foundations in accountancy and the acca qualification

36 Pages·2013·0.2 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 154,000 members and business needs, and through our brand we
offices and 400 examination centres 432,000 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 Foundation-level qualifications, collectively known as Foundations in Accountancy, have
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
FOUNDATION FUNDAMENTALS PROFESSIONAL
fa1 Recording Financial Transactions
36 months’ relevant work experience
ma1 Management Information
IFNINTARONDCIUACLT AONRDY MCEARNTAIFGICEAMTEEN INT ule KNOWLEDGE ESSENTIALS
d
module ACCOUNTING ons in nalism mo fff123 AMFicnacanonaucgnieatmla Anetcn cinto AuBcnuctsioinnugenstsing module ppp123 BGCuoosrvipneoernrsaast neAc nRea eRlpyissokirs t ainngd Ethics
ns in Professionalism fmIFANaICNaT2CAE2 OMR NMMUaCaiNEInnADtTaaLIIgi NAnAinTiGNngEgD CC F MoEinsRAatTsNn IFacAinIaCGdl A ERFTMeiEncE aoINnNrdcT es FoundatiProfessio sDAKNIPiDLLOL BsMUSAI NINE SASCCOUNTING Professional Ethics Oppp456P TAAAIdddOvvvNaaannnSccc e(eetdddw P oFTeai rntxfooaan rtbmicoeiana nlc coMem aMnpaalengtaeegmdee)mnetnt
atio f4 Corporate and Business Law p7 Advanced Audit and Assurance
nd f5 Performance Management
u
Fo faB Accountant in Business f6 Taxation
fma Management Accounting f7 Financial Reporting
e
ffa Financial Accounting ul f8 Audit and Assurance ACCA QUALIFICATION
d
mo f9 Financial Management
DIPLOMA IN ACCOUNTING hics
AND BUSINESS Et ADVANCED DIPLOMA IN
onal ACCOUNTING AND BUSINESS Foundations in Professionalism is an
ofessi oconmlinpel eettehdic bs emfoordeu oler awfhteicrh t hcea ne xbaem s
Pr Research & Analysis and but must be completed in order to receive
certification for the award achieved.
Key Skills Statement
T he Professional Ethics module is an online
ethics module which must be completed
BSc IN APPLIED ACCOUNTING
before, at the same time, or soon after
AWARDED BY OXFORD BROOKES
you become eligible to sit Paper P1.
UNIVERSITY
Relevant work experience can be
completed before, at the same time,
or after the exams.
foundations in accountancy and the acca qualification FOuNdATIONS IN ACCOuNTANCY 7
MATCHING FOUNDATIONS IN Diploma in Accounting and Business How will it help you?
ACCOUNTANCY SUITE OF AWARDS TO Suitable for those aspiring to work or • HR management - it provides easy
ROLES AND LEVELS already working in: access to information about the ACCA
As a guideline, we have matched roles Qualification that helps when you’re
• a wide ranging and responsible
and qualifications against the suite of resourcing your finance function. It
accounting role in an SME
qualifications within Foundations in also acts as a source of information
Accountancy. • a financial reporting and/or financial for developing job descriptions or
decision-support role, possibly in a performance development plans.
Introductory Certificate in Financial and supervisory role, within an accounting
• Transferability – by showing real-life
Management Accounting department of a larger organisation
scenarios of career pathways and
Suitable for those aspiring to work or
• a financial supervisory or management progression routes, the competency
already working in:
role in accounts payables and/or framework can guide your trainees
• a junior accounts clerk/junior receivables, or a financial role in fixed at key points in their career, helping
bookkeeper role in a small-medium asset accounting or in financial shared transferability across roles in your
sized enterprise (SME) service centres organisation.
• a range of junior accounting • an accounting technician role in a • Faster progress to membership –
administration roles within an commercial organisation. because the framework links job
accounting department of a larger roles to performance objectives and
organisation or financial shared The diploma in Accounting and Business performance objectives to exams,
service centre. is broadly equivalent to uK Higher you can use it to help your trainees
National diploma level or equivalent. complete their work experience more
The Introductory Certificate in Financial effectively and progress to membership
and Management Accounting is broadly more quickly.
equivalent to uK GCSE level. ACCA COMPETENCY FRAMEWORK
To demonstrate how the skills of an ACCA Access the ACCA Competency Framework
Intermediate Certificate in Financial and qualified accountant can help grow your online at www.accaglobal.com/employers
Management Accounting business, we have worked with leading
Suitable for those aspiring to work or employers to develop a free, interactive
already working in: competency framework that makes it easy
to compare key business areas against
• a bookkeeping or cost clerk role in
ACCA syllabus coverage.
an SME
• a range of accounting administration Ten key skills for complete finance
roles within an accounting department professionals have been identified and
of a larger organisation or financial the ACCA Competency Framework will
shared service centre. enable both employers and workplace
mentors to see all of the competencies
The Intermediate Certificate in Financial which are learned through the ACCA
and Management Accounting is broadly Qualification and how they relate to the
equivalent to uK A level. requirements of different jobs. The flexible
search criteria include sector, job profile,
behaviour and more.
8
Overview of Foundations
in Accountancy
Foundations in Accountancy consists of foundation level 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.
Foundations in Accountancy contains the ENTRY REQUIREMENTS Optional English and maths self-check
following qualifications: Foundations in Accountancy offers various modules
entry points, allowing maximum flexibility ACCA operates an open entry policy
• Introductory Certificate in Financial and
for your trainees to select the most through Foundations in Accountancy.
Management Accounting – awarded
appropriate entry route and progression However, to assist prospective students
on completion of exams Recording
to additional qualifications, based on – and their employers – in gauging their
Financial Transactions (FA1) and
previous qualifications, experience and general level of ability in English and
Management Information (MA1); and
future career aspirations. maths, ACCA has developed optional
Foundations in Professionalism
self-check modules in English and maths.
• Intermediate Certificate in Financial and It is important to note that exams FAB, Included within the self-check modules
Management Accounting – awarded on FMA and FFA within Foundations in are learning materials to help students
the completion of exams Maintaining Accountancy are exactly the same as improve their English language and maths
Financial Records (FA2) and Managing exams F1, F2 and F3 of the ACCA skills which they may wish to complete
Costs and Finance (MA2); and Qualification and share identical before embarking on any of ACCA’s
Foundations in Professionalism syllabuses, study guides and assessment qualifications. The self-check modules are
methods. Students who complete F1, F2 free of charge and can be accessed online
• Diploma in Accounting and Business
and F3 of the ACCA Qualification and at www.accaglobal.com
– awarded on the completion of
Foundations in Professionalism will also
exams Financial Accounting (FFA),
be awarded the diploma in Accounting
Management Accounting (FMA)
and Business. FOUNDATIONS IN PROFESSIONALISM
Accounting in Business (FAB); and
In line with current best practice, and
Foundations in Professionalism
Students with no formal academic to meet IFAC’s (International Federation
• Certified Accounting Technician (CAT) qualifications can register to take exams of Accountants) recommendations for
at any level within Foundations in technical accountants, a professionalism
• Foundation specialist papers in audit,
Accountancy. There is no requirement to and ethics module is included as part of
tax and financial management are
complete the Introductory Certificate in Foundations in Accountancy. Completion
available as individual awards. A
Financial and Management Accounting or of Foundations in Professionalism is
certificate will be awarded on the
the Intermediate Certificate in Financial compulsory for students who wish
successful completion of the exam and
and Management Accounting prior to to be awarded the Introductory and
Foundations in Professionalism.
completing the diploma in Accounting and Intermediate certificates in Financial
Business. However students are strongly and Management Accounting, the
recommended to do so as results show diploma in Accounting and Business
students’ performance is significantly and the CAT Qualification. Please note
better where they take the certificates Foundations in Professionalism only needs
before the diploma to be completed once by students who
foundations in accountancy and the acca qualification oveRvIew oF FounDATIons In ACCounTAnCy 9
choose to complete one or more of these EXEMPTIONS
awards. Foundations in Professionalism Students with relevant qualifications
is free of charge and can be accessed from a recognised institution may be
from the ACCA website. Foundations eligible to claim exemption from papers
in Professionalism will not contribute within Foundations in Accountancy.
towards the Professional Ethics module Students who choose to complete the
which is part of the ACCA Qualification as CAT Qualification may also be eligible to
they are distinct and separate modules. claim exemptions from some or all of the
papers within the Introductory Certificate
in Financial and Management Accounting
EXPERIENCE and Intermediate Certificate in Financial
Students who wish to complete the CAT and Management Accounting based on
Qualification will be required to complete relevant practical experience.
a practical experience requirement.
Four of the CAT Qualification essential
competences 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
essential competences 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