2016 acca changes and opportunities get ready!online.globaltraining.org/downloads/acca is changing...

2016 ACCA CHANGES AND

OPPORTUNITIES – GET READY!

Summary by Globaltraining

www.globaltraining.org 1

Contents

Page

Exam Sittings 3

Exam Period 4

Completion Time Limits 5

P Paper Changes 6

New PER Policy - Summary 7

New PER Policy - Detail 9

Globaltraining’s Approach To The Challenges Ahead 13

Guaranteed Pass Scheme 14

University of London – MSc in Professional Accountancy 15

Oxford Brookes University – BSc in Applied Accounting 20

Contact Details 23


In previous years, ACCA exams could only be sat in June and December.

From 2016:

F5-F9 and P1-P7 exams can be sat in: March, June, September and

December.

F1-F4 will be available in paper-based format only in June and

December. However, these exams can be sat at anytime via Computer-

Based Exams. You can find your nearest Computer-Based Exam center

here.

Local Variants (i.e. of F4, F6 and P6) will only be offered during the

June and December exam sessions.

Exam Sittings


http://www.accaglobal.com/uk/en/student/exam-entry-and-administration/computer-based-exams/cbe-centre-list.html

Exams will now take place over one week, as follows:

March/September:

June/December:

WARNING: Be very careful about which papers you choose to ensure they are not

examined on the same day. For example, students used to regularly sit P3 and P6 together

but now this will not be possible.

Exam Period

MONDAY TUESDAY WEDNESAY THURSDAY FRIDAY

F8 F7 F5 F6 (UK/MYS/SGP) F4 (MYS/SGP)

P7 P2 P1 P3 F9

P5 P6 (UK/MYS) P4

MONDAY TUESDAY WEDNESAY THURSDAY FRIDAY

F2 F7 F5 F3 F1

F8 P2 P1 F6 F4

P7 P5 P3 F9

P6 P4


The ACCA previously had a 10 year limit to complete all your exams. This

will be replaced with the following:

• No time limits for passing the Fundamental Papers

• 7 Years to pass the Professional Exams

The 7 year time limit starts when a student passes his/her first P

Level Exam

If you do not pass all P levels within seven years, you will only have

to re-sit the P level exams which you passed over seven years ago

For example, if you passed your P1 paper in September 2016, and

complete all your P papers in December 2023 (7 years and 3

months later), you will only be required to re-sit P1.

Completion Time Limits


Students are now able to take their Professional Level exams in any

order!

However, the ACCA recommends that you take the P papers in numerical

order (i.e. P1, P2, P3 etc.) as they have been designed to build students

knowledge for each stage.

For example, students who take P7, should continue to take P2 in

advance of, or at the same time, as for the P7 exam. As P7 requires P2

knowledge.

P Paper Changes


Note: This is relevant to students who are not with an ACCA Approved

Employer.

New PER Policy - Summary

Summary Of The PER Changes

Existing PER Policy New PER Policy

9 Essentials To Be Completed 5 Essentials To Be Completed

4 From 11 Options To Be Completed 4 From 15 Technicals To Be Completed

3 Challenge Questions For Each Performance Objective

1 Reflective Statement For Each Performance Objective

500 Words For Each Challenge Question 300 Words For Each Reflective Statement


• The Professional Ethics Module and 36 months of relevant practical

experience will still need to be completed

• All employment information recorded in my experience will be

transferred over to the new system

• The title Workplace Mentor will be changed to Practical Experience

Supervisor

• All performance objectives so far achieved and signed will be

automatically transferred over – a corresponding performance

objective you will be awarded under the new PER policy

• Any performance objective exemption claimed on the basis of working

for an ACCA Approved Employer will also be transferred to the new

recording system

New PER Policy - Summary


New PER Policy – Detail

ESSENTIALS

EXISTING PER POLICY NEW PER POLICY

1: Demonstrate the application of professional ethics,

values and judgement 1: Professionalism and ethics

5: Communicate effectively

6: Use information and communications technology

2: Stakeholder relationship

management

8: Improve departmental performance 3: Strategy and innovation

2: Contribute to the effective governance of an

organisation

3: Raise awareness of non-financial risk

4: Governance risk and control

4: Manage self

7: Manage on-going activities in your area of

responsibility

9: Manage an assignment

5: Leadership and management



OPTIONS/TECHNICAL


n/a 6: Record and

process transactions and events

10: Prepare financial statements for external purposes 7: Prepare external financial

reports

11: Interpret financial transactions and financial

statements

8: Analyse and interpret financial

reports

15: Evaluate potential business/investment

opportunities and the required finance options

9 Evaluate investment and

financing decisions

16: Manage cash using active cash management and

treasury systems

10: Manage and control working

capital

n/a 11: Identify and manage financial

risk



OPTIONS/TECHNICAL


12: Prepare financial information for management 12: Evaluate management

accounting systems

13: Contribute to budget planning and production 13: Plan and control

performance

14: Monitor and control budgets 14: Monitor performance

19: Evaluate and compute taxes 15: Tax computations and

assessments

20: Assist with tax planning 16: Tax compliance and

verification

n/a 17: Tax planning and advice



OPTIONS/TECHNICAL


17: Prepare for and collect evidence for audit 18: Prepare for and plan the

audit process

Both 17 and 18 required 19: Collect and evaluate

evidence for an audit

18: Evaluate and report on audit 20: Review and report on the

findings of an audit


Since 1991 Globaltraining have been leaders in financial professional

education across Europe and Online. We have trained thousands of

students who have achieved their professional dreams and gone on to

become partners, CEOs, Entrepreneurs and more.

We run classroom ACCA training courses in Cyprus, Greece and

Romania, and to the world via our online learning platform.

We believe that the newly introduced four exam sittings can be a benefit

for students, and we recommend that students start to sit less exams

more often. For example, in the past students usually attempted 2 exams

in June, however we now recommend you sit 1 in March and 1 in June.

Our online courses start every 3 months – ideal for the new sittings!

To learn more about our courses please visit: online.globaltraining.org

Globaltraining’s Approach To The Challenges Ahead


https://online.globaltraining.org/?utm_source=Globaltraining&utm_medium=ACCAPDF&utm_term=Online&utm_content=ACCAChanges&utm_campaign=ACCA-Mar16

In case a Globaltraining student does not pass an exam, he/she will be

entitled to receive Free of Charge the same course in the following

semester provided that he/she:

1. Accessed at least 90% of online materials available on the

platform for the related package.

2. Sat no more than three papers during the examination sitting in

which you have failed the course. You will need to submit

evidence of examination failure.

3. Passed the marked progress test and mock exam with at least

50%.

Guaranteed Pass Scheme


You can place yourself at the forefront of ground-breaking change by

studying for the world’s first integrated MSc degree with the University of

London at the same time as taking your professional qualification with

ACCA.

The MSc in Professional Accountancy has been customised with

pathways for ACCA students, affiliates and members, providing a unique

opportunity for career advancement.

University of London - MSc in Professional Accountancy


Program Outline

To obtain the MSc, students will have to complete all Fundamental

Papers, plus the three Essential Professional Papers, and then complete

two extra modules and one project.

Two Extra Modules:

• Strategic Financial Management

(equivalent to P4. Exemptions available)

• Strategic Performance Management

(equivalent to P5. Exemptions available)

One Project:

• The Strategic Financial Project

You can study Online.



Benefits

• The association of two world-leading organisations, ACCA and the

University of London (ranked in the top 20 Universities in the world

and attracts students from 150 countries), is hugely influential to

potential employers

• A combined academic and professional perspective will give you the

leading edge in today's competitive marketplace.

• Exceptional value for money, as the financial investment you will make

towards your ACCA qualification will count towards your MSc degree.

• Flexibility to fit your studies around work, family and personal

commitments.



ACCA and Oxford Brookes University have worked together to develop a

BSc (Hons) Degree in Applied Accounting, which is available exclusively

to ACCA students who wish to obtain a degree while studying towards the

ACCA Qualification.

There are lots of benefits of completing the degree, the main one being a

degree and a professional accounting qualification is a powerful

combination to have, putting you in demand with employers and

increasing your career prospects.

Oxford Brookes University – BSc in Applied Accounting


Entry Requirements

• Be registered with Oxford Brookes University i.e. have opted in to the

BSc degree scheme and hold a suitable English language

qualification before passing any of the three ACCA Fundamentals papers,

F7, F8 and F9

• Successfully complete all nine Fundamentals Level papers

• Complete the ACCA Professional Ethics module

• The degree must be completed within 10 years of your initial

registration onto ACCA's professional qualification.



Completion Requirements

• Complete a Research and Analysis Project (7500 words)

• Complete a Skills and Learning Statement (2000 words)

• Contact an Oxford Brookes University Registered Mentor to supervise

your work

Notes:

• Submission periods are in May and November each year

• Globaltraining have Registered Mentors who we can provide to

supervise and sign off your project. Contact Us for more information.



mailto:[email protected]

For any further questions you may have , please contact us at:

Tel: +357 77 77 80 30 (Cyprus)

Email: [email protected]

Web: www.globaltraining.org

Contact Details

Cyprus

Nicosia

46 Makedonitissas Ave,

P.O.Box 24005,

1700 Nicosia

Limassol

92 Ayias Phylaxeos Str,

P.O.Box 51604,

3507 Limassol

Greece

Athens

265 Mesogeion Ave,

Neo Psychico,

Athens

Romania

Bucharest

31A Economu

Cezarescu Street,

Sector 6, 060754,

Bucharest


mailto:[email protected]

http://www.globaltraining.org/

2016 acca changes and opportunities get ready!online.globaltraining.org/downloads/acca is changing...

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