foundations in accountancy and the acca qualification

36 Pages·2011·0.32 MB·English

FOUNDATIONS IN
ACCOUNTANCY AND THE
ACCA QUALIFICATION
AN OVERVIEW FOR EMPLOYERS
FOUNDATIONS IN ACCOUNTANCY AND THE ACCA QUALIFICATION 1
22
Contents
Why choose ACCA? 4
Foundations in Accountancy 5
Why will Foundations in Accountancy be good for my organisation?
Foundations in Accountancy
Overview of Foundations in Accountancy
The ACCA Qualification 17
Why choose the ACCA Qualification?
The ACCA Qualification
Exams
Ethics
Experience
ACCA qualified
ACCA Approved Employer programme 34
Fees and contact details 34
FOUNDATIONS IN ACCOUNTANCY AND THE ACCA QUALIFICATION CONTENTS 3
Why choose ACCA?
ACCA is the leading global body for professional accountants. We offer world-class finance and
accountancy qualifications and brand partnering opportunities through our unrivalled global, regional,
national and local network of offices and partners.
We help businesses grow by developing their finance capability and enhancing their brand reputation.
FINANCE CAPABILITY brand exposure for your organisation through their deep skills and knowledge in
We prepare accountants for business. as we have a leading platform with corporate and business law, taxation and
ACCA can uniquely support your unmatched visibility, channels to market audit and assurance.
organisation in developing its finance and influence at global, regional, national
capability because our qualifications can and local levels. Our values are aligned to the needs of
be tailored to delivering the finance skills employers in all sectors. We ensure
it needs. We provide renowned finance through our qualifications that we
and accountancy qualifications for any OUR PEOPLE help build the finance capabilities your
organisation in any sector and with 83 We support our 147,000 members and business needs, and through our brand we
offices and 400 examination centres 424,000 students in 170 countries, give you the best partnership opportunities
worldwide, we have the greatest network helping them to develop successful for your organisation. ACCA helps you to
qualification delivery capability and careers in accounting and business, based grow your business.
professional development programme of on the skills required by employers.
any accountancy body. We will work with
you to ensure flexible, accessible, cost ACCA accountants in the corporate and
effective training delivery at all levels. public sectors transform the finance
capabilities of their organisations through
their in-depth skills in finance strategy,
BRAND REPUTATION business analysis, investment appraisal,
As the leading global professional cost control, financial management,
accountancy body we can uniquely performance management, risk
support building your business brand management, and financial reporting. In
through partnership opportunities. public practice, ACCA accountants provide
Partnership with ACCA delivers great advice from a business perspective
4
Foundations in
Accountancy
Why will Foundations in Accountancy
be good for my organisation?
REACH AND DEVELOP NEW PROFESSIONALISM AND ETHICS duties. Your organisation will be able
TALENT POOLS With increased scrutiny in recent years to achieve better and earlier returns on
Competition for talent remains high. Good on how businesses operate, it is essential its training investments as people will
graduates and qualified professionals in that all trainees – irrespective of which be able to progress to a level matched
particular are hard to come by. Foundations level or role they work in – know what it to their capabilities and appropriate
in Accountancy will help your organisation means to act and behave professionally for their job roles. Foundations in
access new talent pools such as school and ethically in the workplace. With Accountancy will provide an excellent
leavers and career changers. It allows your the introduction of Foundations in grounding for employees who have the
employees to demonstrate their capabilities Professionalism, which is a requirement potential to perform well in technical and
and enables you to identify talented people for all trainees to complete if they wish management positions which will reduce
for further development. to receive certification for an individual the time and costs of studying for the
award, you will be able to reassure your ACCA Qualification.
clients that you have employees who
ENHANCE YOUR REPUTATION AS AN know how to behave professionally and
EMPLOYER OF CHOICE ethically within the work environment. DEVELOP ESSENTIAL FINANCE SKILLS
Foundations in Accountancy will reinforce ACROSS THE WHOLE ORGANISATION
your organisation’s reputation in the Non-financial managers must have a
employment market as an organisation HELP YOU CONTROL YOUR COSTS good grounding in finance and accounting
that provides opportunity. The modular Qualified professional accountants are techniques in order to make effective
and progressive nature of the suite of not required at all levels of the finance business decisions. Foundations in
awards enables people to join, and exit, function within business. Foundations Accountancy can be used to provide this.
at levels that can be matched to their job in Accountancy will enable you to Managers can enter at, and progress to,
roles and capabilities. reduce and target more effectively a level of expertise matched to their level
the costs of recruitment, salary and of financial responsibility – from essential
training by developing junior employees knowledge at the certificate levels to the
in the specific occupational skills that diploma level, which is more relevant for
they need to effectively perform their those working in practice.
6
Foundations in Accountancy
ACCA’s suite of entry-level awards – Foundations in Accountancy – has been developed with
employers in mind. This suite of qualifications will provide you with access to competent and ethical
technicians, trained to consistent standards, with built-in flexibility to allow for skills to be tailored to
meet different business needs and environments.
The accountancy profession at every level qualification to help them contribute the needs of employers by allowing
is constantly evolving to meet the needs to business performance and an ever- individuals to choose from a flexible range
and demands of how businesses operate changing business landscape. of qualifications which will help them
and nowhere is this more apparent develop the relevant technical knowledge
than at an accounting-support level. Foundations in Accountancy will and practical skills required to perform in
The accounting technician of today and provide even greater access to the accounting technician roles.
tomorrow needs a rigorous and flexible ACCA Qualification and aims to satisfy
MATHS AND ENGLISH SELF-CHECK MODULES (optional)
FOUNDATIONS IN PROFESSIONALISM MODULE
+ 2 exams + 2 exams + 3 exams + 2 exams from 3
= INTRODUCTORY = INTERMEDIATE + FPER
= CERTIFIED
CERTIFICATE IN CERTIFICATE IN = DIPLOMA IN INCLUDING
SPECIALIST ACCOUNTING
FINANCIAL AND FINANCIAL AND ACCOUNTING 12 MONTHS’
AWARDS TECHNICIAN
MANAGEMENT MANAGEMENT AND BUSINESS WORK
(CAT)
ACCOUNTING ACCOUNTING EXPERIENCE
+ PROFESSIONAL
ETHICS MODULE
+ 6 exams
= ADVANCED
DIPLOMA IN
BSc from Oxford Brookes University
ACCOUNTING
AND BUSINESS
+ PER INCLUDING 36
MONTHS’ WORK EXPERIENCE
+ 5 exams
= ACCA
MBA from Oxford Brookes University
member
FOUNDATIONS IN ACCOUNTANCY AND THE ACCA QUALIFICATION FOUNDATIONS IN ACCOUNTANCY 7
MATCHING FOUNDATIONS IN Diploma in Accounting and Business
ACCOUNTANCY SUITE OF AWARDS TO Suitable for those aspiring to work or
ROLES AND LEVELS already working in:
As a guideline, we have matched roles
• a wide ranging and responsible
and qualifications against the suite of
accounting role in an SME
qualifications within Foundations in
Accountancy. • a financial reporting and/or financial
decision-support role, possibly in a
Introductory Certificate in Financial and supervisory role, within an accounting
Management Accounting department of a larger organisation
Suitable for those aspiring to work or
• a financial supervisory or management
already working in:
role in accounts payables and/or
• a junior accounts clerk/junior receivables, or a financial role in fixed
bookkeeper role in a small-medium asset accounting or in financial shared
sized enterprise (SME) service centres
• a range of junior accounting • an accounting technician role in a
administration roles within an commercial organisation.
accounting department of a larger
organisation or financial shared The Diploma in Accounting and Business
service centre. is broadly equivalent to UK Higher
National Diploma level or equivalent.
The Introductory Certificate in Financial
and Management Accounting is broadly
equivalent to UK GCSE level.
Intermediate Certificate in Financial and
Management Accounting
Suitable for those aspiring to work or
already working in:
• a bookkeeping or cost clerk role in
an SME
• a range of accounting administration
roles within an accounting department
of a larger organisation or financial
shared service centre.
The Intermediate Certificate in Financial
and Management Accounting is broadly
equivalent to UK A level.
8
Overview of Foundations
in Accountancy
Foundations in Accountancy consists of a suite of awards, including certificates, diplomas and the
Certified Accounting Technician (CAT) Qualification. These flexible awards focus on the core skills of
financial accounting and management accounting; and the wider role of the accountant in business
at higher levels. The range of awards means that you can pick the level of qualification which most
appropriately meets your business needs.
The first examinations will take place in ENTRY REQUIREMENTS Optional English and maths self-check
December 2011. Foundations in Accountancy offers various modules
entry points, allowing maximum flexibility ACCA operates an open entry policy
Foundations in Accountancy contains the
for your trainees to select the most through Foundations in Accountancy.
following qualifications:
appropriate entry route and progression However, to assist prospective students
• Introductory Certificate in Financial and to additional qualifications, based on – and their employers – in gauging their
Management Accounting – awarded previous qualifications, experience and general level of ability in English and
on completion of exams Recording future career aspirations. maths, ACCA has developed optional
Financial Transactions (FA1) and self-check modules in English and maths.
Management Information (MA1); and It is important to note that exams FAB, Included within the self-check modules
Foundations in Professionalism FMA and FFA within Foundations in are learning materials to help students
Accountancy are exactly the same as improve their English language and maths
• Intermediate Certificate in Financial and
exams F1, F2 and F3 of the ACCA skills which they may wish to complete
Management Accounting – awarded on
Qualification and share identical before embarking on any of ACCA’s
the completion of exams Maintaining
syllabuses, study guides and assessment qualifications. The self-check modules are
Financial Records (FA2) and Managing
methods. Students who complete F1, F2 free of charge and can be accessed online
Costs and Finance (MA2); and
and F3 of the ACCA Qualification and at www.accaglobal.com
Foundations in Professionalism
Foundations in Professionalism will also
• Diploma in Accounting and Business be awarded the Diploma in Accounting
– awarded on the completion of and Business. FOUNDATIONS IN PROFESSIONALISM
exams Financial Accounting (FFA), In line with current best practice, and
Management Accounting (FMA) Students with no formal academic to meet IFAC’s (International Federation
Accounting in Business (FAB); and qualifications can register to take exams of Accountants) recommendations for
Foundations in Professionalism at any level within Foundations in technical accountants, a professionalism
Accountancy. There is no requirement to and ethics module is included as part of
• Certified Accounting Technician (CAT)
complete the Introductory Certificate in Foundations in Accountancy. Completion
• Specialist papers in audit, tax and Financial and Management Accounting or of Foundations in Professionalism is
financial management are available as the Intermediate Certificate in Financial compulsory for students who wish
individual awards. A certificate will be and Management Accounting prior to to be awarded the Introductory and
awarded on the successful completion completing the Diploma in Accounting and Intermediate certificates in Financial
of the exam and Foundations in Business, although students are strongly and Management Accounting, the
Professionalism. recommended to do so. Diploma in Accounting and Business
FOUNDATIONS IN ACCOUNTANCY AND THE ACCA QUALIFICATION OVERVIEW OF FOUNDATIONS IN ACCOUNTANCY 9
and the CAT Qualification. Please note EXEMPTIONS
Foundations in Professionalism only needs Students with relevant qualifications
to be completed once by students who from a recognised institution may be
choose to complete one or more of these eligible to claim exemption from papers
awards. Foundations in Professionalism within Foundations in Accountancy.
is free of charge and can be accessed Students who choose to complete the
from the ACCA website. Foundations CAT Qualification may be eligible to claim
in Professionalism will not contribute exemptions from some or all of the papers
towards the Professional Ethics module within the Introductory Certificate in
which is part of the ACCA Qualification as Financial and Management Accounting
they are distinct and separate modules. and Intermediate Certificate in Financial
and Management Accounting based on
relevant practical experience.
EXPERIENCE
Students who wish to complete the CAT
Qualification will be required to complete
a practical experience requirement. Four
of the CAT Qualification performance
objectives will be the same as the
performance objectives which form part
of the ACCA Qualification, and will be
introduced alongside the current elements
of technical competence. If these four
performance objectives are completed
as part of the CAT Qualification practical
experience requirements, they can count
towards four of the 13 performance
objectives required to achieve the ACCA
Qualification. Students will be required
to update and maintain paper records of
progress towards performance objectives
and technical competences.
10