career plan 2014

8/20/2019 Career Plan 2014

1/60

8/20/2019 Career Plan 2014

2/60

PIPFA ROAD MAP

Fellow Public Finance Accountant – FPFA

Associate Public Finance Accountant – APFA

Final Level

IntermediateLevel

Foundation Level

FinancialReporting

Financial Accounting

Basic Accounting

Finance

Management Accounting

PerformanceMeasurement

Basic Cost Accounting

Management Accounting

Auditing

BusinessCo m m un ication

& B e h a v i o ra l

Studies

BusinessLaws &

Taxation

Business MathsStats & Economics

Managementand Laws

8/20/2019 Career Plan 2014

3/60

“To be a premier professional body that develops

distinguished public finance accountants for the

corporate and public sector.”

Professional ExcellenceIntegrity

Good Governance

Transparency

Accountability

Innovation

Objectivity

“To contribute towards continuous development,

enhancement and strengthening of the field of

accountancy, public finance and audit to support

economic growth in the country.”

8/20/2019 Career Plan 2014

4/60

PIPFA Nurturing Winning Mindse

C e l e b r a t i n g

2 1 st Y e a ro f E x c el lenc e

Dear Students,

Pakistan Institute of Public Finance Accountants (PIPFA), a prestigious

professional accounting institute, affiliated with IFAC has entered in

its 21st year of operation. To ensure the institute is on the right track,

the Board undertook a substantial strategic review during the year

and made necessary amendments to take PIPFA through 2014-15.

In order to made PIPFA syllabi aligning with professional accounting

bodies innovative changes in the syllabi have been incorporated to

help out young leaders who will contribute to the dynamic needs of the industry and systematically face the challenges of changes.

PIPFA provides top quality professional education fully commensurate with the demand of

present era. The distinctive feature of PIPFA’s program is to maintain high standards of

education with ample market demand. There are two streams of education, Corporate/Private

Sector which is open to all and other one is Government/Public Sector which is exclusively

for the eligible Government employees nominated by the Department of Auditor General of

Pakistan (AGP), Controller General of Accounts (CGA), Pakistan Military Accounts Department

(PMAD), Pakistan Railway Accounts Department (PRAD) affiliated/related departments of

Federal and Provincial Governments and Government owned entities/autonomous bodies.

PIPFA education is also in accordance with the requirement of international Federation of

Accountants (IFAC) and other professional accounting bodies.

Please take a moment to further explore our website and review the information that’s

available to you. We invite you to contact us via our website, in person, or by telephone. Reach

out to our extraordinary faculty and staff who are committed to providing you with the

educational excellence and assistance that you deserve.

Shahzad Ahmad AwanPresident

Message of the President

8/20/2019 Career Plan 2014

5/60

Career

Plan

8/20/2019 Career Plan 2014

6/60

1 Introduction 51.1 About PIPFA................................................................................................................ 61.2 Objective...................................................................................................................... 6

1.3 Offices and Centres...................................................................................................... 61.4 International Affiliation .............................................................................................. 61.5 Recognition ................................................................................................................. 61.6 Ideal Qualification....................................................................................................... 61.7 Eligibility ..................................................................................................................... 71.8 Faculty......................................................................................................................... 71.9 Coaching...................................................................................................................... 71.10 Examinations............................................................................................................... 71.11 Job Opportunities........................................................................................................ 71.12 Board of Governors ..................................................................................................... 71.13 Commerce Graduates .................................................................................................. 71.14 MBAs and M. Coms...................................................................................................... 71.15 Exemptions Offered to PIPFA Qualification................................................................. 81.16 Publications................................................................................................................. 81.17 Website ....................................................................................................................... 8

1.18 Course of Study ........................................................................................................... 8

2 The Programme 102.1 The Role of Public Accountants................................................................................... 112.2 Salient Features of the Syllabus .................................................................................. 112.3 Membership of the Institute........................................................................................ 112.4 Methodology ............................................................................................................... 132.5 Course of Studies ........................................................................................................ 132.6 Documents Required for Membership........................................................................ 132.7 Membership Elevation from Associate to Fellow......................................................... 13

3 Admission Policies & Procedures ........................................................... 143.1 Admission .................................................................................................................. 153.2 Exemption Policy ........................................................................................................ 153.3 Registration ................................................................................................................ 173.4 Cancellation and Suspension of Registration .............................................................. 17

3.5 Admission Procedure.................................................................................................. 173.6 Transfers .................................................................................................................... 183.7 Code of Conduct.......................................................................................................... 183.8 Admission on Paper to Paper Basis............................................................................. 18

4 Examination Policies & Procedure ........................................................ 194.1 Eligibility.................................................................................................................... 204.2 Examination Application............................................................................................ 204.3 Instructions to the Examinees .................................................................................... 214.4 General Procedures .................................................................................................... 234.5 Examination Scheme .................................................................................................. 244.6 Examination Results................................................................................................... 244.7 Proficiency Awards..................................................................................................... 25

5 Fee & Concession ................................................................................................. 265.1 Fee Payable................................................................................................................. 275.2 Scholarship/Financial Assistance............................................................................... 275.3 Payment of Fee ........................................................................................................... 285.4 Refund/Adjustment.................................................................................................... 285.5 Fee Structure.............................................................................................................. 29

6 Syllabus 31Foundation Level........................................................................................................ 33Intermediate Level ..................................................................................................... 40Final Level .................................................................................................................. 49CCPT ........................................................................................................................... 55

7 List of Approved Colleges .............................................................................. 56

S.# Description Page #

Table of Contents


2 1 st Y e a ro f E x c e l l e n c e

8/20/2019 Career Plan 2014

7/60


2 1 s t Y e a ro f E x c e l l e n c e

Introduction

8/20/2019 Career Plan 2014

8/60




IntroductionToday, we are all residents of a global village, the world has shrunk and thus it has become imperative for every country to keep pace with the international demands. The present scenario has made it crucial to maintain a Human Resource withhigh profiled knowledge, skill and ability, which can only be done through professional and vocational training.

1.1 ABOUT PAKISTAN INSTITUTE OF PUBLIC FINANCE ACCOUNTANTS (PIPFA)

To cater this need, Pakistan Institute of Public Finance Accountants (PIPFA) constituted in 1993 by The Instituteof Chartered Accountants of Pakistan (ICAP), Institute of Cost and Management Accountants of Pakistan (ICMAP)and Auditor General of Pakistan (AGP). The Institute is registered with Securities and Exchange Commission of Pakistan (SECP) as Association Not for Profit under section 42 of the Companies Ordinance, 1984. Twenty one years of PIPFA has been an emblem of success, rendering Quality Education and Professional Excellence. TillMay-2014 PIPFA has without challenge registered students of over 29,250 and the membership is over 6,400, ahallmark of pride matching PIPFA's distinction.

1.2 OBJECTIVEPIPFA was constituted to impart quality education and develop Specialized Professional Accountants. PIPFA is running with the theme to minimize the gap between the demand and supply for second tier AccountingExecutives at Public as well as Corporate Sector.

The edge PIPFA enjoys over other institutions is that being a non-profit organization, its focus has always been Quality Education rather than profit generation. This highly acknowledged among other professionalinstitutions.

1.3 OFFICES & CENTERS

PIPFA has corporate office, as well as coaching centers in Karachi, Lahore, Faisalabad and Islamabad. All thecenters and offices are located in prime areas of cities, with well ventilated and highly equipped class rooms.

1.4 INTERNATIONAL AFFILIATIONPIPFA is an Associate Member of International Federation of Accountants (IFAC-USA). IFAC is a highly prestigious International Federation having 179 members & associates in 130 countries. It is a matter of great pridefor any accounting body to be associated with federation of such an unparallel repute and standing.

1.5 RECOGNITION

PIPFA qualification is globally accepted. Being an Associate Member of International Federation of Accountants(IFAC), exemptions are granted by professional bodies like The Institute of Chartered Accountantsof Pakistan (ICAP), Institute of Cost & Management Accountants of Pakistan (ICMAP), Chartered Instituteof Management Accountants of United Kingdom (CIMA-UK), Association of Chartered Certified Accountantsof United Kingdom (ACCA-UK), Institute of Internal Auditors (IIA-USA), Institute of Corporate Secretaries& Managers (ICS&M), Institute of Corporate Secretaries of Pakistan (ICSP), and others. Apart from the abovementioned accounting bodies, PIPFA holds a great rapport among all.

1.6 IDEAL QUALIFICATIONPIPFA qualification is ideal for the students aspiring to become the Chartered Accountants / Management

Accountants. Routing through PIPFA brings substantial savings in study costs and increased chances to spontaneously pass ICAP's remaining examinations as 14 papers and 11 papers of ICMAP from Semester III to VI are subsequently studied. PIPFA vis-a-vis let you become a professional accountant, APFA, FPFA in the midway.

6

8/20/2019 Career Plan 2014

9/60




1.7 ELIGIBILITY

Students having qualified Intermediate, A' Levels, DBA, CAT or any other qualification equivalent tointermediate can take admission in PIPFA. In case of Public Sector trainees they must be nominated by the

competent authorities of the Government of Pakistan. Students have to study three levels (Foundation,Intermediate and Final) to pass examinations. After passing all the examinations one must have minimumthree years relevant working experience to get the membership of the Institute. Thus the total period requiredto be a full fledged accounts professional after Intermediate is four and half years as compared to B.Comqualified individuals who study for two years after intermediate and are not considered as accountants.

1.8 FACULTY

PIPFA faculty is an example within itself, keeping exceptionally high profile record. The faculty membersare composed of a unique blend of academic qualification enhanced with prosperous professionalexperience. They combine their professional and academic experiences to bring real life working environmentin the classroom, boosting the impact of each lecture backed by modern teaching aides and techniques.

The faculty is comprised of Chartered Accountants, Management Accountants, MBAs and other Businessrelated Masters Degree(s) holders with several years of teaching/working experience.

1.9 COACHING

PIPFA's classes are conducted at its own Supervised and Approved Coaching Centers, covering all majorcities of Pakistan including its own full-fledged campuses at Karachi, Lahore, Faisalabad, and Islamabad.To maintain quality coaching, every center is vigilantly monitored by PIPFA teams. Admissions are opentwice a year, Summer-Session admissions start in December and for the Winter-Session in the month of June.

1.10 EXAMINATIONS

To maintain high standard of examinations, the control is centralized through the corporate office situatedin Karachi. This also facilitate in keeping uniformity in the quality of education at all centers. Examinationsare held twice a year, i.e., on 1st Monday of May and November.

1.11 JOB OPPORTUNITIES

PIPFA members are known as Associate Public Finance Accountant (APFA) and Fellow Public Finance Accountant (FPFA). They are eligible for the position of Company Secretary in Public Listed Companies.For Middle Management opportunities, the need of 2nd tier Executives is more than 4 times than the TopLevel Executives. In Public Sector organizations PIPFA qualification is recognized as mandatory qualificationfor promotion to or confirmation on the post of BPS-17.

1.12 BOARD OF GOVERNORS

The Institute is governed by a Board, comprising 12 members, 3 each are nominated by ICAP, ICMAP, AGPand 3 are elected by the members of the Institute in the Annual General Meeting for a term of three years.

1.13 COMMERCE GRADUATES

Students having passed B.Com are eligible to get exemptions of 4-5 subjects and can complete PIPFA examination in short span of time at a very affordable cost.

1.14 MBAs & M.COMsPIPFA grants exemptions of up to 6 subjects to the MBAs & up to 7 subjects to the M.Coms qualificationin Corporate Sector stream. This is a rare opportunity as it confers a substantial reduction in the span of completion of this professional qualification.

7

8/20/2019 Career Plan 2014

10/60




1.15 EXEMPTIONS OFFERED TO PIPFA QUALIFICATION

Following professional bodies at domestic and international level grant exemptions to PIPFA's professionals:

ICAP: 7 Papers of AFC & CAF upon successful completion of all the Examinations of PIPFA passedthrough Corporate Stream.

ICMAP: 7 Papers of Semester I, II & III upon PIPFA’s membership.

CIMA, UK: 7 Papers (5 of Certificate Level plus 2 of Operational Level).

ACCA, UK: 2 Papers F-2 & F-3.

IIA, USA: CIA Exam Part-4 exemption under Professional Recognition Credit (PRC4)

ICS&M: 8 Papers of Institute of Chartered Secretaries & Managers.

ICSP: 4 Papers of Institute of Corporate Secretaries of Pakistan (ICSP).

1.16 PUBLICATIONS

PIPFA has an official Quarterly Journal which has been playing a productive role in updating the students,

members and other stakeholders.1.17 WEBSITE

PIPFA maintains an informative website i.e. www.pipfa.org.pk. All latest information regarding IAS / IFRSand PIPFA activities are updated on regular basis. Facility of downloading PIPFA Admission, Exemption,Coaching, Examination and Membership forms are also available on the website.

1.18 COURSE OF STUDY

The Education program is divided into three Levels with following subjects of study for Corporate & Publicsector:

FOUNDATION

• Basic Accounting

• Basic Cost Accounting

• Business Mathematics, Statistics & Economics

INTERMEDIATE

• Financial Accounting

• Performance Measurement

• Business Laws & Taxation• Business Communication & Behavioral Studies

FINAL

• Financial Reporting

• Management Accounting

• Auditing

CORPORATE SECTOR

8

8/20/2019 Career Plan 2014

11/60




PUBLIC SECTOR FOUNDATION• Basic Accounting

• Basic Cost Accounting• Business Mathematics, Statistics & Economics

INTERMEDIATE• New Accounting Model (NAM)

• Performance Measurement

• Financial Audit Manual (FAM)

• Business Communication & Behavioral Studies

FOR P

FINAL

• Service & Financial Rules (All Department except Defence Audit Branch)• Public Works Accounts Rules & Procedures (GAA Branch)

• Postal Accounts (Technical)(SB,MO,CC) (Postal Account Branch)

• Postal & Telecom Accounts & Works Rules and Procedures (PT & T Audit)

• Sales Tax & Federal Excise (Inland Revenue Audit Branch)

• Customs & Other Indirect Taxes (Custom & Petroleum Audit Branch)

• Financial & Management Accounting(Commercial Audit Branch)

• Income Tax Laws (Inland Revenue Audit Branch)

• Railway Accounts (Railway Audit Branch)

• Open Line Work Shop & Stores (Railway Audit Branch)

• Military Accounting Procedure (PMAD Sector)

• Works (MES) & Stores (Defence Audit & PMAD Sector)

• Pay, Pension & TA Rules (Defence Audit & PMAD Sector)

• General & Revenue Accounts of Railways (Railway Accounts)

• Construction, Stores & Workshop Accounts (Railway Accounts)

• Corporate Reporting (Railway Accounts)

FOR PUNJAB GOVERNMENT TRAINEES

FINAL• Public Works Accounts Rules & Procedures (Treasury & LFA Branch)

• Civil Service Rules (Theory) (Treasury Branch)

• Civil Service Rules (Practical) (Treasury Branch)• Financial Rules/Treasury Rules (Treasury Branch)

• Service & Financial Rules (Practical) (LFA Branch)

• Acts of Legislature & Statutory Rules (LFA Branch)

• Rules & Regulations for the Audit & Inspection of Accounts (LFA Branch)

Students must submit a certificate of computer competency practical training (CCPT) from the approved instituteor training center before declaration of results of relevant sessions.

9

8/20/2019 Career Plan 2014

12/60



The

Programme

8/20/2019 Career Plan 2014

13/60




2.1 THE ROLE OF PUBLIC ACCOUNTANTS

The Associate Public Finance Accountants (APFA) produced by the Institute have met the requirements of the industry over the years and performed creditably in the assigned roles. Today, the members of PIPFA occupy middle to top Accounting / Financial positions in the leading public and private sector organizations,financial institutions, NGOs and consultancy firms as Chief Financial Officers, and/or Company Secretaries.Study at PIPFA, provides them an opportunity to sharpen their accounting and financial skills through

world-class comprehensive syllabus, effective education and testing system.

2.2 SALIENT FEATURES OF THE SYLLABUS

2.2.1 The syllabus of PIPFA has been revamped in year 2008 in order to enhance the competence of theInstitute's students, enabling them to better face the challenges of a dynamic business environment.

2.2.2 Keeping in view the ever changing business environment, especially in the field of Accounts &Finance it was realized to introduce the subject of Performance Measurement to the second tier

Accounting Executives for their valuable contribution in strategic decisions. Some subjects, such

as "Mercantile Law", "Company law & Taxation" and "Corporate Law & Practices", have been blendedand a new demanding subject "Business Laws & Taxation" has been emerged. Moreover, additionaltopics have been included in many subjects to bring them in line with the latest professionaldevelopments.

2.2.3 There will be Computer Based Examination (CBE) for the three subjects of Foundation Level.

2.2.4 The syllabus consist 10 subjects for Corporate Sector Stream. In Public Sector Foundation andIntermediate Level comprise of 7 subjects including NAM and FAM and the papers for Final Levelare according to the concerned branch of the Public Sector trainees to be taught in three levels overa total period of one and a half year.

2.2.5 Students must submit a certificate of computer competency practical training (CCPT) from theapproved institute or training center before declaration of results of relevant sessions.

2.3 MEMBERSHIP OF THE INSTITUTE2.3.1 MEMBERSHIP FEATURES:

i) PIPFA Members Associate Public Finance Accountants (APFA) and Fellow Public Finance Accountants (FPFA) are among the best accounting professionals in the country and enjoy highprofessional standing.

ii) Total membership exceeds 6400 till May - 2014. They are working in industry, trade and servicesin both public and private sectors.

iii) They are eligible for the positions of Company Secretary in Public Listed Companies, being themembers of recognized professional accounting bodies, which is the leading qualificationprescribed through the Code of Corporate Governance applicable to over 569 companies listedon the stock exchanges of the country.

iv) PIPFA Members / Qualified can avail various exemptions in acquiring additional qualifications

from The Institute of Chartered Accountants of Pakistan (ICAP),Institute of Cost & Management Accountants of Pakistan (ICMAP), Chartered Institute of Management Accountants of UnitedKingdom (CIMA-UK), Association of Chartered Certified Accountants of United Kingdom(ACCA-UK), Institute of Internal Auditors (IIA-USA), Institute of Corporate Secretaries &Managers (ICS&M), Institute of Corporate Secretaries of Pakistan (ICSP) etc. They have pre-membership top quality professional education in the accounting and related fields.

v) They constantly update their professional knowledge, information and skills through theContinuing Professional Development (CPD) including seminars, workshops, interaction amongthe professional society, access to special studies and other professional development activities.

The Programme

11

8/20/2019 Career Plan 2014

14/60




vi) The CPD hours of PIPFA are duly accepted by ICAP, ICMAP etc for credit to their members.

vii) PIPFA's pre & post-qualification education and development program adds professional valuesin their expertise.

viii)PIPFA regulates the professional behavior and conduct of its members to confirm high standardsof professional norms.

ix) PIPFA (Public Sector) qualification has since been notified as one of the required qualificationfor the positions of Assistant Accounts Officer/ Assistant Audit Officer through S.R.O. 17(1) /2000 dated January 22, 2000 issued by Office of the Auditor General of Pakistan, Governmentof Pakistan. Now it has replaced SAS qualification.

x) Ministry of Finance, Government of Pakistan, vide its letter No. F-1 (3) Imp/2012 dated July 16, 2012 has sanctioned qualification pay to the PIPFA qualified (Public Sector) officials @ Rs.800/- per month.

xi) PIPFA's Membership has the unique distinction of representing the entire accounting community of Pakistan which comprises of,

• PIPFA qualified,

• Members of ICAP/ICMA Pakistan,• Fully qualified from ICAP/ICMA Pakistan,

• All but Final part qualified from ICAP/ICMA Pakistan,

• FPO Examination of FPSC qualified by Govt. Officers of Pakistan Audit & Accounts Service,

• SAS Examination of Department of Auditor General of Pakistan or equivalent qualified,

• Members of IFAC Member/Associate bodies,

xii) PIPFA and its members are constantly adding value to the accounting profession to meet theglobal challenges, IT revolution and ever growing sophistication in business and managementfields.

2.3.2 Professional Development:

Like other professional accounting bodies PIPFA's members have life long association with theirinstitution. PIPFA takes care of the needs of professional development and interest of its members,arranges seminars, courses, workshops and other activities as part of continuing professionaldevelopment (CPD) to constantly update the professional information and knowledge of itsmembers (CPD credit hours also accepted by ICAP, ICMAP etc), and further improve their expertise.

A Quarterly Journal is also published to keep the members and students abreast of the latestdevelopment in the field.

2.3.3 Membership Criteria:

(i) ASSOCIATE PUBLIC FINANCE ACCOUNTANT-APFA:

a) Passed all the examination of PIPFA and acquired three years relevant experience before, duringor after passing the examination of PIPFA, or

b) Qualified Chartered Accountant, or

c) Qualified Cost & Management Accountant, ord) Passed ICAP's PE-I or Module "E", or

e) Passed ICMAP's up to Professional III, or up to Semester-5 of 2012 syllabus, or

f) Qualified SAS Examination of Department of Auditor General of Pakistan, Pakistan Railway,Pakistan Atomic Energy, Pakistan Military Accounts, Pakistan Post, WAPDA or equivalentexamination, or

g) Member of IFAC full member body (on reciprocal basis).

12

8/20/2019 Career Plan 2014

15/60




(ii) FELLOW PUBLIC FINANCE ACCOUNTANT - FPFA

a) At least five years standing as an APFA, or

b) Fellow Member of ICAP or ICMAP, or

c) IDC Officers of Department of Auditor General of Pakistan (belongs to Audit & AccountsService) who have passed FPO Examination of Federal Public Service Commission (FPSC).

2.4 METHODOLOGY 2.4.1 Medium of instruction and examination at PIPFA is English. Communication between the instructors and

the students is in English.

2.4.2 The completion of each Level requires a period of about six months, of which 16 weeks are spent on coursestudy, (through coaching) and the rest is spent on self-study and examination.

2.4.3 The syllabus serves as a guideline for the students, teachers and examiners according to the scope of subjectsand the study time to be allocated to various topics.

2.4.4 A list of prescribed books for core-reading and references is also mentioned in the syllabus section. Thestudents are encouraged to go through other related books and study material for further expanding theirhorizon of knowledge.

2.4.5 The case study method is also used to equip the students with the knowledge and ability to face any problemin their practical life.

2.4.6 The percentage weightage is shown against different sections of the syllabus. This is intended as a guide tostudy time as each section requires. The weightage does not necessarily specify the number of marks to beallocated to the topics shown in each area in the examination. The students, therefore, should study all topicsin the syllabus. This weightage may not be exactly followed by the examiners.

2.4.7 The Institute's Curriculum is competency-based and the major aim is to prepare the prospective membersof the Institute for the positions of Company Secretary in different sectors public and private organisations

2.5 COURSE OF STUDIESThe scheme of professional studies is accomplished by satisfying the requirements of education, examinationand experience. The education requirement includes courses in accounting, finance and business relatedareas. The examination assesses knowledge, skills and application of the subject matter. A certificate ofcomputer competency practical training (CCPT) must be submitted by students before declaration of resultsof relevant sessions.

2.6 DOCUMENTS REQUIRED FOR MEMBERSHIPMembership as Fellow Public Finance Accountant - FPFA:

1 Prescribed Application Form duly filled in and signed.

2 Two passport size photographs with name written on the reverse - one affixed on the Form the otherattached.

3 Attested Copy of Computerized National Identity Card (CNIC).

4 Attested Copies of educational certificates from Secondary School (Matric) onwards

5 Attested Copies of qualifications based on which membership is applied (unattested copy acceptable in case omembers of ICAP or ICMAP whos names are appearing in the membership directory of the respective institute)

6 Copies of Experience Certificate.

7 Latest C.V.

8 Demand Draft of Rs. 7,200 (Rs. 5,500 being admission Fee and Rs. 1.700 being Annual Subscriptionfor one year) for FPFA and Rs. 4,800 (Rs. 3,500 being admission fee and Rs. 1,300 being AnnualSubcription for one year) for APFA in favour of PIPFA drawn on any bank branch at Karachi

2.7 MEMBERSHIP ELEVATION FROM ASSOCIATE TO FELLOW 1 Application on plain paper address to Executive Director, PIPFA, for elevation from APFA to FPFA on

completion of five years as APFA or become Fellow Member of ICAP and ICMAP

2 Latest C.V.

3 Demand Draft of Rs. 500 for Elevation from Associate to Fellow of the Institute

13

8/20/2019 Career Plan 2014

16/60



AdmissionPolicies &

Procedures

8/20/2019 Career Plan 2014

17/60




3.1 ADMISSIONThe minimum qualification required for enrolment in PIPFA's Courses is Intermediate, A Level, CAT

Diploma in any discipline from a recognized education board or equivalent foreign qualification are acceptableStudents awaiting results of Intermediate / equivalent Examinations are eligible for provisional admissionIn case of public sector trainees they must be nominated by the competent authorities of the Governmentof Pakistan. Students having higher education i.e. Bachelors, Masters Degrees from various disciplines orpartly qualified from ICAP, ICMAP, CIMA-UK or ACCA UK etc are encouraged to join the education programStudents are admitted twice a year for Summer Session in December and for Winter Session in June. Theprospecting students may opt studies through Coaching Classes.

Admission in Foundation/Intermediate Level can be taken after following the Admission Process or beingeligible for exemption from it.

Admission in Final level may be given, if a candidate qualifies for exemptions in all the subjects of Foundation Level

The verification of students who are being registered on minimum qualification i.e. Intermediate, may bemade from web based information or directly from the relevant Board at the time of registration

3.2 EXEMPTION POLICY 3.2.1 General Rules:

The students, who have passed Bachelor's or Master's examinations from a recognized institute/universityfrom HEC (W Category) or part qualified from ICAP, ICMAP, CIMA-UK and ACCA-UK etc, are eligible toapply for exemption according to the schedule of exemptions. Requested subject(s) should cover at least70% course outline(s) of the Institute subject(s) in which exemption is sought.

Exemption is granted on the basis of completed academic qualification. Those having passed only part(s)of various qualifications will not be allowed any exemption from any subject of the course. Details of papersexempted for members of professional accounting bodies and holders of other qualifications are given inthe schedule of exemptions.

The exemption will be ascertained at the time of registration in PIPFA. If a student appears in a paper ofany level in PIPFA and fails and then applies for exemption in that failed paper at later stage on the basisof additional qualification, will not be considered for exemption in any case. However absent student in a

paper(s) may be treated as per exemption policies.The exemption on the basis of Master’s degree will be granted to those students only who have obtained atleast 60% marks in Annual Program or at least 2.5 GPA in Semester Program in the subject on the basis of

which exemption is applied for. The cases of Failure Condoned in the subject in which exemption is appliedfor will not be entertained in any case.

The exemptions from any subject of PIPFA syllabus are available only on studying and passing thecorresponding course in the qualification on the basis of which exemption is being claimed.

3.2.2 Exemption Certificate:

The students, who meet the requirements of exemption policy as mentioned in exemption schedule, will begranted exemption in the relevant subject(s) and will be awarded exemption certificate(s)

3.2.3 Document(s) Attestation (for the purpose of Exemptions)

The students will provide HEC attested documents required for the purpose of getting exemptions at thetime of applying for exemption. The original attestation by HEC on the original documents (required forthe exemption) will be verified by the Center Incharges/Member PIPFA (Active Member) before sendingto the Exemption Officer. The remote area students will also produce their HEC attested documents inoriginal duly attested by Member PIPFA (Active Member).

The Students who are not able to produce HEC attested documents at the time of filing exemption claim will be given provisional exemption on the basis of which they can appear in the examinations but theirresult of very first examination taken will not be declared and will not be allowed to proceed further in anyexamination unless they produce the required documents (HEC attested documents on the basis of whichthe exemption is being claimed).

Admission Policies & Procedures

15

8/20/2019 Career Plan 2014

18/60




Exemptions are available for the students of ICAP, ICMAP and Students/Members of IFAC Member bodies on paperto paper and on reciprocal basis.

Exemptions are available subject to 70% course coverage of a respective subject / course.

Note: Only recognized Universities/Institutions (W-Category only) from HEC will be considered.

The abbreviations used in the foregoing paragraphs represent the following:

ICAP The Institute of Chartered Accountants of Pakistan

ICMAP Inst i tute of Cost and Management Accountants of Pakistan

ACCA (UK) A ssoc iat io n of C h artered C ert i f ied A c c o u n t a n t s o f U n i t e d K i n g d o m

CAT (UK) Certified AccountingTechnicians of United Kingdom

ACIS Associate Member of Institute of CorporateSecretaries of Pakistan

MBA Master of Business Administrat ion

M.Com Master of Commerce

M.Sc Master of Science (Accounting & Finance)

BBA Bachelor of Business Administration

BBA (Hons) Bachelor of Business Administration (Hons)

BCS Bachelor of Computer Science

B.E Bachelor of Engineering

LLB Bachelor of Laws

B.Com Bachelor of Commerce

B.Sc Bachelor of Science

BS Bachelor of Studies

(The decision of competent authorities will be considered final. PIPFA reserves the rightto accept or reject any exemption(s) claim without assigning any reason).

Exemption Schedule for Academic & Professional Qualifications

S u b je ct C A T B .C o m B B A B B A B .S c BC S B E L L B B .C o m M .C o m M B A M .S c IC S P IC A P IC M AP A C C A( H o n s . ) B B A / B S (A cc & u p to u p to

( H o n s ) 4 y r s F i n ) M o d u l e E S e m e s t e r 5

FOUNDATION

Basic Accounting Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Basic Cost Accounting Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Bus Maths Stats &Economics Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

INTERMEDIATE

Fin. Acc. Ex Ex Ex Ex Ex Ex Ex Ex Ex

PerformanceMeasurement Ex Ex Ex Ex Ex Ex Ex

Bus. Laws &Taxation Ex Ex Ex Ex Ex Ex Ex Ex Ex

BC & BehavioralStudies Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

FINAL

FinancialReporting Ex Ex Ex

Management Accounting Ex Ex Ex Ex Ex

Auditing Ex Ex Ex

Total Exemptions 5 5 4 5 1 2 2 1 7 8 8 8 1 10 10 9

16

Ex

8/20/2019 Career Plan 2014

19/60




3.3 REGISTRATION

To register as a student of the Institute, a candidate:

• Must have passed the Intermediate, A-Level Examinations, CAT, Diploma in any discipline or any other qualification equivalent to intermediate. Bachelors or Masters Degree holders in any disciplineof any Board/University or degree awarding institute (W-Category) recognized by the HigherEducation Commission (HEC) are entitled for exemptions. In case of public sector trainees they must be nominated by the competent authorities of the Government of Pakistan.

• Must have paid the prescribed Registration Fee.

• Must have paid the prescribed Annual Subscription.

• A registration card is issued to each registered student of the Institute.

3.4 CANCELLATION AND SUSPENSION OF REGISTRATION

3.4.1 A student of the Institute shall be deemed to be guilty of misconduct, and will facecancellation/suspension of registration, if he/she:

• fails to comply with the rules and regulations of the Institute;

• fails to supply correct information to the Institute;

• fails to comply with any of the directives issued by the management of the Institute;

• involves himself/herself in such activities which cause damage to the image of the Institute;

• uses unfair means in an examination;

• is found indulging in under-hand dealing with any official or officials of the Institute.

3.4.2 In the event of any misconduct or breach of any regulation by a registered student, the BOG may,if it is satisfied after such investigation as it may deem necessary and after giving an opportunity of being heard, suspend or cancel the registration of the student.

3.4.3 Registration of a student shall be cancelled and all fee paid shall be forfeited if educational documentsare found fake at any later stage.

3.4.4 Registration of a student, who does not pay the annual subscription within six months from the dateit falls due, i.e. 1st July of every year is liable to be cancelled.

3.5 ADMISSION PROCEDURE

3.5.1 Registration, admission and exemption forms are available at all centers, Candidates must follow the instructions and ensure that the required information has been provided while filling in theforms. The items which are not applicable should be crossed (X). In regard of coaching, it should

be stated whether it is required in mornings, afternoons or evenings, Students from remote areas where PIPFA centers or approved colleges do not exist as well as overseas on the basis of Intermediateor equivalent qualification can take admission in Level-1 i.e. Foundation. Their classes will beexempted on payment of 100% coaching fee but they will appear for examination in the prescribedcenters of PIPFA in Pakistan. Similarly, students from remote areas and overseas on the basis of Higher Education i.e. Bachelors and/or Masters can take admission in any Level on the basis of Exemption as per prevailing policy. Such candidates will be exempted from classes on payment of 100% coaching fee but will be required to appear for the examinations in the prescribed centers of PIPFA in Pakistan. Students should submit the Exemption Form in case they want to apply forexemption.

3.5.2 Documents to be provided;

Following documents are to be attached along with the admission form:

• Photocopies of educational certificates and degrees from matriculation onwards

• Photocopy of Computerized National Identity Card (CINC) or Form - B.

17

8/20/2019 Career Plan 2014

20/60




• Four recent passport size photographs.

• Copies of marksheets/digree of the examinations based on which exemption(s) is/are sought.

Students are required to produce the attested copies of their required documents duly signed by amember of PIPFA, ICAP & ICMAP or gazetted officer of Grade 17 or above.

3.6 TRANSFERS (Applicable for PIPFA Centres only)3.6.1 From one shift to another: The Institute allows transfer of students in the same academic session

from the morning to the evening shift and vice versa, provided the seats are available in the classes.

3.6.2 From PIPFA centres to another:It is possible for a coaching student to be transferred from onecoaching centre to another, due to change of residence or employment, during the course of anacademic term. Such a student is required to obtain the following certificates from his originalcoaching centre:

a) Attendance Certificate.

b) Certificate showing the payment of Annual Subscription and all other dues.

c) Clearance from library, if any.

3.7 CODE OF CONDUCT

The code, as laid down, is to be strictly observed. The code is aimed to encourage and shape professional behavior and ethics among our students:

• Behave courteously and politely.

• Respect the teachers, fellow students, staff and visitors to the Institute.

• Punctuality be maintained.

• Maintain the layout and arrangement of the classroom.

• Discipline and decorum in the classroom should be given priority.

• Maintain cleanliness in and outside the classrooms.

• Keep voice low while walking through corridors, so that the classes in progress may not be disturbed.

• Avoid passing any derogatory and insulting language.

• Display Identity Card of the Institute while in the premises of the Institute.

• Protect the Institutes' property.

• Smoking, eating betel leaf (Pan) and/or chewing gum inside the premises of the Institute or in the vicinity is strictly prohibited.

• Decent dress code be observed, highlighting the sanctity of the Institute or Approved College(s).

3.8 ADMISSION ON PAPER TO PAPER BASIS

As a policy, PIPFA encourages students to complete all the three (3) levels in their logical sequential order.However, students are allowed to take admission and examination on paper to paper basis according to thesyllabus & policies.

18

8/20/2019 Career Plan 2014

21/60


2 1 s t Y e a ro f E x c e l le n c e

ExaminationPolicies &

Procedures

8/20/2019 Career Plan 2014

22/60




Examination Policies

& Procedures4.1 ELIGIBILITY The following regulations cover the eligibility requirements for sitting in the PIPFA examination: (Public& Corporate Sector).4.1.1 The students, who are enrolled under the Coaching Course Programme in a particular session, must

have attended at least 75% of lectures in the class, passed one of the two class tests and appearedin class presentations.

4.1.2 If a student fails to qualify PIPFA Examination in full within 10 years from the date of 1st registration, will be required to reregister and pay the registration fee.

4.1.3 Examination Progression Scheme• Students who are newly registered in a session and are taking coaching classes from any PIPFA

owned/approved coaching center cannot appear in the Quarterly CBE (February & August) of

that session.• Students who are newly registered in a session from remote area can apply for coaching exemptiononly after two and half months from last date of registration of that session and after approvalcan appear in regular CBE examination (May & November). They are not allowed to appear inQuarterly CBE (February & August).

• Students registered in any previous session and have taken coaching classes from any PIPFA owned/approved coaching center or have got coaching exemption in that session can appearin Quarterly CBE (February & August) in the succeeding session.

• Students are allowed to take Final Level coaching from any PIPFA owned or approved coachingcentre even if they have not passed Foundation Level completely, but allowing to take coachingof Final Level is not guaranteed to allow them to appear in Final Level Examinations Howeverif they pass PIPFA Foundation Level in quarterly CBE (February & August) of the same sessionare allowed to appear in Final Level provided they fulfill all prerequisites for appearing in FinalLevel Examination.

• The students who are eligible for admission and join PIPFA for the first time are allowed toappear for examination in a maximum of two levels at a time, including any partially exemptedlevel. In order to progress to the Final Level, they must pass the Foundation Level.

4.1.4 Issuance of CertificatesPass Certificates of various three levels will be awarded to the student after completion of each level.However, Membership Certificate (APFA) of the Institute will only be awarded to the student whenhe / she submits three years Job Experience Certificate from his/her employer on the letterheadof the company, showing the job description and duration of his/her service.

4.1.5 Model SolutionModel solutions shall be provided to the students of the Institute. In order to pass the examinationof any Level, within the specified period, it is necessary that the students must work hard and equipthemselves with the requisite knowledge of the subject. Consistent hard work will enable them todevelop self-confidence and self-reliance.

4.2 EXAMINATION APPLICATION

4.2.1 Examinations are conducted twice a year in the months of May and November.4.2.2 Applications for examination are to be submitted by the candidates on the prescribed form, which

may be obtained from any Centre of the Institute, from 18 th February to 8th March for the May Examination and from 18th August to 8th September for the November Examination. Applicationsproviding complete details should be sent so as to reach the Centre of the Institute on or before theprescribed date. Applications for examination are to be accepted only if all the requirements,including payment of all dues, have been met.

4.2.3 Students are allowed to appear in only one sector (Corporate, Public & Punjab Govt. Sector)examinations at a time after paying outstanding dues, including annual subscription along withexamination fee, through pay order/ demand draft/ deposit slip.

20

8/20/2019 Career Plan 2014

23/60




4.2.4 Examination application forms with 100% late fee are accepted upto 15th March for the May (Summer) Examination and upto 15th September (Winter) Examination respectively AND with200% late fee Examination application forms are accepted upto 22nd March for May (Summer) Examinationand upto 22nd September (Winter) Examination respectively. Students who are unable to submit ExamForms up to the last date with 200% late fees can submit their Exam Forms with 300% late fee within 15days then after. If there is a public holiday on the last date, the payment will be accepted on the first workingday after the holiday. No application for examination is accepted if submitted after due date.

4.2.5 Admit Cards will be dispatched to the students at their respective mailing address provided by them in theexamination form well before the date of commencement of the examination.

4.2.6 Candidates are advised to write their full name as well as mailing address on the examinationapplication forms, legibly and in block letters to ensure correct mailing so that Certificate, etc can bedelivered at the stated address. Examination application forms, which do not meet theserequirements, are likely to be rejected.

4.2.7 The Examination centre is restricted by minimum of 30 students, registered for the purpose of appearingin the examination, otherwise student will be advised to appear at the nearest examination centre.

4.3 INSTRUCTIONS TO THE EXAMINEES

4.3.1 On receipt of their Admit Card/Slip, the candidates are advised to check the particulars enteredtherein. Inaccuracy, if any, must be brought immediately to the notice of the DirectorExamination.

4.3.2 (i) Examinees must possess and be ready to produce on demand their CNIC/Passport/DrivingLicense, Student Registration Card and Admit Card, issued by the Examination Department of the Institute, failing which they may not be allowed to appear in the examination. The Examineesare instructed to bring their photo ID i.e. CNIC/Passport/Driving License (any one, in original)in the Examination Hall.

(ii) During the examination, if need arises, female examinees with Hijab may be asked to removeHijab in a separate room, in the presence of a female invigilator only.

* Commencement of Coaching 3rd Week of December for Summer Semester3rd Week of June for Winter Semester

* Last Date of Registration Jan. 31 for Summer SemesterJul. 31 for Winter Semester

* Last Date for Sub. of Exemption Claim Jan. 31 for Summer SemesterJul. 31 for Winter Semester

* Submission of Exam forms Feb. 18 - Mar. 08 for Summer Semester Aug. 18 - Sep. 08 for Winter Semester

* Sub. of Exam. Forms with 100% Late Fee 09-15 Mar. for Summer Semester09-15 Sep. for Winter Semester

* Sub. of Exam. Forms with 200% Late Fee 16-22 Mar. for Summer Semester16-22 Sep. for Winter Semester

* Sub. of Exam. Forms with 300% Late Fee 24 Mar. - 07 Apr. for Summer Semester23 Sep. - 07 Oct. for Winter Semester

* Change of Examination Centre Apr. 20 for Summer SemesterOct. 20 for Winter Semester

* Commencement of Examinations 1st Monday of May for Summer Semester1st Monday of Nov. for Winter Semester(In case of clash of PIPFA Examinations dates with public holidays, theexamination dates will be moved to one week before or later.)

* Declaration of Results Within 45 days from the Date of Completion of Examinations for both the Semesters

DEADLINES

21

8/20/2019 Career Plan 2014

24/60




4.3.3 If a candidate is late by more than thirty minutes, he/she shall not be allowed to enter the examinationpremises. Similarly, no examinee shall be allowed to leave the examination hall earlier than onehour after the commencement of the examination. Moreover, examinee leaving hall within twohours, shall handover the Question Paper alongwith Answer Script to the Invigilator/Supervisor.

4.3.4 No candidate is allowed to change the seat allocated to him/her for a particular examination paper

without the permission of the Centre Supervisor, who has the authority to change or interchangeseats of any candidate, if circumstances so demand. Candidates found reluctant will be liable todisciplinary action.

4.3.5 Possession of books, notes, previous question papers, course outlines and other related matter onany subject, if brought to the examination hall, should be handed over to the invigilator before thecommencement of the examination, and taken back when leaving the examination hall.

4.3.6 Candidates found talking, whispering, gossiping or seeking assistance, or exchanging notes or answerscripts and so on with any person, possessing any notes or using any unfair means, shall be askedto leave the examination premises at once, and a note to this effect shall be inserted on his/her scriptfor the attention of the examiner, along with a simultaneous report to the Examination Departmentfor further necessary action. Any Disciplinary Action can be taken by the Examination Committeein such reported cases.

4.3.7 Candidates must make sure that they have received the appropriate question paper from theinvigilator so as to avoid any confusion in this regard.

4.3.8 The examinees, on receipt of blank answer scripts and supplementary sheets in the examinationhall, should instantly record their roll numbers and registration numbers and signature thereon.

4.3.9 If so required, candidate may ask for additional supplementary sheets, graph paper and log-tablefrom the invigilator.

4.3.10 Only fountain pen or ballpoint with blue or black ink should be used for writing answer scripts. Nomarks will be given for questions attempted with pencil.

4.3.11 Candidates must answer the questions exactly in the manner as they are printed on the paper. Amendments and corrections may be accepted only if they are announced officially by theExamination Supervisor, or any other appropriate authority of the Examination Centre.

4.3.12 Candidates must start the answer of each question from the new page. They should put downquestion number, its part and sub-part on each page of answer script so as to facilitate correctassessment of the answers.

4.3.13 Candidates should not, as far as possible, leave any blank page in the answer script. In case it isunavoidable, the examinees should put a cross line (/), meeting the two ends of the blank page.

4.3.14 Candidates must tie up all supplementary sheets, graph papers, working papers and rough sheetsto the main script at least five minutes before the examination time is over. He/she should arrangethem in correct sequence with sufficient space left for an easy reading of the answer beforehanding it over to the invigilator.

4.3.15 No candidate is allowed to take away examination stationery from the examination hall. Theexaminees are strictly advised to handover their Answer Scripts to the Invigilator/Supervisor properly

before leaving the Examination Hall.4.3.16 Every candidate must ensure to sign the attendance sheet for each examination paper available with

the invigilator, otherwise his/her Answer script of that paper will not be processed.

22

8/20/2019 Career Plan 2014

25/60




4.3.17 The examination timetable is printed on admit card supplied to the candidates. Students shouldcarefully note the examination centre, date and timings of the papers and also ascertain, in advance,the exact location of the examination centre.

4.3.18 During the examination, an examinee may use the washroom/toilet facility, subject to permissionof the Examination Supervisor.

4.3.19 Smoking is not permitted in the examination hall.

4.3.20 Refreshments are not permitted in the examination hall.

4.3.21 The examinees are not allowed to bring mobile phone, PDA, Laptop, Pocket PC or any form of communication devices in the examination hall.

4.3.22 The examinees are not allowed to write anything on question paper except tick mark (√) on thequestions attempted.

4.3.23 No irrelevant appealing or indecent sentences should be written in the answer script. This will betreated as unfair means and dealt with accordingly.

4.3.24 Extra question(s) should not be attempted. Only required number of questions are awarded marks.The best question(s) are treated extra and rejected, if more than required questions are attempted.

4.3.25 Any violation of above mentioned instructions shall be considered as “Misconduct” and shall bepenalized accordingly.

4.3.26 The above mentioned rules pre-suppose that the candidates have duly submitted the requisiteexamination applications on the prescribed form and completed all other formalitiesin this regard and that the same have been accepted and approved by the appropriateauthority of the Institute.

4.3.27 Students should keep themselves aware of dates of examinations etc. and important announcementsor policy changes through circulars, notifications or posted on the Website.

4.4 GENERAL PROCEDURES

4.4.1 Roll Numbers

Admit Cards will be dispatched to the students at their respective mailing address provided by themin the registration form well before the date of commencement of the examination. In case of any

query of their admit card must contact three days prior to the commencement of theexamination to Director Examination, or Officer In-charge of their examination centre. Thecentres have particulars of all the examinees well ahead of the examination schedule.

4.4.2 Change of Examination Centre

Candidates, whose applications have been accepted for a particular examination, may apply forchange of their examination centre, not later than 20th April for the May Examination, and not laterthan 20th October for the November Examination.

4.4.3 Electronic Calculators

Simple electronic calculators are permitted on the following conditions:

• Candidates are strongly recommended to bring their own calculators in the examination. They willnot be allowed to borrow.

• Calculators must be se l f-contained, fu l ly portable and on s ilent operat ion.• Calculators must have their own power supply since they cannot be plugged into the main

supply in the examination hall.

• Calculators must not have printout facilities.

• Scientific calculators may be allowed subject to examination Supervisor / Invigilator'sapproval.

23

8/20/2019 Career Plan 2014

26/60




4.5 EXAMINATION SCHEME

4.5.1 The question papers of Business Laws and Taxations are set in accordance with the laws andregulations effective as at proceeding 1st July for the Fall (Winter) and Spring (Summer) examinations.

4.5.2 The question papers of all accounting subjects are set in accordance with International Financial

Reporting and Auditing Standards as well as the Accounting and Auditing Practices and Guidelines,issued by the professional bodies of Pakistan up to 31st December of the preceding year for May Examination and up to 30 th June for the November Examination, respectively.

4.5.3 Examination questions of any specific level may be set from the syllabus of similar subjects of apreceding level. However, in order to maintain the professional standard, it is not necessary toconfine examination questions to core readings and additional readings.

4.5.4 The grids are given for guidance purpose only, the weightage or grid assigned to different topics of each subject is given in the Syllabus of each subject. These are indicative of broad distribution of different topics of a subject and there would be some deviation with actual weightage assigned inthe question papers.

4.6 EXAMINATION RESULTS

4.6.1 Communication of Examination Results

The result of the examination in the form of a Result Card is communicated to each candidate atthe mailing address mentioned in the examination application form. Students, who do not receivethe Result Card within a month from the date of official announcement of the results, shouldapproach the PIPFA Head Office for a duplicate copy. The result is also uploaded on the Institute's

website.

4.6.2 Passing Percentage

Passing percentage in the examination of each subject of Foundation is 50%, Intermediate 45% andFinal 50%.

4.6.3 Publication of Result

The list of successful students of each level examination is published on PIPFA’s official website andin the leading newspapers.

4.6.4 Failure of Candidatesa- Candidates, who have failed to qualify an examination, may reappear in any subsequent

examination of the Institute.

b- The Institute does not enter into any correspondence with students as to the reasons of failure. However, re-totaling of examinees' answer scripts shall be allowed on payment of double of examination fee per subject. The re-totaling process also includes checking of unmarked portion, if any. The answer scripts will not be shown to the candidate as a matterof policy.

4.6.5 Examination Result Code

The following codes are used on the Result Card, sent to examinees after the announcement of theresult of each examination:

PE : Permanent exemption is allowed in the subject in which the student is passed on the

basis of examination.Ex : Exemption granted on the basis of other qualifications.

AB : Absent

Pass : Level passed

Fail : Level failed

24

8/20/2019 Career Plan 2014

27/60




4.6.6 Permanent Exemption on Paper-to-Paper Basis

As per examination policy, a student is granted Permanent Exemption (PE) on paper-to-paper basiseither he/she appears and pass all subjects or any subject(s) of any level under 2008 Syllabus orold Syllabus from November, 2008 (Winter) examination.This policy has been effective from Winter(Nov-2008) Examination.

The students of old Syllabus who have passed any subject of that Syllabus will be converted intoPermanent Exemptions at the time of switchover from old Syllabus to 2008 Syllabus.

4.7 PROFICIENCY AWARDS

The Institute has been providing professional education of high standard to its students since itsinception.

To encourage the brilliant students, Proficiency Awards are given to candidates in recognition of their outstanding performance in the examination.

4.7.1 SKANS School of Accountancy Gold Medal

This Gold Medal is given to a candidate passing all the subjects of Final and obtaining the highestmarks, in that examination.

4.7.2 Certificate of Merit and/or Special Certificate of Merit

A certificate of Merit is only awarded to the examinee securing first position in the subject,provided that:

i. He/she obtains the highest marks in the subject amongst the students appearing in thatexamination.

ii. He/she secures at least 65% marks in the subject.

Examinees securing the highest marks in aggregate in any level are awarded Special Certificate of Merit, subject to the following:

i. he/she secures at least 65% marks in the aggregate in a level.

ii. he/she passes all the subjects of that level in that examination.

25

8/20/2019 Career Plan 2014

28/60



FeeStructure &Concession

8/20/2019 Career Plan 2014

29/60




5.1 FEE PAYABLE

5.1.1 The Institute collects fee from students as listed below:

a. Registration Fee

b. Annual Subscription

c. Restoration Fee

d. Coaching

e. Exemption Fee

f. Examination Fee

g. Identity Card / Registration Card Fee

h. Attestation Fee

i. Any other fee prescribed by the BOG from time to time

5.1.2 Annual subscription becomes due on 1st July of each year. The student who fails to pay annual subscription by December 31, has to pay arrears along with late fee surcharge of Rs. 900/-. After June 30, has to pay annual subscription along with Restoration Fee i.e. Rs. 1200.

5.1.3 PIPFA qualified whose associate membership is not approved by the BOG, are required to continuepaying subscription at the existing rate as applicable to students. This provision also applies to thosefinalists/qualified who themselves do not apply for membership.

5.1.4 As admissible under the Regulations, payment of annual subscription by the finalist at student ratesis allowed only for a period of 3 years. After the expiry of this period, a finalist is expected to qualify

for membership by virtue of his/her experience attained during this period and will be liable to pay annual subscription fee applicable for member.

5.2 SCHOLARSHIP/FINANCIAL ASSISTANCE

The Institute ensures that the deserving and serious students are not denied professional education because of financial constraints. Following Scholarships/Financial Assistance are available forstudents;-

5.2.1 Subsidies and Grants:

PIPFA offers upto 50% fee subsidy in coaching fee to those students who cannot afford to pay

5.2.2 The Scholarship Policy:

Merit-based scholarship upto 100% waiver in coaching fee at the time of admission (for fresh intake) will be awarded to the position holder in the immediate qualification of any recognized examining

body of the country.5.2.3 Performance-based scholarship:

Performance based scholarship for existing students will be available to those students who qualify any level in first attempt with a merit certificate in any subject of pass level. Examination fee will

be waived to such students for next higher level.

5.2.4 Financial Assistance:

Financial Assistance is also available to special students in coaching at PIPFA centres (50% concessionin coaching fees).

Fee Structure &

Concession

27

8/20/2019 Career Plan 2014

30/60




5.3 PAYMENT OF FEE

5.3.1 At Corporate Office, Karachi:

Demand draft/ pay orders/ crossed cheques (for members only) in the name of the "PakistanInstitute of Public Finance Accountants" payable at Karachi are acceptable by the Administration

and Finance Department of the Institute.5.3.2 Payment can be made at the designated bank branch.

At Branch or Coaching Centres

5.3.3 All payments are required to be made through pay orders/bank drafts favouring the"PakistanInstitute of Public Finance Accountants"in the bank authorised by the Head Office/Branches.

5.3.4 The payment by students studying at an approved college may be made in the designated bank of the approved colleges.

5.3.5 Overseas Students are required to pay registration, enrolment and other fees to the Institute in USDollars/Pak Rupees. Such students will pay US$ 100 in addition for postage charges.

5.3.6 Students are required to pay the examination fee as approved by the BOG from time to time.

5.4 REFUND/ADJUSTMENT

5.4.1 Examination Fee

Examination fee paid by a candidate will NOT be refunded or carried over for any subsequentexamination.

Examination fee of a candidate, who has not been admitted to an examination, can be adjusted forthe next examination session, only on the written request of the student, before the issuance of admit card for the session for which he/she deposited the examination fee.

5.4.2 Coaching Fee

The fee paid on enrolment for subject(s) will NOT be refunded if studies are discontinued by thestudent after the commencement of classes.

Students, joining coaching classes during next or subsequent sessions, are required to pay full feefor the particular session. The previous payments, for a session not completed by the students, are

not available for adjustment.The students will be allowed the refund of fee deposited by them if financial assistance (50%concession) is granted subsequently.

5.4.3 Re-Coaching Fee

Students, who have already completed examination requirements by attending coaching classes,can update their studies after paying 50% fee prescribed for that subject(s). This fee will NOT berefundable.

28

8/20/2019 Career Plan 2014

31/60




Note # 1: Fee paid by students are non refundable and non transferable.* Application to be submitted for lost certificate along with

prescribed fee.

Note # 2: All examinations of Foundation Level will be computer based & will be registered by at least 10 papers at one time at one Centre,subject to feasibility. Students of Foundation Level shall also pay fee for Computer Based Testing and fee will be deposited at chosenCBE centre, (the rates charged to PIPFA by CBE centres).

5.5 FEE STRUCTURE

S t u d e n t s R e g i s tr a t io n , S u b s c r i p ti o n & O t h e r F e e Rs.

Student Registration Fee 1,500

Student Annual Subscription 900

Student Registration Card (One time) 200

Career Plan & Syllabus 400

E x a m i n a t io n F e e Rs.

Final Level 750 per subject

Intermediate Level 650 per subject

Foundation Level [CBE Examinations] 2,000 per Subject

Result Card & Certificate Fee Rs.

Duplicate Result Card 1,000

Consolidated Result Card 1,000

Duplicate Foundation Completion Certificate* 1,000

Duplicate Intermediate Completion Certificate* 1,000

Duplicate Final Examination Certificate* 1,000

Attestation/Verification Fee Rs.

Result Card/Certificates Attestation 300

Foreign Attestation/Verification Letters 300

Special Certificates for Pass Status 300

Syllabus Letter 300

Syllabus Attestations 300

29

8/20/2019 Career Plan 2014

32/60




Members Fee

Rs.

* Annual Subscription for Fellow Member (FPFA) 1,700

* Annual Subscription for Associate Member (APFA) 1,300

* Admission Fee for a Fellow Member (FPFA) (Direct) 5,500

* Admission Fee for an Associate Member (APFA) 3,500

* Admission Fee for Associate Member converted to Fellow 500

* Duplicate Membership Certificate 1,000

* Retired Member Life-Time 6,000

* Life Time fee (Fellow Member only) 18,000

* Ten Years Subscription fee 10,000

* Restoration fee 1,100

Subject Wise Subject WiseCoaching/Coaching Exemption

Exemption Fee FeeLevel Sr.# Subjects Rs. Rs.

1 Basic Accounting 3,300 1,500

2 Basic Cost Accounting 3,300 1,500

Foundation 3 Business Mathematics,Statistics & Economics 3,300 1,500

Total 9,900 4,500

1 Financial Accounting 3,300 2,000

2 Performance Measurement 3,300 2,000

Intermediate 3 Business Laws and Taxation 3,300 2,000

4 Business Communication &Behavioral Studies 3,300 2,000

Total 13,200 8,000

1 Financial Reporting 4,400 2,500

Final 2 Management Accounting 4,400 2,500

3 Auditing 4,400 2,500

Total 13,200 7,500

30

8/20/2019 Career Plan 2014

33/60



Syllabus

8/20/2019 Career Plan 2014

34/60




SyllabusCourse of Studies

Note: Students must submit a certificate of computer competency practical training (CCPT) from the approved

institute or training center before declaration of results of relevant sessions otherwise their result cardswill be withheld.

F O U N D A T IO N L E V E LThere will be three subjects. Question paper will be of

two hours, each containing 50 MCQs (Computer BaseExaminations)

S. No Subjects Hours

1 Basic Accounting 60

2 Basic Cost Accounting 60

3 Business Mathematics,Statistics & Economics 60

I N T E R M E D I A T E L E V E LThere will be four subjects. Three hours question paper will

be set comprising of short form questions 40%, long formquestions 30%, scenario based questions 30%.


1 Financial Accounting 60

2 Performance Measurement 60

3 Business Laws & Taxation 60

4 Business Communication &Behavioral Studies 60

F I N A L L E V E LThere will be three subjects .Three hours question paper

will be set comprising of short form questions 30%, longform questions 30%, scenario based 20% and case studies20%.


1 Financial Reporting 60

2 Management Accounting 60

3 Auditing 60

32

8/20/2019 Career Plan 2014

35/60




Basic AccountingFoundation Level, Subject 1, Marks 100

S. No Syllabus Contents Area Weightage % Weightage Hours

1 Business Transactions and Documents 5 2

2 Double Entry Book Keeping 15 10

3 Banking and Petty Cash 10 7

4 Sales and Sales Record 10 4

5 Purchase and Purchase Record 10 4

6 Payroll 5 4

7 Accounting Standard, Principles and Policies 15 10

8 Non-Current assets and Depreciation 10 7

9 Control Accounts, Reconciliations and Error 10 7

10 Adjustments to the Trial Balance 10 5Total 100 60

Specification Grid

1 BUSINESS TRANSACTION AND DOCUMENTS

(a) Type of business transactions

Sales, Purchase, Receipts, Payments, Petty cash, Payroll

(b) Types of business documentation

Quotation, Sales and purchase orders, Delivery note, Invoice, Credit note, Debit note, Statement, Remittanceadvice, Receipt, Internal cheque requisition, Petty cash claim, Pay slip

(c) Basic principles of regulation and business policies

Contract law, Regulation of sale of goods, Document retention policies data protection

2 DOUBLE ENTRY BOOK KEEPING

(a) Double entry transactions

Nature and functions of primary records, Types of ledger accounts, Posting by means of double entry, balancing of ledger accounts

(b) Classification of expenditure

Capital, Revenue

(c) The accounting equation

3 BANKING AND PETTY CASH

(a) Source of funds and documentation

Types of receipts (cash, cheques, standing orders, direct debits, credit card, debit card and BACs, Supportinginformation, credit note, remittance advice, statement, Unusual features: wrongly completed cheques, outof-date cheques, credit and debit card limits exceeded, disagreement with / insufficient supporting

documentation(b) Banking monies received

Banking documentation: paying-in slips, credit and debit card documentation, Methods of handling andstoring money, including security aspects.

(c) Recording payments and monies received

Manual cash book, Manual general ledger and receivables ledger, computerized records

(d) Authorizing and making payments

Documentation: cheque requisitions, Authorization

33

8/20/2019 Career Plan 2014

36/60




(e) Bank reconciliation

General bank services and operation of bank clearing system, Function and form of banking documentation,Bank reconciliation statement

(f) Maintaining petty cash records

Documentation: petty cash records, Authorization, Security of cash, Queries: unauthorized claims for

payment, insufficient supporting evidence, claim exceeding authorized limit, Manual petty cash book, Imprestand nonimprest methods. Reconciliation of petty cash book to cash in hand

4 SALES AND SALES RECORDS

(a) Sales and sales tax returns

Source documents, Invoices and credit notes, General principles of a sales tax, Types of discount, Methodsof coding data, Sales day book, Sales returns day book, Authorization

(b) Recording sales

Manual general ledger, Manual receivables ledger, computerized ledgers, Statements, Aged receivablesanalysis, Communication with customers (orally and in writing), Credit limits, Bad debts

5 PURCHASES AND PURCHASE RECORDS

(a) Purchases and purchase returns

Ordering systems: Internet, verbal, written, Source documents, Suppliers invoices and credit notes, Types

of discount, Methods of coding data, Purchase day book, Purchase returns day book (b) Recording purchases

Manual general ledger, Manual payables ledger, computerized ledgers, Statements, Aged payables analysis,Communication with suppliers: (orally and in writing), incorrect calculations, non-delivery of goods charged,duplication of invoices, incorrect discounts

6 PAYROLL

(a) Recording payroll transactions

Documentation: pay slips, Authorization, Payment methods: cash, cheques, automated payment, Queries,Security and control, Cash book, General ledger

7 ACCOUNTING STANDARDS, PRINCIPLES AND POLICIES

(a) Accounting standards (IASs and IFRSs)

(b) Accounting principles

Going concern,Accruals, Consistency, Prudence

(c) Accounting policies

Relevance, Reliability, Comparability, Understandability

8 NON-CURRENT ASSETS AND DEPRECIATION

(a) Non-current assets

Acquisitions, asset register, Accounting treatment, Disposal, Part exchange, Authorization maintenance of capital records.

(b) Depreciation

Straight line, reducing balance

9 CONTROL ACCOUNTS, RECONCILIATIONS AND ERRORS

(a) Reconciliation

Payables ledger reconciliation, Receivable ledger reconciliation, bank reconciliation

(b) Identification of errors

Incorrect double entry, Missing entries, insufficient information

(c) Correction of errors

Suspense account, Journal entries

10 ADJUSTMENTS TO THE TRIAL BALANCE

Accruals and prepayments, Depreciation, Bad and doubtful debts, Closing inventory (and inventory valuation), extended trail balance, Provisions

34

8/20/2019 Career Plan 2014

37/60




Basic Accounting

TITLE AUTHOR PUBLICATIONS

Book Keeping & Accounts Spicer & Pegler —

An Introduction to Accountancy S. N. Maheshwari / Vikas Publication House, Pvt. Ltd.S. K. Maheshwari 576 Masjid Road, Jangpura,

New D elhi.

Financial Accounting Fundamentals PBP Professional BusinessPublications, Lahore

ADDITIONAL READING MATERIAL


Frankwood Business Accountancy Frankwood Pearson Education Ltd, England

Accounting: Robert F. MeigsThe Basis for Business Decision Jan R. Williams

Susan F. Hakar Irwin McGraw-Hill, New York Mark S. BettnerJack L. Smith

IFRSs/IASs IASB International AccountingStandards Board, London

Basic Accounting Focused Study Text PIPFA

READING MATERIAL

35

8/20/2019 Career Plan 2014

38/60




1 COST CONCEPTS

Cost concepts, principles methods & technologies, definition and distinction between financial accounting, cost accountingand management accounting, cost accounting in relation to manufacturing and services business.

2 COST CLASSIFICATION, BEHAVIOR & PURPOSE

Production & Non Production Cost, Direct & Indirect Cost, Fixed & Variable Cost, Marginal & Absorption Costing,Product Cost & Period Cost, Behavior Analysis and Charts.

3 COST ACCOUNTING TECHNIQUE

(a) Material: Purchasing, receiving issuing, recording and pricing of material, inventory valuation system,reconciliation and adjustments of inventory differences. E.O.Q. Model, J.I.T. Model.

(b) Labour: Wage inventory plans and system.(c) Overhead: Cost allocation and absorption including allocation of service deptt. Cost, manufacturing expenses

applied, manufacturing expenses actual, manufacturing expenses department wise, over and under appliedoverheads.

(d) Variance analysis of material, labour and overhead

4 COSTING SYSTEM

Job Order Costing, Process Costing, treatment of joint and By Products, Service & Operation Costing, Cost flows,Cost Accounting cycle, charts of accounts and factory ledger.

5. BUDGETING

Introduction of budget (including cash & flexible budgets), preparation of revenue and cash budget.

Basic Cost AccountingFoundation Level, Subject 2, Marks 100


1 Cost Concepts 15 8

2 Cost Classification, Behavior & Purpose 15 9

3 Cost Accounting Techniques 20 12

4 Costing System 30 19

5 Budgeting 20 12

Total 100 60

Specification Grid

36

8/20/2019 Career Plan 2014

39/60




Basic Cost AccountingREADING MATERIAL


Cost Accounting F. Usry, H. Hammer & South W estern Publishing Co., Adolph Matz Cincinnati, Ohio, USA.

Cost Accounting T. Lucy DP Publications, Aldyne Place,142-144 Uxbridge Road, ShepherdsBush Green, London W 12 8AW.

Basic Cost Accounting Focused Study Text PIPFA


Cost Accounting Charles T. Horngren, George Foster Prentice HallSrikant M. Dar of India, New Delhi.

Cost Accounting W.W . Bigg —

Cost Accounting Matz, Curry, Frank & Khan —


37

8/20/2019 Career Plan 2014

40/60




Business Mathematics Statistics & EconomicsFoundation Level, Subject 3, Marks 100

1 MATHEMATICS

(a) Numbers, integers, decimal & factors, binomial theorem(b) Rates, ratios, percentages and discounts, sets and negotiations, derivatives

(c) Linear, quadratic exponential and quadratic functions, logarithmic expression

(d) Factorization of equations

(e) Financial Mathematics: simple and compound interest, present and future values.

2 STATISTICS

(a) Collection, classification, tabulation and presentation of data

(b) Measures of central tendencies and dispersions

(c) Correlation.

3 ECONOMICS

(a) Concept and measurement of national income, GDP, GNP and NNP

(b) Consumption, saving and investment functions

(c) Equilibrium of national income

(d) Fiscal policy and related concepts

(e) Monetary policy and related concepts

(f) Role of the money and central bank

(g) Balance of trade, balance of payments and foreign exchange determination

(h) Introduction to WTO(i) Role of IMF, World Bank and Asian Development Bank

(j) Economic challenges and opportunities for the developing countries


1 Section-1 – Business Mathematics 30 16

2 Section-2 – Business Statistics 30 16

3 Section-3 – Economics 40 28

Total 100 60

Specification Grid

38

8/20/2019 Career Plan 2014

41/60




Business Mathematics, Statistics & Economics


Quantitative Techniques T. Lucy DP Publications Ltd., Aldine Place, 142-144Uxbridge Road, Shepherds Bush,Green, London W12 8AW.

Applied Mathematics for Business, Frank S. Budnick McGraw Hill Company Inc.,Economics & the Social Sciences Princeton Road,

S-1 Hightstown, NJ0 820

Economics Paul A. Samuelson & McGraw Hill Companies, Inc. William D. Nordhaus 1221 Avenue of the Americas,

New York, NY 10020.

Business Mathematics, Focused Study Text PIPFA Statistics & Economics

READING MATERIAL


Business Mathematics PBP Professional BusinessPublications, Lahore.

Economics K.K. Davett —

Introduction to Statistics Ronald E. Walpole Macmillan Publication Co. Inc.,New York.

Business Mathematics Mirza Muhammad Hassan Farooq Kitab Ghar,& Muhammad Ali Mirza 32-33 Urdu Bazar, Karachi.


39

8/20/2019 Career Plan