the acca qualification explained matt holden
TRANSCRIPT
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The ACCA Qualification
explainedMatt Holden
ACCA Programme ManagerReed Business School
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Basic changes
First sitting December 2007
Still 14 papers to sit
Each paper can be attempted on its own
Students will now be required to pass an online ethics module
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Fundamentals Level9 papers in total
Skills ModuleF9 Financial Management (FM)F8 Audit and Assurance (AA)F7 Financial Reporting (FR)F6 Taxation (TX)F5 Performance Management (PM)F4 Corporate and Business Law (CL)
Knowledge ModuleF3 Financial Accounting (FA)F2 Management Accounting (MA)F1 Accountant in Business (AB)
The exams
On completion of first 9 papers students can embark on their Oxford Brookes Degree
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Fundamentals Level9 papers in total
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Fundamentals9 papers in total
Professional Level5 papers in total
Options Module (any 2 from 4)
P7 Advanced Audit and Assurance (AAA)
P6 Advanced Taxation (ATX)
P5 Advanced Performance Management (APM)
P4 Advanced Financial Management (AFM)
Essentials Module (all 3)
P3 Business Analysis (BA)
P2 Corporate Reporting (CR)
P1 Professional Accountant (PA)
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Professional5 papers in total
Fundamentals9 papers in total
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Professional5 papers in total
Fundamentals9 papers in total
Relevant accredited accounting degree
Route 1 Route 2
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Exam formatKnowledge papers two-hour exams
CBEs and paper based
Skills papers three-hour exams(plus 15 mins reading and planning time)paper based only
Professional papers three-hour exams(plus 15 mins reading and planning time)paper based only
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Ethics Module A two hour online training module
developed by the ACCA
Gives students exposure to real-life ethical case studies
Applicable to students registering from January 2007
Accessible when students are eligible to sit P1, P2 and P3 (advised before sitting P1)
Complete at own convenience but before admission to membership
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Exemption policy
No exemptions from the Professional level
Available for all exams in Fundamentals level for equivalent qualifications
Available for relevant degree holders from ACCA-accredited institutions
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Progression rulesNo requirement to sit and/or pass any exams together
Maximum of four exams within a six-month period (including CBEs)
Modules must be attempted in order
Papers from different modules may be attempted at same sitting
Papers within a module can be attempted in any order
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Exam conversion
arrangements
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Conversion arrangements
No student will undertake additionalassessment in the transition from the current scheme to the new ACCA Qualification
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Exam conversion arrangements
The current and new syllabus will not run simultaneously
Last session on current scheme – June 2007
First session on new qualification – December 2007
Conversion notices
Online exam conversion tool
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ConversionCurrent exams Credit from new exams
Part One
1.1 Preparing Financial Statements F3 Financial Accounting
1.2 Financial Information for F2 Management Accounting
Management
1.3 Managing People F1 Accountant in Business
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ConversionCurrent exams Credit from new exams
Part Two
2.1 Information Systems F5 Performance Management
2.2 Corporate and Business Law F4 Corporate and Business Law
2.3 Business Taxation F6 Taxation
2.4 Financial Management and F9 Financial Management Control 2.5 Financial Reporting F7 Financial Reporting
2.6 Audit and Internal Review F8 Audit and Assurance
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ConversionCurrent exams Credit from new exams
Part Three – Options papers
3.1 Audit and Assurance Services P7 Advanced Audit and Assurance
3.2 Advanced Taxation P6 Advanced Taxation
3.3 Performance Management P5 Advanced Performance Management
3.4 Business Information An Option in Business Management Information Management
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Conversion
Current exams Credit from new exams
Part Three – Core papers
3.5 Strategic Business Planning P3 Business Analysis and Development
3.6 Advanced Corporate Reporting P2 Corporate Reporting
3.7 Strategic Financial Management P1 Professional Accountant
ORP4 Advanced Financial Management
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Conversion for Paper 3.7
Students who have passed two Optionspapers are credited with P1
Students who have NOT passed twoOptions papers can choose from P1 or P4
If they choose P1 they CANNOT attemptP4 as an Options paper
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Online exam conversion tool
Enables students to calculate their own conversion status
Supplements formal conversion notices
Access at www.accaglobal.com
Link from Reed Business School websitewww.reedbusinessschool.co.uk
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June Last written exams under Professional Scheme
______________ _______________________________________________________________________________________
August Current scheme students converted to new ACCA Qualification
Conversion notices issuedProfessional Ethics module available to eligible students
______________ _______________________________________________________________________________________
October CBEs on new ACCA Qualification available______________ _______________________________________________________________________________________
December First written exams under new qualification Deadline for all trainees to convert to new PER
Timetable
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Changes to core paper
rule
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Core paper rule
Papers 3.5, 3.6 and 3.7 had to be taken together
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Core paper rule from December 2007
There is no core paper rule
‘Essentials’ papers can be studied, attempted and credited individually
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Further information?
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Further information
www.accaglobal.com/horizon
ACCA Connecte-mail: [email protected]: +44(0) 141 582 2000
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Any questions?
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Thank you