ACCA has decided to drop this paper from new qualification (ACCA 2007) altogether.

Yes altogether without giving it optional status :P

The new syllabus makes the assumption that students are training in a computerised environment. Each paper in the syllabus will cover the relevant aspects of information systems and management within their own context. Compulsory papers F1 Accountant in Business and P3 Business Analysis will cover specific aspects of information systems/management. Competences relating to information systems will also be specifically addressed in the practical work experience requirements.

Actually it is not dropped altogether but you can say compensated with new syllabus of other papers.