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The Institute of Chartered Accountants of India (ICAI) has taken a significant step towards aligning its education and training programs with international standards and the National Education Policy, 2020 (NEP). After thorough consideration of inputs from stakeholders, ICAI has formulated the New Scheme of Education and Training, which will come into effect from July 1, 2023. This announcement, published in the Gazette of India on June 22, 2023, marks a pivotal moment for the accounting profession in India.

Under the New Scheme of Education and Training, aspiring chartered accountants will be equipped with the necessary knowledge and skills to thrive in a rapidly evolving global landscape. The scheme’s comprehensive approach aims to foster excellence, professionalism, and adaptability among future accountants.

Key dates for the implementation of the New Scheme of Education and Training are as follows:

Last date for Registration in Foundation under Existing Scheme: July 1, 2023
Last date for Registration in Intermediate and Final Courses under Existing Scheme: June 30, 2023
Date of commencement of Registration and Conversion in Foundation Course under New Scheme: August 2, 2023
Date of commencement of Registration and Conversion in Intermediate and Final Courses under New Scheme: July 1, 2023
First Foundation Examination under New Scheme: June 2024
First Intermediate and Final Examination under New Scheme: May 2024
Last Foundation Examination under Existing Scheme: December 2023
Last Intermediate and Final Examination under Existing Scheme: November 2023
Last date of commencement of three years of Practical Training: June 30, 2023
Date of commencement of two years of uninterrupted Practical Training: July 1, 2023

On July 1, 2023, the detailed syllabus, transition scheme, and Frequently Asked Questions (FAQs) will be made available. Additionally, the paper-wise exemption plan will be announced in due course, providing further clarity for students transitioning to the New Scheme of Education and Training.

This transformative development by ICAI signifies a commitment to excellence, professional growth, and global standards within the accounting profession.