – 30- “ Financial Instruments: Recognition and measurement, record the entries for the year ended 31.12.2009 for the loan transaction and also calculate the value of loan initially to be recognized and amount amortized cost for all the subsequent years. The present value of Re.1 receivable at the end of each year based on discount factor of 10% can be taken as
(12 marks)
Year end
1 0.9090
2 0.8263
3 0.7512
4 0.6829
5 0.6208
2. Corporate Laws and Allied Laws
A list has been reproduced which mentions clearly that SEBI (DIP and ICDR) Guidelines are not applicable for the May 2010 exams.
Inspite of this announcement students were asked 6 marks question on SEBI Guidelines. The question is reproduced below for ICAIs reference to decide whether it was justified in light of the above mentioned notification to ask such a question.
Section – B
Q.8- A to Z ltd an unlisted company, eligible to make a public issue, desires to get its securities listed on Mumbai Stock Exchange, Pursuant to a public issue to be made shortly. The company seeks your advice in respect of the following:
a) Whether the company can freely price its equity shares; and
b) Whether it can issue equity shares to those applicants in the firm allotment category at a price different from the price at which the equity shares are offered to the public.
Advise, keeping in view the SEBI Guidelines in this regard.
See ICAI Announcements below:-
i admit that it was little harsh for the students but still hope ICAI has its systenm of check and balances and will definitely take up remdial measures.
But as a member, may I ask the ICAI as to why it considers itself as the sole defender of standards. When It can not even ensure decent salary comparing with MBAS ( for God sake don’t compare with ICSI /ICWAI. Why our examanitation system is so sadistically interwoven and administered through a set of decades old cronies ) some of whom have retired) who wiill never change. Why not give a little breather by way of choice in question. Even as a CA let me confess that the things I don’t know are far far less than what I know. Then it is the electoral politics now accmpanied by coaching classess. long live CA standards. Parrots don’t make standards.
We have a capacity to learn that part also but due to misguidence of the Intitute we loos that marks.
Hence It is the resposibility of the ICAI to add that marks as awards to us.
Best thing would be that ICAI doesnt consider these questions n students be judged out of 88/94 marks instead of 100.
I have already mailed the board of studies and awaiting their reply..
yes……..i think the member of board of studies are not educate…..
yes,
this is really a ridiculous move by the insititute…., and the
I.C.A.I, as an apology,should give the credit of 18 marks to all the students who have tried to attempt those questions…. otherwise it would be very difficult for one who have attempted less marks to get thru the exams………
it is an professional exam so we need to be totally updated and should prepare our self for this . if i am wrong tell me at sahiljain_2000@yahoo.com
some of Us will commit su-side, or some of them leave C.A course…… future is in absolutely in dark if justice was not given. still we hope ICAI will keep all the things in favour of students.
All students C.A final
ICAI
Damn it….!
ICAI ought to support the students this time for a change.
Read more: https://www.taxguru.in/icai/injustice-with-ca-final-students.html#more-28288#ixzz0opOT8FBU
ICAI is made out of a bunch of crooks who never thinks of the student’s wellfare.
See how their error in hindi version of costing in ipcc agonised thousands of students.
They encourage students to join phony programmes from MOUs. Eg: Netaji Subhash chandra bhose univ, which is not recognised by AICTE.IGNOU, which never gives results in time.
And we all know, results are manipulated.
They hit student’s fundamaental rights to choose where to work by banning intra city transfer.
Why is the central govt sleeping?
May be CA students are no attractive votebank
This is ridiculous and non-acceptable.