ICAI Extends CPE Hours Compliance Deadline to February 2025
Updated on: Dec 31st, 2024| 3 min read
Introduction
The ICAI has officially extended the deadline for completing Continuing Professional Education (CPE) hours for the calendar year 2024. Originally set to conclude on December 31, 2024, members now have until February 28, 2025, to fulfill their requirements. This adjustment aims to ensure a smoother transition to the updated “Statement on Continuing Professional Education, 2023,” which enforces stricter non-compliance measures starting January 1, 2025.
This extension provides relief to ICAI members, allowing them to bridge any shortfall in their CPE credits without immediate penalties.
CPE Hours Requirement Breakdown
- For Members with Certificate of Practice (COP):
- Below 60 years: 40 hours annually (20 structured + 20 unstructured).
- Above 60 years: 30 hours annually (minimum 15 structured).
- For Members Without COP:
- Residing in India or abroad: 20 hours annually (all unstructured).
Key Details About the Extension
- Extended Deadline:
- Members with a shortfall can complete their hours by February 28, 2025, which will be counted for 2024.
- Hours completed by already compliant members in January-February 2025 will be credited for 2025.
- Non-Compliance Provisions:
- Level I (Jan-June): Must complete twice the shortfall.
- Level II (July-Dec): Non-compliance reflected on ICAI portal.
- Level III (Next Jan-June): Mandatory disclosure of non-compliance in ICAI forms; provisional peer review certificates issued.
- Level IV (Next July-Dec): May face disciplinary action for continued non-compliance.
- Exemptions:
Members with critical illness, pregnancy, or disabilities can apply for temporary or permanent exemptions.
Reasons for the Extension
ICAI’s decision to extend the deadline comes in response to:
- Challenges faced by members in accessing structured learning programs due to evolving circumstances.
- Ensuring equitable opportunities for all members, regardless of their geographical location or professional commitments.
- Facilitating greater participation in ICAI’s knowledge-sharing initiatives.
How to Complete Your CPE Hours?
CAs can leverage various options provided by ICAI to meet their compliance requirements:
- Webinars and Online Sessions: Accessible from anywhere, these sessions cover diverse topics like GST, income tax, and corporate law.
- Physical Seminars: Conducted by ICAI regional and branch offices.
- Self-Learning Programs: Utilize ICAI’s e-learning portal to complete unstructured CPE hours.
- Technical Articles and Journals: Reading ICAI’s publications also counts towards unstructured CPE hours.
Conclusion
The extension of the CPE hours compliance deadline by ICAI is a welcome decision, allowing members more time to upgrade their skills and fulfill their professional obligations. Chartered Accountants should take advantage of this additional time to complete their requirements and ensure they remain in good standing with ICAI.
Stay tuned for more updates and insights on ICAI policies and professional requirements.
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