NEXT GENERATION ACA
The ICAEW has unveiled radical changes to its ACA qualification, which it believes will bring technical study and workplace learning closer together than ever before.
The changes represent the biggest change in the qualification in 30 years, and students will be studying the new look qualification from September 2025.
Students will be pleased to hear that the exams component will consist of 14 integrated modules, compared to the current 15, including a new case study paper to help students bridge to the professional and advanced levels. There will also be a new ethics and sustainability module in the certificate level.
ICAEW’s managing director of education and training, Will Holt (pictured), told PQ magazine: “The whole profession is going to change so much, and now the ICAEW qualification is ready for that change.”
The new future-proof changes include the introduction of an additional two case studies at Advanced Level, and Holt said case studies are perfect for reflecting what goes on in the workplace. And, the thought was “if case studies are so good why wait until the end of the qualification to test them!”
Holt believes the new qualification also takes a much clearer building-block approach to learning, allowing students to move from the fundamental to advanced level in more manageable steps.
He explained the Next Generation ACA will comprise three core components. These are business, finance, and accountancy modules; professional work experience; and a new specialised learning and development programme. This learning and development programme will:
• Deepen students’ competence in ethics, technology and sustainability to reflect the
ever-changing world and workplace, through integration with professional work experience.
• Adapt quickly to future changes in the workplace and profession.
• Enhance students’ specialised workplace knowledge and skills through a wide range of flexible learning resources.
• Provide students with enhanced
support through a comprehensively redesigned learning journey.
Alongside their professional experience, students will also complete 30 units from a flexible range of online learning modules as part of specialised learning and development, designed for early career upskilling and specialisation.
All existing students will be able to complete the ACA through either the current or updated qualification, and there will be no requirement to sit extra exams.
ICAEW is already working with education providers and employers to support students during the transition period.
The ACA said its qualification will remain the only professional finance qualification that embeds real workplace data analytics software in exams. Check out more details in our two-page spread on pages 20 and 21
• Watch out for our exclusive interview with Holt in the next issue.
PQ MAGAZINE AWARDS 2025
The PQ magazine Awards are back, and we have a whole new batch of PQ trophies being created just for you. One could have your name on it!
If you think you know our next PQ of the Year, or even Tutor of the Year, then it is time to get writing.
Among last year’s winners were Bee Motion for Best Use of Social Media (pictured), with ACCA winning Accountancy Body of the Year, and Newcastle University Business School picking up Public Sector Accountancy College of the Year. Ahmed Shafi of Mirchawala Hub of
Accountancy even flew in from Pakistan to pick up his Accountancy Lecturer of the Year award. All those shortlisted will be invited to the coolest accountancy awards around – in late April next year. But, before that, you need to get nominating.
Deadline for entries is Friday 7 March 2025, but please don’t wait until the last minute to enter. Download the nomination form at www.pqmagazine.com. Just click on the ‘PQ Awards’ button at the top of the home page. Check out more on page 16
LAUNCHING SEPTEMBER 2025
A note from the Editor
The world seems to be in a state of flux, and accountancy is no different.
This month sees the launch of ICAEW’s Next Generation ACA, and we have to say we are impressed. However, we are less impressed with the ICAEW exam question monitoring systems (see page 5).
We can never forget the exams, and we have the latest CIMA and ICAEW pass rates for your perusal. There are also tips for the ACCA December exam sitting, and a great article about what you should be doing on the weekend before your exam. And we aren’t suggesting a long weekend in Ibiza!
This month sees the launch of the 22nd PQ magazine Awards, and can I please ask that you don’t leave it to the last minute to book your place at the most fun accountancy awards around? Check out page 16 for all the categories and details on how to enter.
We also asked the question ‘Will accountants… save the planet?’ and you can catch the video of our seminar at https://tinyurl.com/vhcnhnvk. Our experts explain exactly what we all need to do to ensure we live in a greener world.
It is rare anyone sees what the professional bodies thought of the first Labour budget in 14 years in one place. Well, we have what they thought right here on page 36. We also picked up tax guru’s Dan Neidle’s take on the controversial IHT hike on farms.
Happy reading.
Graham Hambly, Editor and Publisher, PQ magazine
News
4 PQ sustainability seminar
If you want to help save the planet then you’ve got to ask the right questions
5 ICAEW exam controversy
Institute apologises for exam question that ‘shocked’ sitters
6 CIMA case study pass rates
The pass rates are in for 2024, and they look good for Operational level sitters
8 CIPFA joint report
Workforce gaps in local government finance teams a cause for concern
9 Ethical breach
EY sacks staff for taking training sessions simultaneously
10 ACA latest pass rates
So what went well and what didn’t? And spare a thought for those sitting outside Europe…
12 Tech news
Are you too scared of data loss to change your accounting software?
Features, etc
14 Have your say
Private equity is a real danger to the audit profession; and a shocking exam paper misjudgement by ICAEW. Plus our social media round-up
16 PQ Awards 2025 launch
The search is on for the very best people in accountancy – so do we mean you?
18 IFA spotlight
So how can young accountants avoid making poor ethical choices?
20 Next Generation ACA
We outline the forthcoming changes to the ICAEW’s qualification
22 CIMA case pre-seen
We run the rule over Rotomyne, a lithium mining firm that’s the focus of the next Strategic case study exam
23 AAT exams
Karen Groves explains the ins and outs of artificial intelligence, machine learning and blockchain
25 ACCA spotlight
How accountants can help business and wider society achieve sustainability targets
26 ACCA exams
Making the most of the weekend before your exams can be crucial to getting that pass
27 ACCA exam tips
Six pages of top tips for the forthcoming exam session – but don’t forget to do your revision!
33 How to pass SBL (part 6)
Top tutor Chris Cain explains how to apply the BCG matrix in the SBL exam
34 CIMA spotlight
How to discover your learning style – and so boost your exam performance
36 Budget review
What did the accountancy bodies think of Labour’s first Budget since 2010?
38 Down on the farm Tax guru Dan Neidle’s take on proposed changes to IHT and agricultural property relief
39 Careers
What it takes to succeed as an entrepreneur; our Agony Aunt’s advice on cover letters; and our Book Club review
40 Fun
The lighter side of life – and accountancy
The columnists
Lisa Nelson You don’t need to study harder… just study smarter 4
Robert Bruce Government contractors haunted by Carillion 6
Prem Sikka Are rail reforms on the right track? 8
Anna Kate Phelan Moving towards a sustainable future 10
Eddie Herbert Why it pays to look after your supply chain 12
LISA NELSON
Ways to widen your network
A career in accountancy offers a unique opportunity to build an enduring professional network.
Some 26 years after embarking on my own accounting career I am still connected to many professionals who I met and worked with in the early days. Refining your networking skills can support your career development. So how can you elevate your networking game?
Start within your organisation by actively participating in team meetings and social events. Take the initiative by introducing yourself to colleagues outside your immediate team (even if this is outside your comfort zone!). A simple ‘hello’ or a shared coffee break can lead to meaningful connections. Show genuine interest in their roles and experiences, and don’t shy away from asking questions or asking for their advice.
Leverage internal platforms and networks. Many organisations have forums or groups dedicated to specific areas of interest. Engage in these communities to share experiences, discuss challenges and explore collaboration opportunities.
Develop your online presence, particularly on LinkedIn. Read and share relevant articles, comment on industry news and showcase your achievements. This visibility can attract connections and open doors to new conversations.
Finally, practise active listening. Networking isn’t just about talking; it’s about understanding and engaging with others’ perspectives. This approach fosters trust and establishes you as a considerate and insightful professional.
Lisa Nelson is Director of Learning at Kaplan
Will accountants… save the planet?
Accountants need to ask the right questions and have a value-driven mindset if they want to save the planet, says former CIMA President Sarah Ghosh.
Along with ACCA’s Sharon Machado and CIPFA’s Amit Verma, Ghosh recently took part in our first live roundtable with Rogo by Eintech.
She felt the accounting professional has a huge part to play in creating a new, greener world, but it will only be achieved if we take a collaborative approach. That means the whole organisation needs to be driving change, not just finance!
Accountants also need to be prepared to call out where a different path can be taken when it comes to investment.
Machado wants accountants to be ‘curious’ about sustainability too, and always be thinking about when to ask questions, how to ask them and what to do with the answers. She agreed that that requires collaboration. She said: “No single person is going to have all the answers themselves, and every day is going to be a school day in terms of building your skills set.”
Machado also felt there should be less fear about sharing data and business models, and she felt this needs to happen if accountants are to become empowered.
You can check out the video at https://tinyurl.com/vhcnhnvk • Big thanks to our sponsors ACCA, AICPA & CIMA, CIPFA, ICAEW, Reed Assessment, and Queen Mary University of London.
University tuition fees to rise in line with inflation
The UK government has unveiled measures it hopes will support students and stabilise the university sector.
The cost per year for a university course will rise to £9,535, an increase of £285 for the 2025/26 academic year.
Students will also receive an inflation-linked increase to maintenance loans – which would provide £414 extra per year for those studying in London.
The National Union of Students
celebrated the increase in maintenance loans, which it says comes as the result of years of
campaigning by student activists. However, NUS Vice President Higher Education, Alex Stanley (pictured), said: “Higher education is in crisis right now. Students are being asked to foot the bill to literally keep the lights and heating on in their uni buildings and prevent their courses from closing down. This is – and can only ever be – a sticking plaster. Universities cannot continue to be funded by an ever-increasing burden of debt on students.”
New AAT board structure approved
Changes to AAT’s governance structure was given the green light at the recent AGM. Some 94% of members voted for a more streamlined AAT board, alongside a reconfigured AAT Members’ Council.
They agreed with outgoing President Kevin Bragg, who said the
changes were needed to “improve decision-making into the future”.
Free pre-seen mock for SBL PQ magazine and joined forces again with top tutor Chris Cain to offer you access to a free ACCA SBL mock exam.
Tailored to the December exam, the practice paper will be uploaded on 26 November. You can even get it marked for a small fee.
For more go to page 5, or simply send an SMS to +07973 508793.
Newly qualified Nadya Olath used the service and passed her SBL exam first time with 74%. On
LinkedIn she said: “A big thank you to First Intuition and their tutors for all the tuition, Tom Clendon for SBR, and finally Chris Cain and PQ magazine for SBL support.”
IPSASB issues climate draft
The International Public Sector Accounting Standards Board (IPSASB) is developing the world’s first climate-related disclosure standard for governments around the world, with the support of the World Bank.
And the draft of its inaugural Sustainability Reporting Standard has now been issued for public comment.
To promote global consistency and comparability, ‘SRS ED 1, Climate-related Disclosures’ proposes public-sector-specific guidance that builds on the International Sustainability Standards Board’s (ISSB) global baseline. In doing so, SRS ED 1 proposes principles for the more limited group of public sector entities that have responsibility
He felt the changes would also ensure members’ voices still took pride of place.
Moving forward, the AAT board will consist of up to 12 trustees, giving the association the chance to bring in experts, in areas such as supporting its international strategy, to help push it forward.
for climate-related public policy programmes and their outcomes.
Top tips for December exams
The December ACCA exams are coming soon to a screen near you! So what is coming up? PQ magazine has again joined forces with BPP to provide our tips for the session. We have six pages of tips, which include telling PM exam sitters to never be tempted to spend more than five minutes on any OTQ question in section A.
A shocking question
The ICAEW Advanced Level exams have been rocked by controversy. Students sitting the Corporate Reporting paper had a question about a music festival held in October and a band called ‘Nova’.
The Nova Music Festival in Israel was a major target for Hamas terrorists in the 7 October 2023 attacks. As one ICAEW member said: “Who on earth thought this was acceptable in light of the 7 October 2023 atrocities.”
Many other members voiced their shock and disgust on X, with several suggesting it was “certainly no accident or oversight”. One qualified accountant felt it was too much of a coincidence, and another said it was clearly done with intent.
One student who sat the exams explained: “I sat this exam on Monday and couldn’t quite believe it when I read it. Many other Jewish candidates spoke to me afterwards and were equally shocked.” It has also been suggested that students who sat the exam were afraid that if they
spoke up they would be penalised.
ICAEW was quick to respond, and confirm the mistake. It said on X:
“We are aware of an issue regarding some sensitive wording used in one of the Corporate Reporting exam questions on Monday 4 November.
“One question described as context a music festival held in October 2024 in a fictitious country, and then subsequently referred
to a music band called ‘Nova’. We can confirm that the scenario for the question was drafted in 2021, before the tragic events in Israel in October 2023. However, the association of the words and the names used was not identified through our exam question review process before Monday’s exam. We fully appreciate how and why the proximity of these words in the
question was insensitive and we are deeply sorry for any offence caused to students sitting he exam.
“We have immediately changed our exam question review process to help ensure that this does not happen again. All ICAEW exam questions are only used once, and we can confirm that this question will not be used again or published with its original wording.
“Our Exam Disruption Appeal process is available for students who feel they were adversely affected by the wording during Monday’s Corporate Reporting exam, and we sincerely apologise to any students or members who were offended by this.”
PQ magazine also spoke directly to ICAEW’s director of education and qualification, Shaun Robertson. He was obviously very upset about what had happened, and said in the short-term he just wanted to ensure all students were looked after. He explained the institute would be relaxing the deadlines for appeals and would be completely changing its exam processes going forward. But he acknowledged the error and was sincerely apologetic. He told us this was not done on purpose and was a genuine mistake.
Pre-seen is pre-warned!
Download your free SBL pre-seen mock exam
PQ magazine has joined forces with top tutor Chris Cain, and together we will be producing a free SBL mock exam based on the pre-seen for the December sitting.
To get access to download the mock exam for free simply send an SMS to WhatsApp +07973508793.
We will be updating the practice paper on 26 November.
And if you want to use our pre-seen for a proper practice you can even have it marked for £25!
You will need to send in your answer between 26 and 29 November for marking, and your paper and its mark will be returned to you on 30 November. The indicative contents answer only will be released on 30 November.
Good luck in in December!
ROBERT BRUCE
Haunted by the ghosts of Carillion
And so it goes on. Who would want to have a contract supplying government services? Carillion went down in 2018 and the taxpayer had to pick up £150m of the bill. And that was a relatively small amount of the total. It was a toxic combination. The company, and its auditors, took their tone from the top. They went gangbusters as the government poured more and more orders into the public sector for schools and hospitals to prisons. The people running the company scooped millions beforehand. Even the auditors let their imaginations run riot. “Audit procedures in a range of areas of the audit were not completed until more than six weeks after the date of the audit report but were nonetheless recorded on the final audit file as if they had been performed before that date,” said the final report. And so on.
Yet here we are again. The collapse of construction giant ISG, with debts approaching £1bn, look like it will tell a similar story. What were they specialising in? Schools and prisons – again. And where was the audit watchdog? Well, at best you can say it was in limbo as governments dithered and pushed reforms down the line.
The worry now is that the new government will reform the wrong thing. But blaming the auditors rather than the directors gets more headlines and kudos.
Robert Bruce is an award-winning writer on accountancy for The Times
PQ JOB OF THE MONTH:
Financial Analyst
This is an exciting opportunity to join a busy finance team working for one of Glasgow’s most prestigious employers. This role involves both financial analysis and business partnering.
You will ideally have experience in a similar role, and will hold or be working towards a CCAB accounting qualification.
Working on a hybrid basis, with two days a week in the office,
CIMA case study pass rates
The August CIMA case study 2024 pass rates are in, and a whopping 71% of Operational sitters were successful this time around.
The Operational case study pass rate jumped 8 percentage points between sittings – we went back to February 2021 and couldn’t find a
better pass rate.
The Strategic pass rate also rose this sitting to a healthy 60%. This is the best pass rate for five sittings, but students are reminded that in 2022 sitters at two sittings achieved over 70% (72% and 71% in February and November of that year).
Only the Management case study
CIMA CASE STUDY PASS RATES
pass rate dropped – from 66% in May 2024 to 62% in August. The worry here is that this pass rate has hovered around the 60 percent mark for six sittings, when a few years ago the pass rate average was 70%.
Watch out for the latest OT pass rates – coming soon to PQ magazine!
Outstanding student
ICAS student Megan Auld recently picked up the award for Outstanding Academic Achievement at the Jersey Society of Chartered & Certified Accountants (JSCCA) annual dinner. The JSCCA prize is awarded to the highest scoring ICAS student in Jersey each year.
ICAS President Alison Cornwell said: “This award recognises Megan’s outstanding dedication and is testament to the high professional standards ICAS strives to uphold. I look forward to following Megan’s journey in the future.”
Meeting the nature reporting challenge
There is considerable room for improvement in the adoption of nature-related reporting, according to a new report from ACCA.
The report, Empowering business: navigating nature-related reporting, also highlights concerns about the overall lack of alignments in targets found across the global set of organisations it assessed.
ACCA believes accountants will need to be able to build the business case for collecting naturebased data. This will require more
you will benefit from a good level of flexibility within your 35-hour working week.
Salary will be between £40,000 and £45,000, and you will also benefit from 42 days annual holiday and a fantastic pension.
Applications close on 29 November. For more go to https://tinyurl.com/mpppuzm8
Back to Basics –impairment
Three-time PQ magazine award winner Tom Clendon explains IAS
learning about nature-related reporting and understanding the voluntary framework and guidance.
In addition, accountants will need to learn how to interpret new forms
36 Impairment in the latest instalment of our latest Back to Basics series.
Clendon explains that when we say an asset is impaired that is a bad thing! After all, we aren’t going to recover the value of the asset in the carrying value in the books, at the moment. In this 6.39-minute video he shows you what an impairment loss is and how to account for it.
Check out Impairment in our Series 2 playlist at https://tinyurl.com/2ub6ds53
of data, much as with climaterelated reporting, and integrate this into business processes, reporting and decision-making.
ACCA’s regional lead: Policy & Insights (EEMA & UK), Jessica Bingham, said: “Nature is the foundation for all life on earth and our research suggests that an overwhelming number of organisations do not effectively assess and communicate their impacts and dependencies on nature.”
and Global Growth Institute partner-up
ACCA has launched a global partnership with the Global Growth Institute, giving members exclusive access to the institute’s enhanced World Class Manager (WCM) leadership programme.
The WCM course is a comprehensive management training series that focuses on the critical skills managers need to get the best out of themselves and their people.
PREM SIKKA
On the right track?
The UK government is enacting legislation to bring passenger rail services into public ownership. Currently, the infrastructure is owned by Network Rail, a company owned by the government. Private companies are granted fixed-term contracts to run passenger services. The plan is that when contracts expire they won’t be renewed and services will be passed to a public company, avoiding payments for nationalisation. The government says this will save the public purse £110m–£150m a year. However, private companies do not own rolling stock, it is leased from leasing companies. The government is not bringing lucrative freight and rolling stock companies (ROSCOs) into public ownerships. Just three ROSCOs control 87% of the market.
Last year, ROSCOs charged £3.1bn for leasing out rolling stock and had a profit margin of 41.6%. ROSCOs paid dividends of £409.7m in 2022-23. The cumulative dividend is around £2bn in the past decade. Shareholders of ROSCOs are mostly abroad and do not pay UK taxes on dividends.
Next year, legislation will establish Great British Railways to oversee and integrate passenger rail transport. The government could purchase rolling stock directly from manufacturers, but in view of financial constraints it is likely to lease it. It is unlikely to allow a 41.6% profit margin, especially as the government owned company will guarantee payments. This will eliminate financial risk of the leasing companies and should result in lower charges.
Prem Sikka is Emeritus Professor of Accounting at the University of Essex
A new National
Living Wage
Chancellor Rachel Reeves has announced the National Living Wage will increase from £11.44 to £12.21 an hour.
This 6.7% increase, which is worth £1,400 a year for eligible full-time workers, is says the government a significant step in its promise to ensure the minimum wage is a genuine living wage.
The National Minimum Wage for 18 to 20 year olds will also rise from £8.60 to £10 an hour
Time to address finance staff shortages
Urgent action is needed now to tackle the workforce gaps in local government finance teams, says a new report from CIPFA and the Local Government Association (LGA).
The report, Local Government Finance Workforce Action Plan for England, outlines four key recommendations to address critical shortages in finance staff across English councils. The research reveals a 16% vacancy rate in finance positions and significant recruitment and retention challenges, as evidenced by an average turnover rate of 12.5% among local authority finance teams. There is now an urgent need for targeted training
and development initiatives to ensure that councils can continue to maintain essential services.
Pay is seen as the main barrier to recruitment. The authors of the report say more work is needed to promote careers in local government finance, alongside rethinking reward packages to appeal to a more diverse range of
A transatlantic merger
RSM US LLP and RSM UK Holdings Limited have announced that they are in advanced discussions to merge, subject to definitive agreements and customary legal, regulatory and other approvals. The transatlantic merger would establish a partner-owned multinational organisation spanning locations across the US, the UK, Canada, Ireland, India and El Salvador, supported by 23,000
professionals and with combined annual revenues of $5 billion.
Rob Donaldson, CEO, RSM UK (pictured), said: “RSM UK has seen strong growth in revenue and profits as we’ve repositioned the firm over the last four years. Bringing our UK and Irish firms together with our US and Canadian colleagues is the next logical step on our journey. We already have strong bonds with our transatlantic
candidates.
Comprehensive workforce development strategies for local government finance, including increased access to qualifications, continuous professional development (CPD) and better management training, would enhance staff capabilities and assist both recruitment and retention.
The current high staff turnover is putting unsustainable pressure on finance teams. The report says building a positive working culture, offering career progression and reducing reliance on agency staff are vital steps to improving retention.
colleagues and work together with a common aim, to be leading advisors to the middle market.”
New AAT President and VP named
AAT has announced Michael Steed and Lucy Cohen as its new President and Vice-President, succeeding Kevin Bragg who stepped down at the recent AGM.
Steed brings his expertise as a tax specialist, non-executive director and lecturer to the AAT Presidency. He also comes with valuable real-world experience as a career-changer, small accountancy practice owner, and as a customer of AAT’s products.
– the largest increase on record (16.3%). It will mean a full-time younger worker eligible for the rate will see their pay boosted by £2,500 next year. The Chancellor said she wants to align the National Minimum Wage and National Living Wage to create a single adult wage rate.
The rate for 16-17 year olds and the apprentice rate will rise by £1.15 an hour to £7.55. That is an 18% increase and means someone working 37.5 hours a week would earn £14,762 a year.
He said: “I am completely aligned to AAT’s social mobility mission and our commitment to throwing open careers in finance to all those
Agricultural relief
The Chancellor’s move to tax agricultural relief in her Budget certainly caused a storm. However, pre-Budget analysis by the Centre for Analysis of Taxation (CenTax) found just 200 farm estates out of 1,300 a year (from 2018 to 2020) claimed more than £1m in relief each year.
A married couple owning a farm can split it in two, meaning it qualifies for £2m of agricultural property relief, plus another £500,000 for each partner if a
willing to apply themselves in study and to act with integrity once they join the fold by diligently upholding our professional standards.
“A person’s background or circumstance should never stand as barriers to joining our profession – that denies an individual of an opportunity and deprives our industry of much-needed talent.”
Serving alongside Steed will be Lucy Cohen, AAT’s new VicePresident.
property is involved. That means a farm worth £3m might pay zero inheritance tax, says CenTax director Arun Advani.
One critic of the change, Jeremy Clarkson, is on record as saying he bought his farm Diddly Squat to help avoid inheritance tax. As he paid £4.25m for the 312-acre farm, whoever inherits it will be liable for a significantly greater inheritance tax bill.
Check out what tax guru Dan Neidle said about it all on page 36
EY sacks employees for taking simultaneous training sessions
A group of US-based EY employees have been sacked for breaking the firm’s ethical rules, according to reports in the Financial Times.
The group apparently took part in multiple online training sessions at once as part of the firm’s ‘EY Ignite Learning Week’.
Some employees told the newspaper that the punishment
seemed very harsh, and they did not know they were breaking company policy by watching more than one training course at a time. Others even suggested they were encouraged by a ‘culture of multitasking’.
An EY spokesperson told the FT: “At EY, our core values of integrity and ethics are at the forefront of
Grab one of our AAT scholarships
PQ magazine and e-Careers are giving away another AAT scholarship this month. Last month Mariama Njie won our scholarship. We should say at this point the scholarship covers your tuition but not your exam fees.
If you would like help funding the next stage of your AAT
studies then we are here for you – we want to provide you with real opportunity to progress your accountancy career.
Send your name and reasons why you would like to be awarded our scholarship to scholarships@e-careers.com, and please tell us which level you want to study.
everything we do. Appropriate disciplinary action will be taken on any violation of our Code of Conduct.”
They continued: “EY US has terminated individuals who, after thorough investigation, were found to have violated our Global Code of Conduct and US Learning Policy.”
In 2022, EY had to pay $100m to the SEC after employees were found to have cheated on ethics exams required to maintain their practising licences. EY was also accused of withholding evidence in the investigation.
PQ magazine editor Graham Hambly is on the judging panel to help award the scholarships, and the winner will be announced in next month’s issue.
Remember, once entered you will be put forward for the scholarship each month. So, if you don’t win this time there is still a chance to pick up one of our scholarships later down the line, so keep reading.
Which accountancy course is right for you?
Looking for an AAT, ACCA or CIMA course that fits your lifestyle? Well, don’t worry, PQ magazine has done the hard work for you.
Just check out our Course Finder page at www.pqmagazine.com – click on the button at the top of the home page, and select the body you are studying. And all will be revealed!
We have listed our trusted providers, the ones we think go that extra mile for you. We have recently added Ideal Schools to the AAT zone, and Astranti to the ACCA and CIMA section. Both are top-notch providers.
So, if you want to pass your next accountancy exam you need to take a look at our list. We have worked closely with all these colleges, some for more than 20 years, and we believe they can get you from being a PQ to an NQ.
ANNA KATE PHELAN
You can safeguard the future
In the recent PQ magazine/Rogo webinar, ‘Accountants will… save the planet’, representatives from CIPFA, CIMA/AICPA and ACCA explored how the profession is transforming to address ESG priorities. The discussion underscored a shift from traditional financial skills to a broader toolkit that includes green skills, investment knowledge and the ability to evaluate organisational impacts on both planet and society.
It was noted that “accountants can’t save the planet by themselves, but they can absolutely help”. There was an emphasis on the need for regulatory frameworks that require companies to become Net Zero compliant, further empowering accountants to be major agents of change.
The industry is already seeing significant progress—last year, nearly half of FTSE 100 companies made adjustments to previous climate sustainability metrics.
Webinar topics included how sustainability is examined, whether accountancy syllabuses are current, the impact of UN sustainability goals, equipping students for green job markets, and the future of accountancy in a sustainable world.
The message from the roundtable was clear: ESG is not just a checkbox, it’s reshaping the core skills of accountancy. Accountants are becoming critical players in the global sustainability movement, bridging financial insight with a deep understanding of the world’s most pressing issues. With these expanded skills, today’s accountants are equipped not just to manage funds but to safeguard the future.
You can view a recording of the webinar at https://tinyurl.com/vhcnhnvk
Anna Kate Phelan is Head of Product at Eintech
ACA Professional results are in
Just over 5,000 students sat 8,413 September Professional Level exams, and the results are in.
Most students took just one paper (2,558), and 71.9% passed what they were sitting, with 28.1% (719 sitters) failing.
Some 879 sitters took three papers in September. Of these, 74.2% passed all three, another 15% passed two out of three, and 6% one out of three.
At 86.9% Business Strategy & Technology had the highest pass rate this time around. Just 50% of those sitting Financial Accounting & Reporting (UK GAAP) passed, but this was a very small sample.
Comparisons of pass rates between students sitting in Europe and the Rest of the World look stark in some papers. For example, while the pass rate in Europe for Financial
Management is 73.2%, in the Rest of the World it is 39.7%. That means nearly two in every three sitters outside Europe failed the paper in September.
ICAEW PROFESSIONAL LEVEL SEPTEMBER 2024 PASS RATES: Audit and Assurance: 78.1%; Business Planning: Banking: 66.0%; Business Planning: Insurance: 85.7%; Business Planning: Taxation: 76.6%; Business Strategy and Technology: 86.9%; Financial Accounting and Reporting (IFRS): 83.8%; Financial Accounting and Reporting (UK GAAP): 50.0%; Financial Management: 71.1%; Tax Compliance: 78.4%.
AICPA & CIMA has found new CEO
After an extensive global search, AICPA & CIMA has appointed Mark Koziel to succeed Barry Melancon as its CEO. He is currently President and CEO of Allied Global, an association of independent accounting and advisory firms with revenues of $6bn and 268 member firms worldwide.
He will become CEO of AICPA & CIMA with effect from January 2025, after a handover period.
Koziel (pictured) said: “I am excited and honoured to be appointed CEO of the world’s largest accounting membership body. I look forward to playing a key role in leading the
organisation and the profession to new heights. The profession is well positioned to expand and continue to evolve the value it brings serving the public interest and addressing the challenges faced by economies, business, and society.
“I cannot wait to start working closely with members, candidates, volunteers, and staff to do just that and drive our great profession forward.”
Reshaping business and society
Leading voices will come together this month for the CA Summit, an award-winning global business event offering fascinating insights into how technology, socioeconomics and politics are redefining the way we live and work.
The virtual event, held by the Institute of Chartered Accountants of Scotland (ICAS) on 19 and 20 November, provides an opportunity to engage with the big ideas shaping the future. Held over
Growing in a challenging market
EY UK has announced fee income of £3.70bn for the financial year ending 30 June 2024. Net revenues grew 3% in FY24, while fee income remained flat year-on-year, due to the reduction in large cross-border transactions and transformation projects.
In what it described as a challenging trading environment, EY achieved 10% revenue growth for its Assurance business and 4% growth in Tax. However, revenues for Consulting and Strategy and Transactions decreased by 4% and 13% respectively.
Distributable profits before tax were £653m
two-hour sessions on consecutive afternoons, the summit returns for the first time since 2022, with interviews, panel discussions and interactive sessions, all broadcast live from the CA Summit studio.
(£659m in FY23). Average distributable profits per partner were down 5% to £723,000 (£761,000), reflecting the higher average partner numbers during FY24.
PwC retains top slot
PwC has retained top spot in the 2024 UK Social Mobility Employer Index. This is the fourth time that the Big 4 firm has topped the ranking since its inception, this year sharing top place with law firm Browne Jacobson LLP.
In the past academic year PwC supported more than 17,000 secondary school students from lower socioeconomic backgrounds and social mobility target schools with skills development. This included inviting more than 3,000 into its offices to show them the
The BBC’s Chief Economics Correspondent, Dharshini David, will host a formidable lineup of speakers including Edwina Dunn OBE, renowned data scientist and the pioneer behind Tesco’s Clubcard, and former Minister for Trade and Waitrose Managing Director, Lord Mark Price.
A full speaker list and tickets (free for ICAS members/students and £50 +VAT for non-members) are available here
opportunities available and support them in developing skills such as communication, teamwork and business acumen. More than 200 students also joined the firm’s New World, New Skills paid work experience week, all of whom met social mobility criteria.
Deloitte and Catalyst open new hub
Deloitte and Catalyst have announced a partnership to establish a new hub for entrepreneurs in Belfast city centre.
Deloitte is partnering with Catalyst – an independent, non-profit science and technology hub – to activate the ground floor of the iconic Ewart Warehouse, part of its new Northern Ireland headquarters in The Ewart.
EDDIE HERBERT Why your supply chain is key
Your supply chain could be your secret weapon for hitting your Net Zero targets. Forward-thinking businesses are discovering that supplier sustainability isn’t just about ticking boxes – it’s about gaining a competitive edge in both carbon reduction and tender success.
When suppliers enhance their environmental performance, the improvements cascade up through your value chain, directly lowering your Scope 3 emissions. This ripple effect is crucial, as supply chain emissions typically account for over 70% of a company’s carbon footprint. By incorporating supplier carbon data into your environmental reporting you can demonstrate tangible progress toward your targets.
Leading companies are making this a two-way street by supporting suppliers to measure, report and reduce their emissions. This creates a win-win scenario: the data feeds directly into corporate carbon accounts, while suppliers gain valuable sustainability credentials for future contracts.
With environmental criteria now embedded in public and private sector procurement policies, companies without robust supplier sustainability programmes risk being left behind.
This approach is particularly powerful in tender responses. Organisations can point to concrete supply chain emissions reductions and engagement programs, giving them a competitive advantage.
The message is clear: integrating suppliers into your carbon reduction journey isn’t just about meeting targets –it’s about building a resilient, competitive and future-proof business network. Those who act now will find themselves ahead as Net Zero deadlines approach.
Edward Herbert, Sales & Business Development Manager, Net Zero Now
Intuit Assist has arrived
Intuit Assist for QuickBooks, a generative AI-powered financial assistant, is being introduced to the UK market. UK business customers now have the opportunity to sign up for early access to the Beta programme.
Intuit Assist builds on the continued AI momentum that QuickBooks UK customers already have access to through payee automation, transaction categorisation and Train QB.
Too scared to change your software?
The fear of losing financial data is the major barrier to upgrading from legacy accounting systems, according to new research from software provider iplicit.
Some 42% of finance decisionmakers admitted that they are reluctant to change their accounting system because they fear they will lose critical historical data – a rise from 23% in 2023.
This idea is being fuelled by several accounting software providers that are using fear as a tactic to hold on to their customers. Punitive right-to-use licences and
resistance to assist in migration away from current systems often leaves finance decision-makers concerned that the pain of change
is greater than putting up with the challenges of staying with the legacy software.
Commenting on the findings, Lyndon Stickley, CEO at iplicit (pictured), said: “The fear of losing historical financial data should never be a barrier to adopting more advanced and effective accounting software. It’s time for finance leaders to overcome, break free from oppressors, and switch to an accounting software provider that isn’t going to hold you hostage by charging you to access essential historical data.”
QuickBooks Sole Trader launched
Intuit has announced the UK launch of QuickBooks Sole Trader, designed for those with an annual income under £90,000.
As well as sole traders, it has been designed for landlords with single property income and those in construction.
QuickBooks Sole Trader will allow customers to manage receipts, mileage, expenses, bank transactions and invoices in one place, or via the mobile App, for a holistic view of their finances, whilst simplifying income tax preparation.
Nick Williams, product director at Intuit QuickBooks (pictured), said: “Sole traders are amongst the largest community that do not use accounting software, yet they must create an accurate income tax self assessment every year and prepare for MTD, which will involve quarterly submissions.
“QuickBooks has been helping small and medium businesses prepare for MTD since 2018 and our new Sole Trader offering provides clear value for both individuals and their accounting
professionals, helping them work together to meet tax obligations, manage money, save time, and grow.”
IRIS unveils IRIS Elements Enterprise
IRIS Software Group have announced the launch of IRIS Elements Enterprise, the latest tier in its existing cloud-based accounting suite.
With the launch, IRIS rolls out two initial Enterprise product offerings: Enterprise Tax and Enterprise Accounts Production. The IRIS Elements suite now offers three tiers: IRIS Elements Essential for
Intuit said: “This is a giant step forward in Intuit’s vision of powering prosperity for all by doing the hard work for sole traders, micro, small and mid-market businesses, and their accountants and bookkeepers, to fuel their financial success. It provides a connected, end-to-end AI-first platform that customers rely on every day to run and grow their business.”
The self-driving cab is coming Cybercab, the long-promised Tesla
smaller practices and startups, IRIS Elements Professional for mid-tier firms, and now IRIS Elements Enterprise for firms serving complex clients.
Mark Chambers, managing director of accountancy at IRIS Software Group, said: “In today’s market, accountancy firms are up against a wide range of pain points –coordinating different software
‘robotaxi’, has been unveiled by Elon Musk. The electric cab has no steering wheel, pedals or rear window, and Tesla will start production of the new cars in 2026.
Musk told those at the California launch event that “the autonomous future is here!” Cybercab will has two seats and butterfly-style wing doors. The plan is to sell the cars for $30,000 (£23,000), and it will be very economical to run – at 20 cents (15.5p) a mile!
Telsa also unveiled Robovan, a vehicle that can carry up to 20
across their offices and people; maximising success and growth with the same or fewer resources; dealing with complex regulatory requirements; and all while being under intense pressure to modernise.
“IRIS Elements Enterprise offers a seamless, secure way to get there, allowing firms to pay for what they need and add extra features as they scale up.”
people and transport goods.
CIPFA sells two software products
CIPFA has sold its AssetManager. net and CIPFAstats+ businesses to Infoshareplus. CIPFA said these two products are an excellent fit with Infoshareplus’s vision to build and invest in the creation of a UK software and data services business whose solutions are relied upon by clients to help them navigate and thrive in the ever-increasing complexities of the UK public sector.
29–31 January 2025
Start the new year in top gear
The AAT Student Conference is back. Eight sessions over three days, and best of all – it’s free to attend.
See what previous students have said:
Thank you AAT – absolutely loved this event! I can’t believe I didn’t realise what resources were available until now!
This event has given me the confidence to tackle my studies in the new year.
As a distance learner, this conference made me feel a part of the AAT community.
Fantastic! Really great speakers – very informative and useful.
Book your free place at the biggest event in the AAT student calendar, by visiting aat.org.uk/studentconference
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Time to talk about equity
Loved your lead story last month, ‘Private Equity Worries’. Finally, someone is talking about what no one wants to talk about!
The arrival of private equity means the accountancy profession is undergoing a significant transformation, but it all seems to be happening under the radar and is unregulated. I suppose we live in a capitalist world.
We are now seeing an unprecedented number of takeovers and merger. Some may argue we are seeing an investment of much-needed capital and operational expertise, which will make the profession,
well, more professional!
However, if you add in the rise of generative AI, it looks as if the profession is about to be totally re-engineered.
And all this is happening with the FRC and the accountancy bodies simply looking on,
apparently having no opinion about what is happening.
I have to agree with your audit partner who said if everyone has sold out before you get there, how do you provide an incentive for the partners of the future?
The profession is having enough difficulty attracting new recruits. If trainees think they are entering a profession dominated by private equity and generative AI, then it is only going to get even harder to attract the brightest into the profession.
Why are the professional bodies being so silent on this issue? Maybe they will get their act together once the profession has been totally ‘sold’.
Name and email address supplied
Our star letter writer wins a fantastic ‘I love PQ’ mug!
A shocking question
I have just sat the Corporate Reporting paper and could not believe what I read! One question talked about an October music festival and a band called ‘Nova’. Who thought this was acceptable in light of the 7 October 2023 atrocities in Israel? It is disgusting and I presume the ICAEW will be taking immediate action. Every student who sat the paper would have left the exam in shock.
What I want to know is who actually wrote the question? Someone needs to be held to account for this because I can’t believe it is all a coincidence.
The paper itself needs to be destroyed and never see the light of day. How the ICAEW moderates all the complaints is anyone’s guess.
Name and email address supplied
The ICAEW said: “We are deeply sorry for any offence caused by the wording of this question. The scenario for the question was written in 2021, but the insensitivity of the wording and names used should have been picked up ahead of Monday’s examination. We regret that it was not, and we are deeply sorry for the distress caused. A thorough
investigation is under way into how this can have happened.
“We have extended the Exam Disruption Appeal period so any student who feels they were adversely affected by the wording of this question can apply, and we would encourage them to do so.
“We have immediately changed our exam question review process to help ensure that this does not happen again. All ICAEW exam
questions are only used once, and we can confirm that this question will not be used again or published with its original wording.”
The Editor says: I have spoken to people at the ICAEW and they were genuinely shocked and upset. I have to say no one there would have wanted to deliberately do this, and they are working hard to ensure students are not punished for what happened.
Contributors: Robert Bruce, Prem Sikka, Lisa Nelson, Anna Kate Phelan, Tony Kelly, Phil
have any
Francesca Cullaney | Subscriptions: subscriptions@pqmagazine.com
Forget England winning the World Cup, says social archivist at PwC UK, Ben Sharratt. In 1966 the big story at the legacy firm Cooper Brothers was the making of the audit training film ‘True and Fair’, which is the next item in the PwC Archive series. It stars the firm’s own partners and staff and follows them on the course of a typical audit at imaginary manufacturing company Mecanex Limited. Sharratt says it was something of a tech multimedia first – apparently no other firm of accountants had ever developed anything like this to train its people. He said True and Fair proved to be an effectively method of contextualising, in 55 actionpacked minutes, the detailed procedures of an audit. It was shown at Cooper Brothers’ events in the UK and overseas, by professional bodies, industry and government. Not bad for those pre-YouTube days.
Sharratt believes as a period piece the film is important not only because it perfectly encapsulates the etiquette, language and a working environment of a bygone era; it also emphases just how far we have come in the six decades since. As Cooper Brothers’ senior partner says in the intro to the film: “They may not have the poise and sophistication of a Richard Burton or a Laurence Olivier, but they have the conviction of men who have spent their working lives at the job.”
Take a peek at the rest of the archive at https://pwc. to/3UHtHbf
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PQ AWARDS ARE HERE!
We launch the search for our PQ magazine 2025 winners this month! So get nominating for the awards that matter most in accountancy…
Our search begins to find the winners of the 2025 awards, and we will have 20 new shiny PQs to give away next year! All we need for now is your nominations. And, as we always say, now is not the time to be shy! We are more than happy for you to nominate yourself, as well as your colleagues or students. It really is a chance to shine a light on a PQ who never gets the plaudits, and we have plenty of mums and partners who have successful got their loved ones on our shortlist, too.
So, do you know a trainee who should be nominated, or do you have a mentor that has made all the difference and seen you though the hard times?
Our 21st awards night at Lio earlier this year certainly went with a bang. But don’t take our word for it – check out the video at https://www. youtube.com/watch?v=mEuTg5t5FFs
The star-studded event saw Grazia Maria Pia Salcuni pick up the PQ of the Year award. Distance Learning Student of the Year went to
Training Link’s Katie Robinson. The NQ of the Year award went to a former PQ of the Year, Bethany Duffy, of Grant Thornton (she won it in 2020). Personality of the Year was Sarah Ghosh, and ACCA won Accountancy Body of the Year.
You can download the nomination form from our website – or go to https://tinyurl.com/4bdxnzwz. You then have to make your case in 500 words. If you feel you need to add supporting material, please provide this separately, but your entry will be judged on those 500 words!
Once you have your entry all sorted send it off to us at awards@pqmagazine.com
Our awards are about quality, not quantity, so the total number of nominations per person/ institution doesn’t ensure a shortlisting.
Our independent judges see every entry before deciding on the shortlist and winners. And, if you make it onto their shortlist, you get to come to our awards night (for free) in London. And we can promise you it will be a night to remember, win or lose.
Deadline for entries is Friday 7 March 2025, but please don’t leave it to the last minute, because invariably the last minute comes and you are too busy to enter!
THE 2025 AWARD CATEGORIES
PQ OF THE YEAR
NQ OF THE YEAR
DISTANCE LEARNING STUDENT OF THE YEAR
ACCOUNTANCY GRADUATE OF THE YEAR
ACCOUNTANCY APPRENTICE OF THE YEAR
STUDENT BODY OF THE YEAR
ACCOUNTANCY BODY OF THE YEAR
ACCOUNTANCY COLLEGE OF THE YEAR –PUBLIC SECTOR
ACCOUNTANCY COLLEGE OF THE YEAR –PRIVATE SECTOR
ONLINE COLLEGE OF THE YEAR
LECTURER OF THE YEAR –PUBLIC SECTOR
LECTURER OF THE YEAR –PRIVATE SECTOR
STUDY RESOURCE OF THE YEAR
ACCOUNTANCY PODCAST OF THE YEAR
INNOVATION IN ACCOUNTANCY
BEST USE OF SOCIAL MEDIA
TRAINING MANAGER/MENTOR OF THE YEAR
GRADUATE/APPRENTICESHIP TRAINING PROGRAMME OF THE YEAR
ACCOUNTANCY TEAM OF THE YEAR
ACCOUNTANCY PERSONALITY OF THE YEAR
OUR SPONSORS
OUR PQs OF THE YEAR…
Grazia’s nominator said that in almost 30 years of preparing students for accounting exams, he had not met another like her! Here is a student who quite happily takes over as tutor and presents exam answers on the screen while her tutor takes the student seat. They said: “If we could design the perfect student, we’d just clone Grazia. Whether we could survive having more than one of her in class, well that is another story.”
Having passed her AAT qualification, Evie then moved onto her ACCA studies. What makes her stand out is her unyielding desire to give something back. She is constantly trying to help other students, and with her friend Callum she launched Only2Nerds, an Instagram study group that shares tips about their experiences. This account has huge appeal to students as it shows a real-life take on what it is like studying while working and trying to have some aspects of a normal life as a young person.
Katie worked for Essex County Council and was on the Level 7 accountancy professional apprenticeship – no small undertaking. Motivated by her own experience of the apprenticeship, she soon got involved in finance recruitment for ECC, making a significant contribution to a number of initiatives designed to attract the best talent into the organisation. In addition, Katie co-ordinated the initial review of applications for the 2022 cohort.
2024 Grazia Maria Pia Salcuni
2023 Evie Todd
2022 Katie Harwood
Understanding ethics
Ethics is a whole lot more than knowing right from wrong. So how can you avoid making poor ethical choices?
Shocking accounting practices often make headlines. Little wonder that a strong commitment to ethics is essential for delivering high-quality services and staying ahead of the competition, but it all can be a bit of a minefield, particularly if you’re a PQ accountant.
However, understanding the factors that lead to poor ethical choices can help leverage those same mechanisms to maintain high professional standards through your work.
Blurred boundaries
How do you determine the boundary between right and wrong in your role as a PQ? It’s often believed that those who engage in unethical behaviour do so on purpose and are fundamentally flawed, but it’s not as black and white as that.
Everyone makes mistakes at some point in their lives. However, it’s about keeping an open mind and understanding how boundaries change. When small errors pile up and
information is misrepresented it can lead to the creation of work that is not only inaccurate but may also be misleading on purpose.
Workplace compliance culture
For accountants, the behaviour of individuals is greatly influenced by the compliance culture within their workplace. This culture is shaped by written policies and procedures that outline expectations for ethical behaviour. A firm may appear to have a compliance culture on paper, but other factors can exist within a company that encourage unethical behaviour.
When a company lacks clear ethical guidelines, the potential for unethical behaviour increases because there’s no oversight to keep actions in check. Employees often look to their peers for cues on how to behave, which can lead to a kind of groupthink. If everyone around them is uncertain about what is right or wrong, individuals may unconsciously start to mimic the behaviour of those around them, even if it is unethical. This is particularly concerning
in environments where compliance is poor, as employees might not even realise that they are straying from acceptable standards.
Regular training on ethics and compliance helps to reinforce these standards and ensures that everyone is aware of their responsibilities.
Be a force for good
As an employee, you may feel like your influence within the company is limited. However, it’s important to identify and familiarise yourself with any existing policies, understand the reporting structure, and address any ethical concerns properly. Utilise the chances you have through your accounting tasks and teamwork to promote and model ethical choices. If you encounter situations of non-compliance it’s your duty to take a stand and act.
The IFA now offers a short ethics course that you can take at your convenience, allowing you to earn up to 18 hours of verifiable CPD. More information can be found here
• Thanks to the IFA for this article
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Introducing the Next Generation ACA
We outline the forthcoming changes to the ICAEW’s qualification
The role of the accountant is changing. Future chartered accountants will require the skills to lead and adapt as they encounter new and uncertain challenges throughout their careers, from a growing focus on sustainability to the increased use of artificial intelligence (AI).
The ICAEW chartered accountancy qualification, the ACA, is one of the most advanced learning and professional development programmes available, opening doors to launch careers around the world.
In 2023, ICAEW invited over 100,000 Authorised Training Employers, students and members across the world to participate in a consultation programme on developments to the ACA. This consultation identified several key themes that will be integrated into the redevelopment of the qualification.
The Next Generation ACA will launch in September 2025, equipping a new generation of ICAEW Chartered Accountants for the future.
Alan Vallance, ICAEW CEO, said: “When I qualified as an ICAEW chartered accountant I was excited to see where the ACA could take me. Many years later, it’s been my passport to working around the world, across a wide range of sectors, and for me personally, leading prestigious organisations.
“For nearly 150 years, gaining ICAEW membership has launched global careers in business, finance and accountancy, and we must ensure that it remains best in class for the next generation. These exciting changes are
the culmination of the most extensive and collaborative consultation process in our history, and we can’t wait for these developments to come into place next September.”
The Next Generation ACA at a glance
With a refreshed core syllabus and the introduction of tailored Specialised Learning and Development, the Next Generation ACA will give students the skills and knowledge they need to succeed in the workplace today and in the future.
The Next Generation ACA will combine three key components which are designed to complement each other. These components will enable students to put theory into practice and understand and apply what they learn in their day-to-day work:
• 14 business, finance and accountancy modules.
• Specialised Learning and Development.
• Professional Work Experience.
A refreshed, future-fit syllabus
The Next Generation ACA will have a refreshed, future-fit syllabus of 14 business, finance and accountancy modules split across three levels: Certificate, Professional and Advanced. Like the current syllabus, there will be six modules at Certificate Level and six modules at the Professional Level. At the Advanced Level the modules have been consolidated from three to two case studies.
The syllabus has been redesigned to provide a highly integrated learning journey, with modules at each level reinforcing and building on knowledge and skills to provide more of a ‘step-bystep’ journey. This will enable smooth, supportive and attainable progression from the Certificate through to the Advanced Level. The qualification will remain fully flexible, with modules being able to be attempted in any order (excluding the Strategic Case Study, which must be attempted last).
Greater focus will be placed on teaching
students the fundamentals of business, finance and accounting, while the robustness of the qualification remains at the forefront of the new developments, ensuring the quality of teaching and learning. Students will develop critical thinking, leadership and communication skillsets with assessments that are reflective of today’s businesses and organisations, particularly those within the digital economy.
Updated every year, the Next Generation ACA syllabus will deliver the most reflective and agile chartered accountancy training on offer.
Sustainability, ethics and technology
ICAEW believe that chartered accountancy can be a force for positive change, with ethics being integral to the role of the chartered accountant. Over the next decade, sustainability, technology and ethics will be the three key themes impacting every accountant and business they serve.
The Next Generation ACA will take a refreshed approach, integrating sustainability, ethics and technology throughout the programme. Brandnew, core modules covering each theme will be introduced, going further than ever before to integrate these competencies at each level of the syllabus.
Will Holt, Managing Director of Education and Training at the ICAEW, said: “We have placed technology, ethics and sustainability at the very heart of the ACA with greater emphasis on professional skills development. The Next Generation ACA will develop the skills that Chartered Accountants will need to successfully work alongside technology during their career.”
Specialised learning
with each unit roughly equating to an hour of learning.
Professional work experience
More than 7,000 organisations in over 70 countries offer ACA training. A key finding from the consultation was that 75% of employers recognised the need for real work skills that can be applied in the workplace.
Consistent with this, professional work experience will remain an essential component of the ACA. Students will gain invaluable business and commercial insight implementing technical and specialised knowledge in the workplace, by completing a minimum of 450 days of professional work experience.
With a new skills development framework, the Next Generation ACA will also introduce Specialised Learning and Development. Specialised learning will provide students with the option to choose which content they complete from a range of options. This will enable students to personalise their learning experience to fit with their individual learning needs and role, facilitating early career specialisation.
A state-of-the-art learning development platform will host the specialised learning content, which will feature a blend of interactive activities, puzzles, videos, voice recordings and articles. Students will need to complete a minimum of 30 units of specialised learning from the platform,
Transitional arrangements
Students who are partway through their ACA journey may be wondering what the launch of the Next Generation ACA will mean for them. Transitional arrangements have been thoroughly considered by ICAEW as part of the rollout and will be pragmatic and fair. ICAEW is already working with education providers and employers to support students during the transition period.
The Next Generation ACA will launch in September 2025 with a phased approach to implementation. Students with a training agreement start date from 1 July 2025 will begin studies on the Next Generation ACA route.
Dual running will provide current students with the opportunity to finish the current ACA or, alternatively, move seamlessly to the Next Generation ACA, subject to transition rules. ICAEW continue to work closely with tuition providers and employers to ensure all pathways to membership
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during this transition period are smooth and efficient. There should be no requirement to sit extra exams. Full details of the last sittings of the current ACA exams and first sittings of the Next Generation ACA, and equivalent module mapping can be found on the ICAEW website.
Your future with ICAEW
Whether completing the current ACA, a transitional route or embarking on the Next Generation ACA, future ICAEW chartered accountants will benefit from a globally recognised gold-standard for teaching and learning.
Once qualified, ACA students are invited to join a welcoming community of 169,500 ICAEW members. Membership with ICAEW will help newly qualified ICAEW chartered accountants to take full advantage of career opportunities, build connections with like-minded professionals, continue their professional development and maintain their respected status within the profession as a member of a progressive, influential and internationally-regarded professional body.
ICAEW President Malcom Bacchus commented: “ICAEW chartered accountants are crucial to influencing business decisions and driving organisational success. The ACA is a mark of excellence and professionalism, adhering to the highest standards of ethics and principles. Our students are the ICAEW members of tomorrow, representing the next generation of ICAEW chartered accountants. The changes we have made to the ACA provide students with worldclass training to be the leaders of tomorrow across a wide range of careers.”
Find out more
Learn more about the upcoming changes and how they might influence your studies on the ICAEW website – go to https://tinyurl.com/5594u6c4
• Thanks to ICAEW for this article
Resources Award winning learning resources including printed books, eBooks & e-learning, videos and quizzes.
Your pre-seen for November
CIMA SCS sitters have the 22-page pre-seen for the next two sittings, so it’s time to dig down into Rotomyne, a lithium miner
Lithium mining takes centre stage for the latest CIMA Strategic Case Study preseen, which covers both the November 2024 and February 2025 exams.
The company in question is Rotomyne, which sells the lithium to manufacturers of various products, including rechargeable batteries.
You should always try to remember who you are in these scenarios – you are a senior manager in Rotomyne’s finance function, reporting directly to the Board. You are also the advisor on special projects and strategic matters.
The pre-seen then provides us with a bit of a mining and chemistry lesson. There are three ways to extract Lithium – hard rock mines, traditional brine mines and direct extraction. Any developments to potentially make the process cleaner would be very attractive to Rotomyne.
If you want to check out some real-life lithium mining companies, take a look at Albemarle, SQM and ALTM.
The pre-seen then moves onto the spot and future markets. We are talking derivatives here…
The company, quoted from 1972, now has six hard rock mines and three brine mines, located in six countries. We are told it is unlikely Rotomyne will acquire any further new mines, and at the
moment it is the world’s fourth largest producer of lithium. However, all that would change if it changes its geological criteria (more risk here). How we sustain this business long-term is a worry if its mines run out of lithium.
While seven of its mines are in stable, welldeveloped countries, two (the most recent) are in relatively high-risk countries. Although geopolitical issues don’t come up (see the front of the case study), in this case they would have a massive effect on its bottom line.
Rotomyne exports to over 90 countries, so this creates a significant risk to currency fluctuations. We also discover prices are volatile and are
affected by supply. A new supply source could drastically affect prices, as would a mine being closed.
Talking about clean, healthy and sustainable in the mission statement are a real challenge in such an environmentally damaging industry, too. Environmental protesters could come up here, so how would you deal with such actions?
Any strategic questions in the exam will mean you bringing your answer back to the mission –you need to ask whether the proposal is in line with the mission.
One company also accounts for 22% of its revenue – preserving this key relationship is key.
A quick look at the P&L shows that revenue is down and operating costs are up year-on-year. This is reflected in the final profit for the year.
We then see a competitor’s financial statements. While their revenue is also down their operating costs only rose marginally.
In the news stories section there is an interesting one about recovering lithium from batteries. We also discover lithium is the same no matter where it is produced.
The use of operational technology and industrial control systems are also looked at. And we are told connecting ICS systems to IT networks creates opportunities for unauthorised data breaches.
Risk management is likely to be tested a lot in the exam (think reputational risk), along with governance issues, financial strategy and stakeholder interests.
The rise of the machines
Karen Groves explains the ins and outs of artificial intelligence, machine learning and blockchain
If you are studying AAT Level 3, these topics will be assessed within the BUAW assessment.
Artificial intelligence (AI) allows computers or machines to work efficiently and solve problems. AI will simulate how we think and behave, where previously this required human intelligence. Large amounts of data can be analysed and interpreted.
Machine learning is an application that codes computers to learn from data and speeds up data entry. It uses past data to predict the probability of what will happen next. Think about your own social media platforms, and how the systems must ‘learn’ what you are interested in and adjust advertising accordingly.
Then there is automatic coding of invoices, purchases and receipts, which leads to more accurate reporting. The system can also be used to predict future events, such as price changes and customer buying trends. Large amounts of data can be reviewed quickly, and any unusual items flagged up for investigation. How will they impact on the finance function, you may ask? Due to development and running costs, the systems are expensive. For smaller businesses, off-the-shelf cloud accounting systems are available; however, for larger businesses bespoke packages will be required. As some of the tasks that an AI accounting system can carry out will replace the need for human input, this could mean some finance staff are made redundant.
Blockchain is a system that records transactions made and shares these over
several computers that are linked in a network. The records of transactions cannot be altered or destroyed, which helps protect against hacking. One of the main advantages of blockchain is the transparency of transactions.
Blockchain is useful in accounting systems as it maintains ledgers and reduces staff costs. This works by:
• the transaction being raised;
• a block being created to digitally represent the transaction;
• the block is then shared to all computers in the network and each computer will validate the transaction;
• the authorised block is then added to the chain.
The data in the chain is protected, and any attempt to manipulate the data by unauthorised users will be rejected. When a new block is added to the blockchain it is linked to the previous block; this then encrypts the data and prevents unauthorised people accessing the data.
An example
You have probably already heard of Bitcoin, which is a digital currency (cryptocurrency). Transactions take place over the internet and are not controlled by a single bank or government. Bitcoin uses a peer-to-peer payment network, which is made up of users with Bitcoin accounts.
Bitcoins can be obtained by either exchanging other currencies for them, which is more common, or bitcoin mining. Bitcoin
mining involves solving the complex problems in the bitcoin network. As problems are solved the bitcoin miner receives bitcoins.
Bitcoins are stored in a secure wallet that is encrypted with password protection. When a new bitcoin transaction takes place, this is updated in the network on all ledgers using block chain technology.
Bitcoin currency can only be used to purchase items from sellers accepting Bitcoin payment.
Questions
1. Shopping activity is collected every time you visit a store or shop online. When you log in to your online account, certain products are advertised to you based on your previous purchases.
What is this an example of?
• data collection
• data gathering techniques
• artificial intelligence
2. Which one of the following is a benefit of using artificial intelligence and machine learning as part of the accounting systems of the business?
• large amounts of data can be processed accurately and quickly
• requires a lot of manual supervision
• high set-up costs
• Karen Groves is an AAT tutor and AAT Faculty Director at e-Careers
Answers: 1. Artificial intelligence 2. Large amounts of data can be processed accurately and quickly
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Become a sustainability champion
With COP29 taking place this month it’s a timely opportunity to look at the contribution accountants can make to achieving sustainability targets – and how ACCA qualifications can power them, writes Jacky Bateman
As accountants, we’re in a unique position to make real, impactful change and be at the centre of sustainable development. From reporting on CO2 emissions to measuring social impact, the skills, judgement and data-informed view of business that professional accountants have, means you have a vital role in this area.
Choosing the right qualification is crucial because professional bodies provide external verification of learning, effectively combating the risk of ‘competence greenwashing’. At ACCA, we’re strengthening and building a profession that drives a sustainable future for all, and this is demonstrated across our qualifications.
Sustainability in the ACCA qualification
We’re preparing future generations of accountants to recognise the challenges and address the impact in their organisations by fully integrating sustainability across the ACCA qualification – in the exams, experience and ethics.
Sustainability is at the heart of the qualification and we incorporate it across all levels so that our students are developing knowledge and understanding of this important area at every level of their studies with the expected application of that knowledge deepening as they progress.
We update the ACCA qualification annually, which ensures the qualification remains relevant and that our future members remain current. We have covered sustainability topics in the qualification for many years, but this is a critical time for professional accountants as sustainability is significantly impacting on organisations and finance teams in particular.
While sustainability is covered throughout the qualification, with the launch of the IFRS
Sustainability Disclosure Standards and the Corporate Sustainability Reporting Directive (CSRD) we have focused on how we introduce this new legislation into our Strategic Business Reporting and Advanced Audit and Assurance examinations.
We cover the new ISSB disclosure standards as well as awareness of the CSRD and the European Sustainability Reporting standards, and interactions/differences between them in our Strategic Business Reporting exam. Sustainability is already included in other areas of the qualification such as strategy formulation and planning, decision-making, performance measurement, governance and risk management, and finance and investment.
We are proud that sustainability has featured extensively across the Strategic Professional level of the qualification for some time, ensuring our students are developing knowledge and understanding of this important area at every level of their studies with the expected application of that knowledge deepening as they progress.
In addition to exams, all ACCA students need to complete the practical experience requirement in order to become members. Our performance objectives now include sustainability tasks and activities relevant for trainee accountants and we’ll continue to expand the sustainability aspects within the practical experience requirements, to mirror the approach taken in the qualification exams.
More information on coverage of the qualification can be found in our syllabus and study guides. And for students wanting to read more about the impact of sustainability on finance teams, I encourage you to visit the Sustainability Hub on our website.
“Accountants and other professionals have a central role in informing, driving and embedding
sustainable business and approaches across all sectors,” said Helen Brand, chief executive at ACCA. “Upskilling is vital if we’re to meet the increasingly urgent challenges of climate change.
“We’re seeing increased demand for sustainability skills training and the adoption of sustainability reporting standards around the world, which is encouraging. But it’s only a start and we need to build more skills capacity and further sharpen our focus.”
ACCA Professional Diploma in Sustainability
In September we launched our new Professional Diploma in Sustainability. Developed in response to growing demand from businesses and professional accountants, it has been designed for finance professionals at all levels who are looking to gain a comprehensive understanding of sustainability and the award of a qualification to prove it.
Our research shows that businesses have concerns over the lack of essential skills to support the move to more sustainable business models and urgently need the skills to consider non-financial as well as financial business drivers. Once completed, the professional diploma provides a comprehensive accreditation in the core areas of sustainability.
This leading-edge qualification brings together high-quality learning support and assessment, aligning with the increasing demand from employers, as well as individuals, wishing to pursue the widening career opportunities related to sustainability, and emerging regulatory requirements around the world.
Enrollment is now open and learners can sign up through ACCA Learning, ACCA’s dedicated continuing learning platform for finance professionals. More information is available at www.accaglobal.com/ProDipSust
The ultimate weekender
Making the most of weekend before the exams is crucial. Malik Muhammad Ali explains how you can ensure you perform at your best, remain composed and are properly prepared
What should students do on the weekend before the ACCA exam starts? The clock may be ticking, but there are still some things that can help make a real difference. Here are my tips:
Go over, don't cram
Rewrite the main ideas: Focus on the main concepts and subjects. Review your summaries, notes, and flashcards. Now is the moment to review what you already know; do not learn anything new.
Practise exam questions: Completing former exam papers promptly might help you get used to the format of the exam and identify any areas that require speedy revision.
Use revision rules: If you have revising rules, quickly go over them to make sure you've covered everything important.
Manage your examination material
Sort your notes: Make sure all your notes, books, and resources are arranged and easy to find. This will save time and reduce tension during the week.
Assemble your exam kit: Make sure you have all the necessary supplies, like calculators, pens, pencils and your ACCA student ID, among other things.
Take a nap and recharge
Get enough sleep: A refreshed mind is more focused and sharper. Get seven to eight hours of sleep every night during the weekend.
Eat healthily: Eating meals high in nutrients can help you stay energetic. Choose brain-boosting foods like fruits, vegetables, nuts and fish instead of junk food.
Don't study all the time: Take breaks. To relax, move around and calm down. You can prevent stress and stay energized by doing this.
Make a plan during the week of examinations
Make a study schedule: Plan time for revision every day during the week of the exam. Focus on the subjects in which you lack confidence, then shift your focus to those in which you feel more at ease.
Understanding your exam timetable: Make sure there are no unexpected events by checking the dates and hours of your tests twice.
Arrange your travels: Make sure you are aware of the route and the estimated time of travel if you must travel to an exam centre. Make a back-up plan in case something goes wrong.
Stay cheerful and control your anxiety
Stay calm: Although it's normal to feel anxious, make an effort to control your feelings by engaging in deep breathing exercises or meditation.
See yourself succeeding: Envision yourself acing the tests. You can perform better and gain more confidence by thinking positively. Develop supportive connections: Spend time with relatives and friends who inspire you. Stress can be decreased by discussing your issues with someone.
Reduce Distractions
Minimise screen time: Set enough time to avoid distractions like social media. Instead, put your health and studies first.
Establish limits: Let other people know that you need this weekend to get ready so they can help you by allowing you the calm and space you require.
Assess your point of view
Be practical: Recognise that incomplete knowledge is acceptable. Concentrate on making the most of the time and information at your fingertips.
Remain inspired: Recall the purpose of the ACCA tests and how passing them would advance your professional standing. Make use of this as inspiration to persevere.
At the end
You'll be well prepared and in the appropriate frame of mind to approach your ACCA tests with confidence if you follow to these ideas. Wishing you luck!
• Malik Muhammad Ali, Mirchawala. See https://mirchawala.com
YOUR DECEMBER EXAM TIPS
December’s exams are nearly upon us! Top tutors from BPP run the rule over the exams and provide their guidance and tips
Performance Management PM
Section A will have 15 two-mark OTQs on a wide range of topics. Expect a mix of calculation and discussion-based questions, note that there are no marks for workings in this section. Good time management is essential as it is easy to get caught up in a tough calculation, which ultimately will only be worth 2 marks. Never be tempted to spend more than 5 minutes on any question in this section.
For section B there are three separate scenarios with five objective test questions on each scenario; each question is worth 2 marks. Questions are not dependant on each other and can be answered in any order. Each scenario could be a mix of topic areas or focused on one topic and will usually consist of two/three calculations and two/three narratives.
In section C there are two 20-mark questions, which could be from, but not limited to: budgetary systems, planning and operational variances, mix and yield variances, and evaluation of the company performance (either as a whole basis, or on a divisional basis). Familiarity with the CBE software is important as you may be expected to use both a word processing and spreadsheet format for your answer. Learn standardised layouts for calculations such as variances, learning curves and limiting factors. This will save you time in the exam and mean that you are less likely to make mistakes. The split of marks tends to be approximately 40% calculations and 60% discussion, so don’t neglect the written elements of this paper. Make sure that you always fully explain your ideas too. Interpretation and application are important skills that are tested in this paper so make sure you make full use of the scenarios that you are given in the exam.
Taxation TX (UK)
In section A there will be a wide range of topics tested as there are 15 OTQs. Tutors expect at least a couple of these OTQs to be devoted to the administration of income tax and corporation tax. So, candidates should ensure they are comfortable with the following:
• Due dates for the payment of income tax (including payments on account).
• Due dates for the payment of corporation tax (including instalments for large companies).
• Filing dates for the income tax and corporation tax returns.
• Penalties and interest for late payments and returns.
Other topic areas likely to be tested in section A of the exam are:
• VAT rules on registration, impairment loss (bad debt) relief, and the SME schemes relating to cash accounting, annual accounting, and flat-rate schemes.
• Inheritance tax due on lifetime transfers both in the donor’s life and on death.
• Statutory residence tests for individuals.
• Identification of groups of companies for corporation tax loss reliefs and gains.
• Trading loss reliefs for both companies and sole traders.
In section B the questions will be similar to those of section A, but there will be a longer scenario to deal with. You will have to tackle three scenarios each with five OTQs. This means a slightly different exam skill is necessary as you have more information to work through, and each OTQ will require you to find the relevant information or data in that scenario. It is not a difficult skill, but you must practise an extensive range of section B questions from the practice and revision kit before attempting the real exam.
In section C you will face the longer, constructive response questions with scenarios and much more open requirements. Your answers will need to show not just sound technical knowledge, but also the application of that knowledge to the question you have been asked.
At least 50% of your revision time should be spent answering the section C questions in the practice and revision kit to build confidence and speed in a way that will also maximise marks.
1. Remember to learn your income tax and corporation tax pro formas.
2. Calculations which require no more than two or three entries into your calculator can be included in the relevant cell of your pro formas (e.g. time apportioning a salary). Calculations which are more complex (e.g. company car benefits) need separate workings which are properly referenced (W1, W2 etc) and have a heading. Use the cell formulae to link the workings answer into your pro forma – then if you change the working the main body will be automatically update.
3. Attempt the narrative parts of the requirement – aim for as many sentences as there are marks, with each sentence containing something technical. Keep your paragraphs to no more than 3 sentences long.
4. Your exam will be in the CBE software and
the spreadsheets have some differences to the software you may be accustomed to, so it is crucial you practice using the CBE software, especially for section C type questions.
5. Remember you cannot insert rows into the CBE spreadsheets. So, leave plenty of space on the page (especially when setting up pro-formas). You may need to add something in and you can always go back and move workings up the page. Show workings down the page, rather than across the page as it makes them easier to mark. Wellspaced answers are also easier to mark – and you always want to keep the marker happy.
We know that the two longest questions will focus on income tax and corporation tax. These are likely to include the following:
• Employment benefits.
• Property income.
• Relief for pension contributions.
• Adjustments to profit to arrive at trading income for both companies and sole traders – in past sittings we have seen a number of questions whereby you have to correct errors in computations included in the scenario.
• Capital allowance computations.
• Chargeable gains calculations.
Finally, remember the pass mark is 50% so you don’t need to be perfect. If you don’t know something have a guess and move on. Sometimes you have to do that in order to get follow through marks in section C questions. If you make a mistake, but then use that incorrect figure later in a subsequent calculation, then that’s fine – you can only lose the mark once. In sections A and B never leave an OTQ unanswered – have a guess if you don’t know the answer. It might be right!
Financial Reporting FR
Section A:
• 15 two-mark OTQs on a wide range of topics, Continued on page 28
including areas such as consolidation and interpretation of financial statements that will also be covered in detail in section C.
• Expect a few questions on non-core areas (e.g. sustainability following the issue of IFRS S1).
• Read the scenario, requirement and answer options carefully and ensure you capture the correct information from the scenario to answer the requirement.
• Don’t leave any questions unanswered – there is no harm in guessing if you are unsure of the correct answer. There is no negative marking.
Section B (case questions):
• Three separate scenarios with five OTQs on each scenario; each question is worth 2 marks.
• Each scenario could be a mix of topic areas (for example revenue and receivables are often related, as are PPE and leases) or focused on one topic and will usually consist of two/three calculations and two/three narratives.
• Questions are not dependant on each other and can be answered in any order.
Section C (constructed response questions):
• Two 20-mark questions, one covering interpretations of financial statements and the other preparation of financial statements.
• One question is likely to be in the context of a single company and one in the context of a group, so you could be faced with a single company interpretation and a group preparation or vice versa.
• Both questions will require knowledge from other areas of the syllabus, particularly the accounts preparation question which will have a range of adjustments covering various areas.
• Accounts preparation questions may require full financial statements or extracts – read the requirement carefully. Students can expect questions on statement of profit or loss and statement of financial position, but should not forget comprehensive income, the statement of changes in equity, and the statement of cash flows.
• A single entity accounts preparation question could be preparation from a trail balance or restatement of given financial statements with common adjustments being for depreciation, revaluation and current/deferred tax (including deferred tax on revaluations) plus a mixture of adjustments on other syllabus areas e.g. leases, substance over form issues, financial instruments (change in fair value or amortised cost), share issues, government grants, inventory valuation, and revenue recognition.
• Group accounts preparation questions will provide the separate financial statements (or
extracts thereof) of the parent and relevant subsidiary(ies) and associate. Candidates should be prepared to set out the standard workings for goodwill, non-controlling interests, movements in net assets, retained earnings as those are commonly examined. Other common adjustments are intragroup sales of goods, intragroup sales of assets, dividends, and fair value adjustments.
• ACCA has previously clarified that a consolidation financial statements preparation question could include up to two subsidiaries and one associate which allows additional scope for examining the disposal of a subsidiary (including as a discontinued operation).
• Candidates continue to find the interpretations question challenging. In both single entity and group interpretation questions, candidates must avoid making generic statements about the movement in ratios and instead focus on using the information in the question to, for example: identify key changes in the period (e.g. change in sales mix, closed down an operation, purchased a new subsidiary); identify transactions that would cause inconsistencies between periods or between balances (e.g. revaluation of assets for the first time, particularly if the revaluation was at the end of the period); identify any changes in accounting policies or estimates, or classification (e.g. one company presents expenses as part of cost of sales whereas another presents as part of administrative expenses).
• ACCA has previously clarified wording to emphasise the importance of the statement of cash flows in interpreting financial statements. Be ready for a question like this!
Audit & Assurance AA
In section A there will be three mini-case style scenarios, each with five 2-mark questions based on the scenario (total 30 marks). Each mini-case question will test single topic areas of the syllabus and so will test syllabus areas A, B, C, D or E. Expect questions in section A to focus on areas A and E.
All three questions (one 30-mark and two 20-mark questions) in section B will be broken
down into sub requirements and be scenario based. Most marks in each question will test syllabus areas B, C and/or D.
Areas expected to be tested in questions 16 to 18 include:
• Audit planning.
• Audit risk (identification and explanation of audit risks from a scenario and explanation of the auditor’s response to each risk).
• Internal audit.
• Internal controls (identification and explanation of deficiencies in internal control and the recommendation of suitable internal controls, and identification and explanation of direct controls and description of test of control).
• Audit procedures (substantive procedures and tests of controls).
General advice: Where questions are based on a scenario it is essential that you use the information in the scenario to score the identification marks and then develop this to score the explanation marks.
The exam often provides a table for you to complete your answer. For example, audit risk questions will have a table with two columns, one for ‘audit risk’ and one for ‘auditor’s response’ with each properly explained point being worth one mark. Using this tabular approach encourages you to answer both parts of the question, therefore maximising your marks.
Pay attention to the verbs used in question requirements as these indicate the number of marks available. For example, the verb “explain” requires a sentence and will score one mark if properly explained whereas the verb “list” simply requires you to list out information with no further explanation and this will score 0.5 mark per point.
Finally, it is essential you read the Examiner’s Reports which are issued twice a year after the June and December exam sittings. These are an invaluable source of advice and provide a sample section A OTQ case style question as well as three constructed response questions from the March/June and September/December sittings. Not only do they provide the example questions but these are accompanied by a commentary from the examining team, which gives guidance on interpreting the question requirements and common mistakes/areas of weakness noted during the marking process. These reports can be found on the ACCA website: https://www. accaglobal.com/gb/en/student/exam-supportresources/fundamentals-exams-study-resources/ f8/examiners-reports.htm
Financial Management FM
Questions in section A will often be knowledge based (testing your knowledge of key technical terms), and will balance out the questions in
section B and C of the exam to make sure that all aspects of the syllabus are examined.
It is also likely that these questions will test your understanding of financial management and objectives (ratio analysis), as well as the economic environment and financial institutions topics (financial intermediation, fiscal and monetary policies).
Section B consists of three 10-mark mini case studies. The case study will then be broken down into 5 separate 2-mark MCQs (so 15 questions in total). Areas expected to be commonly tested in this section are working capital management (e.g. the operating cycle, the impact of a change in credit period or accepting a factor’s offer), business or security valuations (e.g. methods of valuation), and financial risk management (currency risk and interest rate risk).
Section C’s two 20-mark questions will be broken down into sub requirements and be scenario-based. These two questions will focus mainly on syllabus sections C, D and E. Section C is working capital management, section D is investment appraisal, and section E is business finance. Whichever of these three topics does not feature in section C is likely to appear in section B of the exam.
Questions from syllabus section C (working capital management) are likely to be broad ranging, so a good broad knowledge of this syllabus section is important. Candidates are sometimes exposed by a weak understanding of working capital finance.
Questions from section D (investment appraisal) are likely to feature NPV with inflation and tax, however it is important to also be able to answer questions that include risk, leasing, asset replacement and capital rationing.
Section E (business finance) questions often either feature an evaluation of financing options (interest coverage and gearing ratios are likely to be important here) or calculation and analysis of a company's cost of capital.
Strategic Business Reporting SBR
It is vital that you read the examiner's approach article on the ACCA website. ACCA has also published several exam technique and technical articles that you should read as part of your exam prep. These are available in the SBR exam support resources section of the ACCA website www.accaglobal.com
The exam section A will be 2 questions, worth 50 marks in total – both are compulsory.
Question
1 – 30 marks
• Q1 will be based on group accounting. This question may test any aspect of group accounting, including consolidated statements of cash flows, foreign subsidiaries and associates and JVs. The question will include a pre-populated spreadsheet containing a consolidated statement which you will have to adjust for information given in the scenario. The requirement related to the pre-populated spreadsheet will be worth between 10 and 14 marks.
• Usually, the spreadsheet will require adjustments for amounts you have calculated or explained earlier in the question, if this is the case, an efficient way of tackling the spreadsheet is to make the required adjustments as soon as
HEALTH WARNING
• Two professional marks are available in this question and going forward the examiner has stated that the question will make it clear what these marks will be awarded for.
Section B will be two questions (compulsory), worth 25 marks each
• Section B can deal with any area of the syllabus and may be based on a short scenario, a case study with several parts, or an essay.
• Section B will always include a question or part-question involving the analysis or appraisal of information from the perspective of a stakeholder. Make sure you have a go at answering this question. There is no 'right' answer at this level – marks will be awarded for sensible points that have been applied to the scenario.
These tips should only be used in conjunction with proper study. We cannot guarantee that these topics will appear in the actual exam as we have not seen the exam papers. Examiners are not predictable so it is vital that all core syllabus areas are revised fully.
you have calculated or explained the issue in that part of the question, rather than wait and do all the adjustments together.
• In the spreadsheet, you should lay out your answer as clearly as possible. Using a separate column for each adjustment is a good idea. Rather than relying on formulas in the spreadsheet cells, it will be helpful to the marker if you type out any calculations separately so that they can easily follow what you have done and therefore award any ‘own figure’ marks available if you have made a mistake.
• You also need to make it clear in the spreadsheet whether your adjustment should be added or subtracted, otherwise you will not be able to gain the marks for that adjustment.
• There are no marks available in the spreadsheet for a total column, so don’t waste your time adding the spreadsheet up.
• Time-keeping is key to passing this question. A recent examiner report identified that students were spending too long writing detailed answers to the first parts of Q1 and then not attempting the later parts. The marker cannot award more than the allocated number of marks for each part of the question, so to maximise your marks, you must make sure you attempt each part of the question. Make sure you work out the time you have available for each question, and for each part of the question and then stick to it.
Question 2 – 20 marks, including two professional marks
• Q2 will cover the reporting and ethical implications in a given scenario. Make sure you consider any threats to the fundamental principles of ACCA's Code of Ethics and Conduct in your answer.
• There are two professional marks available for the question that covers the stakeholder's perspective. To gain these marks, you must discuss the issue from the perspective of the stakeholder – e.g. if asked for the investor's perspective, you must answer from the investor's perspective!
• Current issues are usually examined in section B as a part of a question (not a full question). However, current issues could be examined in either section A or section B of the exam. A question on current issues may require the application of existing accounting standards to a current accounting issue – for example, accounting for cryptocurrency, accounting for the effects of a natural disaster, or global event. General advice: Make sure you plan your time at the beginning of the exam (and stick to it) to ensure you don't over-run on a particular question – it is 1.95 minutes per mark (or 1.8 minutes per mark if you allocate 15 minutes to reading the paper).
Generally, you will be awarded 1 mark for each relevant well-explained point in the SBR exam. Make sure you make enough points for the marks available – for example, if the requirement is worth 8 marks, you should aim to make 8 relevant, well-explained points.
It will be easier for the marker to award you marks if you lay out your answers clearly, leaving space between your points. You can use the spreadsheet (and spreadsheet functionality) to do calculations. If you do use the spreadsheet, make sure you cross reference to any narrative discussion, if appropriate.
Some requirements state that you do not need to refer to an exhibit to answer that particular requirement. Where this is the case, then it is recommended that you follow that advice and stick to general discussion, rather than referring to the scenario.
Use the 'cut' and 'paste' tools wisely – e.g. do not cut and paste into your answer large sections of the exhibits as the examiner has stated in a recent examiner's report that this will be obvious to the marker, and will gain no marks. If you wish to use cut and paste, the examiner recommends just copying and pasting relevant parts of sentences and then adding your own comments.
Strategic Business Leader SBL
Strategic Business Leader (SBL) is ACCA’s case study exam at the Strategic Professional level. As Continued on page 30
with all other ACCA exams, SBL is examined as a closed book exam, and the pass mark is 50%. SBL builds on the knowledge that you have gained at the ‘Applied Knowledge’ and ‘Applied Skills’ levels. However, it does also have its own distinct syllabus content.
The December 2024 exam will:
• Be 3 hours and 15 minutes in duration.
• Include pre-seen information that is issued two weeks in advance of the exam.
• Comprise of further exhibits/information, three questions with two or three sub-requirements.
ACCA has indicated that the information in the pre-seen will not be examined directly, but will provide context and background for the exam questions (for example, the industry in question, the organisation’s history and background, board structure, KPIs, and competitor information). You need to be familiar with this information before you begin the exam.
The exam will focus on one main organisation (which has been introduced in the pre-seen information), and the question requirements will relate to that organisation. The exam will contain some additional exhibits (typically four or five) and the questions will be based on these new exhibits.
The questions in the exam are referred to as ‘tasks’. There will be three tasks in the exam, although these may include sub-tasks. All of the requirements (tasks; sub-tasks) in the exam are compulsory. Question requirements in the exam could assess and link several subject areas across
the syllabus and will test your ability to construct appropriate responses to practical problems an organisation is facing.
Every SBL exam will consist of 80 technical marks and 20 Professional Skills marks. Each professional skill will appear once per exam, for four marks.
General advice: The SBL exam is demanding, and as such you need to give careful consideration to how you will manage your time to make the most effective use of it. You are recommended to spend about 15 minutes reading the exhibits and starting to plan your answers (for example, identifying the exhibit, and information, which is most relevant to each task). This then leaves you 3 hours (180 minutes) to tackle each task. Since there are only 80 technical marks, this works out at 2.25 minutes per technical mark. So, if a task has 16 technical marks, and 4 professional skills marks, you should spend 36 minutes on it (16 × 2.25). No time is allocated for professional skills marks, as you earn the 20 Professional Skills marks by virtue of the way you attempt the 80 technical marks. It is important to note that you can spend longer than 15 minutes reading and planning your answer if you choose to.
The 15 minutes – 180 minutes split is just a recommendation. However, if you choose to spend longer on reading and planning then you will need to bear this in mind when you come to writing your answers, and adjust your time allocation for each task accordingly.
Regardless of the time allocation you choose, it
is crucial that you stick closely to your timings, to ensure that you do not spend too long on one task to the detriment of those you are yet to attempt.
Planning your answer: Clearly, if you have gone to the trouble of preparing an answer plan it is important that you use it when writing up your answer. To get the most from your answer plan, it is therefore important that you include as much detail as you think will be helpful when the time comes to write up your answer.
Numerical analysis: Some question requirements may require you to conduct some numerical analysis. For example, you may be asked to analyse the performance of the organisation feature in the exam, or a potential investment it is considering. When doing numerical analysis, though, it is important that you focus only on performing any calculations that are going to support your answer and provide you with something to talk about. Producing lots of unnecessary calculations for the sake of it will not earn marks, and will only serve to waste time in the exam.
Using computer software: Ensure you practise timed exam questions using the ACCA CBE software. You need to be comfortable reading and highlighting the exhibits on the screen, as well as taking notes in the scratch pad. It will be easier if you plan your ideas and set up your answer structure in the software, in the form of headings. The exam software comprises a word processor, a spreadsheet, and some presentation software. The word processor should be used for
discursive answers (e.g. reports; memos; letters) and is likely to be used for answering most of the tasks. Any calculations you perform should be in an appendix in the spreadsheet software. Tasks requesting slides should be completed in the presentation software.
Appropriate use of theoretical models: To stand the best chance of passing the SBL exam, you will need to have a good understanding of the entire syllabus. However, it is important to remember that tasks in the SBL exam will not ask you to simply regurgitate your knowledge of a particular topic or theoretical model. The task requirements test your ability to apply your understanding of the topics covered in the SBL syllabus in the context of the question scenario (for example, to provide advice to the Board about how to respond to a particular situation or issue). Furthermore, tasks will not specifically ask you to use a particular model. Whether you use a theoretical model when constructing your answer will be a matter of judgement that you need to weigh up in the light of the information presented to you in the exam. Doing plenty of question practice in the lead up to your exam is the most effective way of developing your judgement in this area.
Using the pre-seen: The pre-seen allows all students to have the same background understanding of the context of the case study. The industry and the organisation are fictionalised, so there is little value in doing any research about the industry beyond what you need to do in order to understand the pre-seen information. Remember that the real industry may have features which are different to the simplified world of the pre-seen. Use the pre-seen to understand the organisation, its structure and the conditions in which it operates, so that you can write responses to the tasks that are applicable for and relevant to the organization. Do not try to question spot. The tasks will be based on the exhibits given in the exam, so question spotting will be a waste of time and may even lead you to misread the actual tasks in the exam for tasks you wish you had been set. A copy of the pre-seen will also be available to you in the exam, so you do not need to memorise it, you just need to be familiar enough with it to understand the context of the tasks and to be able to easily navigate to any
section if you need specific. You will not be able to take your own copy of the pre-seen into the exam.
Technical marks and Professional Skill marks: Technical marks relate to the knowledge which you demonstrate and apply in your answer. There are 80 technical marks on offer in the exam. The 20 Professional Skills marks are awarded for displaying the following skills and behaviours: Communication, commercial acumen, analysis, scepticism, and evaluation. Every Professional Skill will be tested in every SBL exam sitting. The Professional Skill being tested will be specified under each question requirement. As you prepare to attempt the exam it is crucial that you take the time to attempt as many practice questions as you can. To increase your chances of exam success you need to ensure that you take sufficient time to develop your understanding of the Professional Skills.
Advanced Performance Management APM
Q1 section A: Q1 of the APM exam will focus on a range of issues from syllabus section A (strategic planning and control), section B (performance measurement systems and design) and section C (strategic performance measurement).
Section A (50 marks) contains one question broken down into sub requirements. You will often be required to link a business’s mission to its performance objectives using the concept of CSFs and KPIs. You may well also have to critique and recommend improvements to performance reports and the balanced scorecard and/or information systems could well be tested in this context.
Assessing the performance of an organisation is likely to be tested and this could include benchmarking as a theme. Financial performance measures (ROCE/RI/EVA etc) are also likely to be examined in this context, but don't neglect nonfinancial issues from syllabus section C such as quality management, value for management and reward systems.
Q2-3 section B: ACCA have said that one of two section B questions will come from syllabus section D (performance evaluation). This means you need to have sound knowledge of the balance scorecard, building block and performance pyramid models. In addition you will also need to have a good working knowledge of activity based management (ABM) and value based management (VBM).
The other question can be sourced from a variety of syllabus areas including quality management, information reporting (e.g. big data, lean information), HR frameworks (e.g. reward & appraisal systems), transfer pricing and environmental management accounting.
General advice: APM is primarily a skills-based exam which tests the ability to apply knowledge to practical problems. This is now even more important as 20% of the marks are awarded for professional skills. Make sure you aware what these skills are and that you are confident in your ability to integrate these into your answer to the technical requirements of a question. However, application of knowledge is only possible if you have a good range of technical skills in place. So, even though APM is not about reciting technical knowledge, it is absolutely vital that you ensure that you have a good broad knowledge of core technical areas.
Advanced Taxation ATX (UK)
The exam will comprise of one compulsory 50-mark question within section A. The requirements will be detailed in the manager’s email marked ‘work to be carried out’ and there will be several exhibits containing further information. The answer will need to be prepared in a specific format as set out in the manager’s email which will include mark allocations for the sub-requirements. Due to the size of the question it is possible that the scenario could involve more than one client or a personal client in addition to a corporate client. The question will comprise of 35 technical marks, 5 ethics marks and 10 professional skills marks. Each of the four professional skills will be tested.
Section B will comprise of two compulsory 25-mark questions. These will be in a more succinct, note form style, and will comprise of 20 technical marks and 5 professional skills marks. A minimum of two of the three professional skills will be tested in these questions (not including communication).
The exam will test candidates’ ability to analyse and evaluate the tax implications of various situations, numerical calculations will only be required to assist in producing an answer and no purely numerical questions will be set.
Since the introduction of the professional skills marks students have more time to attempt each question than under previous sittings. The ACCA has stated that the additional professional skills marks should not be considered as additional requirements but that the extra time they allow should be used for planning and thus to prepare a more comprehensive answer.
Topics/scenarios we would expect to see are:
• Personal income tax scenarios which could involve: investing in a pension; investing in EIS, SEIS or VCTs, share schemes; employment income possibly with termination payments; a personal service company; property income or a takeover.
• Unincorporated business – particularly including loss reliefs, partnerships or basis period rules.
• A question focussing on overseas issues – this could be income tax, capital gains tax, inheritance tax or a corporate scenario.
• Capital gains tax versus inheritance tax including availability of reliefs.
• Corporate scenarios – likely to focus in more depth on intangibles; research and development; losses; corporate groups or consortia.
• Special corporate scenarios such as liquidation; purchase of own shares; close or investment companies.
• A business transformation scenario question such as selling a sole trade business, incorporation, or, in a corporate context, the sale of shares versus the sale of trade and assets.
• Other common types of question/calculation to expect are:
• Reviewing a pre-prepared computation to spot, explain and correct errors.
• Calculations such as “tax saved through an action”, “after-tax proceeds”, “the value of a posttax inheritance”, “net spendable income” or the “net of tax cost of something”.
Don’t forget that across the scenarios you can expect to see VAT marks available. Partial Continued on page 32
exemption rules, VAT on land & buildings, transfer of going concern, the capital goods scheme, overseas VAT transactions, and registration/group registration/deregistration tend to be frequently examined.
There will also likely be a couple of marks for stamp duty points if you remember to think about it in your planning.
Finally, don’t forget your basic administration points are also likely to be examined – when do we need to pay tax, when do we file a return and what if either of those are late?
Advanced Audit & Assurance AAA
Recent AAA exams have contained no real surprises, although you should be prepared for the look and feel of the embedded email and supporting exhibits and the split of both technical and professional skills marks.
Section A will comprise a case study, worth 50 marks, split into 40 technical marks and 10 professional skills marks, and will be set at the planning stage of the audit, for a single company, a group of companies or potentially several audit clients.
Candidates will be provided with detailed information, which will vary between examinations, but is likely to include extracts of financial information, strategic, operational, and other relevant information for a client, as well as extracts from audit working papers, which could include the results of analytical procedures. The date will be set as 1 July 20X5.
Candidates will be required to address a range of requirements, from syllabus sections A, B, C and D, thereby tackling a real-world situation where candidates may have to manage a range of issues simultaneously in relation to planning, risk assessment, evidence gathering and ethical and professional considerations.
Ten professional marks will be available in section A and will be awarded based on the demonstration of professional skill within a candidate’s answer, including communication, analysis and evaluation, professional scepticism and judgement, and commercial acumen.
Section B will contain two compulsory 25-mark questions, with each being predominately based around a short scenario. The marks will be split into 20 technical marks and five professional skills marks. There are no optional questions in AAA.
One question will always test syllabus section E, and candidates should therefore always be prepared to answer a question relating to completion, review, and reporting. There are a number of formats this question could adopt, including, but not limited to, matters to be considered and evidence expected to be on
file, a going concern assessment, the impact of subsequent events, evaluating identified misstatements and any corresponding effects on the auditor’s report. Candidates may also be asked to critique an auditor’s report or a report which is to be provided to management or those charged with governance.
The second section B question can be drawn from any other part of the syllabus, including sections A, B, C, D and F. Syllabus section G on current issues is unlikely to form the basis of a question on its own, but instead will be incorporated into the case study or either of the section B questions depending on question content and the topical issues affecting the profession at the time of sitting the exam.
Five professional marks will be available in each Section B question for demonstrating professional skill in analysis and evaluation, plus at least one of professional scepticism and judgement and commercial acumen.
This is a technically demanding exam which tests auditing knowledge from both AA and AAA. All three exam questions will require you to apply this knowledge to the scenarios given: the professional marks will be awarded on the strength of your application of knowledge to the situation presented in each of the exhibits. Apart from poor auditing knowledge, lack of success usually comes from poor analytical skills, poor application, poor judgement. and poor timekeeping.
This subject can also test topical issues which have been covered by the AAA examination team’s technical articles (e.g. quality management in September 2022, and the impact of data analytics in September/December 2020).
Check out the examiner’s two articles on quality management, two articles on planning questions and risk, plus another two articles that discuss recent developments in social, environmental and sustainability reporting. There are also ‘Topic explainer’ videos on areas such as quality management, audit procedures and prospective financial information (forecasts) that you may find
of use.
The examining team has advised that certain less-frequently examined topics such as audit committees, money laundering, internal auditing and outsourcing could make an appearance, so you should make sure you have covered a good breadth of subjects in your revision. Note that for the syllabus examinable from September 2024, there has also been an increased focus on sustainability assurance following the issue of the IAASB’s exposure draft of ISSA 5000.
Advanced Financial Management AFM
All AFM exams will have questions which have a focus on section B of the syllabus (advanced investment appraisal) and section E (treasury and advanced risk management techniques). These syllabus areas are therefore high priority areas for your revision.
Q1 (50 marks): You can expect questions to cover at least two different syllabus areas. This emphasises the importance of having a good broad knowledge of the syllabus and not targeting your final exam revision on a small number of syllabus areas.
Questions are often based on core syllabus areas such as: project appraisal (domestic or overseas), business valuations and business/ financial reorganisations; these areas often include cost of capital calculations.
Risk management may also feature in a number of different ways, e.g. value at risk, real options, interest rate or current hedging, and risk management (e.g. mapping).
Q2-3 (25 marks each): Areas to be tested:
• Risk management (currency or interest rate) including the functions and structure of a treasury department.
• Dividend policy and general financing issues.
• Real options, including limitations of approach.
• Business reorganisation.
General advice: The examining team have stressed that exams are designed to make question spotting extremely difficult for this paper, so it is important to have a broad understanding of the key aspects of each syllabus area. Don't over-emphasise numerical analysis in your final revision – remember that this paper is not a maths exam and, in all exam questions the examiner is interested in your ability to communicate well and to give good management advice that relates to the scenario in the question. This is now even more important as 20% of the marks are awarded for professional skills. Make sure you are aware what these skills are and that you are confident in your ability to integrate these into your answer to the technical requirements of a question.
How to pass SBL (part 6)
Top tutor Chris Cain explains how you apply the BCG matrix in the SBL exam
This special article covers the main issues that students do not understand when applying the BCG Matrix. You need to know this because the examiner tested it recently.
Firstly, note that the horizontal axis on the BCG Matrix is labelled ‘RELATIVE MARKET SHARE’ with a mid-line value of 1.0. The vertical axis is labelled ‘MARKET RATE OF GROWTH’, which is the market total sales revenue and is effectively underpinned by the ‘LIFE CYCLE THEORY’ measured in terms of total sales revenue during the introductory, growth, maturity and decline phases of the life cycle.
The following example of a furniture manufacturer will be used to illustrate the type of calculations you could undertake to apply the BCG Matrix when tasked to undertake a portfolio analysis.
Exhibit
Data sheet presenting information on furniture sales in the Cealand market Data prepared by a member of PQ’s sales and marketing analysis team p p y g y
Note that the RMS is calculated as PQ’s sales revenue divided by the largest competitor’s sales revenue. For office furniture, for example, PQ’s
sales revenue is $4.23 million, and the market leader’s sales revenue is $6.35 million. This gives an absolute value of 0.67.
Given that the central line on the BCG has a value of 1.0 and office furniture is 0.67 and the MRG is high then this places office furniture in the Question Mark segment of the matrix.
For bedroom furniture, however, PQ’s RMS is 1.12 when the MGR is low. This locates bedroom furniture in the Cash Cow segment on the BCG Matrix.
Office furniture
Using the BCG classification, the office furniture product would be a ‘question mark’. According to the BCG, this should imply that this product is a net cash user that needs to be subsidised by the other products.
Although we do not have sufficient information to calculate the precise cashflows arising from this product, we can see that it has the second highest level of sales revenue of the three.
According to the BCG matrix, the appropriate strategy for office furniture should be one of ‘building’ – a systematic investment with the aim of increasing market share, with the aim of turning this product into the market leader.
Bedroom furniture
The bedroom furniture product is classified as a ‘cash cow’ according to the BCG. This implies that PQ should be taking the cash from this product and using it to subsidise others. However, this is the smallest of PQ’s three products in terms of sales revenue.
It may well be possible to use surplus cash from this product to subsidise the others, as it may require a much lower investment in marketing due to the mature state of the market.
A differentiation strategy seems appropriate for this product.
Lounge furniture
The lounge furniture product is, according to the BCG matrix, a ‘dog’ product. This implies that the product should be either small net cash generator or a net cash user. It does, however, contribute the largest amount of sales revenue to the portfolio of products.
Due to its classification as a ‘dog’ product in the BCG matrix, the conventional wisdom would be to consider ‘withdrawal’ as the most appropriate strategy for the lounge furniture product.
This might be the wrong strategy given that this product provides 44.8% of PQ’s turnover.
In addition, the product might be earning a positive contribution (sales revenue less variable costs) and possibly a better strategy would be to consolidate the position of the product by pursuing a differentiation focus strategy.
• Chris Cain is an approved trainer with PwC Academy
BCG Portfolio Analysis
What type of learner are you?
Yvonne Rennison-Stone explains
how you can boost your performance
Understanding how you prefer to absorb, process and retain new information and skills – or what’s more commonly referred to as your ‘learning style’ – can significantly enhance your CGMA study journey.
Getting a better grasp of what your natural preferences are will enable you to capitalise on your strengths and tailor your study sessions to be more effective and enjoyable.
So, what are the different learning styles and how do they align to the CGMA skill levels?
Visual learners
If you are a visual learner you will find it easier to understand, absorb and remember information when presented through pictures, graphs or maps. You also often think in images and can visualise concepts clearly.
Here are some techniques to help you maximise your learning potential:
• Mind maps will help you with organising information in a way that shows relationships between different concepts. Use colours, images, highlight key points and make effective use of the space available, to help make complex information easier for you to understand and remember.
• Flashcards are another excellent learning tool for visual learners, particularly when it comes to memorising facts, key words and concepts. In addition, the action of creating your flashcards will enhance your learning as you engage in active learning by summarising and condensing information. Flash cards are a fantastic way to consolidate information as well as remembering and understanding key skills.
• Diagrams, charts and graphs can help break down complex information and data into a more digestible format. For example, you can map out a process in flowchart, show proportions with a pie charts or compare data with a bar graph. It is a useful way to make sense of complex topics and support analysis and evaluation skills.
Auditory learners
If you are an auditory learner you will best absorb and retain information through listening. You find it easier to remember details when they are said aloud and often prefer receiving verbal instructions when you need to complete a task.
Here are some strategies to help you enhance your learning experience:
• Lectures and study groups capitalise on your key strengths of listening and engaging with others. For example, attending a lesson with a tuition provider and discussing the materials with your fellow CGMA candidates as part of a study group will significantly enhance your ability to remember and understand the CGMA exam topic you are preparing for.
• Recordings, podcasts and audiobooks allow you to absorb information while on the go, making it possible to learn during commutes, workouts or your daily walk. You can even
create your own recordings of key concepts by recording yourself on your phone to listen to later.
• Reading aloud helps reinforce memory and comprehension by engaging both your visual and auditory senses. You could even try to repeat the information with your eyes closed, use word associations and acronyms can make your learning more effective. You could also try explaining a topic and summarising key points to a friend or colleague, you really do have to understand a topic to explain it coherently to someone else.
• The auditory learning style may be beneficial for tricky CGMA syllabus areas. So, for example if you are struggling with F2 Financial instruments, revenues from contracts and leases you might want to listen to this and other helpful webinars available on the CGMA Study Hub
Kinaesthetic learners
If you are a kinaesthetic learner you will prefer much more hands-on approach to learning. You ‘learn by doing’ and need to be actively engaged by your learning experience through physical activity such as performing experiments, doing simulations and taking part in role-playing.
Here are some methods that you can try to boost your learning:
• Try simulations and role-playing to immerse yourself in real-world scenarios. For example, if you are studying for you CGMA Professional Qualification you may want to play the online CIMA Business Game and hone those application skills.
Remember, for the Case Study exams you are simulating a role of finance officer, finance
manager or senior finance manager. So what better simulation than practising writing the answers to a past exam “in the time allowed” to get used to the time pressure? Ideally, you should try to complete two full mock exams before exam day. Have a look at our article Question practice: the single best exam preparation tactic to help you prepare.
Changing your study environment can help keep your mind active. Try studying in different rooms, outside or in places that allow you to move around freely. You should also make sure that you incorporate short breaks into your sessions to move around to help reset your focus.
Reading and writing learners
If you are a reading and writing learner you will find it easier to understand and retain information through reading and writing activities. You often prefer to take detailed notes, read textbooks and draft essays or reports to process information.
Here are some approaches that you can use to enhance your learning process:
• Take comprehensive notes during lectures or while reading textbooks, articles and other written materials. Summarise key points in your own words and organise your notes in a way that makes sense to you, making it easier for you to retain information and review later.
• Use lists and bullet points to organise information and break down complex topics into manageable chunks, making it easier to review and remember key points. We know that CGMA candidates often struggle with application and analysis, as they may not have the detailed knowledge that sits behind the analysis. It would be difficult to remember the content word for word, so using lists and bullet points is an effective way of summarising the content, which in turn makes the process of application and analysis a little less difficult.
• Engage in writing activities that require you to explain concepts in detail. Drafting essays, reports or even blog posts about what you have learned will help deepen your understanding and practice.
While we all have a dominant learning style, it is important to understand that most of us can benefit from using a combination of techniques and strategies.
For example, if you are a visual learner you may benefit from listening to a lecture (auditory) while taking detailed notes (reading/ writing) and then creating a mind map (visual) to summarise the information. This will allow you to approach a topic from different angles, enhancing memory retention, making your CGMA studies more engaging and enjoyable, and achieving greater exam success.
• Yvonne Rennison-Stone, Lead Manager – Global Academic Progression at AICPA & CIMA, together as the Association of International Certified Professional Accountants
Become a CGMA® designation holder with the CGMA® Finance Leadership Program.
The CGMA Finance Leadership Program (CGMA FLP) is your fast-track path to the internationally recognised CGMA designation. A flexible digital-first learning and assessment platform, the CGMA FLP is designed to fit busy schedules and helps you progress faster.
The Budget Review
What did the accountancy bodies think of Labour’s first Budget since 2010? Here is what they said about Rachel Reeves’ efforts
SME growth is ‘standing still’ “For the last 14 years, SME growth has either been standing still or going backwards. Unfortunately, today, it looks like it’s standing still,” said AAT CEO Sarah Beale. “The Chancellor has protected the UK’s smallest businesses from the worst of the tax rises, but we’d like to see more detail on how the government will deliver the promise to expand opportunities for the UK’s 5.5m small businesses to grow.
“A clampdown on tax avoidance could go a long way towards closing the tax gap – but for it to be effective, tax systems need to be simplified for SMEs. To avoid fines and tax liabilities that come with enforcement, business owners need to be able to understand their tax obligations and work with their accountants to act compliantly.”
She added: “The tax advice market needs to be regulated, so that small businesses are not led astray by unaffiliated tax practitioners providing substandard or harmful advice. Until this is done business owners need to remain vigilant and avoid engaging unaffiliated tax advisers and accountants.
“We welcome the government’s commitment to a package of measures that will simplify the tax administration burden for small businesses in Spring 2025 and look forward to taking part in the consultation on the modernisation, reform and improved customer service of HMRC.”
Tax rises and complicated tweaks piles pressure on businesses
ACCA said a commitment for greater stability in public finances is welcomed from the Chancellor, including the alignment of economic strategy, a corporate tax roadmap and spending plans, it remains to be seen whether the announcements provide a much-needed boost to business confidence.
The changes announced continued the pattern of opaque changes to taxes, such as shifts to thresholds, to boost tax take in the short term, while avoiding long-overdue reform of our tax system, which will be necessary to create a longterm approach to investment and innovation.
Gemma Gathercole, Strategic Engagement Lead for England, ACCA UK, said:
“Clearly, public finances are challenging, and the need to increase tax revenue had been heavily trailed. However, to raise £40bn the Chancellor has resorted to tax rises – most notably with the stiff increase in employers’ National Insurance – as well as a broad range of complicated tax tweaks. All these changes will impact business, with particular pressure on small businesses, especially in relation to employment costs, at a time when our latest economic conditions survey showed a decline in staff investment.
“While the worst predictions about some business tax increases may have been tempered, especially for the very smallest businesses, the cumulative impact of these changes is likely to be complicated, making it more important than ever for businesses to seek the advice of professional accountants to refocus business plans.”
Glenn Collins, Head of Technical and Strategic Engagement, ACCA UK, added: “The UK tax landscape is already too complex, and [the Budget] announcements do little to address this. At a time when we need to see a longer-term approach to our tax system, to support investment, we have seen more short-term adjustments to raise revenue, adding yet more complication. ACCA has repeatedly called for the government to commit to a programme of tax simplification and it was disappointing not to hear more about that from the Chancellor [on that].
corporate tax roadmap, the continuation of R&D tax reliefs, and the maintenance of full capital expensing allowance, which will help provide UK businesses with much-needed stability and certainty,” said Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at AICPA & CIMA. “However, she missed an opportunity to include second-hand equipment in the full capital expensing allowance, a measure that could significantly reduce costs for businesses investing in used machinery and equipment.
“In addition, we are pleased to see measures designed to boost productivity in both the public and the private sectors, including setting a 2% productivity target for government departments, and ending the freeze on income tax thresholds in 2028/29. This will be key to reducing the harm caused by fiscal drag to taxpayers and ensuring that income growth isn’t eroded by inflation. We also welcome the Chancellor’s announcement that the capital spending budget will be spread over five years to boost public investment. To maximise effectiveness, the government must ensure that it has a clear and well-defined structure of responsibility and accountability for strategic decision-making and delivery in place.”
He added: “However, we are concerned about the increase in employers’ National Insurance and how this will affect businesses’ ability to grow and expand. This announcement is particularly worrying for SMEs across the country, and while we understand some measures will be put in place to mitigate its impact on SMEs, we are eager to see how these will be implemented in practice to ensure they don’t hinder growth.”
“Expectations were high ahead of the Budget. Ultimately it has left some questions unanswered, perhaps until the next phase of the spending review in spring 2025. Whether this will provide the clarity and certainty business needs remains to be seen.”
Employers’ NI increase will affect ability to grow and expand
“In the Budget, the Chancellor announced measures such as the
Bold plan to cut tax gap mustn’t ignore those trying to comply
The Chartered Institute of Taxation (CIOT) welcomed investment in HMRC to reduce the tax gap, but it is concerned that the lack of additional investment in customer service will prejudice those needing support to get their tax right.
The Chancellor announced a £1.4bn investment over the next five years to recruit an additional 5,000 HMRC compliance staff, with additional revenues of over £6.5bn over this period.
The Chancellor also announced £262m over the same period to fund 1,800 HMRC debt management staff, while increasing the interest
Sarah Beale
Andrew Harding
Gemma Gathercole
rate on unpaid tax from April 2025. These two measures are forecast to raise £8.5bn between now and 2029-30.
No additional investment in HMRC customer services provision was announced by the Chancellor, instead the Budget documents signpost previous funding commitments and steps taken towards improving customer service and modernising and reforming HMRC.
Ellen Milner, CIOT Director of Public Policy, said: “This is a bold, billion-pound bet on tackling the tax gap, but the additional revenue estimates are ambitious and taxpayers can be forgiven for wondering whether they will be delivered.
“In recent years the tax gap has grown in absolute (albeit not in percentage) terms, and the illegal behaviours which HMRC define as evasion, hidden economy and criminal attacks have proven difficult to tackle. This investment is a clear indicator that the government will not tolerate this sort of non-compliance.”
She added: “However, almost half of the tax gap relates to taxpayers not getting things right through what HMRC categorise as either error or a failure to take reasonable care. And there appears to be little in the Budget to address this.
“The estimated income from this additional compliance activity is massive – over £2.7bn a year, or around 7% of the current tax gap, by 2029-30, and only time will tell whether these estimates are overlyoptimistic.”
CIPFA urges sustainable investment to build on Budget’s first steps
“Whatever the fierce political rhetoric over decisions about tax and borrowing and whoever you believe over the competing claims of delivering or breaching manifesto commitments, the reality is that many public services are on their knees,” said CIPFA Chief Executive Owen Mapley.
meeting children’s needs nor allowing councils to remain sustainable.
“Increases in core spending power for councils are much needed but until there is more detail about the commitments to redistribution and new funding formulas this will create huge uncertainty only weeks before councils must set their budgets for next year.
“And while any user of NHS services will welcome the major commitments on both day-to-day funding and capital investment, it is essential that long-term plans for the health and wellbeing of the population recognise the massive contribution of other local public services on the wider determinants of health in local communities.
“Those same local services are also major contributors to the wider determinants of growth and a clear commitment from Government to greater powers, funding and flexibilities for Mayors through combined authorities is good to see. The Treasury’s Budget book refers to support for local government reorganisation. This will clearly be contentious but is unavoidable if we are to ensure that Mayors can work in partnership with bodies delivering services and not simply become another tier in an overly complicated patchwork quilt of local public service structure.”
“No single Budget was ever going to address the scale of these challenges. The combination of immediate funding increases for a number of frontline public services followed by future reforms and medium-term funding plans in the remainder of the spending review period is both understandable and represent a step change in approach from recent fiscal events.
Mapley added: “This is a Budget that will reassure some public service leaders and worry others. The £1bn increase in funding for Special Educational Needs (SEND) recognises a system in crisis. But the SEND deficit currently exceeds £3 billion across English councils and is projected to rise to £8 billion in 2026/27. A longterm solution which looks at funding and service delivery is needed to a system that is neither
those on the lowest incomes, such as the rise in national minimum wage by 6.7% to £12.21 per hour, but it’s Britain’s businesses who will bear the brunt of offsetting these giveaways.
“Placing this additional strain on businesses at a time when many are already struggling with cashflow concerns and the challenging backdrop of changes to the Employment Rights Bill could be disastrous. Ultimately any increase in business operational costs needs to be paid for somehow. Firms are likely to compensate for the additional costs by limiting pay rises, freezing hiring plans and pausing employee benefits, or even paying a lower rate of pension contribution. These knock-on effects will directly impact working people’s wealth while stifling business growth.
“The fact that the smallest businesses will be protected by an increase in Employment Allowance to £10,500 from £5,000 takes the sting out of the tail for some. But this places an even greater burden on medium and large employers.
“The Chancellor committed to keep the current personal income tax threshold freeze introduced by the last government for the time being. However, the thresholds will be increased in line with inflation from 2028/29, meaning that for the next three years, as pay increases, more people will be pulled into the tax system and potentially into higher tax bands. An estimated million more people could be dragged into higher bands, effectively ‘picking the pockets’ of working people. This three-year freeze is an easy win for the Chancellor, but not the most transparent way of increasing revenue.”
More workers will be hired off payroll!
This Budget picks the pocket of UK business
Commenting on what was perhaps the most highly anticipated Autumn Budget announcement in recent history, ICAS CEO Bruce Cartwright, said: “The government’s manifesto commitment to rule out increasing the main levers for raising revenue has resulted in a mixed bag of measures.
“The announced increase in National Insurance Contributions (NICs) for employers by 1.2 percentage points to 15% and the drop in the secondary threshold at which businesses start paying this levy from £9,100 to £5,000, is ultimately an own goal on growth.
“It’s reassuring to see measures that support
“The additional cost for employers as a result of the rise of employers’ NIC increases the incentive for workers to be treated as not employed and therefore more workers may be hired off payroll,” said Frank Haskew, ICAEW Head of Tax. “To discourage employment status arbitrage and reduce distortive behaviours, the taxation of labour needs to be more consistent across all forms of engagement.
“The extension of Making Tax Digital for income tax to those with gross income above £20,000 by the end of the Parliament appears premature when there is still so much to be done to deliver it for those on higher incomes from 2026 and 2027.
“While we support digitalisation of the tax system and record keeping, we remain of the view that quarterly reporting will result in significant costs and administrative burdens for taxpayers in return for limited benefit to HMRC.”
Ellen Milner
Owen Mapley
Bruce Cartright
Frank Haskew
Tax is difficult!
Tax guru Dan Neidle (pictured) goes where others fear to tread! Here is a recent thread he wrote on X about one of the controversial new policies announced in the Budget
Lots of over-the-top coverage right now about the £1m cap on inheritance tax agricultural property relief (APR).
Background: if I’m a landlord with a portfolio of properties, or an investor with a portfolio of listed shares, when I die my estate pays 40% inheritance tax (IHT). Until now, APR meant that agricultural estates were completely exempt from IHT.
The Budget caps the exemption at £1m. Beyond that, IHT applies to agricultural property at half the usual rate – so 20%.
But the £1m figure is misleading, because IHT won't usually apply to farms worth £1m... small farms usually include the farmhouse. So, for a married couple, the estate as a whole will benefit from £650k
total nil rate band plus £350k residence nil rate band plus £1m agricultural property relief. That’s £2m exemption in total, covering most small farms.
That's why, if we look at the stats, 87% of inherited agricultural
property used less than £1m of APR and so will remain completely exempt. Almost half the £1bn cost of APR went to 63 estates of median value £8m. Doesn’t seem great value for money for the taxpayer.
For farms just over the threshold, the IHT is easily managed. Farmers who are youngish (say <70) can buy life insurance to cover the IHT. Won’t cost much given the small level of cover required (i.e. for a £2m farm it’s £200k IHT max).
As they get older, and life insurance starts getting expensive, they can give the farm to their kids. Live seven more years; no IHT. No need for the insurance anymore.
(The dirty truth about IHT planning is that anyone youngish, in good health, who’s worried about IHT should just buy life insurance. By far the easiest/cheapest/most ethical way to avoid the impact of IHT, without avoiding IHT).
Once we get into much larger agricultural businesses, worth many £m, then insurance becomes expensive, but at that point we're looking at sophisticated businesses and it’s reasonable to expect people to finance the tax (which can be paid over 10 years).
I’m seen some hysterical takes on this: “£20k could make the difference between a £2m farm being profitable or loss making". [£20k over ten years = IHT on £2m] Nope. If it’s making less than £20k profit/year, it ain’t worth £2m. And we’ve been here before. The old capital transfer tax (predecessor to IHT) had no agricultural exemption at all. In 1975 a 30% relief was introduced. The complete exemption we have now was only created in 1992. The sky did not fall in.
So the various dire predictions I’m reading don’t seem very realistic.
And an apology. In many cases the cap won’t be £1m in practice, it will be £2m, because a married couple who run a farm business together can each use their own £1m cap.
• Winner of the John Stokdyk Outstanding Contribution Award at the recent Accounting Excellence Awards 2024, you can follow Dan on X @DanNeidle. He is founder of Tax Policy Associates, and calls himself a ‘tax realist’
Dear Karen
Ask PQ’s very own agony aunt Karen Young when you need advice from a real expert. Email your dilemma to graham@ pqmagazine.com, and he will pass on the best ones to Karen
THE DILEMMA
Lots of job applications recommend uploading a cover letter, but will it impact my chances of success if I don’t include one?
KAREN’S RESPONSE
Many organisations ask for a cover letter – for good reason. Although writing one for each role you apply for is more time-consuming than simply submitting your CV it is well worth it. Including a cover letter helps to create a positive first impression for many reasons.
A cover letter gives you the opportunity to personalise and tailor your application, setting you apart from those who keep their application generic. Don’t repeat your CV; elaborate on key details about you to convince the employer you’d be an excellent fit. Give specific examples as to why you’re an ideal candidate by referring to key skills and characteristics mentioned in the job description, proving you understand what it takes to be successful in the role.
A cover letter can also be effective in addressing gaps in employment, or any other areas you feel need explaining . When proofreading your cover letter ensure each statement is relevant, purposeful and highlights your interest in the role and organisation. Keep it concise, engaging and well structured; it can be useful to follow a template to make approaching the task of writing many different cover letters less daunting.
Ultimately, if a cover letter is not specified as compulsory it’s your call whether you submit one. My advice would be to utilise the power of a cover letter in enhancing your application.
• Karen Young is a director at Hays. She is passionate about helping people to find the right job and companies the right person
Boldness in business
Lord Bilimoria explains what it takes to succeed as an entrepreneur
Accountant Lord Bilimoria is best known for an idea he had as a student. He qualified as an accountant with EY and always loved beer, but was disappointed with fizzy lagers which were bloating and bland and didn’t go well with Indian food.
His answer was Cobra beer, which he says has the freshness of a lager and the smoothness of an ale.
He admits he could have gone to work at an investment bank, like his friends who were all driving around in BMWs. His car cost
In brief
Career shapers
Deloitte is encouraging students in years 9 to 12 to apply for Career Shapers – its work insight programme that showcases the exciting careers on offer in professional services.
Following huge demand in 2024 the firm is doubling its capacity for Career Shapers for 2025, offering over 1,000 places across the UK. Students will be able to take part in real-life business scenarios and group exercises, as well as developing valuable skills such as teamwork, networking and analytical skills.
200 years in the making
EY UK recently released its FY24 results (see page 10). In its annual report it explained that over the past financial year EY recruited
£295 and was a Citron – but it could carry 15 cases of Cobra beer!
That beer has won 145 gold medals and is now exported to 40 countries. And while Cobra is a massive success today, Bilimoria explains he nearly lost the
2,400 people across the UK, with 43% of all new appointments based outside London. Since January 2024 the firm has also welcomed 1,600 graduates, school leavers and interns, with 46% based in regional locations.
Hywel Ball, UK Chair and UK&I Managing Partner, said: “The roots of our firm extend back over 200 years to James McClelland in Glasgow in 1824. We’re now a £3.7bn UK business with over 20,000 people, 22 offices and 3,500 student trainees at any one time. I’m incredibly proud of our business and teams and that we continue to be a significant source of growth and investment for the UK.”
BDO
creates 700 new roles
BDO has opened applications for 700 new trainee positions across
business three times. He said as an entrepreneur you need to have a vision, an attitude and – equally – you have to do it with integrity. When it comes to integrity he feels it is better to fail doing the right thing than succeeding by not doing the right thing.
Asked if there is a right time to start a business his reply is simple: “Now is always the right time for a good idea!” However, you will need a loyal team and family support to succeed, he adds.
Check out Lord Bilimoria’s talk, which was part of ‘The Accountant’s Odyssey: How do we shape the future?’ conference, which you can find at https://tinyurl.com/mvuzy8rk
its 18 UK offices as it continues to invest in its early career programmes.
The 2025 trainee cohort will join the firm’s 8,000-strong workforce across its four service lines – audit, tax, deals and consultancy, and risk and outsourcing.
Applications are open for school leaver apprenticeships, graduates and students undertaking a 12-month industrial placement. The majority will join the firm in September 2025, with applications now open until 5 January 2025.
As part of its commitment to improving access to accountancy, BDO will also open applications for its summer work experience and insight programmes later in the year.
The PQ Book Club: books you should read
Restoring Our Sanity Online: A revolutionary social framework by Mark Weinstein (Wiley £22)
You know you’re reading a great book when Sir Tim Berners-Lee (inventor of the web) is on the jacket praising it. He says the author presents a new paradigm for the web and social media that empowers users, protects democracy and eliminates surveillance capitalism. Berners-Lee and author Mark Weinstein want to see a digital future that prioritises human well-being, and this is where we should all start from.
Weinstein believes big tech is driving us and society mad
– especially our kids. We have a crisis on our hands, but we feel small and unprotected and the tech giants rule with impunity. The vast majority of people think social media is bad for democracy, but there is a way forward. He believes strong legislation must be put in place to protect users and he wants to see user ID verification mandated, and bots and trolls vanquished.
Data privacy is important, so how have we let social media companies hoover up our data and say it is theirs because they provided us with a ‘free’ service? Weinsten says it’s time the social media
platforms embraced an ethical business model that places users at the forefront, rather than treating their personal data as a revenue opportunity for exploitation, sharing or selling.
In all, he has 13 ideas to help create a better world –and they all make sense!
PQ rating: 5/5 Weinstein shows us there is a better way.
Popular sports among Gen-Z are…
Football, running, Formula 1, swimming and boxing are the top five most popular sports with Gen-Z adults (18-24) in the UK, according to the latest EY Sports Engagement Index. Tennis, snooker, rugby union, cricket and golf do not feature in the top 15 table for the Gen-Z engagement base at all. Which should be a worry for these sports!
Tal Hewitt, Sports Strategy Lead at EY-Parthenon, said: “The latest edition of the EY Sports Engagement Index has reinforced last year’s findings that a dynamic shift in the UK's sports landscape is under way, particularly among Gen-Z adults. Whilst established sports like football, running and Formula 1 are still proving popular with young adults, basketball, boxing and wellness activities continue to gain traction and capture the hearts of a new generation.
“This year, we’ve introduced hiking as a separate category and it has reached the top 15 for both all adults and Gen-Z, making it one of our top ‘sports to watch’.
“These sports reflect a vibrant and evolving sports culture, where inclusivity and diversity in engagement are becoming increasingly prominent. It’s important that all sports, young and old, closely observe and cater to the fans of tomorrow, to ensure they don’t get left behind.”
Moving the goalposts
Future graduates are influenced in their choice of university by the performance of the Premier League teams linked to that university’s town or city, says new research.
The study by the University of Stirling found if you have a successful football team near the university applications can go up. The worry is if the football team does badly then application numbers go down! The study found that when a team is relegated from the top flight there is a drop of between 4%-8% in undergraduate admissions, compared with those whose local club survives.
The researchers said that universities benefit from the brand awareness that comes from being associated with England’s Premier League teams. Dr Carl Singleton, who led the research, said: “The name recognition related to a place really matters. Sport is an international language and football’s reach is incredible.”
Man cave is no more!
Accountant Graham Wildin has lost his 10-year battle to keep what has been described as ‘Britain’s best man cave’! Wildin built a 10,000 square foot leisure complex in his back garden, without planning permission, back in 2014.
He claimed the complex was built for his children and grandchildren. On top of a casino, bowling alley and cinema, there was a 25ft-tall doll’s house, a soft play area and indoor tennis and badminton courts.
His decade-long fight to keep the structure finally came to an end recently, as the Forest of Dean District Council completed the destruction of the leisure complex.
The council said it would now be pursuing Wildin for costs.
Are books just for the rich?
The populist government in Slovakia has revealed it plans to raise the value of VAT on books as it attempts to fix the hole in its public finances.
Slovakia’s finance minister, Ladislav Kamenický, said research shows books are “primarily purchased by wealthier segments of the population”, so they should be taxed at the higher rate of 23% rather than the current 10% rate.
The rise is part of an overall general rise in VAT aimed at raising £42m. The government stressed that basic food, medicine and textbooks will be exempt or charged VAT at the lower rate.
The new taxes changes need to get through parliament and will become law in January 2025.
Interestingly, Latvia raised VAT on books from 5% to 21% in 2009. However, eight months later, following redundancies at publishing houses and a decrease in sales, it reversed the decision.
Top tax lawyer charged with tax evasion
A top tax lawyer, Robert Venables KC, is being prosecuted for tax evasion. It is alleged by HMRC that Venables has not paid the right amount of tax for nine years.
He is being charged with two counts of cheating the public revenue and has been told to appear at Southwark Crown Court at a later date.
A statement provided on behalf of Venables said: “The charges are denied. They relate entirely to the personal tax position of Mr Venables and do not relate to the tax position of any client of his past or present. Mr Venables is confident that he has paid all tax lawfully due.”
The case was brought to light by Tax Policy Associates’ Dan Neidle.
W E V E G O T T H E L O T
Guides for dummies
Over recent months we have been reviewing Wiley’s hugely popular ‘for dummies’ series for our Book Club. So, now it’s your chance to win one of these great books in our prize draw. Up for grabs are Business writing with AI for dummies, Generative AI for dummies, and Writing AI prompts for dummies. They are a great introduction to this brave new world! For a chance to win one of these books just send an email headed ‘AI prompts’ to giveaways@pqmagazine.com along with your name and address.
Disney time
We are giving away Disney Disneyland Park Colouring books this month, and have three up for grabs. So get ready to ride the Jungle Cruise with Mickey Mouse, get spooked at the Haunted House with Goofy and sample delicious popcorn with Donald Duck! There are 90-plus images to colour in to help bring the magic of Disney alive. To be in with a chance of winning one of these great books simply email us at giveaways@pqmagazine.com with your name and address and we will put you in the hat to win this prize. Head up your email ‘Disney’.
Terms and conditions: One entry per giveaway please. You must send your name and address to be entered for the draw. All giveaway entries must be received by Friday 13 December 2024. The main draw will take place on Monday 18 December 2024.
