Financial Accounting - Module "C" / Advanced Accounting and Financial Reporting - Module "E"

The Council of ICAP in its meeting held on 26 January 2007, has decided to allow students to carry bound volume of International Financial Reporting Standards published by the Institute of Chartered Accountants of Pakistan while appearing in papers of 'Financial Accounting Module-C and Advanced Accounting and Financial Reporting Module-E'.
The above decision shall be applicable from June 2007 and onwards.

Instructions on Open Book Examination

1.

The open book examination shall be applicable to the following papers only:

• Financial Accounting - Module "C"
• Advanced Accounting and Financial Reporting - Module "E"

2.

The first examination under the new rule shall be the Final Examination of Summer 2007.

3.

Under the new rule the students shall be allowed to carry with them the bound volume of International Financial Reporting Standards published by the Institute of Chartered Accountants of Pakistan. No other book shall be allowed under any circumstances whatsoever.

4.

Only the original book shall be allowed. No photocopies, handwritten copies or typed pages shall be allowed.

5.

Only the bound volume shall be allowed and the book should not be in the form of loose leaf.

6.

The permitted book should not contain any scribblings, notes, summaries either on the top page or in any other inner pages. However the students may highlight or underline the text if they so desire.

7.

Infringement of any of the above instructions shall be considered as "USE OF UNFAIR MEANS" and shall be penalized accordingly.

The Institute of Chartered Accountants of Pakistan has decided to allow students to carry bound volume of the “Handbook of International Auditing and Assurance Pronouncements and Code of Ethics for Chartered Accountants”, while appearing in the paper of Advance Auditing in Module F. The first examination under this arrangement shall be conducted in June 2008.

Please also note that the open book examination for Advance Auditing is being conducted to discourage rote learning and shall have no effect whatsoever on the paper pattern, which would remain same as in the previous examinations. The instructions under this decision are given as follows:

Infringement of any of the above instructions shall be considered as “USE OF UNFAIR MEANS” and shall be penalized accordingly.