Qualifying learners should be able to:
1.
Outline the role and principles of financial accounting and reporting.
Record, handle and summarise accounting data.
Prepare financial statements for sole traders, clubs, partnerships and limited companies.
Discuss the accounting treatment of fixed assets, current assets, liabilities, goodwill, research and development, contingencies and post balance sheet events (including certain SSAPs and FRSs).
Interpret and use financial statements.
Explain the nature, principles and role of auditing.
2.
Identify the main sources of law and explain how legal rules emerge in the legal system.
Describe in outline the various statutes which affect the accountant’s work.
Explain the general principles of the law of contract.
Discuss the major legislative and common law principles which govern employment relationships.
Appreciate the formation of a company, covering share and loan capital.
Explain the management and administration of a company with respect to directors, company secretaries, and auditors and company meetings.
Identify the important external regulatory bodies.
3.
Discuss the role of cost and management accounting and quantitative analysis within the organisation.
Describe and apply the principles relating to the costing of the different resource inputs to a business.
Demonstrate output costing methods appropriate to a variety of different businesses.
Illustrate and evaluate absorption and marginal costing methods formulate a problem in mathematical terms, solve the problem and be able to interpret the results.
Understand and apply statistical techniques, including methods of presentation, which are appropriate in a business environment.
4.
Describe the nature and purpose of the main types of organisation and distinguish between different forms of organisational structure.
Outline the nature and purpose of the strategies, values and policies which operate in organisations.
Describe the nature of management and management styles.
Explain the role of communication in organisations.
Discuss the problems of scarcity and choice in the use of resources.
Outline the Monetarist and New Classical views of the economy and contrast with Keynesian perspective.
Explain the causes of unemployment, inflation and economic growth;Outline the objectives of macro-economic policy.
Appreciate the importance of international trade, the effects of changes in the exchange rates and balance of payments to the performance of the business.
Explain the impact of changes in technology on organisations.
Explain how the socio-cultural and political environment affects the way in which organisations conduct themselves.
5.
Analyse and evaluate information in the workplace.
Apply concepts and principles flexibly in a variety of circumstances in the workplace.
Identify, define and rank problems in the workplace.
Interpret results in the workplace.
Criticise proposed solutions or practices in the workplace.
6.
Describe different types of information systems, with particular reference to financial systems, and understand their role in the decision-making process and their relationship to the organisation.
Describe and apply the main tools and techniques of systems analysis and design.
Evaluate the performance of information systems.
Describe systems for security of data and applications.
Describe the tools available to assist in the efficient project management.
Discuss the procedures to enable systems maintenance to be carried out in an accurate and timely manner.
7.
Explain the nature, purpose and scope of an audit.
Outline and explain the purpose of the regulatory framework within which the auditor works, including the ethical and statutory considerations.
Describe the audit procedures undertaken in the planning stage of an audit.
Explain the methods for collecting and evaluating audit evidence.
Discuss the nature of internal controls, the procedures required to evaluate control risk and use of compliance testing.
Explain the nature of audit sampling.
Describe the nature of the audit of computerised systems.
Explain the significance of management letters.
Perform substantive testing on balance sheet items.
Review subsequent events, going concern status, management representations and the truth and fairness of financial statements.
Prepare an audit report and understand the form and implications of audit qualifications.
8.
Discuss the operation of the UK tax system.
Compute the income tax liabilities arising on individuals and unincorporated businesses.
Compute corporation tax liabilities for individual companies.
Compute the chargeable gains arising on individuals and corporate tax payers.
Minimise/defer tax liabilities by identifying/applying relevant exemptions, reliefs and allowances.
Explain the impact of National Insurance contributions on individuals.
Outline the principles and scope of Value Added Tax.
9.
Apply management accounting techniques in planning, control and decision-making situations and interpret information available from their use.
Explain current practical methods used in making financial management decisions and the influence of the environment on such decisions.
Appreciate the nature and scope of working capital management.
Identify appropriate sources of finance for particular situations and assess the impact upon capital structure.
Appraise capital investment through use of appropriate methods and techniques and allow for the effects of tax, inflation, risk and uncertainty.
10.
Integrate that knowledge effectively and use it creatively in applying concepts and techniques.
Analyse and interpret data and information and present reasoned conclusions.
Diagnose and formulate appropriate solutions to problems which indicate commercial awareness.
Exercise judgement drawing on technical, political and commercial awareness in developing and evaluating alternatives and in proposing solutions.
Adapt to new systems and circumstances.
Communicate analyses and conclusions effectively and with sensitivity for different purposes and to contrasting audiences with due emphasis on social expectations.
11.
Review the objectives of management accounting and its role as part of a business information system.
Explain the meaning of and the accounting implications of trends in management accounting such as world class manufacturing and total quality management.
Explain the nature of information, its sources and analysis required for the operation of a management accounting system.
Describe, illustrate and comment on the planning and control uses of standard costing, budgeting and variance analysis.
Identify relevant costs and appropriate techniques for decision-making and use them in various decision-making situations.
Identify, discuss and implement a range of product-pricing methods applicable in particular market situations.
Discuss the characteristics of strategic management accounting decisions.
Discuss the performance measures appropriate to different business situations.
12.
Prepare financial statements in a form appropriate for use by various interested parties – partnerships, branches, joint ventures, single and group companies.
Appraise the theoretical and regulatory accounting framework, including all extant SSAPs and FRSs.
Analyse and interpret financial and related information and produce reports to meet the needs of internal and external users.
Understand and implement advanced auditing practice and procedures.
13.
Display an awareness of the impact of all major taxes on the transactions of individuals, partnerships and companies and apply that knowledge to practical situations involving computation, explanation, discussion and advice.
Appreciate the importance of taxation in personal and corporate financial planning and decision-making.
Demonstrate an understanding of the regulations associated with the provision of suitable investment advice to individuals.
Identify opportunities to minimise potential tax liabilities by making full use of available options, reliefs and exemptions.
14.
Identify the principal ideas and concepts in the theory and practice of strategic management.
Assess the impact of environmental forces on organisational strategies and plans.
Understand the importance of linking information systems development and management to business goals and needs.
Explain how information systems can be managed and developed.
Evaluate ways in which change may be managed successfully.
Plan projects and allocate resources in an optimum way.
Evaluate the strategic role of marketing.
Understand the manager’s role and responsibilities in relation to the working environment.
Assess the importance of human resource development to organisations and identify methods of managing people effectively.
Improve communication skills as well as demonstrate the other skills expected at the Professional Stage.
Use given financial information to diagnose a strategic situation and to assess strategic options.
15.
Appraise critically and be aware of issues/reasons leading to the publication of a discussion draft (DD) or financial reporting exposure draft (FRED), SSAP or FRS.
Apply a DD or a FRED in a typical situation.
Interpret and apply SSAP’s and FRS’s in a working environment.
Analyse and appraise accounting information and prepare reports.
Prepare financial statements for complex business transactions (reorganisations, demergers, group cash flow, business combinations, dissolutions).
Discuss current issues in auditing and the auditing implications of complex group structures.
Demonstrate the ability to work within the ethical and professional framework.
16.
Understand the concepts behind available theoretical models and assess the relevance of developments in financial management theory to an enterprise.
Select the techniques most appropriate to optimise the employment of resources including the most effective method of financing.
Understand the workings of the financial system and evaluate alternative sources of finance and assess investment possibilities.
Understand the treasury management function, in particular the working capital aspects and international considerations.
Integrated assessment:
All assessment is summative and based on written examinations. Formative assessment is encouraged as part of the learning process in colleges. At each stage of the examination, candidates are required to complete a choice of compulsory and optional questions. At Foundation Stage, the format of the questions may be either knowledge-based or problem-based. At Certificate Stage, questions will be based on practical scenarios and require more complex problem solving skills. At Professional Stage, questions are designed to assess learners’ apply their knowledge in an integrated manner to complex managerial and professional problems. The pass mark for all papers is 50%.
The examination papers are closely integrated with ACCA practical experience requirements. To qualify as a member of ACCA, learners must pass the examinations and meet ACCA’s practical experience requirements.
In order to meet ACCA’s practical experience requirements, learners must obtain a minimum of three years’ supervised accountancy experience and meet the minimum competence requirements for membership. Learners are required to demonstrate their practical experience by recording details in the Learner’s Training Record, which is assessed by the learner’s workplace supervisor.
As part of its quality control procedures, ACCA reviews a significant number of Learner Training Records each year to ensure that the experience recorded is an accurate reflection of the work undertaken and competence demonstrated. Failure to comply with this review process may lead to the learner’s work experience not being recognised for membership purposes.
Leave a Reply
You must be logged in to post a comment.