Business Finance Decisions

BUSINESS FINANCE DECISIONS
(WINTER 2002 TO SUMMER

2022)
ICAP PAST PAPERS BANK
JULY 30, 2022

WWW.GCAOFFICIAL.ORG
gcaconsultants@gmail.com
INTRODUCTION
The Board of Studies is continually endeavoring to assist the students of Chartered Accountancy to
understand their relevant subjects better and help them to be fully prepared for their examinations.
Hence, providing suggested answers to students for their reference would help them in their future
studies.
These suggested answers are prepared only on the principle of hints to answers rather than detailed
theory and description. These answers are not meant to provide the assessment criteria against the
particular examination questions as the purpose of these suggested answers is only to guide the
students in their future studies for ICAP’s examination. These have been prepared on the basis of the
International Standards and laws applicable at the relevant time. The intention is not to update these
answers with changes in law subsequently.
We are hopeful that the students will use these suggested answers to the best of their ability and make
the maximum use of this material as a study aid. The Institute may, however, not be able to respond
to individual queries from students. Finally, we would encourage all students to freely provide us with
their feedback, as their comments would help us to further improve the publications.
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DISCLAIMER
The suggested answers to examination questions have been developed by the Board of Studies of
ICAP based on rules, regulations, theories and practice as applicable on the date of examination,
except as stated otherwise. These answers are not meant to provide the assessment criteria against the
particular examination questions as the purpose of these suggested answers is only to guide the
students in their future studies for ICAP’s examinations, without in any way seeking to suggest a
solution for the present incumbents.
If you are not the intended addresses, you are notified that dissemination, copying, distributing,
commenting or printing of these answers is strictly prohibited.
Further, the Institute shall not be in any way responsible for an answer capable of being solved in
some other way or otherwise of the suggested answer nor would it carry out any correspondence in
this regard.
Although reasonable care has been taken to ensure correctness in the preparation of these answers,
the Board of Studies does not take responsibility for any deviation of views, opinion or answers
suggested by any other person or persons. Similarly, the Council of the Institute of Chartered
Accountants of Pakistan assumes no responsibility for the errors or omissions in the suggested
answers. Nevertheless, if any error or omission is noticed, it should be brought to the notice of the
Chairman Board of Studies for information.
Summer 2020 CFAP, MSA and AFC
Exams
June 13, 2020
Dear Students,
This is with reference to our earlier communication dated June 3, 2020 regarding Summer – CFAP,
MSA and AFC examinations whereby we had informed that efforts are being made to hold the
examinations as per the announced schedule for the summer examinations.
The Institute made concerted efforts to obtain permissions from relevant authorities for holding the
examinations, in order to save valuable time and efforts of the students. In this regard, comprehensive
SOPs were prepared and shared with the authorities and persistent efforts were made to obtain timely
permissions. As a result, we were able to obtain due permissions to hold examinations from three
provincial governments (Sindh, KPK and Baluchistan), but until now we were awaiting the remaining
permissions.
Unfortunately, during the past few days, COVID 19 situation in the country has worsened and we
understand the anxiety among the students and their parents regarding holding of examinations.
Keeping in view the above circumstances, the Council of the Institute in its meeting held on June 12,
2020 has decided to cancel the CFAP and MSA examinations scheduled to commence from June 22,
2020 and AFC examinations scheduled to commence from June 29, 2020.

The CFAP and MSA examinations will now be held in December as per the schedule from December
7, 2020. The date of CAF Autumn examinations has been extended by two weeks and these
examinations will now commence from September 21, 2020. As regards AFC examinations Autumn
2020, the possibility of taking online examinations is being actively considered, and announcement in
this regard would be made in due course.
The students of AFC, CFAP and MSA who have already paid examination fee, may obtain refund or
carry forward the fee to the next examinations by filling a form which is available on the Institute’s
website.
We wish and pray for the safety and well-being of all our students and their families and advise students
to follow the Institute’s official communications only.


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BUSINESS FINANCE DECISIONS

(WINTER 2002 TO SUMMER

JULY 30, 2022

June 13, 2020

examinations as per the announced schedule for the summer examinations.

www.gcaofficial.org Page 425

this regard would be made in due course.

to follow the Institute’s official communications only.

www.gcaofficial.org Page 426

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