Requirements to become a Chartered Accountant

Requirements to become a Chartered Accountant:
1. Through CPT route:
(i) Enrol with the Institute for Common Proficiency Course (CPC) after passing class 10th
examination conducted by an examining body constituted by law in
India or an
examination recognized by the Central Government as equivalent thereto.
(ii) Appear in CPT examination after appearing in the Senior Secondary Examination (10+2
examination) conducted by an examining body constituted by law in India or an
examination recognised by the Central Government as equivalent thereto and after
completion of specified period (60 days) from the date of registration for CPC with the

International Financial Reporting Standards

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.
IFRS began as an attempt to harmonise accounting across the European Union but the value of harmonisation quickly made the concept attractive around the world. They are sometimes still called by the

List of Indian Accounting Standards

List of Indian Accounting Standards

The following are the mandatory Accounting Standards (AS) as on July 1, 2012 as listed on the site of The Institute of Chartered Accountants of India (ICAI) -
'*AS 1 Disclosure of Accounting policies"
*AS 2 Valuation of Inventories
*AS 3 Cash Flow Statement
*AS 4 Contingencies and Events Occurring after the Balance Sheet Date
*AS 5 Net Profit or Loss for the period,Prior Period Items and Changes in Accounting Policies
* AS 6 Depreciation Accounting
*AS 7 Construction Contracts (revised 2002)'''

Indian Accounting Standards

Indian Accounting Standards, (abbreviated as india AS) are a set of accounting standards notified by the Ministry of Corporate Affairswhich are converged with International Financial Reporting Standards (IFRS). These accounting standards are formulated by Accounting Standards Board of Institute of Chartered Accountants of India. Now India will have two sets of accounting standards viz. existing accounting standards under Companies (Accounting Standard) Rules, 2006 and IFRS converged Indian Accounting Standards(Ind AS). The Ind AS are named and numbered in the same way as the corresponding IFRS. NACAS recommend these standards to the Ministry of Corporate Affairs. The Ministry of Corporate Affairs has to spell out the accounting standards applicable for companies in India. As on date the Ministry of Corporate

Accounting - Introduction

Accountancy or accounting is the system of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account (ledger) to which debit and credit entries (recognizing transactions) are chronologically posted to record changes in value. Such financial information is primarily used by lenders, managers, investors, tax authorities and other decision makers to make resource allocation decisions between and within companies, organizations, and public agencies. Accounting has been defined by the AICPA as " The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof."

Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarised, interpreted, and communicated; for public companies, this information is generally publicly-accessible. By contrast management accounting information is used within an organization and is usually confidential and accessible only to a small group, mostly decision-makers. Open-book Accounting aims to improve accounting transparency. Tax Accounting is the