ACCA Teachers Conference Hong Kong

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ACCA Teachers Conference Hong Kong
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The new ACCA Qualification
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Programme progress
2004 Research and development 2005 Consultation
and refinement 2006 Implementation 2007 Delivery
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Who was consulted?
Online Mainly students, members and
employers Face-to-face Regulators Professional
bodies Joint exam scheme partners Employers Examin
ers Lecturers
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New features

• Technical content of papers
• An introductory package on what it means to join
  the global accountancy profession
• Progression rules
• Enhanced work experience
• Unique multi-pronged focus on ethics
• More computer based examinations
• Additional reading and planning time for 3-hour
  papers

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Staying the same

• Exemptions policy
• Entry requirements
• Number of exams to complete
• Exam sessions held twice a year

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The ACCA structure
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To gain ACCA membership
Introductory welcome pack on joining the global
accountancy profession 14 exams Ethics
module Minimum three years practical
experience
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Entry requirements
University matriculation Mature student entry
route (21) CAT
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Introductory joining pack
CD-Rom sent out with Post-Registration
Pack Welcomes the student member to the global
accountancy profession Explains to the student
accountant the rights, responsibilities and
duties of the student and professional accountant
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Professional 5 papers in total
Route 1 Depending on exemption eligibility, all
or some of Fundamentals will need to be completed
before progression to Professional
Route 2 For certain ACCA accredited degrees,
full exemption from Fundamentals is granted
Fundamentals 9 papers in total
Relevant accredited accounting degree
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The exams
Fundamentals 9 papers in total
Skills F9 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 F3
Financial Accounting (FA) F2 Management
Accounting (MA) F1 Accountant in Business (AB)
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Professional 5 papers in total
Options (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 (all
3) P3 Business Analysis (BA) P2 Corporate
Reporting (CR) P1 Professional Accountant (PA)
Fundamentals 9 papers in total
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Accountant in Business
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Fundamentals (Knowledge) First paper F1
Accountant in Business (AB)

• Rationale and broad content
• Sets accounting as a central function in the
  context of business and its environment and key
  stakeholders
• Business structure, governance and ethics
• External influences - regulation, and obligations
  to stakeholders
• History and role of accounting
• Functions of accounting
• Recruiting, leading, managing and developing
  employees

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Exam format
Knowledge papers two-hour exams CBEs and
paper-based Skills papers three-hour
exams paper-based only Professional
papers three-hour exams paper-based
only 15 minutes reading and planning
time at the start of the examinations
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Ethics module
Online Case based Flexible
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Practical experience requirements
Performance objectives Training Development
Matrix Annual return Enhanced guidance for
employers
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Conversion
No student will undertake additional assessment
in the transition from the current scheme to the
new ACCA Qualification
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Online conversion tool
Enables students to calculate their own
conversion status (See link below) http//www.acc
aglobal.com/horizon/principles/ Went live in
March 2006 Supplements formal conversion
notices
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Changes to core paper rule
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Core paper rule from December 2007
There is no core paper rule
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Core paper rule from June 2006 to June 2007
Any outstanding core papers 3.5, 3.6 and 3.7 must
be entered for and sat together at the same exam
sitting An absence from any core paper will
result in a module fail Students retain a pass
in any paper where they achieve a mark of 50 or
over
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Timetable
Jan 2006 Qualification publicised
externally ______________ ________________________
__________________________________________________
_____________ Feb 2006 Conversion details
publicised _____________ _________________________
__________________________________________________
____________ Jun 2006 Detailed syllabuses, work
experience requirements and pilot papers
available ______________ _________________________
__________________________________________________
____________ Aug 2006 Conversion notices sent to
all registered students ______________ ___________
__________________________________________________
__________________________ Sept 2006 South East
Asia teachers' conference ______________ _________
__________________________________________________
____________________________ Jan 2007 First
student registrations on the new
qualification ______________ _____________________
__________________________________________________
________________ Jan 2007 New practical
experience requirements in place ______________ __
__________________________________________________
___________________________________ Feb 2007
Conversion notices sent to all registered
students ______________ _________________________
__________________________________________________
____________ Feb 2007 UK teachers'
conference ______________ ________________________
__________________________________________________
_____________ Apr 2007 Training Development
Matrix goes live ______________ __________________
__________________________________________________
___________________ Jun 2007 Last written exams
under current scheme ______________ _____________
__________________________________________________
_______________________ Aug 2007 Current
scheme students converted to new
qualification ______________ _________________
__________________________________________________
____________________ Dec 2007 First written
exams under new qualification
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UCRS2007
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UCRS2007
Consultancy survey and focus groups
findings Like many aspects of current scheme
and 80 very satisfied with being
registered Happy with minimum requirements
criteria Good to have the major emphasis on
results Would like more streamlined and flexible
monitoring system such as on-line
submissions Would like greater differentiation
between levels of registration
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UCRS review - project update
Key dates
Ongoing Consultation on new scheme
proposals Agreement of policies and processes
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Accreditation 2007
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Accreditation - staying the same
Fundamentals first nine papers accredited
programmes conversion policies
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Accreditation - new blanket policy
Accounting degree (major) F1
F4 Accounting degree (joint/minor) F1
F3 Finance degree F1 F3 General bus mgt
degree F1 Law degree F4 MBA F1 F3 Non
relevant degree none
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Further information?
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Further information
www.accaglobal.com/horizon ACCA Connect e-mail
info_at_accaglobal.com tel [phone]

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Any questions?
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Thank you
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