Today, I got query from professors of Latrob University Australia. They want to know about the accounting education system in India. Because, I have taught accounting in Indian schools and College. I can tell you and them what is the system adopted in accounting education.
Before Independence, all subjects relating to accounting is taught under British education system. They wanted to create just typewriter or clerk who can do all jobs under their leg and order. In real sense, they did not want that Indian will grow in the field of accounting. After independence, Accounting played major role for economic development of India. All calculation from ministry of Finance budget to a middle business man budget is made by Indian professional accountants. Govt. of India has taken good step for making accounting as profession by establishment of Institute of Chartered Accountant of India in 1949 by passing the bill in parliament. After this accounting education is so popular in India. Before this Bachelor of Commerce was sole authority for maintaining and auditing of accounts but after becoming accounting education divided into two parts one part is relating to making accounts and other part is to audit it. The auditing part is so difficult because clever accountant and businessmen tries their best to hide their income and financial position but now Indian C.A. are also advancing in forensic accounting for deducting fraud accounting and removing crime in the field of accounting.
In India, accounting education starts after 10th class when students choose his group out of art, commerce and science. If a student chooses commerce then he has to study major accounting subjects. 10+1 commerce is base of accounting education. In 10+1 , students learn only basic fundamental of double entry system and final account of sole trade business but from Starting Indian Educational board are try their best to education students to perfect in the field of accounting . For this all syllabus made equal in state and central boards of India. From last 3 years CBSE and other state educational boards are taking 10+2 commerce exam. With equal accounting syllabus.
After 10+2, a commerce student have to option either he can do the Chartered accountancy course or he can do bachelor of commerce (B.Com.). B.Com. is graduate commerce degree and it is back-bone of high level accounting education. In India all graduate degree courses are done by Indian Universities which are operating full time colleges in which students have to learn and study commerce subjects regularly three years and every year tests are conducted by Indian universities and a student clears all parts of commerce degree universities awarded him or her a B.Com. Degree which is fully recognized for all govt. and private accountant jobs in India. These India universities are also accredited from University Grant commission. So, these universities accounting syllabus is so advance and according to World accounting standards. In these syllabus, students get education of financial, cost and management accounting specially. After this, they get power to pick the accounting Burden of corporate sector of India. The power of Indian accountant can be guess from their capability that single accountant can do the duty of account assistant, clerk, tax officer and manager.
In 2008 a survey is conducted in which Indian Accountants brain is found sharper than USA and other developed countries. 80 % Indian Accountant are high valued accounting skill and esteemed personalities in the field of accounting. Indian ICAI exam is 50 % more tough than USA CPA exam. But middle class and poor C.A.s numbers are more in India who has gotten the C.A. degree with their intelligence. They way of teaching accounting is still now ancient Guru system. Indian Accounting teachers still now use the black board for explaining accounting problems which is the best system in the world. You can also see advance techniques in Indian MBA colleges which are very less numbers limited up to business school in which they taught students by Flash and computer presentations.
After changing of technology and computer science, many new accounting and business softwares are invented in India like Tally and Finacle. Tally is best accounting software in India and Finacle is best bank software for e-banking. Indian Accounting teachers have understood this and now guiding their students for becoming perfect in advance technology of online Accounting and system of ERP. I have also thought from many years for development of Indian commerce students who have gotten only accounting degree but no knowledge of Accounting technology and Indian Job market does not accept only manual commerce degree holder. For this I am struggling day and night to help Indian commerce students to become perfect at International level. Indian Education system is still a high contribution for establishing good standards in the field of accounting.
Dr. Manmohan Singh also stressed on technology Advancement in Indian accounting education system when he was giving his speech last year on the eve of Diamond Jubilee Inaugural Function in ICAI . He said that Indian C.A.s have increased from 1700 to 1.5 lakh. But still there is large no. of accounting challenges are front of us and we have to face them in next 60 years. In these challenges we can include financial crisis and controllability of financial transactions and security the interests of investors.
Dr.. A.P.J Abdul Kalam said by addressing accounting students in ICAI that Indian processional accountants are the partners of national development and they are economic experts . Our accounting education system should uplift in such a way that it can take support to 260 million people who have no food to eat and they are living below poverty line .
Bob Compton who have done comparison Indian and USA education system can more explain also accounting which is also part of education of India .
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I hope Indian Human resource department and Indian and state Govt. will do more hard work for uplift accounting education system and make Indian Accounting education at number one of World Accounting Education System.