That is true if you already hold an ICAO state issued ATPL (not frozen).
In my case, I hold an Australian CPL with ATPL credits. Until my CASA Licence is upgraded I am locked into the CAD CPL.
CAD does not accept the Australian ATPL theory credits until they are associated with the full ATPL. Only then will they upgrade your CAD licence. This leaves CAD CPL holders who's conversion terms were based on their Australian Frozen ATPL in a bind. It is almost impossible to upgrade your Australian licence following the change to the ATPL requirements since the Part 61 licence change.
If anyone has had a successful CAD licence upgrade I would be most appreciative for some advice and help.