According to latest directive (issued in December 2010) ACCA qualified candidates can claim exemptions in the following subjects only if the relevant conditions are met:
| Modules | Subjects/Tests | Additional Conditions |
|---|---|---|
| Pre-Entry Proficiency Test | – | |
| A | Functional English | – |
| A | Quantitative Methods | – |
| B | Introduction to Financial Accounting | – |
| C | Financial Accounting | – |
| C | Taxation | Exemption will be granted to only those candidates who have passed F6 Taxation (Pakistan variant) |
| D | Cost Accounting | – |
| D | Auditing | Exemption will be granted to only those candidates who have passed F8 Audit and Assurance; and P7 Advanced Audit and Assurance |
There are in total 8 exemptions including exemption from pre-entry proficiency test (an entrance test). Exemption in Module C’s Taxation exam is granted only if the candidate has appeared and passed the Pakistan Variant of ACCA F6.
ICAP does not award exemptions to part qualified ACCA students and there are no subject-to-subject basis exemptions available. However, candidate is said to have qualified ACCA for the purpose of exemptions if he/she has passed all the examinations ONLY even without relevant industry experience required under ACCA qualification.
Since ICAP has launched its new examination scheme in 2013 effective from Autumn 2014 [September 2014], it is expected that same exemptions will be carried forward and similar papers will be exempted from the new examination scheme as well.