The ACCA Qualification explained Matt Holden

The ACCA Qualification

explainedMatt Holden

ACCA Programme ManagerReed Business School

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

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

Fundamentals Level9 papers in total

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)

Professional5 papers in total

Fundamentals9 papers in total

Professional5 papers in total

Fundamentals9 papers in total

Relevant accredited accounting degree

Route 1 Route 2

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

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

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

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

Exam conversion

arrangements

Conversion arrangements

No student will undertake additionalassessment in the transition from the current scheme to the new ACCA Qualification

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

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

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

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

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

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

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

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

Changes to core paper

rule

Core paper rule

Papers 3.5, 3.6 and 3.7 had to be taken together

Core paper rule from December 2007

There is no core paper rule

‘Essentials’ papers can be studied, attempted and credited individually

Further information?

Further information

www.accaglobal.com/horizon

ACCA Connecte-mail: info@accaglobal.comtel: +44(0) 141 582 2000

Any questions?

Thank you