Accountancy Forum

Exemption Policy For Certified Financial Accountant (ACFA) Program
Dated 18 September 2010

(i) Exemption Criteria for Fresh MBAs
Out of total 16 subjects, 12 subjects are exempted, and 4 subjects are to qualify as per list of courses given below
Course Code Course / Subject
MODULE A (FOUNDATION STAGE)
FS-04 Corporate Governance
MODULE (CERTIFICATION STAGE)
CS-02 Financial Statements Analysis
MODULE (PROFESSIONAL STAGE GROUP II)
PG-05 IFRS & External Independent Reports
PG-08 Audit & Assurance
MBA = total 4 subjects to qualify ACFA

(ii) Exemption Criteria for Fresh M.Com
Out of total 16 subjects, 13 subjects are exempted, and 3 subjects are to qualify as per list of courses given below
Course Code Course / Subject
MODULE (FOUNDATION STAGE)
FS-04 Corporate Governance
MODULE (PROFESSIONAL STAGE GROUP II)
PG-05 IFRS & External Independent Reports
PG-08 Audit & Assurance
M.Com = total 3 subjects to qualify ACFA

(ii) Exemption Criteria for B.Com (Honors) and BBA
Out of total 16 subjects, 13 subjects are exempted, and 3 subjects are to qualify as per list of courses given below
Course Code Course / Subject
MODULE A (FOUNDATION STAGE)
FS-04 Corporate Governance
MODULE (PROFESSIONAL STAGE GROUP II)
PG-05 IFRS & External Independent Reports
PG-08 Audit & Assurance
B.Com (Hons) & BBA = total 6 subjects to qualify ACFA


iv) Exemption Criteria for Fresh PIPFA
Out of total 16 subjects, 13 subjects are exempted, and 3 subjects are to qualify as per list of courses given below
Course Code Course / Subject
MODULE (FOUNDATION STAGE)
FS-04 Corporate Governance
MODULE (PROFESSIONAL STAGE GROUPI)
PG-04 Professional Values & Ethics
MODULE (PROFESSIONAL STAGE GROUP II)
PG-07 Total Quality Management
PIPFA = total 3 subjects to qualify ACFA


(v) Exemption Criteria for Fresh ICMA / ICAP/ACCA/CIMA members
All the academic courses (16 papers) of Certified Financial Accountant are exempted.


(vi) Exemption Criteria for CFC/PIPFA/MBA/MCOM and any other equivalent Foreign Qualifications of Affiliated Professional Institutions with The Society of Accounting Education.
In addition to above qualification and having more than 5 years job experience in the field of accountancy Taxation, Audit and financial management at the middle level management positions
Can qualify for the Associate ACFA (Certified Financial Accountant) membership

(vii)Exemption Criteria for B.Com
Two subjects from the Module (A) Foundation Stage, is exempted
Course Code Course / Subject
MODULE A (FOUNDATION STAGE)
FS-01 Basic Accounting Tests & Techniques
FS-02 Industrial & Commercial Laws
B.Com = out of total 14 subjects to qualify ACFA

(viii)Exemption Criteria for CA / CMA (Intermediate) with Graduation
In addition to above qualification and having more than 5 years job experience in the field of accountancy Taxation, Audit and financial management at the middle level management positions
can qualify for the Associate ACFA (Certified Financial Accountant) membership.
The above exemption policy will be implemented W.E.F. 18 September 2010, till further action is taken by the Executive Council of The Society of Accounting Education (SOAE).

It is brought to the knowledge of the worthy members / students, at the moment, SOAE have started their academic program only through correspondence.

In the later stage,when Academic/Coaching Campuses are established, regular coaching classes will be started then.

All the Executive Council Members have consented upon this policy for implementation.
(Secretary)

For Details please visit

http//www.soae.edu.pk/

The Regular FA Program



Eligibility Requirements

•Graduates (from any discipline) with 50% or above marks and a minimum of 18 years of age are eligible to enroll into the FA Program.



•Candidates in their final year Bachelor’s Degree courses who are expecting the results within three months from the date of submitting the applications to the IFAP are also eligible to apply (such candidates will be enrolled provisionally in the Forensic Accountant Program).



Procedure for Applying Registration

•All applications for registration as student of the Institute must be made in the prescribed form obtainable from the office of the Institute.



•Every application shall be duly completed and submitted along with the prescribed student registration and exemption fees and annual subscription for the year in force at the date of application.



•If the application for registration is accepted the registration and exemption fees and the subscription amount will not be refunded.



•On acceptance an official notification will be issued to the student who will also be allocated a Registration Number must be quoted on all communication between the student and the Institute in future.



Documents Accompanying Application

Every application for registration as a student must accompany the following documents without which the application will not be entertained-



•Certified photocopies of all educational certificates reflected by the applicant on his/her application.



•Character certificate from the Head of Institution last attended or Employer if employed. The Executive Council may also accept character certificate issued by any Associate or Fellow Member of the Institute or by a First Class Gazzeted Officer of the Government of Pakistan.



•Satisfactory evidence of age, name and eligibility. In this connection the applicant shall satisfy the Executive Council that he/she-



i.Is not less than 18 years age,
ii.Possesses the requisite educational qualifications prescribed.
iii.Is a fit and proper person to be registered as a student of the Institute.
iv.Two attested passport size copies of latest photographs.



Fees and Subscriptions

All fees and subscriptions are payable along with the application for registration as a student on acceptance of which no amount of such fees and subscription is refundable.



Powers of Registration Committee to accept or Reject applications

All matters connected with the registration of the students, the Registration Committee has been vested with identical powers which interalia includes acceptance or rejection of any application for registration as a student without assigning any reason, to prescribe, change and review the schedule and rates of fees and subscriptions and also to frame the rules and regulations in respect therewith. In case of rejection, however, the student is given the right to appeal to the Executive Council for review of his application but in that case also the Executive Council again reserves the right to decide the case in which event its decision shall be final and binding upon the applicant.



Duration of Program

The Regular FA Program may be completed in a period of two years or 24 months.



Period of Validity of Enrollment

The candidates are required to complete the Forensic Accountant Program (all three stages) within a maximum period of seven years from the date of enrollment. Candidates who are unable to complete the program within time frame stipulated above, but are still keen on continuing in the program, are required to register de novo, by paying the requisite fee.



Program Structure

The FA Program is divided into Three Stages Foundation Stage, Certificate Stage and Professional Stage. The Foundation Stage consists of four papers, the Certificate Stage consists of four papers and the Professional Stage consist Group I & II (four papers each). The candidates of the regular Forensic Accountant Program will be required to study and complete three Stages in a sequential manner.





Exemptions/Waivers From Institute’s Examinations



Exemption Criteria and Rules

The Candidates with prior professional qualifications like Chartered Accountants, Cost and Management Accountants, Corporate/Chartered Secretaries, and others having professional qualifications are eligible to get exemptions/waivers from certain subjects/papers of the Forensic Accountant Program on case to case basis. The Executive Council of the Institute has framed comprehensive rules for deciding claims for exemption from the Institute’s examinations. Accordingly eligibility for exemption will be assessed and evaluated on the basis of approved academic and professional examination having relevant and considerable knowledge content of the prescribed subjects/papers. Applications for exemption and student registration must be made simultaneously in the prescribed form obtainable from the office of the Institute and must accompany the prescribed exemption and registration fees.



Students are advised that applications for exemptions must be supported by attested documentary evidence of all subjects/papers taken in the degree and professional examinations. The Executive Council of the Institute reserves the right to review and reevaluate the equivalence criteria for exemption in respect of all or any academic and professional examinations which presently or in future have been accorded approval for equivalence with the Institute’s examinations.



Total Exemptions

Members of other professional Institutes whose examinations, educational and professional standards are considered equivalent to those of the Institute may be admitted as members. The status of membership of this Institute conferrable will, however, depend upon the status of membership already held by such applicant in other Institutes.



Exemptions Allowed in Special Cases

While the Institute strictly adheres to the principles of detailed scrutiny of applications for membership and exemptions to assess the equivalence criteria, the Executive Council is also empowered to consider and grant exemptions to applicants whose educational qualifications are not fully covered by the conditions laid down in the rules and regulations of the Institutes. Another important consideration which the Executive Council follows in granting exemptions in special cases which fall outside the existing framework of exemption rules, is the overall and complete set of relevant academic and practical achievements of the applicant acceptable to the Council, of course, having regard to the cardinal principle of determining the professional equivalence in each case separately. The decision of the Executive Council in this behalf is absolute and final. The applicants falling in this category are, however, entitled to an opportunity to appeal and submit necessary clarifications and documentary evidence in support of their claim for exemption to the satisfaction of the Council who may in its sole discretion reconsider such appeals.



Exemption Fee

Exemption fee shall be paid along with the application for exemptions as prescribed. The Institute will refund the amounts in respect of claims for exemption disallowed or adjust the amount against other dues. Payments shall be made in cash/bank pay order/bank demand draft or crossed check in favor of the Institute of Forensic Accountants of Pakistan (IFAP).



Powers of the Executive Council/Exemption Committee to Grant or Reject Exemptions

The powers, vested in the Executive Council and Exemption Committee, interalia, also includes the scrutiny of all applications for exemptions in accordance with the prescribed criteria and rules and eventually grant or refuse exemptions. A right to appeal to the Executive Council is, however, given to every applicant for exemption to plead and justify his claim. The Executive Council’s decision is that case is absolute and final.
For Details Please Visit
http//www.ifap.org.pk/

Also Visit

http//acpaglobal.com/ACPAGlobal/ACPAPakistan.aspx

Has it got any worth???

Has it got any worth???

Has it got any worth???