ACCA suggested answers
ACCA suggested answers: 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 suggested answers
A little difference between ACCA and CA
- Both CA and ACCA have almost same course. CA follow Indian accounting standards. ACCA has International accounting standards (IFRS)
- In India Acca is still in growing pace but CA is the most respectable degree of commerce.
- A further difference is mentioned below:
- Relevance:CA from ICAI is the only one qualification that allows a person to practice as a Chartered Accountant in India, while ACCA is the one qualification that can be called a truly global Chartered Accountancy qualification. In India also ACCA students are getting placed easily in Big 4 and MNC’s.
- Toughness: CA being regarded as one of the toughest qualification to pass has its own value and standing. ACCA is by no means easy to pass and Indian students will definitely have to switch from the rote learning methods to one based on understanding and application. But the absence of group system will take away the frustration attached to doing CA and make it easier to pass.
- Cost: Being a UK qualification, ACCA is much more costlier than CA.
- Average salary: Both the profession do not gave much difference in payscale. CA command average salary of 3–9 lakhs pa. On the other hand ACCA command 4–10lakhs pa.
ACCA traces its origin to 1904, when eight people formed the London Association of Accountants to allow more open access to the profession than was available through the accounting bodies at the time, notably the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland. As of 2006, the goal of ACCA is to become the world’s largest global professional body.
Key dates in ACCA history include:
- 1930: London Association of Accountants successfully campaigns for the right to audit companies.
- 1933: London Association of Accountants renamed London Association of Certified Accountants.
- 1939: Corporation of Accountants (Scottish body, founded 1891) merges with London Association of Certified Accountants to become the Association of Certified and Corporate Accountants.
- 1941: Institution of Certified Public Accountants (founded 1903, and incorporating the Central Association of Accountants from 1933) merges with Association of Certified and Corporate Accountants.
- 1971: Association of Certified and Corporate Accountants renamed Association of Certified Accountants.
- 1974: Royal Charter Queen Elizabeth II.
- 1974: ACCA becomes one of six founding members of the Consultative Committee of Accountancy Bodies (CCAB).
- 1977: ACCA becomes a founding member of the International Federation of Accountants (IFAC).
- 1984: Association of Certified Accountants renamed Chartered Association of Certified Accountants.
- 1995: ACCA members vote at an extraordinary general meeting to rename itself Association of Chartered Public Accountants and to introduce the designation Chartered Public Accountant. The Privy Council subsequently rejected this proposal over concerns about the term “public”. It did however agree that any accountancy body bearing a royal charter could use “chartered” as part of its designation.
- 1996: Chartered Association of Certified Accountants renamed Association of Chartered Certified Accountants. Members become entitled to use the title Chartered Certified Accountant (Designatory letters ACCA or FCCA). The Association of Authorised Public Accountants became a subsidiary of ACCA. The group earned its first Queen’s Award, for Export Achievement
- 1998: ACCA’s syllabus formed the basis of the United Nations’ global accountancy curriculum titled Guideline on National Requirements for the Qualification of Professional Accountants, published in 1999. ACCA was a participant in the consultative group that devised this global Benchmark.
- 2001: ACCA received a Queen’s Award for Enterprise in International Trade, recognising ACCA’s growth and its role in 160 countries worldwide.
- 2002: ACCA received its second Queen’s Award for Enterprise in the space of 12 months, in the Sustainable Development category. The award recognized ACCA’s continuing work on social and environmental issues.
- 2009: ACCA members allowed to provide probate services as of 1 August under Probate Services (Approved Bodies) Order 2009 Number 1588.
- 2011 to 2012: ACCA is the first accountancy body to publish an integrated report
- 2014: ACCA members and student numbers reach 600,000 worldwide.
- 2015: ACCA launches M.Sc. in Professional Accountancy with the University of London (UCL)
ACCA suggested answers
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