ACCA / ZICA STUDENTS / AFFILIATES FORUM

Zambia Position Statement

As you may be aware, in 2008 a new Accountants Act was brought into effect in
Zambia. The Act requires all professional accountants working in Zambia to be
members of the Zambia Institute of Chartered Accountants (ZICA). In its capacity
as regulator of the accountancy profession in Zambia, ZICA has prescribed that
from June 2010, in order to become members of ZICA, ACCA candidates must
sit ZICA's Business and Corporate Law, Taxation and Advanced Taxation
papers.

This new requirement does not affect members, affiliates and students who
passed papers F4 (Corporate and Business Law) and F6 (Taxation) before June
2010. However, there is a future impact on the students of the ACCA/ZICA Joint
Examination Scheme (JES) sitting these examinations from June 2010 onwards.
A set of Frequently Asked Questions (FAQs) has been produced to provide
further clarity around the changes, outline the impact on specific groups of
stakeholders and detail ACCA and ZICA's joint approach to the transition.

ACCA is working closely with ZICA to establish transitional arrangements that

facilitate a smooth conversion for those affected and minimise impact on our
students. ACCA respects the position of ZICA as regulator of the profession in
Zambia and, as a committed partner to the national Institute, looks forward to
continued collaboration that positively influences the development of the
Zambian profession.

ACCA has designed this set of Frequently Asked Questions (FAQs) to help
explain how the new requirement affects ACCA students, affiliates and members
and what action, if any, is required of ACCA stakeholders.

Zambia law and tax paper requirements

1. As an ACCA/ZICA Joint Examination Scheme (JES) student, am I
required to sit ZICA's law and tax papers?

All students registered on the ACCA/ZICA JES who wish to work as an

accountant in Zambia and/or become a member of ZICA and are yet to pass
papers F4 (law) and F6 (tax) will be required to sit ZICA's law and tax papers with
effect from June 2010.

2. Are ACCA students/affiliates and members who passed ACCA law (F4)
and tax (F6) papers before June 2010 affected by this requirement?
ZICA has confirmed that ACCA students/affiliates/members who passed ACCA's
law (F4) and/or tax (F6) paper(s) before the new requirement came into effect in
June 2010 will not be required to sit the ZICA law and tax papers.

3. If I passed ACCA's law (F4) and/or tax (F6) paper(s) in June 2010, am I
required to sit and pass the ZICA law and tax papers also?

No. ZICA have agreed to waive the requirement for ACCA students who pass
ACCA law (F4) and tax (F6) in June 2010. These students will, however, be
required to attend conversion courses to be held in September 2010 in order to
bridge the knowledge gap between the ACCA and ZICA papers.

4. ZICA has two tax papers - T5 and L3 and one law paper - L7. Do I need to
sit both tax papers as well as the law paper?

Yes. ACCA students will be required to sit and pass both ZICA tax papers T5 and
L3. Students will also be required to sit and pass ZICA law paper L7.

5. If I sit and pass ZICA's law paper (L7) and the two tax papers (T5 and L3),
will I be given exemption from the ACCA law (F4) and tax papers (F6)?

Yes. Students who sit and pass ZICA's law paper (L7) will be given exemption
from ACCA law paper (F4) and students who sit and pass ZICA's two tax papers
(T5 and L3) will be exempt from ACCA's tax paper (F6). ZICA will submit the
results for students who passed ZICA's law and tax papers to ACCA, who will in
turn award the exemptions.

6. Will students who pass ZICA's law and tax papers have to pay exemption
fees to ACCA for law (F4) and tax (F6)?

No. ACCA will not charge exemption fees to students seeking exemption from
law (F4) and tax (F6) papers if they have instead passed ZICA's law and tax
papers.

7. Will attending the conversion course, having passed the ACCA law (F4)
and/or tax (F6) papers in June 2010, enable me to become a member of
ZICA and work as an accountant in Zambia?

ZICA will issue certificates of attendance to students who attend the conversion
workshops. These certificates will be accepted by ZICA in addition to the ACCA
law (F4) and/or tax (F6) results as compliance with their requirements.
8. How am I affected if I fail my ACCA law (F4) and/or tax (F6) paper(s) in
June 2010?

All ACCA/ZICA JES students who fail the law (F4) and/or tax (F6) paper(s) in
June 2010 will be required to sit the ZICA law and/or tax papers before
progressing to the Professional level.

9. Will the ACCA law (F4) and tax (F6) papers still be available as an option
to students who do not wish to sit the ZICA papers?

Yes. ACCA's law (F4) and tax (F6) papers will continue to be available to
students who do not plan to work as a professional accountant in Zambia and/or
become a member of ZICA.9

10. Will tuition providers in Zambia continue to offer tuition for both the
ZICA and the ACCA law (F4) and tax (F6) papers?

Tuition providers in Zambia are aware of the law and tax requirement and will
offer appropriate tuition support for the ZICA papers from the December 2010
examinations and beyond. They may also continue to provide tuition for ACCA's
law (F4) and tax (F6) papers and students are advised to confirm this with their
tuition provider directly.

11. Currently ACCA allows students to sit a maximum of 4 papers per exam
sitting. As students in Zambia will now be required to sit two ZICA tax
papers (T5 and L3) in order to gain exemption from ACCA tax paper F6, will
ACCA be revising the limit to 5 papers per sitting?

No. ACCA will continue to allow a maximum of 4 papers per exam sitting. ZICA's
exam timetable does not allow tax papers T5 and L3 to be sat at the same time.