• Introduction
    • Vision & Mission
    • Why PIPFA...?
    • News & Events
    • PIPFA Gallery
    • Association & Recognition
    • MoUs & Collaboration
    • Sponsoring Bodies
    • Careers
  • Institute
    • About Us
    • Board of Governors (BOG)
    • Office Bearers
    • Executive Director Message
    • Standing Committees
    • Branch Committees
    • PIPFA Centers
    • Job Opportunities
    • PIPFA Covid-19 Response
  • Members
    • About Membership
    • Members Login/Forum
    • Associate Member
    • Fellow Member
    • International Candidates
    • Professional Development
    • Code of Ethics for PIPFA Members
    • Fee Structure
    • CPD Policy
  • Students
    • Message for Students
    • Students Login
    • Academic Calendar
    • Circular and Notices
    • Course of Study
    • Syllabus of PIPFA (All Sectors)
    • Career Plan & Syllabus
    • Educational Links
  • Education
    • Eligibility for Admission
    • Coaching Obligation
    • Time Table
    • CCPT Centers
    • Approved Coaching Centers
    • Fee Structure
    • Admissions
  • Exemption
    • Exemption Policy
    • Exemption Claim
    • Exemption Schedule
    • Fee Structure
  • Examination
    • Examination Policy
    • Policies & Procedure
    • General Procedures
    • Examination Scheme
    • Proficiency Awards
    • Exam & CBE Centers
    • Examination Result Policy
    • Result/Comments/Solutions
    • Past Examination Papers
    • Fee Structure
    • Gateway Exam
    • OpenBook Policy
    • Unfair Mean Policy
    • Download Forms
    • FAQ's CBE
  • Technical Services
  • Publications
    • Guidelines for Articles
    • PIPFA Journal
    • Financial Statements
    • Index of Articles
    • Newsletter
  • Downloads
  • Contact Us
    • Contacts
homeSitemapFaqCareer
  • Student Login
  • Member Login
  • PIPFA COVID-19 Response
    Apply Online - Admissions
  • Home
  • Members
  • CPD Policy

CPD Policy

Preamable

  • The International Federation of Accountants (IFAC) has made it mandatory for its member bodies to design and implement a Continuing Professional Development (CPD) mechanism in such a way that it becomes a component of continued membership for the professional accountants, in order to facilitate the CPD implementation, as per IFAC International Educational Standard for Professional Accountants (IES-7).
  • CPD provides continuing development of the
    • Professional knowledge.
    • Professional skills.
    • Professional values, ethics and attitudes.
  • Competence achieved during Initial Professional Development (IPD), refined appropriately for the professional activities and responsibilities of the professional accountant.
  • In addition to education, practical experience and training, CPD also includes learning and development activities, such as
    • Coaching and Mentoring
    • Networking
    • Observation, feedback and reflection
    • The self-directed and unstructured gaining of knowledge.
  • The objective of this policy is to have public finance accountants develop and maintain their competence subsequent to IPD through the undertaking of CPD that is necessary, in the public interest, to provide high quality services to meet the needs of clients, employers and other stakeholders.
  • This policy prescribes that members to:
    • Demonstrate a commitment to CPD and maintain professional competence.
    • Undertake CPD to contribute to the development and maintenance of professional competence that is appropriate to their work and professional responsibilities.

Effective Date

This policy will be effective from July 1, 2017.

CPD Approach

The IES-7 states that CPD can be achieved by at least three different approaches:

  • Input based approaches – by establishing a set amount of learning activity that is considered appropriate to develop and maintain competence.
  • Output based approaches – by requiring professional accountants to demonstrate, by way of outcomes, that they develop and maintain professional competence.
  • Combination approaches – by effectively and efficiently combining elements of the input and output based approaches, setting the amount of learning activity required and measuring the outcomes achieved.

It is proposed to adopt a combination approach before moving towards a comprehensive output based system.

Organization

  • The Publication & Seminar Committee (P&SC) will have the responsibility for the establishment of policy and overall coordination of CPD activities for its members in Pakistan and abroad.
  • Branch Committees would coordinate with the P&SC in execution of CPD activities.

Requirement

Every member is required to:

  • Complete at least 120 hours or equivalent learning units of relevant professional development activity in each rolling three year period, of which 60 hours or equivalent learning units should be verifiable.
  • Complete at least 20 hours or equivalent learning units in each year.
  • Track and measure learning activities to meet the above requirements.

Explanation: “Rolling Periods” under this policy will be periods of three year each, of which first commences from July 1, 2017:

  • For those who are members as on June 30, 2017 the first rolling period starts on July 1, 2017 and completes on June 30, 2020.
  • On 1st July, 2017 the short fall in the CPD account maintained at the Institute shall be deemed zero.
  • The excess hours as at June 30, 2017 shall be carried forward to the rolling period commencing on 1st July, 2017.
  • For all other members, proportionate rolling period will commence on first day of the month following the date of admission of a member and will complete on its scheduled date explained in this paragraph. The CPD requirement will be prorated on the basis of 120 hours for three year period.
  • The excess of CPD hours of one year may be carried forward to the next year within a rolling period only. At the end of a rolling period the excess hours shall be nullified, however, the members will be required to complete their shortfall hours to avoid any sanctions, as prescribed by the BOG.

Measurement of CPD Credit Hours

The CPD credit hours will be measured as follows:

S# Activity Evidence to be kept CPD Credit Hours
a. Participation in short courses, seminars, conferences, lectures and trainings. Certificates of attendance/course contents in case it is a non-PIPFA. Actual classroom time. For a full day session a credit of 8 hours and for a half- day session 4 hours.
b. Completing degree courses and studying relevant professional certifications. Degree/ Certification Professional Qualifications:

(ICAEW’s ACA, CIMA, ACMA, ACCA, CISA, CIA, CFA etc).

5 times of the examination hours or 40 hours, whichever is lower, in a CPD year.

Degree Courses:

As accredited by the HEC approved or Foreign Institute/ University. For example;

3 credit hours course will be measured, 3 hours long for relevant subjects only. However, the maximum CPD hours that can be given under this head shall be 40 hours for a year.

c. Relevant research paper/article (at least 4000 words) published in a peer reviewed journal including PIPFA’s publication. Original copy of the journal/ publication. 8 hours Should not exceed more than 24 hours per annum.
d. Contributing article/ review or any other relevant material including material in PIPFA’s, or other, local or international publications. Original copy of the publication. 4 hours Should not exceed maximum of 8 hours per year.
e. Employer-Based In-House Training Sessions. Certification Actual time consumed by the course /training.
f. Presenter, participant or session chairman in short courses, seminars, conferences, trainings and media including interviews in print media. To be declared on the Reporting Form. Twice the actual time of the presentation.
g. Teaching relevant professional or degree courses. To be declared on the Reporting Form. One and half the actual time of the session subject to maximum of 20 hours per annum.
h. Participation in BOG, committees, working groups of PIPFA and other regulatory bodies. To be declared on the Reporting Form. Actual time of the meeting.
i. Writing of books on professional interest, technical and reference manuals including study pack. Copy of the publication. 1 hour per page of technical content. Maximum 40 hours per release.
j. Watching videos/CDs of the PIPFA/ICAP/ICMAP CPD programmes by a particular geographical area(s) where there is no Branch Committee of the Institute. However, CPD hours in respect of the above activity are restricted to a maximum of 20 hours in a year. Further, places where there are established Branch Committees, CPD hours in respect of the above activity are restricted to a maximum of 10 hours in a year. Members are encouraged to obtain prior approval from the P&S Committee.

Attendance/topic(s) to be communicated to the P&SC within 2 weeks of watching such programme.

Half of the actual duration.

Exemption to CPD

This policy will not apply to the members who fall in following categories:

  • Ill or disable so that he/she cannot perform normal work.
  • Retired members.
  • Career breaks.
  • Members holding public offices such as Federal Ministers, Provincial Ministers, Advisors to Ministers, Senators, MNAs, MPAs etc., during the currency of their offices.
  • For any other reason which is considered justifiable by the P&SC, for the reasons duly recorded.

Verification

A “Verifiable CPD Activity” undertaken by the member must be supported by documentary evidences required to be maintained by the member provided under Measurement of CPD Credit Hours (a) to (i), for one year after the close of rolling period

A “Non-verifiable CPD Activity” is an activity where a member is unable to prove that the CPD learning activity has taken place. Ordinarily, non-verifiable CPD does not have a defined learning outcome and is not designed to address a specific learning need. General reading, as defined in Measurement of CPD Credit Hours (j), is an example of non-verifiable CPD.

Non-Compliance

On non-compliance with the CPD requirement at the end of each year and at the end of three year rolling period the members will sign a declaration form of noncompliance with a firm commitment to make up the deficit within 180 days.

On failure to comply with the requirements of this policy, the Members Affairs Department will refer the non-compliant cases through Regulations & Disciplinary Committee, to the BOG.

Recording and Monitoring

Each member will be responsible for maintaining and retaining his CPD records and related evidences. A member may update member’s record maintained by the Institute online or he may keep the information through any other medium. The records maintained by the member should demonstrate that the member understands and complies with the Regulations. Additionally, CPD records are to be maintained by the Members Affairs where CPD activities are organized by the Institute and any of its Branch Committee:

  • The Centre Incharge/Members Affairs will maintain a register of attendance.
  • Within two weeks of holding the activity, will send the attendance sheet, to the Members Affairs.
    • The Members Affairs will summarize the CPD record and send a summary to the P&SC for information.
    • The Members Affairs will be responsible for maintaining record in respect of members participating in CPD activities arranged by Branch Committees and relating to member’s participation in Institute’s Standing and other committees and uploading such CPD data on the website for members to review.
    • The Members Affairs should also maintain up-to-date online data of all members of all CPD activities reported by member.

Annual Declaration

A member shall be required to submit annually to the Institute a declaration in a specified format by post or online, confirming member’s compliance with this policy and, if requested by the Institute, provide such evidence of compliance as may be required.

The above said declaration or an evidence of its online filing shall be filed.

Declaration Form

Events Updates

  • 28Jan2023 13th Graduation Ceremony/ Convocation for PIPFA Qualified Students at Karachi...
  • 21Jan2023 Effective Corporate Governance in Non-Listed & Private Sector Organizations...
  • 14Jan2023 Webinar on Listed & Public Sector Companies (Corporate Governance) Rules...
  • 12Jan2023 Legal and Taxation Requirements for Startups, Ecommerce, IT Sector and Freelancers...

Latest News

  • Quarterly Computer Based Examinations (CBEs) Summer 2023 (Level ...

    19 Jan 2023

  • Result Winter Exam-2022...

    14 Jan 2023

  • Re-Totaling Winter Exam-2022...

    14 Jan 2023

  • Extension in Deadline Registration...

    06 Jan 2023

  • Main CBE Winter 2022 Schedule...

    01 Dec 2022

Introduction

  • Vision & Mission
  • Why PIPFA...?
  • News & Events
  • PIPFA Gallery
  • Association & Recognition
  • MoUs & Collaboration
  • Sponsoring Bodies
  • Careers

Institute

  • About Us
  • Board of Governors (BOG)
  • Executive Director Message
  • Office Bearers
  • PIPFA Centers
  • Job Opportunities
  • PIPFA Covid-19 Response
  • IFAC

Members

  • About Membership
  • Members Login/Forum
  • Associate Member
  • Fellow Member
  • International Candidates
  • Professional Development
  • Fee Structure

Students

  • Message for Students
  • Students Login
  • Academic Calendar
  • Circular and Notices
  • Course of Study
  • Career Plan & Syllabus
  • Educational Links

Education

  • Eligibility for Admission
  • Coaching Obligation
  • Time Table
  • CCPT Centers
  • Approved Coaching Centers
  • Fee Structure

Exemptions

  • Exemption Policy
  • Exemption Claim
  • Exemption Schedule
  • Fee Structure
2022 © Copyright. All Right Reserved By Pakistan Institute of Public Finance Accountants
Find Us On