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CHINESE CENTRES LOSE GROUND Financial centres on the Chinese mainland – Shanghai, Beijing and Shenzhen – have lost favour compared to global market leaders London, New York and Hong Kong, according to the latest annual survey of 1,700 finance professionals conducted by the Z/Yen Group. Both Frankfurt and Paris rose up the rankings, reflecting their governments’ leadership in the eurozone crisis. Weaker eurozone cities – Dublin, Madrid and Milan – fell behind. Offshore financial centres have fallen back because of recent reputational damage. > BACK TO MAIN ARTICLE
IFRS panel gets wider brief The International Accounting Standards Board (IASB) is to extend the activities of the International Financial Reporting Standards (IFRS) interpretations committee and issue fewer rejection notices, following its most recent meeting. Michael Stewart, director of implementation activities, outlined new proposals agreed by the committee, in response to the trustees’ call for a more active role in helping implement IFRS. The proposed new tools, agreed by the IASB, include allowing it to propose that application guidance (which has mandatory effect) be added as standard and that it can provide non-mandatory illustrative examples. The IASB stressed that it now expects the interpretations committee to take on more agenda items and, as a result, issue fewer rejection notices. > BACK TO MAIN ARTICLE
CFO role ‘set to expand’ CFOs will increasingly focus on keeping investors happy, according to a report by KPMG, From Keeping Score to Adding Value. There will also be more attention paid by CFOs to innovation and growth, while seeking to increase their influence over the range of their companies’ activities. ‘Having focused unrelentingly on efficiency drives and cost-cutting initiatives since the start of the current economic crisis, many finance executives are now looking to help their organisations grow again,’ said Patrick Fenton, partner and UK head of financial management consulting at KPMG. > BACK TO MAIN ARTICLE
BRICS to use own currencies The BRICS nations – Brazil, Russia, India, China and South Africa – have agreed to use national currencies for their trade and loan transactions. The decision marks a further move away from dollar dependency by emerging nations, with China’s renminbi becoming increasingly powerful. The move could particularly benefit Africa, which trades extensively with China and for whom transaction costs will now be cut. Standard Bank predicts $100bn a year in Chinese-African trades will be settled in renminbi by 2015; China has announced that the renminbi will be fully internationally convertible by then. China’s trade with India grew by 25% last year and with Russia by 42%. > BACK TO MAIN ARTICLE
ACCA revamps PER module for students ACCA has launched a new online system called My Experience for students to record their practical experience. The new module takes over from the trainee development matrix (TDM). ‘My Experience will make it much easier for students to keep an accurate record of their work experience, and update their skills base,’ said Judith Bennett, ACCA director of service delivery. Look out for further details in due course. > BACK TO MAIN ARTICLE
BEING ASSERTIVE IN THE WORKPLACE
We take a look at how to be assertive at work without coming across as arrogant or rude. ALEX MILLER reports According to experts at Temple University’s Fox School of Business in Philadelphia and George Mason University near Washington DC, workers who avoid salary discussions at appraisals or in interviews almost never receive a pay rise. Their study also found those who actively seek out a pay rise earn on average £3,200 a year more than those who haven’t. But higher pay is just one of the many perks that can come with being assertive at work. But what does being assertive mean and can anybody command such a demeanour? Being assertive is a set of communication skills or behaviours and it can also be a state of mind, with an accompanying set of beliefs about the workplace and how you fit in. To get the ball rolling, there are a number of simple tips trainees can develop. Remember when communicating that a big part comes from the tone of voice. Pause and take regular deep breaths when faced with stressful moments – breathing correctly can help deflect negative effects and enhance calmness. By being calmer, what you say will then sound more assertive. Choice of language is also important. The language of aggression is insulting, bossy and argumentative, while patronising terms can be insulting. As a rule, take the ‘Yous’ and ‘Buts’ out of your vocabulary and change to words such as ‘I’ or ‘And’ to own your words and intentions. > BACK TO MAIN ARTICLE
Body language is a massive part of assertive communication. When you need to look assertive, consciously limit your hand movements to support your words. Eye contact is also vital; look people in the eye, especially when they are talking to you. When you break eye contact, do it to look at something the other person can look at too. Lead by example because what you do can be more powerful than what you say. Matt Weston, Robert Half director, says: ‘Volunteering for projects is always a good idea. Not only will you be seen as a team player, but it will give you the platform to really prove yourself early in your job. Those who display a can-do attitude will increasingly be called for interesting projects and are more likely to be promoted.’ Always aim to be on the same physical level as the person you are talking to – the easiest way to achieve this is to invite the other person to sit down. And if you need some extra confidence, steepling is a great way to feel confident – pressing the tips of your fingers together in a prayer-like position. Finally, it may be beneficial to identify a mentor. ‘Finding a mentor is one of the best things you can do in your career,’ says Weston. ‘Someone with whom you can bounce off ideas with, share challenging situations and look to for advice will help you today and for years to come. This person doesn’t have to be a finance professional, but should have worked in an office environment and have managed people. They can help you navigate office politics, negotiate for a raise, or even discuss your next career move. Having someone you can count on will raise your assertiveness in your current role as you’ll feel more confident and at ease.’ > BACK TO MAIN ARTICLE
HOW TO: STAY COOL IN INTERVIEWS
we ask several experts for their top tips on remaining cool when the pressure is on in interview situations. alex miller reports Staying cool in stressful and testing times is an absolutely vital quality in the workplace – and where better to demonstrate that skill than in an interview situation? There are a number of useful tips to remember that will help you manage interview nerves and stay cool under pressure. The first consideration is good preparation. There is a famous Abraham Lincoln quote – these days often used as a motivational line – that says: ‘If I had eight hours to chop down a tree, I’d spend six sharpening my axe.’ Peter Istead, managing director of Page Personnel Finance, says: ‘You might have the necessary skills to do the job, but do you know how the company operates? Have you thought about how to explain why you want this job? Have you prepared any questions for the interviewer? ‘By doing your research and thinking carefully about your potential responses, you’ll feel more confident and able to perform to the best of your ability. Even the most seasoned professional can get interview nerves. Remember that both you and the interviewer want a successful outcome from the interview,’ he adds. Phil Sheridan, managing director of Robert Half UK, concurs: ‘Find out everything you can about the company by researching websites, social media accounts, news articles, executive blogs and stock information, when available. > BACK TO MAIN ARTICLE
‘It is also worth researching some of the key competitors of your target company to find out how you can help them effectively position themselves for success. As accountants are increasingly charged with maintaining a commercial focus, any insight you can provide that demonstrates you have astute business acumen will work in your favour. By being prepared, you will come across as relaxed and confident.’ It is also important to be precise and clear in interviews. Make sure your answers are well phrased and try to ensure the interview is as jargon-free as possible to help avoid confusion. There may be particular terms and expressions that you use internally that won’t always translate to an external audience. Always explain something as if you were explaining to someone who didn’t have a finance background. Support your answers by giving relevant examples and, if you are not sure, ask the interviewer if you have answered their question. Also try to stay positive. Sometimes this is easier than it sounds, but when you are nervous it is easy to focus on the negative and think about everything that can go wrong during an interview. This inevitably makes the nerves worse. Stay positive by focusing on the reasons that attracted you to the job in the first place. Imagine yourself working for the company, and how good it will feel when you get the job. Remember, you have been invited to interview for the position so the interviewer has obviously seen something in your CV or application that they liked. ‘To ensure trainees are relaxed in an interview, besides > BACK TO MAIN ARTICLE
preparation it is also important that they practise their interview skills,’ says Sheridan. ‘Even if you are an experienced manager, it never hurts to work with a friend or family member to practise techniques and answers to some common questions.’ > BACK TO MAIN ARTICLE
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fast facts: KAMBALE SYAUSWA What options papers did you choose and why? I chose Paper P4, Advanced Financial Management, and Paper P5, Advanced Performance Management because I am good at analysing and thinking strategically. When did you first register with ACCA? In 2004. When do you hope to achieve membership? This year. What do you do in your spare time? I exercise, spend time with friends and watch movies. > BACK TO MAIN ARTICLE
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ACCA CAREERS GOES MOBILE ACCA Careers is now available on your smartphone, so you can access the latest vacancies wherever you are. Scan the QR code, register or login, and search and apply for thousands of opportunities on the go at www.accacareers.com > BACK TO MAIN ARTICLE
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LET PROSPECTIVE EMPLOYERS FIND YOU Upload your CV to ACCA Careers and boost your job opportunities. Employers use ACCA Careers to search for ACCA students like you on a daily basis. Take this opportunity to highlight your unique set of skills to hundreds of recruiters now. Go to www.accacareers. com/upload-your-cv > BACK TO MAIN ARTICLE
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IMPORTANT
The purpose of a technical article is to do one of the following:
• Elaborate on a technical area in which students
perform badly in the exam • Give extra information about areas that are newer to the syllabus, which may therefore have less coverage than more traditional areas • Give an examiner’s specific focus on a given topic The articles are not intended for one sitting only, with the possible exception of taxation. Tax articles tend to be updated annually to comply with legal changes. Otherwise, we aim for a suite of articles relating to a paper. Students should give equal attention to all articles on the website in preparation for a specific exam. Articles are not simply written to target one exam. Since changing to the new syllabus, any articles deemed equally relevant to a new paper were carried forward. These have as much value as more recent articles. All technical articles – whether written by examiners or other writers – are equally important as no article is published if it does not assist students in some way. > BACK TO MAIN ARTICLE
OXFORD BROOKES: BSc (HONS) Eligibility The degree must be completed within 10 years of your initial registration on to ACCA’s professional qualification, otherwise your eligibilty will be withdrawn. Check your eligibility status at www.accaglobal.com/en/student/ qualification-resources/bsc/eligibility.html Online RAP submission Research and Analysis Project submissions and re-submissions – including payment for Period 24 (May 2012) – should all be made online. A link with instructions of how to submit and pay online will be made available from 1 May to 25 May; all submissions have to be completed within this period. Students can no longer send hard copies to the ACCA office at Oxford Brookes University as these will not be accepted. The cost of submission for Period 24 is £135. Students will be required to upload their Research and Analysis Project files, which can be in all major file formats including Microsoft Word and PowerPoint. Students should upload separate files for their Research Report, Skills and Learning Statement, Appendices and List of References; these will all then be submitted along with their payment. Any queries relating to online submission should be sent to Oxford Brookes University at acca@brookes.ac.uk Professional Ethics module In order to qualify for the BSc (Hons) in Applied Accounting, all students must first complete the nine Fundamental > BACK TO MAIN ARTICLE
exams as well as the online Professional Ethics module. This module is compulsory for anyone submitting a project to Oxford Brookes – even though you may not have to complete it as part of your ACCA studies if you registered before 2007. The Professional Ethics module is accessed via myACCA, but you will only be given access to the module once you are eligible to sit Paper P1. The module does not need to be completed in one go, and you may therefore find yourself re-visiting the module as it takes approximately two to three hours in total to complete. Once you have fully completed it, you are required to write a completion statement, and a certificate will subsequently be sent to you. By completing this module, you will be gaining a better understanding of ethical issues in accounting, and it will also give you a chance to reflect on your own behaviours. If you are planning to submit a Research and Analysis Project to Oxford Brookes University in Period 24 (running from 1–25 May 2012), you must ensure you complete the Professional Ethics module by 8 April, or you will be unable to submit a project in this session. > BACK TO MAIN ARTICLE
EXAM REGULATIONS 1. You are required to comply in all respects with any instructions issued by the registrar, exam supervisor and invigilators before and during an exam. 2. You may not attempt to deceive the registrar or the exam supervisor by giving false or misleading information. 3. If you are given reading time at the beginning of the exam, you are not allowed to open or write on your answer booklet until the supervisor tells you to do so at the end of the reading time. You are, however, permitted to write on your question paper. 4. If you are given reading time at the beginning of the exam, the exam is considered to be in progress from the start of the reading time. 5. You are not allowed to take to your exam desk any books, notes or other materials except those authorised by the registrar. These are known as ‘unauthorised materials’. 6. You are not allowed to possess any unauthorised materials while the exam is in progress (whether at your desk or otherwise). 7. You are not permitted to: • use a dictionary or an electronic translator of any kind • have on your desk, a calculator which can store or display text • use or have on your desk a mobile phone or pager of any kind. Any kept in bags or briefcases must be switched off at all times in the examination hall. > BACK TO MAIN ARTICLE
8. You are not allowed to use, or attempt to use, or intend to use, any unauthorised materials while the exam is in progress. 9. If you breach exam regulation 5, 6, 7 or 8, and the unauthorised materials are relevant to the syllabus being examined, it will be assumed that you intended to use them to gain an unfair advantage in the exam. In any subsequent disciplinary proceedings, you will have to prove that you did not intend to use the unauthorised materials to gain an unfair advantage in the exam. 10. You may not assist, attempt to assist, obtain or attempt to obtain assistance by improper means from any other person during your exams. 11. You are required to adhere at all times to the Examination Guidelines, which you receive with your Examination Attendance Docket. 12. You are required to comply with the exam supervisor’s ruling. Supervisors are obliged to report any cases of irregularity or improper conduct to the registrar. The supervisor is empowered to discontinue your exam if you are suspected of misconduct and to exclude you from the exam hall. 13. You may not engage in any other unprofessional conduct designed to assist you in your exam attempt. 14. You are not permitted to remove either your candidate answer booklet(s) or your question paper from the exam hall. All exam candidate answer booklets remain the property of ACCA. > BACK TO MAIN ARTICLE
15. Once the exam has started, you are not allowed to leave the exam hall permanently until the end of the session and then only when instructed by the supervisor. 16. If you attempt to gain an unfair advantage in the exam (whether by breaching an exam regulation or otherwise) you are likely to be removed from ACCA’s student register following disciplinary proceedings. 17. Candidates must not talk to other candidates during the exam under any circumstances. > BACK TO MAIN ARTICLE