MoUBetweenICWAI and CIMA,UK
ABRIEF
ICWAI and CIMA,UK has entered into a Memorandum of Understanding (MoU) and has agreed to work towards recognizing the professional qualifications of each other. Other important aspects of the MoU are co-operation in conducting Applied Research on Management Accounting, exchange of studymaterials; development, updating and exchange of curriculum; conduct seminars, conferences and joint activities; development of management accounting guidelinesandensure highethicalstandardsoftheprofessionand itsmembers.
Under the MoU, CIMAhas agreed to exempt following papers for the ICWAI candidates who havesuccessfullypassedthefinalexaminationof the ICWAIsyllabus.
a) Completeexemption fromCIMACertificateLevelcomprisingof thefollowing fivepapers:
PaperC1 - FundamentalofManagementAccountings.
PaperC2 - FundamentalofFinancialAccounting.
PaperC3 - FundamentalofBusinessMathematics.
PaperC4 - FundamentalofBusinessEconomics.
PaperC5 - FundamentalofEthics,Corporate Governance&BusinessLaw.
b) Exemption from sixpapers of CIMA Managerial Level Examinations:
PaperP1 - ManagementAccountingPerformanceEvaluation.
PaperP2 - ManagementAccountingDecisionMaking.
PaperP4 - OrganisationalManagementandInformationSystems.
PaperP5 - IntegratedManagement.
PaperP7 - FinancialAccountingandTaxPrinciples.
PaperP8 - FinancialAnalysis.
ICWAIqualifiedcandidateswilltakedirectentrytoCIMA'sStrategicLevelexaminationsthrough a “CIMA Professional GatewayAssessment” (CPGA). Following successful completion of the CPGA an ICWAI student will be awarded the CIMA Advanced Diploma in Management Accounting.
On the reciprocal, the ICWAIhasagreedtoexemptCIMAqualified candidatesasbelow:
a) Complete exemption from Foundation Course examination which comprise of following 4
papers:
Paper1 - ManagementFundamentals.
Paper2 - Accounting.
Paper3 - EconomicsandBusinessFundamentals.
Paper4 - BusinessMathematicsandStatistics.
b) Exemptionfromthe otherfollowing8papers:
Paper5 - FinancialAccounting.
Paper8 - Costand ManagementAccounting.
Paper9 - OperationManagement&ManagementInformationSystems.
Paper12 - FinancialManagement&InternationalFinance.
Paper13 - ManagementAccounting-StrategicManagement.
Paper15 - ManagementAccounting-EPM.
Paper16 - AdvancedFinancialAccounting&Reporting.
Paper18 - BusinessValuationManagement.
Sources:https://www.icwai.org/icwai/institute-mou-cima.asp
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