How to Keep Yourself Updated after Completing Chartered Accountancy (CA)

Achieving the qualification as a Chartered Accountant (CA) is a big milestone in one’s professional career given the rigorous preparation one must have done for it. Though one feels to be on cloud nine achieving this feat, it must be borne in mind that the challenges do not end with it; as one has to be on toes to remain updated with the ever changing laws and regulations and be motivated enough to track, study and interpret such changes or amendments on a regular basis, justifying the achievement of this renowned qualification.

In this regard, one of the major issues reported by many Chartered Accountants is the lack of relevant material presented in a summarized and lucid language to keep oneself updated alongside hectic work schedule. Also, in this era where there is a storm of information everywhere, selection of appropriate source to seek information is very crucial. Following points may serve as a guide one can follow to keep oneself updated with the new reforms or changes in the laws and regulations.

1. Study of Updated Laws & its Explanation: Practitioners and professionals working in the industry often struggle to get the updated, accurate and comprehensive guidance on any transaction or concept. They have no choice but to refer to free blogs and spurious information on social sites or discussion forums. Though many websites provide a summary of the provisions, but these are not updated regularly. Thus, it is distressing for any professional to guide the client or the management relying on such information, which might be outdated, incomplete, or inaccurate.

In order to solve this problem, Taxmann has introduced a platform known as Taxmann’s Practice. This platform delivers complete, updated, accurate, and authentic content in a language that is easy to understand and use. One can search any concept using keywords, section numbers, etc. It provides an in-depth coverage on every concept from all applicable laws. One of the unique features of Taxmann’s Practice module is inter-linking between different laws. For example, if one wishes to know about the implications of selling immovable property, this platform will provide guidance from the Income-tax Act, GST, Company law, Accounting Standards, as well as FEMA relating to the sale of immovable property. Looks like a boon especially for freshly qualified CAs!

2. Constant News Flow: Appropriate flow of financial, accounting and taxation related news can be maintained by visiting websites like Bloomberg, Money Control, Economic Times, etc. Also, one should not ignore websites of ICAI, SEBI, RBI, CBIC, Income-tax and other government websites from where authentic information can be retrieved.

3. Books and Periodicals: ICAI has already made arrangements by providing monthly journals named The Chartered Accountant Journal which provides major relevant legal updates and also covers articles on various current topics submitted by leading professionals in the industry. CAs can refer to books on various topics prepared for professionals by reputed publishers like Taxmann.

4. Updating Skills: One has to look for adding new skills/new information or clarity in understanding of certain concepts at regular intervals so that he/she can serve the client and deliver the best. One such course that can help the professionals in this regard is the Taxmann’s Tax and Accounts Professional Course (TAP Course). It is an advanced course involving enhanced knowledge and understanding of corporate compliances in day-to-day business practices. One can get familiar with practical training in filing income-tax, and GST returns. It helps in learning the routine tasks, compliances and other needs so that one can fit in the industry. The structured learning of more than 100 hours aims to cover income tax for business and capital gain income, audits under various laws, accounting for assisting business decisions, specific GST returns, and other relevant topics. All-in-all, this course will enhance interpersonal skills and can boost one’s career stages.

5. Attending Webinars: Today, there is no bar in obtaining required information with just click of a mouse. Most of the information is present online. Webinars are a great way to learn any concept in depth with relevant explanations and examples. Various websites like YouTube, etc. present webinars on relevant topics. Taxmann also organises such webinars on its platform covering topics like GST, Income tax, Supply Chain Management, Company Laws and other industry related topics. Alternatively, there are many seminars/webinars arranged by various chapters, branches and regional councils of ICAI which a CA can attend.

There is a saying that “A professional stays professional only as long as he acts like a professional”. So it can be said that to remain aware about the latest developments in the industry besides other regulations introduced which are directly or indirectly affecting business enterprises, is the way to remain professional. Only with these qualities can Chartered Accountants remain a reservoir of knowledge and an integral part of commerce, industry and services, as they have always been.