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ASSESSING RISK
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4 CONTENTS
DISPATCH
06 GRAPHIC NEWS Late payments in Europe 08 NEWS ROUNDUP Global accounting and finance news

FEATURES
18 ASHES TO ASHES Using the recent volcanic ash cloud as an example, we investigate what risk assessment processes airline companies might have used 22 FIND YOUR WAY Navigate your way through the maze of reports that you will produce as an accountant

LEARNING CENTRE
10 3 THINGS YOU SHOULD KNOW ABOUT Social interviews 10 PROBLEM SOLVED Public to private 11 MEMBER PROFILE Kamran Malik, UAE 12 PER SUPPORT Online resources 14 MY WORKING LIFE Nicky Chandarana, UK 16 COMPETITION Predict the winner of the 2010 World Cup

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Welcome to ISSUE 12/2010 of STUDENT ACCOUNTANT
Please email [email protected] with your feedback on this issue
Brendan Murtagh President Mark Gold Deputy President Dean Westcott Vice President
16 JUNE 2010

ASSESSING RISK
FINANCIAL REPORTNG FINDING YOUR WAY THROUGH THE MAZE WORLD CUP 2010 COMPETITION EMAIL YOUR PREDICTIONS

ASH CLOUD CHAOS

TECHNICAL
28 CHANGES TO THE ACCA QUALIFICATION FOR 2011 Relevant to all ACCA students 34 THE BSc (Hons) IN APPLIED ACCOUNTING DEGREE Relevant to all ACCA students 36 PLANNING AND PREPARING YOUR RAP Relevant to all ACCA students STUDENT ACCOUNTANT TECHNICAL ARTICLE ARCHIVE Visit www.accaglobal. com/students/ student_accountant/ archive/ to access all technical articles from past issues of Student Accountant STUDY TOOLS www.accaglobal.com/ students/acca/ www.accaglobal.com/ students/cat/

Helen Brand Chief Executive EDITORIAL TEAM Victoria Morgan Editor Jamie Ambler Editorial Consultant Jackie Dollar Art Editor Richard Gooding Designer Rhian Lewis Editorial Executive

AC CHA C N UP A Q GES DA UA T TE LIF O T S F IC H OR AT E 20 ION 11

WWW.ACCAGLOBAL.COM Glen Patterson Online Editor 29 Lincoln’s Inn Fields London WC2A 3EE United Kingdom tel: +44 (0)20 7059 5700 email: [email protected] www.accaglobal.com PUBLISHING AND ADVERTISING Adam Williams Head of Publishing Anthony Kay Production Manager For all advertising-related matters please contact Lisa Peake: tel: +44 (0)20 7902 1224 email: [email protected]
Published by the Certified Accountants Educational Trust in cooperation with ACCA. The Council of ACCA and the publishers do not guarantee the accuracy of statements made by contributors or advertisers, or accept any responsibility for any statement which they may make in this publication. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without prior written permission of the publishers. © CAET 2010 ISSN 1473-0979

RESOURCES
39 NOTICEBOARD ESSENTIAL INFORMATION ABOUT ACCA AND YOUR STUDIES ACCA Connect contact details, 2010 subscription fees, rules and regulations, on-screen marking process, Oxford Brookes University RAP, and other important information

WHAT’S YOUR STORY?

Why did you want to become an accountant, and what do you hope to be in the future? Email your story to us at [email protected]

6 DISPATCH
MONEY DOWN THE DRAIN
Bills being written off due to late payment is on the rise in Europe. The average percentage of written-off payments has increased, according to the 2010 Intrum Justitia European Payment Index survey. The main reason for paying late is financial difficulties. Late payment results in a loss of income and reduced liquidity.

GRAPHIC NEWS

2.8
2.6
1.6 1.1

2.1
1.6
3.0

3.3

3.6 3 .5 3.3
3.3
2.8 2.9

2.3
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UK

2.0
1.4

2.6
2.1

IRE LA ND

2.4

SW ITZ GE ER RM LA ND AN Y CZE CH RE PU PO BLI LA C SLO ND VA HU KIA NG AR Y

2.5

2.2

2.0

2.3

2.3

2.1

2.2

1.8

1.9

SPA IN

FR AN CE

KEY Payment loss as % of turnover

xx

2010

xx 2009
xx

2008

SW ED EN LIT HU AN IA LAT VIA ES TO NIA

ICE LA ND

2.4

2.9

3.1

3.0
3.0 2.9

3.0

3.0 3.5
3.0 2.5

2.7

2.8

2.5

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8 DISPATCH
01 AUDIT RULE UNDER FIRE

NEWS ROUNDUP

A proposal to allow mainland companies listed in Hong Kong to be audited by mainland accountants has come under fire from legislators. Paul Chan, who represents the accountancy sector, said the move could hurt local investors’ interests. ‘This could create a problem, if non‑Hong Kong auditors fail in their duty and the local regulator could not directly investigate or punish them,’ he said. The proposal, expected to be introduced this year, is an extension of a stock‑market rule that allows some Hong Kong‑ listed firms to be audited by overseas accountants. Secretary for financial services and the treasury, Chan Ka‑keung, said that seven of out of 1,332 Hong Kong‑listed companies are audited by overseas accountants. The companies are from Britain, Canada, the Cayman Islands and Singapore.

SUSTAINABILITY AGREEMENT

The International Federation of Accountants (IFAC) has signed a memorandum of understanding on sustainability with the Prince of Wales’s Accounting for Sustainability Project (A4S), supporting the global accountancy profession’s role in developing sustainable organisations. Measures to be adopted include the development of a community website for professional accountancy organisations to collaborate on sustainable practices, establishing an international integrated reporting committee to develop an improved reporting model, and incorporating accounting for sustainability within professional training and education. The proposed changes focus on legal form rather than considering the risks and rewards involved, and making the system more robust and less susceptible to manipulation, says the ASB. It adds that exceptions proposed to deal with Repo transactions are only necessary because the underlying principles of the proposed changes are wrong. there are mechanisms in place to prevent double taxation, it is inviting suggestions on how to improve the system.

02 EU TO PUNISH MEMBER STATES

The EU is to penalise member states breaching the Stability and Growth Pact, which is meant to constrain borrowing. EU commissioner for economic and monetary affairs Olli Rehn said most member states ignore the rules. In 2007, before the financial crisis, half of member states breached the limits on permitted national debt.

05 VANTIS IN LEGAL DISPUTE

03 ASB WARNING TO IASB

04 EU IN DOUBLE TAXATION FLAW

International Accounting Standards Board (IASB) proposals for changes in accounting standards relating to the derecognition of assets and liabilities could lead to an increase in off‑balance sheet accounting, the UK Accounting Standards Board (ASB) has warned in a letter to the IASB.

The European Commission (EC) has launched a consultation on problems of double taxation within the EU. The EC believes that many individuals and companies moving between EU member states may become liable to tax in more than one member state, including people who live in one country but work in another. It says that while

Legal action is being taken against Vantis for alleged wrongful dismissal and non‑payment of salaries by two former tax advisers who were charged relating to a tax‑shelter scheme for celebrity clients. Robert Faichney and David Perrin claim Vantis failed to go through proper procedures when dismissing them, and owes them damages for wrongful dismissal and more than £1m in unpaid salary. Peter Coyle, solicitor for Faichney and Perrin, says legal advice has been given to Vantis that his clients did not engage in illegal practices.

STUDENT ACCOUNTANT ISSUE 12/2010
The latest on the global economy www.accaglobal.com/economy

9

06 HMRC TAX BOON DWARFS CITY

Her Majesty’s Revenue & Customs (HMRC) is obtaining £4bn from taxation on this year’s City bonuses – more than the staff themselves. Analysis by the Centre for Economics and Business Research concludes that bonus payouts by the City for 2010/11 will rise to £6.8bn, up from £6bn in 2009/10. With the 50% rate on income over £150,000 now in place, plus National Insurance payments, HMRC will get a larger share of the bonuses than will the staff.

increase in life expectancy, which currently stands at 71.4 years for men and 76.2 for women. The UN categorises any country with 10% of its population above the age of 60 as an aging nation.

of WCOA, which will be held in Kuala Lumpur from 8 to 11 November 2010, is Accountants: Sustaining Value Creation. ACCA is a Gold sponsor of the event.

09 LEADERS BRIEFED ON WORLD CONGRESS OF ACCOUNTANTS

10 CHINA CREEPS UP ON JAPAN

07 MONETARY AUTHORITY OF SINGAPORE TO REVIEW RULES

Singapore will review rules for its investment management industry, including hedge-fund and private-equity managers, for the first time since it introduced incentives to lure alternative asset managers in 2002. The Monetary Authority of Singapore will start a public consultation on proposals to ensure regulations remain ‘sound and responsive to the changing needs of the various stakeholders in the fund management industry’. Singapore’s hedge-fund industry has grown into Asia’s second biggest behind Hong Kong due to government tax incentives and grants.

The Malaysian Institute of Accountants (MIA) updated global accounting leaders on developments concerning the technical programme of the World Congress of Accountants (WCOA) at IFAC’s Chief Executives’ Strategic Forum held in New York recently. MIA chief executive officer Rosli Abdullah also presented the WCOA 2010 video to CEOs from more than 40 accountancy organisations, which featured a special message from Malaysian prime minister Najib Razak. The theme

China has taken another step towards overtaking Japan as the world’s second-largest economy, after its gross domestic product grew by nearly 12%, up to eight trillion yuan (US$1.2 trillion) in the first quarter. Inflation also appeared to be under control, with the statistics bureau reporting that consumer prices had increased 2.2% in the first quarter over the previous year, well below the government’s ceiling of 3%. The strong performance may prompt Beijing to allow the yuan to rise, say analysts.

SINGAPORE DOLLAR REVALUED AFTER GROWTH SURGE

08 AGING NATION STATUS LOOMS

Malaysia is set for aging nation status by 2035 with the number of people above the age of 60 reaching 15% of the population. Citing UN figures, Halijah Yahaya, deputy director general (operation) of the Welfare Department, said the main factor contributing to the country’s aging population was the decline in fertility and

Singapore revalued its currency to rein in inflation, after year-on-year economic growth surged 13.1% in the first quarter. The monetary policy decision was announced as data showed that Singapore’s economy had expanded 32.1% on a seasonally adjusted annualised basis in the first quarter – much more than expected and the highest rate since records began in 1975. The government also lifted its inflation projection for 2010 to 2.5% to 3.5% and its 2010 forecast for gross domestic product to 7% to 9%. The Monetary Authority of Singapore (MAS), the central bank, expects external demand conditions to be supportive amid the transition towards more sustainable private sector-driven growth. MAS only sets policy twice a year, and so would have risked being behind the curve if it had not acted now. It manages the Singapore dollar in a secret trade-weighted band against a basket of currencies, instead of setting interest rates.

10

LEARNING CENTRE

3 THINGS YOU SHOULD KNOW ABOUT SOCIAL INTERVIEWS
TEAM FIT
Social interviews see candidates meeting not just the boss but also their peers, in an informal setting, such as lunch or drinks after work. Many hiring managers regard them as the most effective way to determine if someone is likely to fit in well with the rest of the team and with the company culture.

THE DONE THING

The interview is an opportunity for you to size up your potential colleagues (even if they’re also judging you). So take an interest in their jobs; ask what it’s like to work in the company; you might even find out people’s backgrounds and how they arrived where they are. Keep asking questions; otherwise you’ll find yourself being interrogated.

INTERVIEW ETIQUETTE
Recruiters regularly warn jobseekers not to let their guard down in the informal setting of a restaurant or pub. Bosses have even been known to leave the occasion early, having previously arranged with key members of his team to report back on your behaviour the next morning. All the more reason for you to head home shortly afterwards.

PROBLEM SOLVED

PUBLIC TO PRIVATE
I’VE ONLY WORKED IN THE PUBLIC SECTOR BUT CUTS MEAN MY JOB IS AT RISK. I’VE HEARD PRIVATE SECTOR FIRMS CAN HAVE NEGATIVE IMAGES OF PUBLIC SECTOR ACCOUNTANTS. HOW CAN I CONVINCE A RECRUITER THAT I CAN CUT IT IN A PROFIT-CHASING ENVIRONMENT?
It’s sad but true; many hiring managers in industry and commerce – as well as the recruiters who act on their behalf – have a jaded, stereotypical view of accountants whose experience is solely or largely in public services. It’s an obstacle you’re likely to have to overcome. Examine at the job responsibilities of all your public sector roles; identify achievements that would impress someone whose job is to interpret financial data to provide business intelligence that helps drive profits. Remember, many private sector companies still face an uncertain future, and cost control remains a critical priority. Focus on those elements of your work that have helped to keep costs down or drive efficiencies. If your public sector role involved liaising with non-finance colleagues, think about the arguments you might have needed to make to them about managing costs, and how these might be adapted in a for-profit organisation. Consider tasks you performed that have given you experience or skills that candidates with only private sector experience are unlikely to possess, and turn these to your advantage by showing how they’re highly transferable into a commercial finance team. Be proud of your achievements and say you’re keen to meet new challenges and learn about how business operates. Be excited – it’s important that potential employers understand you’re genuinely interested in the private sector, rather than suspecting you’re simply jumping ship. Problems at work or with your studies? email [email protected]

STUDENT ACCOUNTANT ISSUE 12/2010

11

MEMBER PROFILE KAMRAN MALIK, UAE
An accountant is at the heart of the business. It feels good to be involved in all the aspects of the business and helping driving the business by timely and useful analysis and decision-making. ACCA is a globally respected and recognised qualification which requires a great deal of hard work and dedication. I became aware of ACCA when I was about 16, while studying for my GCSE exams in Pakistan. I discussed my options with my teacher, and mentor, Mr Nadeem and he convinced me to pursue the career. It’s all thanks to him for my success and achievement that I have achieved so far in my career. I studied for my ACCA Qualification in the UK except for my final three exams, which I took in Dubai. During the exams my employer was very supportive and allowed me to take a few days off for preparation, which was always helpful. I would like to make a special mention to my current CFO and President Finance, Jonathan Peacock, who has always supported me and showed great faith in me.

I AM VERY PROUD OF THE ACHIEVEMENT OF BECOMING AN ACCA MEMBER. ACCA IS A GLOBALLY ACCEPTED AND RECOGNISED QUALIFICATION WHICH GIVES YOU LOTS OF FLEXIBILITY TO PURSUE A CAREER WHERE EVER YOU WANT. I AM ABLE TO MATCH THE SKILLS OF THE OTHER FINANCE PROFESSIONALS AROUND ME BECAUSE OF THE QUALITY OF KNOWLEDGE BUILT INTO THE ACCA QUALIFICATION.
I currently work for US multinational company Emerson Process Management. I have been actively involved not only in the finance but also on the business side as well, which I have really enjoyed. In the finance team we help to drive the business by giving analysis and insight. On a daily basis I’m involved in budgeting, planning and forecasting, performance evaluation, asset management, corporate and financial reporting, management reporting, and ethics and corporate governance. The ACCA Qualification covers all aspects that a finance individual can face in practical situations. Because of the management skills I have learned I am able to manage and lead my own finance team. Although I am young, I am able to match the skills of other finance personnel working around me because of the quality of knowledge bulilt into the ACCA Qualification. I can proudly say that I have achieved all of this because I chose the right qualification at the right time for myself. I am very proud of the achievement of becoming an ACCA member. ACCA is a globally accepted and recognised qualification which gives you lots of flexibility to pursue a career wherever you want. KAMRAN’S TOP TIPS Effort and dedication Give 100% effort and dedication towards passing your ACCA exams and setting clear objectives to achieve your practical experience requirement. Believe in yourself Success is a journey, not a destination: so keep on working hard, believe in yourself, and you will achieve everything you want to. Prepare well Prepare yourself well before the exams. My mantra was to get myself prepared at least a week before the exams and in those last few days give myself time to relax and get mentally ready for the exams – I found this to be a big advantage.

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CV

Speaker: Kamran was honoured to address the ACCA Middle East graduation ceremony held in January 2010

12

LEARNING CENTRE

PER SUPPORT ONLINE LINKS
THE ACCA WEBSITE HAS A WIDE RANGE OF SUPPORT TO HELP YOU GET YOUR PRACTICAL EXPERIENCE REQUIREMENT (PER) FOR ACCA MEMBERSHIP
PER INTERACTIVE CASE STUDIES Follow the journey of six individuals – four trainees and two workplace mentors – through PER. Explore typical questions raised and challenges faced throughout the PER cycle and some of the choices and options available to you. ACCESS THE PER INTERACTIVE CASE STUDIES Further resources, including Support Sheets and Case Studies are available from myACCA. HOW TO USE THE TRAINEE DEVELOPMENT MATRIX (TDM) A guide to help you through the various functions of the trainee development matrix (TDM) – this is also available through myACCA. TDM GUIDANCE VIDEOS ACCA has produced 18 short videos and podcasts which give a step-by-step guide to assist trainees and workplace mentors in completing the TDM. ACCESS THE TDM GUIDANCE VIDEOS HELP WITH GETTING A WORKPLACE MENTOR This guide has been designed to give to a person you would like to act as your workplace mentor. It briefly describes the nature of the role and the benefits to them. PER GUIDE FOR TRAINEES This guide explains all you need to know about ACCA’s practical experience requirements in detail. FOCUS ON PERFORMANCE OBJECTIVES – PUBLISHED IN PREVIOUS ISSUES OF STUDENT ACCOUNTANT PROFESSIONALISM, ETHICS AND GOVERNANCE 1 Demonstrate the application of professional ethics, values and judgment 2 Contribute to the effective governance of an organisation 3 Raise awareness of non-financial risk OTHER RESOURCES PERFORMANCE OBJECTIVES BOOKLET The performance objectives booklet contains detailed information to help workplace mentors guide trainees on each performance objective they have to achieve, and understand the values and attitudes trainees should demonstrate as they gain their practical experience. ANSWERING CHALLENGE QUESTIONS A guide to help you understand how to approach the challenge questions which are related to the performance objectives. The guide contains sample answers to help you understand what a suitable answer may look like. TRAINEE SUPPORT SHEETS ¤ Setting and meeting performance objectives ¤ Getting practical experience ¤ Ensuring personal effectiveness ¤ How to find a mentor. The support sheets provide guidance on what you need to do to help you achieve your practical experience. PERSONAL EFFECTIVENESS 4 Manage self 5 Communicate effectively 6 Use information and communications technology BUSINESS MANAGEMENT 7 Manage on-going activities in your area of responsibility 8 Improve departmental performance 9 Manage an assignment FINANCIAL ACCOUNTING AND REPORTING 10 Prepare financial statements for external purposes 11 Interpret financial transactions and financial statements PERFORMANCE MEASUREMENT AND MANAGEMENT ACCOUNTING 12 Prepare financial information for management 13 Contribute to budget planning and production 14 Monitor and control budgets FINANCE AND FINANCIAL MANAGEMENT 15 Evaluate potential business/ investment opportunities and the required finance options 16 Manage cash using active cash management and treasury systems AUDIT AND ASSURANCE 17 Prepare for and collect evidence for audit 18 Evaluate and report on audit TAXATION 19 Evaluate and compute taxes payable 20 Assist with tax planning.

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Accountancy & Tax

Business Law

Business & Management

Finance

Human Resources

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14

LEARNING CENTRE

WORKING LIFE NICKY CHANDARANA, ACCA AFFILIATE
NICKY CHANDARANA FINANCIAL REPORTING ACCOUNTANT MONEYGRAM INTERNATIONAL LTD, LONDON

Student Accountant: What made you want to pursue a career in accountancy? Nicky Chandarana: What attracted me to accountancy was the problem-solving aspect and the availability for continual learning and development. I enjoyed studying maths at A-level and thrive on the buzz of finding a solution to a problem.
I decided to go straight into work as I knew from a very early stage that accountancy was for me. With having my family’s roots placed firmly in business and finance, I decided to pursue this career post A-levels. Also, having been aware that a number of companies now look for individuals with both academic qualifications as well as direct and relevant experience in a particular field such as accountancy, I felt that this option would give me the flexibility and availability to ensure that I fulfilled both these criteria. SA: What’s the best thing about being an accountant? NC: A career as an accountant is often very rewarding because there are many different fields of speciality and there are jobs available everywhere in every industry. So this means that you are able to work in an industry or company that you are passionate about. SA: What made you want to pursue ACCA as a qualification? NC: An accounting education can lead to a highly respected and rewarding career. It provides an educational background that will help you succeed in a wide variety of jobs and is available all over the country, allowing you the freedom to live and work in a variety of places. Becoming a member of a global body for professional accountants such as ACCA would provide me with this opportunity. SA: What is your career history to date? NC: I started my career as an accounts assistant for a company called Overseas Courier Service (OCS) based in Bermondsey, London. I was there for just under 12 months and at this point had completed my first four ACCA exams. In September 2005, I joined Mindshare Media UK Ltd based in Central London as an accounts payable assistant before I was given the opportunity to progress internally as an assistant management accountant. I was with Mindshare until July 2007 when I moved into financial services and work for MoneyGram International, a money transf er business, based near Tower Bridge, London. Here I started as a financial accountant before working in the FP&A team as an interim planning and forecast analyst to cover for someone on maternity leave. In October 2009, I moved back into the accounting team and my current role at MoneyGram is as a financial reporting accountant where I am preparing and reporting for a number of entities/ branches including involvement in audit and tax reporting. SA: When did you finish your exams, which ones did you find most challenging, which ones more straightforward (and why)? NC: I finished my last exams in December 2009 and became an ACCA affiliate in February 2010. The most challenging, yet interesting, exam would be Paper P6, Advanced Taxation. This paper was very tough as you were expected to study from a wide syllabus and be in a position to explain, as well as compute, all taxes payable. The most straightforward exam for me would have to be the first. This exam brought knowledge that I had studied at A-level and this set the foundation in understanding the fundamental accounting concepts in preparation for this exam.

STUDENT ACCOUNTANT ISSUE 12/2010

15

SA: What support did you receive from your employer? NC: Both Mindshare and MoneyGram were able to sponsor me in paying for the tuition and revision courses as well as the ACCA exam fees. I was also given one day off for the exam and also an additional study day on top of my annual leave entitlement. SA: Could you explain more about your current role? NC: I am responsible for the management of month-end, quarter-end and year-end closes for a portfolio of subsidiaries and branches (France, Spain, Greece and Italy) in adherence with the corporate timetable. Also by ensuring all accounting records are maintained in appropriate local and US GAAP and in accordance with corporate accounting policies. I ensure appropriate accounting and reporting through the completion of all monthly activities including journal entries for all categories as part of the trial balance including fixed assets, payroll, accruals, tax, retained earnings and revenue. I am also responsible for the annual audit, and statutory and tax audits as required. This includes the preparation of audit files and supporting statements and ensuring there are detailed audit trails and documentation to support all entries. SA: How did you approach getting your PER? NC: Having reviewed the ACCA website to find out what requirements were necessary in order to fulfil these objectives, I sat down with my line manager to discuss and ensure that I had been given the opportunity to experience and gain exposure to all areas of accounting, audit and tax to enable me have these areas signed off. I was able to obtain those performance objectives regarding technical accounting experience quite easily as this formed an integral part of my current role at MoneyGram. However, the objectives I found challenging included raising awareness of non-financial risk and contributing to the effective governance of an organisation. Having understood from the outset what these objectives were, I worked closely with my line managers to ensure I was able to satisfy the criteria for these performance objectives. SA: Any advice for other trainees? NC: In order to succeed with the ACCA Qualification and gain the required practical experience requirements you need to ensure you strike the balance between work, study and your personal life. By managing your time effectively and by being strict with yourself to ensure you find enough time to manage your studies as well as your personal life you are on your way to success. Studying an ACCA Qualification is not easy, but by having motivation, personality and perseverance will ensure you achieve every success and opportunity that may arise. SA: Finally, what will it mean to you both professionally and personally to achieve membership? NC: It will mean the world to me for the pure and simple reason that it will provide me with the foundation for the future in both my career and how I present myself in front of any hurdle that I face. I am proud to be part of a global accountancy body and will be proud to have those letters after my name. It gives me confidence and motivation that will help me seize every opportunity that arises.

ARE YOU READY FOR MEMBERSHIP? Click here to find out more about applying for and the benefits of ACCA membership

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18

RISK ASSESSMENT

ASHES TO ASHES
THE ICELANDIC VOLCANO ERUPTION HAS PRESENTED AIRLINE COMPANIES WITH FINANCIAL AND LOGISTICAL NIGHTMARES, WITH FLIGHTS GROUNDED AND REVENUES SEVERELY AFFECTED. BUT HOW WOULD AIRLINES AND BUSINESSES HAVE ASSESSED SUCH RISKS AND WHAT PLANS CAN THEY PUT IN PLACE FOR THE FUTURE?
hen a southern Icelandic volcano began spewing abrasive ash high into the sky in April 2010, nobody could have imagined the chaos and costs it was about to bring with it. The initial eruption lasted five days and forced much of the European airspace to close. Over 100,000 flights were cancelled, causing airlines direct losses of more than an estimated $1.3bn and leaving thousands of stranded passengers around the world. Airlines cancelled hundreds of flights across Europe and added hours to trans-Atlantic journeys as planes were diverted around the large plume of ash, which initially stretched from Greenland to Portugal and Canada to Russia. Jittery European air traffic authorities decided to close down much of the continent’s airspace because they feared the volcano’s harsh ash could harm jet engines. But despite the initial ash cloud dispersing, it is impossible to tell when the end will be in sight for the airlines

W

because nobody knows how the volcano will behave in the future. Forecasts are unclear, while meteorologists say that until Eyjafjallajokul (pronounced ay-yah-FYAH-lah-yer-kuhl) actually stops erupting, the future course of Europe’s ash cloud will depend heavily on the prevailing winds. The glacier-capped volcano has shown little signs of stopping so far and eruptions have continued to disrupt travel intermittently. The last time this volcano erupted was almost 200 years ago – it began in 1821 and didn’t stop until 1823. So where does this situation leave airline companies, ferry companies and businesses in general? What risk assessment would they have had in place before the initial eruption and what will they need to consider going forward? Business risk Business risk itself is the risk of internal and external factors having an impact on the company’s business objectives. The most common impacts are on a company’s finances and also its reputation.

Business risk is often seen as a long-term strategic risk, so we can assume that the airline companies at least weighed up the pros and cons of any volcano-related decision and reacted accordingly. Of course, there is a link to ethics here, too. Is it ethical for the ferry companies, for example, to use this situation to boost their profits by putting up their prices as they did? Well, this issue is one that goes to the heart of Paper P1. Corporate social responsibility The volcanic eruption has undoubtedly provided us with a classic scenario, but of course the issue is about much more than ethics, it is also about corporate social responsibility. Should ferry companies have been thinking about acting in the interests of society at large, or acting in the public interest or simply for themselves? As they hiked up their ticket prices with flights grounded, the answer seems that they took the decision to

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DESPITE THE INITIAL ASH CLOUD DISPERSING, IT IS IMPOSSIBLE TO TELL WHEN THE END WILL BE IN SIGHT FOR THE AIRLINES – NOBODY KNOWS HOW THE VOLCANO WILL BEHAVE IN THE FUTURE...

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RISK ASSESSMENT

THE FOUR-POINT RISK TREATMENT MODEL Click here to find out how TARA is used to implement company decision-making strategy

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look out for themselves. The question then emerges, for whose benefit do companies exist, the customers, the shareholders or the ‘world at large’? Unfortunately, the answer is quite clear in the vast majority of businesses as we saw with the ferry companies. The business of business is business! If there is an opportunity to make additional profits, then the directors will often see it as their ‘duty’ to make as much as they can. First Intuition partner Paul Moore, says: ‘It would have been very interesting to have seen at least one ferry company say how they would “come to the rescue” of their stranded potential future customers, to give them a cup of tea and a biscuit and a £10 off voucher for their next ferry crossing.’ He adds: ‘I might be old fashioned, but I bet this would have impressed enough people in the UK to make them think – “I like this company, I trust them and I want to reward them for doing the right thing”. ‘Who knows, these ferry companies may even have achieved more long-term growth than they did over those few days when the volcano initially caused mayhem!’ Going forward, it will be interesting to see what impact the volcano has had on these companies and their decision to make a quick buck – an undoubtedly clever short-term bid to boost profits, but at what risk to their reputation? Alternatively, one could take the opposite view.

BUSINESSES NEED TO THINK CAREFULLY ABOUT THE IMPACTS ERUPTIONS CAN CAUSE AND MAKE SURE THEY PUT IN PLACE THE NECESSARY EXTRA CONTROLS.
It could be viewed that with risk and uncertainty can come good things as well. Ferry companies could be said to have seen the upside of the risk and that they were thinking quickly by charging higher prices. Some would say they have displayed good business sense – exploiting an opportunity that unexpectedly dropped in front of them. Further volcanic disruption But businesses at large may now be looking at potential business risks and identifying how to manage these risks in the event of further volcanic disruption. One would expect any business which has already suffered, to now be going through a post-event risk review process and making decisions on what they are going to do about such a risk in the future – and what lessons can be learned. They may wish to consider their intentions with the four-point risk treatment model (TARA) used to implement company decision-making strategy (see panel). Sarah Condon, Paper P1 content specialist at Kaplan Financial, says: ‘In this instance, I doubt any businesses had volcanic eruptions written down or considered as a risk. It was an unforeseen event. ‘British Airways for example, may have fantastic internal controls, but they like everyone else seemed numb and unable to make any decisions for the first few days after the initial eruption started. ‘It is likely though that some businesses may have included plans for when the travel plans of senior staff are affected – and the ramifications this can bring if business decisions are not being made due to enforced absences. For example, there were cases when flights were being grounded, where senior executives paid thousands of pounds to take long-distance taxi rides in order to get their business decisions made.’ Necessary extra controls The bottom line is that airline companies, ferry companies and business at large will have to increasingly identify the risks associated with the volcanic eruptions. They will then need to think more carefully about the impacts the eruptions can cause and make sure they put in place the necessary extra controls. Alex Miller is a freelance journalist

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FINANCIAL REPORTING

FIND YOUR WAY
THE TERM ‘FINANCIAL REPORTING’ MEANS DIFFERENT THINGS TO DIFFERENT PEOPLE – EVEN ACCOUNTANTS – SO STUDENT ACCOUNTANT IS SEEKING CLARIFICATION

inancial reporting is a language, just like German or English. It is the language that companies use to talk to investors. It is the language that investors use to ascertain value. It is what people use everyday to decide where to invest their hard earned dollars for financial security and future opportunity. These decisions can be hard enough. But try it in a language you don’t understand, and it becomes all but impossible. Even worse, misleading.’ The world has changed a lot since the (then) chairman of the United States Securities and Exchange Commission (SEC) Arthur Levitt, uttered these words during

F

a speech in 1999, but they are no less true today than they were then. Like any profession, accountancy has its own collection of abbreviations, acronyms, and specialist words and phrases, which can confuse outsiders and newcomers, and the area of financial reporting is no exception. Financial reporting is widely regarded as one of the most complex and challenging areas of the ACCA syllabus, and if you want to master it you will need to get to grips with a lexicon of concepts, principles, rules, words and expressions. These will range from accounting standards and regulatory frameworks to abbreviations and acronyms, via a collection of specialist terms of reference; some parts will seem easy to comprehend and remember, while others will seem mind-bogglingly complex and confusing. Unfortunately, even the term of reference ‘financial reporting’ is not without challenges. In the broadest

sense, this expression describes the process of preparing and distributing financial information, to users of that information; the devil is (as always) in the detail. Less convenient and more confusing In a perfect world, the phrase financial reporting would always mean the same thing, no matter who is using it, and no matter what context it is being used in. But this is a deeply imperfect world, and the reality is less convenient and more confusing. To some extent, this is due to the fact that financial reporting is inherently complex (as any student who has completed Paper F7 will

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appreciate). But it does not help that you will find the term ‘financial reporting’ used interchangeably (sometimes correctly and sometimes incorrectly) with ‘management reporting’ and ‘statutory reporting’ (see ‘The high profile of high finance, on page 24), that all three can be used generically to describe a type of report (that may encompass various individual reports), as well as specific and individual reports, that they can all contain financial information, and that some of this can overlap. Invaluable context and clarification As your professional studies progress and you acquire more practical experience of accountancy, the broader and deeper perspective you gain will help you to judge the most likely meanings of these terms of reference, no matter who is using them, and no matter which environment or scenario they are being used in. Many of the ACCA Fundamentals level papers help to provide invaluable context and clarification. But in the workplace, it is well to remember that most people outside the finance function do not have your advantages. Arthur Levitt may have displayed an impressive understanding of what financial reporting is about (particularly for publicly listed companies), but most of the

non-accountants you encounter will not. For somebody in marketing or manufacturing, for example, any report involving numbers may be a ‘financial report’, all sorts of documents will be management reports, and the differences between the two will be regarded as insignificant. So when you are discussing a finance-related report with somebody who is not a finance professional, make sure that you are both talking about the same thing.

Even accountants sometimes need to clarify what they mean by financial reporting. In a professional context, the term may most often be used to refer to the financial reports that are required on dates and with contents that are determined by statute, or legally defined rules (see ‘Reports, reports, reports’ on page 24). But this does not eradicate the scope for confusion, because financial reports are also (equally validly) referred to as financial statements, or accounts, and a variety of non-English language variations – such as cuentas in Spanish – though XBRL is helping to solve this problem (see ’XBRL – the language of financial reporting’ on page 24).

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FINANCIAL REPORTING

REPORTS, REPORTS, REPORTS Management reports, statutory reports and financial reports – what’s the difference?

FROM IAS TO IFRS The movement towards global standards is gathering pace

XBRL – THE LANGUAGE OF FINANCIAL REPORTING eXtensible Business Reporting Language (XBRL) has become integral to financial reporting

THE HIGH PROFILE OF HIGH FINANCE Clarity and transparency are key to the public perception of financial reports

FINANCIAL REPORTING IS WIDELY REGARDED AS ONE OF THE MOST COMPLEX AND CHALLENGING AREAS OF THE ACCA SYLLABUS, AND IF YOU WANT TO MASTER IT YOU WILL NEED TO GET TO GRIPS WITH A LEXICON OF CONCEPTS, PRINCIPLES, RULES, WORDS AND EXPRESSIONS.

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These financial reports are usually prepared using guidelines provided in an approved set of accounting rules. Some countries mandate the use of national Generally Accepted Accounting Principles (GAAP), others require the use of International Financial Reporting Standards (IFRS),

some countries allow the use of either (or apply IFRS to listed and national GAAP to unlisted companies), and there are many countries where national GAAP is gradually moving towards IFRS, in what may eventually be a global transition to international standards (see ‘From IAS to IFRS’). If you were not studying to become an accountant, media coverage of financial reporting could mislead you into supposing that financial reporting standards apply only to entities with a public listing. But financial reporting rules also apply to small businesses, and some country jurisdictions have different financial reporting rules for them. In the UK for instance, there is a special Financial Reporting Standard for Smaller Entities (FRSSE), and in 2009, an IFRS for SMEs was issued by the International Accounting Standards Board (IASB). In addition to these variations, in each country you will find a different set of organisations responsible for issuing these approved accounting standards (whether they are based on IFRS or national GAAP).

For example, in Argentina this is the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE), in France it’s the Conseil National de la Comptabilité (CNC), in Norway it is Norsk RegnskapsStiftelse (NRS), in the UK, it is the Accounting Standards Board (ASB), in the US it’s the Financial Accounting Standards Board (FASB), and so on. Variations also exist from country to country in the area of regulation. The UK, for example, has an independent regulator responsible for ‘promoting confidence in corporate reporting and governance’: the Financial Reporting Council (www.frc.org.uk). The FRC includes the Accounting Standards Board (mentioned above) plus various other standard-setting bodies, and also includes the Professional Oversight Board (POB) which (among other things) oversees the regulation of the accountancy profession by professional bodies such as the ACCA. The frameworks for standard setting and regulation can be almost as complex as the standards and regulations themselves. Every country approaches this area in a different way, and the structures and powers of the regulatory national frameworks and bodies involved in standard setting and governance vary widely. So although developments such as IFRS and XBRL promise to simplify some aspects of financial reporting, learning the language of financial reporting is unlikley to become any less challenging and complex, any time soon – whether you are the ex-chairman of the SEC or a trainee accountant.

TECHNICAL
ALL YOU NEED TO KNOW
Articles on key examinable topics to support your studies

28 CHANGES TO THE ACCA QUALIFICATION FOR 2011
Relevant to all ACCA Qualification papers

34 THE BSc (Hons) IN APPLIED ACCOUNTING DEGREE

Relevant to all ACCA students

36 PLANNING AND PREPARING YOUR RAP

Relevant to all ACCA students

Access the Student Accountant technical article archive at www.accaglobal.com/students/student_ accountant/archive/

TECHNICAL ARCHIVE ON THE ACCA WEBSITE

EXAM DOCUMENTS

Access the examinable documents relevant to you at www.accaglobal.com/students/acca/exams/ Get prepared for the next exam session by downloading the Syllabus and Study Guides for the papers you’re planning on taking in December. Access ACCA Qualification resources at www.accaglobal.com/students/acca/exams and CAT resources at www.accaglobal.com/students/cat/exams

EARLY PREPARATION

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TECHNICAL

CHANGES TO THE QUALIFICATION
RELEVANT TO ALL ACCA QUALIFICATION PAPERS
These latest changes are being introduced to update the syllabus content, to ensure that the ACCA Qualification continues to comply with the appropriate regulatory standards, to improve the articulation between related syllabuses and to reflect the views of our key stakeholders. SUMMARY OF CHANGES As mentioned above, there will be no major structural changes to the ACCA Qualification assessment or in respect of rules relating to registration, progression or exemption. Neither will there be any significant changes to the structure of the exams, apart from the Knowledge module papers, which will be structured differently from December 2011. Please also note that a new exam timetable will apply from December 2011. Further details of this will be published later on this year. Most of the ACCA Qualification syllabuses will be affected to a greater or lesser extent. These changes are explained below. FUNDAMENTAL KNOWLEDGE MODULE (DECEMBER 2011) From December 2011, amended syllabuses and a different exam style will be introduced for Papers F1, F2 and F3. A greater variety of longer and short-form questions will be introduced into the assessment, which is currently based entirely on a mix of short objective questions of one and two marks. The new format applies to both paper-based and computer-based exams (CBE). The format will better underpin later exams, particularly Papers F5 and F7. From December 2011, Paper F3 will only have one version offered, based on International Financial Reporting Standards, so students will no longer have to designate whether they wish to take INT, UK, SGP etc. The syllabuses have also been re-aligned and brought up to date to take into account the latest occupational standards for the accountancy and finance sector. These new syllabuses will have the exam structures shown in Table 1 on page 31 with effect from December 2011, which coincides with the launch of ACCA’s new Foundations in Accountancy suite of qualifications which will be communicated to you very shortly. FUNDAMENTAL SKILLS MODULE (JUNE 2011) Note: For all financial reporting and auditing papers, Irish papers will continue to follow the UK Syllabus and Study Guide, and Hong Kong, Malaysia and Singapore papers will continue to follow the International Syllabus and Study Guide. All papers will continue to have separate examinable documents. Gareth Owen, ACCA qualifications development manager, explains the planned updates to the ACCA Qualification syllabus taking place in 2011 as part of a process of continuous syllabus improvement. This article summarises the rationale for the latest qualification developments, indicating which syllabuses are affected and when, outlining specifically which areas are being amended and why. The last major development of the ACCA Qualification was introduced in December 2007. The qualification was brought up to date and restructured to meet employer, student and learning provider needs at the time and to comply with IFAC International Education Standards and other regulatory requirements. These changes were introduced to increase the relevance of the qualification in the market and take into account the results of an extensive programme of consultation with ACCA’s key stakeholders. With effect from June 2011, the ACCA Qualification will undergo further development and updating, rather than any major structural change, ensuring that the qualification continues to evolve and adapt to the latest business and accounting sector needs.

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ACCA FOR 2011
The first paper in the Skills module F4, Corporate Business Law is unaffected in all countries. Changes are being made to Paper F5, Performance Management and Paper F7, Financial Reporting to re-align these syllabuses with the revised Paper F2 and F3 exams. For example, more decision making is being brought into Paper F5 and regulatory requirements into Paper F7. A key change is happening to Paper F7 (UK). The Paper F7 (UK) exams will be based on International Financial Reporting Standards (IFRS) using international terminology with the key differences between UK GAAP and IFRS becoming examinable. The examinable differences will be indicated within the Paper F7 (UK) syllabus guide. Elsewhere in the Skills module, Paper F6 (UK), Taxation has been updated to more effectively underpin the syllabus of Paper P6 (UK), Advanced Taxation. The most significant changes to Paper F6 (UK) are to introduce the basic aspects of inheritance tax (IHT), which will be predominantly computational, and the inclusion of overseas transactions for VAT. Paper F6 (IRL), Taxation has also been updated to effectively underpin the syllabus of Paper P6 (IRL), Advanced Taxation. The main changes are the inclusion of domicile, termination payments, and overseas aspects of VAT, and the exclusion of retirement relief and favourable holding company relief. Paper F6 (MYS) will reintroduce Real Property Gains Tax (RPGT) in the December 2010/June 2011 syllabus. Other variant tax papers may have minor changes, as is normal from year to year. The Paper F8 (INT) and (UK) syllabuses have been updated to more explicitly include certain examinable content within the Study Guide, including the audit framework, internal audit, planning and risk and audit evidence. These changes will have minimal effect on the style or content of future exams, but does align the Study Guide more explicitly with the content of the published examinable documents. However, in line with Paper F7 (UK), International Accounting Standards will be used to underpin Paper F8 (UK) exam papers. Finally the Paper F9, Financial Management syllabus has been amended to include aspects of Islamic finance which are gaining greater prominence in the financial markets and in mainstream finance. The main addition to the syllabus is a section on Islamic sources of finance, including the Islamic concept of interest and coverage of Islamic financial instruments. PROFESSIONAL LEVEL SYLLABUS CHANGES (JUNE 2011) The Paper P1, Professional Accountant syllabus has been amended to explicitly include more areas on business risk as a response to an employer stakeholder survey results done in 2008/2009. These areas include risk assessment and management responses in changes to risk profile, both strategic and operational, including some strategic aspects of financial risk. The changes to Paper F7 (UK) in particular have also had a further impact on Paper P2 (UK), which now also includes more content on the legal requirements relating to the submission and reporting of accounts. As with Paper F7 (UK), Paper P2 (UK) will now be based on IFRS with the key differences between UK GAAP and IFRS being examinable. The syllabuses for both Paper P2 (INT) and (UK) have also been re-aligned to contain more on requirements relating to small and medium-sized enterprises (SMEs) and about when accounts must be consolidated and when exemptions from consolidation apply. Entity reconstructions have been added to the syllabuses of both papers. However, IFRICs will not be examinable in Paper P2 from June 2011. Certain new regulatory requirements have brought changes to Paper P3, Business Analysis. As a result more management accounting has been introduced to this syllabus to provide a more rounded financial context to the business analysis scenarios examinable.

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TECHNICAL

Business analysis is a subject where a working knowledge of management accounting and cost issues plays an increasingly important role. The changes will give the examiner wider scope to set more ‘real world’ questions, including the assessment of such business financial and quantitative techniques as forecasting, budgeting, cost accounting and decision making within a business analytics context. As these changes will impact the entire paper, the original 2007 Pilot Paper has been updated for the new syllabus. Some of the content of Paper P4, Advanced Financial Management has been amended and developed to make the syllabus more coherent and to align it more closely with Paper F9, which underpins it. There have been no significant new areas added, but rather there has been a re-arrangement of the syllabus and a grouping/splitting of items to make the Study Guide clearer. As a consequence of planned changes to Papers F2 and F5 outlined above, Paper P5, Advanced Performance Management requires some re-alignment, to eliminate overlap with Paper F5 and to differentiate the content of Paper P5 more distinctly from Paper F5. However, the more significant changes to Paper P5 are as a response to feedback received that there was potentially too much overlap between Papers P3 and P5, particularly in the areas of strategic, quality and people management. As a consequence some strategic management areas have been removed from Paper P5.

Quality management is now exclusively assessed in Paper P5 rather than in Paper P3 and some areas concerned with performance management and reward measurement in the ‘People’ section of Paper P3 have been re-allocated to Paper P5. Paper P6 (UK) will have no changes initially. To allow students who have not covered IHT in Paper F6 (UK) time to finish their exam training, Paper P6 (UK) will remain unchanged until June 2013. After this time the more basic elements of IHT which are covered in Paper F6 (UK) will come out of Paper P6 (UK), leaving only the more complex aspects of IHT in Paper P6 (UK). Paper P6 (IRL) will now have retirement relief and favourable holding company relief as new topics at this level, since they are no longer included in Paper F6 (IRL). In addition, termination payments will no longer be a new topic at this level, since they are now introduced in F6 (IRL). Paper P6 (MYS) will reintroduce Real Property Gains Tax (RPGT) in the December 2010 syllabus. Other Paper P6 variant papers have no significant changes, although they may have minor changes, as is normal from year to year. Paper P7 (UK) has been amended to include the auditing aspects of insolvency (and similar procedures). Certain areas of internal audit have been added and re-arranged. Some content relating to practice management, assignments and reporting have been removed. Although Paper P7 (INT) does not contain any material on insolvency because this area is country specific and legal in nature, all other changes to the Paper P7 (UK) syllabus have been made to the P7 (INT) syllabus, to bring them into line with each other.

Table 2 on pages 32 and 33 shows which syllabuses and papers will be affected. HOW AND WHEN WILL THESE CHANGES BE COMMUNICATED? The updated ACCA 2011 syllabuses will be made available on the ACCA website at the beginning of July 2010. These amended syllabuses will include appendices which summarise the changes in each syllabus. The new Knowledge module (Papers F1, F2 and F3) Syllabus and Study Guides will be published from August 2010 and the new pilot questions for the ACCA syllabuses with the most changes, such as Paper P3, will also be available. Pilot questions for the new style longer questions for Section B of the Knowledge module papers will be available from January 2011 in both paper and CBE format. All ACCA publishers have been given details of all the planned changes to syllabuses so that study texts can be updated accordingly. It is, therefore, important to ensure you choose texts that are dated June 2011 or later for the Skills module and Professional level exams, and December 2011 or later for Knowledge module exams. Finally, a number of articles are planned in Student Accountant over the coming months to update you fully on the changes. Examiner approach articles and interviews on the ACCA website will also be updated accordingly.

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TABLE 1: NEW ACCA QUALIIFICATION FUNDAMENTAL LEVEL SYLLABUSES AND EXAM STRUCTURES FROM DECEMBER 2011 Exam Paper F1, Accounting in Business Section A 16 x one-mark short objective test questions and 30 x two-mark short objective test questions 35 x two-mark short objective test questions Section B 6 x four-mark longer version objective test questions, one taken from each of the six sections of the syllabus 3 x 10-mark longer version objective test questions – one taken from each of the budgeting, standard costing and performance measurement sections of the syllabus 2 x 15 mark longer version objective test questions with one question based on group accounts and the other on preparation of financial statements (which may include an element of interpretation of accounts)

Paper F2, Management Accounting

Paper F3, Financial Accounting

35 x two-mark short objective test questions

THE UPDATED ACCA 2011 SYLLABUSES WILL BE MADE AVAILABLE ON THE ACCA WEBSITE AT THE BEGINNING OF JULY 2010. THESE AMENDED SYLLABUSES WILL INCLUDE APPENDICES WHICH SUMMARISE THE CHANGES IN EACH SYLLABUS.

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TECHNICAL

TABLE 2: NEW ACCA QUALIIFICATION SYLLABUSES AND EXAM STRUCTURES FOR 2011 ACCA exam Paper F1 Paper F2 Paper F3 Paper F4 (all versions) Paper F5 Paper F6 (UK) Paper F6 (other variants) Paper F7 (INT) Paper F7 (UK) Impact New style CBE and paper-based exam and syllabus changes New style CBE and paper-based exam and syllabus changes New style CBE and paper-based exam and syllabus changes None Syllabus changes to align better with Papers F2 and P5 Minor syllabus changes to re-align and make more coherent the underpinning of Paper P6 by Paper F6 See text detail in Fundamentals level syllabus changes To introduce more legal/regulatory information on financial reporting of groups Now based on IFRS and including more legal aspects of preparation, submission and reporting of financial accounts and to include key differences between UK GAAP and IFRS To make more explicit areas included in examinable documents within the syllabus and remove some aspects of risk planning Introduction to Islamic finance added in relation to sources of finance, to keep syllabus relevant and up to date More emphasis on coverage of business risk in rresponse to employer stakeholder survey findings More coverage of accounting treatment of SMEs, the circumstances in which consolidated accounts are required or exemptions and capital reconstructions June 2011 June 2011 June 2011 June 2011 June 2011 When? December 2011 December 2011 December 2011

Paper F8 (INT) and (UK)

June 2011

Paper F9

June 2011

Paper P1 Paper P2 (INT)

June 2011 June 2011

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TABLE 2: NEW ACCA QUALIIFICATION SYLLABUSES AND EXAM STRUCTURES FOR 2011 (CONTINUED) ACCA exam Paper P2 (UK) Impact Now based on IFRS and including coverage of legal aspects of preparation, submission and reporting of financial accounts in the UK for single and combined entities, including the circumstances when such accounts are required and accounting treatment of SMEs and consolidated accounts to align with Paper P2 (INT) and to include key differences between UK GAAP and IFRS. Aspects of forecasting, budgeting, cost accounting and decision making, relevant to business analysis introduced, to provide more scope for a financial context within exam scenarios. Quality Section and performance aspects of HR management removed to Paper P5 to address overlaps Re-arrangement of syllabus and better re-alignment with Paper F9. No significant areas added but some removed to provide more coherence Syllabus developed to align better with Paper F5 and to reduce potential overlap with Paper P3, particularly in the Quality and performance management and measurement areas of HR Basic elements of IHT which are included in Paper F6 (UK) will be taken out of the Paper P6 (UK) syllabus, and the Paper P6 (UK) syllabus will concentrate exclusively on the more complex areas of IHT See detail in Professional level syllabus changes above The internal audit area has been amended. Aspects of practice management, assignments and reporting have been removed Auditing aspects of insolvency have been introduced to the syllabus and the internal audit area has been amended. Aspects of practice management, assignments and reporting have been removed When? June 2011

Paper P3

June 2011

Paper P4

June 2011

Paper P5

June 2011

Paper P6 (UK)

June 2013

Paper P6 (other variants) Paper P7 (INT)

June 2011 June 2011

Paper P7 (UK)

June 2011

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TECHNICAL

THE BSc (Hons) ACCOUNTING
RELEVANT TO ALL ACCA STUDENTS
As a degree from Oxford Brookes, a recognised UK university, the BSc in Applied Accounting enjoys wide recognition across the globe. It is recognised within the UK, US, Europe, Hong Kong, Singapore, Malaysia, much of Africa, Pakistan and the Caribbean. The university provides formal transcripts if required for individual students so that they may submit them as evidence of their degree classification. Each module on the transcript is referenced by an Oxford Brookes University course code. If you are uncertain whether the degree is recognised in your country you can contact [email protected] We at Oxford Brookes University believe that the degree supports the mission of ACCA to provide opportunity and access to people of ability around the world and to support our members throughout their careers in accounting, business and finance to achieve and promote the highest professional, ethical and governance standards. FURTHER INFORMATION More information on UK universities and their legal status can be found at www.privy-council.org.uk QAA reports on Oxford Brookes University can be found on at www.qaa. ac.uk Jane Towers-Clark, programme director, BSc in Applied Accounting, Oxford Brooks University

INTERNATIONAL RECOGNITION AND ACCREDITATION
The BSc (Hons) in Applied Accounting is a degree awarded by Oxford Brookes University, a UK university. The degree is exclusive to ACCA students through collaboration between ACCA and Oxford Brookes University. The degree aims to enhance and extend knowledge and skills gained by ACCA students in their ACCA studies and improve student’s effectiveness as professional accountancy students and/or practitioners. The degree is awarded to students who are Oxford Brookes University registered students, who have passed all nine ACCA Fundamentals papers, completed the ACCA Professional Ethics module and passed the Oxford Brookes University Research and Analysis Project. For full requirements and details of the degree see www.accaglobal.com/ students/bsc The Privy Council in the UK is responsible in the UK for approving an institution as competent to grant degrees and has approved Oxford Brookes University as such. The Quality Assurance Agency (QAA)

is the body responsible to the UK Governments Department of Education and Skills for assuring the quality of UK Higher Education. Universities within the UK are subject to regular inspection by the QAA. The QAA has produced a set of National Framework Qualification Descriptors for all levels of award in higher education and the BSc in Applied Accounting conforms to these descriptors for the honours level degree (which is a higher academic standard than an ordinary level degree). The QAA has also provided a set of ‘Benchmark Statements’ for degrees including accounting. The BSc programme outcomes are primarily referenced to the UK QAA Accounting Benchmark Statement but are also referenced to the recognised capabilities as a professional accountant as identified by such regulatory and advisory bodes as the International Federation of Accountants (IFAC). The ACCA Fundamentals papers (F1–F9) are also Oxford Brookes University papers. The university takes a full part in the quality assurance of these papers, employs examiners who set the papers, employs other personnel to specifically quality control papers and takes part in the marking and assessment process and reviews processes in relation to the exam papers. The degree is, therefore, a full honours degree and is equivalent to all other Oxford Brookes University bachelors honours degrees.

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IN APPLIED DEGREE
EXPLANATION OF PLAGIARISM AND HOW TURNITIN DETECTS IT
Plagiarism is an issue of great concern which has been around for centuries and has been intensified by the increasing use of information made available on the internet. Plagiarism is taking someone else’s work and using it as if it was your own. There are a number of ways to avoid plagiarising such as providing proper acknowledgment or documentation when you use the work or words of others. Improper use of referencing is considered to be a form of cheating and may be subject to disciplinary action. ACCA and Oxford Brookes University take misconduct for the Research and Analysis Project very seriously and plagiarism is thought to be the most common example if misconduct. Students must follow the correct referencing procedures or they could find themselves being heavily penalised. Forms of plagiarism are noted below: ¤ Plagiarism: taking another person’s thoughts/concepts and presenting them as your own without properly referencing the source. ¤ Impersonation: presenting work where you are pretending to be another student or presenting it on behalf of someone else. ¤ Substitution: presenting another person’s work as if it was your own. ¤ Duplication: submitting work for assessment that is the same as work submitted at a previous period, without acknowledgement. ¤ Collusion: a secret agreement with others for a deceitful purpose, such as copying or sharing another student’s work. Both collusion and collaboration are unacceptable. ¤ Falsification: invention of data, their alteration or inventing quotations and references. DETECTING PLAGIARISM OBU markers take a number of actions to detect plagiarism. One method is the detection software tool called Turnitin. Turnitin is a web-based text-matching tool that supports students in the development of good academic practice when preparing written work for assessment. Turnitin allows OBU staff to check students’ work for improper use of sources or potential plagiarism by comparing it against continuously updated databases (including web pages, publications and student work). Turnitin produces a report for each submitted piece of work that indicates all the matches in the student’s assignment to the web-based sources on its database. If the report demonstrates a significant proportion of matches within the database, OBU staff will assess the extent of plagiarism. The university can fail a student on plagiarism grounds through the Disciplinary Committee after the case has been proved. OBU may then decide to forward the case to ACCA with all the relevant evidence for possible disciplinary action. OBU has a vigilant project marking team who use their expertise to detect cases that they feel demonstrate elements of plagiarism or poorly referenced work. The team follow a marking criteria which clearly states that referencing should be used within a students project in order to meet the ‘graduate skills’ section required to pass the Research and Analysis Project. Students are reminded that they have a code of conduct to adhere to and by cheating in their Research and Analysis Project they are breaking this code.

OXFORD BROOKES UNIVERSITY HAS A VIGILANT PROJECT MARKING TEAM WHO USE THEIR EXPERTISE TO DETECT CASES THAT THEY FEEL DEMONSTRATE ELEMENTS OF PLAGIARISM OR POORLY REFERENCED WORK.

36 TECHNICAL

OBU BSc (Hons): AND PREPARING
RELEVANT TO ALL ACCA STUDENTS
Your mentor is potentially a very useful source of support and guidance in the preparation of a successful Research and Analysis Project (RAP). Some of you will be allocated a mentor by your college. Others will have to find a mentor, who may be either an ACCA member, your employer or line manager. The points outlined below should help you to get the most from your mentor and give you a better chance of attaining a good pass. UNDERSTANDING ROLES AND RESPONSIBILITIES A mentor is an experienced adviser who provides guidance and support to you while you are engaged in the process of planning, preparing and submitting your RAP In addition, the mentor . confirms to Oxford Brookes University Business School that: ¤ s/he has acted as your mentor ¤ the submitted project is your own work ¤ you participated in the required three meetings (normally lasting some 30 minutes each), provided a progress report on your research report, and delivered a presentation on your research report.

A MENTOR IS AN EXPERIENCED ADVISER WHO PROVIDES GUIDANCE AND SUPPORT TO YOU WHILE YOU ARE ENGAGED IN THE PROCESS OF PLANNING, PREPARING AND SUBMITTING YOUR RAP.
Your mentor is not required to have specialist knowledge of your chosen project topic. Your mentor should understand the guidance which is available to students and it is in your own interests to ensure that your mentor has access to the guidance provided in the information pack. You should also note that your mentor is not involved in the assessment of your RAP . Your mentor is not your tutor, and it is not part of the mentor role to coach you in ‘how to pass your RAP’. You should not expect to receive detailed advice on the structure and content of your research report, the Skills and Learning Statement or the assessment criteria. All of this is available to you in the information pack, and it is your role to be fully aware of all this information which is designed to help you in compiling your RAP . Your mentor will encourage you to think about what you are planning to do, and ask probing and challenging questions which will both test your understanding of what is required and how you propose to meet your project objectives. Your mentor will also give you constructive feedback on what you have done or are proposing to do. In addition your mentor will encourage you to consider your own strengths and weaknesses and to reflect on the process of undertaking the RAP and , what you have learned as a result. You should look carefully at the attributes of an effective project mentor contained in the information pack, and take them into account when finding a project mentor. UNDERSTANDING THE REQUIREMENTS OF THE RAP The information pack contains all the relevant details regarding the RAP . You should read it carefully and make sure that your mentor has had an opportunity to read it before you meet. A graduate in applied accounting is required to demonstrate that s/he possesses both technical capabilities and has appropriate personal/transferable skills. The ACCA Fundamentals stage exams fulfil the required technical aspects.

STUDENT ACCOUNTANT ISSUE 12/2010

37

PLANNING YOUR RAP
However, the exams do not fulfil all the requirements of the personal/ transferable skills which a graduate would be expected to have on completion of a degree programme. These transferable skills are those of: ¤ problem solving/analysis and evaluation ¤ communicating effectively, both written and oral ¤ self-managed learning ¤ completing an independent research project ¤ information gathering and referencing of information sources ¤ using information technology ¤ reflecting on learning and its impact on future professional development and employment roles. The OBU RAP consisting of a research , report and a Skills and Learning Statement (SLS) has been developed to bridge this gap between the outcomes of a professional programme of study and an undergraduate programme of study. Successful completion of the RAP will mean that you have demonstrated that you possess the requisite personal/ transferable skills. On successful completion of the ACCA Fundamentals papers, the Professional Ethics module and the OBU RAP you will be awarded the BSc Honours degree in Applied Accounting. You should be able to explain this to your mentor. The OBU RAP is a form of guided enquiry; the learner (you) chooses a topic from an approved list, and benefits from guidance contained in the information pack, and that received from the mentor. The RAP requires you to reflect on what you have done and how you did it, and, therefore, derive the benefit of learning from your experiences. In this process, the mentor both encourages and supports your initiative while ensuring that the overall responsibility for learning is yours! On successful completion of the RAP you should be a more reflective and thoughtful practitioner, better equipped to meet your future professional development needs. RECOGNISE AND ACKNOWLEDGE THE BENEFITS OF MENTORING As a student, you can derive a number of important benefits from the mentoring process. It can help you to improve your skills in critical thinking, as you have to explain, and justify if questioned, what you are doing or proposing to do and why. It can also assist you in developing reflective skills, as you will need to think about the meetings with your mentor, and reflect on what went well/less well, and why. The support and guidance provided by your mentor can help you to sustain both the interest and motivation required to do well in your RAP – plus you have the opportunity to develop independent learning skills in a supportive environment.

THE RAP REQUIRES YOU TO REFLECT ON WHAT YOU HAVE DONE AND HOW YOU DID IT, AND, THEREFORE, DERIVE THE BENEFIT OF LEARNING FROM YOUR EXPERIENCES. IN THIS PROCESS, THE MENTOR BOTH ENCOURAGES AND SUPPORTS YOUR INITIATIVE WHILE ENSURING THAT THE OVERALL RESPONSIBILITY FOR LEARNING IS YOURS.

38

TECHNICAL

It may help you to think about the potential benefits of mentoring for the mentor. The mentoring process is increasingly one which is used by managers as a form of staff development, and thus experience in a mentoring role may be useful to the mentor in terms of personal, and perhaps subsequently, career development. The mentoring process develops communication and interpersonal skills, and assists in the development of skills in monitoring and giving feedback on the work of others – which is very useful to those who have responsibilities for managing staff. Mentors usually find that there is a great deal which they can, and do learn from the process – and knowing that this is the case may help you to learn effectively from the mentoring process.

PREPARE AND PLAN The old sayings ‘If you fail to prepare, then prepare to fail’ and ‘poor planning and preparation produces poor performance’ are true. Your starting point should be to read, and make sure you understand, the information provided in the information pack on the ACCA website. You should also check to see whether your mentor has a copy of this information, and either advise where it can be obtained or provide a copy. The OBU process model is a very useful planning tool which you might want to use – you can fit dates/times to activities and establish a timeline for your project work, including dates of meetings with your mentor, which you will need to agree with your mentor. You should think carefully about your choice of project topic, and of the reasons for your choices; your mentor is likely to ask you about this at your first meeting. It will also help if you set an agenda for mentor meetings, and set objectives for these meetings so you know what it is you intend to achieve at that meeting. You should also be prepared to take notes at your mentor meetings, and try and reflect on and identify what went well/badly afterwards.

If you do use this ‘learning diary’ approach when working on your RAP , it will be of great assistance to you when you are writing up your Skills and Learning Statement. The mentoring process can be, and usually is, rewarding for both mentor and student. Given the pressures of busy workloads, and the demands of other commitments, it is important that you take all steps to ensure that the interactions with your mentor are both productive and satisfying – both for you and your mentor. Taking due note of the points outlined will help you to gain the most out of the benefits from the mentoring process. Alastair Neilson is marker/moderator OBU Business School

THE MENTORING PROCESS CAN BE, AND USUALLY IS, REWARDING FOR BOTH MENTOR AND STUDENT. GIVEN THE PRESSURES OF BUSY WORKLOADS, AND THE DEMANDS OF OTHER COMMITMENTS, IT IS IMPORTANT THAT YOU TAKE ALL STEPS TO ENSURE THAT THE INTERACTIONS WITH YOUR MENTOR ARE BOTH PRODUCTIVE AND SATISFYING.

RESOURCES
EXAM RESULTS BY EMAIL
If you have not yet registered to receive your results by email, you can do this by visiting https:// www.acca-business.org and ensuring a current email address is recorded, then insert a tick in the relevant box

Contact us – ACCA Connect opening hours

40 QUESTIONS?

40 FEES

43 ON-SCREEN MARKING

2010 subscription fees

41 IMPORTANT INFORMATION

From the June 2010 session, all papers will be marked on screen

New students, ACCA and CAT paper streams, and exam results

43 RULES AND REGULATIONS

ACCA Bye-laws and regulations

NCE ERIE) ition EXP PER ’s Tu AL e t CCA CTIC MENT ( chieve th to A y are no . Visit RA IRE rs P U a CA ip: ribe tor EQ ut how to embersh ubsc er Direc ed by AC dents R S o m tu id . ov
Find or ACCA aglobal er f c PER www.ac s/acca/p t visit studen / com Prov tly appr al.com/s n b curre accaglo re . www d out mo to fin

40

RESOURCES

ACCA CONNECT

FEES

students@ accaglobal.com +44 (0)141 582 2000

Annual subscription – 2010 Please note as a student you are required to pay an annual subscription for each year you are registered with ACCA. This is a separate fee to your initial registration fee. Your annual subscription is due on 1 January – irrespective of the month you registered. For example, if you registered in December, you will still be required to pay an annual subscription by 1 January. The payment enables ACCA to provide you with services and support to assist you with your studies and training as you work towards gaining your qualification. Students who fail to pay fees when due (including exam/exemption fees), will have their names removed from the ACCA register. Students wishing to re-register are required to submit any amounts unpaid at the time of their removal in addition to the re-registration fee. No penalty fee will be charged. Confirmation of your unpaid fees can be obtained from your national ACCA office or ACCA Connect. The following fees and subscriptions apply: CAT students Initial subscription Re-registration Annual subscription Introductory Level exam Intermediate Level exam Advanced Level exam/exemption ACCA Qualification and MSER students Initial subscription Re-registration Annual subscription Knowledge exam/exemption Skills exam/exemption Professional exam *plus unpaid fee(s) Affiliates Annual subscription Permanent subscription £60 *£60 £60 £38 £38 £49

For all enquiries, simply contact ACCA Connect – our global customer service centre. However you want to contact us, by phone, fax, email or post, one of our expert advisers will be happy to assist you. MONDAY TO THURSDAY Open 21 hours (closed 20.00 to 23.00) FRIDAY Open 20 hours (closed 20.00 to midnight) SATURDAY Closed SUNDAY Open 09.00 to 17.00 and 23.00 to midnight (all times based on GMT/BST as appropriate) ACCA Connect 2 Central Quay 89 Hydepark Street Glasgow G3 8BW United Kingdom tel: +44 (0)141 582 2000 fax: +44 (0)141 582 2222 email: [email protected] website: www.accaglobal.com

£69 *£69 £69 £55 £69 £81

£99 £189

Don’t forget to pay your fees on time. Dates by which fees and subscriptions must be paid and arrangements for payment are included in your ACCA welcome pack.

STUDENT ACCOUNTANT ISSUE 12/2010
Are your contact details up to date? https://www.acca-business.org

41

IMPORTANT INFORMATION
NEW STUDENTS Applications are normally processed within four to six weeks of receipt in the Glasgow office. Forms handed in to national ACCA offices or Joint Scheme offices will be forwarded to Glasgow. Students who apply to register online can track the progress of their application on the e-business website at https://www.acca-business.org New students should allow adequate time for processing and receiving official confirmation of their registration. Carefully read the information that you receive with your post-registration pack to ensure all details have been recorded correctly. You should expect to receive: a student registration card, a welcome to ACCA letter, a profile letter detailing a summary of your data held by ACCA, and an exemption notification if applicable. TRANSFER TO THE ACCA QUALIFICATION Students completing the exam element of the Certified Accounting Technician Scheme are eligible to transfer to the ACCA Qualification with exemption from Papers F1, F2 and F3. This transfer is automatic for all students who stated on their initial Technician Registration Form that they wished this to take place. Such students are eligible to take the next session of the ACCA Qualification exams. If you indicated on your application that you did not wish this transfer to take place, a separate application will be required should you subsequently decide to attempt the ACCA Qualification exams.

STUDENTS COMPLETING THE EXAM ELEMENT OF THE CERTIFIED ACCOUNTING TECHNICIAN SCHEME ARE ELIGIBLE TO TRANSFER TO THE ACCA QUALIFICATION WITH EXEMPTION FROM PAPERS F1, F2 AND F3. THIS TRANSFER IS AUTOMATIC FOR ALL STUDENTS WHO STATED ON THEIR INITIAL TECHNICIAN REGISTRATION FORM THAT THEY WISHED THIS TO TAKE PLACE.
ACCA QUALIFICATION VARIANT/ ACCOUNTING AND AUDITING PAPERS The tax and law variants allocated to you at the time of registration are indicated on your profile letter. You can view your full profile at myACCA. You can select the accounting and auditing standards that you wish to be examined in at the time you enter for your exams. Should you wish to change the tax or law variant for the forthcoming session, you can do so as part of online exam entry or by including a request when submitting your Examination Entry Form. Amendments can be accepted up until the exam entry closing date for the next session, ie 15 April for the June exams and 15 October for the December exams. CAT VARIANT/ACCOUNTING AND AUDITING STREAMS The variant and stream allocated to you at the time of your registration are indicated on your profile letter. You can also view this at myACCA. All exam options are calculated based on the variant/stream information held on file for you at the date of issue of the entry form. Should you wish to change a variant paper, please confirm this in writing. If you would like to change your stream, you can do so at the time of exam entry or online via the e-business facility. Amendments can be accepted up until the standard exam entry closing date for the next session, ie 15 April for the June exams and 15 October for the December exams. EXAM RESULTS Results for the June 2010 exams will be sent to students in August 2010. If you have not yet registered to receive your results by email, you may now wish to do so. You can do this by ensuring that you have an up-to-date email address recorded on our website at https://www. acca-business.org then simply insert a tick in the relevant box. Once you have registered to receive your exam results via email, ACCA will continue to send exam results/status reports to you at subsequent sessions until you complete the ACCA exams or unsubscribe from this service. For further information on exam results, visit www.accaglobal. com/students/faqs/exam_results

TO RECEIVE YOUR EXAM RESULTS BY EMAIL, TICK THE RELEVANT BOX AT HTTPS:// WWW.ACCA-BUSINESS.ORG

STUDENT ACCOUNTANT ISSUE 12/2010
Find out about practical experience requirements www.accaglobal.com/students/acca/per

43

ON-SCREEN MARKING
ON-SCREEN MARKING FOR EXAMS – IMPORTANT INFORMATION As an organisation which has innovation as one of its core values, ACCA is committed to utilising the latest technology to provide services and support to students. The number of ACCA students taking exams has increased significantly over the years and using on-screen marking will ensure our exam results service can be delivered within the existing timescales. Following successful pilots in June and December 2009, from the June 2010 session all papers will be marked on-screen rather than on paper and, as a result, the way you complete your script has changed. What does this mean for you? Primarily it means there is less form filling as you won’t have to complete your details on a Candidate Registration Sheet (CRS) as well as your script booklet as these two documents are now combined in a new-look candidate answer booklet. In addition you will be asked to write your name on the front of the new Candidate Answer Booklet. This page is not presented to the markers at any stage. It will only be visible to ACCA staff when resolving any queries that could potentially arise. It has always been important to read and follow exam instructions carefully; however, it is vital now that ACCA is using this new technology. There are critical instructions to follow in order that your exam paper can be marked correctly using the new on-screen technology. You will be reminded of these instructions again on the day of the exam. Please read the important instructions that you will receive on exam day on page 30 on page of the May issue of Student Accountant.

OXFORD BROOKES BSc (HONS)
Students completing certain papers of the ACCA Qualification are eligible to apply for a BSc (Hons) in Applied Accounting from Oxford Brookes University. The degree must be completed within 10 years of your initial registration on to ACCA’s professional qualification; otherwise, your eligibility will be withdrawn. Check your eligibility status at www.accaglobal.com/ students/bsc/. The dates below outline the forthcoming deadlines for completing the qualifying exams and the last opportunity to submit your Research and Analysis Project (RAP): First session (1) Final session for completing the qualifying exams (2) June 2000 December 2009 December 2000 June 2010 Final date for submission of RAP May 2010 November 2010

RULES AND REGULATIONS
ACCA’s disciplinary procedures cover matters such as professional misconduct, misconduct in exams and breaches of regulations which include any actions likely to bring discredit to you, ACCA, or the accountancy profession. The rules governing disciplinary procedures for students (and members) are set out in ACCA’s Bye-laws and Regulations. All registered students are bound by these Bye-laws and Regulations. Further enquiries about matters which may be subject to disciplinary procedures, can be directed to our Professional Conduct Department at our London office in the UK. ACCA’s Rulebook is available for reading online, or at ACCA offices. Visit www.accaglobal. com/students/rules/ for more information.

Notes 1 First applicable exam session as confirmed at the time of your initial registration with ACCA. 2 Completion of Fundamentals level exams. Professional Ethics module Students wishing to submit their Research and Analysis Project (RAP) must complete the Professional Ethics module. For more information visit www.accaglobal.com/ students/bsc/

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