COMPARISON OF CHANGES IN OLD AND

UPDATED SYLLABUS 2018-2023

By: Arib S.

This document provides a framework regarding the comparison between old

syllabus (2018) and updated syllabus (2023). It is suggested to all the students to
still look for the detailed contents of the syllabus in the updated syllabus by
themselves too.

Key:
Green highlighted means new topics that are added in updated 2023 syllabus.
Red highlighted means old topics that are now deducted from the updated
syllabus 2023.
Yellow highlighted means those topics that were treat as separate chapters in
2018 syllabus but are merged in a single chapter in updated syllabus 2023.

Find study material of ALL subjects (OL1-SL2) as well as updated and old
syllabus in this drive:
https://drive.google.com/drive/folders/1EdfluOCsZ_NUiRZE_oJRT9eXiK4d4aT3

For any suggestion, guidance regarding any course (OL1 – ML2) or to

join WhatsApp group for study material, discussions and regular
updates regarding ICMA contact on:
Name: Arib Sarfaraz
Phone: 03352232888
 O1: Fundamentals of Financial Accounting (FFA):
2023 New Syllabus 2018 Old Syllabus Changes
1. Accounting Nature and Objectives 1. Accounting Nature and Objectives New Chapters
2. Introduction to Financial Accounting 2. Introduction to Financial Accounting included in 2023
3. Accounting Regulatory Framework 3. Accounting Regulatory Framework Syllabus
4. Accounting Concepts and Conventions 4. Accounting Concepts and Conventions NIL
5. Source Documents and Books 6. Double 5. Source Documents and Books
Entry and Ledger accounting 6. Double Entry and Ledger accounting
7. Trial balance and financial statements 7. Trial balance and financial statements Merged Chapters
8. Accruals and prepayments 8. Accruals and prepayments (2018-2023)
9. Tangible non-current assets 9. Tangible non-current assets 2018:
10. Intangible non-current assets 10. Intangible non-current assets ▪ Accounting for
11. Bad debts and allowances for receivables 11. Bad debts and allowances for receivables Sales Tax
12. Provisions and Contingencies 12. Provisions and Contingencies ▪ Accounting for
13. Accounting for Inventories 13. Accounting for Inventories Payroll
14. Accounting for Sales Tax and Payroll 14. Accounting for Sales Tax
15. Bank Reconciliation’s 15. Accounting for Payroll 2023:
16. Control accounts 16. Bank Reconciliation’s ▪ Accounting for
17. Correction of Errors 17. Control accounts Sales Tax and
18. Sole traders' accounts 18. Correction of Errors Payroll
19. Incomplete records 19. Sole traders' accounts
20. Income and expenditure accounts 20. Company accounts
21. Statements of cash flows 21. Manufacturing accounts Chapters Removed
22. Financial Ratios 22. Incomplete Records from 2018 Syllabus:
23. Income and expenditure accounts ▪ Company Accounts
24. Statements of cash flows ▪ Manufacturing
25. Financial Ratios Accounts

Detailed contents of the merged topic of 2023 syllabus:

 O2: Business Economics (BECO):
2023 New Syllabus
1. Nature and Scope of Economics
2. Consumer’s Behaviour and Its
Analysis
3. Demand & Supply Analysis
4. Price Elasticity
5. Price Instability and
Government Measures
6. Cost Behaviour
7. Competition, Market Effects
and Government Measures
8. Macroeconomic: Trade Cycle
9. Macroeconomic: The Role of
Government
10. Economy of Pakistan
Detailed contents of the new topic of 2023 syllabus:
2018 Old Syllabus Changes
1. Nature and Scope of Economics New Chapters included
2. Consumer’s Behavior and Its Analysis in 2023 Syllabus
3. Organization ▪ Economy of Pakistan
4. Return to Shareholders
5. Demand & Supply Analysis Merged Chapters
6. Price Elasticity (2018-2023)
7. Price Instability and Government NIL
Measures 8. Cost Behavior
9. Profit Maximization Chapters Removed
10. Competition, Market Effects and from 2018 Syllabus:
Government Measures ▪ Organization
11. Functions of the Financial System ▪ Return to
12. Domestic Institutions and Markets Shareholders
13. Foreign Exchange Markets ▪ Profit Maximization
14. Macroeconomic: Trade Cycle ▪ Functions of the
15. Macroeconomic: The Role of Financial System
Government ▪ Domestic Institutions
16. International Context and Markets
▪ Foreign Exchange
Markets
▪ International Context
 O3: Business Communication & Report Writing (BCRW):
2023 New Syllabus
1. Introduction
2. Communication in Organization
3. Oral Communication
4. Written Communication
5. Comprehension of Business
Documents
6. Business Letters
7. Prepare opinion and Arguments
8. Report Writing
9. Case Method of Learning
10. Presentation Skills
11. Employment Communication
12. Group Communication
2018 Old Syllabus Changes
1. Introduction New Chapters included
2. Communication in Organization in 2023 Syllabus
3. Oral Communication ▪ Comprehension of
4. Interpersonal Communication (IPC) Business Documents
5. Written Communication ▪ Prepare opinion and
6. Business Letters Arguments
7. Report Writing
8. Case Method of Learning Merged Chapters
9. Presentation Skills (2018-2023)
10. Employment Communication NIL
11. Group Communication
Chapters Removed
from 2018 Syllabus
▪ Interpersonal
Communication (IPC)

Detailed contents of the new topic of 2023 syllabus:

 O4: Fundamentals of Management (FOM):
2023 New Syllabus 2018 Old Syllabus Changes
1. Management Definition and 1. Management Definition and New Chapters included
Functions Functions in 2023 Syllabus
2. Basics of Management Process 2. Basics of Management Process ▪ Planning
3. Key concepts in Management 3. Key concepts in Management
4. Planning 4. Control Merged Chapters
5. Control 5. Leadership and Motivation (2018-2023)
6. Leadership and Motivation 6. The financial function; conflict NIL
7. The financial function; conflict 7. Negotiation and communication
8. Culture 8. Culture Chapters Removed
9. Social, political and economic 9. Social, political and economic from 2018 Syllabus
context context ▪ Negotiation and
10. Type of organization 10.Type of organization communication
11. Governance and Regulation 11. Governance and Regulation

Detailed contents of the new topic of 2023 syllabus:

 O5: Business Mathematics and Statistical Inference (BMSI)
2023 New Syllabus 2018 Old Syllabus Changes
1. Basic Mathematical Techniques 1. Basic Mathematical Techniques New Chapters
2. Formulae and Equations 2. Formulae and Equations included in
3. Derivatives 3. Derivatives 2023 Syllabus
4. Compounding and Discounting 4. Compounding and Discounting NIL
5. Basic Investment Appraisal 5. Basic Investment Appraisal
6. Data and Information 6. Data and Information
7. Collection and Presentation of data 7. Collection and Presentation of data Merged
8. Averages 8. Averages Chapters (2018-
9. Dispersion 9. Dispersion 2023)
10. Correlation and Linear Regression 10. Correlation and Linear Regression NIL
11. Index numbers 11. Index numbers
12. Probability 12. Probability
13. Normal distribution 13. Normal distribution Chapters
14. Estimation & Testing 14. Estimation & Testing Removed from
15. Sampling & Sampling Frequency 15. Sampling & Sampling Frequency 2018 Syllabus
Distribution Distribution NIL
16. Forecasting - Time series 16. Forecasting - Time series
 O6: Commercial Laws (CL)
2023 New Syllabus 2018 Old Syllabus Changes
1. Introduction to Legal System of 1. Introduction to Legal System of New Chapters included in
Pakistan Pakistan 2023 Syllabus
2. The Contract Act, 1872 2. The Contract Act, 1872 ▪ Business Ethics and
3. Sales of Good Act, 1930 3. Sales of Good Act, 1930 threats
4. Partnership Act, 1932 4. Partnership Act, 1932
5. Negotiable Instrument Act, 5. Negotiable Instrument Act, Merged Chapters (2018-
1881 1881 2023)
6. Business Ethics and threats 6. PPRA Ordinance, 2002 (Public NIL
Procurement Regulatory
Authority)
7. PPRA Rules, 2004 Chapters Removed from
2018 Syllabus
▪ PPRA Ordinance, 2002
(Public Procurement
Regulatory Authority)
▪ PPRA Rules, 2004

Detailed contents of the new topic of 2023 syllabus:

 M1: Fundamentals of Cost & Management Accounting (FCMA)
2023 New Syllabus
1. Introduction to management
accounting
2. Cost classification
3. Cost behaviour
4. Accounting for Materials
5. Accounting for Labour
6. Accounting for Overheads
7. Absorption and marginal
costing
8. Job, Batch and Service
costing
9. Process costing
10. Process costing, joint
products and by-products
11. Standard costing
12. Variance analysis
Detailed contents of the merged topic of 2023 syllabus:
2018 Old Syllabus Changes
1. Introduction to costing and New Chapters included in
performance measurement 2023 Syllabus
2. Introduction to management NIL
accounting
3. Sources of data Merged Chapters (2018-
4. Cost classification 2023)
5. Cost behaviour 2018:
6. Accounting for Materials ▪ Introduction to costing
7. Accounting for Labour and performance
8. Accounting for Overheads measurement
9. Absorption and marginal costing ▪ Cost classification
10. Job, Batch and Service costing
2023:
11. Process costing
▪ Cost classification
12. Process costing, joint products
and by-products
13. Standard costing
Chapters Removed from
14. Variance analysis
2018 Syllabus
▪ Sources of Data
 M2: Enterprise Management (EM)
2023 New Syllabus
1. Enterprise Management
2. Operations management and
its importance for
Management Accounting
3. Production Techniques
4. Plant maintenance
5. Production planning and
control
6. Productivity and Efficiency
Evaluation
7. Quality management
8. Human Resource Management
9. Human Resource Practices
10.Marketing and business
strategy
11.Marketing plans, branding and
communications
12.Developments in marketing
13.Enterprise performance
management
14.Performance measurement
tools
2018 Old Syllabus Changes
1. Enterprise Management New Chapters included in
2. Operations management and 2023 Syllabus
its importance for NIL
Management Accounting
3. Production Techniques
4. Plant maintenance Merged Chapters (2018-
5. Production planning and 2023)
control NIL
6. Productivity and Efficiency
Evaluation
7. Quality management Chapters Removed from
8. Human Resource Management 2018 Syllabus
9. Human Resource Practices NIL
10.Marketing and business
strategy
11.Marketing plans, branding and
communications
12.Developments in marketing
13.Enterprise performance
management
14.Performance measurement
tools
 M3: Management Information System (MIS)
2023 New Syllabus
1. Emerging Technology in E-
Business
2. Infrastructure and Operations
3. Information and Databases
4. System Concepts
5. Systems acquisition /
development process
6. Financial Technology
(Fintech) in accounting
7. Digital Transactions
8. The Process of Auditing
Information Systems
9. Auditing Systems Acquisition
/ Development Process
10.Information Security
Management (ISM)
11.Business Continuity and
Disaster Recovery
Detailed contents of the new topic of 2023 syllabus:
2018 Old Syllabus Changes
1. Emerging Technology in E- New Chapters included in
Business 2023 Syllabus
2. Infrastructure and Operations ▪ System Concepts
3. Information and Databases ▪ Financial Technology
4. Systems acquisition / (Fintech) in accounting
development process ▪ Digital Transactions
5. The Process of Auditing
Information Systems
6. Governance and Management Merged Chapters (2018-2023)
of IT NIL
7. Auditing Infrastructure and
Operations
8. Auditing Systems Acquisition / Chapters Removed from 2018
Development Process Syllabus
9. Information Security ▪ Governance and
Management (ISM) Management of IT
10.Business Continuity and ▪ Auditing Infrastructure and
Disaster Recovery Operations
 M4: Financial Accounting &Corporate Reporting (FACR)
2023 New Syllabus
1. The regulatory framework
2. The Conceptual Framework
3. IAS 1 (Revised) Presentation of
Financial statements
4. Reporting Financial
Performance
5. Other Reporting
6. Accounting for non-current
assets
7. Intangible non-current assets
8. Impairment of Assets
9. Leases
10. Statements of Cash Flows
11. IAS 2 Inventories and Short
term WIP
12. Share Based Transactions and
Financial instruments
13. IAS 12: Income taxes
2018 Old Syllabus Changes
1. The regulatory framework New Chapters included in
2. The Conceptual Framework 2023 Syllabus
3. IAS 1 (Revised) Presentation of NIL
Financial statements
4. Reporting Financial
Performance Merged Chapters (2018-2023)
5. Other Reporting NIL
6. Accounting for non-current
assets
7. Intangible non-current assets Chapters Removed from 2018
8. Impairment of Assets Syllabus
9. Leases NIL
10. Statements of Cash Flows
11. IAS 2 Inventories and Short
term WIP
12. Share Based Transactions and
Financial instruments
13. IAS 12: Income taxes
 M5: Advanced Management Accounting (AMA)
2023 New Syllabus 2018 Old Syllabus Changes
1. Forecasts 1. Forecasts New Chapters
2. Budgeting 2. Budgeting included in 2023
3. Budgetary Control 3. Standard Costing Syllabus
4. Standard Costing 4. Variance Analysis, Interpretation and ▪ Budgetary
5. Variance Analysis, Interpretation and Profit Reconciliation Control
Profit Reconciliation 5. Capital Investment decisions
6. Capital Investment decisions 6. DCF techniques of investment
7. DCF techniques of investment appraisal Merged Chapters
appraisal 7. Taking account of taxation and (2018-2023)
8. Taking account of taxation and inflation NIL
inflation 8. Additional aspects of investment
9. Additional aspects of investment decision making
decision making 9. Break Even Analysis Chapters
10.Break Even Analysis 10.Limiting factor Analysis Removed from
11.Limiting factor Analysis 11.Marginal Cost Analysis 2018 Syllabus
12.Marginal Cost Analysis 12.Activity Based Costing ▪ Cash flow
13.Activity Based Costing 13.Throughput and Back flush forecasts
14.Throughput and Back flush Accounting
Accounting 14.Environmental costing
15.Environmental costing 15.Working Capital Management
16.Working Capital Management 16.Cash flow forecasts
17.Cash Management 17.Cash Management
18.Receivables & Payables Management 18.Receivables & Payables Management
19.Inventory Management 19.Inventory Management

Detailed contents of the new topic of 2023 syllabus:

 M6: Corporate Governance, Business Laws & Ethics (CGBLE)
2023 New Syllabus
1. Companies Act, 2017
2. Companies (Incorporation)
Regulations, 2017
3. Securities Act 2015
4. Code of Corporate Governance
5. Non- Banking Finance Companies 5. Modaraba Companies and Modaraba
6. Insurance Ordinance, 2000
7. Banking Companies
8. Companies (further issue of
shares) Regulations, 2020
9. Listed Companies (Buy-Back of
Shares) Regulations, 2019
10.Public Offering Regulations, 2017
11.Pakistan Stock Exchange Rule
Book
12.Anti-money Laundering Act,
2010
13.Other Laws
2018 Old Syllabus
1. Companies Act, 2017
2. Companies (Incorporation) Regulations,
2017
3. Securities Act 2015
4. Listed Companies (Code of Corporate
Governance) Regulations, 2019
(Floatation and Control) Ordinance,
1980
6. Non-Banking Finance Companies
7. The Companies (further issue of shares)
Regulations, 2020
8. Listed Companies (Buy-Back of Shares)
Regulations, 2019
9. Public Offering Regulations, 2017
10. Pakistan Stock Exchange Rule Book
11. Anti-money Laundering Act, 2010
12. Professional Ethics
13. Company Secretary, Functions and
Responsibilities
14. Meetings, Resolutions and E-filing
Changes
New Chapters included in 2023
Syllabus
▪ Insurance Ordinance, 2000
▪ Banking Companies
▪ Other Laws
Merged Chapters (2018-2023)
NIL
Chapters Removed from 2018
Syllabus
▪ Modaraba Companies and
Modaraba (Floatation and
Control) Ordinance, 1980
▪ Professional Ethics
▪ Company Secretary, Functions
and Responsibilities
▪ Meetings, Resolutions and E-
filing

Detailed contents of the new topic of 2023 syllabus

 S1: Advance Financial Accounting & Corporate Reporting (AFACR)
2023 New Syllabus 2018 Old Syllabus Changes
1. Substance over form 1. Substance over form New Chapters included in
2. Financial instruments (IAS 32, IFRS 2. Financial instruments (IAS 32, 2023 Syllabus
7 & IFRS 9) IFRS 7 & IFRS 9) ▪ Other Financial
3. Employee benefits (IAS 19) 3. Employee benefits (IAS 19) Reporting Standards
4. Share-based payments (IFRS 2) 4. Share-based payments (IFRS 2) ▪ Preparation and
5. Asset valuation and Changing 5. Asset valuation and Changing presentation of
prices prices financial statements of
6. Earnings per share (IAS 33) 6. Introduction to group specialized companies
7. Other Financial Reporting accounting ▪ International Public
Standards 7. Consolidated statement of Sector Accounting
8. Introduction to group accounting financial position Standards (IPSASs)
9. Consolidated statement of 8. Consolidated statement of
financial position comprehensive income
10.Consolidated statement of 9. IAS 27, IFRS 10, IFRS 3 Merged Chapters (2018-
comprehensive income (Revised), IFRS 13 2023)
11.IAS 27, IFRS 10, IFRS 3 (Revised), 10.Effect of Non-controlling NIL
IFRS 13 interests
12.Effect of Non-controlling interests 11.Acquisition of a Subsidiary
13.Acquisition of a Subsidiary during during its accounting period Chapters Removed from
its accounting period 12.Consolidated Statement of 2018 Syllabus
14.Consolidated Statement of changes in Equity ▪ Segment Reporting
changes in Equity 13.Associates and Joint ventures (IFRS 8)
15.Associates and Joint ventures 14.Changes in group structures ▪ Advancement in
16.Changes in group structures 15.Complex group structures Financial Reporting
17.Complex group structures 16.Foreign currency ▪ Ratios and Trend
18.Foreign currency 17.Group statements of cash Analysis
19.Group statements of cash flows flows
20.Preparation and presentation of 18.Ratios and Trend Analysis
financial statements of specialized 19.Earnings per share (IAS 33)
companies 20.Segment Reporting (IFRS 8)
21. International Public Sector 21.Advancement in Financial
Accounting Standards (IPSASs) Reporting
22.Advancement in Non-Financial 22.Advancement in Non-Financial
Reporting Reporting

Detailed contents of the new topic of 2023 syllabus:

 S2: Audit & Assurance (AA)
2023 New Syllabus 2018 Old Syllabus Changes
1. Audit framework and Regulation 1. Audit framework and Regulation New Chapters included in
2. Planning and risk assessment 2. Planning and risk assessment 2023 Syllabus
General Principles and General Principles and NIL
Responsibilities Responsibilities
3. Risk Assessment and Response 3. Risk Assessment and Response to
to Assessed Risk Assessed Risk Merged Chapters (2018-
4. Internal Control 4. Internal Control 2023)
5. Internal Audit 5. Internal Audit NIL
6. Audit Evidence 6. Audit Evidence
7. Collecting Audit Evidence 7. Collecting Audit Evidence
8. Using the Work of Others 8. Using the Work of Others Chapters Removed from
9. Audit Conclusions and Reporting 9. Audit Conclusions and Reporting 2018 Syllabus
10.Other Assurance Engagement 10.Other Assurance Engagement NIL
and Related Services and Related Services
11.Cost Audit 11.Cost Audit

S3: Business Taxation (BT)

2023 New Syllabus
12.Income Tax Ordinance, 2001 1.
13.Income Tax Rules, 2002 2.
14.The Sales Tax Act, 1990 3.
15.The Sales Tax Rules, 2006 4.
16.Federal Excise Act and Rules 5.
2018 Old Syllabus Changes
Income Tax Ordinance, 2001 New Chapters included in
Income Tax Rules, 2002 2023 Syllabus
The Sales Tax Act, 1990 NIL
The Sales Tax Rules, 2006
Federal Excise Act and Rules Merged Chapters (2018-
2023)
NIL

Chapters Removed from

2018 Syllabus
NIL
 S4: Strategic Management Accounting (SMA)
2023 New Syllabus
1. Cost Planning
2. Cost Analysis
3. Cost Management Techniques
4. Relevant Costs
5. Short-term decisions
6. Risk and uncertainty
7. Linear programming: the
graphical method
8. Linear programming: the
simplex method
9. Multi-product breakeven
analysis
10.Pricing decisions and pricing
strategies
11.Performance Evaluation
12.Measuring performance in
Divisionalised businesses
13.Transfer pricing
2018 Old Syllabus Changes
1. Cost Planning New Chapters included in
2. Cost Analysis 2023 Syllabus
3. Cost Management Techniques NIL
4. Externally Oriented Cost
Management Techniques Merged Chapters (2018-
5. Relevant Costs 2023)
6. Short-term decisions NIL
7. Risk and uncertainty
8. Linear programming: the Chapters Removed from
graphical method 2018 Syllabus
9. Linear programming: the simplex ▪ Externally Oriented
method Cost Management
10.Multi-product breakeven analysis Techniques
11.Pricing decisions and pricing ▪ Budgetary Control
strategies
12.Budgetary Control
13.Performance Evaluation
14.Measuring performance in
Divisionalised businesses
15.Transfer pricing
 S5: Strategic Financial Management (SFM)
2023 New Syllabus
1. Objectives of organizations
2. Constraints on Financial Strategy
3. Forecasting and Analysis
4. Financial Strategies
5. Equity finance
6. Debt finance
7. Leasing
8. The cost of capital
9. The capital structure
10.Operating and Financial Leverage
11.Treasury Management
12.Investment appraisal techniques
13.International investment
14.Specific investment appraisal
scenarios
15.Control of investment projects
16.Business valuations
17. Amalgamations and
restructuring
Detailed contents of the new topic of 2023 syllabus:
2018 Old Syllabus Changes
1. Objectives of organizations New Chapters included in
2. Constraints on Financial Strategy 2023 Syllabus
3. Forecasting and Analysis ▪ Operating and Financial
4. Financial Strategies Leverage
5. Equity finance
6. Debt finance Merged Chapters (2018-
7. Leasing 2023)
8. The cost of capital NIL
9. The capital structure
10. Treasury Management Chapters Removed from
11. Investment appraisal 2018 Syllabus
techniques
12. International investment NIL
13. Specific investment appraisal
scenarios
14. Control of investment
projects
15. Business valuations
16. Amalgamations and
restructuring
 S6: Strategic Management (SM)
2023 New Syllabus 2018 Old Syllabus Changes
1. Nature and Scope of Strategic Management 1. Nature and Scope of Strategic New Chapters included
2. Strategy: Introduction, Levels and Concepts Management in 2023 Syllabus
2. Strategy: Introduction, Levels and ▪ Externally Oriented
3. General and Competitive environment
Concepts Cost Management
4. Business strategy and strategy development
3. General and Competitive environment Techniques
5. Stakeholders and corporate objectives 4. Business strategy and strategy ▪ Big Data
6. Strategic decision making development ▪ Block Chain
7. Resource audit 5. Stakeholders and corporate objectives Technology
8. Generic strategies 6. Strategic decision making
9. Directions and methods of growth 7. Resource audit Merged Chapters (2018-
10.Strategic marketing 8. Generic strategies 2023)
9. Directions and methods of growth NIL
11.Issues in strategic management
10. Evaluating Strategic Options
12.Externally Oriented Cost Management Chapters Removed from
11. Strategic marketing
Techniques 2018 Syllabus
12. Information Systems and strategy
13.Organizational change 13. Issues in strategic management
14.Implementing change 14. Organizational change ▪ Evaluating Strategic
15.Big Data 15. Implementing change Options
16.Block Chain Technology 16. Strategic Control ▪ Information Systems
17.Risk Management 17. Risk Management and strategy
▪ Strategic Control
Detailed contents of the new topic of 2023 syllabus: