12-20-2008, 01:12 PM
For unseendemon
I have not missed any point. This rule may be new for ICAP members but not for ACCA Affiliate. An ACCA Affiliate need to pass last 3 papers of ICAEW and need to undergo 3 yrs of training which could be used to gain membership of both bodies i.e ACCA and ICAEW. You can check with ICAEW.
kamranACA
Kamran is right that understanding between two bodies must be on bilateral basis. But the problem in ICAEW and ICAP case is that their understanding is not on equal and bilateral basis. For Example, ICAP has been recognising ICAEW since creation of ICAP where MOU was signed between ICAW and ICAP early this year.
ICAEW members just need to pass ICAP 2 papers to become ICAP full member and they do not need to undergo any training. On the other hand ICAP full member need to pass ICAEW 3 to 4 papers plus ICAP members need to undergo 2 yrs of training. I just want to know where is equality in this MOU. Its SHAME for ICAP.
ICAP and its members used to say that as ACCAs do not study local (Pakistani) tax and law therefore they do not have right knowledge, I agree with it. But again in ICAEW case ICAP full members will need to study and take papers under UK Tax and Law. I really do not have words to say anything further on intelligence of ICAP as first they criticise one thing then adopt the same thing.
If I do not know y ICAP reduced ACCA exemption then I shall be grateful if someone let me know.
MOU between ICAP and ICAEW is not on equal basis and this MOU is not going anywhere.
If ACCA cannot do anything without ICAP and if ACCA is second class qualification then y 80 countries of the world recognise ACCA which is not the case with ICAP.
I have not understood what is the ultimate criteria of writer to Judge the qualification. If ultimate criteria is Western world qualification then ACCA is western world qualification. If ultimate criteria is audit of plc then ACCA is allowed to perform audit of plc in 80 countries of the world. So I will advise writer to make up mind about ultimate criteria of judging qualification so that I can reply in better way.
Today I found very interesting facts about ICAP. I came to know that ICAP now requires 3 yrs of training for all of its students and now training does not need to be in Audit firm it can be in industry. Now the question is why ICAP did it, the simple answer is because ICAEW did it two yrs ago and ICAP is just following ICAEW like a fool.
Actually ACCA has been pursuing this policy for long and people in UK says that it was basically ACCA idea and ICAEW just copied ACCA idea. In short ICAP is copying ACCA idea.
Writer mentioned American CFA, with all of due respect I have to say that writer does not have any knowledge about CFA. CFA is finance qualification whereas ACCA, ICAEW and ICAP are tax, Account and Audit qualifications therefore there is no direct comparison between CFA and accountancy qualifications.
I do not want to write more against ICAP, but if someone will force me then I will have to do it.
Khalid, ACCA
I have not missed any point. This rule may be new for ICAP members but not for ACCA Affiliate. An ACCA Affiliate need to pass last 3 papers of ICAEW and need to undergo 3 yrs of training which could be used to gain membership of both bodies i.e ACCA and ICAEW. You can check with ICAEW.
kamranACA
Kamran is right that understanding between two bodies must be on bilateral basis. But the problem in ICAEW and ICAP case is that their understanding is not on equal and bilateral basis. For Example, ICAP has been recognising ICAEW since creation of ICAP where MOU was signed between ICAW and ICAP early this year.
ICAEW members just need to pass ICAP 2 papers to become ICAP full member and they do not need to undergo any training. On the other hand ICAP full member need to pass ICAEW 3 to 4 papers plus ICAP members need to undergo 2 yrs of training. I just want to know where is equality in this MOU. Its SHAME for ICAP.
ICAP and its members used to say that as ACCAs do not study local (Pakistani) tax and law therefore they do not have right knowledge, I agree with it. But again in ICAEW case ICAP full members will need to study and take papers under UK Tax and Law. I really do not have words to say anything further on intelligence of ICAP as first they criticise one thing then adopt the same thing.
If I do not know y ICAP reduced ACCA exemption then I shall be grateful if someone let me know.
MOU between ICAP and ICAEW is not on equal basis and this MOU is not going anywhere.
If ACCA cannot do anything without ICAP and if ACCA is second class qualification then y 80 countries of the world recognise ACCA which is not the case with ICAP.
I have not understood what is the ultimate criteria of writer to Judge the qualification. If ultimate criteria is Western world qualification then ACCA is western world qualification. If ultimate criteria is audit of plc then ACCA is allowed to perform audit of plc in 80 countries of the world. So I will advise writer to make up mind about ultimate criteria of judging qualification so that I can reply in better way.
Today I found very interesting facts about ICAP. I came to know that ICAP now requires 3 yrs of training for all of its students and now training does not need to be in Audit firm it can be in industry. Now the question is why ICAP did it, the simple answer is because ICAEW did it two yrs ago and ICAP is just following ICAEW like a fool.
Actually ACCA has been pursuing this policy for long and people in UK says that it was basically ACCA idea and ICAEW just copied ACCA idea. In short ICAP is copying ACCA idea.
Writer mentioned American CFA, with all of due respect I have to say that writer does not have any knowledge about CFA. CFA is finance qualification whereas ACCA, ICAEW and ICAP are tax, Account and Audit qualifications therefore there is no direct comparison between CFA and accountancy qualifications.
I do not want to write more against ICAP, but if someone will force me then I will have to do it.
Khalid, ACCA
