ACCA exemptions

Goodman · 03-14-2004, 09:53 PM

The ICAP has been operating a strict exemptions policy for ACCA qualifieds. Do you support my resolution to ask ICAP to further reduce the exemptions awarded to qaulified ACCAs.

Please state yes or no in the first line of your reply, then start your opinions in the second line of your reply. It will help compile a quick snapshot.

smraza · 03-15-2004, 02:26 AM

Hi Zubair, I hope u will be fine,
please elaborate the question, what kind of strictness ICAP has adopted regarding awarding the exemptions to ACCA qualifieds?

SMR

The Legend Killer · 03-15-2004, 03:01 AM

No.
I wholly solly want to state NO!. Man what the heck do u think ACCA ishaan. Helllo Its a professional degree like CA. I really dislike this kind of attitude as applied by you. In England ACCA is of same Value like CA. Wanna prove I have it. Ok i think ICAP should increase the number of exemptions for ACCA.
Reply ur opinion and think openly.

Dont Beleive Your Eyes

sumaaan · 03-15-2004, 05:42 AM

I think its the correct policy... Atleast we'll have one field of professionals that doesn't become saturated... ACCA's shouldnt be given more exemptions...

Secondly, for those who say there's more demand of ACCAs in UK, or that there is not much difference between ACCAs and ACAs in UK, please think of the rationale behind all this...

Employers can get their work done equally from both ACCAs and ACAs in UK... Isn't it obvious that if they hire an ACA, they'd have to pay him more?... Therefore they prefer ACCAs when they give job adverts... But obviously that doesn't mean an ACA can't apply for that position...

If you happen to go through the ICAEW books, you'll come to see the quality of questions because they test your thorough knowledge...

Although ACCA itself is not easy... But the prestige, respect, honor and distinct professional circle an ACA gets, is absolutely amazing and certainly not what an ACCA qualified would get... An ACA would any day, any time, have more chances of getting promoted than an ACCA...

As it has been mentioned before, salary is always not the motivating factor...

Other forum members might have a different opinion on this as its a very subjective discussion.

jbladeus · 03-15-2004, 06:37 AM

Well said sumaaan

Btw... before i voice my opinion, i would like to know what exemption are being offered currently.

________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!

smraza · 03-15-2004, 02:24 PM

Currently ACCA qualifieds get exemptions of Mod A,B,C,D. they have to appear in Mod E and F of ICAP, (same policy for ACMA qualifieds),

In my opinion, Exemption policy for the qualified chartered accountants from any of the institutes (members of IFAC) should be like that they will have to be appear in the tax and law papers of the said country in order to get the membership of institute of that country.

as far as the question of Zubair is concerned, it is more important to look at the policy adopted by ACCA in respect of providing exemptions to ICAP qualifieds.

SMR

Mahtab · 03-15-2004, 04:18 PM

<img src=icon_smile_dissapprove.gif border=0 align=middle>No

Bowman · 03-15-2004, 04:41 PM

YES

Agreed with SMR that it is more important to look at the policy adopted by ACCA in respect of providing exemptions to ICAP qualifieds. The exemptions hould be on a reciprocal basis.

Mahtab · 03-15-2004, 07:59 PM

To Goodman,No,
I do not support your resolution to ask ICAP to further reduce the exemptions awarded to qualified ACCAs because
1. It is on a reciprocal basis,the policy adopted by ACCA is as under

The ACCA allows exemptions only upto Part 2 or from Paper 1.1 to 2.6 only to the ICAP students who passed all Examinations of ICAP but only to those students who passed upto 31-12-2002,

what is the current Exemption Policy not mentioned at their website,so first ask ACCA what is their Exemption policy for ICAPs all Examination passed students,ICAP at least mentioned at their web site the policy for ACCA.
2. I agree with Sumaaan its the Correct Policy,the ACCA qualified students if they do not complete their Articleship for ACCA from any Pakistani Company they are unaware about Pakistani Local Laws for instance Income Tax,Sales Tax,Labor,Company Laws etc.no doubt they are also well versed like ICAPs students in Accounting,Auditing etc.
but lack of these subjects or Laws make a difference also in the subjects of Accounting & Auditing specially in presentation etc.
3. I read (may be in syllabus book)that no further exemption will be allowed to any student from ICAP Examination unless requested by the Accounting body whose examination passed by student,except Exemption mentioned in the exemption policy of ICAPs website,so ask ACCA to communicate to ICAP to futher enhance Exemption.
Thanks

XBRL · 03-19-2004, 12:24 AM

well , i surely want to laugh, obviously its a NO for all who are doing or pursuing for ACCA and YES for all those who are or doing CA... so its again the battle of 2 qualifications just like we are quarrelling on other forums of CMA vs CA. HEy ppl what show we all are here putting. Are we making a pattern for the young ones to be BIASED and SELF ORIENTED?

I guess those who have dual qualifications or pursuing for it...can only make this comparison. I am not including myself by saying this but let me tell u all one thing (which someone of u may be aware of).... As regard the quality of exams and the testing criteria is concerned ACCA is far better than CA, ,rather if u compare audit and accounting papers of both institutes u will get the difference....

but as regard the professional exposure and the know how with local authorities is concerned CA are better,

The only problem ICAP is that when last time it saw every one after qualifying ACCA and and passing ICAPâs Corp Law Audit and Tax, they thought what an easy way it is to complete CAâ¦â¦ and we know the results, the exemptions were gone,,,so that doesnât mean ACCA is below CA rather thatâs our economy problem...currently ACA eng and wales is exempted wholly from CA (if not pursuing public practice) and if pursuing for public practice, Tax and Corp Law paper is required..

Now by whatever possible way, lets suppose ICAEW opens some local/worldwide exams just like ACCA and majority of students start to pursue them, completing them and start to avail exemptions what do u all above expect from ICAP.. YES ur right, ICAP will surely restrict them too.. so does that mean that ICAEW are unqualified to be qualified as or exempted from CA. Definitely NO but still this is the local economy problem....

ACCA through some political influences is trying to start the local corporate Law and Tax variant papers. Most of the above will say, so what! ACMA is here too, but I tell u once they get serious they will surely make this possible too, may be in long run for the SECâs or Fed Govt giving ACCAâs authority to conduct audits etc etcâ¦â¦

My sympathies are totally with ICAP, being one of its student but I personally feel that ACCA exam testing is better I guess.

Ya, I guess they are not able to go for public practice to dateâ¦coz local CAâs are so strong, well equipped, powerful and deserving for this particular job. ACCA has still to prove A LOT as regard PRACTICE and PROFESSIONAL EXPOSURE is concerned,,,,,,,,,

ACCA if want to enter solely in Pakistani market may go for 60% or 65% passing marks for Pakistan or may be ICAP giving exemptions in final parts on individual basis considering the exam marks. Coz I feel a student who scores more than 60% marks in final part is competent and studios enof to be completing CAâ¦.. This is my solution. What do u all say

sumaaan · 03-19-2004, 06:34 AM

<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>
well , i surely want to laugh, obviously its a NO for all who are doing or pursuing for ACCA and YES for all those who are or doing CA... so its again the battle of 2 qualifications just like we are quarrelling on other forums of CMA vs CA. HEy ppl what show we all are here putting. Are we making a pattern for the young ones to be BIASED and SELF ORIENTED?

I guess those who have dual qualifications or pursuing for it...can only make this comparison. I am not including myself by saying this but let me tell u all one thing (which someone of u may be aware of).... As regard the quality of exams and the testing criteria is concerned ACCA is far better than CA, ,rather if u compare audit and accounting papers of both institutes u will get the difference....

but as regard the professional exposure and the know how with local authorities is concerned CA are better,

The only problem ICAP is that when last time it saw every one after qualifying ACCA and and passing ICAPâs Corp Law Audit and Tax, they thought what an easy way it is to complete CAâ¦â¦ and we know the results, the exemptions were gone,,,so that doesnât mean ACCA is below CA rather thatâs our economy problem...currently ACA eng and wales is exempted wholly from CA (if not pursuing public practice) and if pursuing for public practice, Tax and Corp Law paper is required..

Now by whatever possible way, lets suppose ICAEW opens some local/worldwide exams just like ACCA and majority of students start to pursue them, completing them and start to avail exemptions what do u all above expect from ICAP.. YES ur right, ICAP will surely restrict them too.. so does that mean that ICAEW are unqualified to be qualified as or exempted from CA. Definitely NO but still this is the local economy problem....

ACCA through some political influences is trying to start the local corporate Law and Tax variant papers. Most of the above will say, so what! ACMA is here too, but I tell u once they get serious they will surely make this possible too, may be in long run for the SECâs or Fed Govt giving ACCAâs authority to conduct audits etc etcâ¦â¦

My sympathies are totally with ICAP, being one of its student but I personally feel that ACCA exam testing is better I guess.

Ya, I guess they are not able to go for public practice to dateâ¦coz local CAâs are so strong, well equipped, powerful and deserving for this particular job. ACCA has still to prove A LOT as regard PRACTICE and PROFESSIONAL EXPOSURE is concerned,,,,,,,,,

ACCA if want to enter solely in Pakistani market may go for 60% or 65% passing marks for Pakistan or may be ICAP giving exemptions in final parts on individual basis considering the exam marks. Coz I feel a student who scores more than 60% marks in final part is competent and studios enof to be completing CAâ¦.. This is my solution. What do u all say

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Extremely well said!

XBRL · 03-20-2004, 03:24 AM

Thanks Sumaan./..

Goodman · 03-31-2004, 12:56 AM

XBRLâs post is very strong butâ¦..

It depends how you look at things. The future of ACCA will be determined partly by the foreign practices entering Pakistan. Mind you ACCA came to Pakistan not to help educate us, they came for a different reason. Please donât confuse this with the alliance big 4 have with the foreign big 4âs.

I think such foreign practices will absorb a good number of trainees providing local jobs and all that stuffâ¦â¦. Whether Govt. regulations encourage practices to come to Pakistan or not is another question?

Now, if foreign practices come to Pakistan and they take on ACCA trainees, last thing they want to see is these trainees jumping ships at the end of their training period. Such a jump will enable other local accountancy practices to start in competing capacity. ICAPâs exemption policy will encourage trainees to jump ships. Therefore, I raised the question to see how many people are in favour of asking to scrap the exemption policy. It appears that most of the people here prefer to go the going route.

It is interesting to see how local practices read the potential BPO market figures with a firm intention to go for it,,, but missing the vital element, âLocal knowledgeâ.

KJK · 03-31-2004, 05:30 AM

Yes

ICAP must do so otherwise a student will be attracted more towards ACCA than CA.ICAP should make its policies compatible with ACCA so that a normal student like me can take the name of ICAP with ease and confidence

muzammil · 03-31-2004, 08:47 PM

I don't agree with you. Each board has to be strict with it's exeptions otherwise everyone tries to find shortcuts through their qualification. If ACCA stuents after qualifying gets more exemptions for CA, the people would opt for that route coz we all are aware that ACCA pass rate is much higher than CA and if more people enter in CA like this route means in the last modules, ICAP will become more strict and would not make the students clear and pass rate will go more down leaving behind many CA's working hard and in the end people coming through CA route will also be getting fed up, although ACCA ppl would have at least one qualification with them at that time.
Secondly, if we look at the practical exposure, ACCA's work experience is not strict and can get counted from wherever you do, it need not to be a Chartered Accountant firm, while with CA it's necessary to work with a Chartered Accountant firm for 4 years and practising all the audit, tax and work like that. SO i think ACCA qualified have good worth but still the work experience people choose might not be that adeqaute enough comparatively to CA.

Edited by - muzammil on Mar 31 2004 35126 PM