ICAP – Notification issued regarding ACCA/ CIMA exemptions

The Institute of Chartered Accountants of Pakistan (ICAP) has issued the following notification regarding exemptions for ACCA / CIMA qualified candidates:

1. This is to notify that the Council of the Institute of Chartered Accountants of Pakistan has reviewed the exemption policy and resolved as under:
   1. No exemptions shall be given from any ICAP examination or paper(s) thereof to any individual, Professional Accountancy Institution or body or University unless such request: (a) is received from the Certificate awarding body; (b) the said body is making the request on a reciprocal basis; and (c) the request is subjected to a detailed evaluation procedure to be laid down by ICAP and made transparent. This decision will be deemed to be effective from 1 June 2002.
   2. Candidates / students who have successfully completed all examinations of ACCA / CIMA on or after 1 June 2002 and apply for exemption and registration to ICAP would be exempted from the undermentioned examinations only:
      1. Pre-entry Proficiency
      2. Foundation and Intermediate
2. The Council has also deliberated on the status of ACCA / CIMA qualified students registered with ICAP upto 31 May 2002 and in accordance with recommendations of the Qualifications Evaluation Committee decided to extend the following facility to the said students:
   1. ACCA / CIMA qualified candidates who were granted exemptions from certain papers of Professional examinations upto 31 May 2002 shall be required to sit for a specified paper at Module F examination with effect from June 2003 Examination Session.  The said paper shall be in addition to other than the exempted papers of Module F required to be taken by them.  The syllabus of specified paper is attached as Annex A and is also placed on ICAP website.  The syllabus shall be subjected to changes as applicable to ICAP students.  In particular the following may be noted:Questions will not be set on new legislation, standards, guidelines, statements and exposure drafts at any examination held within the six months of the publication thereof.  Six months are to be counted from the date of publication of International Accounting Standard / Exposure Draft by ICAP.Notifications and circulars in respect of Finance Act / Ordinance, issued within a period of less than six months from the examination date will not be tested. However, the Finance Act / Ordinance would be examined from the attempt following its date of enforcement.
   2. The procedure described in paragraph 2(i) above shall be valid upto December 2005 Examination Session whereafter the facility offered shall stand automatically withdrawn.

Yusuf M Siddiqi                                     Fazal Husain Saifee, FCA
Director Education and Training                Director Examinations