A Concise Overview of the Proposed ICAP New Education Scheme 2025: Key Changes in CAF Syllabus"


 Note:

 The proposed education scheme by ICAP has not been officially approved yet. However, it is expected that the CAF level will follow the new scheme from the March 2026 attempt, while the CA Final level may adopt it from December 2025.

  


Introduction

The Institute of Chartered Accountants of Pakistan (ICAP) has proposed a New Education Scheme for 2025 aimed at updating and aligning its curriculum with international standards and market demands. While the changes are largely incremental, there are a few significant revisions at both the CAF and CA Final levels. This document provides a brief yet comprehensive analysis of the key changes proposed in the new scheme, helping students and stakeholders understand what lies ahead.


CAF Level: Key Updates and Changes


CAF-1: Financial Accounting & Reporting (FAR-1)


  • No major syllabus overhaul.
  • Minor grid modifications observed.
  • IAS 41 (Agricultural Property) has been added.
  • IAS 33 (Earnings Per Share) has been moved to CAF-6.


CAF-2: Tax

  • The core syllabus remains the same except for routine updates in tax laws.
  • A new grid has been introduced, allocating 10–15 marks to Income Tax Administration and Compliance, emphasizing practical knowledge.


CAF-3: Data, System, and Risk (DSR) – Newly Introduced


  • This is a new paper, introduced in response to market demands.
  • Covers Information Systems, risk management frameworks, local laws, and key ISO standards.
  • It reflects a forward-looking approach, integrating digital awareness into accounting education.


CAF-4: Business Law

  • Combines content from Business Law and Company Law as in the previous scheme.
  • Winding up portion from Company Law has been removed.


CAF-5: Management Accounting

  • Identical to the previous CAF-3 CMA paper.
  • Only change is in name, no change in content or grid.


CAF-6: Corporate Reporting

  • Syllabus enriched with:
  • Financial Statement Analysis
  • Sustainability Reporting (IFRS S1)
  • IAS 33 added (moved from FAR-1)
  • IAS 41 removed and added to FAR-1


CAF-7: Business Insights and Analysis (formerly MFA)

  • Slight grid modifications.
  • CAPM Model and Budgeting have been removed, indicating a shift toward strategic analysis rather than basic financial models.


CAF-8: Audit and Assurance

  • No major change.
  • Regular ISA updates included.


CAF Level Summary

Except for CAF-3 DSR, most papers remain the same with minor updates or rebranding. The integration of sustainability, risk, and digital knowledge marks a gradual shift toward modern business challenges.

Conclusion

While labeled a “New Education Scheme,” the 2025 proposal by ICAP introduces few structural or content-heavy changes, focusing instead on strategic additions like digital systems, sustainability, and ethical practices. Students currently preparing for exams should remain focused on their existing scheme while staying informed about potential future implementations. The only substantial new components include CAF-3 (Data, Systems, and Risk).


 Final Takeaway:

"Nothing New in New Scheme 2025,, Except what’s needed for the future.




Location: Pakistan

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