PQ magazine, October 2024

IT’S ALL ABOUT IMAGE

The profession has an image problem, and almost one in every two (45%) accountants and bookkeepers believe that if we don’t tackle this issue head on then the challenges to find talent are only going to get worse.

New research by Xero in Australia and New Zealand also found nearly half (41%) of those studying accountancy at university agree that the industry has a clear image problem.

When asked why they believe this problem exists, 81% of accountants and bookkeepers surveyed said that people generally think their professions are boring. Those surveyed also blamed themselves, with 63% saying as an industry they were not good at promoting themselves or conveying the full scope of what they do.

The worry is nearly half of those taking part in the research (45%) felt tertiary-level accounting and finance students and junior talent now believe there are more opportunities outside the industry.

Some 63% of accountancy students agreed there is still a lack of awareness about the full scope of what accountants do, and 45% said ‘there are more exciting opportunities outside of accountancy’. These students felt current salaries were not good enough (42%) and they could not see long-term career progression within the industry (41%). Many (42%) were also worried about challenging work/life balance and the risk of burnout that still seem evident in the profession.

With fewer people choosing to study accountancy, and almost two-thirds of practices (65%) experiencing challenges to find and keep the right staff, there is a growing need to communicate the great opportunities and real satisfaction that comes with a career in accountancy, the study said. Despite this perceived image problem, Xero found one in two accountants (50%) and bookkeepers (49%) would recommend accountancy to a

family member, friend or the next generation. When asked why, ‘the opportunity to do purposeful work that makes a genuine difference’ was one of the top responses (69% of accountants and 64% of bookkeepers). This was the top This

was the top answer among under graduates too (52%), along with creating a culture that promotes inclusiveness and wellbeing (45%).

Dr Paul Wells, of Auckland University of Technology, said students, universities and accounting practitioners need to have a shared sense of why accounting is important. He stressed that the absence of any consensually shared understanding has allowed misinformation to circulate. The focus is on accounting as a process, and that this process is highly repetitive leads to the idea that accounting is boring, suggests Wells. He added: “Despite the implementation of technology to automate processes, many education programmes retain an unhealthy focus on data entry. It is therefore important that the focus shifts to the interpretation of the process outputs and their application to real life which, in turn, demonstrates why accounting is so important.”

THE YOUNG LEADERS COLLECTIVE

The International Federation of Accountants (IFAC) has created a Young Leaders Collective in the hope that the profession can learn from the perspective of newly qualified and part qualified accountants.

IFAC says it wants to use the insights of Collective members on some of the biggest challenges and opportunities facing the profession. It will also ask them about some of IFAC’s most

important initiatives, including sustainability, fighting corruption, artificial intelligence and attracting

and retaining talent.

Members are appointed for one year, with the possibility of renewal.

The 28 members of this new Collective come from Australia, Bangladesh, Botswana, Brazil, Cyprus, The Gambia, Germany, Hong Kong, India, Ireland, Korea, Maldives, Malaysia, Nepal, Pakistan, Poland, Portugal, Romania, South Africa, Saudi Arabia, the UK, and Zimbabwe.

And quite a few of the founding members of the Collective are PQs. Nyashadzaishe Samukamg is aspiring to become a CA in Zimbabwe; Husna Waheed is studying ACCA in Pakistan; and Mariyam Azka Ismail is studying ACCA in the Maldives. One of the UK representatives (there are two) is KPMG ICAEW trainee Tahiya Gupta (pictured), and Germany’s Josha Oestringer is also studying for his exams.

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IN THIS ISSUE

A note from the Editor

We have another jammed-packed issue for you this month! There’s always lots going on, and we lead with the profession’s image problem. I have to agree with Dr Paul Wells here, that too much time is spent on highlighting the old repetitive processes and not enough on the true value of accountants can give. We also have feedback from the September ACCA exams, and a leading tutor is asking if it’s time we all saw the exam papers again (we used to see them). In turn, we are asking you if you think this is something the bodies should be doing?

We have had lots of discussions recently about how ‘green’ the accountancy body syllabuses really are. Some cynics out there believe it’s all a bit superficial, and that the bodies aren’t future-proofing PQs for what lies ahead. Together with Rogo, we are planning to run an online roundtable to help us get a definitive answer, and perhaps discover who is the greenest of them all! Check out page 11 for more on that.

Finally, don’t forget to go online and check out our Course Finder at www.pqmagazine.com if you are studying AAT, ACCA or CIMA. You will find it on the home page, and we have done the hard work for you and listed who we think can get you from PQ to NQ.

Graham Hambly, Editor and Publisher, PQ magazine

News

4 ACCA exam woes

Software glitches make exams even harder for some sitters

5 AI adoption

New ACCA report highlights importance of predictive analysis

6 AAT governance

Association announces radical changes to its governance structure

8 ICAEW exam results

Advanced level results are a mixed bag – and there are big regional disparities

9 Exam transparency

Top tutor calls for bodies to publish their exam papers

10 Local authority audits

FRC welcomes government moves to address audit delays

12 Tech news

Many accountants still wary of Gen AI, Deloitte survey finds Features, etc 14 Have your say

Staff shortages mean my firm must use AI; and why are ACCA pass rates so low? Plus our social media round-up

17 ACCA exam feedback

What sitters of the September exams thought of the papers they sat

18 AAT Level 2

How to pass the Business Environment Synoptic

20 CIPFA spotlight Where next for adult social care?

22 A question for Tom Top tutor Tom Clendon explains the best way to tackle questions on credits and debits

23 ACCA SBL exam

In part 4 of his series, Chris Cain delves into integrated reporting

25 Apprenticeships

Why apprenticeships have much to offer those looking for a career in accountancy

27 CIMA spotlight

How goal-setting can set you on the path to exam – and life –success

28 ACCA ATX paper

How to pass the ATX paper with 87% – from someone who’s actually done it

30 Computer-based exams

Our guide on how to ace that digital test

33 AAT spotlight

Shiver me timbers! Nick Craggs explains the intricacies of the super-tough DAIF exam

34 Business skills

We outline the various techniques you can employ for successful project management

35 Careers

Why organisations need to invest in their own Gen AI tools; our Agony Aunt’s advice on being a better team player; and our Book Club review

36 Fun

The lighter side of life – and accountancy

The columnists

Lisa Nelson Strategies for successful studying 4

Robert Bruce Why is there such a big fuss about inflation? 6

Prem Sikka UK is heading for another financial meltdown 8

Anna Kate Phelan The AI juggernaut keeps rolling on… 10

Eddie Herbert You could become a Climate Champion 12

LISA NELSON

Strategies for study success

As the summer comes to a close (yes, that was summer!) and we go back to our routines it’s common to feel a mix of excitement and apprehension about resuming your studies. Whether you’ve enjoyed a well-deserved holiday or simply taken a break, September marks a fresh start. This time of year is also significant for many of you beginning your professional accountancy journey. Embarking on both work and study can be daunting, but with the right approach you can stay motivated and succeed.

A common feeling is the struggle to regain focus. It’s important to acknowledge this and not be too hard on yourself. Set clear, achievable goals. Break your study material into manageable chunks and set daily or weekly targets.

To balance work and study time management is crucial. Create a study schedule that fits around your work commitments and stick to it. Use tools like planners or digital calendars to allocate specific times for study, work and leisure. This way, you can maintain a healthy balance and avoid burnout.

Lastly, don't underestimate the power of a support network. Sharing experiences and challenges provides encouragement and keeps you on track.

Remember, the journey to achieving your professional qualification is a marathon, not a sprint. With a positive, growth mindset and these strategies, you can smoothly transition back into your studies and achieve your goals.

Lisa Nelson is Director of Learning at Kaplan

Public sector future leader

The shortlists for the Public Finance Awards 2024 are out. There are four candidates in the Future Leader of the Year category:

• Olivia Beasley. Transport for London.

• Dan Guest, DE&S.

• Lin Liu, Bedford Borough Council

• Jenny Wong, City of London Corporation.

They will all have to wait until 26 November to discover who has won.

ACCA exam sitters screen crash worries

There seems to be a rise in software glitches for ACCA exam sitters this September, and students seem to be increasingly worried about their screen crashing during exams.

There were problems in Manchester (the Eccles centre) this time around. A sitter explained their computer crashed at 2.30pm and they were moved around the centre before leaving at 8pm.

Another student said: “My exam crashed and computer wiped. Then ACCA relaunched a new exam at 5 and my computer crashed 6-7 times again.”

“This is where it happened to me too. I will not be sitting an exam there again,” was one

response online.

Some ACCA PQs have even admitted they aren’t going to the toilet, as they think their screen will

Time to volunteer?

It is estimated that just 10% of UK finance professionals currently volunteer their skills to non-profits each year.

This, says Charterpath, is “a significant missed opportunity”. However, research has shown that time constraints and a lack of awareness are seen as the primary barriers for volunteering. In fact, 32% of finance

professionals revealed they did not volunteer last year because it had never occurred to them.

Charterpath aims to change all this and inspire more accountants to volunteer their time and skills, helping them connect with non-profit organisations. Its goal is to see 50% of accountants giving two days a year to skills-based

lock or crash while they are away.

The problems were not confined to Manchester, either: “I took TX today and saw someone’s screen crash in the same room. The invigilators moved them to another computer. Not sure what happens with the work already done as we were quite far into the exam.”

Another sitter said, after sitting mid-week: “My computer froze and I was moved to another desk but my typing was lagging. It was at the beginning of the exam and stressed me out as my timings were off. I really feel let down and disheartened.”

• Check out page 17 for all the paper-by-paper feedback

volunteering.

Currently some 656 accountants have signed the Charterpath volunteer pledge, providing over 18,000 hours of financial skills commitment.

Charterpath has estimated that the value of the time volunteered and recruitment fees saved by non-profits adds up to £600,000.

To find out more about this great charity go to www.charterpath.org.uk

ACCA drops approved status

As of 1 September 2024, ACCA‘s Approved Content Provider programme became the ACCA Content Partner programme.

The two publishers that were approved providers are still currently the only two on the list of

This year’s award ceremony takes place at JW Marriott Grosvenor House, London.

The Public Finance Awards are now in their eighth year, reflecting the people, products and services that demonstrate excellence and originality within public finance.

AAT wellbeing resources

Don’t forget that AAT has a great wellbeing resources area on its website. Check it out at https://tinyurl.com/mucbewuh

content partners – BPP Learning Media and Kaplan Publishing. However, the change to the content partner programme means their learning material will no longer be reviewed by ACCA’s examining team.

As content partners they will,

You might want to read the article ‘How I overcame anxiety whilst studying AAT’ by Andy Murray. Included are some great videos too, with one on present moment thinking, and another on chair yoga.

As a current AAT student, member or tutor you can access additional well-being resources as part of your AAT Rewards benefits.

That includes nationwide gym discounts, access to a well-being app and a free 24/7, 365 confidential helpline that puts you in touch with qualified counsellors and advisors.

however, still have the right to re-use the latest questions and answers, and have ‘access’ to ACCA examining teams.

Howerver, the option to be a recognised content provider is being offered for ACCA variant exams and qualifications, other than the main ACCA, Foundation and DipIFR qualifications. These materials, ACCA said, “will be assessed by ACCA’s examining team to ensure they are of the very highest quality”.

Watchdog amends FRS 101

The Financial Reporting Council (FRC) has issued minor Amendments to FRS 101 Reduced Disclosure Framework following the 2023/24 annual review cycle. Changes include a disclosure exemption from presenting certain comparative information, and a conditional exemption for qualifying entities in respect of certain disclosures about supplier finance arrangements required by IAS 7 Statement of Cash Flows.

Skillsets for accountants changing

There has been a shift in demand for accountants with forward-looking predictive analytics skills, and away from a knowledge base of backward-looking dashboards, says new research from ACCA.

The ACCA’s ‘AI Monitor: Skills to drive responsible AI adoption’ report says this change in skills requires a change of tools and mindset.

understand a wider variety of data types.

Predictive analytics is seen as a route to tackling important areas including ESG and sustainability, and even elements of risk management. So accounting professionals are now expected to

Senor finance professionals believe almost half of finance function roles moving forward will be more data-centric – data science or engineering type roles.

Alistair Brisbourne, Head of Technology Research at ACCA,

Private equity is coming

Private equity firm CVC Capital Partners is reportedly looking at buying a controlling stake in Grant Thornton UK, according to Sky News. Negotiations are at a very early stage, with the accountancy firm being valued at between £1bn and £2bn.

Sky News said that CVC Capital Partners is one of several buyout firms preparing to table a bid. Any deal would have to approved by Grant Thornton’s 200 partners. In the US the firm has sold a majority stake to New Mountain Capital.

said: “Data skills are always evolving and so it’s no surprise to see that there is emerging demand for data science and engineering skills as well as data management skills by employers.

“That reflects the importance of data-driven decision making within organisations. But it also reflects a profession that is looking to become more preemptive in how we use data to solve challenges.”

You can read the report at AI Monitor: Skills to drive responsible AI adoption

In last month’s PQ magazine columnist Robert Bruce wrote about private equities interest in accountancy firms. He said: “Beware accountants when they get a whiff of money.” He also ventured such moves will worry regulators, and reputational risk multiplies. Check out Bruce’s column every month on page 6 of PQ magazine.

AAT scholarships for you!

Every month we have an AAT scholarship up for grabs for an AAT student who might be struggling to fund the next step of their studies.

Together with e-Careers, we want to help an AAT student ‘get qualified’. All you have to do is tell us your story, and why you need that scholarship. Send your entry to scholarshop@ecareers.com along with your name and the level you want to study, and it could be you studying your next level for free. PQ magazine editor Graham Hambly is on the judging panel to help award the scholarships and the winner will be announced in the magazine next month. The winner of the August scholarship was Lois Gibbs.

Once entered you will be put forward for the scholarship each month. So if you don’t win it the first time there still other chances to win.

ROBERT BRUCE

Inflation? What’s the fuss?

The accountancy profession can be wonderfully slow. An issue is identified. Something must be done. The opposing chunks of evidence are gathered. Then committees are set up. A report is produced. Arcane arguments break out. And before you know where you are an impasse is reached. Principles that must never be compromised are erected to a great height. No one shall pass. And then, imperceptibly, the problem that everyone was worried about actually does pass. The urgency has evaporated. The world moves on.

And so it was for the accounting theorists attempting to deal with the effects of inflation. When inflation is at its highest the arguments start. By the time they are approaching resolution the rate of inflation has sunk back so that people have stopped worrying about it. It is, at its height, an important issue. Value is being destroyed. How should this be accounted for? But it is an issue that remains out of sync with the accounting profession.

The great debates came long after inflation had reached its heights, in the post-war years, in the mid-1970s, and in the last decade. The clearest sign that inflation is no longer a problem that people should worry about is when accountants start to say something must be done. Letters will start to appear in the Financial Times. At that point you know we are in the clear.

Robert Bruce is an award-winning writer on accountancy for The Times

Staying

positive

CIMA PQs looking for inspirational tips and tricks to support their well-being during revision should head for the CGMA positivity pack. Interestingly, on top of stressbusting, study, and relaxation and sleep strategies, there is a section on entertainment. Everyone needs to find ways to relax and enjoy themselves, and the pack includes some of CIMA’s colleagues’ favourite music, books and films, and

AAT unveils radical governance changes

AAT’s Council has unveiled radical changes to AAT’s governance structure. It wants to create a new, streamlined AAT Board to work alongside a reconfigured AAT Members’ Council.

Working on guidance from the Charity Governance Code, instead of 20 decision-makers, the new board would have “at least five but no more than 12 trustees”. And it will be this board that ultimately oversees AAT’s £30m annual turnover, scrutinising operational performance.

President Kevin Bragg (pictured)

said the changes are needed to “improve decision-making into the future”. He also feels the new proposed structure will protect the

From trainee to partner

Peter Sym (pictured, centre), who joined chartered accountancy firm UNW in 2014 on the firm’s awardwinning graduate programme, has

become a partner.

He is the first person in the firm’s history to progress from trainee all the way through to a partner in its

members’ voice. To this end the AAT Council will become the AAT Members’ Council.

It is being proposed that the role of President and Vice President would be continued.

However, as part of the changeover Council has said elections for the next Council (for the period of 12 months from October 2024) will have to be suspended, and it is expected the next elections will now take place before the 2025 AGM.

Bragg stressed that there is nothing sinister in the suspension. He explained: “Plainly, it is because the members deserve to have a say on this at our highest decisionmaking forum, our AGM.”

That AGM takes place on Friday 25 October 2024.

audit and assurance team.

UNW, which employs more than 180 people in its Newcastle city centre offices, last month saw 12 members of the team promoted, eight of whom began their careers at the firm at either apprentice or graduate level.

Sym said: “I’m delighted to have accepted an offer of partnership at UNW. When I joined the audit department a decade ago there were 20 people in the team. Now we’re 80-strong and that growth, mirrored across the firm, has created massive opportunities for progression.”

BPP wins Civil Service apprenticeship tender

BPP education group has been awarded the contract to deliver the accountancy apprenticeship programme for the whole of the UK Civil Service. It means BPP will be supporting some 650 trainees across 100 departments, as PQs study towards their AAT, ACCA, CIMA or ICAEW qualifications. Individuals will undertake the Level 3 Assistant Accountant, Level

why they find them therapeutic. So, we discover Mark Foley’s favourite film is The Dead Zone, and for Leyton Ranskill it’s The Shawshank Redemption. Nice choices!

Check out the pack at https://tinyurl.com/5drrtb44

Standard changes at ACCA

The standard exam entry deadline for December 2024 has been extended by a week to 4 November. As a result there will

4 Professional Accountant/Taxation Technician, and the Level 7 Accountancy/Taxation Professional accountancy apprenticeships.

be no late entry period for this session, says ACCA.

That means the standard deadline, which was 28 October, is now 4 November. The normal standard entry rules will apply for the full duration of the entry period. Therefore, entered students will be able to make arrangements for their exam entry right up until 4 November.

The results for the December exams will also be released slightly later – on 17 January 2025. That’s a Friday.

Adam Temple, MD of BPP’s Accountancy School, said: “Collaborating with the Cabinet Office to develop finance expertise across the Civil Service is a great honour for BPP – upskilling finance teams through our apprenticeships will help finance to be at the heart of decision-making to deliver better value for money.”

Work from the office

PwC UK has reportedly told staff that they need to be at the office more and meet clients in person.

The Big 4 firm has told staff that, from January, they need to spend three days a week either in the office or with clients.

PwC’s Laura Hinton,said: “Face-to-face working is hugely important to a people business like ours, and the new policy tips the balance of our working week into being located alongside clients and colleagues.”

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PREM SIKKA

UK heading for another financial crash

The deregulatory fervour is hurtling the UK towards the next financial crash. The cap on bankers’ bonuses, introduced after the 2007-08 crash, has been lifted. The Financial Services and Markets Act 2023 has reintroduced the secondary regulatory objective to promote the growth and international competitiveness of the finance industry. It dilutes the regulator’s remit to protect customers. Further deregulation is on the way to reduce capital adequacy requirements for banks and insurance companies, with the claim that this will free funds for investment. Err… they are already invested. Little attention is paid to financial resilience of affected organisations.

The Bank Resolution (Recapitalisation) Bill going through parliament adds another string for bailing our smaller banks. It enables the Bank of England to raid the Financial Services Compensation Scheme (FSCS) to rescue failed banks. The FSCS can then replenish its reserves by making levies on banks still standing. Of course, the banks will pass on such costs to customers.

The moral hazard issue is that the guaranteed bailouts, recapitalisations and bonuses will dissuade directors from being prudent or risk-averse. They have incentives to be reckless and collect big pay cheques. I urged the government to consider clawback of executive pay so that directors would bear personal cost of their recklessness, but it fell on deaf ears as the government is keen to appease the City. How long to the next crash?

Prem

Sikka is

Emeritus Professor of Accounting at the University of Essex

Tax briefs

SMEs are big tax evaders

The UK is losing billions of pounds a year in revenue due to tax evasion among small businesses, which can easily exploit weaknesses in government systems, according to a new National Audit Office (NAO) report on tax evasion in retail.

The NAO explained that by HMRC’s own estimations some £5.5 billion was lost due to tax evasion in 2022-23, with 81% of this from small businesses.

ACA Advanced level results

The ICAEW Advanced Level July exam results are in. Just over 6,000 students took 9,578 papers, and the overall pass rates were:

• Case Study 87.5%.

• Corporate Reporting 84.7%.

• Strategic Business Management 82.6%.

However, these pass rates don’t show the whole picture. In all, just over 700 ACA students failed all the papers they sat. And the pass rate for those sitting just the Strategic Businesses Management paper was 57.4%, and for those attempting Corporate Reporting on its own it was 66.5%. This compares with a 72.6% success rate for the 709 students who sat three papers and passed them all.

The ICAEW has also split the

results into Europe and the Rest of the World, and there is a worryingly big gap in pass rates. While it is only 12% for the Case Study exam, it rises to 37% for Corporate Reporting. The gap between the Europe and Rest of the World

Put your phone away!

Having a phone at your exam desk is a big ‘no-no’. However, many students still don’t seem to be getting the message.

In a recent disciplinary case CIMA student Yaso Senthilmohan was found guilty of “the use of unfair methods while sitting a CIMA examination”. Namely, she was handed her mobile phone twice by her child while sitting a BA4 exam.

Senthilmohan explained that she had left the phone outside the exam room, but it was switched on because of a family medical issue,

and although she looked at it when handed to her she did not use it to cheat.

The committee agreed the phone had not been used to help with her exam, but she had clearly broken CIMA rules, to which she pleaded guilty. Senthilmohan received a severe reprimand, and her exam result was voided. However, the committee did not impose any barrier for her to sit the exam again (it can make students wait up to a year). Costs of £250 were also issued against her.

The head of the NAO, Gareth Davies, said: “Although tax evasion has been growing among small businesses, HMRC has so far lacked an effective strategic response. Its assessment of risks has given too little emphasis to widely used methods of evasion such as sales suppression and phoenixism.”

Tax track podcast

The Tax Track podcast series from ICAEW’s Tax Faculty has a new episode. Topics covered so far

include VAT rates on food products, the pros and cons of payrolling benefits and HMRC service levels.

Regular panellists from ICAEW Tax Faculty include Caroline Miskin, Senior Technical Manager, Digital Taxation; Lindsey Wicks, Senior Technical Manager, Tax Policy; and Stephen Relf, Technical Manager, Tax.

In the latest episode, leading tax expert Rebecca Benneyworth discusses preparing a practice and clients for Making Tax Digital.

pass rate for Strategic Business Management is a whopping 43.5%.

The order of merit prizes went to Faye Bottomley of KPMG, Eleanor Greenwood of Dixon Wilson, Ryan Betts of RSM, and Joseph Gabbot from Forvis Mazars.

Next stop AAT! When she was sitting her AAT exams, Grace Hardy never thought she would actually meet anyone from AAT, never mind have her face on a bus stop! She said: “I am so grateful for this opportunity. So this is a big thank you to AAT who have believed and supported me in every step of my journey, from sponsoring my podcast to PR opportunities.”

Check it out at https://tinyurl.com/4kz8hv2w

ADIT exam successes

More than 500 international tax professionals have successfully passed exams for the Chartered Institute of Taxation’s ADIT (Advanced Diploma in International Taxation) qualification. Online exams took place in 63 different countries, with 509 students passing at least one exam.

Time to publish exam papers again?

The time has come for the accountancy bodies to be more accountable, and that means they must publish their exam papers after each sitting, says a leading tutor.

He told PQ magazine that it is just a matter of fairness and transparency. “At the moment the accountability all happens behind closed doors, and no-one can see how fair the sitting has been. Can that be right?”

He wondered how the bodies have been able to do this. “Is the FRC really ensuring the integrity of the examinations? If so, they

need to provide an annual report of the state of each body’s examination processes.”

He was particularly worried about students who seem to need

PKF Francis Clarke welcomes 63 new trainees

PKF Francis Clarke recently welcomed a new intake of 63 accounting and tax trainees. Those joining the firm include 57 apprentices, bringing the total to start apprenticeships with the firm this year to 73. In addition, six undergraduates are starting

a new 12-month industrial placement scheme,

The new recruits will be based in Bristol, Exeter, Plymouth, Poole, Salisbury, Taunton, Torquay and Truro.

Paul Crocker, CEO of PKF Francis Clark, said: “Welcoming

multiple attempts to get through, and where the pass rates are constantly 30%. “How are tutors able to show students where they are going wrong if even they don’t see the papers? Everyone is shooting in the dark.”

He pointed to the ACCA optional paper pass rates: “The APM pass rate is 30%. If ACCA wanted to improve them it needs to show what is being examined, or at least a synopsis of what is in every exam.”

• What do you think? Send your thought to the editor at: graham@ pqmagazine.com

our new trainees is always one of our highlights of the year. They join us at an exciting time for the accountancy profession and our firm, as we focus on developing advisors with the skills our clients will need to succeed in an era of rapid technological change.”

Applications for PKF Francis Clark’s 2025 graduate accounting trainee programmes opened in early September.

Awards on tour

Tim Mickleburgh is PQ magazine’s reigning Accountancy Graduate of the Year, and he recently took his trophy on a little journey. We’ll let him explain: “I finally brought my Accountancy Graduate of the Year award to The University of Manchester, the place where I spent so many days in Alliance Manchester Business School unaware that all the hard work would result in an achievement as big as this. Still very much on cloud nine about it.”

ANNA KATE PHELAN

The AI juggernaut rolls on

Backstop dates coming for local authorities

Artificial intelligence (AI) continues to dominate the business landscape, making significant strides both technologically and in terms of perception. A recent survey revealed that 65% of the UK’s business leaders would trust AI to handle the finance and accounting tasks within their organisations. Additionally, 44% of these leaders are actively looking to introduce AI into their departments.

Survey respondents believe that AI could reduce the burden of administration (42%), provide professionals with more time for strategic considerations (35%), and enable accountants and financial professionals to take on more clientfacing or advisory roles (35%). However, it’s important to note that when it comes to human interaction versus AI, human interaction still has the edge – although not by much! When discussing accounts, 25% of leaders preferred the human touch, while 16% favoured an automated solution.

Meanwhile, AI has made surprising inroads in the dental field. The AI firm Perceptive, backed by Mark Zuckerberg’s dentist father, Edward, uses a combination of AI and a robotic arm to perform dental work. They claim that in the future, you’ll be able to have your crown replaced in just 15 minutes.

I think we can all agree that less time in the dental chair and less time doing tedious accounting admin are welcome steps in making life just a little bit more pain free!

Kate

The Financial Reporting Council has welcomed the Government tabling legislation to address the significant delays in local authority audits.

The Statutory Instrument, laid alongside revised Code of Audit Practice from the National Audit Office, will introduce backstop dates for local bodies and their

auditors to publish audited accounts, starting the process of repairing the foundations of local audit. The first of these will be on 13 December 2024.

As system leader for local audit, the FRC is taking steps to support auditors in implementing these measures.

The NAO has developed

Local Audit Reset and Recovery Implementation Guidance (LARRIGs) in close collaboration with the FRC and audit firms. The LARRIGs, endorsed by the FRC, will be published shortly to help auditors meet the requirements of the revised Code of Audit Practice. The FRC and NAO will continue to work with audit firms throughout this process to rebuild assurance and recover the local audit system. Owen Mapley, CIPFA Chief Executive, said: “This will provide the framework for tackling the backlog of accounts and ending the unacceptable delay in reporting. It is now urgent that public sector CFOs and their audit partners work together to clear the backlog. Local authorities can start by ensuring that all available accounts are published as quickly as possible.”

Can accountants save the planet?

How green are the accountancy syllabuses? And who has the greenest qualification? Well, PQ magazine is joining forces with Rogo to find out the answers!

Join us on Tuesday 29 October at 4pm for our online roundtable discussion.

All the accountancy bodies have been asked to join us on the day, and PQ editor Graham Hambly will chair the discussion.

We will also be exploring where

the UN Sustainability Goals fit in, and if the content will help equip you for the future green job market.

Your virtual careers fair

The ACCA UK virtual careers fair is back and live on 26 September. We would encourage our ACCA readers to register for this awardwinning fair that connects you directly with global employers.

To find out more go to

https://accaukvcf2024.vfairs.com

Once signed up you can explore the latest job opportunities and interact with recruiters in realtime.

There also the chance to get real career advice and access

To find out more and sign up for free go to:

https://shorturl.at/SvxTM

valuable content.

Since their launch in 2020, ACCA has successfully supported 2,270 organisations across 44 fairs. Collectively, it has registered 177,000 delegates, and attracted nearly 50,000 unique job applications, all powered by ACCA Careers.

Crackdown on remote working Deloitte is monitoring the location of UK employees logging in from abroad amid a crackdown on staff flouting working from home rules, according to the Daily Telegraph’s Adam Mawardi.

He said the Big 4 consulting giant is accessing some workers’ internet activity data to check if they are working overseas without the permission of their managers.

The move comes, said the story, as businesses grapple with staff secretly logging in from more glamorous locations abroad without consent.

Deloitte declined the Daily Telegraph’s request for a comment.

FCA fines PwC £15 million

The UK’s Financial Conduct Authority (FCA) has fined PwC £15 million for failing to report to the regulator their belief that London Capital & Finance plc might be involved in fraudulent activity. This is the first time the FCA has fined an audit firm.

Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA, said: “Auditors have a central role to play in keeping our markets clean. They have privileged access to information and they are required by law to report suspicions of fraud to the FCA.

“There were a number of red flags that led PwC to suspect fraud. They should have acted on them immediately. Their failure to do so deprived the FCA of potentially vital information.”

Uptick in money laundering cases

Money laundering has been the most common fraud type by value in the past six months, according to KPMG’s mid-year Fraud Barometer.

In all, nine cases have been heard in UK Crown Courts so far this year, collectively worth £128.2 million.

Roy Waligora, Head of UK Investigations at KPMG, said: “Money laundering continues to be a problem in the UK due to the complexity and sophistication of financial systems that can be exploited for illegal activities. It will be interesting to see if the relatively new requirement for overseas entities to be registered at Companies House will result in even more of these cases reaching the courts soon.”

Anna

Phelan is Head of Product at Eintech

EDDIE HERBERT

Could you become a Climate Champion?

In an era of heightened environmental awareness, accountancy firms are discovering an unexpected path to marketing success: environmental stewardship. ICAEW is leading this charge with its Honour Roll, recognising firms making significant strides in sustainability.

At Net Zero Now we have played a crucial role in this movement. We are climate partners to three out of the five accountancy firms featured on the ICAEW Climate Champions list, demonstrating the power of our sectorspecific approach to carbon accounting.

By embracing and promoting their environmental efforts, accountants are setting themselves apart in a competitive market. The ICAEW’s Climate Champions list serves as a powerful marketing tool, showcasing firms that have integrated sustainability into their core operations and strategy. This recognition not only boosts a firm’s reputation but also attracts eco-conscious clients and talent.

Being featured on the Honour Roll boosts a firm’s visibility and credibility as a leader in the fight against climate change. This distinction can be leveraged in marketing materials and client pitches, positioning the firm as forward-thinking and responsible.

While the focus is on enhancing their image, accountants’ environmental expertise also benefits clients. Firms can offer valuable guidance on sustainability reporting, carbon accounting and environmental regulations.

Accountants with a strong sustainability focus are well-positioned for future success. These firms aren’t just doing good for the planet – they’re securing their place in a greener, more competitive future.

Edward Herbert, Sales & Business Development Manager, Net Zero Now

Say that again!

Apple is adding medical-grade audio tests to its headphones, which will tell iPhone users if they are losing their hearing.

If your Airpod Pro wireless headphones detect hearing loss it will be able to function as a hearing aid, boosting voices in phone calls or busy face-to-face meetings.

Apple is currently seeking approval by US medical regulators to have the Airpod Pros registered as a ‘clinical grade hearing aid’.

The Apple Watch Series 10 will

Gen AI ‘risks’ still a worry

Despite increased investment and early enthusiasm, data and risk management remain key challenges to scaling generative AI, a new survey from Deloitte has found.

The Deloitte AI Institute said Gen AI has reached a critical phase, and two-thirds (67%) of those surveyed said their organisation is increasing their investment in Gen AI.

However, three of the top four reported barriers to successful Gen AI deployment are risk-related, including worries about regulatory compliance (36%); difficulty managing risks (30%); and lack of a governance model (29%). The key drivers of these concerns are

risks specific to Gen AI, like model bias, hallucinations, novel privacy concerns, trust and protecting new attack surfaces.

To help build trust and ensure responsible use, Deloitte said organisations are working to build

Apple owes Ireland £11bn

The European Court of Justice (CJEU) has ruled that Apple must pay the Irish government £11bn in back taxes.

Despite both Ireland and Apple saying they are happy with the amount of tax paid, Europe’s top court says the tech giant received in

effect what was “unlawful aid”.

In July 2020, the General Court of the European Union annulled the original decision by the European Commission (in 2016). However, the European Commission appealed against the annulment, arguing the lower court’s ruling was not legally

IRIS and AccountsIQ partnership gets strategic

AccountsIQ and IRIS Software Group have announced a new strategic partnership. Together they plan to provide an integrated suite of cloud-based payroll, HR and finance solutions that will “empower businesses to streamline operations, facilitate cross-departmental collaboration and help make data-driven decisions”.

Building on their existing six-year partnership history, AccountsIQ’s cloud-based financial platform is now available

also be able to detect signs of sleep apnoea.

The developments comes as the new iPhone 16, with enhanced microprocessors to power Apple’s AI technology, hits the streets.

Xero and Xeinadin partner up Xero has signed a strategic partnership agreement with Xeinadin to “bring the power of cloud accounting to more Xeinadin advisors and their clients”.

For those who don’t know,

to IRIS Cascade and Staffology customers through the IRIS HR Marketplace

new guardrails and oversight capabilities. The top actions organisations are taking include establishing a governance framework for using Gen AI tools and applications (51%); monitoring regulatory requirements and ensuring compliance (49%); and conducting internal audits/testing on Gen AI tools and applications (43%).

Data has also taken centre stage for AI-savvy leaders, with 75% of organisations increasing their tech investments around data management. However, many are reporting unforeseen roadblocks to adoption.

correct.

The CJEU has sided with the argument that Ireland granted illegal tax benefits, which enabled Apple to pay substantially less tax than other businesses over a number of years. The investigation found Apple was paying a corporation tax rate of 1% on its European profits in 2003, and even less in other years.

Tony Connolly, founder and CEO at AccountsIQ (pictured), said: “We are excited about this next stage of collaboration with the IRIS team. There’s no doubt that HR, finance and payroll software must work together seamlessly, but far too often this isn’t the case. When these systems are integrated it not only streamlines tasks and saves valuable time but also helps users take their businesses to the next level.

“Cloud platforms are integral to this mission, and this extended partnership is a fantastic opportunity for both AccountsIQ and IRIS to provide a more unified service to our customers.”

Xeinadin is an accountancy firm with more than 135 offices and 2,000 employees, and is one of the top 20 largest accountancy firms in the UK and Ireland.

As part of the deal Xero will help Xeinadin create a more digitallyenabled advisor and client base, through technology and training.

Accountancy ripe for AI

Accountants beware: some twothirds (65%) of UK’s business leaders now trust AI to complete the finance

and accounting tasks they need to do. This puts accountancy and finance at the top of the list, and means 44% of these business leaders are now looking to implement AI in their department.

The survey, by bluQube, asked business leaders about their preferences for human interaction versus talking to the computer. You will be pleased to hear humans won, but only just! When it came to the payroll process 19% of those surveyed opted for automation.

AI trailblazer me!

I like the idea that I’m an AI trailblazer (PQ magazine cover, September ’24). However, while I use AI a lot in my personal life, there is a practical reason why this is the case at work – we simply don’t have enough staff to do the job properly.

Technology is going to be needed if we cannot attract more people into accountancy. So many of my peers didn’t see accountancy and its notorious lack of any work/life balance as something they wanted to commit to. While the money is good, it is better elsewhere. And all without sitting more exams. Can I just say that the AI isn’t totally there yet either for our firm.

Xero and Sage have just added it to their products, and it is still very limited in scope. Both understand there are lots of risks letting AI loose – it still has to be controlled so it only uses ‘good’ information. That means, for example, when

looking for tax rates it goes to the government’s site.

The arrival of the lots of software packages and the cloud hasn’t meant people pay their invoices on time. E-invoicing will surely help, but companies, particularly big ones, seem to have created incentives not to pay on time.

Name and email address supplied

The Editor says: As you can see, our lead news story this month looks at the profession’s image problem. We all need to fight the boring tag (that has been boringly around forever!). Accountants must speak louder about what they do – and they do a lot!

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Hard work counts

I have to agree with the person who wrote to you last month about that ‘High ceilings equal lower marks’ story. Surely you get lower marks if you didn’t do the revision or answer the exam question properly? That would be true if you sat the exams in a cave or in a cathedral. Did they have people sitting exams with monitors measuring actual brain activity, or did they just measure the ceilings and look at the exam results? Seriously, how are these academics getting funding for such woeful research ideas?

Name and email address supplied

Pass rate dilemma

I do love the fact that PQ magazine prints all the pass rates. It is often the only time you get to see them all together.

But, worryingly, they show ACCA has some of the worst pass rates around. CIPFA’s pass rates were generally around 60%, with four papers over 80%. The lowest pass rate for an individual paper at the ICAEW professional exams in June was 76%. Then you have the CIMA case study rates, which were 63%, 66% and 57% respectively. Finally, you published all the AAT pass rates, which look great, too!

This June ACCA’s APM and AAA sitters managed a 37% pass rate, with the PM pass rate coming in at 42% and AA at 44%. Are the rates so low because we have so many people sitting the exams while selfstudying, because they don’t have

Contributors: Robert Bruce, Prem

If you have any

We recently pushed out the AAT pass rates, and they got a huge response from AAT PQs. We pointed out that Audit and Assurance has the distinction of having the highest pass rate for Level 4, at 85.2%. The more problematic papers are Personal Tax (55.3%) and Credit & debit Management (58.75%). One student said: “I just sat the personal tax exam last week, so this is not reassuring.”

Another wondered: “Why do the rates in the rest of the world differ so much on Level 4? Higher or Lower. Is the syllabus different?”

One PQ also wanted to see more detail: “It would be interesting to see the pass rates linked to the average number of attempts for each unit, I personally don’t care about the rate, but thoughts about retaking the exam always makes me sick.”

Another poster said: “From reading posts on this site, one might expect the pass rate for INAC to be much lower than all the others. Interesting to see that it’s actually fourth out of eight, and therefore not ‘unfair’ as many students allege.”

the funds to get themselves a good tutor?

I see both ICAEW and AAT now separate the pass rates for UK and ‘rest of the world’. Isn’t this something ACCA should be doing too?

Name and email address supplied

Elsewhere, we have launched two new videos on our YouTube channel. Lord Bilimoria, a chartered accountant, talks about boldness in business. See https://tinyurl.com/mvuzy8rk And Professor Richard Murphy discusses the future of accounting education, and why it’s time to change the way undergraduates are taught. See https://tinyurl.com/2cee92pf And don’t forget our Back to Basics videos, now in its second series.

Lord Bilimoria

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BACK TO BASICS

Accountancy can be simple if you know the basics! PQ magazine has gathered together some top tutors to help us help you. Our Back to Basics videos will guide you through some of the fundamental topics of accountancy. The series includes:

Will Boardman – Tax points

Part of the AAT Tax Processes for Business assessment at Level 3, this video by awardwinning Training Link tutor Will Boardman explains tax points. In four short minutes Boardman explains the difference between a basic and an actual tax point. Check out his video at: https://www.youtube.com/watch?v=7NTft0Td7oQ

Jo Tuffill – Cost behaviours

Understanding a business’s cost structure is vital for its success. It is why cost behaviour is the first concept taught in management accounting. Her video runs for just seven-and-a-half minutes and explains exactly what a cost is, looking at both variable and fixed costs.

You can check out her video at: https://www.youtube.com/watch?v=mkx8HT_uc7M

Tom Clendon – Double entry bookkeeping

You should be able to master the rules of double entry bookkeeping in just eightand-a half minutes. So do you know your credits and debits? Clendon has also produced a video on assets. Check out the double entry video (3,000 people have already) at: https://www.youtube.com/watch?v=-nYep6Il6-c

Michele Baker – Trial balance

Michele Baker will explain in six minutes how to create the trial balance and why you are doing it. Baker will let you know whether a balance is a credit or debit, and help you get to grips with ‘DEAD CLIC’. Check out the video at:

https://www.youtube.com/watch?v=TxHLSJRMaZc

ACCA exam feedback

How were the September exams? Here is some of the feedback from those who sat them

AA

Students were in general agreement that Monday’s AA exam was ‘OK’. Some 69% pressed the OK button on the Open Tuition Instant Poll this time around. Just 7.6% felt the September exam was a disaster for them – that’s low! One sitter said: “It wasn’t an easy paper and I did not manage to finish the whole paper.” Another felt that while section A was a disaster, section B was much better.

AAA

One in five (19%) sitters told the Open Tuition Instant Poll that this sitting was a ‘disaster’ of an exam for them. Another 33% found it ‘hard’. As one sitter said: “It was a bloody horrible exam.” Time was an enemy too, and a student admitted they just wrote bullet points for some of their answers at the end. We also heard there were some technical issues for those sitting in Manchester in the morning. One sitter admitted they struggled to identify the ethical threats when writing about sustainability reporting. Many fellow PQs agreed. The problem with AAA is that even when people think they have done well, they look at the pass rates and become worried anyway!

TX

Most votes on the Open Tuition Instant Poll opted for the ‘OK’ button, some 53% in all. Just over one in four (27%) found the exam ‘hard’ and 12% had a ‘disaster’. As one sitter said: “I thought the exam was OK, but I feel that there were many areas that did not come up.” Time was also a pressure for some sitters. One wondered why it was necessary to put students under so much time pressure, when you get more time in the ‘real world’.

SBL

On the Open Tuition Instant Poll, just under a third (30%) of the votes went to ‘hard’ and 10.5% to ‘disaster’. This left just over half (53%) of sitters feeling the exam was OK, 6% even thought it was easy. One sitter was shocked they finished the paper. It was the first time they had ever done that, and with three whole minutes to spare. Other sitters struggled with the press release element in task 3 (about ethical issues on drivers, customer safety, compliance and data security). How do you show scepticism in a press release?

FR

Many sitters found this a hard exam, with too many calculations in section A. Another just called it a weird exam. This was a hard exam for 41% of those voting in the Open Tuition Instant Poll. Just under one in 10 said it was a ‘disaster’.

SBR

One of the tougher exams at this sitting, according to the Open Tuition Instant Poll. Some 20% said their exam was a ‘disaster’ and another

39% found it ‘hard’. Just 37% said the exam was OK. One sitter thought having a full 25-mark question on sustainability reporting wasn’t fair. A fellow sitter said: “A quarter of an exam question on a niche topic! I checked BPP, Kaplan Acowtancy, Open Tuition, and everywhere and this section is described very briefly.” Another student said they were fully prepared for a sustainability question, but that one wasn’t in their paper.

PM

Although the paper wasn’t hard it had a lot of obscure topics being tested, suggested one sitter. That said, in the Open Tuition Instant Poll some 55% of sitters said the exam was ‘OK’. Just 5% felt it had been a ‘disaster’.

ATX

An OK exam, although one sitter wasn’t sure if they had written enough. Time was also an enemy for some, and many sitters admitted their time management let them down. Some 14% of sitters clicked on the ‘disaster’ button in the Open Tuition Instant Poll. Another 38% said it was a ‘hard’ exam.

APM

The September sitting was a ‘disaster’ for one in

10 sitters, according to the Open Tuition Instant Poll. Another 29% felt it was a hard test. Quite a few students admitted they ran over time at the end. As one student said: “Interesting exam, vfm at the university, rewards plus calculations of controllable and not controllable variations, transfer pricing in overseas country, and the final one bsc compared with performance pyramid plus evaluation.”

FM

Quite a few sitters were shocked at this one! It was described as “too hard for me” and “part B was crazy”.

Another sitter just said: “WTF was that?” In the Open Tuition Instant Poll, some 36% called this a ‘hard’ exam, and another 13% voted it a ‘disaster’.

AFM

“Terribly difficult” and “tricky” is how the September AFM exam was variously described by sitters. Post-exam, many sitters said they felt deflated, “like crap” even! The stats bear this out. One in five (22%) of people voting in the Open Tuition Instant Poll said it was a ‘disaster’, with a further 41% saying the exam was ‘hard’. Just a third (33%) of sitters felt the exam was ‘OK’.

The Business Environment Synoptic: exam tips

Karen Groves explains what the BESY examiner wants

At Level 2, the Business Environment Synoptic (BESY) unit is usually the last unit students complete as ITBK and POBC knowledge is also assessed within this unit, together with the Business Environment content.

There is no PCTN knowledge assessed in the unit (unlike the old AQ2016 Synoptic), which is why sometimes students will opt to study PCTN after BESY.

The assessment focusses on your previous bookkeeping knowledge, and the importance of effective communication, ethics and sustainability and the impact of technology. It also covers the economic and legal environment. For the assessment, there will be written tasks, some requiring you to analyse a scenario and provide advice.

Assessment debrief and feedback

The assessment lasts for two hours, and you will have eight tasks to complete. I have broken the tasks down and flagged the areas where students lose the most marks.

The screenshot below is taken from the AAT Examiner’s guide, which illustrates the tasks where most marks are typically lost:

Task 1 – Different business types and their functions

For this task, you need to ensure that you are confident with the key features of different types of businesses and structures, company formations and the responsibilities of the different business functions. Marks are typically lost on struggling to identify which functions would or would not be required in a given scenario.

Student performance in this task is usually very good.

Task 2 – The finance function, its information requirements and sources, and its role in the wider organisation

For this task you will need to be able to identify the role of the finance function, different types of technology policies and if they are specific to the finance function. You’ll have to consider planning/time management, characteristics of good quality information, identifying primary and secondary information, and using appropriate communication methods.

Marks are typically lost on the role of different types of technology, characteristics of good quality information from a given scenario and identifying the role of the finance function when provided with a scenario.

Student performance in this task is mixed, with some students performing very well and others not so well.

Task 3 – Corporate social responsibility (CSR), ethics and sustainability

This is a key part of your AAT studies. You must be able to define CSR, have a good understanding of ethics and sustainability and be able to identify the benefits of CSR and the rationale for different measures.

Areas of weakness in this task include students not being able to identify the rationale for CSR measures or benefits from CSR measures and understanding the difference between guiding principles and specific rules. Students perform well in this task overall.

Task 4 – Processing bookkeeping transactions and communicating information

This task is assessing your knowledge and understanding from the ITBK unit, including bookkeeping transactions, coding, discounts, purpose of the books of prime entry, ledgers and financial statements.

Business communication, using acceptable business language (no jargon, slang, or ‘text speak’!) is also assessed in this task; for example, you could be provided with a scenario whereby you have received an invoice which is incorrect, and you must email the supplier to resolve the discrepancies. This should not faze a well-prepared student, so make sure you pick up the relevant points from the scenario and use these in your answer. For example, names, document dates, references, details on what has been ordered, quantities, amounts – include it all and make sure your answer is professionally worded.

Key point

When you work through the AAT practice assessments, the system will not mark any written tasks, so ensure that you take a screenshot of your

answer before you click ‘submit’, so you can go back and check against the model answers later.

Marks are generally lost by students who do not know how to process discounts, so go back over your previous ITBK study notes. Also, the examiner has reported that students do not read the task requirements carefully, so ensure that you do!

Student performance isn’t great on this task, with only just over half of students achieving competency.

Task 5 – Control accounts, reconciliations and using journals to correct errors

Warning! It is very important that you have a good understanding of the previous POBC content to achieve a good mark in this task.

The task will assess errors, types of errors, and if they are or are not disclosed by the trial balance, reconciliations, differences in control accounts and journal entries. So, unless you are happy with these areas, go back over your POBC study notes.

Marks are lost here by students not being able to identify unpresented cheques and outstanding lodgements, identifying reasons for differences in control accounts and processing journal entries when VAT and net amounts need to be calculated (again – go back over ITBK and POBC content).

Student performance isn’t great on this task, with only just over half of students achieving competency.

Task 6 – Principles of contract law

This task will assess your understanding of the basic legal definitions, types of law, intention and remedies. For example, is there a valid contract in place? Is there a breach of contract?

Marks are lost on this task by students who struggle with the aspects of legal remedies, and intention to create legal relations.

Student performance isn’t great on this task either, with only just over half of students achieving competency.

Task 7 – Bookkeeping systems, receipts and payments and the importance of information and data security

For this task you will need to understand the different types of documents, difference between financial and management reporting, importance of confidentiality and data security, controls in both manual and digital systems. You will have to apply knowledge of digital systems in a scenario, accounting for irrecoverable debts and the role of payable/receivable teams.

Marks are typically lost on digital bookkeeping knowledge and application (which is why we include a Sage Business Cloud unit for our own students), irrecoverable debts and the role of the receivable/payable teams.

Student performance isn’t great at all on this task, with less than 40% of students achieving competency.

Key

point reminder

When you work through the AAT practice assessments the system will not mark any written tasks, so ensure that you take a screenshot of your answer before you click ‘submit’, so you can go back and check against the model answers later.

Task 8 – The external business environment

For the last task, you will need an understanding of supply and demand, principles of a good tax system and different types of taxes, risk and uncertainty, the impact of exchange rate movement and globalisation.

Marks are lost by students on the impact of exchange rate movement, risk and uncertainty and government intervention. Overall, students perform well in this task.

Remember!

Read the question carefully, do lots of written question practice – and good luck with your exam!

• Karen Groves is an AAT tutor and AAT Faculty Director at e-Careers

Adult social care: where next?

Confusion reigns over the future of adult social care, writes Dr William Burns – so where is the route to the much-promised National Care Service?

The Chancellor of the Exchequer ignited a fierce debate across the social care sector with the government’s recent decision to abandon plans to reform how people pay for adult social care in England.

Whilst the announcement left many charity leaders dismayed, CIPFA’s analysis sheds light on the deeper issues underpinning the reforms: the proposed changes, though aimed at making the system fairer for individuals, were fundamentally underfunded and councils were not ready to implement them.

Both the National Audit Office and the Local Government Association agree with CIPFA that councils were ill-equipped for such reforms. This lack of readiness raises broader questions about the viability of the social care system, which is already grappling with rising costs, increasing complexity of needs, and surging demand. Before any significant changes to how people contribute to their care costs can be made, it is CIPFA’s view that local authorities must first be placed on a stable footing, empowered to deliver high-quality and accessible care for all. Only then can we build a fairer charging system to benefit individuals.

With these reforms now scrapped, the spotlight turns to the government’s pledge to establish a National Care Service (NCS). Yet, despite Labour’s manifesto commitments, the direction remains unclear. A Fabian Society report provided a glimpse into what the route to an NCS might look like, but there has been little concrete action from government. This hesitation raises doubts about Labour’s readiness to confront the entrenched challenges within the social care system.

Adding to the uncertainty is the government’s suggestion of launching another Royal Commission on social care – 25 years after the last one recommended free personal care and a more generous financial means test. This move has sparked fears that Labour may be preparing to kick the can down the road rather than deliver meaningful change.

Meanwhile, if we look at Scotland, the SNP-led

administration is pressing ahead with its own plans to establish a National Care Service. The Scottish government’s reform programme aims to ensure consistent access to high-quality social care, but the journey has been far from smooth. Initial consultations on the National Care Service (Scotland) Bill revealed significant concerns about the financial viability of the proposed system, with CIPFA raising alarms over the projected cost of more than £1 billion over five years.

CIPFA’s focus on the Financial Memorandum that accompanied the bill highlighted the potential pitfalls of centralising decision-making, which could undermine local authority autonomy. Following CIPFA’s response, the Scottish Parliament’s Finance and Public Administration Committee recommended a revised Financial Memorandum be submitted.

The Scottish Parliament passed the first stage of the NCS Bill in February 2024, but the legislation has since undergone significant revisions. With 90% of the original financial commitments stripped away, the focus has

shifted towards restructuring the existing system rather than building an NCS from scratch. This compromise has left many stakeholders dissatisfied, questioning whether the revised plans will deliver the desired improvements in care quality and accessibility.

CIPFA, in its response to the ongoing reforms in Scotland, stresses that any programme of reform must deliver tangible benefits for those who rely on social care services and ensure value for public money. We can’t be certain that tinkering around the edges in Scotland will achieve this, but at least there lies a vision for change that the rest of country would do well to follow.

As the debate rages on in England, Wales and Northern Ireland, one thing is clear: the clock is ticking for Labour to set out a bold and actionable plan for the future of adult social care. Anything less risks further entrenching the systemic problems that have plagued the sector for years.

• Dr William Burns, CIPFA Social Care Policy Advisor

Chancellor Rachel Reeves ignores social care reform at her peril

How accountants will save the planet – a roundtable discussion

What are the accountancy bodies doing to ensure their PQs are ready to shape the green future?

PQ magazine has joined forces with Rogo to host an online roundtable discussion on the importance of ESG and the accountancy qualifications.

Join us on Tuesday 29 October 2024 at 4pm (GMT).

We will be exploring:

• How sustainability is examined.

• How up-to-date the accountancy syllabuses really are.

• Where the UN Sustainability goals fit in.

• If the content will equip you for the future green job market.

• What the future of accountancy is in a sustainable world.

To find out more, and sign up go to: https://shorturl.at/SvxTM

A question for Tom

Tom Clendon explains the best way to handle questions on debits and credits in IFRS 15

The question Regarding IFRS 15 Revenue from Contracts with Customers, I don’t get the debits (Dr) and credits (Cr) – so please can you explain?

Tom’s answer

When revenue (sales or turnover) is recognised then that is the Cr entry. Where the Dr is posted depends on the timing of the receipt of cash. It

should be noted that the timing of the recognition of revenue is not connected to when cash is actually received; rather revenue is recognised when the seller has fulfilled its contractual obligation by passing control. This is normally AT a point in time (e.g. when goods are being sold) but can be OVER time (e.g. when a service is being provided).

The three potential Dr entries are:

1. Cash

Where the receipt of cash happens to coincide with revenue being recognised, e.g. a supermarket selling food to a customer, then the Dr is to cash.

Dr Cash XX

Cr Revenue XX

2. Receivables

Where the receipt of cash is due to happen after the revenue has been recognised, e.g. a business-to-business transaction on credit terms, then the Dr is to receivables to reflect the monies owed.

Dr Receivables XX

Cr Revenue XX

3. Creditors

When the cash is received in advance of the sale, then at that point a liability is recognised (Dr Cash, Cr Liability). This liability can be referred to as deferred income and represents the obligation to perform the contract.

An example of this is airlines who collect the cash from ticket sales in advance of the flight. When it comes to recognising revenue (when the flight has been completed), the Dr is to creditors, as the obligation has then been fulfilled and the liability can be extinguished.

Dr Liabilities XX

Cr Revenue XX

• Tom Clendon is an online ACCA SBR lecturer and podcaster. He loves WhatsApp – 07725 350793. Or go to www.tomclendon.co.uk

How to pass SBL (part 4)

Top tutor Chris Cain delves into integrated reporting in his latest instalment on the Strategic Business Leadership exam

Integrated Reporting (IR) is an important topic on the SBL syllabus and the detailed study guide states that candidates need to be able to “examine how the audit of integrated reports can provide adequate assurance of the relevance and reliability of IR to stakeholders”. The notes below, produced by PASS-SBL, will help with answering about how the audit of IR reports can provide adequate assurance of relevance to stakeholders.

Understanding stakeholder expectations

Audit role: Auditors assess how well the organisation understands the expectations and needs of its stakeholders. This involves reviewing stakeholder engagement processes and mechanisms.

Relevance assurance: By understanding stakeholder expectations, organisations can tailor the content of the integrated report to meet the needs of the intended audience, ensuring that the information provided is relevant.

Consistency and alignment

Audit role: Auditors examine the consistency and alignment of information within the integrated report and with other communications from the organisation.

Relevance assurance: Ensuring that the report provides a coherent and aligned narrative reinforces the relevance of information by presenting a clear picture of the organisation’s performance and impact.

Balance and completeness

Audit role: Auditors assess whether the integrated report provides a balanced view and is complete in addressing key issues relevant to stakeholders

Relevance assurance: The audit process ensures that the report avoids bias, presenting a fair and complete representation of the organisation's economic, environmental, social, and governance aspects. This contributes to the relevance of the information presented.

Future outlook and prospects

Audit role: Auditors examine how well the integrated report addresses the organisation’s future outlook and prospects.

Relevance assurance: By assessing the credibility of future-oriented information, the audit ensures that stakeholders are provided with relevant insights into the organisation’s strategic direction and potential future opportunities.

Quality of reporting processes

Audit role: Auditors evaluate the processes and controls in place for preparing the integrated report, including data collection, validation and reporting mechanisms.

Relevance assurance: A robust reporting process enhances the reliability of the information presented, contributing to stakeholders’ confidence in the relevance and accuracy of the disclosed information.

Stakeholder feedback

Audit role: Auditors may consider feedback

from stakeholders obtained during the engagement process.

Relevance assurance: By incorporating stakeholder feedback, organisations can demonstrate responsiveness to stakeholder concerns and improve the relevance of the integrated report over time.

Comparability

Audit role: Auditors assess how the organisation's performance is presented in comparison to previous periods.

Relevance assurance: Comparability enhances the relevance of the information by providing context and allowing stakeholders to assess the organisation's performance against its own history.

• Chris Cain is an approved trainer with PwC Academy

SOLVERS PROBLEM

Proven to boost your exam results

Study Hub is proving to be a great success for ACCA students, increasing exam results by as much as 18%*. With online access to study chapters, practice questions, flashcards and short quizzes, it streamlines revision and enhances your understanding.

Use Study Hub as an essential part of your exam prep and boost your chances of success.

#ACCAStudyHub

*Based on pass rates of Study Hub users vs. non-users for the September 2023 session-based exams.

Apprenticeships: the perfect career solution

Rob Alder tells us why apprenticeships have so much to offer anyone looking to access a career in accountancy

Across the UK in recent years apprenticeships have been revitalised.

No longer only associated with training for a trade, they now offer access to the professions, and accountancy is no exception. Accounting apprenticeships are now well established. And at a time when university tuition fees and a cost of living crisis are putting university degrees out of reach of many the apprenticeship route is hugely appealing, offering an access route to a rewarding career. Inclusion, integrity and innovation are ACCA’s core values and for this reason we support a range of learning routes to improve accessibility to adult education.

Public sector

As the market has matured and with the needs of employers constantly changing, there have been a number of new developments in England to use apprenticeships in different ways.

ACCA’s Level 4 Accounting Technician Apprenticeship can now be tailored specifically for the public sector. It includes the technical, professional and ethical skills all finance professionals need to thrive in public finance roles.

By listening to the needs of the public sector, we have been able to incorporate our Certificate within the duration of the Level 4 Apprenticeship to add tailored content into the programme.

Launched this summer with First Intuition, the learning programme includes ACCA’s Certificate in Public Financial Management enabling them to apply their Level 4 Apprenticeships more closely to their roles across the public sector.

Data analytics

The growing importance of data analytics is reflected in a brand new exclusive partnership between ACCA and Kaplan as part of a Finance Analyst Apprenticeship at Level 3.

Accountants increasingly need to understand and utilise technology to make informed business decisions, and that’s why data analytical skills are so important. Through this collaboration with Kaplan, students can use ACCA’s Foundation level units to gain strong technical accounting knowledge within the Finance Analyst apprenticeship, which will enable them to progress onto becoming an accountant with strong data skills and develop a career as a data analyst with a strong

underpinning knowledge of business that an ACCA qualification with offer them.

Learners who choose this additional accounting route will benefit from Kaplan’s expertise in developing OnDemand courses for ACCA’s qualifications which have, for many years, led the way in online learning.

Matt Rawlins, Director of Sales and Account Management, Kaplan Professional UK, said: “We’re delighted to announce an innovative new pathway for individuals looking to progress their careers in accountancy. Our new partnership with the ACCA focuses on all the essential skills required for today’s modern accountant.

“Mastering data is crucial in the current landscape, and we are excited to collaborate with the ACCA to launch this ground-breaking initiative.”

ACCA apprenticeships develop people with the financial skills, business expertise and ambitious mindset they need to succeed. They also offer cutting-edge training whilst offering you the chance to earn and learn.

As the world’s most forward-thinking professional accountancy body, we’re experts at what we do, and passionate about supporting people to build the skills that the accountancy profession, UK economy and world needs.

Find out more about ACCA apprenticeships at our website as follows:

Public sector: https://tinyurl.com/2cx89ut8 Data analytics: https://tinyurl.com/bdd8zuxb • Rob Alder is head of apprenticeships and relationships at ACCA

What’s involved?

ACCA offers apprenticeships at Level 4 in England and Wales, Level 7 in England, and its qualification is included within the Foundation and Graduate Apprentices in Scotland.

On-the-job training involving a recognised accounting qualification, plus the skills and behaviours needed in today’s workplace, are offered at Levels 2, 3, 4 and 7. They attract school leavers and existing members of the workforce.

Open your eyes, look up to the skies…

As you progress along your CGMA journey Nasheen Wuisman asks: Is this the real life? Is this just fantasy?

During one of my social media scrolling sessions I came across a post which made me scroll back up. I re-read the post several times, and the core message has stayed with me ever since.

The message in the post was simple and familiar. I quickly realised that when I was an accountancy training consultant, I shared parts of that very same message with my students. And even today, I continue to share it with candidates preparing for their CIMA CGMA exams. However, seeing it in now in this post, in this format, gave me new insights into the importance of the words in the message and what a vital role it plays in everything we aspire to do – no matter how big or small.

Here’s the post I came across:

• Goal without deadline = fantasy

• Goal + deadline = objective

• Goal + deadline + plan = intention

• Goal + deadline + plan + consistent action = success

• Personal meaningful goal + deadline + plan + consistent action = fulfilment

You’ll all have heard that “wanting something isn’t enough, you need to do something about it” – we assume that the “something” is an action. So, if you’re on your CGMA journey you clearly want to qualify one day; in the short term you want to pass your next exam. The action is to put in the hard work and study –right?

But it’s never that easy, life rarely allows for things to be that straightforward. Daily life is busy it’s tiring, it’s full of decisions and surprises – which can be draining. But when you get home, it’s not over – you still have to study. While it’s hard to ‘de-busy’ your life, there are ways to take better control of your CGMA journey to fit alongside your personal and professional obligations.

The goal itself is not enough

The goal is the same whether it’s fantasy or you go onto make it your reality. And when time

is no object then it’s more straightforward to achieve – but when it is, the goal itself is not enough, as something else always ends up taking priority. It’s right that what your goal means to you becomes important.

Imagine your life after you qualify. Picture it. Feel the contentment and that sense of pride, that against all the odds you made it your reality. The goal is now personal, it’s meaningful. So write it down, keep it visible to remind yourself of what you’re working towards. It will give you clarity and will help you stay focused and committed throughout your CGMA journey.

Make the commitment

Many deadlines are set for you, at work, contracts, at home, or even by your kids’ school. Once you know the deadline you know you have to make it happen; you might put it off at first but then you get it done. When it comes to setting your own deadlines, specifically your

off and holidays, is where you start. Once you’ve done this you can identify how much time you have available to schedule study in. You don’t need to have long daily study slots – after a long day at work, focusing on your studies can be really hard, so plan for shorter evening chunks during the week and longer sessions over the weekend.

As you go through the syllabus ensure that you cover all topics during your study slots. In earlier months, focus on gaining a good understanding of syllabus topics and in later months, focus on practice questions to refine your exam technique.

Your schedule doesn’t need to be rigid, having flexibility will make it more realistic and achievable. Make sure you review it regularly to reassess priorities and reschedule.

As you get closer to the exam make sure you increase the total number of hours you put aside to study. This means that you may have to sacrifice other things, and it’s now you need to remind yourself of what your personal meaningful goal is, the one goal that keeps you going no matter what.

Consistency is key

exam deadlines, it always seems harder to do. You aren’t sure you’ll have the time to fit study in, it might feel better to delay it until after a holiday or event, when things calm down at work. “Next month will be quieter” is what you tell yourself. But trust me when I say that it won’t be, as I tell myself this lie every month! And weeks turn into months, which sometimes can turn into years – making it all the harder to achieve your goal. Commit to an exam deadline and stick to it, even better book your exam, it will give you the motivation you need, it will help you prioritise and avoid regret. Making this commitment through your journey will help you keep the momentum going, even if challenges arise along the way.

Plan it fairly

Juggling your CGMA studies, work and personal life requires some serious time management skills. Creating a study plan, with exam dates, commitments, personal events, exercise, time

Careful planning and preparation will help increase your confidence and help you deal with the overwhelming emotions that studying can bring. While lastminute cramming for an exam might have helped in the past, it’s not possible to pass a Case Study exam this way. Planning, spreading the load and knowing when you are going to study gives you the space to breathe and takes away some of the constant worry that can sit with you as the exam approaches.

Consistency is key; it’ll allow you to build healthy learning behaviours, which can have a huge impact on your academic progress, not to mention your wellbeing throughout your CGMA journey – and even later in life. So, if you only take one thing away from this column, let it be this: to live the life we love we need to have a fantasy, which becomes an objective, an intention, a reality and, if we’re really lucky. fulfilment!

• Nasheen Wuisman, Senior Manager – Global Academic Progression at AICPA & CIMA, together as the Association of International Certified Professional Accountants

Still from Bohemian Rhapsody music video

How I passed ATX with 87%

Ha Dang, who was exempt from TX, explains how he passed the ATX exam with flying colours

Isat my ATX exam in September 2023 and passed with 87%. I had an exemption from TX so it was the first time I did a tax paper with ACCA. I just want to share my experience and hope that someone will find it useful for their study and revision.

Since OpenTuition does not have a revision guide for the ATX-UK variant, I used BPP’s ATXUK workbook (textbook) and BPP’s Practice & Revision Kit, along with OpenTuition’s TX-UK notes.

I cannot comment on Kaplan’s materials as I have not used them before. BPP’s textbooks are well structured but some technical explanations can be hard to digest, so occasionally I had to skim the theories and try to solve the examples and exercises, which seemed to work for me.

OpenTuition’s notes and lectures were crucial in rapidly providing me with a foundation on the basic tax laws before I dug into more advanced topics required by ATX. Since BPP’s ATX workbook was written on the assumption that the learner is familiar with the rules examined in TX, relying solely on that workbook means you might miss out on some nuances that are only discussed in detail when you do TX. In fact, a third of what I was asked in the ATX exam was knowledge from TX, so it cannot hurt to go through the TX topics alongside ATX topics during your revision.

Don’t rush it

In terms of the timescale, three months could be a bit of a rush, especially if you have other commitments such as family or a full-time job. I was able to do it in three months partly due to my existing knowledge of the UK tax system from teaching/tutoring. If you learn the ATX paper from scratch (because you have TX exemption), I would recommend spreading the revision across six months. Pay attention to the timing, however, since ACCA changes the examinable documents every year (e.g. one set for June 2023 – March 2024, a new set for June 2024 – March 2025). Consider either speeding up the revision so you can sit the exam before new documents are examined, or be prepared for the changes after March each year.

The things that helped me

Learn the structure of the test. Question 1 is worth 50 marks, and almost always puts you in the position of a tax advisor who needs to draft a document (e.g. an email or memo) addressing several different taxes for a number of clients (keyword – several).

Ten of the 50 marks in question 1 are for professional skills, so presenting the documents

logically, using clear language, analysing the details soundly and demonstrating scepticism (by casting doubt on certain assumptions/ details given in the question) could earn you a substantial portion of those 10 marks.

You must attempt all parts in questions. Even if you put down one sentence for one part, you could be giving the marker a reason to give you one or two marks, which could be the difference between 49 and 50. This means you need to have an overview of all the different taxes in the syllabus so whatever topic the question throws at you there is always something you might be able to give as an answer (hence the emphasis on ‘several’ in the previous point).

Also, read the questions carefully, especially the verbs. They tell you what to do and in some cases what not to do, which you can use to infer the focus of the question. For example, ‘state’ means you only need to say something brief and to the point without having to explain too much; ‘calculate’ means show the calculations in a logical manner without having to offer detailed explanations; ‘calculate with explanations’ means the calculations themselves are worth some marks, but you will not gain all the marks without explaining which rules or concepts or facts you are applying; and ‘explain with supporting calculations’ means the explanations are more important, and where necessary some calculations should be provided to illustrate the explanations.

Dates matter

In the exam be mindful of dates. All questions tell you which date to assume the calculations/ memos should be based on. You might lose a professional mark for putting the wrong date in the memo, or some analysis marks for calculating the wrong reliefs because you missed out one month. I always put ‘Date’ in cell A1 of the spreadsheet and the date in the question in cell B1, for every question. This way I can always glance at the corner of the spreadsheet to tell me which date I should use for my discussions and computations.

And remember to prepare for the ethics question. This is the only part of the syllabus that is certain to be on the exam. After doing about 10 of these questions you should have a pretty good idea of which fundamental principles are most commonly being threatened, and what typical courses of actions are available to the tax adviser in question 1.

Plan your revision time

Set aside time and set a target per day (or per week) for your revision. Personally, I tried to do

50 marks’ worth of revision questions per day. Everyone has their own mock exam strategies. I didn’t necessarily write out all the answers, sometimes just the main structure in the word processor (preferably including the main points I would discuss) and all the workings in the spreadsheet.

In the couple of weeks leading to the exam, I would recommend doing at least one or two mock papers under exam conditions. This will help you identify the main issues, whether it’s difficulty typing quickly, a gap in a topic, or how to organise the sections in the word processor or workings in the spreadsheet. This will help you focus on what you are weak at. The more

planning you do, the more efficient you will be on the day of the test. I wouldn’t go so far as to recommend planning exactly where on the screen you would position each window that you open, but that does show how much planning you could do if you really went for it. Learn the structure and format of the tax tables, and how to open it up during the exam. It would be nice if you could memorise all the rates and thresholds, but that would be unrealistic. However, it would also be equally unrealistic to assume that you could just open up the tax tables and quicky find the section on National Insurance rates in an instant (it’s at the end of page 4 if you are wondering). Practise using

the tax tables whenever you forget a rate and it will reduce the amount of time you will have to spend digging through the pages during the test.

Know the tools

You must also learn how to use the CBE word processor and the spreadsheet functionalities. Copying and pasting can save you a lot of time, so can using the spreadsheet instead of a calculator to calculate things and link answers from one step to the next. I would say not using these tools well could cost you at least 30 minutes in the exam. Also, note that the tools in the exam resemble MS Word and MS Excel a little bit – but not quite. Although many functions

are the same (SUM, MIN, MAX), there are only a limited number of functions you can use. Copying and pasting is not the same as using Microsoft Office. You can’t add rows or columns, and there are no hints as to which parameters are required by each function.

On a personal note, I find the actual exam tools slightly more user-friendly than the practice platform tools, but nowhere near as friendly as the real Office tools.

Lastly, be ready for things to change in the future. New tax rules will take effect, new ACCA exam policies will be introduced. Familiarise yourself with the set of tax laws the exam will be testing you on, as well as the latest details on the format/structure of the test. You wouldn’t want to show up with pen and paper for a computerbased exam, would you?

Some extra things that I did

On the day of the exam, plan ahead and get to the venue in plenty of time. This sounds rather obvious, but leaving early really saved me that day. My exam was meant to start at 9am, and ACCA recommends arriving one hour before the start time. It normally took me an hour to drive to the venue, so I left home at 7am. Little did I know it was so foggy that day that on my way I had to drive past three motorway accidents, resulting me arriving at 8.40am (40 minutes ‘late’). Thankfully I was admitted and I only had five minutes before everyone was reminded of the rules in preparation for commencement. On the blank piece of paper that the invigilator gave me for making notes I vertically wrote the names of the months twice. This really helps when I need to figure out how many months there are between, say October 2023 and February 2024.

What questions to answer first

Consider doing question 2 or 3 before doing question 1. I actually did this for most of my exams. Many students think they should focus on 1 because it carries a lot of marks, but spending too much time on that means you could lose out on easy marks that question 2 and 3 have to offer. Also, if you get stuck in 2 or 3, you might feel a bit less nervous because your brain might think “Oh it’s at most 25 marks”, whereas if you get stuck on question 1 you could get really nervous thinking “I am throwing away 50 marks, I can’t pass”. Anecdotally, in my exam, question 1 had a huge section on residency and domiciles for IHT purposes. My mind went blank and after a minute I decided to do question 2 first, which turned out to be much easier. I eventually recalled some things I could say for that IHT section, but not everything (hence the 87% instead of something in the 90s).

Navigation shortcuts, such as those used to jump between cells in the spreadsheet, work the same way in the CBE as in MS Office. Using formatting shortcuts like Bold, Italics, and Underline can also be beneficial. You could probably shave off five minutes if you can utilise these shortcuts well.

• Ha Dang, who recently qualified ACCA member, works at the University of Lincoln as a lecturer in finance

Ace that digital test

Helen de Felice (pictured below) has compiled a guide to help you master computer-based exams

In the modern world, where computers are part of everyday life, exam halls filled with students scribbling away on paper seems at odds.

While many schools and universities still cling to the traditional pen-and-paper format, professional accounting bodies have successfully transitioned to computer-based exams. This can cause understandable nerves for students facing computer-based exams for the first time after leaving school or university. Here’s your ultimate guide to conquering digital exams with flair and confidence.

Embrace the unknown

The first step to mastering computer-based exams is to demystify them. Each professional body has their own set of interfaces, question types and navigation tools. Visit your body’s website and get familiar with the specific format of your exam. Spend time exploring practice questions, mock exams or demo versions of the test interface. This familiarity will reduce any ‘surprises’ on exam day, helping you to navigate questions and use on-screen tools including calculators or highlighters with ease.

Perfect your environment

If you’re taking the exam at home with remote invigilation, your setup is crucial. Ensure your computer is up-to-date, the necessary software is installed and your internet connection is robust. Conduct a thorough check well before exam day to iron out any technical glitches. Have a back-up plan ready, such as a secondary

device or an alternative location with a reliable internet connection.

Familiarise yourself with the technical requirements and guidelines provided by the exam organisers and perform a test run to identify and fix any issues in advance.

Master your time

Effective time management is key in any exam, but it’s even more critical for computer-based tests. These often come with a countdown timer that can either help keep you on track or add to your stress. Develop a strategy to allocate appropriate time to different sections and question types.

basic computer operations, such as typing, using a mouse or touchpad, and mastering keyboard shortcuts.

Familiarise yourself with the specific tools and features available during the exam, such as text highlighting, note-taking functions, and navigation buttons. Regular practice will make you more efficient and reduce exam-day stress. Enhancing your typing speed and accuracy, particularly for exams that require essay-type answers, can save you precious time.

Stay cool, stay focused

Test anxiety can be heightened by the digital format, but keeping calm and focused is vital. Incorporate relaxation techniques into your study routine to manage stress. Techniques like deep breathing, visualisation, and mindfulness can help you stay composed during the exam.

Develop a pre-exam routine with calming activities, like stretching or listening to soothing music, to get into the right mindset. Ensure your exam environment is comfortable and free from distractions. A quiet, well-lit space and minimised interruptions can make a significant difference. If noise is unavoidable, earplugs can be a lifesaver.

Reflect and improve

After finishing your exam, take time to review your performance and reflect on the experience. Identify any technical issues or areas where you felt unsure or unprepared. Use this feedback to adjust your study plan and improve your preparation for future exams. Critically reviewing your performance helps pinpoint specific skills or knowledge areas that need more attention. Engaging in a post-exam review not only enhances your preparation but also builds confidence for future tests.

Practice with timed mock exams to get a feel for how long you should spend on each question. Strike a balance: don’t linger too long on tough questions, but also avoid rushing and making careless mistakes. Use the flagging feature to mark difficult questions and revisit them if time permits.

Practice digital skills

Boosting your digital literacy can significantly improve your performance in computer-based exams. This means getting comfortable with

Conclusion

Embracing the unknown, perfecting your environment, mastering your time, honing your digital skills, staying cool and focused, and reflecting on your performance— these are the keys to conquering computerbased exams. By familiarising yourself with the format, ensuring your technical setup is robust, managing your time wisely, and practising digital literacy, you’ll transform anxiety into confidence.

Incorporating relaxation techniques and creating a calm exam environment will help maintain your composure, while post-exam reflection will pave the way for continuous improvement. Follow these strategies, and you’ll find that mastering digital exams becomes not just achievable, but a rewarding part of your academic and professional journey.

Go forth and ace that digital test!

• Helen de Felice is Programme Director in Accounting and Business at the University of Reading and a lecturer in accounting and auditing

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Perfection not needed

Nick Craggs explains the intricacies of the super-tough DAIF exam, and reminds sitters that competency is being tested, not whether their answers are perfect

Drafting and Interpreting Financial Statements

(DAIF) is the unit where I get asked “where do I start, there is so much to learn!” the most.

Please don’t despair – no one can be expected to know everything in this unit. This is one of the hardest units at the hardest level. We are not looking for you to get 100%.

There are only seven tasks in this unit, so you want to be making sure you pick up marks on all of these tasks. Not getting any marks on one task is going to drastically reduce your chances of being deemed competent on this assessment.

To pass this exam you should be getting just about full marks in tasks 1 and 2 if you are well prepared. They are worth 40 marks out of a possible 120. Your statements might not balance, but you could well have 39/40 marks. There are a lot of level 3 concepts here, such as depreciation, accruals and prepayments, but in the context of a limited company. Remember, the ‘own figure’ rule comes into play here. If you think one of your figures is incorrect, don’t give up. Using that figure later on correctly will still lead to marks.

Consolidated accounts, whilst initially hard, is another one where you should be doing well. As you will always have to deal with PUP and intercompany transactions, and you do the same thing every time for those adjustments. The same issues come up every time in this question, and it is worth 30 marks, so these should be 30 familiar marks. You get marks for just adding two numbers together in some cases.

It is hard to guess what it will the first written task be, there

are lots of financial reporting standards and elements to the framework. But the last written task will be ratio analysis, where we will probably be looking at gross margin and operating margin as they are so important. Gearing and interest cover are another two I would bet would come up. You can just use the same standard answers for each task but tweak them to the context of the scenario. For example, if gross profit has changed, you know this is related to the cost per unit changing and/or the sales price per unit changing, and you can amend each depending on if the gross profit margin has risen or fallen. You can suggest things as being the cause of the change in the ratios that it might

not tell you that have happened in the scenario for certain. If your suggestion is sensible they have to give you the marks. If interest cover has fallen, you can suggest that they took out a loan and so they now must pay more interest. Whatever you do, don’t suggest something that cannot be true, so if interest cover has fallen, a rise in operating profit isn’t going to be an answer we are looking for. Don’t forget to link one ratio to another and give real-world suggestions as to what may have caused the change or difference in the ratio. Please don’t think that you need to learn every IFRS number, you don’t; life is too short. We are testing that you know what to do, not which number IFRS tells you what to do.

In tasks 3 and 4 you don’t need to know a dictionary definition of every single standard and element of the framework off by heart. You need to know a reasonable amount about them and some of the main ones are outlined below:

• IAS 38 Intangible Assets – just learn PIRATE and you will get plenty of marks –Probable future economic benefits will be generated by the asset

Intention to complete and use/ sell asset

Resources adequate and available to complete and use/ sell asset

Ability to use/sell the asset

Technical feasibility of completing asset for use/sale Expenditure can be measured reliably

• IAS 36 Impairment of Assets

– you will need to know that the asset should be held at the lower of Net Book Value and the recoverable amount. The recoverable amount is the higher of the fair value less costs to sell, and the value in use.

• IAS 37 Provisions and Contingencies – you must know that you can only recognise a provision when it has an obligation, either legal or constructive; it is probable that there will be an out flow in money, and you can measure is reasonably accurately. Also remember the recognition rules around contingent assets and contingent liabilities are not the same.

This is where the AAT are looking for competency, not perfection. Please don’t despair, we are looking for you to pass the exam, not get 100%!

• Nick Craggs, AAT distance learning director, First Intuition

Arr matey! Nick Craggs’ ‘PIRATE’ will help you with questions on IAS 38 Intangible Assets

What is project management?

Ngoza Florence Mwansa gives an insight into what project management is, its importance, and the various techniques for successful project management

Project management is the application of processes, methods, skills, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters. Project management is distinct from management because it has a start and an end date. Project management is seen in many organisations, from exploring for minerals to merging two companies.

Importance of project management

Project management is important because it enhances effectiveness and efficiency. It enhances effectiveness because it ensures consistent improvement, team alignment, and high quality. Additionally, it enhances efficiency because it increases productivity, efficient resource management, and on-time and on-budget delivery.

Steps for successful project management

The initiation phase: At this time the team is still deciding at a strategic level, with the goal of determining if the project is feasible. They will consider the business case for the project, the benefits, the major deliverables and success metrics.

The planning phase: The team will plan and decide the goal of this project, key performance indicators (KPIs), scope, budget, risks, team members involved, tasks involved and milestones that need to be met.

The execution phase: The team gets the work done. The team does the project tasks identified. The monitoring phase: The team evaluates the project at regular intervals to ensure it meets task deadlines, stays within the budget, and still aligns with the strategic vision. Project management software can provide great assistance during the monitoring phase as it will create a centralized environment. Additionally,

regular catch-up meetings help the entire team stay on track. If the team isn’t meeting targets they adjust the original project plan.

The closing phase: Finally, the project is complete. At this point, the team will discuss what went well and what they can improve on, prepare a report, and present it to stakeholders if necessary. They will also keep the project documentation for future reference.

Techniques used in project management

The waterfall model: When precise specifications that require a rigid work schedule are crucial for simple projects, the waterfall model is employed. It entails precisely outlining and recording the needs of the project, then carrying it out step-by-step to completion. The customer checks the outcomes once the project is completed to make sure all requirements were met. The Gantt chart, which illustrates subtasks, dependencies and project stages as they progress through the project life cycle, is a tool used for the waterfall approach.

The Critical Path Method: When delivery dates and deadlines are crucial for complicated projects, the Critical Path Method (CPM) is employed. It is a project management method that assists you in determining and ranking the tasks necessary to finish a project on schedule. CPM assists you in determining which of those jobs must be completed for the event to succeed and which ones may wait a little bit longer. You can make a timetable that shows the ‘critical path’ by laying out the relationships between tasks and estimating how long each one will take. The Critical Chain Method: When resources are scarce and the project is complex, the Critical Chain Method (CCM) is employed. This method of project management enables you to complete tasks more quickly without compromising their quality. The process involves identifying tasks for a project, establishing the critical path, considering resource availability and unpredictability, and allocating implicit reserves to buffer activities. This ensures timely completion and prevents delays from impacting the project's deadline. A buffer should be placed between the final activity in the chain and the project's final deadline. The CCM assists you in developing a practical and attainable project schedule by accounting for resource availability and possible uncertainties. This implies that you'll be more capable of efficiently allocating your time and resources, which will enable you to finish projects more quickly.

• Ngoza Florence Mwansa is a CIMA and ZICA chartered accountant with three best national performing awards. She is studying for BSc in Accountancy and works for KPMG

Dear Karen

Ask PQ’s very own agony aunt Karen Young when you need advice from a real expert. Email your dilemma to graham@ pqmagazine.com, and he will pass on the best ones to Karen THE DILEMMA

I work well on my own but struggle to be as productive when it comes to tasks that require teamwork. What tips do you have for improving in this area?

KAREN’S RESPONSE

Being able to motivate yourself independently is important, but strong collaboration skills are crucial for any working environment. There are many things you can do to help you thrive in a team setting, so you can ultimately enhance the business by joining forces.

It can be useful to break down collaboration into the ingredients that enable good teamwork, including emotional intelligence, strong communication skills, active listening and problem-solving. Reflect on the skills you feel are your strengths and the ones that are more of a challenge.

Knowing how to identify and manage your emotions is vital for cooperation in the workplace, for understanding not just yourself but your colleagues who are bound to have different communication styles. Always be mindful of the language and tone you use to get your opinions across. Have an open mind in order to appreciate a range of perspectives and ideas and be willing to see all sides. Actively listen to your peers by being fully present, and ask questions to show you are engaged.

Often it is easier to focus on your individual role and responsibilities, but it’s important to have an awareness of where that fits within the team as a whole.

Ultimately, collaboration is an indispensable skill that you can develop through self-awareness, practice and experience.

• Karen Young is a director at Hays. She is passionate about helping people to find the right job and companies the right person

Who is paying for Gen AI?

New research by Deloitte shows organisations need to invest in their own Gen AI tools or risk their employees using unsanctioned applications

Nearly a third of UK employees who use Generative AI (Gen AI) tools for work pay for it from their own pockets, according to new research from Deloitte.

The study found that 31% of UK employees who use Gen AI for work access publicly available tools they personally pay for, while only a fifth (22%) use in-house Gen AI tools that are either developed by their company or commissioned from third-party developers. Nearly half (48%) of the UK employees who use the technology report using free publicly available Gen AI tools.

Almost one in five Gen AI users (17%) think that ‘a great deal’ of

In brief

Check and compare

Whether you are looking for a new job or a pay rise, understanding what typical salaries should be is vital. Hays has developed a salary calculator to show how you compare to the highest, typical, and lowest salaries for a range of positions. All you have to do is enter your job details at

https://tinyurl.com/5xppvwhb

And while you are there you can also download a copy of the Top Jobs 2024 Report, which tells you the roles most in demand this year. The report also outlines the skills you need to excel in your career.

employees in the UK use Gen AI without their employer’s explicit approval, and an additional 45% of users believe that ‘a fair

AI and interview skills

Got an interview coming up? Have you ever thought of using an AI-driven mock interview platform? Using such platforms can help to sharpen your interview skills, says GAAPweb’s Evie Courtier. She said if you struggle with confidence in an interview, online interview tools can be the perfect starting point to help build self-assurance, before training with friends and family. Courtier explained you can use AI to analyse your responses, body language, and even voice modulation. She stressed: “These tools provide constructive feedback to help you feel more at ease in an interview setting.”

amount’ of employees in the UK do this. When asked about the main reasons for this, 40% believe that employees do not see any risks in doing so, while 31% think employees doubt that the company can check anyway.

Lorraine Barnes, Deloitte’s UK Gen AI lead (pictured), said: “UK workers are taking matters into their own hands when it comes to keeping up to speed with the latest Gen AI advances. With employees paying for the privilege of using the latest Gen AI tools off their own back, it’s clear that there is a need for organisations to invest in their own Gen AI solutions.”

Picture perfect

Taking the perfect LinkedIn profile photo is crucial for making a strong first impression –whether you are a graduate starting a new job or an FD! Social marketing experts Viralyft have highlighted some of the best methods to capture the perfect professional photo. And number one is to look the part! They say: “Choose a professional outfit that aligns with your industry standards such as a business suit or smart casual wear. It’s best to stick to solid colours, steering clear of loud patterns and overly bright hues.” So we are talking neutral shades here like navy, grey, black or white. Oh, and they say comb your hair, too!

The PQ Book Club: books you should read

Business Writing with AI for dummies by Sheryl LindsellRoberts, Wiley £22.99

Writing is hard, but writing with AI is easier, says author Sheryl Lindsell-Roberts. And she explains that drafting business content and streamlining your writing process is simple with a bit of help from AI – and her, of course.

This is a book for ‘dummies’, so the reader is given a stepby-step guide to generating the most common written professional documents. She wants you to let AI do the heavy lifting, so you can get down to business.

HAL, the killer AI

supercomputer from ‘2001: A Space Odyssey, gets an early mention. Did you know that HAL came about because director Stanley Kubrick was advised not to use the name IBM. So he shifted one letter back in the alphabet from IBM and got HAL!

Lindsell-Roberts says that if you use AI for nothing else, consider it for proofreading and editing. However, you must proofread the AI’s proofreading, which seems counterintuitive. Here at PQ we still prefer to use a proper professional for that! AI is also there to improve readability, we are told. It can apparently summarise lengthy

documents, making them more concise and easier to read. I may give AI the accounting standards to look at and see what happens.

PQ rating: 4/5 This book is great at explaining how to get the best out of AI. I was thinking of getting AI to review this book and write some news stories for me this month, but how would you feel if we told you everything you read was generated by a computer?

Reviewer: Graham Hambly

Top frauds targeting young people

New data has revealed young people (aged 11 – 29) lost £143.7 million to fraud in 2023, with almost 69,000 cases being reported.

Action fraud has now launched a student safety campaign revealing the top five frauds for students and young people to look out for:

• Investment fraud (£29.5m) – often offered on social media and involving cryptocurrency or schemes that offer high return on investments.

• Fake jobs fraud (£150,000) – looking for payments for fake consultations and personal information, but there is no job there.

• Rental fraud (£4.3m) – targets students looking for accommodation. Make sure you see property first before paying any money.

• Online shopping fraud (£9m) – hard to spot as fake websites have been created and legit ones replicated. They want your personal and financial details to sell on.

Hair loss not zero rated

Baldness in women is not in itself a disability. Who says? Well, the First Tier Tribunal (FTT) in the case of Mark Glenn Ltd v HMRC.

That means the supply of any female hair loss treatments cannot be zerorated for VAT purposes.

The FTT said hair loss in women does not have a long-term and substantial adverse effect on the ability of women to carry out everyday activities. The medical profession also does not treat the condition as a chronic illness.

Mark Glenn Ltd provides its clients with custommade wigs, along with a wig mesh if needed. It treated its supplies for this service as zero-rated for VAT. HMRC disagreed.

To be zero-rated under Group 12, Schedule 8, of VATA 1994, the supply had to be made to a disabled person. The meaning of disabled being: “Any person who is chronically sick or disabled.”

• Ticket fraud (£1m) – targets students with fake tickets for high in-demand events. Students looking for cheap deals on freshers’ events can also be targeted.

If you have been a victim of fraud, contact your bank immediately and report to Action Fraud online at actionfraud.police.uk or by calling 0300 123 2040. In Scotland call Police Scotland on 101.

Deepfake scams hit FTSE bosses

There has been a surge in incidents of deepfake technology impersonating FTSE CEOs, according to a report in The Times. And it claimed many of these highly sophisticated scams often go unreported.

The newspaper said at least five FTSE 100

companies have been victims of these attacks this year. Among the high-profile targets have been Octopus Energy, discoverIE and WPP. However, the actual number of so-called CEO scams is believed to be significantly higher.

Nick Jeffries, CEO at discoverIE told the newspaper his voice had been deepfaked and really sounded like him.

Mobile phones and brain cancer

It’s good news: mobile phones do not cause cancer, according to a study by the World Health Organisation (WHO).

The five-year study found that despite the huge increase in wireless technology over the past 20 years there has been no uplift in the incidence of brain tumour, or any links to other cancers.

Fears grew after an international agency said in 2013 that electromagnetic fields produced by your mobile phone might cause cancer.

Author of the WHO report, Associate Professor Ken Karidis, said: “The evidence from studies on humans does not show that mobile phones or other wireless equipment cause cancer.”

However, there might be other health effects from using mobiles. A Swiss study in 2023 suggested men who frequently used their phones had a lower sperm count.

W E V E G O T T H E L O T

The Killer Su Doku is here

We are giving away the Big Book of Killer Su Doko this month, and have three up for grabs. There are 300 puzzles for you to take on, one puzzle per page. Use your logic and arithmetic skills to crack the grids!

This book will provide hours or entertainment, and don’t worry if you get stuck – the answers are in the back of the book.

To be in with the chance of winning one of these books just send an email headed ‘Killer Su Doku’ to giveaways@pqmagazine.com along with your name and address.

Stay Calm

This month we are giving away three copies of the colouring book Calm. There are 31 relaxing colouring pages to enjoy, all with large print. This is a perfect colouring book for adults of all ages, where nature comes to the fore. There is also one illustration per page, so the ink doesn’t seep through onto another illustration behind – which can be a real bugbear for those who love to relax this way! Email us at giveaways@pqmagazine.com with your name and address and we will put you in the hat to win this prize. Head up your email ‘Stay Calm’.

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 18 October 2024. The main draw will take place on Monday 21 October 2024.