National CA Day:
Every year National Chartered Accountant’s Day is celebrated on 1st July. In India, The Institute of Chartered Accountants of India (ICAI) is considered as the national professional accounting body. It was established on 1st July 1949 under an act passed in parliament. That’s why ICAI had decided to celebrate this day to honour the Chartered Accountant. ICAI is a regulatory body and a sole licensing for the accounting profession and financial audit in India. Besides, its recommendations are followed from NFRA (National Financial Reporting Authority) to accounting organizations.
How the CPA course helps Chartered Accountants in their career growth?
CPA (Certified Public Accountant) is an accounting qualification accredited by the state board of accountancy, United States. CPA course helps the individuals who fulfil specific requirements (education and experience) as a public accountant. CPAs are allowed to sign the audit report and to own a public accounting firm.
The main difference between CA and CPA is that the service of a Chartered Accountant is limited to India, but the US CPA is valued in all American companies and all over the world. Hence, the CPA is globally recognized.
Over the past decade, for regional expansion, many of the multi-national companies entered India. The regional office’s report must be integrated with the global accounts, and it has to be done under US GAAP or IFRS. Previously, these corporations depended on CAs in doing the tasks through on job training. Also, they were able to comply with reporting and accounts in US GAAP. Often, there were inconsistency and errors in the task given the supervision and inadequate training. It has created issues with both the regulatory bodies of the SEC and the US. Hence, there’s an increase in demand for US CPAs in India. Many of the CA professionals want to get the title of CPA to work in the United States.
What about US CPAs in India?
From India, the number of US CPAs are enough to meet the requirement. The higher education in India follows a 3-year bachelor degree, and it is different from the 4-year degree in the United States. That’s why it is somehow difficult for Indian students to get a good score without an extra degree. Also, it creates difficulty for most of the candidates to sign in the experience form. Since, the lack of sufficient US CPAs in India, it’s hard for the candidates to pass the CPA exam and to find an Indian supervisor (who licenced in the United States).
Eligibility for US CPA:
For the candidates who have a bachelor or master’s degree like B.com or M.com, can easily get qualified for the CPA exam. The above educational level is more than enough to fulfil the needs of 5 years of higher education with some business and accounting courses. Since 2012, as most of the state boards changed their interpretation and in those, a few of them considered Chartered Accountant is equivalent to the 4-year degree. Now, it is no longer the case.
It’s a good move to study for CPA after having CA certification in hand. Hope you gained some useful advice with this blog. Any Questions? Comment below. Best wishes on National Chartered Accountants’ Day!
Simandhar is the official partner of Becker and AICPA - Largest Training provider for US CPA, US CMA , IFRS and EA courses in India with offices in Bangalore, Hyderabad, Delhi, Ahmedabad, Gurgaon, Kerala, Cochin (Kochi), Trivandrum, Kottayam, Kozhikode, Malappuram, Chennai, and Mumbai.
Learn how to use CPA, from First basics to advanced techniques, with online video tutorials taught by industry Experts. Simandhar Education is the leading training provider for the CPA Exam in India. Contact [email protected] 919390785925.
Hurry up !!
CPA exam now in India and Simandhar Education will help you to achieve it.
Anji Velagana is the Content Strategist at Simandhar Education and has 2 years of experience in content writing and blogging. He loves pursuing excellence through writing and has a passion for technology & educational content. Contact him on LinkedIn.