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Financial Accounting

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Financial Accounting

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  • The aim of the ACCA FA (or ACCA F3) exam is to test your ability to use double-entry accounting techniques. Throughout this financial accounting course, you'll be taught basic financial principles and regulations.
2

1 exemption and accreditation

3

2 assessment for exemption

7

3 exemption accreditation applications

11

4 appendices

15

Contents

2

3accreditation handbook

What is exemption accreditation?

4

What types of programmes can be accredited?

4

Who is this handbook intended for?

4

What are the benefits of accreditation?

4

Who deals with accreditation issues within ACCA?

4

Why does ACCA award exemption?

4

What level of exemption can ACCA award?

4 What are the key points of ACCA's exemption guidelines? 5

Who deals with exemption issues within ACCA?

5 exemption and a CC reditation 3 4 ProF e SSion a L - oP tionS

P7, Advanced Audit and AssuranceAAA

P6, Advanced TaxationATA

P5, Advanced Performance ManagementAPM

P4, Advanced Financial ManagementAFM

ProF e SSion a

L - eSS

e nti a LS

P3, Business AnalysisBA

P2, Corporate ReportingCR

P1, Governance, Risks and EthicsGRE

F

UndaMentaLS - SkiLLS

F9, Financial ManagementFM

F8, Audit and AssuranceAA

F7, Financial ReportingFR

F6, TaxationTX

F5, Performance ManagementPM

F4, Corporate and Business LawCL

F

UndaMentaLS - knoWLedGe

F3, Financial AccountingFA

F2, Management AccountingMA

F1, The Accountant in BusinessAB

exemption and aCCreditation W h at iS eXeMPtion accreditation? Exemption accreditation enables ACCA to award a specific level of exemption to graduates of an educational programme following a full assessment of the programme's regulations, syllabus and assessments. W h at tYPeS oF ProGraMMeS can accreditation be aWarded to? ACCA accredits programmes conducted by educational institutions worldwide. ACCA can accredit the following types of qualifications for exemption: Programmes delivered at educational institutions that have been franchised or validated by another recognised institution or examining board may also be accredited, subject to satisfactory articulation arrangements. W ho iS thiS h a ndbook int e nd e d For? The Exemption accreditation handbook is primarily intended as a source of information for course leaders of educational programmes for which accreditation is already held, or is being sought. The handbook may also provide useful information for other parties, such as departmental heads, student advisers, and anyone with an interest in ACCA's accreditation and exemption guidelines. W h at are the beneFitS oF accreditation? Exemption accreditation of your programmes ensures that students registering with ACCA will receive a level of exemption which matches the knowledge and skills gained from their previous qualification. Your students will benefit from knowing which module choices will lead to maximum exemption from ACCA's examinations, and will be assured of receiving the appropriate level of exemption immediately upon registration with ACCA. Exemption accreditation by the largest, fastest growing international accounting body will also provide you with the opportunity to attract more students who wish to pursue a professional accountancy qualification on completion of their academic studies by providing them with an accelerated route to

ACCA membership.

W ho d ea

LS With

a ccr e ditation iSSUeS Within acca? t he accreditation team Exemption accreditation is a function of ACCA's learning directorate. The exemption accreditation team forms part of the education recognition and accreditation department, and is responsible for: exemption information consistency and fairness in the application of ACCA's entry requirements and exemption awards (including syllabus, exams and programme standards), which govern the accreditation of relevant educational programmes. educational institutions accreditation of new programmes and accredited institutions seeking further exemption programmes and maintenance of ACCA's exemption databases programme exemption accreditation assessments to maintain appropriate levels of exemptions being awarded. W hY do e S a cc a aWard eXeMPtion? There are several routes to ACCA membership and many students undertake prior learning which is equivalent to ACCA papers. Where appropriate, ACCA wishes to ensure that students' entry points match the knowledge and skills they have acquired from their previous qualifications and, in doing so, we aim to provide students with the quickest possible route to membership. W h at LeVeL oF eXeMPtion can acca aWard? a cc a Qualification Exemption from all nine papers at the Fundamentals level can be considered (see Appendix - Qualification standard, equivalence and recognition). No exemption is awarded from any paper at the

Professional level.

5accreditation handbook

L exemption and aCCreditation i ntrodUctorY ce rtiFic ate in FinanciaL and ManaGeMent accoUntinG

FA1, Recording Financial Transactions

MA1, Management Information

i nt e rM e di ate certiFicate in FinanciaL and ManaGeMent accoUntinG

FA2, Maintaining Financial Records

MA2, Managing Costs and Finances

d i P LoM a in accoUntinG a nd b USin e SS

FAB, Accountant in Business

FMA, Management Accounting

FFA, Financial Accounting

ce rtiFi e d accoUntinG te chnici a n ( c at) - oPtionS PaPerS

FTX, Foundations in Taxation

FFM, Foundations in Financial Management

FAU, Foundations in Audit

Foundations in accountancy (Fia)

Exemption accreditation can be considered from all qualifications within the FIA suite of awards, depending on the standard and equivalence of the qualification. NOTE:

Whilst exemption from the FIA suite of awards is

available, this handbook deals only with the policies and procedures employed in the award of exemption from the ACCA Qualification. Any institution wishing to apply for accreditation of a programme specifically in respect of the FIA suite of awards should contact the accreditation team for further information.

Post-professional qualifications

Exemption is not awarded from the following post-professional qualifications: W h at are the keY PointS oF acca"S eXeMPtion P oLicY? An exemption will only be awarded when ACCA is completely satisfied that it matches a student's prior learning, and will ensure that the student has an equivalent level of knowledge to students who have completed the same paper of the ACCA

Qualification by examination.

The key points of ACCA's exemption regulations, which allow us to fulfil these requirements, are: cannot be considered on the basis of work experience contain relevant content to papers at the Fundamental level of the ACCA Qualification ensure that all students share a common experience, no exemptions are awarded from the Professional level. W ho d ea

LS With

e X e M P tion iSSU e

S Within a

cc a? The process of awarding exemptions to students is a function of

ACCA Connect

ACCA Connect

, our global customer services centre, is a function of service delivery - contact, and is responsible for handling all contact via telephone or email relating to student exemptions. o perational delivery Admissions is a function of operational delivery. The admissions department is responsible for for processing all student applications, which includes awarding exemptions. 66

7accreditation handbook

How does ACCA assess for exemption accreditation?

8 How much of ACCA's syllabus needs to be covered, and can this be spread across a range of modules? 8 Are there any restrictions on course duration for the award of exemption 8 What does ACCA look for when reviewing a programme's assessments? 8 What criteria does ACCA use to assess the comparability of examinations? 8 Can ACCA consider assessments other than examinations for exemption? 9 How does ACCA assess modules which are based on national laws and accoun ting standards? 9 assessment for exemption 7 8 h oW do e S a cc a a SS e

SS For

e X e M P tion a ccr e ditation? As a member body of IFAC (the International Federation of Accountants), ACCA is required to meet specific benchmarks in the preparation and continual development of professional accountants. ACCA is required to comply with IFAC's International Education Standards, which include provisions for entry requirements, programme content and assessment methods. We must ensure, therefore, that accreditation is awarded only to programmes whose syllabus and assessments are closely matched to ACCA's. In order to assess for exemption from the ACCA Qualification, the accreditation team reviews the syllabus content and assessment methods for each module that contains relevance to any paper at the Fundamentals level. N OTE : ACCA can award up to the first four papers of the Fundamentals level as a set award in accordance with our exemption framework (see Appendix - ACCA's exemption framework). The remaining papers at ACCA's Fundamentals level are assessed on a paper- for-paper basis up to a maximum of nine papers (see Appendix - Qualification standard, equivalence and recognition). h oW MUch oF a cc a"S SYLLabUS needS to be coVered, a nd c a n thiS b e S P r ea d a croSS a r a nG e oF ModUL e S? The minimum recommended level of comparable syllabus for an individual module or group of modules being considered towards exemption from a particular ACCA paper is 80%.quotesdbs_dbs14.pdfusesText_20
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