Institute of Chartered Accountants of Indias (ICAI) new scheme of Chartered Accounts curriculum, which was launched in September 2006, has received a good response from the students.
A total of 27,565 students appeared for the Common Proficiency Test (CPT) held on November 12 this year. The examination was held at 160 centres across India and in Dubai and Kathmandu outside the country. The pass percentage was 66.55 with 18,345 students clearing the exam.
Students can enroll for the CPT which is a simplified entry to the chartered accountancy profession after passing 10th standard and can prepare for it as they pursue 11th and 12th standard studies.
They can however appear for CPT only after they appear for 12th standard examination, T N Manoharan, president of Institute of Chartered Accountant of India said.
ICAIs new scheme has reduced the duration of the course from five years to four years. Under the scheme a new objective type test, Common Proficiency Test, has replaced the existing professional education (course-I)
The institute has also decided to promote Extensible Business Reporting Language (XBRL) in India. XBRL is a language which provides a uniform reporting format for business and financial data.
It will facilitate the measurement of the financial result in a uniform manner. ICAI will constitute a sub group to develop taxanomy which is a dictionary of financial terms to promote XBRL in the country.
It will work with Sebi, the government and other regulators to promote this language, Manoharan said. XBRL international has 450 members. Korean, Australian, Canadian and UK chartered accountants institutes are members of this body.
While speaking about the institutes other initiatives, Manoharan said ICAI is formulating standards for urban local bodies and it has offered its support to the ministry of urban development in developing Standardised Service Level Benchmarks (SSLBS) for various municipal services.