The announcement on August 24, 2023, by the Institute of Chartered Accountants (ICA) reveals significant exemptions for CA students transitioning from the old to the new scheme under CF education. For CA final students, exemptions in certain papers eliminate the need for corresponding papers in the new scheme. Notably, exemptions in papers 4 and 5 also exempt students from self-paced modules. CA Intermediate students receive exemptions in new scheme papers based on their performance in corresponding old scheme papers. The announcement also introduces group-wise exemptions for CA Intermediate students who clear either Group 1 or Group 2 in the November 2023 exams, reducing the number of papers they need to write in the upcoming May 2024 exams.
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**Facts regarding CA Final Paperwise Exemptions:**
1. CA Final students can get exemptions from specific papers if they score well.
2. Exemptions apply to papers like FR, Corporate and Economic Laws, Strategic Cost Management, and Performance Evaluation.
3. Students with exemptions in certain papers don't need to go through self-paced modules.
4. Exemption of 60 or more in elective paper exempts students from Integrated Business Solutions.
**Facts regarding CA Intermediate Paperwise Exemptions:**
5. CA Intermediate students can get exemptions in specific papers if they clear them.
6. Exemptions in paper 1 or paper 5 in the old scheme exempt students from paper 1 Advanced Accounting in the new scheme.
7. Similar exemptions apply to other papers like Corporate and Other Laws, Taxation, Management Accounting, and Auditing and Ethics.
**Groupwise Exemptions for CA Intermediate:**
8. If CA Intermediate students clear their Group 1, they only need to write two papers (Auditing and Ethics, Financial Management, and Strategic Management) in the new scheme.
9. If they clear Group 2, they need to write three papers (Law, Taxation, Cost and Management Accounting) in the new scheme.
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