part 1 - ACCA

27 Pages·2013·11.61 MB·English

MAY 2013
interview tips
important things
to consider
bodY lAnguAge in
globAl business
avoiding cross-cultural
misunderstandings

tiMe MAnAgeMent
7 surprising
mistakes
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editor’s
choice
Welcome to the maY issue of
student accountant
this issue includes a number of useful features university Bsc (hons) in applied accounting.
to help you with your career development. We We also bring you details of the brand new
take a look at preparing for interviews and body examiner analysis interviews to help you with your
language tips. We also share some helpful advice exam preparation.
on managing your time effectively. meanwhile, noticeboard contains important information
our sector focus this month is finance careers in about annual fees, exam results, exam entry,
the construction industry. my experience and the oxford Brookes degree.
learning centre includes advice from the also, don’t miss your chance to receive
latest prizewinners on improving your exam tailored features and technical content straight
technique. We also take a look at the practical to your phone/tablet or desktop from student
experience requirement and the options accountant. personalise your student accountant
available to help you gain a wide range newswire today.
of experience. We show you how to perform a We hope you enjoy this issue of student
skills self-assessment and offer advice on how accountant. if you have any feedback, please
to manage your finances. contact us at [email protected]
We have a number of new technical articles for
you relevant to audit, financial reporting and for victoria Morgan
students planning on doing the oxford Brookes editor, student Accountant magazine
published by the certified accountants educational trust in cooperation with acca.
the council of acca and the publishers do not guarantee the accuracy of statements made by contributors or
advertisers, or accept any responsibility for any statement which they may make in this publication.
no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any
means, electronic, mechanical, photocopying or otherwise, without prior written permission of the publishers.
© caet 2013 issn 1473-0979
3
welCoMe | contents
teCHniCAl | communication
08 10
dispAtCH 32 foundation level
profiles
06 graphics neWs
08 picture neWs
feAtures
10 neWs roundup
30 intervieW tips

32 gloBal BodY
leArning
language
Centre
30 36 time management
12 hoW to: Be a 40 sector focus:
team leader construction
16 managing Your
finances
18 memBer profile
20 gloBal priZeWinners:
exam technique
advice
24 per: thinK tacticallY
32
26 acca careers
12
sA teCHniCAl ArtiCle ArCHive
all technical content from student accountant is
on acca’s website ▶
prACtiCAl eXperienCe
Why not log into your myacca account to record your
experience using the online recording tool my experience?
36
student ACCountAnt | maY 2013
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Dean Westcott | president
Barry Cooper | deputy president
Martin Turner | vice president
Helen Brand | Chief executive
editoriAl teAM
teCHniCAl
Victoria Morgan | editor
43 technical Glen Patterson | deputy editor
resources
Jackie Dollar | design Manager
access the technical
Jane C Reid | designer
article archive at: www.
Kate Jenkinson | editorial executive
accaglobal.com/en/
49
student/publications/
www.ACCAglobAl.CoM
sa-archive.html
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essential
eemmaaiill:: iinnffoo@@aaccccaagglloobbaall..ccoomm
information
wwwwww..aaccccaagglloobbaall..ccoomm
aBout acca and
Your studies
publisHing And Advertising
acca connect, exam
entry, subscriptions, Adam Williams | publisher
recording your per, Anthony Kay | production Manager
rules and regulations
and important
For all advertising-related matters
information about
please contact nick willmer:
the oBu degree
tel: [phone]
programme 49 eemmaaiill:: nniicckkww@@eedduuccaattee--ddiirreecctt..ccoomm
5
dispAtCH | graphics neWs
digital divide
South East Asian countries are not taking full advantage of the potential of digital technologies, according to the
ASEAN Business Survey 2012 by Accenture.
63% 48% 42% 39% 35% 27%
Use online-based Use internal Allow Use social Allow employees Allow employees
communication social media home-working media to attract to access to bring their own
tools platforms or staff to work fresh talent customer hardware and
for greater flexible hours sales data software to
knowledge remotely use at work
sharing
1 switzerland
2 germany
3 austria
4 spain
5 uk
6 us
7 France
8 canada
9 sweden
10 singapore
11 australia
12 new zealand
pulling power
Switzerland has pipped Germany as favoured tourist destination of the world, according to a report by the World
Economic Forum. The Travel and Tourism Competitiveness Report for 2013 placed the US, Canada and Barbados in
the top three spots in The Americas; and the Seychelles and Mauritius, top two in the Sub-Saharan region of Africa.
student ACCountAnt | maY 2013
68% 61% 50% 47% 46%
reputational disruption oF increased cost supply chain Financing
risk operations oF resources risk risk
protecting the natural environment
The private sector has a responsibility to protect the natural environment is the finding of a recent ACCA paper called
Natural Capital – What Do Accountants Think? Survey respondents also identified the top five risks that natural capital
poses to operations in the private sector (see above). View the report at www.accaglobal.com/accountability
50 countries were
surveyed including the
UK (15%), Malaysia
10%, Ireland (8%),
Mauritius (6%), and
Pakistan (4%).
17 sectors were
covered, including
construction, oil and
gas, public sector,
consulting, transport,
and manufacturing.
13% of respondents
were CFOs or FDs,
corporate success 5% were CEOs or
63% agreed or strongly agreed that the long-term success of their other board directors,
organisations is dependent on the natural world. 81% agreed or strongly agreed and 8% were
that the private sector has a responsibility to protect the natural environment. financial controllers.
51% 49% 48% 45% 34%
Lack of disclosure Lack of Lack of valuation No stakeholder The issue is
guidance understanding methodologies pressure not material
key barriers to reporting on natural capital
Respondents highlighted a number of barriers to reporting on natural capital, the most significant being a lack of
disclosure guidance, a lack of understanding and a lack of methodologies.
7
dispAtCH | neWs in pictures
china
china
China has overtaken
Japan to become the
world’s second largest
box-office territory.
China’s cinema
audience last year was
worth US$2.7bn, up
from US$2bn in 2011
uK
Former British Prime
Minister Margaret
Thatcher, who privatised
state monopolies and
revitalised business
culture in the UK, died
last month
us
Australian Adam
Scott’s victory in
the US Masters golf
tournament in Augusta,
Florida is thought
to have earned him
A$4m in endorsement
uK fees alone us
student ACCountAnt | maY 2013
south africa
south africa
Russian president
Vladimir Putin and
Brazilian president
Dilma Rousseff at
the BRICS summit in
South Africa that has
agreed to launch a
BRICS development
bank as one of its
global economic
recovery initiatives
veneZuela
A woman holds a
canvas showing part Bahrain veneZuela
of late president
Hugo Chavez’s face
during the campaign to
elect a new president
Bahrain
Pro-democracy
protesters in Bahrain
target the country’s
Formula One race,
having forced the
cancellation of the
2011 event

china
China’s new president
Xi Jinping (right)
shakes hands with new
premier Li Keqiang,
completing the transfer
of power to a new
panel of leaders china
99
dispAtCH | neWs roundup
ceos choose china
CEOs have rated China the world’s acca unveils competency
top destination for foreign investment
Framework
in a survey by PwC and the China
Development Research Foundation.
More than half of CEOs surveyed
chose China above other major and
emerging economies, attracted by
its expanding consumer markets,
skilled talent pool, and government
incentives. ‘A major factor in
China’s economic success has
been its ability to attract foreign
investment,’ said Dennis Nally,
chairman, PricewaterhouseCoopers
International. ‘In 2012, China
attracted US$111.7bn of global
FDI, and we predict that China will
overtake the US as the world’s largest
economy in purchasing parity terms
in four years’ time. But China will
face new challenges, as emerging
markets become more competitive
in attracting foreign investment, ACCA has published its competency framework, an interactive checklist
widening the breadth of choice for that business leaders require from aspiring finance professionals. It
enterprises globally,’ he added. demonstrates the different competencies developed through all elements
of the ACCA Qualification (exams, ethics module and experience
Kpmg hit BY auditor’s leaK requirement) and links these competencies to jobs in finance.
KPMG has resigned as auditor Helen Brand, ACCA chief executive, said: ‘A competency is defined as
of Herbalife and Skechers a fundamental knowledge, ability or expertise in a specific subject area
after it emerged that a partner or a specific behaviour. The ACCA Qualification addresses all the key
had supplied confidential competencies required by finance professionals, from performance and
market-sensitive information to a financial management and taxation, to Islamic finance, and the principles
golf partner for use in share trading. of integrated reporting.
Scott London was lead audit partner ‘We have developed this competency framework to ensure that aspiring
for the companies and managed finance professionals, employers and tuition providers are clear about the
KPMG’s Los Angeles business unit. key skills demanded in an increasingly globalised and rapidly changing
KPMG withdrew its audit reports for business environment.’
Herbalife for the 2010/11/12 years Access the competency framework at http://competencyframework.
and audit reports for Skechers for accaglobal.com
the 2011/12 years, though there
is no suggestion that the financial
reports will need to be restated. excessive slimming Warning and benefits of statutory accounting
London has admitted he supplied Standard setters and regulators and audit rules is something that is
the information for cash and Rolex have been warned against excessive going on in many countries.’ When
watches. KPMG’s chairman and slimming down of SMEs’ reporting Singapore and Australia adopted
chief executive for the US, John requirements. The concerns are simpler reporting obligations,
Veihmeyer, said: ‘We unequivocally raised in an ACCA report, Protecting compensatory measures were
condemn his actions, and deeply Stakeholder Interests in SME introduced to protect shareholders’
regret the impact that his violations Companies, which stresses the need interests.
of trust and the law have had on for SMEs to continue to meet effective
our clients and our people. KPMG reporting requirements. John Davies, cross-Border standards
will be bringing legal action against ACCA’s head of technical, said: ‘This Issuers offering equity and plain debt
London in the near future.’ process of re-evaluating the costs securities in Malaysia, Singapore and
student ACCountAnt | maY 2013