JU Advanced Financial Accounting Syllabus is so outdated, it is ancient

“University of Jammu’s Syllabus of Advanced Financial Accounting 2nd Semester for B.Com (Hons)Outdated”

Sukesh. C. Khajuria
Representation submitted to Prof. R. D. Sharma, Vice- Chancellor, University of Jammu by Sukesh C.Khajuria

Sukesh c. Khajuria, a social activist and former member of prominent Citizens Advisory Committee constituted by the state government has submitted a representation to Prof.R.D. Sharma Vice-Chancellor University of Jammu, seeking modification in the syllabus of Advanced Financial Accounting 2nd Semester for B.Com (Hons) prescribed by University of Jammu, Jammu.

A copy of the representation has also been submitted to Shri Narinder Nath Vohra, Governor of J&K State who is also chancellor of University of Jammu, Ms Mehbooba Mufti, J&K Chief Minister, Pro-Chancellor of University of Jammu, Smt.Smriti Zubin Irani, Union Human Resources Development Minister and Mr.Naeem Akhtar, Minister of Education, J&K.

Emboldened by Valued Thoughts from the desk of vice chancellor, University of  Jammu   that “The University of Jammu has a firm commitment to academic excellence and is updating Its syllabi regularly to meet the market challenges,” Sukesh c.Khajuria in his representation brought to his notice a matter of urgent importance concerning future of youth of J&K.

Sukesh C.Khajuria who has been teaching Accountancy subject for the last more than 37 years has stated that there are some serious lacunas in the said syllabus since 2012 as the Syllabus is based upon the old Schedule VI and Companies Act 1956.

“Perhaps University of Jammu is unaware that the said Schedule VI has been revised by the Central Government in exercise of power vested under section 64(1) of the Companies Act 1956 has replaced the existing schedule VI with the revised schedule VI on 28th February 2011 pertaining to the preparation of Balance Sheet and Profit and Loss (P&L) account under the Companies Act 1956 now renumbered as schedule III in the Companies Act 2013 enforced w.e.f. 1.4.2014.

The revised schedule VI has prescribed the forms for balance sheet and statement of P&L in vertical form in which every company must prepare its balance sheet and statement of P&L (new title for profit and loss account) for the financial year commencing on or after 1.4.2011, Sukesh. C. khajuria has pointed out in his representation.

The Companies Act, 2013 has replaced the Companies Act 1956 and a part of the Act has already become effective with the notification of 98 section in Sept 2013.Further, on 26th March 2014 the MCA has notified most of the remaining sections. These sections have been notified to have come into effect from 1st April 2014.This is a landmark legislation that will have a wide ranging impact on corporate India and corporate Accounting

With the coming into force of schedule III of the Companies Act 2013 enforced w.e.f. 1.4.2014 and new companies Act 2013 there is significant impact/ changes on topics/ chapters dealing with the company accounts.
Sukesh. C. Khajuria urged the Vice-Chancellor that after taking a holistic view on the subject update/modify the syllabus of Advanced Financial Accounting should be changed regularly to meet the market challenges. “I am sure that change in the syllabus as per the recent changes in the relevant acts would keep the students updated and help them in the long run. Otherwise the students of J&K would continue to suffer as they would be deprived of learning and knowing about the latest laws,” said Khajuria.
He urged the Vice-chancellor to issue necessary instructions for updating/modifying the syllabi well in time so that J&K students are not put to loss for want of proper instructions from the concerned quarters on such serious issues.

Expressing Concern over the future of the students, Khajuria said if the University of Jammu did not update the syllabus of Advanced Financial Accounting subject, the students of the state could not be able to compete with the students of other states.

Khajuria also said that syllabuses of all the concerned subjects should be updated as per the needs of the time.

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