Couple of extra points, now that circumstances are specific:
Lilyflyboy, jecuk, millonario: In general and for most countries, current and valid means the following:
- Valid license & valid class/type rating (meaningless for Australian & NZ qualifications which are mostly lifetime);
- Current medical (of whatever class required);
- Current ability to exercise the privileges of PIC (means current AFR for Australia, current BFR for NZ for example, satisfactory recency for IR etc);
- No conditions or suspensions affecting your ability to exercise privileges.
Agreed, however specifically to do a JAA conversion of a PPL, whether you have to do all 7 exams or just 2 depends on whether you have held in the last 5 years a valid licence and type rating in a ICAO country. The key issue there is whether my type rating is valid - not whether I can exercise the privileges (which I can't).