Institute of Cost and

Management Accountants of
Pakistan

SyllabuS Guide
for

Study Scheme-2025
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

O1 - FUNDAMENTALS OF FINANCIAL ACCOUNTING

(Operational Level-1)

INTRODUCTION  Prepare ledger accounts, journal entries and a trail

This course basically deals with the Fundamentals of balance;
Financial Accounting. The students are expected to learn  Understand tangible and intangible assets;
an understanding of accounting concepts, principles,  Use different methods of calculating depreciation;
procedures and systems for preparation of financial  Prepare accounts for bad debts and allowance for
statements, accounting treatment of current assets and receivables;
liabilities, tangible and intangible assets. Students  Records provision and contingencies;
should become adept at classifying problems, situations  Compute inventory by using different valuation
and applying the required accounting principles. methods for preparing inventories ‘accounts;
 Prepare accounts for sales taxes and payroll;
OBJECTIVE  Prepare accounts for bank reconciliation
To provide the students with an applied knowledge of statements;
basic and most fundamental principles and concepts of  Prepare accounts for sales and purchases, including
accounting, and preparing financial statements personal accounts and control accounts;
accordingly  Understand the types/ nature of errors and its
rectification
LEARNING OUTCOMES  Prepare financial statements from trial balance;
On completion of this course, students will be able to:  Prepare manufacturing accounts;
 Understand the need for accounting records;  Prepare and present the financial statements from
 Apprehend the fundamental accounting principles incomplete records
and concept;  Prepare and present the receipts and payments and
 Differentiate between financial and management income and expenditure accounts
accounting;  Prepare a statement of cash flows;
 Prepare cash book, bank accounts and petty cash  Prepare final accounts in accordance with IAS and
book statements under an imprest system; IFRS;
 Perform the system of double-entry bookkeeping;  Calculate basic financial ratios

SYLLABUS CONTENTS
Weightage

PART - A
PART - B 50%
PART - C

PART - A  Assets, (Cryptocurrencies as emerging assets)

CONCEPTUAL, SYSTEM AND REGULATORY  Liabilities
FRAMEWORK  Expenditures (Capital & Revenue)
 Revenue
1. Accounting Nature and Objectives  Accounting Equation
 Financial Accounting definition & objectives,  Understand and explain the accounting
 Cost Accounting definition & Objectives equation
 Management Accounting definition &
Objectives 3. Accounting Regulatory Framework
 Difference between financial accounting and  Define Company Law
cost and management accounting  Define types of companies as per Company
Laws i.e., private and public limited, listed and
2. Introduction to Financial Accounting non-listed companies etc. Guarantee limited
 Explain the meaning and identify the examples company, single Member Company
of the following terms
 Capital

2
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 "IAS/IFRS" to reflect the latest 2025 standards,  Accounts Coding System-Define chart of
including IFRS 18 (Primary Financial accounts
Statements).
 Define IAS/ IFRS and its role 8. Accruals and prepayments
 Explain purpose of implementation company  Accruals and Prepayments
laws, IAS, IFRS in Financial reporting o Prepare journal and adjusting entries of
 Accounting bodies accruals and prepayments
 Identify and understand the role of regulatory o Explain the matching concept with related
bodies i. e, IFRS Foundation (IFRSF), the to accruals and prepayments
International Accounting Standards Board o How the amount of accruals and
(IASB), the IFRS Advisory Council (IFRS AC) and prepayments are depicted in financial
the IFRS Interpretations Committee (IFRS IC) statements?

4. Accounting Concepts and Conventions 9. Tangible non-current assets

 Accounting Concepts & Principles (Going  Depreciation
Concern, Accruals, Prudence, Consistency, o Purpose of charging depreciation
Materiality, Substance over form, Business o Methods of calculating depreciation
Entity, Money Measurement) (Straight line, reducing balance and sum of
 Cost and Values (Historical Cost Convention, year’s digit)
Theory of Capital Maintenance, Current o Compute depreciation where any changes
Purchasing Power Accounting, Current Cost are made in estimated life and value of
Accounting, Fair Value, Value to the business) assets
 Sustainability reporting  Accounting treatment of the following:
integration" under Substance over form. o Re-valuation of non-current assets
(Reversal of revaluation is excluded)
PART - B o Non-current asset disposal
ACCOUNTING SYSTEMS AND ACCOUNTS o Non-current asset register
PREPARATION
10. Intangible non-current assets
5. Source Documents and Books  Accounting treatment of Intangible Assets
 Identify various Source Documents (Sale &  Research and Development Cost
Purchase Order, Credit & Debit Note, GRN) and o Define research and development cost
explain its purpose o Identify the treatment of research and
 Books (Sale day book, Purchase day book, Sales development cost
Return day book, Purchase Return day book,
Cash book, Petty Cash book) 11. Bad debts and allowances for receivables
 Concepts and layout  Sales and Accounting Concepts
 Recording of transaction in books and posting  Concept of debtor’s age analysis
the item in the ledger accounts.  Bad and Doubtful Debts
o Nature and purpose of bad and doubtful
6. Double Entry and Ledger Accounting debts
 Principles of double entry bookkeeping o General entries and aging analysis
 Journal  Bad Debts Recovered
 Nominal Ledger
 Posting from day book to nominal ledger and 12. Provisions and Contingencies
balance off ledger account  Categorization of liabilities (current and non-
 Sales and Purchase accounts, including current liabilities)
personal accounts and Control accounts  Cash and Credit Purchases
 Define, differentiate and classify Provisions,
7. Trial balance and financial statements Contingent liabilities and Assets
 Trial Balance
o Need and objective of trial balance 13. Accounting for Inventories
o Preparing of trial balance  What is inventory or stock?
o Need and recording of adjustments  Its types; Raw Materials, Work in progress,
o Preparing of Adjusted trial balance Finished goods
 Income Statement, Balance Sheet/Statement of  Valuation of inventory as per IAS 2
Financial Position  Lower of cost or NRV
o Preparation of basic layout off financial  Valuation of Cost of sales and closing stock
statement and illustrate some examples of under FIFO, LIFO and AVCO (Both periodic and
financial statements perpetual)
 Stock and Work -in-progress
 Accounting for Stocks - closing stock

3
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Ledger Accounts for stock

 Physical Count
 Impact of inventory on Statement of Profit or PART - C
Loss and Statement of Financial Positions from FINAL ACCOUNTS
Trial Balance 18. Sole traders' accounts
14. Accounting for Sales Tax and Payroll  Chart of Accounts
 Principles of Sales Tax (input tax, output tax and  Preparation of Financial Statements
net tax)
 Bookkeeping Entries for Sales Tax 19. Incomplete records
 Basic concepts of Gross wages, deductions and  Incomplete Records: Basic Approach
net wages  Cash and Bank Transactions
 Accounting entries of Wages from the  Using Ratios and Percentages (Find out missing
Employee's Viewpoint figures by using profit percentages)
 Preparation of Financial Statements
15. Bank Reconciliation’s
 Concept of Cash book, single column, double 20. Income and expenditure accounts
column and triple column cash book  Format of Income and Expenditure Accounts
 Understanding of Bank statement and basic  Preparation of Income and Expenditure
concepts Accounts
 Reasons of differences between cash book  Special Funds (Define Special funds i.e., capital
balance and bank statement balance fund, donation, annual subscription, life
 Identifying differences in balances by ticking membership fees)
 Preparation of revised cash book  Preparation of Financial Statements
 Preparation of bank reconciliation statement  Interpretation of Accounts
 Concept of which balance to be shown in
statement of financial position 21. Statements of cash flows
 Format of a Statement of Cash Flows
16. Control accounts  Preparation of a statement of Cash Flows by
 ledger Accounts and the Division of the ledger Direct and Indirect Method
Understanding of Control Accounts  Uses of Statement of Cash Flows
 Use of Control Accounts
 Purchase and Sale Day Books (Define and 22. Financial Ratios
recording of transaction)  Analysis of Accounting Statements and Use of
 Control Accounts Reconciliation Ratios
 Liquidity, Working Capital and Solvency Ratios
17. Correction of Errors  Financial Gearing
 Types of Errors  Investor Ratios
 Suspense Accounts  Possible Drawbacks of Ratio Analysis
 Correcting Entries  Appraising the Position and Prospects of a
 Impact of correction of errors on financial Business
statements

4
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

O2 - GEN. AI & BUSINESS PRODUCTIVITY

(Operational Level-1)
INTRODUCTION course aims to develop skills for integrating AI tools to
Artificial Intelligence (AI) is revolutionizing business boost productivity, improve decision-making, and
operations through automation, data analysis, and streamline operations.
decision-making. This course provides a foundational
understanding of AI, with emphasis on generative LEARNING OUTCOMES
technologies like GPT and DALL·E. Learners will explore By the end of this course, participants will be able to:
AI’s role in enhancing productivity, especially in  Understand key AI and machine learning
management accountancy. The course links technical concepts, including generative AI models.
concepts with practical business applications. It  Apply AI tools in management accounting for
empowers professionals to apply AI tools for forecasting, reporting, and fraud detection.
forecasting, reporting, and performance optimization.  Develop and use AI-driven KPIs and
dashboards for strategic business insights.
OBJECTIVE  Integrate AI technologies with accounting
To provide learners with a practical foundation in software for workflow automation.
Artificial Intelligence and Generative AI, focusing on  Evaluate ethical, governance, and regulatory
their applications in management accounting. The considerations in AI implementation.

SYLLABUS CONTENTS
Weightage

PART - A
PART - B
PART - C
10%
PART - D
PART - E
PART - F
20%

PART A: o Transformer models (Attention

INTRODUCTION TO AI AND GENERATIVE AI mechanisms)
o Diffusion models
1. Overview of Artificial Intelligence
 Key tools and platforms:
 Historical evolution of AI: From Turing Test to
o GPT-4/5 models for text generation
modern Large Language Models (LLMs)
o DALL-E 3 and Midjourney for image
 Types of AI systems:
generation
o Narrow/Weak AI (e.g.,
o Eleven Labs for voice synthesis
recommendation systems)
o Evolution timeline: From basic
o General/Strong AI (theoretical
chatbots to multimodal AI systems
concepts)
o Superintelligent AI (future prospects)
PART B:
o Current AI capabilities and limitations
BUSINESS PRODUCTIVITY FUNDAMENTALS
in business contexts
4. Productivity Frameworks
2. Machine Learning Fundamentals
 Operational productivity: Process optimization
 Supervised learning: Regression, classification
metrics
 Unsupervised learning: Clustering,
 Financial productivity: ROI measurement
dimensionality reduction
techniques
 Reinforcement learning: Reward-based
 Human capital productivity: AI-assisted
systems
performance tracking
 Deep learning: Neural networks architectures
5. KPI Systems in Accounting
3. Generative AI Technologies
 Traditional financial KPIs vs AI-enhanced
 Core architectures:
metrics
o Generative Adversarial Networks
 Real-time KPI dashboards with AI integration
(GANs)

5
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Predictive KPI modeling for strategic planning o Data analysis automation

 QuickBooks AI features:
6. Technology-Enabled Productivity
o Transaction categorization
 Automation of routine accounting tasks
o Receipt processing
 Intelligent process automation (IPA)
applications
11. Practical Training Modules
 Cognitive automation in financial workflows
 Prompt engineering for financial queries
PART C:  Data security protocols for AI systems
GENERATIVE AI IN MANAGEMENT ACCOUNTANCY  Model fine-tuning workshops

7. Practical Applications PART E:

 Automated Financial Reporting: CASE STUDIES AND INDUSTRY APPLICATIONS
o Natural language generation of
quarterly reports 12. Sector-Specific Implementations
o Dynamic visualization creation  Retail: Demand forecasting at Walmart
 Predictive Analytics:  Manufacturing: Predictive maintenance at
o Cash flow forecasting models Siemens
o Risk assessment algorithms  Healthcare: Claims processing at UnitedHealth
 Fraud Detection:
o Anomaly detection systems 13. Corporate Case Analyses
o Pattern recognition in transaction  Success stories: AI adoption in Fortune 500
data companies
8. Strategic Implementation  Failure analysis: Lessons from AI
o Scenario modeling for business implementation pitfalls
continuity planning
o AI-assisted budget optimization PART F:
o Resource allocation simulations ETHICAL AND RESPONSIBLE AI

PART D: 14. Governance Frameworks

TOOLS AND TECHNOLOGIES  Bias mitigation techniques
 Model explainability requirements
9. AI Platforms  Accountability protocols
 Commercial solutions:
o ChatGPT Enterprise 15. Regulatory Compliance
o Google Gemini Advanced  GDPR requirements for AI systems
o Claude 3 Opus  SOX compliance in automated reporting
 Open-source alternatives:  HIPAA considerations for financial health data
o Llama 3
o Mistral models 16. Sustainability Considerations
 Energy consumption of large models
10. Accounting Software Integration  Carbon footprint measurement tools
 Excel AI add-ins:  Green AI initiatives
o Formula generation

6
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

03 - BUSINESS & COMMERCIAL LAWS

(Operational Level-1)

INTRODUCTION
This course is designed to focus on the important topics LEARNING OUTCOMES
of Business Laws, governing the operational aspects of On completion of this course, you should be able to:
business. A thorough study of this course will develop  Understand the legal system of Pakistan
students’ knowledge about the legal system, contract,  Comprehend the sources of business laws;
Partnership, Sales and Procurement Laws apply in  Understand the various laws and provisions
Pakistan. contained in the contract act, 1872;
 Elucidate the various laws and provisions contained
OBJECTIVE in the sale of goods act. 1930 and partnership act,
To equip the students with the knowledge of business 1932
laws, the course enables them to:  Comprehend the laws related to negotiable
 Understand the legal system of Pakistan instrument act, 1881;
 Understand application of commercial laws in  To understand basic ethics and threats
industry
 Advise the management on the financial and non-
financial implications of business laws for the
effective operations of the business.

SYLLABUS CONTENTS
Weightage

PART - A
PART - B
PART - C

PART – A
1. Introduction to Legal System of Pakistan 3. Sales of Good Act, 1930
 Need of study of law  Contract of sale of goods
 Sources of law  Conditions and warranties
 System of court  Transfer of property
 Doctrine of precedent  Performance of contract of sale
 Pakistan’s law-making authority  Rights of unpaid seller

PART - B 4. Partnership Act, 1932

2. The Contract Act, 1872  Definition and essential features
 Contract and its kinds, "E-contracts and digital  Merits and demerits
signatures  Kinds of partners including clauses related to
 Offer and acceptance minor partner
 Consideration and object  Difference between partnership and co-
 Capacity of parties ownership
 Free consent  Formation of partnership
 Void agreements  Types of partnership
 Contingent and quasi contracts  Registration of firms and effect of non-
 Performance of contract registration
 Discharge of contract  Rights, duties and liabilities of partner
 Remedies for breach of contract  Implied authority and non-implied authority of
 Indemnity and guarantee partner
 Bailment and pledge  Re-constitution of a firm (incoming & outgoing
 Contract of agency partners)

7
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Modes of dissolution of a firm;  Describe the typical contents of a corporate

code of ethics.
5. Negotiable Instrument Act, 1881  Examples of the fundamental principles of
 Negotiable instrument professional ethics.
 Parties to negotiable instrument  Ethical responsibilities of a Management
 Presentment of negotiable instrument Accountant in the preparation and reporting of
 Negotiation of negotiable instrument financial information.
 Dishonour of negotiable instrument  Describe situations where ethical conflicts can
 Banker and customer arise.
 Identify the main threats to ethical behaviour
PART – C and safeguard against ethical threats,
6. Business Ethics and threats: Cybersecurity threats in digital transactions
 Define corporate codes of ethics and explain its
benefits to the organization and its employees.

8
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

O4 - BUSINESS ECONOMICS
(Operational Level-2)

INTRODUCTION  Elucidate Supply and Demand Curve along with the

This course is designed to focus on fundamentals formation of Equilibrium price;
concepts of economic and to develop understanding and  Prepare price stabilisation policy considering the
skills of the students in order to enable them to identify reasons for price instability in markets for primary
and correlate various economic issues, to cost and goods;
management accounting for taking managerial  Comprehend implications of price instability for
decisions. producer Incomes and supply;
 Understand measures of markets competition
OBJECTIVE and concentration;
This course enables the students to:  Explicate the effects of monopoly and collusive
 Identify how a market economy functions, practices;
 Develop an understanding of the economic  Elucidate the nature of externalities and the
environment, under which business operates, government measures to deal with it;
 Develop the economic analysis for the guidance and  Realize the roles of central banks and state bank of
information of decision-makers, and Pakistan
 Identify the economic factors, influencing the  Understand key features of Pakistan’s current fiscal
behaviour and performance of firms and industries. and monetary policies
LEARNING OUTCOMES  Know about the government macroeconomics
Upon completion of this course, students will be able to: policy goals;
 Understand short run and long run cost behaviour  Comprehend the causes of imbalance in the balance
 Realize the impact of long run costs on industry of payment;
structure;  Ascertain Interest rate determination and its trends
in Pakistan

SYLLABUS CONTENTS

Weightage

PART - A
PART - B

PART - A  Consumer’s equilibrium through Indifference

1. Nature and Scope of Economics Curves Techniques
 Definition of Economics  Income Effect, Price Effect and Substitution
 Allocation of scare resources and wants, Impact Effect
of gig economy on resource allocation  Consumer’s surplus.
 Micro VS Macro
 Terminology of Economics; land, labour, capital 3. Demand & Supply Analysis
and enterprise  Definition of Market
 Basic economics school of thoughts, Classical,  Concept and law of Demand Curve
new classical and modern school of thought  Concept and law of Supply Curve
 Major economics system of the world  Formation of Equilibrium price
capitalism, socialism and Islamic  Short Run and Long Run Equilibrium Price
 Concept of Opportunity Cost and Production 4. Price Elasticity
Possibility Curve.  Calculation of Price Elasticity of Demand
2. Consumer’s Behavior and Its Analysis  Impact of Price Elasticity of Demand
 Utility and its kinds  Influences on Price Elasticity of Demand
 Law of Diminishing Marginal Utility  Calculation of Price Elasticity of Supply
 Influences on Price Elasticity of Supply

9
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

5. Price Instability and Government Measures PART - B

 Reasons for Price Instability in Markets for 8. Macroeconomic: Trade Cycle
Primary Goods  Factors affecting National Income
 Implications of Price Instability for Producer  Circular Flow of Income
Incomes and Supply  Stages in the Trade Cycle
 Price Stabilization Policies  Impact of the Trade Cycle on Business
 Minimum and Maximum Pricing Policies in Environment
Good Markets  Multiplier effect
 Minimum and Maximum Pricing Policies in
Factor Markets 9. Macroeconomic: The Role of Government
 Government Macroeconomic Policy Goals
6. Cost Behavior  Elements of Public Finance
 Types of Cost  Unemployment
 Short Run Cost Behaviour  Inflation
 Long Run Cost Behaviour  Fiscal Policy
 Impact of Long Run Costs on Industry Structure  Monetary Policy
 Iso cost and isoquant concepts  Supply side Policies

7. Competition, Market Effects and Government 10. Economy of Pakistan

Measures  Discuss inflation in Pakistan and its causes
 Methods of Business Integration  key features of Pakistan’s current fiscal and
 Measures of Market Competition and monetary policy
Concentration  Function and role of Central bank and state
 Effects of Monopoly and Collusive Practices bank of Pakistan
 Competition Policy  Interest rate determination and its trends in
 Nature of Externalities Pakistan
 Government Measures to deal with  Balance of payment and trade and their trends
Externalities in Pakistan, 2025 fiscal policies and CBDC
(Central Bank Digital Currency) trends.

10
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

05 - BUSINESS MATHEMATICS AND STATISTICS

(Operational Level-2)

INTRODUCTION  Calculate for both ungrouped and grouped data:

This course comprises basic concepts and techniques of arithmetic mean, median, mode, range, variance,
mathematics & statistics. A thorough knowledge in the standard deviation and coefficient of variation;
areas of basic mathematics and presentation of data is  Calculate dispersions, correlation, correlation
an essential skill for management accountant. The coefficient and coefficient of determination;
management accountant should understand statistical  Compute variance, standard deviation and
concepts, because of the need to estimate the coefficient of variation;
uncertainties of business decisions. This course also  Calculate indices using either base or current
gives basic understanding of mathematical techniques weights and apply it to deflate a series;
applied for forecasting in corporate planning and  Calculate simple probability demonstrates
Financial Management. conditional probability and rules of probability;
 Compute an expected value and demonstrate the use
OBJECTIVES of expected value tables in decision making;
To provide the students basic knowledge of  Elucidate the concepts of risk and uncertainty;
mathematics and statistics to enable them to:  Demonstrate the use of normal distribution tables;
 Use and interpret mathematical and statistical  Apply the Pareto distribution and the 80:20 rule;
methods, and  Apply the regression equation to predict the
 Present the results of quantitative nature, in a dependent variable, given a value of the independent
suitable form for taking business decisions. variable;
 Prepare a time series graph and identify trends and
LEARNING OUTCOMES patterns using an appropriate moving average;
On completion of this course, you should be able to:  Identify the components of a time series model and
 Understand integers, fractions and decimals, prepare a trend equation using either graphical
percentage and ratios; means or regression analysis;
 Manipulate inequalities and solve linear, non-linear  Calculate seasonal factors for both additive and
and simultaneous equations; multiplicative models and comprehend its
 Understand the concept of derivatives and calculate appropriateness;
maxima, minima and point of inflection;  Calculate predicted values given a time series model;
 Work out simple and compound interest and  Perform confidence Interval and hypothesis Z and T
understand concept of loan, mortgage and test for single population mean;
discounting;  Apply sampling Frequency Distribution with and
 Calculate NPV, IRR, annuities and perpetuities; without replacement for sample size 2 and 3;
 Realize the difference between data and information,  Find the seasonal variations and demonstrate
tabulate data and prepare graphs, charts and forecasting techniques.
diagrams;

SYLLABUS CONTENTS
Weightage

PART - A
PART - B

PART – A  Order of Operations

BUSINESS MATHEMATICS  Percentage and Ratios
 Roots and Powers
1. Basic Mathematical Techniques  Errors
 Integers, Fractions and Decimals

11
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

2. Formulae and Equations  Quartiles and Quartile Range and Quartile

 Introduction deviation or the Semi-Quartiles Range
 Manipulating Inequalities  Mean Deviation
 Linear Equations, Linear Equations and Graphs,  Variance and Standard Deviation
Simultaneous Equations  Coefficient of Variation
 Non-Linear Equations, Progressions  Skewness
 Arithmetic Progression
 Geometric Progression (nth Terms and Sum) 10.Correlation and Linear Regression
 Matrices (Definition Sum and multiplication of  Correlation
two matrices)  Correlation Coefficient and Coefficient of
 Use in Solving simultaneous, equators, Cramer’s determination
rules  Spearman’s Rank Correlation Coefficient
 Linear programming, Properties and using of  Lines of Best Fit
programming for maximization of profit and  Scatter Graph Method
minimization of cost.  Linear Regression Analysis
 Using Spreadsheets (Characteristics of a useful
3. Derivatives spread sheets, Advantage and disadvantage of
 Concept of Derivative and differentiation spread sheets, inserting formula in excel,
 Basic Rules of differentiation explain formula with conditions)
 Instantaneous rate of change
 Derivatives, Maxima and Minima & Point of 11.Index numbers
Inflection  Basic Terminology
 Index Relatives
4. Compounding and Discounting  Time Series of Index Relatives
 Simple Interest, Compound Interest, Equivalent  Time Series Deflation
Rates of Interest  Composite Index Numbers
 Regular Savings and Sinking Funds  Weighted Index Numbers
 Loan and Mortgages  Retail Price Index for Pakistan
 Concept of Discounting
12.Probability
5. Basic Investment Appraisal  Concept of Probability and counting techniques
 Net Present Value (NPV) Method (including multiplication rules of counting,
 Internal Rate of Return (IRR) Method combinations, permutations, etc))
 Annuities and Perpetuities  Rules of Probability
 Linking Compounding and Discounting  Expected Values
 Using Spreadsheet (Define Spread sheet, need  Expectation and Decision Making
to use of spread sheet, Define work book, work
sheets and type of cell contents) 13.Normal distribution
 Shareholder Value (define shareholder value  Probability Distributions (Discrete and
and identify financial objectives to maximize continuous)
shareholders wealth)  Normal Distribution
 Standard Normal Distribution
PART – B  Binominal of passion distribution
STATISTICS AND STATISTICAL INFERENCE  Hyper geometric distribution
 Using Normal Distribution to Calculate
6. Data and Information Probabilities
 Introduction, Characteristics of Good  Pareto Distribution and 80:20 Rule
Information, Data Type (Qualitative and
Quantitative data, primary and secondary data, 14.Estimation & Testing
discrete and continuous data)  Confidence Interval Z and T test for single
population mean
7. Collection and Presentation of data  Testing hypothesis Z and T test for single
 Tables, Charts, Frequency Distribution, population mean
Histograms, Ogives, Scatter Diagram  Chai square distribution

8. Averages 15.Sampling & Sampling Frequency Distribution

 Arithmetic Mean, Harmonic mean, Geometric  Sampling Frequency Distribution with &
mean, Mode, Median without replacement for sample size 2 and 3
 Random and Non-Random Sampling
9. Dispersion  Sampling Frequency distribution for
 Range proportion

12
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

16.Forecasting - Time series  Finding the Seasonal Variations (Define Season

 Components of Time Series (Define time series variations, finding the seasonal components
and identify its examples, preparing time series using additive and multiplicative models)
graphs and identifying trends)  Forecasting (Define forecasting, forecasting
 Finding the Trend (Methods, prepare trend using linear regression analysis)
equation using graphical means or regression  Limitation of Forecasting Models
analysis)  Python for statistical analysis (introductory)

13
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

06 - FUNDAMENTALS OF COST & MANAGEMENT ACCOUNTING

(Operational Level-2)

INTRODUCTION  Identify and explain classification of cost and their

This course is designed to make the students familiar behaviour
with the application of basic methods and techniques of  Apply material costing and controls
cost and management accounting. The course deals  Classify, calculate and evaluate labour cost and its
with the cost concepts, cost behaviour cost efficiency
classification and cost flows, material, labour, factory  Apply manufacturing overheads costing and
overhead costing, marginal costing, standard costing controls
and variance analysis.  Analyse and calculate product cost under different
costing methods i.e., process costing, job order
OBJECTIVE costing, batch and service costing
To provide the students with an appropriate  Understand absorption and marginal costing
knowledge of Cost and Management Accounting to methods;
enable them to:  Prepare income statement by absorption and
 Understand basic concept of Management marginal costing methods and perform
Accounting, reconciliation of profits under both the methods
 Apply cost methods and techniques for preparing  Make use of standard costing;
and presenting information for decision-making  Calculate direct material, direct labour, variable,
and cost control. fixed overhead variances and sales variance and
ascertain the reasons for variances
LEARNING OUTCOMES  Understand the inter-relationship between
On completion of this course, students will be able to: variances.
 Understand the concept and scope of cost
accounting

SYLLABUS CONTENTS
Weightage

PART - A
PART - B
PART - C
PART - D
20%

PART – A  Functional Costs

THE NATURE, SOURCE AND PURPOSE OF  Fixed Costs, Variable Costs, semi-variable & Step
MANAGEMENT INFORMATION fixed Cost
 Production and Non-Production Costs
1. Introduction to Management Accounting  Cost Codes
 What is management accounting  Cost Units, Cost Objectives and Responsibility
 Definitions Centres
 The changing role of management accounting
 Data and information 3. Cost Behavior
 The purpose of management information  Cost behavior and levels of activity
 Sources and categories of information  Graphical representation of different types of
 ICMA and its role in management accounting costs
 Cost behaviors patterns
2. Cost classification  Determining the fixed and variable elements of
 The Concepts of Cost semi-variable costs and High and Low point
 Total Product/Service costs method
 Direct Costs and Indirect Costs  Linear Equations and Graphs

14
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

PART - B  Marginal Costing versus Absorption Costing

COST ACCOUNTING SYSTEMS
8. Job, Batch and Service costing
4. Accounting for Materials  Costing Method
 What is inventory control  Job Costing
 Ordering, Receipt and Issue of Raw Materials  Batch Costing
(Re-Order Level, Maximum level, minimum level  Service Costing
danger level)
 Storage of Raw Materials 9. Process costing
 Inventory Control Levels  The basics of process costing
 Economic Order Quantity Model  Losses in process costing
 ABC Controls for inventory)  Losses with scrap value
 Accounting for Material Costs  Losses with a disposal cost
 Inventory Valuation  Valuing closing work in progress
 FIFO (First in First out)  Valuing opening work in process: FIFO method
 LIFO (Last in First out)  Valuing opening work in progress weighted
 AVCO (Average Cost) average cost method
 Cost of Production report
5. Accounting for Labour
 Classification of Labor Direct and indirect labor 10. Process costing, joint products and by-products
 Measuring labour activity  Joint products and by- products
 Remuneration methods (time-based systems,  Dealing with common costs
piecework systems and individual and group  Joint products in process accounts
incentive schemes)  Accounting for by products
 Treatment and calculation of Overtime and idle  Methods of Allocation of joint cost
time
 Recording labour costs PART - D
 Labour turnover STANDARD COSTING
 Accounting for labour costs
11. Standard costing
6. Accounting for Overheads  Standard costing (Explain standard costing using
 Classification and collection of Overheads examples)
 Overhead absorption rates and basis of  Preparation of standards
absorption  Uses of standard costing
 Overhead allocation  Other aspects of standard costing (Purpose and
 Overhead apportionment and reapportionment Limitations of standard costing)
 Overhead absorption
 Blanket absorption rates and departmental 12. Variance analysis
absorption rates  Variances
 Over and under absorption of overheads  Direct material variances (Total, Price and usage
variance)
PART - C  Direct labor variances (total, rate and efficiency
COST ACCOUNTING TECHNIQUES AND METHODS variance)
 Variable overhead variances (total, expenditure
7. Absorption and Marginal costing and efficiency variance)
 Absorption Cost  Fixed overhead variances (total, expenditure,
 Marginal Cost and Marginal Costing volume, capacity and efficiency variance)
 Difference between marginal and absorption  Reasons for cost variances
costing  Sales variances (Price and Volume Variances)
 Principle of Marginal Costing  Operating statements
 Marginal Costing and Absorption Costing and the  Deriving actual data from standard cost details
calculation of profit and inventory under both and variances
the methods  Inter-relationships between variances
 Reconciling Profit

15
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

M1 – FINANCIAL ACCOUNTING & CORPORATE REPORTING

(Managerial Level-1)

INTRODUCTION  Learn the revenue recognition;

This course is designed to focus on preparing, analysing  Explicate related party disclosure;
financial statements and developing reports thereon, for  Elucidate operating segments;
management decisions. The students are expected to  Understand non-current assets held for sale and
use knowledge and understanding of more advanced discontinued operations;
financial accounting, for preparing and interpreting  Identify the events after the reporting period;
financial statements in context of practice.  Comprehend provisions, contingent liabilities and
contingent assets;
OBJECTIVE  Elucidate property, plant and equipment;
To provide the students with an in-depth knowledge of  Deal with government grants;
financial reporting enabling them to:  Understand borrowing cost;
 analyse and interpret financial statements and  Identify and comprehend intangible assets and
prepare financial reports, and impairment of assets;
 Submit recommendations to the management for  Record research and development expenditure
taking decision. cost;
 Apply accounting treatment of goodwill and its
LEARNING OUTCOMES impairment;
On completion of this course, students will be able to:  Perform adequate accounting treatment of leases;
 Comprehend the structure and objectives of  Prepare and interpret statement of cash flows;
regulatory framework and setting of international  Prepare and present the financial statements
financial reporting standards; according to international Accounting Standards
 Understand the meaning of conceptual framework (IAS) and International Reporting Standards (IFRS);
and GAAP;  Identify accounting treatment of inventories and
 Realize the ways in which IFRS can interact with WIP;
local regulatory frameworks:  Learn accounting treatment for financial
 Explicate the elements and qualitative instruments;
characteristics of financial statements;  Apply the accounting rules for current and deferred
 Implement accounting policies changes in taxation, including calculation of deferred tax.
accounting estimates and errors;  Systems audit, control and security practices;

SYLLABUS CONTENTS

Weightage

10%5%
PART - A
PART - B
PART - C
85%

PART – A  The IASB’s Conceptual Framework

REGULATORY AND CONCEPTUAL FRAMEWORK  Qualitative Characteristics of Financial
Statements
1. The regulatory framework  The elements of Financial Statements
 The International Accounting Standard Board
(IASB) PART - B
 Setting of International Financial Reporting SINGLE COMPANY FINANCIAL ACCOUNTS
Standards
3. IAS 1 (Revised) Presentation of Financial
2. The Conceptual Framework statements
 Conceptual Framework and GAAP  General Features

16
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Structure and Detail Contents o Describe the concept of a group as a single

 Preparation of Financial Statements economic unit
 Companies Act, 2017 Third, Fourth and Fifth o Define subsidiary, parent and control by
schedules identifying simple examples
o Describe situations when control is
4. Reporting Financial Performance presumed to exist
 IFRS 5: Non-Current Assets held for Sale and o Identify and describe the circumstances in
discontinued operations. which an entity is required to prepare and
o Scope and definitions: present consolidated financial statements
o Conditions of IFRs 5: o Prepare and present simple consolidated
o Transfer from IAS 16 to IFRS 5 statements of financial position and
 IAS 8 Accounting Policies, Changes in Accounting simple consolidated statement of
Estimates and Errors comprehensive income involving a single
 IFRS 8 Operating Segments. subsidiary
 IFRS 15 Revenue from Contracts with
Customers. 8. Impairment of Assets
o Five steps of Revenue Recognition.  IAS 36 Impairment of Assets
o Construction contacts.  Cash Generating Units
 IAS 24 Related Part Disclosures  Goodwill and the Impairment of Assets
 Accounting treatment of an Impairment Loss.
5. Other Reporting  Reversal of impairment losses.
 IAS 10 Events after the Reporting Period
 IAS 37 Provisions, Contingent Liabilities and 9. Leases
Contingent Assets (IFRIC 1: Change in Existing  Characteristics of Leases
Decommissioning, Restoration and Similar  IFRS 16 Lease
Liabilities.)  Operating leases
 Finance leases
6. Accounting for non-current assets
 IAS 16 Property, Plant and Equipment 10. Statements of Cash Flows
o Scope and definitions  IAS 7 Statement of Cash Flow
o Cost of NCA:  Preparing a Statement of Cash Flow
o Cost model.  Interpretation of Statements of Cash Flows
o Disposal of NCA
o Exchange of NCA. 11. IAS 2 Inventories
o Revaluation model.  Definitions
o Different movements in Revaluation.  Measurement of Inventories
o Excess depreciation.  Inventory Valuation Method
o Disposal of Revalued Assets.  Net Realizable Value
 IAS 20 Accounting for Government Grants and  Recognition as an Expense
Disclosure of Government Assistance.  Disclosures
o Scope and definitions:
o Government grants and assistance: 12. Share based Transactions and Financial
o Revenue grant: instruments
o Treated as income  Definitions
o Deducted from respective expense  Types of Transaction
o Capital grants:  Equity-Settled Share-Based Payment
o Treated as deferred income and deducted Transactions Disclosures.
from non-current assets IAS 23 Borrowing  Financial Assets and Financial Liabilities:
Costs o Scope and definitions of financial assets
 IAS 40 Investment Properties. and financial liabilities:
o Scope and definitions: o Financial liabilities (Short term, long term,
o Investment properties. Convertible loan notes)
o Transfer from IAS 16 to IAS 40 o Indicate for the following categories of
financial instruments how they should be
7. Intangible non-current assets measured and how any gains and losses
 IAS 38 Intangible Assets. from subsequent measurement should be
o Internally and externally generated treated in the financial statements:
intangibles. i. Amortized cost
o Infinite and indefinite intangible ii. Fair value through other
o SIC 32: Intangible assets – Website costs comprehensive income (including
 Research & Development Cost where an irrevocable election has
 IFRS 3 Business Combinations

17
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

been made for equity instruments PART - C

that are not held for trading) ACCOUNTING FOR TAXATION
iii. Fair value through profit or loss
13. IAS 12 Income taxes
 Current Tax
 Deferred Tax
 Taxation in Company Accounts
 Presentation and Disclosure of Taxation
 SIC-25 Income Taxes—Changes in the Tax
Status of an Entity or its Shareholders

18
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

M2- BUSINESS TAXATION

(Managerial Level-1)

INTRODUCTION  Understand the objectives of levy of taxation, and its

This course covers Income Tax Ordinance, 2001, the basic concepts
Income Tax Rules, 2002 and indirect tax Laws such as  Comprehend the system of taxation in Pakistan
the Sales Tax Act, 1990, Sales Tax Rules, and Federal  Explain provisions of Income Tax Laws mainly
Excise Act as amended to-date. The objective of this relevant to individuals and association of persons
course is to equip the students with an in-depth and corporate entities
knowledge of direct and indirect tax laws applicable in  Understand features of the direct and indirect taxes;
Pakistan.  Execute record-keeping, filing and tax payment
requirements of principal types of taxation, relating
OBJECTIVES
to business;
To provide the students with an in-depth knowledge of
 Recommend the management on issues, pertaining
direct and indirect taxes to deal with day-to-day
to tax liabilities of company or firm, arising from
practical issues regarding computation of tax liabilities,
various types of income.
taxable income, refund and filing of annual and
 Elucidate relevant Sales Tax Laws and rules
monthly returns.
 Understand the underlying concepts of Federal
LEARNING OUTCOMES Excise Act and Rules
On completion of this course, students will be able to:

SYLLABUS CONTENTS

Weightage

40%
60%
PART - A
PART - B

PART - A  Sections (101 to 101A)

INCOME TAX  Foreign source income of residents, taxation of
permanent establishment, thin capitalization,
1. Income Tax Ordinance, 2001 avoidance of double taxation and anti-
 Introduction and Definitions; (Sections 1 to 3) avoidance
 Basic Concepts (Sections 4 to 11, 74, 80 to 84)  Sections 102 to 112 excluding 109A)
 Computation of Tax on taxable income  Filing of returns of income (Sections 114 to
(Sections 12, to 40, 113,113C, 168 to 169 119)
excluding salaries of special cases such as  Assessment, Appeals and Audit (sections 120
salary of government employees, armed forces, to 136, 174 to 180)
judges etc, and special cases such as leasing  Defaults and penalties (182 to 205A including
companies, modaraba, non-profit organization all general concepts and excluding specific
etc) rates, amounts and imprisonment).
 Exemptions and concessions, (sections 41 to  Collection & recovery of tax, advance tax, final
55) tax, and withholding tax
 Deductible allowances (Sections 60 to 60D  Sections (137 to 169, 231AB to 236CB, 236G,
 Tax credits (section 61 to 65G) 236H, 236K, 236Y, 236 Z)
 Common rules, assets, principles of taxation  Refund of tax and withholding tax (sections
and geographical source of income 170 to 171A)
 Section (66 to 73)  Others (sections 85, 172 to 173, 181 to 181D,
 Sections (75 to 79) 206, 206A, 207 to 230J,
 Sections (86 to 94, 98A, 98B,98C)

19
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Relevant schedules to the Income Tax  Compulsory registration

Ordinance 2001  Change in particulars or transfer of
registration
2. Income Tax Rules, 2002  Cancellation of multiple registrations
 Income tax rules relating to sections specified  Reasons and procedure for de-registration
in Income Tax Ordinance. including filing of final return
 Situations under which credit and debit notes
PART - B may be issued and adjustment on the basis of
SALES TAX such notes
 Treatment of input tax in case of wastage or
3. The Sales Tax Act, 1990 destruction of goods
 Chapter No. I, II, III, IV, V, VII, VIII and IX of the  Application of formula for apportionment of
Act, as amended up-to-date covering; input tax with the concept of provisional and
 Definitions; (Sections 1 and 2) final adjustments,
 Scope and payment of tax; (sections 3 to 13, 73)  Basic concepts of filing and processing of refund
 Registration; Sections (14 to 21A) claims under rule 28
 Book-keeping and invoicing requirements;  Basic concepts of supply of zero-rated goods to
Sections (22 to 25AA) diplomats, diplomatic missions, privileged
 Returns; Sections (26 to 29) persons / organizations including supplies
 Offences and penalties, appeals and recovery of made by a Tier 1 retailer,
arrears. Sections (30 to 40D, 45A to 48, 72B)  List of persons who can act as authorized
(General concepts of offences and penalties representative including disqualifications
only however, excluding detailed list of  Procedure and appointment of alternative
penalties) dispute resolution committee
 Eligibility and procedure for issuance of
4. The Sales Tax Rules, 2006 electronic sales tax invoices
 Sales tax rules relating to sections specified in  Payment of Sales Tax by Retailers
Sales Tax Act including  Providing Services Subject to Tax Under
 Rule 2(1) clause ii, xi, xiv, xvi, xvii, xxi, xxi-c, Provincial Laws
xxvi, xxix, xxx, xxxi, xxxii, xlvii, xlix, liv-a, lv, lx-a,  Refund Claim by the Persons Engaged in
 Application and procedure for registration Making Zero Rates, payment of sales Tax by
including: Importers
 Temporary registration

20
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

M3 – ORGANIZATIONAL MANAGEMENT
(Managerial Level-1)

INTRODUCTION  Understand the operations management

This course consists of operations management, human  Learn the market regulation and perform
capital management, marketing management and production planning, control, productivity and
enterprise management. This will help the students to Efficiency Evaluation;
identify, correlate and apply these concepts to other  Perform adequate quality management procedures
core subjects of Professional stages for decision-making by applying different approaches
and strategic management.  Learn how HR theories and activities can contribute
to the success of the organization
OBJECTIVE  Perform the HR activities associated with
This course enables the students to: developing the ability of employees, motivation of
 Understand the different methods and techniques employees and improving the opportunities for
used in operation management. employees to contribute to the firm;
 Understand the different approaches of human  Elucidate the terms marketing concept, marketing
resource management environment. marketing and corporate strategy;
 Comprehend human resources practices used in  Prepare marketing action plans and apply tools
organizations within each area of the marketing mix
 Understand the various marketing and business  Realize the role of branding;
strategies  Comprehend corporate social responsibility and
 Understand the concept of enterprise management social marketing.
 Learn control and performance measurement;
LEARNING OUTCOMES  Execute budgetary control and balance scorecard
On completion of this course, students will be able to:
SYLLABUS CONTENTS

Weightage

20%
35%
PART - A
PART - B 25%
20%
PART - C
PART - D

PART - A 2. Operations management, and its importance for

OPERATIONS MANAGEMENT Management Accounting
 Definition
1. Enterprise Management  Mintzberg 's Effective Organization
 Understanding the nature of Enterprise  Strategic Importance
management
 The challenges facing businesses in 21st 3. Production Techniques
century, including the impact of legal, ethical,  Job Method
political, social, economic, international and  Batch Method
technological issues  Process /Flow Method
 Digital transformation challenges in  Additive manufacturing (3D printing)
enterprises applications
 Evaluate alternative approaches to Enterprise
management; ESG (Environmental, Social, 4. Plant Maintenance
Governance) integration in enterprise strategy  Plant Maintenance Process

5. Production Planning and Control

21
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Material Requirements Planning (MRP)  HRM Process including ‘HR Plan’, ‘Recruitment’,
 Manufacturing Resource Planning II (MRPll) ‘Selection & Placement’, ‘HR Performance
 Enterprise Resource Planning (ERP) Appraisal’, ‘Pay and Perks’, ‘Training &
 Optimized Production Technology (OPT) Development’, ‘Decruitment’ etc.
 Understating of production as a process of  Code of Conduct and Ethical Behaviour,
converting or transforming resources in to Algorithmic bias in recruitment tools
Products.
9. Human Resource Practices
6. Productivity and Efficiency Evaluation  Reliable HR Practices
 Methods of Managing Operational Capacity  Human Resource Development (HRD) and HRD
Approaches / Techniques
7. Quality Management  Employee experience (EX) platforms and
 Understanding the concept of ‘Quality’ and mental health analytics
‘Quality Management’
 The Scope of Quality Management PART - C
 Quality Management Approaches MARKETING MANAGEMENT
 AI-driven quality control systems
 Total Quality Management (TQM) 10.Marketing, and Business Strategy
 Managing Quality using TQM  Market, Marketing and Marketing Management
 Continuous Improvement (Kaizen)  Marketing Philosophies
 Lean Production  The Marketing Environment
 Total Productive Maintenance (TPM)  Metaverse and virtual branding strategies
 The TQMEX Model  Marketing, and Corporate Strategy
 Service Quality Approaches  Marketing Strategy
 International Organization for Standardization  Micro-influencer partnerships
(ISO)
 ISO 56005 (Innovation Management) standards 11. Marketing Plans, Branding and Communications
 Marketing Action Plans
PART - B  Branding
HUMAN RESOURCE MANAGEMENT  Marketing Communications

8. Human Resource Management 12.Developments in Marketing

 Human Resource (HR), Human Capital and  Consumer Behaviour
Human Resource Management (HRM)  Marketing for Not-for-Profit Organizations
 Human Resource Management Theories  Internal Marketing
 Employee Motivation: Remuneration  Corporate Social Responsibility, and Social
 Employee Motivation: Other Factors Marketing
 HR Management in Different Types of  Web3 and decentralized marketing (e.g., NFT-
Organization (Working Arrangements), based campaigns)
Remote work policies and hybrid workforce
models
PART – D
PERFORMANCE MANAGEMENT 14.Performance measurement tools:
 Performance measures: financial and non-
13.Enterprise performance management financial
 Control and performance measurement  The balanced scorecard
 Key Performance Indicators (KPIs)  Predictive analytics for performance
 Real-time KPI dashboards with IoT integration forecasting
 Strategic control and critical success factors  Developing a performance measurement
(CSFs) system
 Critical Success Factors (CSFs) VS Key  Other multidimensional measures of
Performance Indicators (KPIs) performance
 Budgetary control systems  Performance: service departments and firms

22
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

M4 – DIGITAL ACCOUNTING & FINANCIAL MODELLING

(Managerial Level-2)

INTRODUCTION
This outline provides a comprehensive coverage of LEARNING OUTCOMES
financial modelling and digital accounting, with a focus By the end of this course, participants will be able to:
on practical applications and case studies. The 54-hour 1. Understand and apply digital accounting tools,
financial modelling outline covers topics such as including cloud platforms, automation, and
financial statement modelling, valuation modelling, risk data analytics.
modelling, and advanced financial modelling. The 36- 2. Implement cloud accounting and RPA
hour digital accounting outline covers topics such as solutions while addressing collaboration,
cloud accounting, automation in accounting, and data integration, and security considerations.
analytics in accounting 3. Use data visualization, analytics, and
governance to support financial forecasting,
OBJECTIVE auditing, and decision-making.
To provide learners with a practical understanding of 4. Build financial models including income
modern digital accounting tools and cloud-based statements, cash flow, valuation, and risk
solutions. models using Excel and scenario analysis.
To develop essential skills in automation, data 5. Develop advanced financial models for specific
analytics, and financial modelling using Excel and industries, mergers, and ESG compliance,
advanced tools. incorporating automation and optimization
To enable the application of digital and analytical techniques.
techniques for effective financial planning, reporting,
valuation, and risk management.

SYLLABUS CONTENTS

Weightage

50% 50%
PART - A
PART - B

PART-A  Cloud accounting for small businesses

DIGITAL ACCOUNTING  Integration with other systems
 multi-cloud strategies and zero-trust security
1. Introduction to Digital Accounting models.
 Definition and importance of digital accounting
 Overview of digital accounting tools 3. Automation in Accounting
 Cloud accounting  Automation tools in accounting
 Automation in accounting  Using RPA (Robotic Process Automation)
 Data analytics in accounting  Automating financial workflows
 Case study: Digital accounting implementation  Case study: Automation implementation
 Benefits and challenges
2. Cloud Accounting  Best practices
 Cloud accounting platforms  Integration with other systems
 Setting up cloud accounting systems  Future of automation in accounting
 Managing financial data in the cloud  Ethics and accountability
 Collaboration and security
 Case study: Cloud accounting implementation 4. Data Analytics in Accounting
 Benefits and challenges  Introduction to data analytics
 Best practices  Data visualization tools

23
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Data mining and machine learning  Estimating cost of capital

 Case study: Data analytics implementation  Forecasting cash flows
 Benefits and challenges  Terminal value calculation
 Best practices  Sensitivity analysis
 Using data analytics for financial forecasting  Case study: DCF valuation
 Identifying trends and patterns  Comparable company analysis (CCA)
 Risk assessment and management  Precedent transaction analysis (PTA)
 Audit and assurance  Other valuation methods
 Data governance  Model validation
 Future of data analytics in accounting  Reporting results
 AI-driven anomaly detection in audits
PART-A
FINANCIAL MODELLING 8. Risk Modelling
 Introduction to risk modelling
5. Introduction to Financial Modelling  Types of risk
 Definition and importance of financial  Measuring risk
modelling  Value-at-risk (VaR) modelling
 Types of financial models  Expected shortfall (ES) modelling
 Best practices in financial modelling  Stress testing
 Setting up a financial model  Case study: Risk modelling
 Basic Excel skills for financial modelling  Monte Carlo simulation
 Case study: Building a simple financial model  Scenario analysis
 Sensitivity analysis
6. Financial Statement Modelling  Model risk management
 Understanding financial statements  Best practices
 Building a financial statement model
 Income statement modelling 9. Advanced Financial Modelling
 Balance sheet modelling  Advanced Excel skills
 Cash flow statement modelling  Using macros and VBA
 Integrating financial statements  Building dynamic financial models
 Case study: Financial statement modelling  Using add-ins and plugins
 Forecasting financial statements  Case study: Advanced financial modelling
 Sensitivity analysis  Financial modelling for specific industries
 Scenario planning  Mergers and acquisitions modelling
 Model auditing  Leveraged buyout (LBO) modelling
 Best practices  Project finance modelling
 Real estate finance modelling
7. Valuation Modelling  Model optimization
 Introduction to valuation  Best practices
 Discounted cash flow (DCF) modelling  Scenario modeling for ESG compliance

24
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

M5 – ADVANCED MANAGEMENT ACCOUNTING

(Managerial Level-2)

INTRODUCTION  Identify steps in budget preparation and get

This course is designed to focus on the identification acquainted with the different types of budgets;
and application of advanced management accounting  Realize the uses of standard costing and variances
techniques for decision-making in a specific area. This analysis;
course also enables the management accountant to  Comprehend capital investment decisions and
identify the deviation during performance calculate NPV and IRR and discounted payback
measurement of cost centres, revenue and profit period;
centres for taking remedial action of the management.  Calculate sensitivity of a project;
 Calculate breakeven point and apply breakeven
OBJECTIVE analysis
To provide the students with an in-depth knowledge of  Prioritise projects that mutually exclusive, involve
management accounting, to enable them to: unequal lives and are subject to capital rationing;
 Apply management accounting techniques for  Differentiate between absorption and ABC costing
analysing the information, and presenting it to and realize the reasons for the development of ABC;
management for decision-making and control  Apply the modern costing techniques including
purposes, and activity-based costing, throughput and back flush
 Formulate strategic plans for achieving efficiency accounting and environmental costing for better
and effectiveness in the operation of business. decision making,
 Calculate working capital, working capital ratios,
LEARNING OUTCOMES cash flows and profit;
On completion of this course, students will be able to:  Realize the importance of cash flow and working
 Comprehend the purpose of forecasting, planning capital management;
and budgeting;
 Perform regression analysis, identify components of
time series;

SYLLABUS CONTENTS

Weightage

PART - A
15% 15%
PART - B 15%
20%
PART - C
15% 20%
PART - D
PART - E
PART - F

PART - A  Framework for budgeting

FORECASTING AND BUDGETING TECHNIQUES  Steps in Budget preparation
 Functional budgets
1. Forecasts
 Budgetary Planning and Control system
 Forecasting using historical data
 Sales Budgets
 Linear regression analysis
 Production Budget and related budgets
 Scatter diagrams and correlation
 Cash Budgets
 Sales forecasting
 Master Budgets
 Regression and forecasting
 Capital Expenditure Budgets
 Components of time series
 Monitoring procedures
 Finding the trend
 Fix and flexible budgets (static/planning
 Finding the seasonal variations
budget and Flexible budget)
 Time series analysis and forecasting Using
 Preparing flexible budgets (Calculation of
spreadsheet packages to build business models
Spending and Revenue variances are included)
2. Budgeting  Preparation of projected profit and loss account
 Why do organizations prepare budgets and balance sheet

25
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

3. Budgetary Control 8. Taking account of taxation and inflation

 Flexible Budgets and Budgetary Control  Allowing for inflation (Adjusting cash flows for
 System design inflation)
 Using Spread sheets to build business models
 Rolling Budgets 9. Additional aspects of investment decision
 Behavioral implications of budgeting making
 Budget Participation  Mutually exclusive projects with unequal lives
 Use of Budgets as Targets  Asset replacement
 Budget and Motivation  Project abandonment
 Beyond Budgeting  Capital rationing
 Sensitivity analysis
PART - B  Probability analysis and long-term decisions
STANDARD COSTING AND VARIANCE ANALYSIS
PART - D
4. Standard Costing COST ANALYSIS
 Uses of Standard costing 10. Break Even Analysis
 Setting standards for manufacturing cost i.e.,  Breakeven Analysis and Contribution Margin
material, labour and manufacturing overheads  Breakeven Point in units and value for single
 Basic standards, ideal standards and attainable product
standards  Contribution/Sales (C/S) Ratio
 Setting standard in service industries  Margin of Safety and Margin of Safety Ratio
 Updating standards  Breakeven arithmetic and profit targets
 Comparison of budget and standard  Breakeven charts and profit/volume graphs
 Criticism of standard costing  Limitation of Breakeven analysis
5. Variance Analysis, Interpretation and Profit 11. Limiting factor Analysis
Reconciliation  Limiting factors
 Variances  Limiting factor analysis and restricted freedom
 Direct material cost variances of action
 Direct labour cost variances  Optimum production plan with scarce
 Variable overhead variances recourses
 Fixed overhead variances  Make or buy decisions and scarce resources
 Planning and operational variances  Limiting factors and shadow prices
 Sales variances  Using limiting factors analysis
 Operating statements  Sell or process further decisions
 Variances in a standard marginal costing  Accept or reject special orders
 Working backwards approach to variance  Dropping a product line or a segment of
analysis business
 Material mix and yield variances
 Labour mix and yield variances PART - E
 Sales mix and quantity variances MODERN COSTING TECHNIQUES
 Investigate variance or not to investigate
variance 12. Marginal Cost Analysis
 Variance investigation model  Marginal Costing as a tool for business decision
 Controllability principle in Joint Variances making
 Interpreting variances  Concept of marginal cost and total cost with
 Profit reconciliation (standard absorption respect to business decision making
costing and standard marginal costing systems)
13. Activity Based Costing
PART - C  Reasons for the development of ABC
PROJECT APPRAISAL METHODS  Outline of an ABC system
 Absorption costing versus ABC
6. Capital Investment decisions  Marginal costing versus ABC
 Process of investment decision making  Introducing an ABC system
 Payback Method  Benefits of ABC system
 Post Audit
14. Throughput and Back flush Accounting
7. DCF techniques of investment appraisal  The theory of constraints (TOC)
 Discounted payback  Throughput accounting
 The net present value method
 The internal rate of return method 15. Environmental costing
 NPV and IRR compared  The importance of environmental costs

26
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Environmental footprints  Cash investments: bank and building society

 Types of cost accounts
 Environmental cost accounting  Marketable securities: prices and interest rates
 Other types of investment
PART - F
MANAGING SHORT-TERM FINANCE 18. Receivables & Payables Management
 What is credit control?
16. Working Capital Management  Total credit
 Working capital  The credit cycle
 Working capital ratios  Payments terms and settlement discounts
 Cash Conversion Cycle  Maintaining information on receivables
 Collecting debts
17. Cash Management  Credit insurance, factoring and invoice
 Budgeting for borrowings discounting
 Overdrafts  Managing payables
 Loans
 Trade payables as a source of finance 19. Inventory Management
 Export finance  Managing inventories
 Cash surpluses  Inventory controls systems

27
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

M6 – CORPORATE FARMWORK & REPORTING

(Managerial Level-2)

INTRODUCTION regulatory frameworks, and financial reporting

The paper explores the corporate regulatory landscape standards applicable in Pakistan. It focuses on key laws,
of Pakistan, focusing on the frameworks that govern SECP regulations, IFRS applications, and PSX disclosure
corporate entities, their reporting obligations, and the requirements. Learners will explore integrated and
standards and principles that ensure transparency, sustainability reporting practices, along with ethical and
accountability, and ethical conduct. This includes laws risk management principles. The course prepares
such as the Companies Act, 2017, directives by the
Securities and Exchange Commission of Pakistan LEARNING OUTCOMES
(SECP), PSX Listing Regulations, and globally recognized  Interpreting and preparing financial statements in
standards like IFRS and Integrated Reporting. line with IFRS.
 Understanding legal and governance structures.
OBJECTIVE  Ensuring ethical and transparent reporting.
This course aims to develop a comprehensive  Analyzing sustainability and risk disclosures.
understanding of corporate governance structures,

SYLLABUS CONTENTS

Weighatage

20% 25%
PART - A
PART - B 25%
30%
PART - C
PART - D

PART – A  IFRS 15: Revenue from Contracts with

CORPORATE GOVERNANCE & REGULATORY Customers
FRAMEWORK IN PAKISTAN  IFRS 16: Leases
 IFRS 9: Financial Instruments
1. Legal structure and institutional bodies  Adoption status in Pakistan (ICAP/SECP-
overseeing corporate behavior. endorsed standards)
 Companies Act, 2017 – structure, types of  Notes to the accounts and key disclosures
companies, statutory requirements.
 SECP: Role, powers, and regulatory functions. PART - C
 Code of Corporate Governance 2019 (SECP and CORPORATE REPORTING AND DISCLOSURE
PSX) REQUIREMENTS
 Board of Directors: Composition,
independence, committees (audit, risk, 3. Statutory and voluntary reporting mechanisms.
nomination)  Annual report components: Director’s report,
 Corporate compliance and penalties CSR report, Governance report
 Interim Financial Reporting (IAS 34)
PART - B  PSX Listing Requirements for disclosures
FINANCIAL REPORTING FRAMEWORK (IFRS & LOCAL  SECP Forms and filings
ADAPTATIONS)  Events after reporting period (IAS 10)
 Related party transactions (IAS 24)
2. Structure, presentation, and content of financial  Earnings management and transparency
statements.
 IAS 1: Presentation of Financial Statements
 IAS 7: Statement of Cash Flows

28
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

PART - D  Internal audit vs. external audit roles

INTERNAL CONTROLS, RISK MANAGEMENT & ETHICS  SECP Whistleblower Protection Act & ethics
IN REPORTING codes
 Common financial frauds and manipulations
4. Ensuring ethical, accurate, and risk-aware  Role of audit committees and risk oversight
reporting culture.  Ethical dilemmas in financial reporting
 COSO Framework: Components of internal  ICMA Pakistan Code of Ethics & IFAC principles
control

29
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

S1 - ADVANCED FINANCIAL ACCOUNTING & SUSTAINABILITY REPORTING

(Strategic Level-1)

INTRODUCTION  Understand Employee benefits and Share--based

This course is designed to focus on preparing, analysing payments;
financial statements and developing reports thereon, for  Elucidate Asset valuation and Changing prices;
management decisions. The students are expected to  Prepare the full consolidated statements of a single
use knowledge and understanding of more advanced company and the consolidated statements of
financial accounting, for preparing and interpreting financial position and comprehensive income for a
financial statements in context of practice. group;
 Apply the concept of a joint venture and its
OBJECTIVE accounting treatment
To provide the students with an in-depth knowledge of  Learn foreign currency translation principles,
financial reporting enabling them to:  Realize pressures for extending the scope and
 Analyse and interpret financial statements and quality of external reports to include prospective
prepare financial reports, and and non-financial matters, and narrative reporting
 Submit recommendations to the management for generally;
taking decision.  Learn how information concerning the interaction
of a business with society and the natural
LEARNING OUTCOMES environment can be communicated in the published
On completion of this course, students will be able to: accounts;
 Understand the principle of substance over form  Comprehend social and environmental issues
applied to a range of transactions; which are likely to be most important to
 Comprehend the accounting treatment of financial stakeholders in an organization;
instruments;  Learn about preparation and presentations of
financial statements of specialized companies

SYLLABUS CONTENTS
Weightage

30% 30%
20% 20%

PART - A PART - B PART - C PART - D

PART - A  De-recognition of Financial Instruments

MATTERS RELATED TO RECOGNITION AND  Derivatives
MEASUREMENT  Hedge Accounting
 Disclosure of Financial Instruments
1. Substance over form  Disclosures
 Reporting the Substance of Transactions  Hybrid Instrument
 Examples Where Substance and Form may  IFRIC 16 Hedges of a Net Investment in a
Differ Foreign Operation
 IFRIC 19 Extinguishing Financial Liabilities
2. Financial instruments (IAS 32, IFRS 7 &IFRS 9) with Equity Instruments
 Definitions
 Classification of Financial Instruments 3. Employee benefits (IAS 19)
Recognition and Measurement of Financial  Types of Employee Benefit
Assets  Post-Employment Benefit Plans
 Recognition and Measurement of financial  Accounting for Post-Employment Benefit
Liabilities Plans

30
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 The Asset Ceiling Disclosures 10. Consolidated statement of comprehensive

 Other Employee Benefits income
 IFRIC 14 IAS 19– The Limit on a Defined  Principles of the Consolidated Statement of
Benefit Asset, Minimum Funding Comprehensive Income
Requirements and their Interaction  Format of Consolidated Statement of
Comprehensive Income
4. Share-based payments (IFRS 2)  Intra-Company Trading
 Types of Transaction  Other Consolidated Income Statement
 Equity-Settled Share-Based Payment Adjustments Mid-Year Acquisitions
Transactions  Preparation of Consolidated Statement of
 Cash-Settled Share-based Payment Comprehensive Income
Transactions
 Modifications, Cancellations and Settlements 11. IAS 27, IFRS 10, IFRS 3 (Revised), IFRS 13
 Recent Developments  Definitions
 Disclosures  Separate Financial Statements
 Preparation of Consolidated Financial
5. Asset valuation and Changing prices Statements Treatment of Goodwill
 Definitions  The basis of a Fair Value Measurement
 Impairment of Financial Assets  Fair Value Hierarchy
 Accounting Treatment  Specific Application Principles Disclosures

6. Earnings per share (IAS 33) 12. Effect of non-controlling interests

 The Scope of IAS 33  Effects of Non-Controlling Interest on:
 Diluted Earnings per Share (DEPSJ  On Statement of financial position
 The Importance of EPS  Intra-group trading
 Intra-group sales of non-current assets
7. Other Financial Reporting standards  Fair Values
 IFRS 6 Exploration for and evaluation of
Mineral Resources 13. Acquisition of a Subsidiary during its accounting
 IFRS 14: Regulatory Deferral Accounts period
 IAS 26: Accounting and Reporting by  Step Acquisitions
Retirement Benefit Plans  Disposal Scenarios
 IAS 29: Financial Reporting in  Investing Entity's Accounts
Hyperinflationary Economies with IFRIC 7 -  Group Accounts
Applying the Restatement Approach under  Group Accounts - Entire Disposal
IAS 29 Financial Reporting in  Group Accounts Disposal - Subsidiary to
Hyperinflationary Economies Associate
 IAS 34 Interim Financial Reporting with IFRIC  Disposal where Control is not Lost (Increase
10: Interim Financial Reporting and in NCI) Subsidiaries Acquired Exclusively with
Impairment a View to Subsequent Disposals
 Further Purchase by Group after Control
PART - B Obtained (Decrease in NCI)
GROUP FINANCIAL STATEMENTS
14. Consolidated Statement of changes in Equity
8. Introduction to group accounting  Format of Consolidated Statement of Changes
 Concept of Group Accounts in Equity
 Definitions  Preparation of Consolidated Statement of
 Exemption from Preparation of Group Changes in Equity
Financial Statements
 Non-Coterminous Year Ends 15. Associates and Joint ventures
 IAS 28 Investments in Associates and Joint
9. Consolidated statement of financial position Ventures
 Principles of the Consolidated Statement of  IFRS 11 Joint Arrangements
Financial Position  IFRS 12 Disclosure of Interests in Other
 Pre- and Post-Acquisition Profits Entities
 Non-Controlling Interest
 Fair Values PART - C
 Fair Value of Net Assets Acquired Intra-Group COMPLEX GROUP TOPICS
Trading
 Unrealized Profit 16. Changes in group structures
 Mid-Year Acquisitions  Business Combination achieved in Stages
 Changes in direct ownership

31
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 TCFD Recommendations: Climate-related

17. Complex group structures financial disclosures
 Complex group
 Consolidating sub-subsidiaries 23. Core Reporting Components
 Direct holding in sub-subsidiaries Governance:
 Indirect associates  Board oversight of sustainability
 Policies and management systems
18. Foreign currency
 Foreign Currency translation Strategy:
 IAS 21: Individual company stage  Business model alignment
 IAS 21: Consolidated financial statements  Risk and opportunity assessment
stage
 IFRIC 22- Foreign Currency Transactions and Metrics & Targets:
Advance Consideration  Environmental (GHG, water, waste)
 Social (diversity, labor practices)
19. Group statements of cash flows  Governance (ethics, anti-corruption)
 IAS 7 Statement of Cash Flows of Single
Company 24. Climate-Related Disclosures
 Consolidated Statements of Cash Flows  Climate risk governance
 Foreign Exchange and Statement of Cash Flow  Scenario analysis applications
 GHG emissions measurement (Scope 1-3)
PART - D  Transition planning
FINANCIAL STATEMENTS OF SPECIALIZED  Carbon footprint analytics
COMPANIES
25. Implementation Approach
20. Preparation and presentation of financial  Materiality assessment process
statements of specialized companies  Data collection and validation
 Small and medium-sized entities  Regulatory compliance requirements
 Digital reporting solutions
PART - F  Banks
SUSTAINABILITY REPORTING  Insurance companies ((including IFRS 4
INTRODUCTION TO SUSTAINABILITY REPORTING Insurance
 Contracts)
21. Key Concepts:
 Definition of sustainability (Brundtland 26. International Public Sector Accounting
concept) Standards (IPSASs)
 ESG framework components  IPSAS 1 Presentation of FinanciTax al
 Financial vs. impact materiality Statements
 Double materiality perspective  IPSAS Financial Reporting under the Cash
Basis of Accounting
22. Reporting Frameworks & Standards
27. Advancement in Non-Financial Reporting
Key Standards Covered:  Management Commentary
 IFRS S1: General sustainability disclosure  Introduction and scope of Climate Reporting
requirements  Climate Reporting Frameworks:
 IFRS S2: Climate-specific disclosures  Climate related risk and opportunities
 IFRS S1/S2: 2025 implementation guidelines.  Climate reporting standards
 GRI Standards: Comprehensive sustainability  Climate related disclosure in the Financial
reporting Statements
 SASB Standards: Industry-specific material  Sustainability
topics  Social Responsibility
 Human Resource Accounting

32
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

S2 – ADVANCE TAXATION
(Strategic Level-1)

INTRODUCTION Income Taxation, 40%), Part B (Indirect Taxation, 30%),

This course provides an in-depth understanding of Part C (Contemporary Issues, 10%), and Part D (Tax
advanced income and indirect taxation in Pakistan, Filings & Practical Compliance, 20%).
covering corporate tax regimes, international taxation,
and anti-avoidance measures under the Income Tax LEARNING OUTCOMES
Ordinance, 2001. It explores provincial and federal By the end of this course, participants will be able to:
indirect tax laws, digital economy taxation, and  Apply corporate and international tax rules,
contemporary tax challenges. Practical compliance, tax including group taxation, thin capitalization,
filings, and dispute resolution mechanisms are also and double taxation treaties.
addressed through real-world case studies and hands-  Analyze anti-avoidance laws such as GAAR and
on exercises using digital tax platforms. The course transfer pricing rules, and evaluate their impact
prepares learners for complex tax scenarios across on tax planning.
sectors and jurisdictions.  Interpret and implement provincial and federal
indirect tax laws, including sales tax, excise
OBJECTIVE duty, and customs regulations.
The objective of this course is to develop expertise in  Assess contemporary issues like crypto
Pakistan's tax laws with strategic applications, aligned taxation, freelancer income, and global digital
with the Federal Board of Revenue's (FBR) digital economy challenges.
transformation and global tax reforms for 2024-25. The  Use FBR's IRIS and PSW portals for accurate tax
syllabus is divided into four parts, each covering key filings and conduct compliance reviews, audits,
and tax health checks.
topics with specified weightage: Part A (Advanced

SYLLABUS CONTENTS
Weightage

40%
30%
20%
10%

PART - A PART - B PART - C PART - D

PART - A: 3. International Taxation

ADVANCED INCOME TAXATION Pakistan’s Double Taxation Treaties (DTTs) with
China and the UAE, as well as the OECD Multilateral
1. Corporate Taxation & Special Regimes* Instrument (MLI). Practical applications include
Income Tax Ordinance (ITO) 2001, & Income tax rules, withholding tax optimization for Systems Ltd’s
with practical applications in tax computations for software exports to Saudi Arabia and Permanent
group Branches & subsidiaries, Including thin Establishment (PE) risk analysis for Jazz’s Middle East
capitalization & Taxation of permanent operations.
establishment.
PART - B:
2. Anti-Avoidance Measures INDIRECT TAXATION
Transfer Pricing Rules (Rule 10E) and General Anti- 4. Provincial Sales Tax on Services
Avoidance Rules (GAAR, Section 208), Avoidance of Sales Tax Act 1990 for Provincial Sales Tax on
double taxation & anti avoidance. services, Like SRB, PRA, KPRA, BRA. Including
withholding provisions.

33
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

5. Federal Excise Act and Rules 8. Tax Dispute Resolution

 Federal Excise Act, 2005 Tribunal Rules 2021 and the Alternative Dispute
 (The list of items mentioned in the schedules of Resolution (ADR) & Federal Tax Ombudsmen (FDO)
Federal Excise Act will not be tested in the mechanism, including a mock appeal exercise based
examinations) on Coca-Cola Pakistan’s 2022 royalty dispute case.
 Notifications, rules, general orders and
circulars, issued under the Federal Excise Act, PART - D:
2005 TAX FILINGS & PRACTICAL COMPLIANCE

6. Customs & Trade Taxes 9. Digital Tax Filing Systems

Delves into the Customs Act 1969, with practical tasks Involves practical training on the FBR IRIS Portal,
like calculating landed costs for imports and debating including step-by-step corporate return filings u/s
the impact on tariff rationalization. 114 and withholding tax statements u/s 165. Filing of
Sales tax cum FED returns. Provincial Sales Tax return.
PART - C: Custom Documentation on Pakistan Single Window
CONTEMPORARY ISSUES (PSW).

7. Digital Economy Taxation 10. Tax Health Checks

Addresses FBR Circular 05/2024 on crypto reporting Includes a practical workshop on conducting
and SRO 350/2023, with case studies on the taxability compliance reviews for SMEs using FBR’s Tax
of Pakistani freelancers on Upwork/Fiverr and Directory for blacklisted supplier checks and
withholding tax implications for TikTok/Patreon assessing POS integration penalties in the retail
earnings. sector.

34
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

S3 - CORPORATE LAWS, GOVERNANCE & ETHICS

(Strategic Level-1)

INTRODUCTION  Carry out secretarial work more effectively.

This course deals with the theoretical and practical
approach to the Companies Act, 2017, Companies LEARNING OUTCOMES
(Incorporation) Regulations, 2017, Securities Act 2015, On completion of this course, students will be able to:
Listed Companies (Code of Corporate Governance)  Identify, evaluate and analyze different situations
Regulations, 2019, Nonbanking Finance Companies, The arising in performing the professional duties with
Companies (further issue of shares) Regulations, 2018, reference to applicable corporate laws
Listed Companies (Buy-Back of Shares) Regulations,  Get acquainted with the code of corporate
2019, Public Offering Regulations, 2017, Anti-money governance;
Laundering Act, 2010, and other relevant laws and  Understand the rules and regulations related to d
regulations. non-banking finance companies.
 Understand the rules and regulations regarding
OBJECTIVE anti-money laundering, companies’ shares capital,
To provide the students with a thorough knowledge of public offering regulations etc.
Corporate Laws and Secretarial Practices to enable them  Comprehend the rules given in Pakistan Stock
to: Exchange rule books
 Advise and assist the management for taking  Understand other relevant laws and regulations
appropriate and prompt decision, and necessary to understand corporate laws

SYLLABUS CONTENTS
Weightage

50%

20% 20%
10%

PART - A PART - B PART - C PART - D

PART – A 4. Code of Corporate Governance

COMPANIES ACT, 2017, RELEVANT RULES AND  Listed Companies (Code of Corporate
REGULATIONS Governance) Regulations, 2019
 Public Sector Companies (Corporate
1. Companies Act, 2017 Governance) Rules, 2013
 Companies Act, 2017
(Sections: 1 to 302, 304 to 306, 312 to 396, 406 PART – B
to 468,471 to 473, 498, 500, 505) SPECIAL COMPANIES
 Companies (General Provisions & Forms)
Regulations, 2018 - Regulations: 8 to 30 5. Non-Banking Finance Companies
 Companies (Manner and Selection of  Non- banking Finance Companies (Companies
Independent Directors) Regulations, 2018) Ordinance, 1984 Section 282A to 282M)
 NBFC (Establishment and Regulation) Rules
2. Companies (Incorporation) Regulations, 2017 2003- Rules 1 to 7
 Regulations: 2 to 10 & 15  The Non-banking Finance Companies and
Notified Entities Regulations, 2008 (Regulation
3. Securities Act, 2015 2, 3, 9, 10, 15B, 16-18, and 25
 Sections: 2, 63 to 65, and 87 to 131 with
relevant rules and regulations 6. Insurance Ordinance, 2000
 Sections (1 to 14, 28, 35, 36, 45 to 48)

35
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

7. Banking Companies  Corporate Rehabilitation Act, 2018 (Chapter: I

 The Banking Companies Ordinance, 1962 and II)
sections (1,2,5,6,9,11,13 to 24, 29 34 to 38)  Corporate Restructuring Companies Rules,
 Foreign Exchange Manual of State Bank of 2019
Pakistan (Chapter 19 and 20)  Corporate Rehabilitation Regulations, 2019

PART – C PART D
OTHER LAWS AND REGULATIONS CORPORATE ETHICS
14. Foundations of Corporate Ethics
8. Companies (further issue of shares) Regulations,  Definition and importance of corporate ethics
2020 in modern business
 All Chapters with Schedules  Ethical theories: Utilitarianism, Deontology,
Virtue Ethics
9. Listed Companies (Buy-Back of Shares)  Role of ethics in corporate governance and
Regulations, 2019" decision-making
 Complete rules with latest amendments
15. Ethical Frameworks and Compliance
10. Public Offering Regulations, 2017  Developing a corporate code of ethics
 Chapter 1 to 5 and First Schedule  Key components of effective ethics programs
 Compliance vs. ethical culture: Balancing rules
11. Pakistan Stock Exchange Rule Book and values
 Chapter 5, 5A and 5B
16. Ethical Challenges in Business
12. Anti-money Laundering Act, 2010  Conflicts of interest and fiduciary duties
 Section 2 to 20 & 30 with relevant Anti-money  Whistleblowing: Protections and ethical
Laundering Regulations, 2015 dilemmas
 Payment Systems and Electronic Fund  Cybersecurity ethics: Data privacy, AI bias, and
Transfers Act, 2007 Sections 2, 4, 5, 8, 14, 18 digital accountability

13. Others Laws: 17. Sustainability and Ethical Responsibility

 Companies (Postal Ballot) Regulations, 2018  ESG (Environmental, Social, Governance)
 Companies (Distribution of Dividends) integration in corporate strategy
Regulations, 2017  Ethical supply chain management
 Companies (Investment in Associated  Stakeholder theory vs. shareholder primacy
Companies or Associated Undertakings)
Regulations, 2017 18. Case Studies and Contemporary Issues
 Employees Contributory Fund (Investment in  Analysis of real-world ethical failures (e.g.,
Listed Securities) Regulations 2018 Enron, Volkswagen)
 Competition Act, 2010 (Chapter I and II)  Emerging trends: Ethical AI, blockchain
 Companies (Related Party Transactions & transparency, climate accountability
Maintenance of Related Records) Regulations,  Role of boards in ethical oversight
2018 – (Regulations: 3 to 6)
 Private Placement of Securities Rules, 2017 – 19. Implementing Ethical Practices
(Rules 4 to 6)  Ethics training and awareness programs
 Listed Companies (Substantial Acquisition of  Monitoring and auditing ethical performance
voting shares and Takeovers) Regulations,  Global standards (e.g., UN Global Compact,
2017 OECD Guidelines)
 Corporate Restructuring Companies Act, 2016
(Sections: 1 to 6)

36
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

S4 - AUDIT & ASSURANCE

(Strategic Level-2)

INTRODUCTION  Explain the concept of audit and assurance and the

This course is divided into four main areas of audit. functions of audit,
The syllabus starts with the nature, purpose and  Determine legal and ethical considerations
scope of assurance engagements both internal and relating to the appointment and removal of
external, including the statutory audit, its regulatory auditor,
environment, and legal consideration relating to  Describe and evaluate internal controls,
appointment and removal of auditors. It then leads techniques and audit tests to identify and
into planning an audit. The syllabus then covers a communicate control risks and their potential
range of areas relating to an audit of financial consequences, making appropriate
statements including the scope of internal control. recommendations,
These include evaluating internal controls, audit  Identify and describe the work and evidence
evidence, and a review of the financial statements. In obtained by the auditor and others required to
addition to final review and reporting procedures, meet the objectives of audit engagements and the
the last section concentrates on cost audit application of the International Standards on
procedures. Auditing
 Explain how consideration of subsequent events
OBJECTIVE and the going concern principle can inform the
To provide the students an in-depth knowledge of conclusions from audit work and are reflected in
financial audit and cost audit to enable them to: different types of audit report, written
 Conduct audit effectively, and representations and the final review and report.
 Identify and advise management to take  Prepare an audit report, keeping in view types of
appropriate remedial actions in those areas where qualifications,
major risks are involved.  Plan and perform the Cost Audit;
 Comprehend nature, objectives, functions, scope,
LEARNING OUTCOMES planning and procedures of cost audit and perform
On completion of this course, students will be able audit of material, labour and overhead costs
to:  Apply review procedures and provide other
assurance and related services

SYLLABUS CONTENTS
Weightage

45%
35%

10% 10%

PART - A PART - B PART - C PART - D

PART – A  Statutory audit and regulation

1. Audit framework and regulation  Legal consideration relating to appointment and
 Application of ISAs, ISREs, ISAEs, ISRSs removal of auditor (Companies Act 2017)
 Audit and other assurance engagements (Descri o Section 246: Appointment, removal and fee
be the concepts of assurance engagement) of auditors
 Discuss the types and levels of assurance i.e., o Section 247: Qualification and
absolute, reasonable and limited assurance disqualification of auditors
including elements of an assurance engagement, o Section 248: Auditors’ right to information
assurances provided by audit and review o Section 249: Duties of auditor.
engagement) o Section 251: Signature of auditor’s report
 Explain assurance and non-assurance o Ethical principles, Code of Ethics and Quality
engagement with examples Control frame work.

37
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

PART - B
2. Planning and risk assessment General Principles 6. Audit Evidence
and Responsibilities  ISA 500, Audit Evidence
 ISA 200, Overall objectives of the Independent  ISA 501, Audit Evidence-specified consideration
Auditor and the conduct of an Audit in for selected items
accordance with International Auditing  ISA 505, External confirmation
Standards  ISA 510, Initial audit engagements-opening
 ISA 210, Agreeing the terms of Audit balances
Engagements  ISA 520, Analytical procedures
 ISA 220, Quality Control for an Audit of  ISA 530, Audit Sampling
Financial Statements,  ISA 540, Auditing accounting estimates,
 ISA 230, Audit Documentation including fair value accounting estimates, and
 ISA 240, The Auditor’s responsibilities relating related disclosures
to fraud in an audit of financial statements  ISA 550, Related parties
 ISA250, Consideration of laws and regulations  ISA 560, Subsequent events
in an audit of financial statements  ISA 570, Going concern
 ISA 260, Communication with those charged  ISA 580, Written representation
with governance
 ISA 265, Communicating deficiencies in internal 7. Collecting Audit Evidence
control to those charged with governance and  Collecting Audit Evidence of:
management o Non-current assets
o Inventory
3. Risk Assessment and Response to Assessed Risk o Receivables
 ISA 300, Planning an audit of financial o Cash and bank
statements o Liabilities, capital and directors’ emoluments
 ISA 315, Identifying and assessing the risks of o Not-for-profit organization
material misstatement through understanding
the entity and its environment PART – C
 ISA 320, Materiality in planning and performing 8. Using the Work of Others
an audit  ISA 600, Special consideration-audits of group
 ISA 330, The auditor’s response to assessed financial statements (including the work of
risks component auditors)
 ISA 402, Audit considerations relating to an  ISA 610, Using the work of internal auditors
entity using a service organization  ISA 620, Using the work of auditor’s expert
 ISA 450, Evaluation of misstatements identified
during the audit. 9. Audit Conclusions and Reporting
 ISA 700, Forming an opinion and reporting on
4. Internal Control financial statements
 Internal control  ISA 705, Modifications to the opinion in the
 Testing the controls regarding independent auditor’s report
 Inventory  ISA 706, Emphasis of matter paragraphs and
 Sales other matter paragraphs in the independent
 Purchases auditor’s report
 Cash and bank  ISA 710, Comparative information-
 Revenue and capital expenditure corresponding figures and comparative
 Non-current tangible assets financial statements
 Payroll  ISA 720, the auditor’s responsibilities relating
 Explain the concept of Computer Assisted Audit to other information in documents containing
Techniques, test data and audit software with audited financial statements.
advantages and disadvantages  ISA 800 (revised): Special Considerations-
 Application of I. T Controls Audits of Financial Statements prepared in
accordance with special purpose frameworks
5. Internal Audit  ISA 805 (revised): Special Considerations-Audit
 Internal audit and code of corporate of Single statements and specific elements,
governance, 2019 accounts or items of a financial statement
 Distinction among external and internal  ISA 810 (revised): Engagement to report on
auditing summary financial statements
 Scope of and need for internal auditing
 Nature and types of internal operation audits 10. Other Assurance Engagement and Related
 Relationship between internal and external Services
auditors  ISRE 2400: Engagements to review historical
 Nature and types of internal audits financial statements

38
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 ISRE 2410: Review of interim financial  Amended international framework for

information performed by the independent assurance engagement
auditor of the entity  Apply Ethical Principles
 ISAE 3000: Assurance engagements other than
audits or reviews of historical financial
information PART – D
 ISAE 3400: The examination of prospective 11. Cost Audit
financial information  Nature, Objectives, Functions, advantages and
 ISAE 3402: Assurance reports on controls at a Scope of Cost Audit
service organization  Companies Act 2017 (section 250. Audit of cost
 ISAE 3410: Assurance engagements accounts)
 ISAE 3420: Assurance engagements on  Planning the Cost Audit
Greenhouse Gas Statements  Provision of Cost Accounting Records Rules
 ISRS 4400: Engagements to perform agreed  Material Cost
upon procedures regarding financial  Labor Cost
information  Overheads
 ISRS 4410: Compilation engagement  Sales, Royalty, Inter-Company Transactions
 Companies audit of cost accounts rules

39
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

S5 - STRATEGIC FINANCIAL MANAGEMENT

(Strategic Level-2)

INTRODUCTION  Realize the constraints on financial strategy;

This course is designed to focus on the theoretical  Understand the working capital management
and practical aspects of financial management. The and dividend policy;
course contains tools and techniques of financial  Comprehend the capital markets, rights issue,
management, which can be applied in the specific scrip dividends, bonus issues and share splits,
area of business, to manage operating, financing share prices and investment returns and
and investing activities. efficient market hypothesis;
 Understand the medium, long-term debt,
OBJECTIVE convertible securities warrants and
To provide the students with an in-depth international debt finance;
knowledge of strategic financial management  Perform the investment decisions, financing and
enabling them to: cost of capital, dividend valuation model, CAPM,
 Understand and apply strategic approach of cost of debt;
financial management,  Make capital structure decision and explicate
 Formulating financial strategy considering the effect of capital structure on ratios, theories
economic and financial constraints, of capital structure, project specific cost of
 Examine the financial goals and policy of the capital and leverage;
business for proper application, and  Perform treasury functions, risk and reward
 Develop financial plan to manage various analysis and hedging financial risk;
financial activities of business.  Perform investment appraisal technique
including capital investment appraisal;
LEARNING OUTCOMES  Understand investment and projects, feasibility
On completion of this course, students will be able to: study and project control;
 Understand the potential strategic financial  Get acquainted with the reasons for valuations,
objectives of an organization; asset valuation bases, earning valuation bases;
 Realize the impact of internal and external  Learn how to manage financial risks of
constraints on financial strategy, including the proposals for mergers and acquisitions along
impact of regulation on business combinations; with the various steps involved in mergers,
 Evaluate investment projects (domestic and acquisitions and corporate restructuring;
international), including their financial and  Apply the procedures for foreign exchange
strategic implications, taking account of control in business;
potential variations in business and economic
factors;

SYLLABUS CONTENTS
Weightage

45% 45%

10%

PART - A PART - B PART - C

PART - A  Economic Constraints

FORMULATION OF FINANCIAL STRATEGY  International Constraints
 Regulatory bodies
1. Objectives of organizations
 Objectives of Companies 3. Forecasting and Analysis
 Stakeholders and Objectives  Performance Analysis
 Objectives of public owned o Calculation of ratios including DuPont
 Objectives of non-commercial bodies approach and Z-Score.
 Cash Forecasts
2. Constraints on Financial Strategy o Preparation of Cash Budget only
 Constraint Factors
40
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Financial Statements Forecast 6. Debt finance

o Budgeted Income statement  Medium Term Finance
o Budgeted Balance sheet  Long Term Debt
 Sensitivity Analysis and Changes in variables  Convertible Securities
o Concept of sensitivity Analysis in all of the  Warrants
above Forecasted statements and  International Debt Finance
calculation of revised cash budget.  valuation of Perpetual bounds, Zero coupon
bonds, Bonds with definite maturity, Deep
4. Financial Strategies discount bonds
 Working Capital Management  concept of KIBOR and LIBOR
o Working capital needs (temporary and  Treasury securities
permanent need) and working capital  Yield curb (Term structure of interest rates)
financing strategies (aggressive,  Bond price behavior such as price/yield
conservative and moderate strategy) relationship
 Dividend Policy  Callable and put able bonds
o Traditional theory of dividend Policy  Green bonds and sustainability-linked
o MM theory of Dividend Policy loans
o Dividend irrelevancy theory
o Factors affecting dividend policy 7. Leasing
o Dividend signaling  Operating VS financial lease
o Dividend stability  Amortization
o Other Dividend Policies: constant D/P,  Leasing as a Source of Finance
constant DPS, residual, zero etc  Lease or Buy decision
o Stock Dividend and Stock Splits 8. The cost of capital
o Share buy back  Concept of Cost of capital, optimum cost of
capital and its theories
PART - B  Cost of Equity
FINANCING DECISIONS o Dividend Valuation Model Without growth
5. Equity finance and with growth
 Capital Markets o CAPM
o Primary and Secondary market  Cost of debt (All types of Debts)
o Concept of Initial Public offer,  Cost of preference shares (redeemable,
underwriting, tender offering and placing irredeemable, convertible)
 Rights Issues  Weighted average cost of capital
o Concept of right issue and its impact of o Calculation of weighted average cost of
right issue on wealth of shareholder capital (WACC)
 Calculation of Theoretical Ex right Price  Project Specific Cost of Capital
(TERP) o Concept of leverage, Business Risk and
 Valuation of common stock and preferred financial Risk and calculation of Asset beta
stock including: and Equity beta.
o Dividend discount models o Calculation of Risk adjusted WACC of a
o Earning multiplier models single business
 Scrip Dividends, Bonus Issues and Share o Calculation of Risk adjusted WACC of a
Splits combined business (Only two businesses
 Share Prices and Investment Returns combined)
 Calculation of required return on equity:
o Dividend discount model 9. The capital Structure
o CAPM  Capital Structure decision
 Concept and calculation of risk and return o Concept of capital structure and optimum
including: capital structure
o Expected return and risk  Effect of Capital Structure on ratios
o Coefficient of variation  Theories of Capital Structure
o Certainty equivalents o Traditional theory of capital structure
o Portfolio return and risk o MM theory without tax
o Diversification o MM theory with tax
o Concept of Beta
o Characteristics line and capital market 10. Operating and Financial Leverage
lines  Operating leverage
o Over and undervalued securities etc  Degree of Operating Leverage (DOL) &
 Efficient Market Hypothesis (types of market business risk
efficiency i.e., weak, semi strong and strong)  Operating BEP (Break Even Point)

41
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Financial leverage  Purchasing power parity

 Financial BEP  International fisher effect
 Point of indifference  Interest rate parity
 Degree of Financial Leverage (DFL) &  Appreciation and depreciation of currency
financial risk  Further risks / exposure in international
 Degree of Total Leverage (DTL) investment
 Optimal financing option
14. Specific investment appraisal scenarios
11. Treasury Management  Capital Rationing
 Treasury Functions  De-merger including exit strategies
o Roles and responsibilities of a treasury o Single period capital Rationing. Calculation
department of optimum investment mix under both
 Concepts of Foreign currency and domestic assumptions that projects can be divisible
currency, FX exchange rate understanding and indivisible.
Bid/Buying rates and Ask/Offer/Selling rates o Concept of soft and hard capital rationing
in Direct and Indirect Quoting. and reasons of these.
 Risk and Reward  Dealing with assets of unequal lives and Asset
o Assessment of Risk associated with replacement cycle decision
dealings in foreign currency o Calculation of Equivalent Annual Benefit
 Hedging for foreign currency Risk (EAB)
o Invoice in home currency o Calculation of Equivalent Annual Cost
o Leading and lagging (EAC)
o Netting / Matching assets and liabilities  Real Options Black Scholes Model -
o Forward rate agreement and contracts Introduction
o Money market hedging  Adjusted Present Value
o Currency options (Basic concept and basic o Concept of APV and when to calculate APV
calculations) in capital investment appraisal
o Currency futures (Basic concept and basic o Calculation of APV
calculations) o APV in case of Subsidized or cheap loan
o Currency swaps (Basic concept and basic
calculations) 15. Control of investment projects
 Investments and Projects
PART - C  Feasibility Study
INVESTMENT DECISIONS AND PROJECT CONTROL  Project Control
 Investment Performance
12. Investment appraisal techniques  Post-Completion Audits
 Capital Investment Appraisal
o Concept of Capital investment and its 16. Business valuations
appraisal  Reasons for Valuations
o Non-Discounted Techniques  Asset Valuation bases
 Accounting rate of return  Earning Valuation bases
 Payback period  Dividend Valuation bases
o Discounted Techniques  Cash Flow Valuation Method
 NPV Calculation of NPV by preparing  Calculation of Economic value added (EVA)
operating cash flows and adjusting for and Market value added (MVA)
inflation and taxation.  Valuation of intangible assets CIV approach
 IRR /MIRR  Valuation issues
 Discounted payback period 17. Amalgamations and restructuring
 Profitability index  Mergers and Acquisitions (Types of mergers /
 Dealing with assets of unequal lives integration, Types of synergies in merges)
o Equivalent Annual Benefit (EAB)  Conduct of a takeover
o Equivalent annual Cost (EAC)  Payment Methods
 Risk and Uncertainty  Valuation of Mergers and Amalgamations
o Sensitivity analysis in Capital investment  Regulation of Acquisitions
appraisal  Post-acquisition integration
o Concept and application of expected  Impact of mergers and acquisition on
values in calculation of NPV stakeholders
13. International investment  Bootstrapping
 International Investment: Basis and Risk  Impact on combined EPS after merger
 International Investment: Appraisal  LBO/MBO
o Calculation of NPV for international  Defense mechanisms
projects

42
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

S6 - STRATEGIC MANAGEMENT ACCOUNTING

(Strategic Level-2)

INTRODUCTION just-in-time (JIT), total quality management and

This course is designed to focus on the supply chain management
identification and application of management  Identify and make effective use of relevant cost
accounting techniques for decision-making in a  Take short- term decision like
specific area. This course also enables the acceptance/rejection of contracts, make or buy
management accountant to identify the deviation decisions and allocation of joint costs
during performance measurement of cost centres,  Get acquainted with risk and uncertainty in
revenue and profit centres for taking remedial decision making, probability analysis and
action of the management. expected values, decision trees and sensitivity
analysis
OBJECTIVE  Use effectively the linear programming
To provide the students with an in-depth technique for determination of the best use of
knowledge of management accounting, to enable available resources for profit and revenue
them to: maximising
 apply management accounting techniques for  Understand techniques of marginal cost and full
analysing the information, and presenting it to cost analysis
management for decision-making and control  Develop cost management information to
purposes, and formulate strategic plans for facilitate the principal management function
achieving efficiency and effectiveness in the and strategic management
operation of business.  Generate information on the basis of pricing
decision and pricing strategies like demand-
LEARNING OUTCOMES based pricing, full cost pricing and marginal
On completion of this course, you should be able to: cost-plus/mark-up pricing
 Use different cost analysis and cost management  Measure the performance in divisionalised
techniques like activity-based costing (ABC), businesses
 Get acquainted with transfer pricing

SYLLABUS CONTENTS
Weightage

40%
35%
25%

PART - A PART - B PART - C

PART - A  Target Costing

COST PLANNING, ANALYSIS AND TECHNIQUES o What is target costing and target cost?
o Calculation of Target cost gap
1. Cost Planning o How to close target cost gap? i.e., techniques
 Learning Curve for minimizing target cost gap.
o What is learning curve theory? o Application of learning curve in calculation of
o Its application in budgeting, variances and target cost of a product.
product costing including reverse calculation o Application of target costing principles in
e.g., calculation of learning rate if cost is given service industry and its problems.
at a certain level  Value Analysis
 Life Cycle Costing o Concept of value analysis, what is value, types
o Concept of life cycle costing of values.
o Calculation of product life cycle cost and life  Functional Analysis
cycle cost per unit
o (Note: Ignore time value of money in 2. Cost Analysis
calculation of life cycle costs.)  Activity Base Costing (ABC)-only theory

43
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 Activity Base Management (ABM-)only theory 7. Linear programming: the graphical method
 Direct Product Profitability (DPP-)only theory  Concept of constraints and bottle necks,
 Customer Profitability Analysis (CPA)- conceptual difference of single limiting factor
theoretical and numeric and multiple limiting factors (only theory),
 Distribution Channel Profitability- only theory Concept of slack and shadow price and their
 Activity-based profitability analysis calculation.
comparison of profit per unit if in ABC and  Graphical method
Traditional system  Graphical method using simultaneous
 Pareto analysis -only theory and graphical equations
presentation  Simplex method

3. Cost Management Techniques 8. Linear programming: the simplex method

 Traditional vs Modern Manufacturing  Principles of the simplex method (Linear
Philosophy-only theory programming should only be tested for two
 Just-in-time (JIT)-only theory products only)
 Kaizen Costing -only theory
 Total Quality Management 9. Multi-product breakeven analysis
o What is quality management  Drawing a basic breakeven chart
o Cost of quality  Drawing a basic Profit volume chart
o Types of cost of quality  Breakeven point for multiple products
 Business Process Re-engineering- only theory  Contribution to sales (C/S) ratio for multiple
products
PART - B  Sales/product mix decisions
PRICING AND PRODUCT DECISIONS  Target profits for multiple products
 Margin of safety for multiple products
4. Relevant Costs  Multi-product breakeven chart and profit
 Relevant Costs and Revenues volume chart
 Opportunity Cost  Further aspects of breakeven analysis
 The Relevant Cost of Materials
 The Relevant Cost of Labour 10. Pricing decisions and pricing strategies
 The Relevant Cost of Overheads  Demand base pricing
 Relevant cost of Machinery used in contracts  Other (Nonfinancial) issues that influence
including increase or and decrease in its market pricing decisions
value after the contract  Deriving the demand curve
o Deriving Demand equation
5. Short-term decisions o Calculation of optimum profit using
 Presentation guidelines demand equation
 Acceptance/rejection of contracts o Calculation of profit maximizing price and
 Minimum pricing or special contract pricing profit maximizing output using demand
 Extra shift decisions and overtime curve
 Make or buy decisions  Full cost pricing
 Either/or problems  Marginal cost-plus/Mark-up pricing
 Shutdown problems  Pricing based on mark-up per unit of limiting
 Choosing between options factor
 Allocation of joint costs  Different Pricing strategies for new products
 Sell or process further decisions
PART - C
6. Risk and uncertainty PERFORMANCE MANAGEMENT AND
 Risk and uncertainty in decision making RESPONSIBILITY CENTRE
 Probability analysis and expected values
 Data tables 11. Performance Evaluation
 The maximin, maximax and minimax regret  Financial Performance Indicators
bases for decision making  Non-Financial Performance Indicators
 Using the standard deviation to measure risk  The Balanced Scorecard
 Decision trees  Benchmarking -only theory
 The value of information  Performance evaluation in service industry
o Concept of value of information using building block
o Calculation of value of perfect information
 Sensitivity analysis in short term decisions 12. Measuring performance in divisionalised
 Simulation models- only theory businesses
 Responsibility Centres
 Return on Investment (ROI)

44
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

 ROI and decision making  Transfer pricing with an imperfect external

 Residual Income (RI) market
 Economic Value Added (EVA)  Transfer pricing when there is no external
market for the transferred item
13. Transfer pricing  Transfer pricing and changing costs/prices
 Basic principles of transfer pricing  Identifying the optimal transfer price
 General rules  Negotiated transfer prices
 Use of market price as a basis for transfer prices  International transfer pricing

45
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

PTM1 - DATA ANALYTICS & VISUALISATION (POWER BI)

(Practical Training Module Level-1)
OBJECTIVES: LEARNING OUTCOMES:
Power BI is a powerful business intelligence and data After completion of this training, trainees will be
visualization tool developed by Microsoft. It is able to:
designed to help individuals and organizations  transform and visualize the data;
analyze data, make data-driven decisions, and create  do modeling and perform optimization;
interactive reports and dashboards. By learning  perform powerful visual storytelling;
Microsoft Power BI, you can accelerate your career  execute advanced analytics and AI
and become a data professional. Python typically integration;
covers the fundamentals of the Python programming  learn Python for analytics;
language, its syntax, and its applications. Python is a  execute Python data processing and
popular and versatile programming language used for analysis with Pandas;
a wide range of tasks, from web development to data  make data-driven decisions.
analysis, machine learning, and automation.
SYLLABUS CONTENTS

Weightage

PART - B 40%

PART - A 60%

PART - A:
POWER BI
 Programming Python Variables
1. Power BI Data Transformation and Visualization
 Python Data Types: Integers, Floats, Strings
 Clean Data in Power BI
 Python Lists
 Transform Data in Power BI
 Python For Loops
 Model and Combine Data in Power BI
 Python If, Else, Elif Statements
 Create a Dashboard in Power BI
 Python If, Else, Elif Statements: Multiple
2. Advanced Power BI Data Modeling and Conditions
Performance Optimization  Python Dictionaries
 Design a Data Model in Power BI  Python Dictionaries and Frequency Tables
 Creating Measures Using Data Analysis  Python Functions: Using Built-in Functions and
Expressions DAX Creating Functions
 Optimize a Model for Performance in Power BI  Python Functions: Arguments, Parameters, and
Debugging
3. Case Studies/ Projects/ Assignments
 Python Functions: Built-in Functions and
 Related to above mention topics
Multiple Return Statements
4. Powerful Visual Storytelling with Power BI  Python Functions: Returning Multiple Variables
 Create Power BI Visuals and Function Scopes
 Create a Data-driven Story with Power BI  libraries like Pandas 3.0 and Polars.
Reports
8. Python Data Processing and Analysis with Pandas.
 Create Dashboards in Power BI
 Cleaning and Preparing Data in Python
5. Advanced Analytics and AI Integration in Power BI  Python Data Analysis
 Perform Analytics in Power BI  Working with Dates and Times in Python
 Work with AI visuals in Power BI  Introduction to pandas
 Exploring Data with Pandas Fundamentals
6. Case Studies/ Projects/ Assignments
 Exploring Data with Pandas: Intermediate Data
 Related to above mention topics
Cleaning
PART - B:
9. Case Studies/ Projects/ Assignments
PYTHON
 Related to above mention topics
7. Python for Analytics
 Python Programming

46
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

PTM2 - ENTREPRENEURSHIP AND BUSINESS PLANNING

(Practical Training Module Level-1)
OBJECTIVE LEARNING OUTCOMES
This practical training module is designed to  Develop comprehensive business plans with
transform accounting graduates into market research, financial projections, and
entrepreneurial thinkers equipped with cutting- operational strategies
edge business acumen. By bridging theoretical  Master financial modeling techniques using
knowledge with real-world application, the program Excel and business intelligence tools
aims to cultivate strategic planning competencies,  Apply lean startup methodologies to validate
financial modeling expertise, and innovative business concepts
problem-solving skills essential for launching  Create professional investor pitch decks and
successful ventures in today's dynamic business deliver compelling presentations
landscape. Participants will master the complete  Conduct effective market analysis using
business development lifecycle - from opportunity traditional and digital tools
identification and market validation to financial  Evaluate funding options and understand
forecasting and investor pitching - while gaining investment terms
hands-on experience with contemporary tools  Establish proper legal structures and compliance
including AI-powered analytics platforms, frameworks
blockchain-based contracting systems, and digital  Design performance tracking systems with key
financial modeling suites. The module emphasizes metrics dashboards
action-based learning through simulated business  Prototype and test business ideas through
environments, ensuring graduates can immediately minimum viable products
apply their skills in startup creation, corporate  Demonstrate entrepreneurial decision-making
innovation roles, or financial advisory services. through business simulations

SYLLABUS CONTENTS

Weightage
PART - D 20%

PART - C 20%

PART - B 30%

PART - A 30%

THEORETICAL COMPONENTS PRACTICAL DELIVERABLES

PART - A
1. IDEATION & VALIDATION  Conduct 10 customer interviews
 Market gap analysis techniques  Complete 3 lean canvas iterations
 Lean canvas vs. traditional business models  Competitor SWOT analysis report
 Customer discovery interviews
PART - B
2. FINANCIAL PLANNING  Build financial model (Excel/Google Sheets)
 Startup cost estimation  Create cash flow dashboard
 3-year financial projections  Funding requirement pitch
 Break-even analysis methods
PART - C
3. LEGAL & OPERATIONAL SETUP  Draft memorandum of understanding (MoU)
 Business registration pathways  File dummy business registration
 IP protection basics  Compliance checklist
 Vendor/supplier contracts
PART - D
4. Pitch Development  Create 10-slide pitch deck
 Investor psychology  Record 3-minute elevator pitch
 Deck structure optimization  Mock investor panel session
 Q&A handling techniques
47
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

PTM3 - COMMUNICATION & BEHAVIOURAL SKILLS

(Practical Training Module Level-1)

OBJECTIVES: LEARNING OUTCOMES:

This course will make the participants fully conversant On completion of the module, participants will be able
with the basic forms, formats and techniques of to:
communication skills and business writing. The course  Understand the function of effective
will not only improve the communication skills of the communication in business
participants but they will also be able to report their  Learn the techniques and procedures for
analysis, recommendations and findings in a range writing letters, notices, circulars, memos and
of business documents, oral presentations, planning reports
and managing a business project by demonstrating  Develop and deliver effective presentations
interpersonal communication, business etiquette and  Learn interpersonal skills and techniques for
relationship building skills. Interview preparation

SYLLABUS CONTENTS

Weightage

PART - B 55%

PART - A 45%

PART - A  Creating an action plan

Behavioral Skills  Implementing your plan

A1: Success PART- B

 Your personal search for success Communication Skills
 Think success on your own terms
 Diving deeper B1: Storytelling & Influencing
 Putting it together  Understanding art of persuasion
 Telling your story
A2: Emotional & Social Intelligence (ESI)  Connecting with people
 Introduction to ESI  Creating impressions
 Self-management  Dealing with objections & overcoming
 Social awareness & empathy resistance
 Relationship management  Winning over hearts & minds

A3: Critical Thinking Skills for the Professional B2: Microsoft PowerPoint
 Introduction to problem solving  Getting started with PowerPoint
 Brain storming & analyzing options  Developing a presentation
 Recommending & engaging feedback  Enhancing the appearance of а presentation
 Preparing to deliver a presentation
A4: Teamwork Skills  Honours: hand-on practice
 Rethinking communication
 Group development & decision making B3: Successful Presentation
 Conflict, difference, and diversity  Getting started with public speaking
 Group communication & technology  A Formula for Successful Presentation
 Practicing your self
A5: Adaptability & Resilience  Engaging with the world
 Adaptability & resilience
 Group building self-awareness

48
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

PTM4 - AUDIT PROCEDURE

(Practical Training Module Level-2)

OBJECTIVES:  Analyze the system and understand the

The module is designed to give overview of ERP Systems designing of Business Process through ERP
and audit procedures. The module will provide you the  Set up the General Ledger and Budgeting
expertise into the areas of Enterprise Resource Planning  Perform the day-to-day tasks associated with
(ERP), Reporting & Analysis tool and Auditing which finance and accounting.
enables the Learner to design and implement  Understand Smart business analytics financial
management information system, generate financial reporting
reports, perform financial & non-financial analysis and  To draw up audit planning and determine
conduct auditing functions. quantum of audit work to be carried out in view
of significant business
LEARNING OUTCOMES:  Apply audit techniques and procedures
On completion of course, participants will be able to:  Prepare audit documentation and audit report.

SYLLABUS CONTENTS

Weightage

PART - B 25%

PART - A 75%

PART - A  Supply Chain Management

 Purchasing Fundamentals
1. Overview of ERP  Order Management
 System Analysis and Designing business  HRMS & Payroll Overview
process  Transfer to GL
 Overview of ERP.  ERP Implementation Strategy & Challenges

2. ERP Financials PART - B

 General ledger-setup
 General ledger-Journal Entry & Inquiry 3. Audit Procedures
 General ledger-Budgeting  Planning of Audit
 Financial Reporting  Audit Documentation
 Payable-Overview & Invoices  Audit Program
 Payable-Payment & Period End Closing  Sampling
 Receivables- Overview & Customers  Audit Procedures
Transactions  Preparation of Audit Reports
 Receivables- Receipt and Period End Closing

49
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

PTM5 - PRACTICAL ASPECTS OF BANKING AND FINANCE

(Practical Training Module Level-2)
OBJECTIVES:  Understand practical aspects of general banking
In the current dynamic environment, individuals, to operations
attain their professional growth and development, need  Understand products and services introduced and
not only education but also their professional skills. The offered by banks
objective of this program is to sharpen the skills of the  Familiarize with basic documentations used by
individuals for dealing day to day matters with banks in corporate personnel while dealing with banks
a corporate environment. The module focuses on the  Learn regarding bank lending / financing
key areas of banking operations, Islamic banking and  Comprehend the Consumer Financing, Digital
modern trends in banking. Banking System and authorities of Banking
Mohtasib
LEARNING OUTCOMES:
 Comprehend the operational mechanism of Islamic
On completion of this module participants will be able
financing modes.
to:
SYLLABUS CONTENTS

Weightage
PART - E 10%

PART - D 20%

PART - C 25%

PART - B 30%

PART - A 15%

PART- A  Issuance, Advising & Negotiation of L/Cs

1. General Banking Operations  Financing Facilities related to Imports &
 Account Opening Exports
 Account Operations
 Clearing &Collection 5. Consumer Financing
 Remittances (local &foreign)  Types of Securities (Mortgages, Lien,
Hypothecation, Pledge etc)
PART- B  Credit Cards and SBP regulation related to
2. Bank Financing credit cards
 Types of Credit s  Loan / Financing, Home/Car financing and
 Credit Approval, Initiation & Management Running Finance / Ready Cash

3. Islamic Banking PART- D

 Ijarah (Rental Based) 6. Compliance Requirements of State Bank of
 Takaful (Islamic Insurance) and Sukuk (Islamic Pakistan
Bond)
 Mudarabah & Musharakah (Partnership based) PART- E
 Financing Mode - Murabahah, Musawamah, 7. Modern Trends in Banking
Salam & Istisna (Trade Based)
a) Digital Banking System
PART -C  Digital Banking Introduction
4. Import & Export Documentation  Executing the digital strategy
 Understanding Trade Settlements  Channels (ATM, E-Banking/ Internet
 What is Documentary Collection? banking, Mobile banking/ SMS banking,
 Documentation involved in international Trade Phone banking etc)
 Uniform Rules for Collection b) Banking Mohtasib / Ombudsman
 Letter Of Credits(L/Cs)  Authorities of Banking Mohtasib
 Types of LJCs  Procedure of making complains
50
 INSTITUTE OF COST AND MANAGEMENT
ACCOUNTANTS OF PAKISTAN

PTM6 - STRATEGIC MANAGEMENT ANALYSIS

(Practical Training Module Level-2)
INTRODUCTION: respond effectively to dynamic market challenges and
This course provides a comprehensive overview of global business environments.
strategic management, guiding learners through the
formulation, implementation, and evaluation of LEARNING OUTCOMES:
business strategies. It introduces essential analytical By the end of this course, participants will be able to:
tools such as SWOT, PESTEL, and Porter’s Five Forces to  Apply strategic analysis tools (SWOT, PESTEL, Five
assess internal and external environments. The course Forces, VRIO) for business planning and evaluation.
also addresses competitive positioning, global  Formulate competitive and growth strategies
expansion, performance measurement, and modern including cost leadership, differentiation, and global
strategic challenges such as digital disruption and expansion.
sustainability.  Implement strategies through appropriate
structures, leadership alignment, and change
OBJECTIVE: management practices.
To develop strategic thinking and decision-making skills  Evaluate performance using Balanced Scorecard
by equipping learners with tools and frameworks for and manage strategic risks effectively.
analyzing, formulating, and implementing business  Analyze contemporary challenges such as digital
strategies. The course aims to prepare participants to transformation, sustainability, and AI-driven
manage organizational change, drive innovation, and disruption using real-world case studies.

SYLLABUS CONTENTS

Weightage
PART - D 30%

PART - C 20%

PART - B 25%

PART - A 25%

PART – A management challenges in international

1. Foundations of Strategic Management operations.
 fundamentals of strategic planning across
corporate, PART – C
 business and functional levels. 3. Strategy Implementation & Control
 Introduces key analytical tools including SWOT  Focuses on executing strategy through
for internal/external assessment, organizational structure design, leadership
 PESTEL for macro-environment scanning, alignment and cultural adaptation.
 Porter's Five Forces for industry analysis, and  Covers change management using Kotter's
VRIO for resource evaluation, model and resistance mitigation.
 Explains how to align organizational vision and  Explains performance measurement using
mission with strategic objectives for cohesive Balanced Scorecard and risk management
direction. frameworks for strategic decision-making.

PART – B PART – D
2. Strategy Formulation 4. Contemporary Strategic Challenges
 Competitive strategies like cost leadership and  Analyzes modern strategic issues including
differentiation, along with Blue Ocean strategy digital transformation and AI's impact on
for new market creation. business models.
 Discusses corporate growth strategies  Explores sustainability through ESG
including mergers, diversification and vertical frameworks and green business practices.
integration.  Features case studies of companies like Tesla,
 Addresses global expansion considerations Amazon and Nokia to illustrate strategic
such as entry modes and cross-cultural successes and failures in dynamic markets.

51