CHENNAI: The Ministry of Company Affairs has approved the new four-year curriculum for chartered accountancy, while the approval of the Ministry of Law is awaited, said president of the Institute of Chartered Accountants of India T.N. Manoharan.

The advantage the new curriculum has over the existing five years and three months course is that besides reduced duration, periodical Common Proficiency Tests (CPT) would be held to attract bright students. There would be a blend of theoretical education and practical training. Further, the period of compulsory information technology training would come down to 100 hours from the present 250 hours. General management and communication skills would be completed even during articleship training.

International education trends

Mr. Manoharan told presspersons here on Monday that the introduction of the proposed new curriculum was part of the Institute's efforts to constantly update the syllabus so that students would be in tune with international education trends, government, business and societal demand.

As per the proposed new scheme, registration for CPT could be done anytime after passing standard X and preparation for the CPT could go on even when students were in standards XI and XII. The CPT would be held once in three months throughout the country. The first test is expected to be held in November.

To ensure a smooth transition, several steps have been proposed.

As regards the career prospects for chartered accountants, in a recent campus interview freshers got jobs with a salary of up to Rs.12 lakh per annum. About 7500 candidates qualify as chartered accountants every year. However, the demand for chartered accountants was more than the supply.

Mr. Manoharan said the Institute would provide space and infrastructure at its five regional centres and 106 branches across the country from July to enable the income tax department set up help centres for the benefit of assessees.

Certified filing centres

Under the E-Governance scheme of the Ministry of Company Affairs, offices of chartered accountants became qualified to function as certified filing centres. The accountants would assist in e-filing of documents under company law.

Mr. Manoharan said Tamil Nadu was one the States where Value-Added Tax (VAT) had not been implemented. The institute hoped that the system would be introduced in Tamil Nadu soon.

For the benefit of trade, a guidance note on VAT accounts had been brought out.

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