ACCA subjects: About the organisation- Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA or FCCA). From June 2016, ACCA recorded that it has 188,000 members and 480,000 students in 178 countries. ACCA’s headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of 100 offices and centres and more than 7,100 Approved Employers worldwide, who provide employee development.
The term ‘Chartered’ in ACCA qualification refers to the Royal Charter granted in 1974.
Chartered Certified Accountant is a legally protected term. Individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate, carrying liability insurance and submitting to inspections.
The Association of Authorised Public Accountants (AAPA), one of the British professional bodies for public accountants, has been a subsidiary of ACCA since 1996.
ACCA works in the public interest, assuring that its members are appropriately regulated. It promotes principles-based regulation. ACCA actively seeks to enhance the value of accounting in society through international research. It takes progressive stances on global issues to ensure accountancy as a profession continues to grow in reputation and influence.
ACCA subjects: AIM
To introduce knowledge and understanding of the business and its environment and the influence this has on how organisations are structured and on the role of the accounting and other key business functions in contributing to the efficient, effective and ethical management and development of an organisation and its people and systems.
The syllabus for FAB/F1, Accountant in Business introduces students who may not have a business background, to the business, which as an entity is made up of people and systems which interact with the environment and with each other. The syllabus begins with examining the purpose and types of business which exist, the key stakeholders and the rights and responsibilities that businesses have in connection with them, exploring the external influences that affect the business in its environment, including economic, legal, social and technological factors.
The syllabus then examines the structure and functions of business, focusing on corporate governance and the specific accounting related roles in this process, particularly in financial reporting, assurance, control and compliance. The syllabus then introduces key leadership, management and people issues such as effective individual and team behaviour, motivation and personal effectiveness. The final section of the syllabus examines how behaviour at all levels within business should be underpinned by accepted professional ethics and professional values.
ACCA subjects: MAIN CAPABILITIES
On successful completion of this paper, candidates should be able to:
A) Understand the purpose and types of businesses and how they interact with key stakeholders and the external environment.
B) Understand business organisation structure, functions and the role of corporate governance.
C) Recognise the function of accountancy and audit in communicating, reporting and assuring financial information and in effective financial control and compliance.
D) Recognise the principles of authority and leadership and how teams and individuals are recruited, managed, motivated and developed.
E) Understand the importance of personal effectiveness as the basis for effective team and organisational behaviour. F Recognise that all aspects of business and finance should be conducted in a manner which complies with and is in the spirit of accepted professional ethics and professional values.
ACCA subjects: DETAILED SYLLABUS
A)The business organisation, its stakeholders and the external environment
1. The purpose and types of business organisation
2. Stakeholders in business organisations
3. Political and legal factors affecting business
4. Macroeconomic factors
5. Micro economic factors
6. Social and demographic factors
7. Technological factors
8. Environmental factors
9. Competitive factors
B) Business organisational structure, functions and governance
1. The formal and informal business organisation
2. Business organisational structure and design
3. Organisational culture in business
4. Committees in business organisations
5. Governance and social responsibility in business
C) Accounting and reporting systems, controls and compliance
1. The relationship between accounting and other business functions
2. Accounting and finance functions within business organisations
3. Principles of law and regulation governing accounting and auditing
4. The sources and purpose of internal and external financial information, provided by business
5. Financial systems, procedures and related IT applications
6. Internal controls, authorisation, security of data and compliance within business
7. Fraud and fraudulent behaviour and their prevention in business, including money laundering.
D) Leading and managing individuals and teams
1. Leadership, management and supervision
2. Recruitment and selection of employees
3. Individual and group behaviour in business organisations
4. Team formation, development and management
5. Motivating individuals and groups
6. Learning and training at work
7. Review and appraisal of individual performance.
E) Personal effectiveness and communication
1. Personal effectiveness techniques
2. Consequences of ineffectiveness at work
3. Competence frameworks and personal
4. Sources of conflicts and techniques for conflict resolution and referral
5. Communicating in business.
F) Professional ethics in accounting and business
1. Fundamental principles of ethical behaviour
2. The role of regulatory and professional bodies in promoting ethical and professional standards in the accountancy profession
3. Corporate codes of ethics
4. Ethical conflicts and dilemmas.
This module, which includes papers F1 to F3, is the starting point on your way to achieving your ACCA qualification. Once you’ve passed all 3 papers, you can continue on to the ACCA Skills module.
|F1||AB||Accountant in Business|
Comprising modules F4 to F9, this module examines the principle technical subjects that you’re expected to have an advanced understanding of. These subjects include law, taxation, auditing and financial management, financial reporting and performance management. You will develop knowledge and skills in these subject areas, reaching a level of knowledge equivalent to a Bachelor’s degree.
|F4||CL||Corporate and Business Law|
|F8||AA||Audit & Assurance|
This module is called Essentials as it will provide you with the specialised skills and techniques required to become an expert accountant, either in a consultancy or high-level advisory role. Each of the 3 ACCA papers is assessed with a 3-hour paper-based exam.
|P1||GR&E||Governance, Risk and Ethics|
|P2||CR||Corporate Reporting (UK or International)|
Choose any 2 from 4
This module requires you to select 2 ACCA papers to study from a choice of 4, allowing you to tailor your programme to suit your requirements, interests and career aspirations. 3-hour, paper-based exams will test your knowledge of each paper.
|P4||AFM||Advanced Financial Management|
|P5||APM||Advanced Performance Management|
|P7||AAA||Advanced Audit & Assurance (UK or International)|
ACCA subjects: Exam Regulations
- All modules must be sat in order
- Maximum of four papers to be taken in one sitting
- Papers within a module may be sat in any order but ACCA recommends that they should be sat in numerical order
- Papers from a variety of levels may be sat at any one time. i.e. Knowledge and Skills or Skills and Essentials
- The three Essentials ACCA papers do not have to be sat together
- Students have 10 years to pass all the examinations. From early 2016 students will have 7 years to pass the exams at Professional level (P1, P2 and P3 and two of the options paper P4-P7). The 7 year time limit starts when a student passes their first Professional level exam.
- The pass mark for all examinations is 50%
- In addition to the above 14 papers, students are required to study and sit an on-line module in Professional ethics. It is recommended that this is studied at the same time as P1
- Practical experience required