ICAP Exemptions for ACCA, CIMA and ICMA

This is to notify that the Council of the Institute of Chartered Accountants of Pakistan has reviewed the present exemption policy of the Institute in its meeting held on December 24, 2010 and has decided the following:

A. Available Exemptions

The exemptions from the following papers will be granted to the students who have passed all examinations of ACCA, CIMA and ICMAP:

Qualification: ACCA

Pre-entry Proficiency Test
Module - A

• Functional English
• Quantitative Methods

Module - B

• Introduction to Financial Accounting

Module - C

• Financial Accounting
• Taxation (Exemption will be granted to only those candidates who have passed F6 Taxation (Pakistan variant)

Module - D

• Cost Accounting
• Information Technology (Exemption will be granted to only those candidates who have passed F8 Audit and Assurance; and P7 Advanoed Audit and Assurance)

Qualification: CIMA

Pre-entry Proficiency Test
Module - A

• Functional English
• Quantitative Methods

Module - B

• Introduction to Economics & Finance
• Introduction to Financial Accounting

Module - C

• Financial Accounting

Module - D

• Cost Accounting

Qualification: ICMAP

Pte-entry Proficiency Test
Module - A

• Functional English
• Quantitative Methods

Module - B

• Introduction to Economics & Finance
• Introduction to Financial Accounting
• Mercantile Law

Module - C

• Financial Accounting
• Taxation
• Business Communication & Behavioral Studies

Module - D

• Company Law
• Cost Accounting
• Information Technology

B. Effective Date: This Directive will. become effective from April 1, 2011.
C. Repeal: Effective April 1, 2011 this Directive supersedes the Council's Directive 2.02 to the extent that the said Directive relates to ACCA and CIMA.