PQ magazine April 2017
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CONTENTS
Where’s the envelope?
April 2017
News 08PQ survey Employers need to do more to help their PQs 10ACCA exams We run the rule over the latest exam sitting 12Workplace ethics How often do you see unethical behaviour? Features, etc 06Mind your Ps&Qs Why couldn’t PwC Oscars chump just do his job? And is our jobs board advert sexist? 14Our survey said… Results of our comprehensive employer survey make interesting reading 16ACCA P7 A step-by-step guide to passing this problematic paper 18PQ Awards Meet the winners of accountancy’s top awards 20ICAEW spotlight Pertintent tips to help you with your sixmonthly review; and introducing ‘The Troubleshooter’, whose mission is to solve your problems 22Let’s get technical Fixed overhead variances explained 24ACCA CBEs Practical ways to help you pass the F5–F9 exams 26Tax matters The CTA Human Capital Taxes exam in focus; plus VAT registration for ATT paper 2, 3, 4 and 6 exam sitters 27CIPFA focus New online exam
format explained; and getting our share of EU assets 28Apprenticeships The new Apprenticeships Levy is almost here, and AAT chief Mark Farrar explains what its impact will be 31Careers #1 Top recruiter Cheryl Ramsden on the state of the jobs market for PQs 32Careers #2 Life at Butlin’s; and our social media round-up 34Fun stuff – and our giveaways The columnists Robert Bruce Why the US will never change over global standards 8 Prem Sikka The UK’s regulators need to shape up fast 10 Carl Lygo The Oscars and other accountancy bloomers 12 Subscribe to PQ magazine It’s FREE – go to page 30 or www.pqmagazine.com ABC July 2015 – June 2016
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This is our awards issue – something about the front page might have given that away. Thanks for everyone who praised us for getting the names right on the night! Poor old PwC will never live that Oscar experience down. Can I just say that having two sets of envelopes was always going to lead to trouble. The fact that the accountant’s did an interview the day before claiming it was almost impossible to make a mistake (no, they really did say that) was always going to backfire. We have a Polly in charge of ours, although as I was in the judging room when the winners were decided I did know who has actually won! As we went to press we were waiting for a video of the night to arrive. We will be tweeting out where you can watch it, so make sure you follow us @pqmagazine. We also used the awards night to launch our search for PQ ambassadors. We are looking for you, our readers, for help and guidance in shaping what we do. I think I already have one ACCA PQ – thanks Craig! But we need more. If you are interested drop me an email at graham@pqaccountant.com and attach your CV. #Budget2017 We were all over the Budget, as always, and had news on our website 30 minutes after ‘Spreadsheet Phil’ had finished. I have to admit, like many, we missed the rise in duty on beer and wine. It rose for the first time in five years, meaning that celebration beer after you finished your exam will have cost you 2p more. Some 10p was added to a bottle of wine. PQ tweeted all the tax stuff out as it happened, but my favourite tweet from us was: “Isn’t it ironic! The last Spring Budget (starts at 12.20pm) means on International Women’s Day that ITV has cancelled Loose Women…” Now that’s what I call a Budget tweet. Graham Hambly, PQ magazine editor – graham@pqaccountant.com
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PQ have your say
email graham@pqaccountant.com Living in La La Land... Will PriceWaterhouseCoopers and Brian Cullinan be forever remembered as the firm and the man behind the Oscar envelope debacle? Ok, PwC’s Cullinan lives in Malibu and rides a Harley Davidson, but his claim of being the world’s most glamorous accountant has now well and truly evaporated. It has been reported that just minutes before he handed the wrong envelope to Warren Beatty he was posting on twitter – he only had one job to do on the night and he couldn’t even concentrate on doing that
properly! His phone should have been turned off, surely. Now we hear he even met with the Oscars’ producers to discuss a possible onstage appearance. He really did
want to be the star of the show! Perhaps all this was a reaction to what happened in 2016. Do you remember when Chris Rock parodied suitcase-wielding accountants with dancing kids, which some found offensive? Bet you had forgotten about that. There was also another blunder on Oscars night. A film-maker who is alive was featured in the sequence celebrating industry figures who had died in 2016! PwC can’t be blamed for that one though. All I can conclude is that after 83 years in the job the latest Oscar ceremony shows that auditor rotation is essential. Pete Brown, by email
Our star letter writer wins a fantastic PQ memory stick! Thanks for my PQ!
Firstly, congratulations to you and all at PQ magazine for a great awards evening. It was my first PQ awards event and I felt the evening was both professional and relaxed. It is great to see the talent in the industry and this makes the award that I received even more special to me and the rest of the AVADO ACCA team. When we started our ACCA journey a year ago I hoped that we would be able to create a successful product that would primarily help us to help our students pass their exams. But to
Sorted, thanks to pqjobs.co.uk
Paul + PQ! do this I was passionate about ensuring that the course was engaging, innovative and dare I say it fun. It’s been a fantastic year for us and I’m so proud of what the AVADO team has developed – it really is down to the team as a whole that we were able to be so creative with our courses. I’d also like to thank you for your
support – we are new in this market and each time we have met I’ve been struck by the positivity that you show towards us as a new business in the ACCA market. I’ve got huge respect for my peers in other colleges but I really believe we can develop an online
product across the entire ACCA papers that will be a market leader. On a personal note, when you introduced the Editor’s Award I was honestly touched by what you said. I have thrown pretty much everything at my role this year and to be recognised by you was simply
fantastic. Of course the award does more than recognise me, it recognises the amazing work done by the whole AVADO ACCA team. Finally, I’ve attached the photo that I took when you did your first introductory speech of the evening – I haven’t shared it with anyone else! Thanks again and roll on 2018! Paul Kirkwood, ACCA lead tutor, AVADO The editor says: Congratulations again, and well deserved. You can see the photo Paul mentions at the end of his letter on page 34.
Is advert sexist?
Maybe I am old and grumpy, or I spent too long at uni in the company of fellow feminists, but why I mean just why would PQ Jobs put this advert in your magazine? If I am young, blonde, scantily dressed they have the job for me apparently. Shame I missed the boat there, and my years of experience won’t help, at least on this site… will next month feature a young man showing off his six pack? Sure we all want to show that accountancy is trendy and not stuffy but really is this the way to do it? What’s next – women draped over car bonnets, sitting astride motorbikes clad in leather? Feeling sad as not what I expected in a professional publication and looking forward to hearing your comments please. Lisa Bartup, by email The editor says: Thanks Lisa, your email prompted some debate in the office. We wondered whether because a young woman is ‘sexily’ dressed means she is not clever enough to be an accountant. Or are we just plain wrong? Anyway, we’ve repeated the advert in this issue (see page 35) so PQ readers can judge for themselves – we really want your views on this, so please do get in touch. Email me at graham@pqaccountant.com. Oh, and just so you know, we once (a long time ago) featured a naked man on a front cover! The lecturer was helping us promote just how far some people would go to to win a PQ magazine award.
PQ Magazine Unit 3a, Kingfisher Heights, 2 Bramwell Way, Royal Docks, London E16 2GQ | Phone: 020 7216 6444 | Email: graham@pqaccountant.com Website: www.pqmagazine.co.uk | Editor/publisher: Graham Hambly graham@pqaccountant.com | Advertising manager: Polly Thrasivoulou polly@pqaccountant.com Associate editor: Adam Riches | Art editor: Tim Parker | Subscriptions: dom@pqaccountant.com | Contributors: Robert Bruce, Prem Sikka, Carl Lygo, Tony Kelly, Phil Gammon | Origination and print services by Classified Central Media If you have any problems with delivery, or if you want to change your delivery address, please email dom@pqaccountant.com
Published by PQ Publishing © PQ Publishing 2017
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PQ news
ROBERT BRUCE Standards that the US just doesn’t appreciate In the entrance to the LSE is an art exhibition. One of its glories is an etching of an elephant in a room. It seemed gloriously appropriate when I was there the other day to give my annual lecture on global financial reporting. Over the years my updates to students has included one constant – the attitude of the US to global financial reporting standards. It has always been the elephant in the room. The US is suspicious that an international body could have come up with financial reporting standards that are used by just about every other nation on earth. And the business culture in the US has led them to hold very different attitudes. The legal culture that dominates their world has embedded their business practices in deep and cloying mud. Lawyers are there to create a morass of rules around every transaction. To their credit, US regulators have fought for the acceptance of international standards. The head of the prime regulator, the SEC, used her farewell public statement before the Trump appointee took over the role to say: “The United States cannot afford to be myopic about this issue in the light of the benefits of these efforts for all stakeholders.” But it will remain so. Isolationism and the lawyers will see to that. The good news for the students I was addressing was that the universally accepted global financial reporting language everywhere else has opened up the career paths of thousands of accountants around the world. n Robert Bruce is an award-winning writer on accountancy for The Times
Employers need to do more PQ magazine
EXCLUSIVE Employers need to do more to support their PQs. That is one of the key findings of our exclusive survey, conducted with Hays Accountancy & Finance. A whopping 47.22% of respondents said their employers just weren’t supportive enough when it comes to the assistance they provide. In all, 29% (over one in four) rated the study support offered by their employers as ‘very poor’. It is a story of ‘haves’ and ‘have nots’, as 35% of our respondents Kaplan has bought the UAE-based Genesis Institute, which specialises in the CFA exam market and is a leading provider of financial and business training qualifications in the region. Kaplan’s CEO, Peter Houillon said: “The combination of Kaplan’s distinguished learning heritage and global reach with the Genesis brand and local expertise provides exciting opportunities to build a highly competitive offering.”
said their study support was great (good or very good). One PQ revealed their employer made a room available for them to study if
they needed it during work time. Another explained they had a ‘surprisingly good package’, and were pleased with their five days per exam study leave and full costs paid. Many students, however, struggle with time and money as they fight unhelpful bosses and have to selffund their studies. As one said: “My employer is simply not supportive.” Other PQs are more proactive: “My previous employer offered study support at 100% and then reduced it to 50%. I subsequently left that company.” But many trainees were concerned that they would need to repay study fees if they left the job early. • For more insight into the finding see page 14.
Kaplan acquires Genesis
Peter Houillon with Binod Shankar
ACCA expands CBEs
Genesis MD Binod Shankar explained that being part of Kaplan gives it the resources and infrastructure to enhance the fantastic student experience he has worked hard to create. “This is great news for our current and future students,” he ventured.
Job of the month
The ACCA has unveiled the countries where it will be increasing the availability of its CBE sessions for June. Students in eight more countries will be able to sit their F5 to F9 exams online. The countries being added to the list are: Bangladesh, Kazakhstan, Malta, Nepal, Poland, Romania, Trinidad & Tobago and Vietnam. That means students in 18 countries will be able to sit CBEs
come the summer. CBE exam Q&As are currently available from both the September and December 2016 sittings. The ACCA told PQ magazine that the December CBEs went extremely well, and students are loving being able to cut and paste their answers, something they can’t do on the paper exam. The CBE pass rates are also comparable to the paper ones.
There are two great roles up for grabs at Aetna this month. This top international company is looking for a part qualified financial associate and a financial analyst. The PQ will be expected to maintain reporting and controls obligations across various international entities.
Chester expansion CIPFA is expanding its Chester office, with the aim of creating 30 new jobs over the next five years. Chester has been the base for CIPFA’s property services for the past 20 years. The expansion, which includes a new digital team, is expected to ease the pressure of recruiting and retaining permanent staff in London.
Open space policy Newcastle city council recently became the first local authority to use millions of pounds from its public health budget to help keep its public parks open. The council is claiming that open spaces provide huge health benefits. Assistant director Tony Durcan said: “We either try to find a different way of raising money or we let the parks deteriorate and we will end up closing the gates because they will not be safe.”
ACCA Live sessions LSBF recently ran another successful set of live sessions for the March ACCA exam sitting. The award-winning Facebook series takes place just before each sitting. LSBF’s top tutoring team offer lastminute help and guidance to those about to sit the exams. The LSBF Live on Facebook sesssions recently walked off with the prize for ‘Best Use of Social Media’ at the prestigious PQ awards. Watch this space for details of the June sessions.
SEE PAGE 33 FOR MORE
In brief ACCA prizewinners wanted What mark do you need to get in an exam to become an ACCA prizewinner? Well, for December’s exam sitting Charlotte Bartlam, who sat the paper in Cyprus, managed 99% in F5. Not surprisingly, that took the top prize. Meanwhile, 80% was the top mark in December for P5 (that was China’s Yun Sun). UK-based students won six paper prizes out of the 12 up for grabs. The UK’s Lauren Day also walked off with the Gold Medal (she scored 416 for future reference!). 8
PQ Magazine April 2017
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PQ news
PREM SIKKA Independent regulators needed to stem illicit cash flows The UK is making slow progress in tackling illicit financial flows arising from tax avoidance/evasion and money laundering. In April 2016, the Panama Papers showed that 1,924 UK-based financial experts and accountants (and others) helped to create opaque corporate structures and possibly conceal illicit financial flows. We still await action by the UK authorities. In 2010, information provided by a whistleblower at HSBC’s Swiss operations identified 3,600 potential UK tax evaders. Only one person has been prosecuted. Last year HMRC abruptly abandoned its investigation. There have been only 13 prosecutions for offshore tax evasion since 2009. The UK lacks an effective and independent regulatory system. Around 27 bodies police illicit financial flows, including professional accounting bodies. No one oversees or coordinates their work and self-interest and inertia inevitably prevails. Professional bodies, in particular, are unfit to be regulators as their raison d'être is to promote and protect the interests of their members. Codes of ethics may regularise relationship between practitioners and their clients but can’t deal with social problems. On many occasions courts have declared tax avoidance schemes marketed by big accounting firms to be unlawful. But no firm has ever been disciplined. One independent central regulator and eliminating the power of professional bodies is a necessary precondition for the possibility of checking illicit financial flows. n Prem Sikka is Emeritus Professor of Accounting at the University of Essex
ACCA March exams: the highs and lows It was all quiet on the ACCA March exam front for the first two days of the sitting. Then students sat the F5 exam and the moans and groans could be heard. One ACCA P2 candidate even described the exam as ‘nice’, and most agreed that the March paper was fair. F7 sitters also thought their exam tested the usual core subjects. The P7 paper was ‘doable’ for many, and F8 was deemed ‘very passable’. Then came the F5 paper and those ‘damn difficult’ MCQs. One PQ said: “I don’t know why the F5 examiner decided to punish us like this.” They too had read the
Plan for success
A new CIMA study planner tool for all its PQs has been unveiled. Following extensive student feedback, CIMA’s education team has been working hard to improve its free study resources. The CIMA study planner is a new application designed to keep students on track, helping them to create a fully personalised study plan which fits into their busy schedule. The planner also links thorough to a wealth of free study resources and practical questions on CIMAconnect. CIMA believes the study planner will offer its students a fun, flexible and free way to plan out and manage their studies. Designed to be used on a desktop, tablet and mobile, CIMA says the planner can make breaks
State of disrepair The UK housing crisis has become so bad that even wealthy young professionals are being forced to rent in squalid conditions, claims new research from Citizens Advice. Over half of renters who earn more than £50,000 a year have experienced damp or mold during their current tenancy, and one in five have suffered an animal infestation, according to the research. Despite better than average salaries young people in
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comments from the first two days of the exam sitting, and the fact that students felt their papers had been a fair test. But many believe F5 just wasn’t fair and felt it would take a miracle to pass. To counter these comments one PQ reminded all sitters that by making exams CBE there could be a rise in pass rates. They pointed to the F4 paper, which had pass rates of between 40-45% when it was a paper exam. Now it is a CBE exam it has pass rates of 70-80%. It was claimed that “ACCA is becoming like a factory of accountants”. One F7 paper sitter also admitted to using a black gel pen to write
the highest 25% of earners are still struggling to buy their first home because of runaway house prices and high rental costs. The Citizens Advice survey found the average yearly rent was £7,600, which rises to an eye-watering £15,000 in London. The charity is also worried that private renters are severely underprotected, and “have more rights buying a toaster than renting a home”.
their answer, and then using “a lot of correction tape”. This is a real no-no. The ACCA guidelines ‘During the Examination’ are very clear here: “You must use only black ballpoint pens to complete your answers in your candidate answer booklet(s).” The March results will be published on Monday 17 April. See www.pqmagazine.com for all our feedback.
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The ICAEW has reminded all its students that, in partnership with the institute’s IT faculty, ACA students can avail themselves of a free online Excel training course. Students can join the Excel Community free of charge until the end of this year. This membership includes access to Students’ Excel, an online training programme which is part of the Excel Community. The ICAEW believes the skills you learn will help boost confidence and save students valuable time when using spreadsheets. The content has been customised to teach functions and formulae that are crucial in accountancy. Content has also been condensed into bite-sized chunks, with something there of use for all abilities. Students’ Excel also provides you with a personalised Excel IQ score, both before and after the training.
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PQ Magazine April 2017
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PQ news
CARL LYGO The Oscars and other accountancy bloomers The big accountancy firms have been getting some stick recently, with the latest global media headlines relating to the Oscars. While we all felt the only mention of ‘The Accountant’ would be the Ben Affleck blockbuster, how wrong we turned out to be! In an attempt at multi-tasking accountant Brian Cullinan was tweeting a photo of a prize winner when he mistakenly handed the wrong envelope to Warren Beatty. News headlines around the world described it as “a fiasco”. PwC are now reportedly no longer involved with the Oscars. It is amazing what damage is done to a global brand in such a small instance. Luckily, we did not see similar errors at the recent PQ Awards, when our editor Graham Hambly mastered the multi-tasking of announcing and selecting the right envelope! It got me thinking about the biggest mistakes in accounting history. Last year we had Deloitte withdrawing from government contracts after a leaked memo suggested the Prime Minister had no plan for Brexit. We have seen the Chancellor (aka ‘Spreadsheet Phil’) called “a dull accountant” – but that’s not an accountancy error. I guess number one in any list of blunders will be Enron and the collapse of Arthur Andersen. Others include are Tesco’s overstatement of profit of £250 million; Bank of America’s $4 billion overstatement of capital, unnoticed in many audits; and Rolls-Royce having to restate its profits down by £40 million. To err is human, to forgive divine! n Professor Carl Lygo is chief executive of BPP
Do you behave ethically?
How often do you ‘observe’ unethical behaviour at work? Research by Accountancy Europe (formerly known as the Federation of European Accountants) found that one in five young professional accountants see unethical behaviour either ‘frequently’ or ‘every day’. Another 33% encounter it ‘sometimes’. The most frequent unethical behaviour observed by young professionals is conflict of interest (44%). This is closely followed by people not following rules, regulations and procedures (42%). The AAT has been named in this year’s Sunday Times 100 best Not-For-Profit organisations to work for 2017. AAT is particularly deemed by staff to be a fun place to work, with an impressive 82% positive score. AAT CEO Mark Farrar said: “This is fantastic recognition of the hardworking staff throughout AAT and the environment in which they work.”
The study also asked if there was a need to behave more ethically in young professionals’ day-to-day working life. Some 26% of respondents said ‘yes, definitely’. Another 43% said ‘yes, in some situations’. However, some 27% of
The UK’s biggest public companies have been put on notice – the Financial Reporting Council (FRC) wants to be able to take disciplinary action against all individuals for breaching financial reporting rules. The watchdog currently can only sanction accountants, auditors and actuaries, but is asking the government for the ability to sanction all listed company directors. The FRC has announced formal
Ladbrokes’ luck runs out Ladbrokes has lost a long-running legal battle with HMRC, costing the high street bookie a cool £71m. Ladbroke used a tax avoidance scheme, promoted in 2008 by accountancy firm Deloitte, in an attempt to minimise its
respondents felt that this was not really necessary. Accountancy Europe said that the comments reveal that some respondents deplore the focus of their firm and/or company on profits or on compliance with the law instead of on ethical behaviour. Several respondents also claimed that time pressure was preventing ethical behaviour. • The Federation of European Accountants (FEE) has changed its name to Accountancy Europe. Visit the new website for information – www.accountancyeurope.eu
Time to work for the AAT?
FRC wants the right to sanction all directors
PwC and Redcentric The FRC has launched an investigation into a £21m hole in the books of IT services company Redcentric, which caused a 70% crash in its share price. The accounting watchdog will look at PwC’s conduct concerning its audit of Redcentric’s financial statements in the year to the end of March 2015 and 2016.
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More worrying, perhaps, was the manipulation of information and undue pressure, which both came in as the third most-seen bad trait (at 27% each).
plans for a fundamental review of the UK Corporate Governance Code. This will take account of the work done by the FRC on corporate culture and succession planning. It said the review will build on the code’s globally recognised strengths developed over the past 25 years, while considering the appropriate balance between its principles and provisions and the growing demands on the corporate governance framework.
corporation tax bill by exploiting a legal loophole (now closed). The scheme involved two companies in the Ladbrokes group entering into purposely-designed arrangements so that an artificially manufactured fall in value of the shares in one of the companies generated a loss for the other company for tax purposes. The group suffered no loss overall. KPMG elects new UK chairman Bill Michael will succeed Simon Collins as UK chairman on 1 October 2017. Michael is an auditor by background and is a KPMG lifer – he’s worked for them for 30 years. Michael said that Britain is home to the best talent in the world. He went on: “As we exit the EU we need to retain our best people and build on
Responding to the Government’s Green Paper on Corporate Governance Reform, the FRC highlighted the importance of helping boards take better account of stakeholder views, linking executive pay to performance. But the request to extend its enforcement powers to ensure that disciplinary action can be taken against all directors where there have been financial reporting breaches will have raised a few eyebrows in boardrooms around the UK. • The FRC has been busy recently. To catch up on what’s happening make sure you read the next issue of NQ magazine – out 3 April.
the opportunities presented by geopolitical change.” His priority will be to drive an inclusive culture, to underscore KPMG’s reputation as a magnet for talent. Digital disruption Just 13% of UK companies say they are ready to respond to digital disruption and create ‘the organisation of the future’, says a Deloitte survey. This is despite 88% believing this has become a priority. However, while companies believe they are ill-prepared for digital disruption this has not stopped many of them from embracing disruptive technologies. Some 42% say they have adopted robotics, cognitive and artificial intelligence (AI) technologies with parts of their workforce. PQ Magazine April 2017
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PQ employer survey
OUR SURVEY SAID… Are you offering your PQs the right types of study support? Hays’ Karen Young analyses the results of a joint PQ/Hays survey
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or many PQs, study support from employers is an extremely important aspect of career development. Our Study Support survey, in partnership with PQ magazine, sought to highlight the different types of study support offered to trainee accountants and look at how employers can improve the study support they currently offer part qualifieds. As a PQ accountant you are likely to be studying for one of the CIMA, ACCA, AAT, ICAEW or ICAS qualifications. However, our recent study support survey found that among different generations the importance placed on career development by PQs varied. Of the 395 respondents that took part in our survey, the results showed that career development was the most important factor when considering a new role for PQs. However, it was also revealed that ‘Baby Boomers’ and ‘Gen X’ were 28% less likely to have all or part of their exams paid for by their employers than ‘Gen Y’ and ‘Gen Z’. Types of study support offered to PQs by employers include: paying for exams, tuition fees, study materials, exam retakes and being paid during exams and study leave. Across the board we found that similarly Gen Y and Gen Z were more likely to receive these types of study support than those respondents who were Gen X and Baby Boomers. When PQs were asked if their employers paid all or part of their tuition fees, 55% of Gen Y and Gen Z stated their employer contributed either in full or in part, yet only 26% of Gen X and Baby boomers could say the same for their employer. We saw the same exact response when asked if employers paid for study materials, again showing a significant difference in the study support given to different generations. Another significant difference the survey revealed in study support offered by employers, was pay during exams and study leave, with 66% of Gen Y and Z receiving pay during this time, but only 43% of Baby Boomers and Gen X experiencing the same support. Whether an employer pays for exam 14
retakes is slightly different to the other types of support mentioned, in that many employers understandably may feel less inclined to do so if you do happen to fail an exam. The responses from our survey reflect this, as only 22% of Gen Y and Z and 12% of Baby Boomers and Gen X said their employer pays for exam retakes. As we looked closer at the results we noted that in line with this, it was no surprise then, that the survey also found that only 38% of Gen X actually placed career development opportunities as the most important factor when considering a new role, compared to more than half of Gen Y stating that career development was most important to them. Benefits offered was the second most important factor for Gen Y when considering a new role, while Gen X were more concerned with work-life balance as this was stated as the second most important factor for this generation. As the workforce continues to change, it is no surprise organisations will need to work harder to adapt their reward and benefit offering to the needs of a multigenerational workforce, and for accountancy employers this could include adapting the support offered for study to PQs by making benefits options
more flexible. We also found a significant generational difference when looking at those who were offered paid study support as standard from their employer. With only 26% of Baby Boomers and Gen X actually receiving study support as standard while almost double (50%) of Gen Y and Z were offered paid support as standard. Further to this, 61% of Baby Boomers and Gen X rated the study support offered by their employer as poor or very poor, while only 36% of Gen Y and Z said the same. At Hays, we have found that for those professionals who are set on becoming qualified accountants, career development and study support opportunities are always more important than salary alone and can often be the motivating factor for retaining or attracting talented professionals. With acute skills shortages and competition for top talent increasing employers of PQ’s will have to offer or continue to offer professionals study support, alongside a competitive salary and a choice of flexible benefits, if they want to retain and attract the talent they need to achieve business success. PQ • Karen Young, Director, Hays Accountancy & Finance PQ Magazine April 2017
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PQ ACCA P7
A LOGICAL APPROACH James Griffiths offers a step-by-step guide to how to get through P7, a paper that causes PQs so much stress
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oth the pass rates and the comments made in the examiner’s report suggest that P7 is a difficult paper to pass. There is no real reason why this should be the case, so this article is an attempt to explain the key problems encountered and to suggest how students can prepare in order to be successful. Timing I believe there are too many illustrations of poor time management. The questions that I end up marking in the classroom show that not enough time is spent by students analysing the relationship between marks and volume. This should be an easy thing to solve – a 10mark part of a question requires twice as much writing as a five-mark part! It is remarkable how often students will write more if it is a topic with which they are familiar, rather than letting the marks dictate the volume. Order A lot of students tell me that they run out of time on question 1. Upon further discussion, I find that they have left this question until last with, say, 30 minutes remaining, so do not have time to complete it. This is obviously a suggestion of poor time allocation but also a far more deep-rooted problem. If any student looks at the 35-mark question and feels it necessary to leave it until last it means that they don’t think they can answer it. This is unforgiveable. Question 1 always contains key topic areas, such as risk analysis and audit procedures. If students feel unable to deal with these then they are simply not ready for P7. These topics are fundamental building blocks for the paper as a whole and must be second nature. Accounting knowledge Let’s be clear about this, P7 requires P2 accounting knowledge – therefore do not attempt P7 before P2. P7 often requires risks of misstatement to be explained. This cannot possibly be done in enough detail unless the accounting knowledge has been obtained first. How can any student expect to explain how, for example, a share based payment scheme could be misstated unless they know how it should be recorded correctly in accordance with IFRS 2? Share based payments, financial instruments, deferred tax, pensions and foreign currency translation are all examined in detail at P2 and are all essential knowledge pools for P7. Therefore, despite the fact that the ACCA rules allow students to attempt the P level papers in any order do P2 first – no exceptions! Answers too general This is a very common failing, especially in answers to audit procedures questions. It is easy to fall into a formulaic response and we hear 16
about board minutes, internal auditors, working papers, expert opinions and management representations. Let’s try to be a little more creative. Try to think of procedures that relate directly to the balance or transaction in the question instead of just trotting out a generic list. Your accounting knowledge can help here, too. Let me try to illustrate by using the following short scenario; Hawkins plc has introduced an incentive scheme for its directors and employees that will give them 500 share options each if they remain with the company for three years. An expense has been included in the statement of profit and loss in respect of this scheme. a) Explain the risks of material misstatement for five marks. b) Describe the audit procedures to confirm the treatment for five marks. Answer 1 (poor!) a) The share based payment scheme may not be recorded in line with IFRS 2. b) I would inspect the relevant documentation to confirm it is accurate. This answer would not achieve more than half a mark for each section – at the very most. I know this is an extreme example, but I believe that far too many answers bear a striking resemblance to this one! Before we take a look at a decent answer, let us pause for breath!
A sound knowledge of IFRS 2 can get you five marks for BOTH sections. Let’s just write down, as an answer plan, five things that IFRS 2 says. • There are two types of scheme, equity settled and cash settled. • Both schemes have vesting periods. • Employees need to stay for the vesting period in order to exercise the options. • An expense calculation is done by multiplying the options by the employees by the fair value of the option at the grant date, then dividing by the vesting period. • A journal is recorded as an expense and either to equity or liability depending upon the type of scheme. This is all the knowledge you need in order to achieve 10 out of 10. Now let’s look at a good answer. a) The scheme may be misclassified as a cash settled scheme. It is clearly an equity settled scheme because share options have been granted, but it may not have been treated as such. The vesting period may have been miscalculated – too long or too short – meaning an expense misstatement. The estimation of potential leavers before the end of the vesting period may not have been done appropriately. The wrong fair value may have been used in the expense calculation. The entry that should have been a credit to equity – due to the type of scheme – may have been posted as a liability, meaning both categories are misstated. b) The scheme agreement should be inspected to ensure that it has been classified correctly as an equity settled scheme. The expense calculation should be repeated to confirm its accuracy. The basis of the fair value calculation should be agreed to source, perhaps the tradeable value on the stock market. The financial statements can be inspected to ensure that the credit entry is in the right place – it has been correctly classified as equity. The vesting period stated in the agreement should be agreed to the one used in the expense calculation. Notice how the five facts have been used to generate both the sets of five points explained in a) and b). The facts are not actually written down as part of the answer, they are just used as reference points and the knowledge is applied. This approach will produce structured answers and illustrate how P2 knowledge is essential to this process. Practising doing this with as many accounting areas as possible will mean that question 1 will not be avoided, as well as improving timing relevance and volume. PQ • James Griffiths is a Kaplan Financial tutor PQ Magazine April 2017
HTFT Partnership:
PQ Magazine Online College of the Year 2017
We would like to thank everyone who has embraced what we are about and has made HTFT Partnership what it is today. It is through everyone’s dedication and determination that we stand here proud winners of Online College of the Year 2017. Get in touch: info@htftpartnership.co.uk or follow us on Facebook and Twitter
PQ Awards 2017
THE PQ GOES TO ...
MEET THE WINNERS JOINT JUMPING AS PQ HONOURS THE BEST…
London’s Café de Paris has never seen anything like it, as a packed venue rocked at the 2017 PQ awards. The guest list read like a who’s who of the accountancy profession’s movers and shakers. PQs were also there in force, ready to discover the winners of our shiny PQ awards. The entertainment on the night was provided by Nathan Caton, one of the most exciting young comedians on the scene. He went down a storm, and had certainly done his homework – no one at the event will ever forget the right way to pronounce ‘ACCA’! The top prize, PQ of the Year, went to CIPFA trainee Tim Mpofu. He works at the London Borough of Ealing and was in a state of shock after his name was read out. Amazingly, he is the first CIPFA winner of the top PQ award, but we are sure there will be many more. The winner of the Student Body of the Year award was the Northern Chartered Accountant Students’ Society (NCASS), which has been supporting ACA students in the north-east and Cumbria since 1896. So it was about time they won an award! The winner of our Distance Learning Student of the Year went to Susan Azzabi, who works at Muscat International Airport Project in Oman. An ACCA student, she’s an ambitious, committed and globally-minded PQ, said her nominee, LSBF. The London South Bank University crew were so pleased with their award, Public Sector College of the Year, that they managed to get a record number of staff onto the stage! The Private Sector College of the year prize went to Kaplan’s Islington campus. The Online College of the Year is HTFT Partnership, who’s innovative approach was recognised by our independent judges. Another winner on the night was ACCA-X, which scooped the Study Resource of the Year trophy. The judges all agreed that this product has a real ‘wow’ factor that was making a real difference.
THE INDEPENDENT JUDGING PANEL
Café de Paris, the perfect setting for the 2017 PQ Awards
PQ of the Year Tim Mpofu celebrates his win with the CIPFA team
Rachel Kellett Head of Product, AAT Alison McHugh Director – Education Network, ACCA Shaun Robertson Director of Learning, ICAEW Professor Prem Sikka Emeritus Professor of Accountancy at the University of Essex Peter Stewart Director of Learning, CIMA
The PQ Awards end with a bang! See you next year 18
Look what we’ve got! Not one but two shiny PQs!
Wow, Harry, is this what a PQ really feels like? PQ Magazine April 2017
Awards 2017 PQ
STUDENT BODY OF THE YEAR Northern Chartered Accountant Students’ Society (NCASS)
ACCOUNTANCY BODY OF THE YEAR ICAEW
ACCOUNTANCY COLLEGE OF THE YEAR PUBLIC SECTOR London South Bank University
ACCOUNTANCY COLLEGE OF THE YEAR PRIVATE SECTOR Kaplan, Islington Campus, London
ONLINE COLLEGE OF THE YEAR HTFT Partnership
LECTURER OF THE YEAR PUBLIC SECTOR Nagin Lad, Derby University
LECTURER OF THE YEAR PRIVATE SECTOR Nitin Rabheru, BPP Professional Education
BEST USE OF SOCIAL MEDIA LSBF Facebook Live ACCA mentoring
INNOVATION IN ACCOUNTANCY Kaplan & PwC gamification pilot
ACCOUNTANCY PERSONALITY Paul Sizer, Gower College Swansea
ACCOUNTANCY TEAM OF THE YEAR Butlin’s
EDITOR’S SPECIAL AWARD #1 Natasha Everard, Accounting Student Network Facebook Group
EDITOR’S SPECIAL AWARD #2 Paul Kirkwood, AVADO
STUDY RESOURCE OF THE YEAR ACCA-X
NQ OF THE YEAR Harry Pampiglione, PwC
TRAINING MANAGER/WORKPLACE MENTOR OF THE YEAR Jayne Walker, Gower College Swansea
PQ OF THE YEAR Tim Mpofu, Ealing Borough Council
PQ Magazine April 2017
19
PQ ICAEW spotlight
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ix-monthly reviews are a mandatory requirement for all ACA students during a training agreement period. The reviews take place with your qualified person responsible for training (QPRT), counsellor or principal and they provide the perfect opportunity for you to discuss what you have learnt so far and to discuss your progress and development. Here are six top tips you need to know to be best prepared for your six-monthly review: ONE Practical work experience: calculate the number of practical work experience days you have accrued within the last six months. At the review, you will discuss and agree the number of days. Remember, a day is seven hours long. TWO Professional development: review your progress within the seven ladders since your last six-monthly review. If you have met one or more skills, ensure that you have provided adequate examples within your online training file. In order to record a skill as achieved you will need to discuss the skill at the review. Be sure to record the feedback your QPRT, counsellor or principal gives you and add it to your training file. If you are following a three-year training agreement, you should aim to provide examples for all skills around 30 months into your agreement. You should complete the skills relating to the Case Study before you sit this exam. THREE Ethics and professional scepticism: before your six-monthly review assess your ethical development and the progress you have made through the online Ethics Learning Programme. You will need to consider all the ethical scenarios from the Practising Ethics webinars you have viewed to date and be able to discuss one scenario – you will need to be able to discuss a real ethical situation at your review. As you complete a module within the Ethics Learning Programme, remember
Are you prepared for your
six-monthly review? Here are six pertinent tips to help you prepare for your twice-yearly appraisal
to watch the corresponding Practising Ethics webinar. When you have completed the learning programme, you will need to complete the ethics assessment and score at least 70%. Do ask your QPRT, counsellor or principal for permission before taking this
assessment. FOUR Exams: review and prepare to discuss your progress and results so far, any re-sit plans and specific areas of interest or relevance. FIVE Audit Qualification: calculate your audit work experience, if relevant, within the last six months. If you want to become a Responsible Individual to sign audit reports you will need to gain the Audit Qualification. If you haven’t recorded audit experience you have gained to date and obtained the required approvals you will lose the experience. SIX Further guidance: be ready to discuss any areas which you would like to develop, for example, on-the-job guidance, coaching or mentoring. Please note that if your employer is accredited by ICAEW for professional development and/or ethics, you will follow their development programme(s). Access your online training file at icaew.com/trainingfile. It is your responsibility to keep your training file up to date. ICAEW will review your training file as part of an arranged review visit or as a random check. So be sure to keep your online training file up-to-date at all times. If you neglect your training file, you could be putting your ACA qualification at risk. Go to icaew.com/how-to for guidance on how to navigate your online training file and how to log progress, check out the how to use your online training file guide and webinar. PQ • Thanks to the ICAEW for this article
THE TROUBLE SHOOTER IS GUNNING FOR...
The internal rate of return In the first in a new series, PQ’s trouble-shooter Philip Dunn is on hand to help readers who are worried about tackling internal rate of return calculations Question: I am currently studying ACCA F2 and am struggling to understand the significance of the internal rate of return (IRR). Can you help? Answer: Crescent Feeds discounted a project at 15% (its cost of capital) and it had a net present value (NPV) of £3,407. It was then subjected to a rate of 20% that resulted in a NPV of £(9,641). The fact that the NPV at 15% is positive indicates that the project is achieving a discounted cash flow (DCF) return of a least 15%. Whereas at 20
20%, as the NPV is negative, the DCF Return is less than 20%. Here we see a range of present value of £13,048 from £3,407 to £(9,641) and a range of rates of 5% (15% to 20%). The IRR is that point at which the NPV would be equal to zero or the DCF return the project is yielding based on the projections prepared by management and lies somewhere between 15% and 20%. This can be determined by interpolation (formula): Lower Rate % + ((NPV at Lower Rate/Range of NPV) x Range of Rates) 15% + ((3407/13048) x 5) = 16.31% The internal rate of return (IRR) is greater than Crescent Feeds cost of capital and therefore this would be a favourable investment. If the project was discounted at 16.31% the NPV would be approximately zero. I do so hope that this answers your concern. This may also be useful to AAT, ICB and ACCA F5 students. PQ • Philip Dunn is a freelance assessor and author at Kaplan PQ Magazine April 2017
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LET’S GET TECHNICAL
V
ariances play an important role in appraising the financial performance of a business. Variances look at the difference between the results a business expects and the results that they actually achieve. Variances can be calculated for revenue, material costs, labour costs and variable overheads, but the calculations that students often find the most challenging to understand is those for fixed overhead variances in a business. The fixed overhead variances look at whether amounts spent by the business on fixed overheads (such as factory rent) were more or less than expected. For the purposes of this article let’s use the following figures: Fixed overhead (factory rent) Production volume Production hours
Budget £100,000 50,000 200,000
Actual £120,000 55,000 215,000
Fixed overhead variances under marginal costing If the company is using marginal costing there will only be one fixed overhead variance; the fixed overhead expenditure variance, which is simply the difference between the budgeted and actual fixed overhead figures. It can be calculated as: Budgeted fixed overhead Actual fixed overhead Fixed overhead expenditure variance
£100,000 £120,000 £20,000 (A)
This variance is adverse as the amount actually spent on fixed overheads was greater than expected, which will reduce the profit made by the business. Perhaps this was caused by our landlord increasing our rent unexpectedly. Fixed overhead variances under absorption costing If the company is using absorption costing then the fixed overhead variance can be subdivided to give more information about what changed compared to the original budget. Fixed overhead expenditure variance: This is the budgeted fixed overhead compared to the actual fixed overhead and is calculated in the same way as for marginal costing above. This variance would still be £20,000 (A). Fixed overhead volume variance: This looks at how much output we got from the factory that we are renting and takes the difference between the budgeted and actual production volume figures and values this at the standard fixed overhead absorption rate (FOAR). Remember that this standard FOAR will be based on the budgeted figures, in this case £100,000/50,000units = £2 per unit. Budgeted production volume Actual production volume Variance (in units) Valued at standard FOAR per unit Variance (£)
50,000 units 55,000 units 5,000 (F) £2 £10,000 (F)
In this case the variance is favourable as we managed to produce more units than budgeted, so we got more out of the factory that we are renting which should improve profits. Explaining the fixed overhead volume variance The fixed overhead volume variance can then be further broken down to look at the reasons why the actual volume of production achieved was different from the budgeted volume. In our example we managed to produce 5,000 units more than we budgeted (which was why the volume variance was favourable). This extra volume could have been caused by two factors; staff might have worked more quickly than expected, or staff might have worked more hours than expected. Fixed overhead efficiency variance: This looks at how quickly the workforce made units of production by comparing the time that actual production should have taken to the time it actually took. Faster staff will lead to a greater volume of production. One thing we need to identify is how fast we 22
Gareth John explains fixed overhead variances
expected staff to work, or the standard hours per unit, which is 200,000 hours/50,000 units = 4 hours per unit from the budget. The calculation can then be done as follows: Actual production (units) – should take (at standard hours per unit) 55,000 x 4 hours per unit – did take Variance in hours Valued at the standard FOAR per hour Variance (£)
220,000 hours 215,000 hours 5,000 (F) £0.50 £2,500 (F)
Notice that because the variance is initially measured in hours we need to value it at a standard FOAR per hour, which is £100,000/200,000 = £0.50 per hour. This variance is favourable as staff were faster than the expected 4 hours per unit, which means they would produce a higher volume of output in a given period of time. Fixed overhead capacity variance: This looks at the number of hours staff worked compared to budget. More hours worked will lead to a greater capacity to produce units. Budgeted hours worked Actual hours worked Variance (in hours) Valued at the fixed OAR per hour Variance (£)
200,000 hours 215,000 hours 15,000 (F) £0.50 £7,500 (F)
This variance is favourable as staff worked 15,000 hours more than budgeted in which time they could have produced a higher volume of output than expected. You can check that your efficiency and capacity figures make sense as they should add back to the volume variance: £3,500 (F) + £7,500 (F) = £10,000 (F). This shows that staff worked faster than expected and also worked more hours than expected, both of which led to the extra 5,000 units of volume. Here’s a chance for you to practise the calculations Budgeted fixed overheads are £50,000. Budgeted output is 10,000 units taking 20,000 labour hours. Actual output is 8,000 units which took 17,000 labour hours. Actual fixed overheads were £52,000. What are the fixed overhead expenditure, volume, efficiency and capacity variances? Once you have finished you can watch me go through my answers at www.firstintuition.co.uk/category/aat PQ • Gareth John is a tutor/director with First Intuition and helps to manage their AAT distance learning programme. He was PQ Magazine Accountancy Lecturer of the Year in 2011 PQ Magazine April 2017
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PQ ACCA CBEs
Be a session player Judith Bennett explores the practical ways that you can tackle ACCA’s F5–F9 exams
S
ince September 2016, more students have used the opportunity to take their F5-F9 exams through ACCA’s on-demand Computer-Based Exam (CBE). Developed in close association with students, learning providers and employers, session CBEs are developed to the same standard as our trusted paper exams with a fresh modern approach. We’ve incorporated spreadsheet and Word processing tools to more closely reflect how modern finance professional work in today’s workplace. The new exams assess the same learning outcomes as the paper format so students will have to cover the same content regardless of the format taken. Like the paper-based format, all the exams apart from F8, are presented in three sections featuring, an objective test (OT), OT case questions and constructed response questions. F8 exams are slightly different featuring the last advantages of the CBE is that you can see both two of the three mentioned sections. the question and answer area within the same The CBE features a multitude of useful view, without having to divert your attention features that can support students to manage between different sheets of paper. their time more effectively. Our feedback shows Our onscreen calculator and scratch pad will the exams are convenient, simple and easy to allow you to make rough notes. Students can navigate through, even for students who are less still use their own calculator and will be offered familiar with computers. Students aren’t being scrap paper if they prefer to use these. However, assessed on their computer skills, the format is it’s really important to remember that what’s designed to assess the knowledge of the subject written in the scratch pad or on the paper notes and how that is applied in a modern work won’t be marked. situation. Let’s look at some of the additional features Exam format that support you. As mentioned, the exam format will continue to The flag feature in the CBEs will allow you to be the same as the paper-based exam. Section highlight particular questions you’d like to re-visit A and B of the exams consists of objective test later in the exam by flagging questions for questions (60% of the exam) and section C is review. This feature has been very popular with where students will use spreadsheet and word students allowing them to easily processing tools to answer distinguish which questions questions (40% of the exam). Section C is they’d like to re-assess. In addition to multiple choice exciting and Throughout the exam, you can questions, students who have sat innovative, using word track your progress or jump to a any of the F1-F4 CBEs will be processing and specific question using our familiar with the six other types of navigator tool. In one glance, you spreadsheet tools to objective test questions used within mirror the working can see which questions you’ve session CBEs. These are multiple world of today’s answered, which ones are yet to response, fill-in-the-blank, dragfinance professionals’ be completed and which have and-drop, drop-down-the-list, hot been flagged for review. Similarly spot and hot area questions. at the end of the exam students will see an ‘item Completing your answer is very simple. If you review’ screen, which will show them the same spot a mistake and wish to change it later, you information. can do so easily at the click of a button and There’s an on-screen timer which helps you without making a mess of your answer sheet. manage your time effectively. A highlighter will Section C is exciting and innovative, using allow you to annotate part of the question word processing and spreadsheet tools to mirror scenario. This can be used to emphasise key the working world of today’s finance elements of the scenario or indicate a part of the professionals. Our innovative approach to question you have already dealt with. assessment makes the exams more practical You can use a splitter bar to adjust whether and beneficial for all students. These questions you’d like to see more of the question or the allow students to produce individual written and answer area on the screen. One of the big numerical answers which they insert into word
“
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processing pages, blank spreadsheets, or preformatted templates. Students who have used similar tools before will recognise that a number of standard functions, such as inserting a table, adding formulae to a spreadsheet, copy and paste are available via the menu and toolbar. Utilising these functions can help students save time within the exam and allow them to construct their answer in a much clearer and presentable manner. Because students provide unique answers, either in their own words or by calculating and presenting numerical answers in spreadsheets, like our paper-based exams, this section will be marked by experts. It is important to remember that all work and calculations will be viewed and assessed. This means for example, if students use any formulae for the spreadsheet questions, markers will see the formulae and not just the final answer, so they will understand how students have reached their answers. The best way to familiarise yourself with the F5-F9 session CBEs is by checking them out for yourself. You can do so for free by accessing our specimen exams on our website. We have past session CBE exams, tutorial videos, guides and an area to practice the word processing and spreadsheet questions in advance to you sitting an exam. This is an exciting era of exam assessment. With our CBEs closely aligned and reflecting real modern working situations, our students can expect to enter the professional world ready to impress their employers and progress with their careers. PQ • Judith Bennett, Director, Service Delivery, ACCA PQ Magazine April 2017
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PQ CTA exams
H
uman Capital Taxes, also known as Human Capital Services (BDO), Global Employer Services (Deloitte), People Advisory Services (EY), Global Mobility Services (KPMG and Mazars), Employer Solutions and Expatriate Tax (Grant Thornton and RSM), Employer Consulting Tax (Moore Stephens) or even Human Resources Tax Services (PwC), is a growing area of taxation. As global employment mobility continues to increase, so does the need for advice for employers with internationally mobile employees, covering tax issues which affect both the employer and employee. If you wonder what this means in real life look at how the advisers did not get it right when they advised the Rolling Stones on their tax matters (there’s plenty on the internet about this). Why would you go into a career in human capital? This is an ever-growing area of business. Global employment mobility continues to increase. Coming out of the EU will only make good advisers in human capital more sought after. Why is it good we have an exam in it? Those that work in this highly complex field have never had an exam tailored just for them. The CIOT recognises that both
Capital advice candidates and employers will welcome a paper that will cover a wider range of the technical areas specific to their subject. In response to this growing demand for expertise in the taxation of global employment mobility, and in consultation with major employers, the CIOT are responding by offering a new CTA examination in Human Capital Taxes from May 2017. Papers will be available for both Advisory and Application and Interaction. What makes the CTA Human Capital Taxes exam relevant and worthwhile? Employers seek and value qualified tax professionals because the need for
advice, in areas such as rewards, for employers with internationally mobile employees is expanding. In addition, with the forthcoming UK exit from the EU, qualified tax advisers in human capital could be even more sought after. This exam will be the only one tailored specifically for human capital taxes expertise. There are now two Advisory papers and two Application and Interaction papers, which are relevant and tailored to professionals’ day-to-day work. This resulting increased exam choice, and more relevant and valuable knowledge, is an important benefit for employers and students working in the employment area of taxes. The CTA Human Capital Taxes examination is an efficient means to ‘jump ahead’ of knowledge and expertise that might previously have only been gained by onthe-job experience. Want to know more? Then visit www.tax.org.uk/humancapitaltaxes PQ • Thanks to the Chartered Institute of Taxation (CIoT) for this article
PQ ATT exams
Back to basics: VAT registration T
his article is relevant for ATT Papers 2, 3, 4 and 6 and CTA Awareness Module A. Value Added Tax (VAT) is one of those taxes that some students try to avoid for exams. It should be one that we take a keen interest in; after all, as consumers we are the ones who suffer it and over the years there have been some fun VAT cases heard in the courts. You can’t mention VAT without someone bringing up Jaffa Cakes (they were held to be a cake and so sales of Jaffa Cakes are zero rated; if it had been categorised as a biscuit covered partly in chocolate it would have led to sales of them being standard rated). VAT also has a whole book of legislation dedicated to it – the Orange Tolley Tax Handbook, Part 1. This article is going to go back to basics and look at when someone is compulsorily liable to register for VAT. If a trader makes taxable supplies then they only have to register for VAT when those supplies exceed the ‘VAT registration threshold’, which is currently £83,000. Remember that ‘taxable’ supplies cover those charged at 20%, 0% and 5%. Some supplies are exempt and they do not count towards the registration threshold. There are two compulsory registration tests: 1. the ‘historic’ test; and 2. the ‘future’ test. If a trader passes either test they HAVE to register (and if both tests apply at the same time then the earlier registration date will apply). The ‘historic’ test: end of each month, eg 31/8
look back max 12 months > £83,000 26
30/9
31/10
At the end of each month look back for a maximum of 12 months and if taxable supplies exceed the VAT registration threshold then you must notify HMRC of your liability to register for VAT within 30 days from the end of that month. For example, if on 31 August taxable supplies in the previous 12 months totalled £85,000, HMRC must be notified by 30 September. The VAT registration will be effective from the start of the next month, so by 1 October. The ‘future’ test: carry out daily eg 15/4 historic test never > £83,000
15/5
look forward 30 days only > £83,000
Imagine a business usually makes taxable supplies of £5,000 a month so to date in any 12 month period it has never reached the threshold for the historic test. On 15 April a new customer places an order for £90,000 of goods which must be delivered by 12 May. On 15 April, the future test threshold is breached, as taxable supplies in the next 30 days alone will be over the registration threshold. HMRC must be notified within 30 days, so by 15 May, and the VAT registration is effective from 15 April so the trader must start charging VAT immediately. VAT registration questions tend to involve you getting out your calculators. Don’t forget that when you are looking back under the historic test, you only ever look back a maximum 12 months and under the future test you are only ever looking forward at the next 30 days in isolation. Good luck in your VAT studies! PQ • Sophie Hill, ACA, CTA is a senior tutor for Tolley Exam Training
PQ Magazine April 2017
CIPFA spotlight PQ
New exam online format for CIPFAs Karl Ballard explains how you should tackle CBEs to ensure you get that pass
Getting our share of those EU assets CIPFA is backing the UK government’s ‘interest’ in claiming a share of EU assets when Article 50 is triggered. While the EU will request that the UK meets a fair share of the liabilities accrued since 1973, CIPFA believes that the UK derives material and significant compensation as a major net funder for assets accrued over the same period. Referring to €150bn shown on the EU’s balance sheet, CIPFA CEO Rob Whiteman said: “The EC’s financial position is clear in that it uses a full accrual accounting based on International Public Sector Accounting Standards that are in line with international good financial reporting practice. This replicates the UK government’s own practice, though sadly not all individual EU member states have robust accounting and reporting practices for their own government finances.” He points out that the EU’s annual balance sheet has been through an independent audit process and so provides a good basis on which the UK government can seek compensation for the assets accrued during UK membership of the EU. Whiteman emphasised: “The UK has a strong negotiating position given that it has been significant net contributor to EU finances.” And he stressed that in asking for the UK to meet liabilities EU negotiators must remember that there are two sides to a balance sheet.
PQ Magazine April 2017
M
any of the assessments for the professional qualifications have now changed their exam format so they are computer based exams (CBE). While this brings many benefits to the students – it’s quick and easy to edit your answers, scripts are much more readable and the exams now much better reflect the workplace – there will need to be changes to student’s exam technique to ensure success. Papers are now broken down into three distinct sections: multiple choice questions (MCQs) worth one mark; short form questions (SFQs) worth five marks; and long form questions worth 10–15 marks. Multiple choice questions (MCQs) Students will have an average of two minutes per MCQ and must make sure that they use their allotted time wisely. • First sweep: answer all the easy questions you know you can answer straight away, and don’t do any calculation questions unless they are very straightforward. Check at the end of the first sweep how much time you have saved. • Second sweep: now tackle the longer calculations using the time you saved during the first sweep. Keep a close eye on the clock and make sure you don’t exceed your time allowance. • Third sweep: guess any remaining questions. If you can exclude some of the options do so, your chance of success is higher.
Short form questions (SFQs) Ten minutes will be available to tackle each SFQ and depending on the examination these will require either written or numerical solutions. Keep things short and to the point, use short paragraphs or bullet points and start a new one each time you make a new point. There could be a written and numerical requirement within each question, so make sure you attempt both as normally some easy written marks will follow a tougher numerical requirement. Long form questions Break the requirement down and structure you answer around it under different headings, as this will force you to write something under each and ensure you cover all aspects of the question. The advantage with CBEs is you can easily add in something you couldn’t do on paper. Practise using tables in Microsoft Word or on CIPFA’s practice system, Calibrand, for longer numerical questions. Get used to setting up tables quickly for your workings and inserting the numbers. Make sure rows and columns have headings so the examiner knows what you are doing. Practise using the pro forma financial statements in an electronic format so you will be better prepared for the exam. PQ • Karl Ballard, Head of CIPFA courses, Kaplan Financial
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PQ apprenticeships
The Apprenticeship Levy
helping fulfil the needs of employers The Apprenticeship Levy is almost upon us. Mark Farrar explains its implications and outlines the advantages apprenticeships can bring
T
he apprenticeship levy is nearly here. As of 6 April, all employers who have an annual pay bill of at least £3 million will be required to invest in apprenticeships, through a charge of 0.5% against their annual pay bill. AAT has long since known the value of apprenticeships to the UK economy – indeed, many of you reading this right now may have initially come across our qualifications as a result of the apprenticeship you undertook. But it seems that more people, as well as recruiters, are increasingly looking to play an active role in the apprenticeship scheme, according to our recent study Apprenticeships: Getting ahead for accelerated ambitions. One in two young people aged 16-18 who are still at school told us that they are considering an apprenticeship as their route into employment. And just under half of people aged 22-30 who had already completed a degree said they too may do an apprenticeship in the future, if the circumstances were right – for example, to help facilitate a change of career. A good reminder to us all that apprenticeships aren’t just for school leavers. Praise for scheme Recruitment experts also had praise for the apprenticeship scheme. Just over half told AAT that apprentices taken on in the past five years had performed better than those with a degree (compared with just 5% who thought the other way round). And three-quarters believe more young people will choose university alternatives
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such as apprenticeships over the next five years, with two in three saying this will affect the way they recruit new staff. Yet for some employers, confusion still reigns over the coming policy changes. According to a City and Guilds survey last month, one-third of companies who are eligible to pay the levy werenâ&#x20AC;&#x2122;t even aware of its existence. Rather worryingly, the City and Guilds survey added that almost a quarter of Heads of Apprenticeships were not aware of the new apprenticeship system! But where there is doubt there is opportunity. In accountancy, the new â&#x20AC;&#x2DC;Trailblazerâ&#x20AC;&#x2122; apprenticeship standards will help employers gain access to a wider talent pool that they can develop and grow for themselves. And employer engagement will help improve the quality of apprenticeships overall, with AAT pleased to play its part as an Apprentice Assessment Organisation (AAO), delivering End Point Assessments (EPAs) in accountancy that allow apprentices to demonstrate their competence. Approximately 20% of AATâ&#x20AC;&#x2122;s 80,000
student base are currently engaged on an apprenticeship programme, and as an AAO weâ&#x20AC;&#x2122;re in the process of talking with existing AAT training providers and other organisations to see if theyâ&#x20AC;&#x2122;d like to be registered to facilitate AATâ&#x20AC;&#x2122;s EPAs. Ultimately, we believe the new apprenticeship levy is a good thing for British businesses, as long as it is focused on high-quality apprenticeships that will help drive up productivity and ensure British business has the skillsets it needs to compete on a global stage. Accounting technician students may have a part to play too in helping apprenticeship schemes improve for the benefit of employers and employees in the future. If youâ&#x20AC;&#x2122;re coming through such a scheme yourself, you will be well positioned to pass on your own findings around what worked for you, and any areas where you believe the scheme could be improved. PQ â&#x20AC;˘ Mark Farrar is Chief Executive of the Association of Accounting Technicians
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PQ Magazine April 2017
“I am an award winning certified bookkeeper ”
Student of the year – LUCA Awards 2011
“I am grateful for ICB’s help and support in starting my own practice. Having started 3 years ago, I have come a long way and enjoy the freedom and fulfilment of being self-employed. I manage a large portfolio of clients and plan to continue expanding.” Moolchand Dubey MICB CB.Dip PM.Dip
To find out if you could become a bookkeeper call
0845 060 2345
The Institute of Certified Bookkeepers
www.bookkeepers.org.uk/PQ
New Exam – Global Mobility and Human Capital Taxes You may know this as Global Employer Services, People Advisory Services, Global Mobility Services, Employer Solutions, International Taxes or even Human Resources Tax Services.
People
experience
rewarding profit management
Global Mobility Services
Employer Solutions International Taxes internationally mobile
People
experience
pension
Advisory Services
In response to growing demand, the CIOT are offering a new CTA examination in Human Capital Taxes from May 2017.
rewarding profit management
Global Mobility Services
Employer Solutions
Global
sought after
Growing
International Taxes labour area of expertise internationally Employer Services employees development mobile
Global
sought after labour
Human Valuable
Growing
area of expertise
Human Valuable employees development
Relevant Increased exam choice
European Union assets skilled
Capital Capital
Employer Services
Find out more about the benefits of the Human Capital Taxes exam and CTA visit: www.tax.org.uk/humancapitaltaxes
pension
Advisory Services
tailored specifically management
loss
welfare
Relevant
useful
analysis
welfare
Increased European exam Union assets skilled choice
life
tailored job specifically rate
system
loss
Taxes training
management education structure
system
useful
analysis
life job rate
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Human Resources Human Resources Tax Services “jump ahead” Tax knowledge Services “jump ahead”
education
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“If you’re not using them, you should be!” Graham Hambly, Editor, PQ Magazine EXAM PREPARATION
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careers PQ
Improve your prospects We spoke to Cheryl Ramsden from top recruiter Howett Thorpe about the general state of the job market
What is the job market like for PQs at the moment? The market continues to build momentum and is typically driven by candidates looking for new opportunities. Companies are always keen to hear about good calibre, progressive individuals and take more of a proactive approach to PQ recruitment than they have in the past. What one thing could PQs do to improve their chances of getting their dream job? Be contactable! It is also vitally important to ensure that their CV reflects the roles they have carried out. The CV should have a direct correlation to the jobs you have had, but also how you come across in person. It is vital that you detail where you are in your accountancy studies and any exams booked. It is also important that you network – opportunities are generated from people you know, too. What is the funniest thing a candidate has ever done? On arrival for interview, a candidate somehow managed to lock themselves in an underground carpark (where she didn’t have any phone signal). After the client had called us to find out the whereabouts of said candidate, who was now 40 minutes late, she was finally found by another employee and rescued – sadly she didn’t get the job! How do PQs get the most out of their recruitment consultant? Ensure that you make the time to meet the recruitment consultant face-to-face, as building a relationship is pivotal to the success of finding that dream job. This will allow the consultant to understand culturally what type of opportunity and business environment you will be most suited to. If you don’t arm your consultant
PQ Magazine April 2017
with the knowledge they need to represent you then you can’t expect the best representation! How easy is it for PQs to switch career paths – say from practice to industry? Very easy. Companies value the experience of working within a practice environment and quite often those in the FD community will have qualified through the very same career path. Lots of current research says employers are looking for accountants with softer skills. Is that true? The stereotype of an accountant is being dissolved within the accountancy and finance industry. It is assumed that accountants have the technical knowledge, but companies will also want assurance that someone is commercially astute and able to work with non-finance professionals. What advice do you have about using
Know your role: it’s important that you do the simple things well – ask the PwC Oscar accountants!
the web and social media? It’s really important that your posts on LinkedIn are business relevant – it is a professional networking site. Ensure that when looking for a job you are mindful of what you are posting on social media sites. Some clients that we have worked with will Google the candidate to find out more about them. Follow organisations that are of interest to you. And don’t just send the standard invites or introductions – make an impact and make sure what you do is relevant. PQ
PROFLE: CHERYL RAMSDEN JOB TITLE: Senior Consultant FIRST JOB: Shampooist in a salon (paid for my dance classes as a kid) BEST DECISION: To take time out to travel BIGGEST MISTAKE: Not buying a house in the recession BEST THING ABOUT BEING A RECRUITMENT CONSULTANT: The excitement of finding someone their dream job CLAIM TO FAME: My brother played at Wembley
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PQ careers
social media ROUND-UP We just want to point out it isn’t us who said ‘audit isn’t sexy enough anymore’ on last month’s front page. That honour goes to the FRC and ICAS. Thanks to LCAN for the tweet, which made us smile: “Obviously @pqmagazine haven’t met the @LpoolICAN committee!” No we haven’t and are sure they are a sexy bunch. We also got told off for using the words ‘sexy’ and ‘audit’ in the same sentence! Apparently that should never happen. You may have noticed the PQ Awards took place recently. We were all over Facebook, Twitter and LinkedIn (just like PwC after the Oscars debacle). We loved Derby University’s Nagin Lad’s pre-awards tweet: “Finally after 21 years of teaching my students have nominated me for an award and I have been shortlisted by #PQAwards for Lecturer of the Year. I can retire happy regardless of whether I win or not!” Well, he won folks! And he is loving his shiny new award, which Shaundeep Singh Meht thought: “looks like a GQ-style award.” We think that’s a good thing. We had guests from all over the UK decending on London’s Café de Paris in the hope of winning a coveted ‘PQ’. Rachael Johnstone travelled up to represent South Devon College. Michael F Scott (pictured) came from Scotland – he was on the PQ of the Year shortlist. He didn’t win, unfortunately but “was still proud to be nominated”, he said on LinkedIn. Everyone tweeted about what a great night they had. As blue feet AATQB said: “Another amazing #PQAwards commentary night on twitter that makes us feel we were there with you. Congratulations to all nominees.” Back in the accountancy world we loved a recent post from First Intuition’s Gareth John. It is another picture that brings a smile. As he said: “The company that owns this van clearly like to use helpful reminders of how to classify everything that features in their financial statements.”
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Life at Butlin’s Justina Pavlevchev, 34, is a finance business partner based in Bognor Regis. She has a degree in maths (Vytautas Magnus University, Lithuania) and an AAT Diploma. Currently studying CIMA, she is a member of PQ’s Accountancy Team of the Year 2017 What time does your alarm go off on a working day? 7am What’s the first thing you do when you get to your desk? Sit down and start working – that is what my people around me say. What’s on your desk? All sorts of things –normally sweets! What’s the best thing about where you work? People and the company’s culture towards guests and team. Where’s your favourite place to go for lunch? Papa John’s – I like my variety combo. What can you see when you sit at your desk? A funfair and people having a great time. Which websites are your favourites and why? Facebook – good to know what my friends are up to. And Google for information or just to double
check if I am not sure about something. Which websites do you use for work? Google, CIMA. How many hours a week do you spend in meetings? It varies week to week – minimum four hours, max up to 20 hours. What time do you leave the office? About 5.30 – 6pm (if it is budgets/projections time it could be much much later). How do you relax? Good food, drinks and good company. I like a good movie, too. What’s your favourite tipple? Prosecco! Prosecco! Prosecco! How often do you take work home with you? Very rarely – if I
need to I stay later in the office. What is your favourite TV show? I like reality shows – particularly I’m a Celebrity… Summer or winter? Summer. Pub or club? Club – I love dancing! Who is your hero? I don’t idealize other people – maybe Ellen Degeneres! I like to see kind actions from ordinary people. If you had a time machine, where would you go? I would like to see myself in the future, and what will be happening with my life in 20–30 years’ time. If you hadn’t chosen accountancy, where might you be right now? Travelling around the world, maybe reviewing luxury hotels.
Support was strongest for a 20:1 pay ratio, as previously proposed by both David Cameron (in 2010) and Jeremy Corbyn (2017). There was also support for a 40:1 ratio (22%), the figure suggested by the High Pay Centre. John Lewis’s 75:1 ratio was the favourite option for 10% of AAT respondents. No members backed a pay
ratio of 150:1, the current average for FTSE 100 companies. The AAT’s Adam Harper (pictured) said: “At a time of increasing wage inequity and growing distrust in corporate Britain, businesses and policy makers need to show that they are serious about reform.” Harper felt that given the apparent failure of previous approaches the time for a compulsory pay ratio appears to be moving ever closer.
In brief Pay ratios needed More than 90% of AAT members believe executive pay would be better controlled by the introduction of pay ratios, according to the AAT Corporate Governance Survey 2017. However, the survey revealed that just one in five (21%) of AATs believe government plans to introduce a legal requirement to publish pay ratios will have any impact. Instead of the simple publication of information, most AATs would like to see a legally binding pay ratio requirement.
The PQ Book Club: books you should read Willpower: Discover It, Use It And Get What You Want by Ros Taylor (Capstone, £10.99) There’s a sentence in this selfimprovement tome that sums it up perfectly: “This book is selfhelp for self-control.” We all know what willpower is but few understand how powerful it really is. As the author Ros Taylor says, “strong willpower is a better predictor of success than a high IQ”. And, crucially, it is something that can be developed, she says – it can be developed like any other skill. To this end, Taylor offers a step-by-step guide on how to improve your willpower. It helps you identify your particular
weaknesses and recommends strategies to help you overcome them and thus achieve your goals. And not just in professional life – improving your willpower will help you achieve personal aims, for example losing weight or changing your drinking habits. We are creatures of habit, the author says, with many of them not good ones! In fact, a survey by MIT cited here shows up to 50% of what we do is habitual. In Willpower, Taylor underlines the importance of changing these habits. Repetition is important here, as new habits have to be developed and then practised, a process of repeating the new behaviour until that too
becomes a habit. Interestingly, Taylor includes a number of case studies here, to emphasise the importance of willpower. They range from profiles of elite athletes, including Olympic champions, to leading figures in business and even those with alcohol addiction. In each case, willpower played a vital part in helping them to achieve their goals. PQ rating 4/5 A little too technical in parts, this book can help you get to where you want to be – at work and at home. PQ Magazine April 2017
www.howett-thorpe.co.uk
Aetna is committed to providing individuals, employers, health care professionals, producers and others with innovative benefits, products and services. This international organisation is one of the industry’s largest and most prominent names. It is able to offer and encourages progression and success recognition to its employees across all disciplines. Whilst operating worldwide, the business provides a wealth of corporate and industry exposure. With state of the art offices, study support and an excellent benefits package, this organisation can provide a great working environment as well as personal development.
FINANCIAL ANALYST, FP&A
PART-QUALIFIED FINANCIAL ASSOCIATE,
£35,000 - £45,000
£27,000 - £35,000
In this newly created role you will join a sizeable finance team in order to provide the business with high quality analysis and management information. You will also develop new analysis and business reporting to add further value.
Reporting to the Central Finance Manager, the position will maintain the reporting and controls obligations across various international entities. As such you will be required to communicate across various departments and countries including external contacts.
Responsibilities include: Support the quarterly forecasting and annual planning process Proactively enhancing and developing analysis to ensure the regional FD’s and GM’s have the information that they require Streamline existing global analysis, review and understand the existing requirements whilst identifying areas for enhancements to the quality of the information provided and/or the efficiency in the process Develop global sales and operational performance analysis that can be issued to the business on a regular basis Produce trends analysis, support forecast/plans, identify areas of opportunity/concern, support capacity planning and business proposals Be a key business point of contact in the development of the international data strategy
Responsibilities include: Working on a number of the business subsidiaries in ensuring Financial Controls Maintain and reconcile bank accounts, general ledger accounts and financial reporting systems Prepare and record journal entries Provide the business with financial analysis to enhance the management & monitoring of financial planning & controls Responsible for the monthly close process including balance sheet reconciliation and preparation of financial statements for local and IFRS compliance Work with other business units in cash flow reporting Provide the business with statutory financial information and adjustments for US GAAP Support the businesses Audit compliance & processes
For further information on either of these roles or for confidential career advice, please contact Cheryl Ramsden on 01252 718777 or email cheryl.ramsden@howett-thorpe.co.uk
FARNHAM
WEYBRIDGE
SLOUGH
REIGATE
01252 718777
01932 901900
01753 313033
01737 304050
farnham@howett-thorpe.co.uk
weybridge@howett-thorpe.co.uk
slough@howett-thorpe.co.uk
reigate@howett-thorpe.co.uk
PQ got a story, funny or serious, you want to share? Email graham@pqaccountant.com seconds to spare. They didn’t arrive back in Devon until 1.45am but were up bright and breezy at 8am for a client event!
TROPHY ON TOUR
Butlin’s were the winners of the Accountancy Team of the Year at this year’s PQ awards. The team are so proud they are taking their ‘PQ’ on a tour of Butlin’s camps. They had visited Minehead and Bognor already when we spoke to them. Skegness was next up! So former winners – can you beat Butlin’s? Send us your pictures with your PQ (clothes on please!).
ACCESS ALL AREAS TIME TRAVELLERS
A big well done has to go to the Accountancy Learning team of Simon and Prue, who travelled up from Exeter on the day of the awards. They then travelled straight home after the awards, catching their train with
JUST TAX THE ROBOTS
Microsoft founder Bill Gates has said that companies should pay tax on robots that replace workers. He suggested that machines that take human jobs should not escape the taxman. He said: “Right now, the human worker who does, say, $50,000worth of work in a factory that income is taxed and you get income tax, social security tax, all those things. If a robot comes in to do the same thing, you’d think that we’d tax the robot at a similar level.” Meanwhile, consultancy McKinsey has said 49% of workers’ time could be handled by “currently demonstrated technology”.
LONELINESS COSTS BUSINESSES An epidemic of loneliness could be costing UK employers nigh on £2bn, says a new study by the Co-op. The research showed that people who were lonely were more likely to leave their job within a year. It was worked out that employee turnover caused by loneliness was costing £1.62bn a year and cutting productivity by a further £665m.
’ WEV E
WHERE’S HE GONE?
PQ magazine’s Graham Hambly started the awards by eating a meat pie! The news had just broken that the Sutton United goalkeeper Wayne Shaw had been sacked for doing just that and he decided some solidarity was needed for pie lovers everywhere! But Paul Kirkwood (a winner of a PQ on the night) wanted to know how, despite all those pies the editor could just go missing half way through the awards! He has a picture to prove it…
TAKING WORK HOME IS DEADLY
Stop worrying about your bad eating – and drinking – habits, taking work home can do you more harm! In a first, a new scientific study has linked the habit of the ‘always-on’ culture with cardiovascular disease. It appears more than half of city workers are more stressed at home than they are at work, as they experience a split personality from trying to act as if they were off-duty while thinking about the office at the same time.
CREATING SPOILT BRATS
The ‘Alexa generation’ of kids, who are raised barking orders at voice-activated machines, could grow up being rude and entitled, say psychologists. Parents are reporting that their children’s manners are being affected by their interaction with these gadgets, because as long as they annunciate clearly they can do away with the niceties. Former Google executive Hunter Walk recently blogged that Alexa was turning his four-year-old daughter into a “ragging asshole”.
LAP IT UP
The courts have ruled that there is no such thing as ‘alternative money’, not even when it comes to lap dancing clubs. Wiltonpark, owner of five London ‘gentlemen’s clubs’ (Secrets), recently lost a £500,000 tax case to HMRC. Wiltonpark had issued vouchers to its customers to pay the dancers and the club then charged the self-employed dancers a 20% fee to cash in the branded money. The club argued that the fee charged didn’t attract VAT as they were simply holding the money safely on the dancers’ behalf. HMRC disagreed and won its case.
GOT THE L OT
Develop your willpower Powerport heaven It has been proven that strong willpower is a better predictor of success than a high IQ. Having firm, unshakable self-control is the secret to bashing through barriers and hitting your life goals. We have three copies of Ros Taylor’s Willpower, published by Capstone, to give away this month. See our review on page 32. To be in with a chance of winning one of the three copies we have up for grabs simply email graham@pqaccountant.com with your name and address, and we will do the rest. Use ‘Willpower’ in your email heading.
We have got five ICAEW powerports to give away. These units are designed to recharge energy-hungry mobile devices on the go, and are compatible with all mobile devices. To enter this great giveaway draw just send your name and address to graham@pqaccountant.com. Head up your email ‘Powerport’
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 14 April. The main draw will take place on Monday 17 April 2017.
TO ENTER THESE GIVEAWAYS EMAIL GRAHAM@PQACCOUNTANT.COM 34
PQ Magazine April 2017
MAKING LIFE SIMPLE Sorted, thanks to pqjobs.co.uk
CREATING THE RIGHT ENVIRONMENT FOR YOU
A jobs board just for you! We know how busy your lives are and want to give you easy access to the jobs market. With pqjobs.co.uk you will be able to match your CV with the job of your dreams. Isn’t it time to advance your career? Then pqjobs.co.uk will help you plan your next career move. Our site offers real jobs ‘right here, right now’, taking the stress out of finding your ideal position
YOUR JOBS BOARD
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TAKE YOUR ACCA EXAMS WITH CONFIDENCE
FREE REVISION FOR FOUNDATION LEVEL STUDENTS How you will study
All foundation level students (papers F1-F4) can claim a free revision session with LSBF, regardless of their education provider. Our revision sessions are led by awardwinning tutors, who will recap all key areas and answer any questions you may have. They will also use past papers to refine your technique in order to maximise your score on exam day.
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Available for F4 paper. Classes start 9 April 2017
Available for F2 and F3 papers. Classes start 26 April 2017
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