• Register
Return to: Home > News > Regulation > CIMA, ACCA in talks with ICAP over exclusion circular

CIMA, ACCA in talks with ICAP over exclusion circular

The Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Management Accountants (CIMA) are in talks with the Institute of Chartered Accountants of Pakistan (ICAP) after it advised members to avoid engaging non-ICAP trainees.

ICAP sent a circular in July in which the institute recommended its member’s firms not to provide training opportunities to non-ICAP students, in particular trainees of foreign institutes of chartered accountants or any other accounting body of similar nature.

As a result the Competition Commission of Pakistan (CCP) has this week issued a show-cause notice to ICAP where it states that the institute’s directive is in violation of competition laws.

The regulator considers that ICAP’s recommendation restrict and reduce competition in the accountancy market as it has the potential to prevent individuals to enter the profession.  

A spokesperson for ACCA told The Accountant the organisation is aware of this development and it is currently working with ICAP to seek clarification on the issue.

ACCA Pakistan has been updating students using social media. Head of ACCA Pakistan Arif Mirza said that every opportunity to work with ICAP is being explored to find a solution.

“We will continue our dialogue with them, and to remind them that we need to work together to enhance, protect and progress the best interests of the global accountancy profession, of Pakistan’s accountancy profession and business operations here in Pakistan,” Mirza commented. 

Similarly CIMA is monitoring the situation closely.

“We are fully aware of the situation and remain in regular discussions with ICAP,” a CIMA spokesperson said refusing to comment any further at this stage. 

It is expected ICAP will submit a written answer to the regulator’s show-cause and appear before the CCP on the 24 September.

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.