ICAP Reduced Exemption for ACCA and CIMA
By Bilal Siddiqui
It has been discussed in students so far and mostly we never take it seriously but the rumor is a fact and policy matter now.
Institute of Chartered accountants of Pakistan (IACP) in its new directive announced new exemptions available to ACCA and CIMA students. According to the notification, ACCA affiliates will only be allowed an exemption of 7 papers in total from module A to module D.
Table 1
|
Qualification |
ICAP Module |
ICAP Paper exempted |
Additional conditions |
|
|
ACCA |
A |
Functional English |
|
|
|
|
A |
Quantitative methods |
|
|
|
|
B |
Introduction to Financial Accounting |
|
|
|
|
C |
Taxation |
Provided you cleared paper F6 with Pakistan tax variant |
|
|
|
C |
Financial Accounting |
|
|
|
|
D |
Cost Accounting |
|
|
|
|
D |
Auditing |
|
|
|
|
|
|
|
|
|
CIMA |
A |
Functional English |
|
|
|
|
A |
Quantitative Method |
|
|
|
|
B |
Introduction to Economics and Finance |
|
|
|
|
B |
Introduction to Financial Accounting |
|
|
|
|
C |
Financial Accounting |
|
|
|
|
D |
Cost Accouting |
|
|
- Now the problem with this new exemption policy is that most ACCA students opt for UK variant for paper F6 and almost 50% ACCA students left paper p7 to opt others (P4, P5 or P6). So effectively speaking, its only 5 papers now.
- And yes – for CIMA students, the exemption is now just for five papers.
What could be the rationale behind this new decision? We’ll try to find out this week but till then you can let us know your feedback in comments.
Comments (101)
I Request to ICAP kindly revised the exmpetion. Do not masshed accounting students in your inside war