ICAI for offering Commerce subject from Class VIII onwards

New Delhi, Jan 19 (UNI) The Institute of Chartered Accountants of India (ICAI) is in talks with the Ministry of Human Resource Development for inclusion of Commerce subject as part of the school curriculum from Eighth Standard onwards.

ICAI President T Manoharan told newspersons here today, "In the opinion of the Institute, there is need for revamping the pre-secondary education curriculum" to provide this option to school children at a lower class level.

At present, the subject is available as an option in Eleventh Standard along with the Arts and Science streams.

Apart from motivating students to opt for the commerce discipline, it will help to achieve macro-level manpower planning.

Meanwhile, ICAI was in negotiations with the Indira Gandhi National Open University (IGNOU) and Annamalai University for granting exemption in commerce graduation in certain papers to the CA students passing the PE II/PCE.

The move is expected to be a "very attractive proposition for any student pursuing commerce education from IGNOU and also those pursuing CA course," Mr Manoharan said.

The ICAI President also announced that the Government has, through its official gazette, notified Accounting Standards 1 to 7 and 9 to 29, as recommended by the ICAI.

The Accounting Standards will come into effect in respect of the accounting period commencing from January 1, 2007.

Mr Manoharan said ICAI has finalised with ISACA (Information Systems Audit and Control Association), the US, for adoption of systems audit standards in India so that members with DISA qualification could avail the benefit of those standards in the systems audit discipline.

The draft memorandum of understanding in this regard had been sent to the Government for approval which was expected soon, he added.

UNI