IPCC

 

Intermediate (Integrated Professional Competence) Course

This is the first stage of the chartered accountancy curriculum wherein only working knowledge of core and allied subjects to accountancy profession is covered, while at the Final course, advanced application knowledge of core and allied subjects to accountancy profession has been intended to be inculcated. The unique feature of the entire theoretical education of the Chartered Accountancy curriculum is the supportive and complementary practical training. A student would undergo theoretical education and three years of practical training after compulsorily during the course of chartered accountancy. This balanced approach will help the students to appreciate the underlying practical applications of the theoretical education scheme. 

In order to develop a strong theoretical base, students of Intermediate (IPC) Course, who have registered through CPT route or Intermediate level examination passed students of The Institute of Cost Accountants of India or The Institute of Company Secretaries of India, are required to undergo eight months study course before appearing for the first time in the Intermediate (IPC) Examination. Since proper understanding of the modern world necessitates knowledge of present day technology and skills, students are imparted 100 hours Information Technology Training (ITT) and have to undergo 35 hours Orientation Programme before joining for the practical training. It is to be noted that such students can join practical training practical training only after passing Group I/ Both Groups of Intermediate (IPC) course. Simply passing Group II of Intermediate (IPC) course is not sufficient.

Students who are Graduates/ Post Graduates in Commerce having secured in aggregate a minimum of 55% of the total or its equivalent by studying any three papers of 100 marks each out of Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting or other than those falling under Commerce stream having secured in aggregate a minimum of 60% of the total marks or its equivalent grade in the examination conducted by any recognized University (including Open University) are eligible for straight away registration to Intermediate (IPC) course and undergo Orientation Course and ITT. They can register for practical training after completing Orientation Course and ITT and need not wait for clearing Intermediate (IPC) examination Group I/ Both Groups They are eligible to appear in the Intermediate (IPC) Examination after completion of nine months of practical training (including study course for a period of eight months which shall commence from the date of registration to the Course).

Students who are pursuing the Final year Graduation Course can also register for the Intermediate (Integrated Professional Competence) Course on provisional basis and such students, registration would be regularised and they can commence articled training only on submission of satisfactory proof of having passed the Graduation examination with the specified percentage of marks within six months from the date of appearance in the final year graduation examination. During the provisional registration period, a student can undergo and complete Information Technology Training (ITT) and Orientation Course. If such student fails to produce the proof within the aforesaid period, his provisional registration shall stand cancelled and the registration and other fees, as the case may be, paid by him shall not be refunded/ adjusted and no credit shall be given for the theoretical education undergone. 

Intermediate (IPC) Course registration is valid for 4 years and can be revalidated any number of times for further 4 years period by paying revalidation fee of Rs. 400/- or as decided by the Council from time to time.

 

Subjects covered in Intermediate (IPC) Course 

Group I 
  Paper 1: Accounting (100 Marks) 

  Paper 2: Business Laws, Ethics and Communication (100 Marks) 
    Part I: Business Laws (60 Marks) comprising
              Business Laws (30 Marks) 
              Company Law (30 Marks) 
    Part II: Ethics (20 Marks) 
    Part III: Communication (20 Marks) 

  Paper 3: Cost Accounting and Financial Management 
    Part I: Cost Accounting (50 Marks) 
    Part II: Financial Management (50 Marks) 

  Paper 4: Taxation 
    Part I: Income-tax (50 Marks) 
    Part II: Service Tax (25 Marks) and 
              VAT (25 marks) 

 

Group II 

Paper 5: Advanced Accounting (100 Marks) 

  Paper 6: Auditing and Assurance (100 Marks) 

  Paper 7: Information Technology and Strategic Management 
            Section A: Information Technology (50 Marks) 
            Section B: Strategic Management (50 Marks) 

The subjects of Intermediate (IPC) Course are classified into two groups which a student can study and appear in the examination grou p-wise or both the groups together.

 

Eligibility Requirement for Registration:

A student who has passed CPT and 10+2 examination or Commerce / Non Commerce Graduate as above may join the Intermediate [Integrated Professional Competence] Course.


Provisional Registration: 

Students who are pursuing the Final year of Graduation Course shall be eligible for provisional registration to the Intermediate (Integrated Professional Competence) Course. Such students would be required to submit satisfactory proof of having passed the graduation examination with the specified percentage of marks within six months, from the date of appearance in the final year graduation examination (i.e. from the day of commencement of the examination).

 

ITT & Orientation:

A student has to register and undergo orientation programme of 35 hours & 100 hours ITT before registering for Articleship. Both programs are conducted by ICAI branches. Registration has to be done with ICAI.

 

Registration Fee:

Registration fee is Rs. 11,000 for both groups of IPCC including Fee for Articleship. Fee for ITT is Rs. 4,000 and fee for Orientation is Rs. 3,000

 

Exam Schedule:

IPCC exam is conducted twice a year i.e. May and November.

 

Requirement for Appearing in Inter (IPCC) Exam:

Student Registered on the basis of passing CPT :

Student has passed CPT and 10+2 examination.

Student has registered for the Intermediate (Integrated Professional Competence) Course at least 8 months before examination.

Student Registered on the basis of Graduation

Student has completed nine months of practical training i.e. Articleship and registered for the Intermediate (Integrated Professional Competence) Course.

 

Option to give both Groups:

A student may register for both groups. However he may appear for Both Groups simultaneously OR appear for Group I first, then start Articleship and then appear for Group II during the Articleship.

 

Passing Criteria for IPCC:

If Student appears for Both Groups simultaneously: A student will be declared to have passed if he secures in one sitting Minimum 40% marks in each paper of Both Groups AND Minimum 50% marks in the aggregate of all the papers of both Groups taken together.

 

If Student appears for only one Group: A student will be declared to have passed if he secures in one sitting Minimum 40% marks in each paper of the Group AND Minimum 50% marks in the aggregate of all the papers of that Group.

 

Exemption: If student fails in Group but gets 60 or more marks in any of the subject, he will be declared as passed in that subject.

In case of failure in any one subject he has to reappear for all subjects of that group which are not exempt.