The Council of the Institute of Chartered Accountants of India (ICAI) has proposed to amend the Chartered Accountants Regulations, 1988 through the Chartered Accountants (Amendment) Regulations, 2016. As a result of this amendment, the registration for the Common Proficiency Course (CPC) shall be discontinued effect from July 2017. In other words, after the commencement of registration for the Foundation Course, the CA Institute discontinue the registration for the Common Proficiency Course. Accordingly, the Council of ICAI shall discontinue holding the Common Proficiency Test (CPT) after the commencement of the CA Foundation examination.
As per the revised Scheme of Education and Training, the candidates shall be required to pass the Foundation Examination instead of Common Proficiency Test to enter into the CA Course. The candidates are required to pass the Foundation Examination as per the syllabus approved by the Council from time to time under regulation 25F.
Eligibility for Registration in CA Foundation Course
As per newly inserted Regulation 25E in the Chartered Accountants Regulations, 1988, you have to fulfil the following criteria to register yourself for the Foundation Course of ICAI. That means you will be eligible for registration in CA Foundation Course if you have:
• Appeared in 12th Class Exam :
Senior Secondary (10+2) i.e. Higher Secondary (HS) Examination conducted by an examining body constituted by law in India; or
• Appeared in 10+2 Equivalent Exam :
An examination recognized by the Central Government (CG) or the State Government (SG) as equivalent to 12th Class examination for the purpose of admission to graduation course.
Paper 1: Principles and Practices of Accounting (Two Hours- 100 Marks)
Paper 2: Business Mathematics and Logical Reasoning & Statistics (Two Hours- 100 Marks)
Part I: Business Mathematics and Logical Reasoning (60 Marks)
Part II: Statistics (40 Marks)
Paper 3: Mercantile Law & General English (Two Hours- 100 Marks)
Part I: Mercantile Law (60 Marks)
Part II: General English (40 Marks)
Paper 4: Business Economics & Business and Commercial Knowledge (Two Hours- 100 Marks)
Part I: Business Economics (60 Marks)
Part II: Business and Commercial Knowledge (40 Marks)
Note: Paper-3 and Paper-4 will be Objective type papers.
Eligibility for Admission to the CA foundation Examination: In accordance with the newly inserted Regulation 25F, the following candidates shall be eligible for admission to the CA Foundation Examination to be conducted by the CA Institute.
1. Register with ICAI: You have to register with the Board of Studies (BOS) of the Institute of Chartered Accountants of India on or before the following last date:
1. For May term of CA Foundation Exam: 31st day of December Last Year.
2. For December term of CA Foundation Exam: 30th day of June of Current Year.
In other words, the last date to register with ICAI for eligible to appear in the CA Foundation Examination to be held in the months of November or May is 30th day of June or 31st day of December respectively.
2. Class XII Passed Candidates: You have passed the Senior Secondary (10+2) examination conducted by an examining body constituted by law in India or an examination recognised by the Central Government or the State Government as equivalent thereto for the purpose of admission to graduation course.
The requirement for passing CA Foundation Examination: According to newly inserted Regulation 36B, a candidate for the CA Foundation Examination shall ordinarily be declared to have passed the examination if the candidate:
1. Obtains at one sitting a minimum of forty per cent. (40%) marks in each paper;
2. A minimum of fifty per cent. (50%) marks in the aggregate of all the papers.
Note: that the Council of CA Institute has approved the criteria of negative marking for Papers 3 & 4 only and not for subjective papers i.e. 1 & 2.