1. Am I eligible to be a member of the Bahrain Chapter of the Institute of Chartered Accountants of India?
Answer: A fully qualified Indian Chartered Accountant having active membership with ICAI and residing in the Kingdom of Bahrain is eligible to become member of the Bahrain Chapter of ICAI.
2. How do I become a member of Bahrain Chapter?
Answer: A fully qualified Indian Chartered Accountant having active membership with the ICAI and residing in the Kingdom of Bahrain is eligible to become member of the Chapter. On establishing your eligibility to become a member you need to fill out Registration form. This form needs to be accompanied by Fees of BD25 which comprise of one time admission fee of BD5 and annual membership fee of BD20.
The Registration Form can be downloaded from Chapter's website www.icai-bahrain.org.
The Payment can be made by cheque drawn on any bank in the Kingdom of Bahrain. The check is to be written in favor of 'Bahrain Chapter of the Institute of Chartered Accountants of India’ or ‘BCICAI’. Alternatively, the payment can also be made in cash at the venue of any event organized by the Chapter. Presently, we do not have facilities to accept credit card payments. However, for the convenience of our members, we are planning to launch this service on-line in the months to follow. Please note that any payment of annual subscription will be applied first to the fiscal year (August - July), in which the payment is received.
3. I reside in the Kingdom of Bahrain and am already a member of ICAI in India. Is it necessary to become a member of Bahrain Chapter to attend events organized by it?
Answer: Yes. Only our registered members are entitled to participate in Chapter's activities and various technical seminars to be organized by the Chapter.
4. What are the fees of the Bahrain Chapter? Is it in addition to the annual membership fees payable to the ICAI?
Answer: The one time Admission fees for the Bahrain Chapter is BD 5 and The Annual Membership Fees for the Bahrain Chapter is BD20. Thus, any new member joining the Chapter is required to pay total BD25.
The fees payable to the Bahrain Chapter is in addition to the annual membership fees payable to the ICAI.
The fees paid to the Bahrain Chapter is utilized in organizing the professional development programs for the benefit of Chapter’s members.
5. I have just cleared my CA final examination and awaiting membership number from ICAI New Delhi. Can I now become the member of Bahrain Chapter or will have to wait until I receive my membership number?
Answer: You can become member of the chapter immediately after passing CA Final examination of ICAI. However, newly qualified CAs need to submit the proof of their passing the final examination of ICAI. Thereafter, as soon as you receive your membership number, please intimate Secretary of the Chapter for updating your records with the Chapter.
6. What are the benefits of becoming a member of the Bahrain Chapter?
Answer: Bahrain Chapter is a largest organized body of professionals in the Kingdom of Bahrain. It will bridge the gap among its members in networking with each other. Furthermore, it will act as a crucial link in strengthening accounting profession ties with its peers in the GCC by acting inter alia as a gateway between ICAI and other accountancy bodies of GCC.
Moreover, the Bahrain Chapter exists to provide its members a common platform at which they can interact and exchange their professional expertise with other members and enhance it further for their professional development by attending various technical seminars, presentations and meetings that are periodically organized by the Chapter. Besides this, the Chapter organizes various social activities too in which the members can participate.
The members attending the seminars organized by the Bahrain Chapter are entitled to get the credit of CPE hours as approved by the ICAI for that seminar.
7. While being employed in Bahrain, how do I comply with the mandatory requirements of Continuing Professional Education (CPE), as prescribed by the ICAI?
Answer: Bahrain Chapter of Institute of Chartered Accountants of India (BCICAI) regularly conducts various seminars of professional and technical interest of its members. These seminars are approved and made eligible by the ICAI for CPE requirements. Hence, by becoming the member of BCICAI and regularly attending their seminars, you can comply with your mandatory CPE requirements.
8. Does the Bahrain Chapter facilitate restoration of name with ICAI?
Answer: No. The Bahrain Chapter does not facilitate the restoration of name with ICAI. The members need to contact ICAI directly for the restoration of their names.
9. I have changed my job and need to change my mailing and e-mail address. How can I do these?
Answer: Please e-mail your new contact details at
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. Very soon the Chapter will come out with on-line facility to effect such changes by logging in under your specific user ID. Please be advised that such data will be only for the records with the Bahrain Chapter and the member should separately update their records with ICAI.
10. How and who are eligible to participate in the activities of the Bahrain Chapter?
Answer: Only paid members of the Chapter can participate in Chapter's activities. For all upcoming activities of the chapter, an official invitation / intimation is e-mailed to its members. In addition, our website also shows it as upcoming event. We strongly encourage you to visit our website www.icai-bahrain.org regularly.
If a member wishes to be included in any sub-committee of the Chapter, he / she may express his / her interest to do so by including details and mail it to either Chairman or Secretary of the Chapter. To be part of the Management Committee of the Bahrain Chapter, the member should seek to be elected in the general election. Functioning guidelines of the Chapter states that a 'Chapter' is to be managed by a Managing Committee to be elected once in three years.
11. I want to do a presentation at the Bahrain Chapter? How can I do it?
Answer: The chapter encourages its members to come forward for the presentations. Members willing to do presentations are advised to approach either the Secretary or the Chairman of the Chapter with an outline of his / her subject matter. If the managing committee of the chapter deems it fit and suitable as a matter of professional interest for its members, the prospective speaker will be advised accordingly. Thereafter, arrangements will be initiated by the chapter to provide him / her logistics to hold such event under the banner of Bahrain Chapter of ICAI.
12. Does the ‘Bahrain Chapter' assist in exploring Career Opportunities in the Kingdom of Bahrain?
Answer: Yes. The Committee Members of the Chapter are fully committed to assist our members in their professional and career development. Should any career opportunity come to the knowledge of any Committee Member; it will be e-mailed to all the members as well as posted on the web site. Members looking for career opportunities are advised to visit our website regularly to find it out.
We request our general members also to let us know about any such career opportunity for the welfare of other members. The Chapter will inform the members as well as host it immediately on our web site.
13. My spouse is a semi-qualified CA. If I decide to take an employment in Bahrain, how will she / he be able to write her / his exams? Does Bahrain have an exam centre approved by the Institute of Chartered Accountants of India (ICAI)?
Answer: Hitherto, the CA candidates from Bahrain were required to write their exams from either UAE or India. However, since June 2009, Bahrain has been recognized as an exam centre for CPT exams and is approved by the ICAI. In fact, Bahrain has already conducted CPT exams on 28th June 2009 and is going to be the official centre for all the upcoming CPT exams. However, for PCC and CA Final exams, the students will have to continue to go to UAE / India or any other destination of their choice, until Bahrain obtains the permission to conduct those exams from the ICAI.
14. I believe I need to improve on my communication, leadership and presentation skills. Do I have the opportunity to do so in Bahrain? How?
Answer: Yes. BCICAI is associated with ICAB Toastmasters Club, which aims at sharpening the communication, leadership and presentation skills of its members. An Indian CA can become the member of this Club and can gain the advantage of the Toastmastering movement. For more details, please log onto
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.
15. Are there any FAQs published by ICAI for the benefit of members residing outside India?
Answer: The Institute of Chartered Accountants of India also has published FAQs for members residing outside India. Please click the link below to view the FAQs providing additional information on various issues specific to members residing outside India. http://www.icai.org/post.html?post_id=2101
1. What types of housing accommodations are available in Bahrain?
Answer: Depending upon your requirements and your family status (bachelor or married), you may choose appropriate housing accommodation here. The possible options could include flats, compounds, villas, paying guest / sharing accommodation options or studios (one room, kitchen flats). The accommodation that you may choose could be unfurnished / semi-furnished or fully-furnished depending upon their requirements. Certain fully-furnished accommodations are also provided with additional amenities like health club, swimming pool, free internet connection, building security, etc. The primary sources of finding out vacant accommodations could be through newspapers advertisements, hoardings or personal contacts.
2. My food traits are pure vegetarian. Do I get pure vegetarian food in Bahrain?
Answer: Yes. Bahrain has ample number of Indian restaurants, a vast majority of which are vegetarian too. Hence, finding out vegetarian food is absolutely not a problem.
3. Does Bahrain provide adequate social / recreational activities to spend our leisure time?
Answer: Yes. Bahrain has lots of avenues for spending the leisure time for bachelors as well as families. These include cinema theatres, clubs, discos, malls, water park, beaches, wild life park, amusement park, food courts, etc. Additionally, there are several community related organizations as well for e.g. Bahrain Keraleeya Samaj, Gujarati Samaj, Maharashtra Sanskrutik Mandal, Tamil Society & Cultural Association, Bhatia Mitra Mandal, Karnataka Social Club, Telugu Kala Samithi, Konkan Singers Club, The Young Goans Club, Indian Ladies Association, Indian Club, Temples, etc. For more details, please visit www.indianembassy-bah.com.
4. Can I use my existing driving license (Indian or from other GCC countries) in Bahrain?
Answer: Existing Indian driving license is not valid in Bahrain and hence, a candidate may have to apply for a fresh Bahraini driving license whereas, residents of other GCC countries may get their existing driving license exchanged for a Bahraini license. However, these rules are subject to change on a periodical basis and hence, the candidate should check the rules at the time of their arrival in Bahrain.
5. Since Bahrain is located in Gulf region, do all the Bahraini banks mandatorily follow Islamic banking principles instead of Conventional banking?
Answer: No. Being the financial hub of GCC region, Bahrain has a variety of banks and financial institutions. Several of these banks are conventional or Islamic – or both. Hence, if you possess conventional banking skills, then you can very well utilize them if you get employed in a conventional bank in Bahrain.
6. Do schools in Bahrain offer Indian educational curriculum for our children?
Answer: Yes. Bahrain has several schools which teach Indian course curriculum in CBSE, ICSE and IB Boards. Leading schools in Bahrain include DPS (New Millennium), Indian School, New Indian School, Asian School, Sacred Heart School, St. Christopher’s School, etc.
CPA
1. What is the AICPA?
Answer: The American Institute of Certified Public Accountants (AICPA) is the national professional organization for Certified Public Accountants (CPAs) in the United States.
2. Is membership in the AICPA required in order to practice as a CPA?
Answer: AICPA membership is not mandatory for CPAs. The licensing authority and requirements for CPAs fall under the auspices of the Board of Accountancy for the state or jurisdiction in which a CPA practices.
3. What are the requirements to become a member of the AICPA?
Answer: The AICPA offers several different types of memberships in order to meet the needs of the diverse CPA profession.
Regular Member: To qualify for Regular membership in the AICPA, one must: possess a valid CPA certificate issued by the authority of a state; pass the Uniform CPA Exam; complete 120 hours of continuing professional education every three years; practice in a firm enrolled in an approved practice-monitoring program, and agree to abide by the AICPA Bylaws and Code of Professional Conduct.
Associate Member: Associate members have not yet met their state’s additional requirements for certification. However, they have passed the Uniform CPA Examination. Associate members must also agree to abide by the AICPA Bylaws and Code of Professional Conduct and meet the applicable Continuing and Professional Education (CPE) and Quality Review membership requirements for their category (such as, public accounting, industry, education or government).
International Associate: In order to qualify for the International Associate membership category, one must comply with the CPE requirements of the jurisdiction in which they are licensed. In addition, mandatory compliance with the bylaws and applicable provisions of the Code of Professional Conduct to the extent that it does not conflict with foreign laws or the professional standards in their home countries is required.
Student Affiliate: The Student Affiliate membership is available from freshman year of college through graduate school. This option is also open to recent college graduates who are in the workforce and have not yet passed the Uniform CPA Exam. Recent graduates may remain in this category for up to five years following graduation, and/or completing graduate school. Upon meeting the eligibility requirements to sit for the CPA Exam, Student Affiliate members must sit for the CPA Exam at least once each year to remain in this membership category. Only students residing in the United States are eligible.
4. Does the AICPA license CPAs?
Answer: No. The licensing authority and requirements for CPAs falls under the jurisdiction of the Board of Accountancy for the state, district, or country in which a CPA practices. In adherence to the AICPA mission, the Institute seeks the highest possible level of uniform certification and licensing standards while promoting and protecting the CPA designation. The national organization representing the state boards is the National Association of State Boards of Accountancy (NASBA).
5. What are the requirements for becoming a CPA?
Answer: The requirements, which are set by each state board of accountancy, include: completing a program of study in accounting at a college or university, passing the Uniform CPA Exam, and obtaining a specific amount of professional work experience in public accounting (the required amount and type of experience varies according to licensing jurisdiction).
6. What is the Uniform CPA Exam?
Answer: One of the world’s leading licensing examinations, the CPA Examination serves to protect the public interest by helping to ensure that only qualified individuals become licensed as Certified Public Accountants (CPAs). The Uniform CPA Exam is one of the “Three E’s” – Education, Examination, and Experience – that are required for licensure as a CPA. Consequently, passing the Examination is not, in itself, sufficient to meet requirements for licensure.
7. Aren’t CPAs and accountants the same thing?
Answer: All CPAs are accountants but all accountants are not CPAs. In many states, anyone can call himself/herself an “accountant.” In order to become a CPA, almost all states require that an individual meet educational, experience and ethical requirements and pass the Uniform CPA Examination. Only then are individuals granted licenses to practice by state boards of accountancy. Also, only CPAs can perform the mandatory audits of all publicly traded U.S. companies.
ACCA
1. Does ACCA offer various entry points onto its qualification?
Answer: Yes. The new qualification will continue to provide opportunity to people of ability and application, irrespective of their educational background or learning environment. Therefore, the minimum entry requirements to the ACCA Qualification remain unchanged. Individuals must have obtained university matriculation (2 A Levels and 3 GCSEs in five separate subjects including English and Mathematics), or equivalent, before they can register as an ACCA student. Individuals normally over 21 years may register through the Mature Student Entry Route (MSER). This is designed for students who have the maturity and skills to cope with the ACCA Qualification instead of first attempting the open access Certified Accounting Technician (CAT) qualification. MSER students must pass Paper F2, Management Accounting and Paper F3, Financial Accounting within two years of registering.
2. Is there a maximum time limit placed on completion of the new qualification?
Answer: On the new ACCA Qualification, students will be required to complete the exams within a ten-year period from initial registration. Existing students will have their current time limits renewed due to the change in qualification. Students registered before 31 December 2006 will be transferred over to the new syllabus in August 2007 and given a further ten years to complete the new syllabus ie they will have until June 2017 to complete the new syllabus exams. After ten years students will be offered the opportunity of moving to linked status. Linked status will allow individuals access to student resources such as student accountant, but will remove them from the exam process. Students will be encouraged to complete their three years' relevant practical experience alongside completing their ACCA exams and will need to complete an annual return each year indicating which performance objectives they have achieved and how long they have been working in a relevant accounting role. However, students will still be allowed the flexibility of gaining their relevant practical experience before, during or after passing their exams.
3. What are the exam progression rules?
Answer: Students must pass or be exempted from all nine exams in Fundamentals level and pass all three Essentials exams and two Options from four in the Professional level. There is no requirement for students to sit and/or pass any of the exams together, including the three Essentials exams in the Professional level. Students can take a maximum of four papers in a six-month cycle - this includes both paper-based and computer-based exams. The following six-month cycles have been designed:
June cycle - 1 February to 31 July (including the June paper-based exam session)
December cycle - 1 August to 31 January (including the December paper-based exam session).
Students must sit the exams in module order - Knowledge, Skills, Essentials then Options - but can attempt papers within a module in any order. However, as the syllabus has been developed to progress educationally in the order presented, ACCA recommends that papers within a module are taken in order.
Papers may be attempted from different modules at the same sitting as long as the modules are attempted in order eg a student can attempt Papers F1-F3 (all of the Knowledge module) and any one paper from F4-F9 (Skills module).
3. Why are there no exemptions available from any of the exams at the final level?
Answer: This rule preserves the integrity and rigor of the ACCA Qualification. Requiring all members to sit and pass the Professional level ensures that all ACCA members, wherever they qualify in the world, and whatever their prior educational backgrounds, share a common set of competences which have been specified and assessed by ACCA directly.
4. What guidance does ACCA give on examination technique and how to organize and correctly complete their examination booklet and associated paperwork?
Answer: ACCA has produced an article for student accountant on the above. It specifies what a candidate needs to bring to the exam room, what equipment they should have, how to complete their candidate registration sheet and their booklet. It also advises them on how to organize their answers and how to make the best use of their time to gain the most marks that they can.
5. How is ethics integrated into the ACCA qualification?
Answer: The ACCA syllabus has ethics at the heart of its qualification. The increased emphasis on ethics in the ACCA qualification recognises the increased focus on professionalism and ethics within the accounting profession - which is backed by strengthened codes of conduct, regulation and legislation. ACCA aims to teach its students through its new qualification how to embrace and adhere to a set of professional values and behave within an ethical framework, showing responsibility to stakeholders through operating within an effective system of governance, internal control and risk management. Ethics is examined in parts of 11 of the 16 exam papers in the syllabus and assessed through the achievement of all the performance objectives. The first Essentials paper; P1, Professional Accountant is an exam all ACCA members must take which includes key subject areas such as corporate governance, internal control and compliance, risk management and ethical and professional values. In addition, as part of their ethical development, students will be required to complete a Professional Ethics module. This will give students exposure to a range of real life ethical case studies and will require them to reflect on their own ethical behaviour and values. Students will be expected to complete the Professional Ethics module before or alongside Paper P1, Professional Accountant.
6. How many computer based exams (CBE) are available within the ACCA and Certified Accounting Technician qualifications?
Answer: All Knowledge module papers within the ACCA qualification; Paper F1, Accountant in Business, Paper F2, Management Accounting and Paper F3, Financial Accounting - are available both as computer-based exams (CBEs) and as traditional paper-based exams. The first four papers of the Certified Accounting Technician are also available in CBE format.
7. What are the styles of questions set in the ACCA qualification?
Answer: Exams vary in their structure and style. For detailed and specific guidance on this, Candidates should refer to the individual syllabuses and study guides on the ACCA website. Most examinations will consist of a mix of computational and written questions. Certain subject areas lend themselves better to written questions than others, but in testing a particular area, both computational and written theoretical questions may be set so you should be prepared for both.
8. What effect would it have on my qualification if I don't complete my practical experience requirement?
Answer: If you do not complete the PER you cannot become a member of ACCA and enjoy the benefits associated with the status of a professional accountant.
In order to perform effectively as an ACCA-qualified accountant, and to help you meet future career challenges, you need to develop your skills in the workplace as well as passing the exams. The PER helps you to apply in practice the knowledge and techniques gained through your studies towards the ACCA exams; observe and be involved in real-life work situations that help you to develop the skills, attitudes and behaviours that a qualified accountant needs; develop your judgement, encouraging you to reflect on the quality of your work and how you may improve your work performance in the future.
Employers expect ACCA members to show high levels of knowledge and ability in the workplace, and to behave ethically. PER enables you to confirm your effective and sustained high-quality workplace performance, making you a more valuable employee.
CFA
1. Having been employed in Bahrain, I intend to pursue my further studies. Which are the courses in vogue, which I may think of pursuing there?
Answer: Several Indian CAs in Bahrain do take up further professional studies to add more value and upgrade themselves. A few of the popular courses taken up by the them are CIA, CISA, CPA, ACCA, CIMA, CFA, international MBA and other certification courses related to their fields.
2. What is the CFA Program? I thought it was an exam
Answer: The CFA Program is an educational program that tests your mastery of a body of knowledge through a series of exams. If you pass these three exams and meet other requirements, you earn a CFA charter.
3. What is a CFA charter?
Answer: The CFA charter is the designation you earn when you successfully complete the CFA Program. When you earn a charter, you become a CFA charterholder.
4. What is a candidate?
Answer: A candidate is a person enrolled in the CFA Program who has not yet fulfilled the requirements for becoming a CFA charterholder.
5. How many exams will I have to take?
Answer: There are three required levels of exams with one exam on each level.
6. Do I have to take the exams in three years?
Answer: No, you may take as long as you need to complete the CFA program; your exam results never expire; and we don't limit the number of times you can sit for each exam level.
7. When are the exams held?
Answer: Exams are held in June (all levels) and December (Level I only).
8. What is the format for the exams?
Answer: Each exam includes morning and afternoon sessions. The Level I questions are all multiple choice. The Level II questions are all item set (or "mini case") questions.The Level III exams contain essay questions in the morning session and item set questions in the afternoon session.
9. How much does the CFA Program cost?
Answer: Program costs include a one-time enrollment fee and a registration fee for each exam you take.
10. How do I prepare for the exams?
Answer: We recommend that you spend at least 250 hours preparing for each exam level. This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background.
11. Am I required to buy the CFA Program curriculum separately?
Answer: No. The complete curriculum is included as part of the registration.
12. If I become a candidate in the CFA Program, am I also a member of CFA Institute?
Answer: No. The CFA Institute membership application process is separate from enrollment for the CFA Program.
