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DECEMBER 2012
DRAMATIC CHANGES
THE FUTURE OFACCOUNTANTS
INSIDE BDOLIFE FOR ACCA MEMBERSIN ACCOUNTANCY FIRMS
BRAND MASTERINTERVIEW WITH UNILEVER CFO
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UKBAHIGHLY TRUSTEDSPONSOR
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OF BUSINESS&FINANCE
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EdiTORS
CHOiCEWELCOME TO THE DECEMBER ISSUEOF STUDENT ACCOUNTANT
Published by the Certifed Accountants Educational Trust in cooperation with ACCA.
The Council o ACCA and the publishers do not guarantee the accuracy o statements made by contributors oradvertisers, or accept any responsibility or any statement which they may make in this publication.
No part o this publication may be reproduced, stored in a retrieval system, or transmitted in any orm or by anymeans, electronic, mechanical, photocopying or otherwise, without prior written permission o the publishers. CAET 2012 ISSN 14730979
Many o you have been preparing orexams over the last ew weeks and wewish you every success i you are takingexams this month.
In this issue we fnd out how to analyseyour exam perormance straight ater youleave the exam hall. Our Noticeboardsection contains important inormation orthose students taking exams, includingtimetables and regulations.
Our eatures this month include aninterview with the CFO o Unilever who talksabout the challenges o running a globalbrand, an ACCA member and studentemployed at accountancy frm BDO discusstheir working lives.
We also take a look at what the utureholds or accountancy, and how ACCAbelieves it can help shape that uture.
In a bumper Learning Centre, we speakto students around the world to fnd outhow they are progressing through the ACCAQualifcation to membership. We also fnd
out how important it is to be commerciallyand ethically aware.
With exams imminent, the Technicalsection points you towards resources on theACCA website that could help you.
We are always interested in proflingour readers, so get in touch with us [email protected] your details i you want to eature inthe magaine.
We hope that you enjoy this magaineand fnd it useul in helping you along yourACCA journey.
I you have any eedback aboutthe magaine, please email us [email protected]
Victoria MorganEditor, Student Accountantmagazine
I you have any eedback aboutthe magaine, please email us [email protected]
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TECHNICAL | COMMUNICATION
STuDENT ACCOuNTANT | DECEMBER 2012
WELCOME | CONTENTS
36 INSIDE BDO:WORKING LIFE IN ANACCOUNTANCY FIRM
32 CFO INTERVIEW28 THE FUTURE OF
ACCOUNTANTS
40 ACCA CAREERS
fEATuRES
06 GRAPHIC NEWS08 PICTURE NEWS10 NEWS ROUNDUP
DISpATCH
LEARNINGCENTRE
12 PROFILESWe interview twoFoundation levelstudents, two ACCAmembers and an afliate
20 EXAM TECHNIQUE
21 PROFESSIONAL ETHICSMODULE
24 COMMERCIAL
AWARENESS
18 PERFORMANCEOBJECTIVES 18 AND 19
08 10
28
32
36
SA TECHNICAL ARTICLE ARCHIVEAll technical content rom Student Accountantison ACCAs website
pRACTICAL EXpERIENCEWhy not log into your myACCA account to record yourexperience using the online recording tool My Experience?
24
http://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.html -
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Dean Westcott |president
Barry Cooper | Dety president
Martin Turner | Vice president
Helen Brand | Chie Exective
EDITORIAL TEAM
Victoria Morgan | Editor
Glen Patterson |Dety Editor
Jackie Dollar |Design Manager
Jane C Reid |Designer
Kate Jenkinson |Editorial Exective
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Jamie Ambler | Digital Editor
29 Lincolns Inn Fields
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Anthony Kay |prodction Manager
For all advertising-related mattersplease contactNick Willmer:
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CONTACTS
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47 NOTICEBOARDRESOuRCES
ESSENTIALINFORMATIONABOUT ACCA AND
YOUR STUDIESACCA Connect,exam entry,subscriptions,December 2012exam timetable,recording your PER,rules and regulationsand importantinormation aboutthe OBU degreeprogramme
TECHNICAL
41 TECHNICALRESOURCES
Access the technicalarticle archive at: www.accaglobal.com/en/student/publications/sa-archive.html
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TECHNICAL | COMMUNICATION
STudENT ACCouNTANT | DECEMBER 2012
DISpATCH | GRAPHICS NEWS
STuDENT ACCOuNTANT | DECEMBER 2012
CHiNA CHECKSSmall business owners say they
face three main barriers when
doing business in China, accordingto Radar Globals Greenhouse 250,
a new business confidence index
of SMEs in China, Egypt, India,
Malaysia, the Philippines, Thailand
and the UAE.
LOvE LiviNg THERETaking into account healthcare,
education, infrastructure, culture
and crime, the Economist
Intelligence Units Global
Liveability Survey rates Melbourne,
in Australia as the best to live in
among 140 cities. Eight of the top
10 are located in either Australia,
Canada or New Zealand.
Between1980an
d2010,Asiaadde
dmorethan
ONEBiLLiONpe
opletoitscities,
andanother
billionaresettobecityd
wellersby2040.
Asiaisnow
hometoalmosthalfofallurbani
tesontheplanet
.
URBANASiAhashighpopulationdensitiesandmostoftheworldsmegacities;theTHREEmostdenselypopulatedlargecitiesintheworld(Mumbai,CalcuttaandKarachi)andEigHTOFTHE10mostdenselypoplated,areinAsia.
MAiNLANdCHiNAhasurbanised
rapidly.51%
ofitspopulationnow
liveinurbanareascomparedwith
11%61yearsago.
AsiancitiescouldfacilitatethedevelopmentofgREENtechnologies.MainlandChinabecametheworldslargestglobalproducer
ofgreentechnologyin2008.
URBAN MAgNETS dRAg LABOUR OFF THE LANdAsia is home to almost half of the global urban population, and is urbanising at a pace faster than any otherregion. The continent will confront enormous environmental challenges that are already serious, according to theAsian Development Bank report Green Urbanization in Asia.
REdTApE
THE TAxREgiME
HigH COSTOF LABOUR
43%41%
33%
5CALgARY
4TOR
ONTO
2viENNA
1MELBOURNE
3vANCOUvER
In2010,Asiawas
hometooverhalf,or12O
F23,
oftheworldsmegacitie
s(citieswith
morethan10millioninh
abitantseach).
By2025,thenumberofmegacities
inAsiaisexpectedtoinc
reaseto
21OFAgLOBALTOTA
LOF37.
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SiNgApORE SOARS ABOvE HONg KONg ON CORpORATE gOvERNANCESingapore came out ahead of Hong Kong again in a corporate governance survey by the Asian CorporateGovernance Association and CLSA Asia-Pacific Markets that examined 11 markets and more than 800 listedcompanies. Singapore ranked 69th (67th in 2010) and Hong Kong came 66th (65th in 2010).
Singapore Hong Kong Thailand Japan Malaysia Taiwan India South Korea China
6949
5566
58
51
5345
55
SUSTAiNABiLiTY
ATTiTUdES iN
TRANSiTiONCFOs areinvesting more invideoconferencingequipment, datacentreefficiency kit andelectric vehicles,according to Deloittes2012 Sustainability
and the CFO Study.Some 250 CFOs tookpart, from companieswith more than US$1bnin revenue each.
56%
52%
42%
38%
Videoconferencing
Datacentreefficiencykit
KEY20112012Electricvehicles
21%
35%
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DISpATCH | NEWS IN PICTURES
USUS President Barack Obama ispictured in Chicago after winninglast months presidential election
CHINAChinese President Hu Jintaoaddresses delegates in Beijing,
China, at the 18th CommunistParty Congress. The party willuse the event to persuade thenations 1.3 billion population thatit can provide another 10 years ofeconomic growth and social stabilitywhile curbing corruption
JAPANSony chief Kazuo Hirai (left) andOlympus president Hiroyuki Sasapose for the press following theannouncement of a tie-up betweenthe two companies JAPAN
US
CHINA
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ITALYUK PM David Cameronflew to Rome to meethis Italian counterpart,Mario Monti, afterthe latter attackedmoves by the UK andothers to block EUfunds for victims ofItalys earthquake
PAPUA NEW GUINEAPrince Charles ispictured during hisvisit to Boera Village atthe start of a 13-day
tour of the southernhemisphere to markQueen Elizabeth IIsDiamond Jubilee
MALAYSIALegoland Malaysia,which was constructedusing more than 50
million bricks, opens
UKRoberto Di Matteobecomes the latestin a succession ofmanagers at ChelseaFootball Club to besacked, despite theclub securing itsseventh FA Cup andfirst UEFA ChampionsLeague titles duringhis tenure
PAPUA NEW GUINEA
UK
MALAYSIA
ITALY
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DISpATCH | NEWSROUNDUP
G4S INQUIRY SPARKS DEPARTURESA PwC review of G4S has concludedthat the company was capable ofmeeting its contractual obligationsto provide security for the London2012 Olympic and ParalympicGames but failed to do so becauseof the way it handled the contract.Existing management and deliverystructures were not sufficientto meet requirements, says the
report. Both the chief operatingofficer and the managing directorof G4S Global Events resignedin response to the report, andadditional non-executive directorsare being recruited. Former Deloitteglobal chairman John Connolly, whobecame G4S chairman in June, saidthe company accepted responsibility
for its failure to deliver the contract.
LIIKANEN BANKING REFORMSEU banks would be forced toseparate their proprietary tradingand other high-risk trading activitiesunder proposals to the EuropeanCommission from its high-levelexpert group on banking reform.The group was chaired by ErkkiLiikanen, governor of the Bank ofFinland and a former EuropeanCommissioner. The report alsorecommends strengthening bank
governance arrangements andreviewing capital requirementsrelated to trading assets and realestate-based lending. In addition,it calls for further considerationof the use of bail-in instruments non-equity capital that can bewritten off or converted to equitywhere a bank hits problems.
IASB TO REEXPOSE STANDARD
The International AccountingStandards Board will re-exposeproposals for the reform ofinsurance accounting followingsubstantial changes made sincethe original exposure draft waspublished. Feedback will be soughton a limited range of questionson the proposals, with the prompt
finalisation of the standardregarded as a priority. Reformmay substantially affect insurers,particularly mutual insurers.
IPOs ON ICEHong Kong is having its worstyear for initial public offerings(IPOs) in a decade, the South ChinaMorning Postreported in anarticle describing the much-hypedmarket as currently being on ice.Disappointing outcomes of listings,the eurozone crisis and slowing
growth in the mainland have alltaken their toll, compounded by thebad experience of investors wholost money in Hong Kong listings in2011. Peter Burnett, Asian globalcapital markets chairman at UBS,was quoted as saying: There isplenty of cash, there is a history ofgreat deals, but investor confidenceis thin on the ground at themoment. Once that is restored there
will be no shortage of attractiveIPOs. Only 32 IPOs were completedin Hong Kong in the first six monthsof 2012, according to Deloitte.
GREECE TACKLES CORRUPTIONThe Greek government has pledgedto adopt a zero-tolerance policytowards political corruption. A
list of 30 senior political figuresbeing investigated by Greecesfinancial police force, the SDOE,has been published. One socialistformer minister on the listsubsequently committed suicide.Other names include a former citymayor, a former finance ministerand the leader of a politicalparty. However, a list of wealthyGreeks who have large depositsin Swiss bank accounts hasapparently disappeared from theSDOE offices.
STANdARdS STiLL
iMpROviNgCorporate governance standards are improvingin Asia, according to the Asian CorporateGovernance Association-CLSA Asia-PacificMarkets Corporate Governance Watch 2012.However, some standards have slipped since the2010 report, the scope ranging from relativelyminor corporate transgressions to growing
concerns about the reliability of financialstatements and, at the extreme, outright fraud.Singapore topped the rankings, followed byHong Kong and Thailand, all with improvedscores. China dropped four percentage points,and Japan and Taiwan by two.
Singapore ranks highest in Asia for
corporate governance standards
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LEARNING CENTRE | PROFILES
knowledge you need to progress onto the ACCA Qualification. If you donthave the right qualifications, start atthe beginning. There are no shortcuts.This way guarantees that you gain theknowledge to pass and move on tothe ACCA Qualification.
I chose to self study for my exams.Studying on your own is not easy anddoes present some problems, but I
made sure that I used approved studytexts from BPP and Kaplan.
I have successfully completed theDiploma in Accounting and Business
and am now working towardscompleting my ACCA Qualificationand becoming an ACCA member. Itis my career ambition to becomea senior auditor. I can honestly saythat starting at the Foundation levelhas helped me a lot because of thebasic knowledge I gained.
izHAN NASiRpAKiSTAN
WE MEET IzHAN NASIR AND AVIANNE WILLIAMS, WHO REVEALTHE BENEFITS OF HAVING STARTED THEIR ACCA STUDIES AT THE
FOUNDATION LEVEL
I WOULD STRONGLY RECOMMEND ANYONECONSIDERING STUDYING WITH ACCA TO STARTWITH THE INTRODUCTORY CERTIFICATE ANDWORK THEIR THROUGH THE DIFFERENT EXAMS
AND ACHIEVE THE CERTIFICATES AND DIPLOMASALONG THE WAY
When I first started studying withACCA I was working towards theCAT Qualification, so had completeda number of the papers before Imoved on to study for the Diplomain Accounting and Business,one of ACCAs Foundation levelqualifications. I knew that gainingthe diploma would allow me to claimexemptions when progressing tothe ACCA Qualification but, most
importantly, it would enable me tostart at the right stage for my levelof knowledge.
However, I would strongly
recommend anyone consideringstudying with ACCA to startwith the Introductory
Certificate and worktheir way throughthe different examsand achieve thecertificates anddiplomas alongthe way. TheFoundationlevel papersprovide youwith the basic
If you are a Foundationlevel student, [email protected] to tell your story
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected] -
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AviANNE WiLLiAMSTRiNidAd ANd TOBAgO
I decided to start my studieswith ACCA at the Foundation levelin order gain a solid foundationin accountancy. I believe theFoundation level awards are goodpreparation for studying for theACCA Qualification you are wellequipped to tackle the higherlevel papers. Even if you havesome knowledge of accounting,the Foundation level is good forrevision purposes too.
It is really important to beadequately prepared for the exams,so I attended classes at the Schoolof Business and Computer Science.It is also important to take sometime away from studying and
maintain a good work/life balance.To relax I like to listen to music,play netball and spend time withmy family.
In five years I hope to move intoa relevant role as an accountantin the finance department withmy current employer, the TobagoRegional Health Authority. Thereare opportunities for me, so I hopeto progress and demonstrate how
what I have learnt can benefit theorganisation. Initially I thoughtfinancial accounting was my idealrole. However, I have come to realisethrough my studies that I have areal passion for taxation.
The Foundation level is a good startbut dont be fooled into thinking thisis an easy option! Some exams aretougher than others, but I wouldadvise you to be persistent andpractise consistently. Therewill be times when you feeldiscouraged, but the endresults will be worth it.
THE FOUNDATION LEVEL IS A GOOD STARTBUTDONT BE FOOLED INTO THINKING THISIS AN EASY OPTION! SOME EXAMS ARETOUGHER THAN OTHERS, BUT I WOULDADVISE YOU TO BE PERSISTENT ANDPRACTISE CONSISTENTLY
If you are a Foundation
level student, [email protected] to tellyour story
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected] -
7/28/2019 Sa December12 2a
14/14STuDENT ACCOuNTANT | DECEMBER 2012
LEARNING CENTRE | PROFILE
QDo you think the accountancyprofession needs improving? Ifso, in which areas?In terms of auditing I would liketo see large companies beingencouraged to use audit firmsoutside of the Big Four, whichcan improve the competitionin the industry. I believe thiswould improve quality andalso reduce the risks relatingto any future failure of a largeaudit firm.
QIf you had not chosen to pursuean career in accountancy whatother career route might youhave taken?I enjoyed studying economics
so would have looked atpursuing another professionthat would have enabled me touse the skills that I developedduring this time. However,accountancy highly appealedto me and I was focusedon a career in this industry,especially after gaining
experience at a small accountsfirm after university.
Q Where do you see yourself in10 years time?In the next few years I willqualify while gaining a diversemix of experience from workingwithin audit at Grant Thornton.I will consider secondmentopportunities to further developmy experience and, ultimately,will aim towards an auditmanager position.
SiMON ASHWORTHAUdiT ASSOCiATE, gRANT THORNTON UK
Q What made you decideto pursue a career inaccountancy?I enjoyed working with numbersthroughout my universitystudies and developed akeen interest in business.Naturally, this attracted me toaccountancy and a career withGrant Thornton, which offeredan opportunity to work on adiverse client base and withinteams of varying experienceand specialities. Furthermore,it is a career path thatencourages progression andgives strong future prospects.
QWhat advice would you give
to someone starting out as atrainee accountant?I would advise future traineesto consider the focus thatemployers place on training anddevelopment. If you are goingto reach your full potentialthen it is important that youjoin a firm that recognises the
importance of fulfilling yourtraining and developmentrequirements.
ACCA STUDENT SIMON ASHWORTH TALKS ABOUT HIS DECISION TO PURSUEAN ACCOUNTANCY CAREER AND HIS FUTURE GOALS. HE ALSO OFFERS SOMEIMPORTANT ADVICE FOR NEWLY REGISTERED STUDENTS
IF YOU ARE GOING TO REACH YOUR FULL POTENTIAL
THEN IT IS IMPORTANT THAT YOU JOIN A FIRM THATRECOGNISES THE IMPORTANCE OF FULFILLING YOURTRAINING AND DEVELOPMENT NEEDS
Email [email protected] to tell your storyEmail [email protected] to tell your story
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]