Board of Studies The Institute of Chartered Accountants of India ICAI – IGNOU Memorandum of Understanding Frequently Asked Questions for Special B.Com course of IGNOU majoring in Accountancy and Finance 1. What is the theme of understanding? Ans. Recognizing subjects studied in the entry level course of chartered accountancy, [ i.e. Common Proficiency Test, Professional Education ( Course-I), Foundation Course, etc. ], and subjects of study in the first stage of chartered accountancy course, [ i.e. Professional Competence Course, Professional Education ( Course-II), Intermediate, etc. ], and three years of practical training, IGNOU will launch a specialized B.Com. Course majoring in Accountancy and Finance for the students of chartered accountancy course by which exemption will be granted in certain subjects which are already studied in the first stage of chartered accountancy course. IGNOU will also launch a special M.Com course majoring in Finance and Taxation for the benefit of students who are undergoing CA Final Course or who have already qualified CA Final examination granting exemptions for the subjects studied in CA Final. 2. What is the objective of this understanding ? Ans. Recognising the expertise a students develop while undergoing education and training of chartered accountancy and focusing on value added courses befitting for the chartered accountancy students. By this understanding study of the same or similar subjects can be avoided which will in turn help in better time management for the chartered accountancy students. 3. What is the nature of specialized B.Com Course of IGNOU? Ans. The special B.Com. majoring in Accounting and Finance course is offered by IGNOU like any of its regular programmes. To complete this programme successfully, a candidate is expected to complete 32 credits worth of selective courses from IGNOU along with all the subjects of Professional Competence Course (PCC) and 3 years Articleship of ICAI. The detailed course structure is as follows: ___________________________________________________________________________________ Sr. No. Name of the Course Credit Equivalence Part A – Courses Offered by IGNOU 1. FEG-1 Foundation Course in English-1 4 Credits FEG-2 Foundation Course in English-2 4 Credits OR FHD-1 Foundation Course in Hindi-1 4 Credits FHD-2 Foundation Course in Hindi-2 4 Credits 2. EEG –4 English for Practical Purposes 8 Credits OR EHD-8 Prayojan Mulak Hindi 8 Credits 3. FHS-1 Foundation Course in Humanities 8 Credits and Social Sciences OR FST-1 Foundation Course in Science and 8 Credits Technology 4. ECO-13 Business Environment 4 Credits AED-1 Export Procedures and Documentation 4 Credits Part B – Courses offered by ICAI at the First Stage of Chartered Accountancy (i.e. PCC ) 5. Advanced Accounting 6. Auditing & Assurance 7. Law, Ethics & Communication 8. Cost Accounting and Management 9. Taxation 10. Information Technology & Strategic Management 11. 100 Hours of IT Training through Accredited Institutions (Equivalents credits are awarded for passing Professional Education (Examination -I) / Intermediate examination.) Part C - Completion of 3 years Articleship of ICAI 4. What exemptions IGNOU will grant to the chartered accountancy students who will undergo B.Com Course ? Ans. Normally, B.Com course of IGNOU comprises of 96 credits. A student has to undergo 96 credit courses over a period of 3 years. Under this special programme, a student has to study and undergo 32 credit course only – • Foundation Course in English or Hindi ( 2 subjects – 4 credits each), • Practical English or Hindi ( 8 credits ), • Fundamentals of Humanities and Social Science (8 credits), • Business Environment ( 4 credits ) and • Export Procedures and Documentation ( 4 credits) He / she will get credit for subjects passed in the entry level examination conducted by the ICAI , subject passed in the first stage of chartered accountancy examination. 5. Who are eligible to join this special programme to be announced by the IGNOU? Ans. Candidates who fulfill the following three conditions are eligible for admission to this programme: 1. 10+2 or its equivalence 2. Common Proficiency Test (CPT) certificate from ICAI 3. Registration in Professional Competence Course (First Stage of Chartered Accountancy) of ICAI Application form shall contain relevant registration details of the student with the ICAI. 6. When will this course be launched ? Ans. The course has been proposed to be launched by IGNOU in June 2007 for which the admission will remain open till July 2007 and thereafter every academic session of IGNOU. 7. How will a student know about the commencement of the programme ? Ans. The IGNOU will be releasing advertisement sometime in May 2007. 8. Will there be a separate information brochure and application form ? Ans. The IGNOU will release information brochure and application form which will be made available in all offices / study centres of IGNOU. List of IGNOU study centres will be available in the website of the IGNOU at www.ignou.ac.in 9. What is the fee structure for this special B.Com course? Ans. The fee for this programme shall be the same as the fee applicable to B.Com. programme of IGNOU. A student shall be charged the entire fee of all the 3 years at the time of admission. As per the fee structure of Bachelor Degree Programme applicable currently, a student has to pay Rs. 4000/- which covers Rs. 100 admission fee and Rs. 3900 programme fee for all the three years together. 10. What is the medium of instruction ? Ans. This programme shall be offered in the English medium as well as Hindi medium. However, the students have to study language courses under Part A in the respective language (English or Hindi language) only. 11. What is the duration of the programme ? Ans. The duration of this programme shall be the same as the existing B.Com. programme i.e. minimum 3 years and maximum 6 years with a provision for 2 years readmission after completing maximum period of study. The student once admitted will be deemed to be registered for all 3 years. There will be no need to reregister in 2nd and 3rd year as in case of other Bachelor’s Degree students. 12. Is this course available to a person who is not studying first stage of chartered accountancy? Ans. No. A student who is studying Professional Competence Course / Professional Education (Course –II) or who has passed Professional Competence Examination / or Professional Education (Examination –II) / Intermediate Examination conducted by the ICAI can join this course. 13. Having joined this special B.Com course of the IGNOU, when a student can appear in the examination for the courses specified in Part A of Answer to Question 3? Ans. On completion of one academic session of study a student can appear in the examination. 14. In case a student passes 32 credits as stated under the special B.Com course, will he / she be awarded B.Com degree by the IGNOU ? Ans. No. B.Com degree will be awarded by the IGNOU when students will pass 32 credits from IGNOU, first stage of chartered accountancy course ( i.e. Professional Competence Examination / or Professional Education ( Examination –II) / Intermediate Examination, compulsory computer training / Information Technology Training and completes 3 years of practical training. 15. How will this information be processed? Ans. A co-ordination committee will process the necessary information. 16. What is maximum time frame for completing 32 credits with IGNOU? Ans. 6 years. A student will get additional 2 years after taking readmission. 17. What will happen if a student cannot pass first stage of chartered accountancy course and / or fails to complete 3 years of articleship training ? Will he/ she lose the credit of subject passed under the special B.Com. course ? Ans. On application, the IGNOU will admit such a student to its regular B.Com course. He / she will get full benefit of the subjects already passed as these subjects also form part of the regular B.Com course which comprises of 96 credit courses. 18. Will the student stated in Question 17 get any benefit for passing Group - I / Group –II of the first stage of chartered accountancy course and passing computer training / information technology training programme ? Ans. The MOU does not cover these aspects. The co-ordination committee of the ICAI – IGNOU may take decision on these issues at a later stage. 19. Can a student who has already passed first stage of chartered accountancy course and completed 3 years of articleship join this special programme ? If yes, can he/ she appear in the examination for 32 credits after one year ? Will he / she be awarded B.Com. degree immediately after passing 32 credit courses? Ans. Yes.
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