PQ magazine, April 2016

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PQ is a free monthly magazine for student accountants, focusing on the ACCA, CIMA, CIPFA, ICAEW and AAT qualifications. It's packed full of study tips, advice and guidance on how to pass accountancy exams, plus careers advice from the experts. PQ is the UK's leading independent accountancy magazine.

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<ul><li><p>PQmagazineApril 2016 www.pqmagazine.co.uk / www.pqjobs.co.uk</p><p>PQ AWARDS 2016: MEET THE WINNERS</p><p>pq april 16 p01 q9 ccm.qxp_pq feb 12 p01 10/03/2016 12:14 Page 1</p></li><li><p>Our courses are structured to ensure you feel confident and prepared in time for your optimum exam date </p><p>set by our tutors. Students who follow our recommended approach are 38% more likely to pass.</p><p>No matter where you are with your studies, we have a course to suit you:</p><p>The tutors will go theextra mile to help you</p><p>pass the exams.</p><p>Hashem Sherif</p><p>Kaplan CIMA student</p><p>Develop your confidence.Achieve exam success.</p><p>01908 540 069 kaplanfinancial.co.uk/cimaconfidence</p><p>Find out more about our CIMA courses:</p><p> Based on Kaplan students sitting an exam 1-2 weeks after completing their final course vs those that waited 4 weeksor longer (April to September 2015).</p><p>Objective Test</p><p>Our Objective Tests courses cover 100%</p><p>of the syllabus. We have split them into separate </p><p>Tuition and Revision elements to test your exam </p><p>readiness with over 500 practice questions</p><p>and marked mock exams.</p><p>Case Study</p><p>Get detailed analysis of your live case study, </p><p>including practice tests, 3 mock exams with </p><p>personalised feedback and tutor guidance</p><p>to help build exam confidence. </p><p>002_PQ 0416_PQ 1209 000 07/03/2016 12:09 Page 7</p></li><li><p>comment PQ</p><p>News 08ACCA reading time Changes</p><p>to add 15 minutes to each exam10The workplace Women are</p><p>still not getting a fair deal12Corporate Governance</p><p>Code No change for three yearsFeatures, etc06Mind your Ps&amp;Qs ACCA</p><p>wants to know your thoughts;Alan Hatfield explains all; and indefence of south Londons estates</p><p>14Mental wellbeing CABA canhelp; and how to get the extrafour ACCA Professional marks</p><p>16PQ Awards 2016 So who werethe winners at Caf de Paris?Loads of great pictures fromaccountancys best-loved event</p><p>18Lets get technical Comparingand contrasting the variousmethods of costing vital stuff</p><p>20ICAEW spotlight Financialstatement analysis is a key skillwhen it comes to the case study</p><p>22Back to basics We explainhow salary journals work </p><p>23Ethics Tread carefully when itcomes to accepting hospitality</p><p>24CIOT winners list All thewinners plus the paper results</p><p>26Exam planning Educatorsmust empower students to thinkflexibly and take control</p><p>27CIMA case study Integrationis the key to success</p><p>28Learning tips We all learn indifferent ways, and its importantyou know how your mind works</p><p>30Careers #1 Improving yourworkplace communication skillswill boost your prospects; andwin a free study course</p><p>31Careers #2 Life at the ICAEW;our Book Club review; plus thebest of social media</p><p>34Fun time When exams arepants; and our great giveaways</p><p>The columnistsRobert Bruce Why are accountingstandards so confusing? 8Prem Sikka Profession must rise toto human rights challenges 10Carl Lygo Colombia looks forwardto a brighter future 12</p><p>Subscribe to PQ magazineIts FREE see page 33 or go to </p><p>www.pqmagazine.co.uk</p><p>ABC July 2014 June 2015 32,233</p><p>Publishers statement: We send adigital issue of the magazine to anadditional 8,090 requested readers</p><p>Free to all accountancy studentsAnnual subscription: 35 (50 overseas)</p><p>Its what were here for Our lead letter this month is encouraging PQs to feedbacktheir real feelings, good and bad, to the ACCA. If you dontcomplete the student survey then the ACCA really doesnt</p><p>know how you feel! One thing we do know is the top brass at the ACCAis definitely reading PQ magazine. Our letters page this month also has adetailed explanation from executive director Alan Hatfield about thereasons why the ACCA doesnt have an official exam day as such. Thepromise is that once things have bedded down with the new four examsitting it will go back to a fixed date rather than week commencing.</p><p>Talking of the ACCA, we wererecently given a tour of the new officesat the Adelphi. They have a real wowfactor, and are much more in keepingwith the modern, vibrant organisationthat is the ACCA. And I can confirmwe were not influenced by thewonderful cream tea that was laid on!The ACCA has now announced it will be selling its properties atnumbers 10 and 29 Lincolns Inn Fields, and is expecting this will add awhopping 20m to its coffers.</p><p>We also contacted CIMA this month about integration marks and theuse of real-life business examples in the case study exams. We nowhave definitive answers on both these questions (see pages 10 and 27).</p><p>We have been on our travels as well. We have been to Manchester,Birmingham and even south London! We had to go to south London tomeet up with our PQ of the Year. Manuy Figueroa is the first-ever PQ notto make it to our awards! He missed a great night but his mumapparently wouldnt let him out as he had chickenpox. We discoveredour winner also has another passion apart from accountancy Latinmusic (check out Manzana Tropical). To find out who all the winnerswere for 2016 turn to page 16.</p><p>Graham Hambly, PQ magazine editor graham@pqaccountant.com</p><p>CONTENTS April 2016</p><p>Kaplan made it easy for me to</p><p>study AAT and my tutor was</p><p>available at all times to help</p><p>with any of my queries.</p><p>Hannah Clarke</p><p>Kaplan AAT student</p><p>20 key employability skills</p><p>Personal support</p><p>Lifetime Pass Guarantee</p><p>Experienced industry tutors</p><p>AAT PassPlus Supporting you on your </p><p>journey to AQ2016</p><p>Our award winning PassPlus courses are designed to help you </p><p>pass your exams first time, offering you the perfect combination </p><p>of technical knowledge with maximum tutor support. Plus, with </p><p>pass rates of 94%,* theyre ideal to help you to transition quickly </p><p>and smoothly onto the AQ2016 syllabus.</p><p>* AAT pass rate of 94% based on overall Level 2 pass rates from Sept 14 - Aug 15.</p><p>7KH/LIHWLPH3DVV*XDUDQWHHLVDYDLODEOHIRU$$73DVV3OXV&amp;ODVVURRPDQG/LYH2QOLQHFRXUVHVRQO\5HTXLUHVFRXUVHDWWHQGDQFH</p><p>7&amp;VDSSO\6HHZHEVLWHIRUGHWDLOV</p><p>01908 540 067 www.kaplanfinancial.co.uk/aatpassplus</p><p>To find out more visit:</p><p>PQ Apr 16 p03 q9_pq aprl08 p04 09/03/2016 16:00 Page 1</p></li><li><p>ACCA JUNE EXAMPREPARATION</p><p>TO HELP YOU MAKE THINGS </p><p>EASIER</p><p>JUST FOR YOU</p><p>WEVE DESIGNED THE PERFECT</p><p>REVISION COURSES</p><p>Our courses are led </p><p>by award-winning </p><p>tutors who will recap </p><p>key ACCA syllabus </p><p>areas and use past </p><p>exam questions </p><p>to focus on the </p><p>techniques required </p><p>to maximise your </p><p>exam score.</p><p>You can choose </p><p>from Weekend </p><p>(an intensive </p><p>2-day course) and </p><p>Extended weekend </p><p>(a 3-4 day revision </p><p>course, available from </p><p>Sat-Tue). Classes </p><p>start 21 May.</p><p>For last-minute </p><p>preparation we are </p><p>oering a 1 day </p><p>Question Based </p><p>mock exam to help </p><p>you hone skills before </p><p>your exams. Available </p><p>on weekdays from 25 </p><p>May 4 June.</p><p>004_PQ 0416_PQ 1209 000 07/03/2016 12:11 Page 7</p></li><li><p>www.LSBF.org.uk/SHOP | 020 3535 1111BOOK ONLINE AT </p><p>004_PQ 0416_PQ 1209 000 07/03/2016 12:12 Page 8</p></li><li><p>PQ have your say </p><p>Book your Professional courses online in a few simple steps.</p><p> Filter courses by date, subject, study mode</p><p> Select papers that suit your schedule</p><p> Buy your papers online </p><p>straight away</p><p>NEW LSBF ONLINE SHOP</p><p>SHOP ONLINE AT www.LSBF.org.uk/shop </p><p>020 3535 1111</p><p>PQ Magazine Fourth floor, Central House, 142 Central Street, London EC1V 8AR | Phone: 020 7216 6444 | Email: graham@pqaccountant.comWebsite: www.pqmagazine.co.uk | Editor/publisher: Graham Hambly graham@pqaccountant.com | Advertising manager: Polly Thrasivoulou polly@pqaccountant.com</p><p>Associate editor: Adam Riches | Art editor: Tim Parker | Subscriptions: dom@pqaccountant.com | Contributors: Robert Bruce, Prem Sikka, Carl Lygo, Tony Kelly, Phil Gammon, Jo Daley | Origination and print services by Classified Central Media</p><p>If you have any problems with delivery, or if you want to change your delivery address, please email dom@pqaccountant.com</p><p>Published by PQ Publishing PQ Publishing 2016</p><p>Listen to PQs, ACCA...I recently received an email fromthe ACCA requesting their feedbackon a number of matters I assumethousands of fellow students havereceived the same. Overall, I ratedACCA poorly owing to its lack oftransparency over its arbitrarydecision not to publish full pastpapers, its lack of transparencythrough the re-marking process(why on earth shouldnt a studentwho has paid for ACCA to remarktheir paper not receive a full</p><p>breakdown Ive beenfortunate to pass allpapers to date butcertainly wouldnt</p><p>The writer of the star letter each month wins a fantastic I PQ mug!</p><p>email graham@pqaccountant.com</p><p>And ACCA writesId like to explain to PQ readersabout ACCAs exam results dates.As we continue to implement ournew four exam session a yearmodel we are currently advisingthat results will be issued on aweek commencing date and wereasking for patience from ourstudents whilewe introduce anumber ofimprovements.</p><p>In additionto providingthe opportunityfor students tosit examsevery threemonths, we also want to publishresults faster and were aiming toreduce this from eight weeks to sixweeks. We did that successfully inthe September and December2015 sessions where we were ableto publish results on the Monday ofthe week-commencing date.</p><p>This will be our first Marchsession and were delighted thatthousands of students are takingadvantage of it, as was also thecase with our pilot in September.So we now know how muchstudents love the flexibility of ournew exam model. Were alsoconfident students will appreciategetting their results earlier, andother benefits such as our dualexam session booking feature. </p><p>We appreciate that students andlearning providers would prefer tohave a fixed results publicationdate. It is our intention to go backto a fixed date once we haveembedded this new and innovativeexam model. </p><p>Also, once it becomes clearduring the marking period whenresults will be published, we willadvise students of the exact date. Itis a new process for all involved,and were asking students to come</p><p>with us on this journey, with thenew exam sessions being just thefirst of many exciting examdevelopments we will be sharingwith you in the future. So, with aneye to the future Think Ahead isour strapline after all we areconfident we will be able to offerfixed exam dates later this year andwe promise to keep you in the loopon this.Alan Hatfield, Executive Director Strategy &amp; Development, ACCA</p><p>Alan Hatfield</p><p>Rough justice?Just read your Editorial where yourefer to a rough south Londonestate (PQ, February 2016). Ithink its great that you commentedon the differences in earnings andits relationship to class, but I justwonder about describing anunspecified south London estate asrough. As you can probablyguess, I grew up on a southLondon (council) estate and minehas been referred to in such a waytoo (one book infamously called itthe worst estate in London, which Itook up with the author face toface). Where I grew up it wasntactually what I would call rough,and I just wonder that using theterm in your article might not reinforce a view about such estateswhich could be challenged.</p><p>If Patrick Okogwu, who youmentioned, said it was rough I haveno problem whatsoever, as anopinion or an experience is veryindividual and I fully respect that.But as I read it it isnt clear wherethe adjective rough has comefrom. Your editorial is clearlysupportive of a meritocraticapproach, and I support that too,so Im a bit concerned that it mightinadvertently make achieving thatharder if it implies particularestates/postcodes are rough. </p><p>Or am I just being a bit toosensitive? Should I just go and havea cup of tea and move on?Dave Knight, Faculty of Businessand Law, Leeds Beckett University</p><p>Exams must be hardMarchs star letter writer should bethankful, not disgruntled, that werestudying for a qualification (ACCA)that is actually worth the paper itswritten on. The upside is that theletter communicated this toemployers. And blaming low passrates on the difficulty of the paperor the harsh marking seriously?Stan Cullerne-Bown, ACCA PQ,Nottingham</p><p>DUE TO LACK OF SPACE OUR SOCIAL MEDIA </p><p>UPDATES HAVE BEEN MOVED TO PAGE 31</p><p>engage in the appeals process as itstands), and its persistence at notentertaining a student council toallow constructive feedback. Youcan add to that list the poor StudentLearning Hub.</p><p>I just want to take this opportunityto encourage as many students aspossible to complete the survey andprovide their feedback (eitherpositive or negative) in the hopeaction might be taken by ACCA.Sadly, thousands of comments onwebsites (and published articles inPQ) are yet to engage ACCA onthese matters, so Im desperatelyhoping this will work.Name and address supplied</p><p>PQ April 16 p6 q9 CCM.qxp_pq aprl08 p04 10/03/2016 11:52 Page 1</p></li><li><p>Find out more about BPP programmes and book today.</p><p>J03333 319 449vbpp.com/tablet-competition</p><p>Win a Tablet With BPP</p><p>*Terms and Conditions apply visit bpp.com/professional-education/terms/competition-promotions. This offer cannot be used in conjunction with any other offer. No cash alternative is available</p><p>To celebrate BPP Professional Education being crowned Online College of the </p><p>Year and Study Resource of the Year at the 2016 PQ Magazine Awards we are </p><p>giving you the chance to WIN a LENOVO YOGA Tab 3 10. </p><p>Online Classroom Live was voted Online College of the Year for its dynamic </p><p>and interactive platform and BPP Momentum was awarded Study Resource of </p><p>the Year for providing students with the best chance for exam success through </p><p>consistent development and knowledge building. </p><p>For your chance to nd out more about how BPP could benet your journey and </p><p>the chance to win a LENOVO YOGA Tab 3 10*. All you have to do is enter your </p><p>details and answer the following question;</p><p>What does ACCA stand for?</p><p>1. Association of Chartered Certied Accountants</p><p>2. Association of Certied Chartered Accountants</p><p>3. Academy of Charismatic Cheerful Accountants</p><p>To be in with a chance visit bpp.com/tablet-competition</p><p>VWin a Tablet</p><p>007_PQ 0416_PQ 1209 000 09/03/2016 14:15 Page 7</p></li><li><p>8 PQ Magazine April 2016</p><p>PQ news</p><p>You could be forgiven for thinking youwere listening to a conversationconducted by martians. Arrangementsto sort out the mismatch of timingsover when various accountingstandards come into force hascreated a scramble to sort everythingout. The forthcoming standard oninsurance contracts and the existingone on financial instruments were notfinished at the same time. So they willnot come into force at the same time.But some elements of each connect,so a form of interim what-goes-where-and-when arrangement has tobe introduced. This is hugelyconfusing and employs principles,ideas and practical short-termpractices. You couldnt make it up. </p><p>By 2020 everything may be inequilibrium or not. Meanwhile, thebrightest brains in technicalaccounting have to unravel it andthen explain it. This is where themartians come in. It is highlytechnical. The language grows evermore dense. I can remember back inthe day going to an AccountingStandards Board seminar on theinfamous IAS 39, the standard onfinancial instruments. Afterwards, thethen Financial Editor of The Timesturned to me: For the next 15minutes we will be experts in this.After that we will not have a clue. Soit was; so it is. Accounting has onceagain parted company with its abilityto describe complex things in termsthat your...</p></li></ul>