SA October 2013

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OCTOBER 2013

GLOBAL PRIZEWINNERS ADVICE ON exam TECHNIQUE career DEVELOPMENT preparing for a performance review women in accountancy

CHALLENGES and opportuniTIes



editor’s choice Welcome to the OCTOBER issue of Student Accountant Accountancy has long been considered by some to be a male-orientated profession when it comes to those taking their place in the boardroom. However, an intriguing statistic has revealed that more than half of all new ACCA students are female. Could this be proof that opportunities now exist for women to progress like never before and that the glass ceiling might be about to shatter to make way for more female senior finance professionals? Whatever your gender, one thing that we all have to face at some point is the annual appraisal with the boss. We consider how you can turn a potentially stressful situation into something meaningful and positive… that is, if you plan and prepare for it adequately. Did you know that between 30% and 40% of all positions are filled through networking? Do you actively network? If not, read our piece in Learning

Centre with tips on how to go about it. Our latest exam paper prizewinners also have some valuable tips of their own to share on effective study and exam technique. Be sure to check them out too. This month’s crop of technical articles are relevant to Paper F4 and Papers P1 to P7. Finally, thanks to those of you who recently completed the Student Accountant self-select form to be kept informed of all the latest articles and exam technique videos relevant to the papers you are studying. If you haven’t yet done so, please do it now. Don’t get left behind! Full details are on page 44. If you have any feedback about this issue, please email us at studentaccountant@ accaglobal.com Victoria Morgan Editor, Student Accountant magazine

Published by the Certified Accountants Educational Trust in cooperation with ACCA. The Council of ACCA and the publishers do not guarantee the accuracy of statements made by contributors or advertisers, or accept any responsibility for any statement which they may make in this publication. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without prior written permission of the publishers. © CAET 2013 ISSN 1473‑0979

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WELCOME | CONTENTS

08

24

12

dispatch

features

06 GRAPHICS NEWS 08 PICTURE NEWS 10 NEWS ROUNDUP 12 NEWS in focus

24 june 2013 session global prizewinners 32 accountancy internships 34 women in accountancy 38 how to prepare for a performance review

learning centre 16 PER: ensuring personal effectiveness 18 business networking 20 exam technique 22 member profile

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SA technical article archive

All technical content from Student Accountant is on ACCA’s website ▶ ▶

PRACTICAL EXPERIENCE

38 Student Accountant | OCTOBER 2013

Why not log into your myACCA account to record your experience using the online recording tool My Experience? ▶


JOIN Face ACCA’s bo page ok Fi n d out

h ow stude o J o i n a n t s p l a n t t h e r A CC A heir s t ww tud w. A CC A f a c e b o o k . i e s . com/ .O ffic ial

NEW FEATUR ES!

CONTACTS Martin Turner | President Anthony Harbinson | Deputy President

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Alexandra Chin | Vice President Helen Brand | Chief Executive Editorial Team

technical 41 TECHNICAL RESOURCES Access the technical article archive at: www.accaglobal. com/en/student/ acca-qual-studentjourney/studentaccountant/saarchive.html

Victoria Morgan | Editor Glen Patterson | Deputy Editor 50

Jackie Dollar | Design Manager Jane C Reid | Designer 49 www.accaglobal.com

ACCA CAREE Upload RS your C glo V,

Jamie Ambler | Digital Editor 29 Lincoln’s Inn Fields

acces bal ca and fin reer opportu s d advic nities in acco e untanc on careers y at www .accac and finance areers .com

London WC2A 3EE United Kingdom tel: +44 (0)20 7059 5700 email: email: info@accaglobal.com info@accaglobal.com www.accaglobal.com www.accaglobal.com

resources 47 NOTICEBOARD ESSENTIAL INFORMATION ABOUT ACCA AND YOUR STUDIES ACCA Connect, exam entry, subscriptions, recording your PER, rules and regulations

publishing and Advertising Adam Williams | Publisher Anthony Kay | Production Manager For all advertising-related matters please contact Nick Willmer: tel: +44 (0)20 7902 1673 49

email: nickw@educate-direct.com

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DISPATCH | GRAPHICS NEWS

Trends $32,984m

Apollo Global Management

$28,720m

Oaktree Capital Management

$26,943m

Goldman Sachs Principal Investment Area

$25,200m rank 5

rank 42

rank 13

rank 47

rank 14

rank 120

rank 21

rank 133

US

Qatar

Canada

Australia

Poland

Barbados

rank 7

Hong Kong

rank 9 Japan

rank 24 Malaysia

rank 38 Indonesia

rank 139 Myanmar

Student Accountant | OCTOBer 2013

Fortress Investment Group

$15,228m

Ares Management

$14,513m

Pakistan

Excellent innovation and strong institutional environments are increasingly key drivers of competitiveness for national economies, according to the World Economic Forum’s Global Competitiveness Report 2013–14, which ranks 148 nations.

Singapore

The Blackstone Group

$24,512m

Nigeria

Innovation key to competitiveness

rank 2

Lone Star Funds

M&G Investments

$13,585m

CarVal Investors

$10,922m

Avenue Capital

$10,700m

Shadow banking

Regulators are increasingly worried by the size of the ‘shadow banking’ sector – institutions involved in credit creation but not subject to regulatory oversight. Many of the world’s largest private debt management institutions hold vast funds, according to Private Debt Investor magazine. The rankings here show inflows into some of the biggest funds – all based in the US except for M&G – over the past five years.


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DISPATCH | NEWS IN PICTURES

japan japan Japanese sports fans celebrate after hearing that Tokyo had won the bid to host the 2020 Olympics – it last hosted the Games in 1964 pakistan Tens of thousands were forced to leave their homes after heavy monsoon rains. More than 140 people were killed and roads and bridges were washed away in the Punjab and Sindh provinces

pakistan

china A man rests on a bed in an IKEA branch in Shanghai – a common sight in the Swedish store which is now the largest foreign commercial landowner in China

Student Accountant | OCTOBER 2013

china


UK UK Japanese camera maker Olympus and UK subsidiary Gyrus Group were charged by the UK’s Serious Fraud Office with providing ‘misleading, false or deceptive’ material in accounts for Gyrus Group China China’s State Council has approved the establishment of a pilot free trade zone in Shanghai that will help foster China’s global competitiveness and serve as a new platform for cooperation with other countries

US

china

US Madonna topped the Forbes celebrity rich list with earnings of US$125m, narrowly beating Steven Spielberg UK Vodafone sold its 45% stake in Verizon Wireless to US telecoms group Verizon Communications. The £84bn deal is one of the biggest in corporate history

UK

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DISPATCH | NEWS ROUNDUP

‘TOO BIG TO FAIL’ INITIATIVE GETS RENEWED BACKING FROM G20 Global leaders at September’s G20 meeting in St Petersburg in Russia endorsed the efforts of the Financial Stability Board (FSB) to ensure the major crashes that sparked the financial crisis never happen again. In a report prepared for the summit, Mark Carney, who chairs the FSB and is governor of the Bank of England, said good progress had been made on the FSB’s ambitious ‘too big to fail’ initiative, which he described as essential for a more robust, competitive and fair financial system – but that more needed to be done. The G20 leaders (pictured at the meeting) agreed and renewed their commitment to ‘make any necessary reforms’ to drive through the FSB’s key recommendations, which include undertaking ‘the necessary actions to remove obstacles to cross-border resolution, taking into account country-specific circumstances’. Russian president Vladimir Putin told the summit that a return to economic crisis could not be ruled out, as world leaders had not yet resolved the problem of returning the world economy towards steady and balanced growth. acca elects new president ACCA has announced Martin Turner FCCA as its president for 2013/14. Having qualified with ACCA in 1976 and become an FCCA in 1981, Turner is currently a freelance management consultant, advising the health sector in countries including Iraq, Kazakhstan, Nigeria and Serbia. Prior to that, he was chief executive for the Health Services in Adelaide, Australia, and worked for more than 20 years as a chief executive in the National Health Service in the UK. Commenting on his appointment, Turner said: ‘My focus for my presidential year will be to work with ACCA’s Council and staff to ensure the organisation continues to deliver on its strategic aims in a challenging climate. I will also focus on work that promotes and discusses global standards, looking at governance, ethics, sustainability, corporate reporting and audit.’ Anthony Harbinson FCCA succeeds Turner as deputy

president, while Alexandra Chin FCCA is the new vice president. FAME FOR TWEEDIE Sir David Tweedie has been inducted into American Accounting Association’s ‘Accounting Hall of Fame’. He was presented with his award by Robert Herz, former chairman of the Financial Accounting Standards Board (FASB) and himself a member of the Hall of Fame. The citation recognised Tweedie’s role in developing accounting standards first in the UK and then with the IASB. PwC BOOSTS NUMBERS PwC has appointed 32 new partners across its firms in mainland China (13), Hong Kong (eight), Singapore (six) and Taiwan (five), bringing the total number of partners in the four regions to over 690. Of the new partners 17 are with the assurance practice, eight in tax, and seven in advisory, and 13 are female.

Student Accountant | OCTOBER 2013

End of the ‘classic’ finance career? Nearly 750 CFOs around the world were surveyed for a new report by ACCA and the Institute of Management Accountants (IMA), which suggests that tomorrow’s finance chiefs will need deeper business acumen balanced with core finance understanding gained from a broader finance and business career. Jamie Lyon, ACCA head of corporate sector and author of the Future Pathways to Financial Leadership report, said: ‘We can expect a different premium to be placed on the capabilities that will really matter for future finance leaders. The survey suggests you can’t get away from the need for retaining baseline finance skills, but there are so many more capabilities future CFOs will need to bring to the table too.’ download the report ▶


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DISPATCH | NEWS IN FOCUS

China crisis, what crisis?

We take a look at some of the evidence pointing towards a Chinese slowdown and the effects this could have on the global economy A wide-ranging number of economic indicators from China are pointing towards deflation in the country, as calls from economists and officials seemingly grow ever louder to cut interest rates in order to help boost slowing growth. China’s growth has witnessed an obvious deceleration from its double-digit rate of previous years, but so far it has only been a mild slowdown compared to figures from last year, which suggests that the changes and slowdown in the economy may be under control. Clear economic indicators that the world’s second-largest economy is slowing include the fact that consumer prices rose by 2.7% over recent months compared to 2012 – but much less than the 3.5% upper annual limit targeted by Beijing at the start of 2013. Producer prices have remained in deflationary territory for the 17th consecutive month, falling 2.3% in July compared to a year earlier, the last available figures at the time of writing. A drop of 2.7% was reported in June. Standard Chartered Bank believes that, due to the serial decline, a number of its clients are worried that China is experiencing serious deflation in the corporate sector. The National Bureau of Statistics backs up the bank’s view. It reports that while industrial companies’

net income continues to increase over the previous 12 months, the rate of growth is, without question, slowing down. As a result, concerns have been raised over China’s corporate sector – specifically, whether it is facing a damaging profit squeeze as prices at the factory gate tumble. Other indicative economic data includes a fall in state railway spend and a small contraction in the expenditure on highway construction, while many shipyards have reported a reduction in orders. It could also be argued that the country has lost a competitive

Student Accountant | OCTOBER 2013

edge after letting wage levels rise to head off social tensions and any risk of regime change demands, as seen with the Arab Spring. China’s exports have historically been mainly lowend processing products, but more and more of these cheaper products are being manufactured in neighbouring countries with lower labour costs. The country is now increasingly introducing research and development divisions and other high value-added sectors from developed economies, which is furthering its industrial evolution.


Other indicative economic data includes a fall in state railway spend and a small contraction in the expenditure on highway construction ‘China is within a hair’s breadth of outright deflation,’ believes one prominent analyst, who adds that the country has suffered a deflationary trade shock from Japan’s massive devaluation of the yen and from China’s own semi-fixed link to a rising US dollar. Given the size and importance of China’s export manufacturing sector, any Chinese deflation is likely to have a knock-on effect and spread across the world at a time when growth remains weak and monetary policy in developed economies is already extremely accommodative. If growth continues to decline in the country, developed economies will be increasingly concerned

that their economies will suffer from China’s slowdown. Slowing growth will reduce the prospects for export‑led growth. It would also adversely impact commodity trade with major trade partners. As for emerging economies, China’s weakening demand for commodities has already partly affected their exports of resources. China’s outbound investment is expected to exceed $90bn this year and will soon surpass its annual inbound volume, making it a country with net capital outflow. Much of these outflow investments will land in emerging economies. A bigger worry for these economies would be borne out if the US, as

expected, tapers off its quantitative easing measures, which would alter the direction of global capital flows. The momentum of the country’s economy remains far from certain. Stronger than expected industrial output for August has reinforced hopes that China’s economy is now stabilising after slowing for almost two years. Factory output growth hit a 17-month high and retail sales grew at their fastest pace of the year during the month, increasing confidence that after contracting in nine of the past 10 quarters, the economy may be recovering – but any recovery is set to be bumpy. China’s leaders have made it clear they can accept slower growth as they try to wean the economy off a dependence on investment and exports in favour of domestic consumption. The effects of this policy mean that the impact on the rest of the world remains far from certain.

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DISPATCH | NEWS IN FOCUS

On the right frack

We take a look at the economic impact fracking will have on the global economy and why some countries have banned the practice The US is on track to become a net exporter of natural gas by 2020, a development that will have a profound effect on its balance sheet, the global economy and political relationships. The boom in the nation’s natural gas production is due to the increasingly common but highly controversial practice of hydraulic fracturing, commonly known as fracking, which has allowed companies to reach natural gas deposits previously out of reach in shale and rock formations. Fracking involves pumping water, sand, methane and other chemicals – some toxic – into the rocks at high pressure and drilling long horizontal wells in shale rocks more than a kilometre below the surface. This opens up fissures in the shale, which are held open by the sand, enabling the trapped gas to escape to the surface for collection. Energy companies insist the process is no threat to nearby groundwater, but environmentalists disagree. While US states including Texas are producing vast quantities of shale gas, others such as Vermont don’t allow fracking due to concerns over drinking water contamination. Advocates of fracking argue that exploiting the world’s potentially vast shale gas deposits will help keep energy affordable and cut consumption of dirtier coal.

Sceptics claim fracking is dangerous and polluting. Shale gas production has rocketed in the US during the last 10 years due to technological breakthroughs, prompting other countries including the UK, Australia, China and Poland to step up their fracking activities. Others, such as France – thought to be sitting on Europe’s biggest shale gas deposits – and Bulgaria, are among countries to ban fracking amid environmental concerns. As fracking sites have increased so have controversies. A 2010 film showed people near one US site setting fire to polluted tap water and

Demonstrators walk through a roadside camp at the entrance gate belonging to a site run by Cuadrilla Resources, outside the village of Balcombe in southern England

Student Accountant | OCTOBER 2013

last year a whistleblower claimed fracking in New York could poison the city’s drinking water. This claim has been acknowledged by the US Environmental Protection Agency, but it believes risks will be reduced through improved drilling practices. In addition, fracking company Cuadrilla saw its UK operation put on hold after the process caused tiny earthquakes. The estimates of world shale gas reserves vary. The US expects shale to provide nearly half its natural gas by 2035, while extraction is likely to be much slower in Europe as it is more densely populated.


While US companies have seen energy prices tumble in a decade of shale production, European competitors are paying up to five times more for gas, preventing the continent from climbing out of recession

A US government assessment of 32 countries claimed they had 169 trillion cubic metres of technically recoverable shale gas – around the same as the world’s economically recoverable reserves of conventional natural gas. The survey put the largest reserves in China, the US, Argentina and Mexico. However, estimates keep changing. The official figure for the US was almost halved in early 2012, while Cuadrilla claimed its Blackpool site in the UK has five trillion cubic metres – 10 times more than the US estimate for the whole of the UK. China’s own survey estimated its reserves were almost twice as high as the US figure. The US government expects shale gas to account for 46% of its natural gas extraction by 2035 and, according to BP, shale gas – along with tar sands and other unconventional fuels – will make the Americas largely self-sufficient in energy by 2030. The US has already overtaken Russia as the leading producer

of natural gas, and the country’s fracking revolution is likely to further change the dynamics of world energy and relationships. The US’s shift to energy self‑sufficiency may weaken its strategic interest in the Middle East, North Africa and the Persian Gulf, while Europe remains dependent on oil and gas supplies from these regions. ‘No revolution’ A Deutsche Bank report looking at the potential for shale concluded there would be no ‘shale gas revolution’ in Europe due to factors such as higher population density and stronger environmental regulation. US oil imports have fallen below domestic production for the first time since the 1990s and now represent just 40% of demand. In addition, most imports come from other Western hemisphere producers – the US imports over three times more oil from Canada than Saudi Arabia.

European officials are concerned about the economic impact of the US’s shale revolution. While US companies have seen energy prices tumble in a decade of shale production, European competitors are paying up to five times more for gas, preventing the continent from climbing out of recession and regaining a competitiveness on world markets. Japan’s energy prices are even higher than Europe’s, while China is also feeling the heat as cut-price power makes production cheaper in the US. Conversely, the shale revolution has inadvertently pushed the US into the forefront of the fight against global warming as the switch from coal to cheap natural gas in US electricity production means the country has seen carbon emissions hit their lowest levels since 1994. As a result, it has overtaken most European countries in meeting the goals of the Kyoto protocol, despite never ratifying the climate change agreement.

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LEARNING CENTRE | PRACTICAL EXPERIENCE

Ensuring personal effectiveness The practical experience requirements to become an ACCA member include three Essentials performance objectives relating to personal effectiveness – your ability to manage yourself, communicate with others, and use information and communications technology. This article identifies opportunities to develop your self-management and communication skills MANAGING YOURSELF Your workplace mentor may provide you with guidance as you gain practical experience. However, how you approach and manage your workload, strive for higher standards, and work with other people will determine whether you meet your performance objectives. These factors will also contribute to your development as a professional and to your long-term career success. Although self-management is a performance objective in its own right, it’s also a skill you will employ when meeting most of your other performance objectives. Here are some questions to ask yourself when managing your workload: Prioritising and planning ¤ What are you doing to ensure efficient use of your time and your employer’s resources? ¤ How are you organising your workload in order to gain a clear view of all the tasks you need to complete? ¤ What steps are you taking to build in extra time to handle problems, unexpected additional work, or unavoidable distractions?

As a finance professional, you must be able to perceive how the people you deal with respond to the office environment Quality assurance

¤ How thoroughly do you check

¤ How do you demonstrate this new knowledge at work?

your work before submitting it to your workplace mentor or manager for approval? ¤ When appropriate, how are you demonstrating that you can take the initiative and not always wait for instructions on what to do?

Professionalism ¤ How are you adapting to fit the culture of your team or employer? ¤ What kind of attitude do you think your output indicates?

Development of working relationships ¤ How effective are you at getting the best out of colleagues? ¤ In what ways might you alter your behaviour to improve results? ¤ When working with your manager or with more senior colleagues, what are you doing to encourage guidance and feedback?

Developing your communication skills In most jobs, the majority of your time at work involves dealing with other people. Whether you are working alongside peers, reporting to a line manager, delegating to juniors, collaborating with non-finance colleagues, or liaising with the employees of clients or suppliers, how you interact with them is vital to your personal effectiveness.

Development of skills and knowledge

¤ Without being prompted by your

workplace mentor, are you striving to improve yourself by acting on perceived or casual feedback? ¤ What steps are you taking outside of your daily responsibilities to gain knowledge?

Student Accountant | october DECEMBER2013 2012

THE IMPORTANCE OF BEHAVIOURAL STYLES Although everyone is unique, many people exhibit common characteristics that dictate the way they relate to their surroundings – at home and at work. As a finance


professional, you must be able to perceive how the people you deal with respond to the office environment – including their perception of what is significant or urgent and how they might behave as a result. Improving your understanding of other people’s ‘behavioural styles’ may help you to adjust your own behaviour and therefore get better results from office interactions, leading to the following benefits: ¤ a more positive working relationship with your workplace mentor while you gain practical experience ¤ better feedback from managers or clients ¤ improved promotion and management prospects ¤ added job satisfaction ¤ access to more high-profile work or clients. Adjusting your own style to achieve better results from working with others doesn’t require you to act in a false way. You simply have to stand back and observe, in order to improve your understanding of why people behave in certain ways. Identifying common styles Watch and listen to your colleagues to observe how certain traits and characteristics can determine how they give and receive information: ¤ Do they appear to listen to some people more than others? If so, who and why? ¤ How do they respond to people who are critical, hesitant, emotional, or forceful? ¤ Are they more friendly and cooperative in meetings or on the phone? What factors influence this? ¤ Do they prefer information to be conveyed verbally or do they insist on everything in writing? If this depends on who they are dealing with, who and why? ¤ Do they welcome statistics and facts to support an argument or are they more likely to make instant decisions based on instinct?

You also need to understand your own style, so that you can alter how you behave in order to be more successful when dealing with others. For instance, if you tend to rely on intuition and you are working on a specific project with a colleague who approaches tasks in an objective way, you might find it helpful to support your ideas with facts and figures. Using style awareness Put your heightened awareness of others’ likely behaviours to good use as you accumulate practical experience. Consider the following: ¤ If you wish to observe a colleague in a meeting, how receptive will that colleague be to your suggestion? If it’s the first time your colleague is attending this kind of meeting, it may be better to wait until the second meeting, but how might your colleague’s behaviour influence your decision? ¤ If you are given the opportunity to undertake a job rotation, how is the colleague with whom you are temporarily swapping roles likely to respond to ‘handover’ instructions? Is it better to leave thorough notes and follow up later, or will your colleague be keen for you to take them step by step through your job? ¤ What factors influence your mentor’s disposition? What events or actions of others tend to be most pleasing or annoying? When is he or she likely to be most or least receptive to requests for help? ¤ When communicating facts in writing, is the provision of supporting data likely to be welcomed or might it be regarded as unnecessary? What previous behaviour might the recipient have?

¤ If you are being coached by

someone with whom you are unfamiliar, how might you best communicate that you prefer to work things out for yourself before asking for help, without affecting the coach’s interest and enthusiasm? ¤ When shadowing a colleague, how can you judge whether they are likely to welcome questions while they are working on a particular task, or that you should wait until the end before seeking explanations? The subject of behavioural styles and personal effectiveness is well documented. However, be careful not to become too prescriptive about style awareness – judgment based on your own experience shouldn’t necessarily be invalidated by theories on behavioural style. As with self-management, effective communication is not just a standalone performance objective. It’s a skill you will need to continue developing throughout your career. As you refine your personal effectiveness, you will find that not only does your ability to meet performance objectives improve, but so does your capacity to take on more responsibility, with minimum levels of stress, and with increased energy and drive. You are likely to experience positive benefits outside the workplace too, meaning that you can really enjoy the rewards of your hard work. Improving your personal effectiveness makes you better at managing your job and your life outside of work. Find out more about ACCA’s practical experience requirement ▶

Improving your personal effectiveness makes you better at managing your job and your life outside of work 17


S S E N N E I T S

RKING ? WO

T IS B A H W U

LEARNING CENTRE | BUSINESS NETWORKING

WHY SHOULD YOU CARE? Student Accountant | OCTOBER DECEMBER2013 2012


If you are intending to get a job at the end of your studies, then you need to be aware of the impact that networking may have on that plan. According to studies by CareerXroads (1) and Right Management (2), between 30% and 40% of all positions filled were via networking referrals. If you are not actively networking, then you will greatly limit your range of job options. The world is incredibly noisy right now with many people and organisations competing for your time and attention. We are getting very selective about who and what we give our favourable attention to. When you seek employment you are also trying to get yourself noticed. You will therefore have to compete with the same noise. Here is the thing – you need to get used to the idea that becoming a skilled and enthusiastic promoter of your own skills and services is vital. With so many distracting inputs, modern life can be confusing. We all have natural networks of trusted people. If a trusted person in your network recommends a service, contact or product to you it makes your choices so much easier – you will be more confident of a good outcome. Business networking relies on this approach, gaining favourable attention in order for you to promote your skills and abilities. A good referral by a trusted business contact or colleague can open many doors for you, including some opportunities you might never have thought of. Employing someone who has been recommended makes an employer’s life easier. As an accounting student looking for work, or someone who has recently begun working for an accountancy firm and is looking to progress, business networking represents a fantastic opportunity for you. I recommend that you use available online networks as

much as possible, but this article will focus solely on face-to-face networking. People like dealing with people, so I believe personal face-to‑face networking is always the best way to go. You can network almost anywhere and with almost anyone, so always be ready to network; opportunities often come from sources you would least expect. It does, however, make good sense to go where suitable employers or contacts would go. Regularly attend job fairs, industry conferences, professional institute meetings, workshops and seminars, open days and any other venue with high potential. maximise your chances You already have a natural network of friends, relatives and colleagues. By actively networking further afield you will extend this network of contacts, show motivation and enthusiasm and maximise your chances of success. Your contacts will all have friends, relatives and colleagues too, so when you reach out the message can go a long way. How far your message goes depends on how memorable it is and also how memorable you are. If one of your contacts is asked ‘do you know any accountants looking for work?’, then you definitely want to be the one they remember and mention. Always make a good first impression. Remember that people are not interested in what you can do but rather what you can do for them or the people they know. Show people you are uniquely different in a positive way. Short narratives and stories are more memorable than lists, so use pertinent anecdotes to

relate your experience and skills. Let other people tell you their stories and ask them lots of open questions. Be helpful and refer other people within your network. The world is a wonderful mix of fascinating social cultures and each may have different forms of etiquette for making business contacts and networking. If you are unsure, then first ask someone who knows the local or national customs and you will be sure to make a good first impression. The aim of networking is to make new contacts and friends. You are not there to push yourself on people. Introduce yourselves to each other in the most appropriate way for the location and situation and simply have a conversation. If people are interested in what you can do for them they will ask for more information. If they do ask for more information, or invite you to meet them, make sure you follow up. If you say you will do something, then do it. Approach any networking opportunity with an open mind, a spirit of curiosity, a positive mental attitude and, above all, patience. If you know someone who is particularly good at networking, then ask them to help you out. You will learn a great deal and gain a lot of confidence. Networking is not a theoretical subject so go out and actually do it. Spending time learning to network effectively is an investment that will pay for itself over and over again. Andrew D Pope, communication skills consultant and author of Business Networking for the Bewildered. www.eryrglas.com

References 1 CareerXroads 2013 report, Sources of Hire 2013: Perception is Reality, www.careerxroads.com/news/SourcesOfHire2013.pdf 2 Right Management 2011 study, How Companies Are Hiring Today: A Worldwide Perspective, www.right.com/thought-leadership/research/ how-companies-are-hiring-today-a-world-perspective.pdf

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LEARNING CENTRE | EXAMs

EXAM TECHNIQUE

Heather Gough, ACCA Product Manager and Live Online tutor at Kaplan financial, provides some useful tips Use your reading time wisely You have 15 minutes of reading and planning time. You need to have planned how you will use this time. While you cannot write in the

answer booklet, you can write on the question paper. So you can plan answers, think about structure of answers in a written paper, prioritise which calculations you will do in numerical papers, and so on. Before the exam, use practice and past exams to develop your technique for this reading time. This is so you know what works best for you and how to maximise the use of the reading time in advance of the real thing. Do not rewrite the requirement or provide introduction paragraphs. You will not be awarded any marks, so this is a waste of time. Get straight into your answer and do not waffle. You must allocate your time and stick to it Too often, students do not manage their time correctly and end up spending five minutes on the final question. For three-hour exams you have to be ruthless with time management. Generally, you have 1.8 minutes per mark. Work out your time allocation for each part of a question and stick to it. It is difficult to pass an exam when you have only attempted parts of it. Missing out questions will seriously hinder your chances of success.

Student Accountant | OCTOBER 2013

Watch your writing This is a classic exam tip. It sounds obvious but you would be amazed at the poor quality of writing markers have to read. If the marker cannot read the script, then how can they mark it? To put it simply: think more, write less, and focus on making what you write clear, specific and legible.

‘think more, write less, and focus on making what you write clear, specific and legible’ Move on Once the exam is over, there is nothing you can do – you have to leave your exam emotions in the exam hall along with the paper itself. If the exam hasn’t gone as well as planned, then you have to put it behind you, move on and focus on the next exam. Don’t let a bad exam knock your confidence for the next paper.


overcoming exam anxiety Problem solved: No matter how prepared I am, I get anxious and sick on the morning of an exam – how can I overcome pre-exam nerves? It’s difficult to banish nerves altogether – but they can be managed. Setting off for the exam hall on an empty stomach is unwise – but eat the right foods. Fruit and vegetables can help to reduce stress; high-sugar and fast or processed food may do the opposite, while fatty foods can bring on sluggishness. Aim to get quality sleep the night before – light exercise (even a 30-minute walk) before bed will help. If you are the type of person who gets wound up by other students worrying aloud about what questions are likely to come

up, the answer is simple: avoid them. Getting a good result is more important than mingling with your mates. Allow enough time to get to the exam hall but not so much that you will have to endure everyone else’s agonising predictions before you go in. Take deep breaths to help you relax. Examiners regularly cite poor time management as a major factor contributing to poor marks – so do practise past papers, allocating times to each question, and then stick to your schedule. This will help to create a sense of being in control, alleviating your nerves and allowing you to focus on answering the questions. Plan ahead for tuning out what might go on around you. Spotting fellow candidates coasting or in

despair can be equally dispiriting. If something or someone distracts you, make it your strategy to look down at your own desk and focus on your breathing – this will help you recover your concentration. Write out the techniques you intend to use to calm your nerves, and tell yourself (try speaking aloud) that they will help. Looking at your list if nerves hit just before you go in to the exam hall will help return you to a state of control.

HOW TO USE PAST PAPERS Judicious use of past papers is one of the best ways of preparing for professional exams. The best students swear by them – but those who fail are bewildered at their lack of success. Why?

Condition yourself A common mistake is to avoid making the effort to set up exam conditions – or as near as can be contrived, according to your personal circumstances. Even if you are able to happily focus on textbooks or lecture notes with the noise of family, friends, or passengers around you, there’s no substitute for complete silence when ‘sitting’ past papers. If you can, use a library – and arrive early enough to bag the most quiet and remote spot. Failing that, lock yourself in your room and give firm instructions to your family or housemates not to disturb you unless in an emergency. Give yourself time to read through the questions before you start,

working out how much time you can allocate to each one. And set the same strict time limit for the whole paper, from start to finish, as the original exam allowed – no breaking off to stretch your legs, have a snack, or find a friend to chat to. Would you have the opportunity to do that on exam day? The aim is to create an atmosphere that’s as close to exam conditions as possible – the effect may be at a subconscious level, but it will be there all right.

Beat the cheat It’s hugely tempting, when stumped by a particularly tricky question, to turn to the back of the past paper, locate the answer, and tell yourself that you would have worked it out eventually anyway. This is highly inadvisable, even if you take the time to work backwards from the correct answer in order to understand the

logic of the calculation. The point is to replicate exam conditions – better to soldier on, or, if necessary, abandon it and move on to the next question to acquire easier marks, returning to the tricky question only if you have time. There’s no reason not to repeat past papers – much can be learned this way. It’s easy to think, once you have worked your way through the paper and marked it from the back, that you would get much higher marks at another attempt. You would be amazed. Practise with as many different papers as are available, then go back to the first. You will remember less than you think, and the test will do you good. Where you were given a choice of questions, try the ones you didn’t attempt first time round. Variety will keep your brain sharp and you will be better prepared should the real exam throw up nasty surprises.

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LEARNING CENTRE | journEy to membership

MANPREET SHERGILL Assistant Accountant, Cubic Defence NZ Ltd, Auckland, New Zealand Work experience is integral to ACCA membership and, for Manpreet Shergill, gaining this experience began as soon as she left school in 2002. Having originally planned to attend university in Canada, Manpreet didn’t feel ready to move from Kuwait and instead decided to take ACCA’s Certified Accounting Technician (CAT) qualification at a local training college, gaining work experience as a part-time accounts assistant at IKEA. This led to a full-time job in the accounts team at a cleaning company – and a distance learning degree with an Indian university – before she decided to

move to London to continue her ACCA studies. ‘I completed my Fundamental level exams while – once again – working part-time,’ she explains, ‘but, as my family were missing me, I returned home in 2008 without progressing further.’ After only a year in Kuwait, however, and a more responsible post at the cleaning company, Manpreet moved country again – this time to join her new husband who is a resident of New Zealand. ‘After I arrived, my husband encouraged me to resume my ACCA studies, and so I set a target of sitting one paper every six months, finally passing all my exams in December 2012. As before, I combined work and study although my lack of local experience was a real disadvantage at first. However, advice from a local ACCA member helped me gain a short-term contract job, which led to longer-term contract work and then, eventually, to my current job as assistant accountant at Cubic Defence NZ.’ Manpreet made sure she recorded her work experience as she achieved each objective. The result was that the transition to ACCA membership took only three months. ‘This is something I believe every student should do. If you delay, you may worry

that certain objectives will have to be redone, or that gaining sign-offs from former employers might be difficult, especially if mentors have moved on. It is such as shame if you don’t progress to membership after working so hard to pass the exams.’ For Manpreet, ACCA membership is certainly worth the effort. ‘The sense of accomplishment is fantastic,’ she says, ‘and my new status has already allowed me to diversify into teaching, as I now provide tuition support for Paper P1 students.’ She also hopes to participate in more ACCA events, and is active in the local ACCA Women in Business Interest Group. ‘This is a good networking opportunity,’ she says, ‘and a chance to discuss ways to improve the business world for women.’ Manpreet will begin the CPD requirement of ACCA membership in 2014, but is already working with her manager to continue her professional development and to move into a more senior position within the firm. ‘I am yet to fully appreciate everything ACCA membership has to offer,’ she adds, ‘but I am sure it will deliver many benefits and, if the right opportunity comes along, I am confident that I will achieve much more in my career and personal life.’

‘The sense of accomplishment is fantastic and my new status has already allowed me to diversify into teaching, as I now provide tuition support for Paper P1 students’ Student Accountant | october 2013


how can you study and work?

At ACCA, passing exams and getting the relevant training are equally important. But it’s up to you how you achieve the ACCA Qualification. It’s really flexible. You decide how and when you study and receive your training.

Find out more at accaglobal.com The global body for professional accountants

+44 (0)141 582 2000 info@accaglobal.com 23


FEATURES | GLOBAL PRIZEWINNERS

B O L G

w e z i r p

The latest prizewinners and medal winners their advice on effective exam Student Accountant | DECEMBER OCTOBER 2013 2012


BAL

winners

winners from the June 2013 exams give us m preparation and technique 25


FEATURES | GLOBAL PRIZEWINNERS Gold medal winner, 407 marks

Silver medal winner, 393 marks

Bronze medal winner, 387 marks

Roshenka Madanayake, Sri Lanka

Anitha Sudarsanam, Singapore

William Thompson, UK

My exam preparation tips include employing effective time management, revising the entire syllabus and practising past exam questions. If nothing else, practise as many past exam questions as you can. They are a lifesaver as they provide some insight into what’s to come.

To succeed in the exams, it is crucial that you are well prepared by covering the entire syllabus and working through past exam papers. It is also important that you read through ACCA’s exam resources, the examiner’s reports and technical articles, especially when preparing for Professional level papers. It is vital that you answer the entire paper, all questions and all parts of the questions. Time management is very important and if you get into difficulties with a particular part, you should move on. For questions that require carrying forward answer figures from previous question parts, I suggest you make an assumption for the figure and indicate it to the examiner. This will be very helpful since you can answer the next part and will be rewarded for the steps in that part, provided they are correct.

My advice would be to make full use of tutors during your studies and build up your revision gradually towards the exam. During the exam, good time management is key to maximising marks.

‘If nothing else, PRACTISE AS MANY PAST EXAM QUESTIONS AS YOU CAN’

‘make full use of tutors DURING YOUR STUDIES AND BUILD UP YOUR REVISION GRADUALLY TOWARDS THE EXAM’

WINNER L A D S ME Student Accountant | OCTOBER DECEMBER2013 2012


Paper F4, joint winners, 93 marks Anton Ulyakin, Russia

Try to enjoy the subject as you learn. This is often easier said than done, but it is effective. Linking your studies to real-life work experience helps a lot too. My tips on succeeding in Paper F4 are to: ¤ learn keywords, definitions and key phrases by heart. This will, in turn, help you to manage your time effectively in the exam ¤ know all the topics – of course, the extent of your knowledge may vary depending on the time you spent on each topic ¤ learn to write quickly as this is crucial for Paper F4, but make sure your writing is legible.

‘Write in a concise manner and to the point. I try to prepare for all syllabus areas, rather than undertake selective studying’ Sharoze Ali, Pakistan

Zhenyi Zhao, China

Each paper must be approached seriously – you must place sufficient attention on your studies. For Paper F4, especially, an in-depth understanding of each sentence is important.

Read the question requirement carefully and try not to deviate from it. Write in a concise manner and to the point. I try to prepare for all syllabus areas, rather than undertake selective studying. As with all papers, time management is crucial.

‘Each paper must be approached seriously – you must place sufficient attention on your studies’

Practise as many questions and past exam papers as possible. I found that this helped in my preparation and the type of questions to expect. Paper F5 has a range of subject areas and I found it useful to write cue

cards for each subject area covering the main points. While going through past exam questions I made a note of any questions that I got wrong so that I could go back and attempt them again.

Paper F5, 99 marks Rebecca Whyman, UK

‘PAPER F5 HAS A RANGE OF SUBJECT AREAS AND I FOUND IT USEFUL TO WRITE CUE CARDS FOR EACH SUBJECT AREA COVERING THE MAIN POINTS’

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FEATURES | GLOBAL PRIZEWINNERS Paper F6, 99 marks Ying Zheng, Singapore

‘When working through exercises, make sure you really do them by hand, not just in your head’ There are no shortcuts. Studying my textbook and exercise book thoroughly was the only way to pass. When working through exercises, make sure you really do them by hand, not just

in your head. Thinking is different from actually writing things down. The latter helps you identify what you haven’t grasped and where you need to refocus your studies.

I think that you need to back up your general knowledge with good exam technique. You need to have an approach that not only works for you, but one that you know will also convey your points clearly and score you marks. If there are tables or formats for presentation, learn them by heart. For Paper F7, I learnt the

formats for consolidations and cash flows and practised these a lot until I knew the process for each without taking too much time to think about it. For written questions, I split everything into small paragraphs and sentences. I think that it helps to highlight the point you are making and score marks.

Paper F7, 97 marks Jennifer Smith, UK

‘If there are tables or formats for presentation, learn them by heart’ Paper F8, 94 marks Catherine Coleman, UK

Question practice is really important in general, but this is especially true with Paper F8. There are a few key

areas to grasp such as how audit risk differs from business risk and the different types of audit report but, once you understand these, the questions seem a little bit easier. Much of the paper also revolves around writing audit procedures and a single 10-mark question on the subject can appear daunting. My tuition provider’s revision course provided some good advice on how to break down this type of question. First, look for a couple of generic tests such as recasting the relevant ledger or re-performing a control account reconciliation, then

Student Accountant | OCTOBER 2013

a few analytical procedures such as a proof in total or some ratio analysis, and then finally some substantive procedures that prove each assertion. You need to be specific in your procedures to gain the marks.

‘Question practice is really important in general, but this is especially true with Paper F8’


Paper F9, 94 marks Muhammad Husnain Kakar, Pakistan The key to passing Paper F9 is understanding the underlying concept

and then applying it to the exam question with an open mind and taking into account the implications for each piece of information given.

‘The key to passing Paper F9 is understanding the underlying concept and then applying it to the exam question with an open mind’ Paper P1, joint winners, 84 marks Andreas Kyprianou, Cyprus

Olayinka Oseni, Nigeria

I always attempt at least three exam questions every week. In the final month in the run-up to the exam I always time myself under exam conditions. I never study the day before the exam – usually, I will visit my favourite restaurant and treat myself to my favourite meal. I use the first 15 minutes of the exam to read all questions and answers on the exam paper and make bullet points for all questions. Very importantly, I use the classroom time to obtain as much knowledge and information as possible. Finally, I always make a plan of how to study effectively and how to pass the exam. In addition to sitting past exam papers, I also studied my instructor’s model answers and I focused much of my time on understanding exam question requirements.

Attempt as many questions as possible and try to cover the entire syllabus. I solved all the questions in my exam kit at least three times to make sure I had a sound grasp of the different concepts and principles. I also tried as much as possible to cover most of the topics in the Study Guide. Additionally, I set up a study plan at the beginning of my studies to help me stay focused and keep on track.

‘I solved all the questions in my exam kit at least three times to make sure I had a sound grasp of the different concepts’

Paper P2, 88 marks Virginia De Gersigny, UK

‘Study a little each day, right from the beginning. I tend to set aside an hour each morning before work’ Study a little each day, right from the beginning. I tend to set aside an hour each morning before work. Also, do plenty of practice questions. For Paper P2, I think you need to make sure you understand the basics before you start trying to add in the complex bits and use the proformas that your tuition providers suggest for Question 1, otherwise you may end up being completely confused and lose your way in the exam.

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FEATURES | GLOBAL PRIZEWINNERS Paper P4, 89 marks

Alayna Cloake, Trinidad & Tobago

Anitha Sudarsanam, Singapore

Read the entire textbook and practise as many questions as possible.

Also the silver medal winner.

Paper P5, 91 marks Paper P7, 90 marks Stephen Jackson, UK

My tip would be to simply answer the question set. That may sound obvious but I honestly believe that most people who sit exams have the knowledge to pass but, in the exam hall, they panic and identify only a few keywords in the question before simply ‘knowledge dumping’ at the expense of reading the actual question requirement. I would recommend: ¤ taking a deep breath and realising that everyone is feeling nervous but that you have studied and are as prepared as anyone in the exam hall ¤ reading the scenario and making sure you understand the situation, dates, group structures and key events. In Paper P5, especially, most

of the marks are for application to the scenario. This is an absolute gift! If you carefully read the scenario with the requirement in mind, then your memory will be prompted and you will identify clues in the scenario that you can use when answering ¤ identifying in the question the exact requirements, making note of the word ‘and’ – for example, ‘identify and explain’. This will help you when you look at the available marks as you will have a clear idea of how many points you need to achieve ¤ managing your time. It is simple – 1.8 minutes per mark in a three‑hour exam like Paper P5. Be tough on yourself. If you are running out of time, then very briefly and concisely put down your points before moving on ¤ using headers and leaving big spaces. It took me until Paper P2 to work this out and I credit an article in Student Accountant for helping me to realise this. If you are making clearly identifiable separate points you are putting the onus on the marker to deny you the marks. The markers are on your side and want to give you the marks, so make it easy for them. Give them a paper that looks nice and is easy to mark ▶

Student Accountant | OCTOBER 2013

Paper P3, 93 marks

Stephen Jackson (CONT)

¤ forgetting introductions to answers and essay-style answers. Don’t bullet point either but do just make concise, separate points ¤ learning enough about all syllabus areas and then practising past papers. This taught me how the examiners think, what they are looking for, question style, time management, etc. You will also find that you learn while you look at the answers to the past questions ¤ spending the day before the exam cramming. Get those acronyms learnt the day before, read articles, learn the exact structure of the more complex models.

Paper P6, 91 marks David Oliver, UK

Attempt all questions in the question bank that your tuition provider provides you with. Also, attempting past papers will also alert you to the style of questions and how they are worded. Some people try to question spot and focus on parts of the syllabus that they believe will be examined. However, I strongly disagree with this. Instead, I believe you should study the entire syllabus. Doing all of the practice papers and other questions available to you is a great way of ensuring you have covered all the syllabus and have a good all‑round knowledge of everything that could come up.



FEATURES | Internships

ACCOUNTANCY INTERNSHIPS

ACCA student Diarmuid Dennehy kick-started his career with an internship at London-based Silver Levene, an independent accountancy practice and top 60 UK firm. Now fully employed by the firm, WE caught up with Diarmuid to find out more Diarmuid Dennehy was a university student when he decided to accept the offer of an internship with accountancy practice Silver Levene. ‘Before my internship I didn’t know much about the accountancy profession,’ he admits. ‘I remember a friend asking whether I wanted to intern in practice or industry and realising that I didn’t know the difference. But I was anxious to gain some relevant experience to complement my degree, and felt that an internship was a way to start my career early, and something to differentiate me from other candidates when it came to job hunting.’ Between 2008 and 2010, Diarmuid completed three internships with Silver Levene. The first two, in a department focused on the firm’s barrister clients, were completed during university holidays while the third – an eight-month internship (completed during the third year of Diarmuid’s four‑year degree course) – took place in the audit department. As a result, Diarmuid gained wide-ranging experience and a variety of skills: ‘During the first two internships I mainly prepared accounts and tax returns for barrister clients, working with a tax manager but also answerable to two partners. It was

‘Communication skills are crucial both for the individual and for the firm they work for’ a very steep learning curve at the beginning, but by the end of the first internship I was being allocated my own tasks with the result that I was asked back to help with the January filing deadline. As this coincided with another holiday I jumped at the chance.’ During the longer audit internship, Diarmuid worked his

Student Accountant | OCTOBER 2013

way up from preparing basic limited company accounts to accompanying audit seniors on audit assignments, reporting back to both the seniors and audit partners who, according to Diarmuid, spent much of their time ‘instilling their good habits in me’, and not just accountancy skills: ‘I was also given some soft skills training, which taught me how to conduct myself around colleagues and clients, and to remember to maintain the good image of the firm at all times.’ Diarmuid’s internship experience was structured, an approach he found very positive: ‘During each internship I was encouraged to become part of a department, rather than being moved around; this meant I was treated more like a junior than an intern and allowed me to gain hands‑on experience of specific skills very early on,’ he explains. ‘During my audit internship I also had the chance to experience client contact, as I was spending time on client premises, and was also involved in discussions concerning various audit issues. This was invaluable experience; at school and university the focus is mainly on technical knowledge and, although this is essential, I soon realised that it is only one of the tools an accountant needs. Communication skills are crucial both for the individual and for


the firm they work for; these skills are difficult to gain just through training, but are quickly developed while in the workplace. Team work is another skill set I began to learn, and one I would like to build on in the future.’ For Diarmuid, however, the biggest benefit of his internship is that it led to his first ‘proper’ job. ‘I’m now a full-time part-qualified audit semi-senior with Silver Levene,’ he explains. ‘This is a direct result of having successfully completed my internships, and I was even offered the position before I finished my degree course. This meant I could enjoy my final year at university and focus on coursework and exams without the stress of job applications.’ Diarmuid can also recognise the benefits an intern can represent for the employer: ‘The internship helped me develop both professionally and personally, which certainly eased the transition from university into full-time work, and the fact that I’m now employed at the same firm must show that it was a positive experience all round. In addition, employers are always looking for suitable candidates to hire and an internship can be a subtle recruitment process in this respect.’ Diarmuid became an ACCA student when joining Silver Levene, and now studies part-time with Kaplan. His degree in law and accounting at the University of Limerick earned him exemptions from Papers F1 to F6, and the ‘generous study package’ from Silver Levene has helped him meet the challenge of studying while working. In terms of work experience, Diarmuid’s internship has also contributed towards his practical experience requirement (PER), further accelerating his progress towards ACCA membership, a goal he has set for spring 2014. ACCA recognises internship experience if the tasks completed are suitably

‘The internship helped me develop both professionally and personally, which certainly eased the transition from university into full-time work’ challenging and are monitored (and for more information on this, take a look at the experience section of the ACCA website). This was certainly the case for Diarmuid: ‘I was closely monitored at the beginning of all my internships and given more responsibility as I grew into my relevant roles, with the result that the skills and behaviours I gained are still very relevant to the tasks I perform today. In addition, I received mentoring and guidance from ACCA members at the firm to help me develop further.’ Transferable skills For Diarmuid, interning has proved to be a highly positive experience and one he would strongly recommend: ‘As an intern you soon find out that the world of work really can be “dynamic” and “changing” – just as the textbooks say – which means that you have to be prepared for any eventuality, as the fortunes of a business can change overnight. But it’s a great way of finding out more about what could be your future career,’ he adds, ‘and even if you don’t plan to stay in accountancy forever, many of the skills you learn are transferable to other career paths.’ He also advises interns to make the most of any internship opportunity in order to maximise the benefit. ‘If you gain an internship, make sure you take time to step back and think about the experience you’re gaining, and understand what you can learn,’ he says. ‘Be like a sponge and absorb everything around you. Also, make time to talk to others more experienced than you – making a connection and

listening to their advice can help pre‑empt future problems and give you valuable insights.’ For Diarmuid, an internship is a chance to ‘invest in yourself and learn’, adding: ‘Even as an intern you will find yourself facing challenges or difficult moments, and learning how to overcome these is great preparation for your future life.’ As a result, Diarmuid’s experience has confirmed his ambition to become an ACCA member: ‘My first internship really showed me what I didn’t know, technically, which was a real motivator for me at the beginning, but as I continued I began to realise the importance of other, softer skills, and this was a valuable lesson in itself. But developing this wider skill set as an intern really encouraged me and made me realise that there was no reason why, in time, I couldn’t become an ACCA member myself.’

have you completed an internship? how was it for you? tell us your story ▶

33


FEATURES | LEADERSHIP

Women in Accountancy Student Accountant | october DECEMBER2013 2012


do opportunities exist for women in the workplace to succeed like never before? Are we heading in the right direction when it comes to women’s representation at senior levels? According to Estelle James, director of financial recruitment consultancy Robert Half UK, we may be heading in the right direction in the financial and accountancy profession, but there is still a long road ahead. ‘While women have made huge advancements in what was once a very male-dominated accountancy and finance profession, and now comprise more than half of all new ACCA students, the gender divide still exists in reaching the top financial leadership, non-executive or even chief executive roles,’ she says. By way of illustration, James refers to Robert Half’s FTSE100 CEO Tracker, which documents the background and career path of the leaders of the UK’s largest companies. It found that while 52% of all FTSE100 CEOs hail from a finance background, only three of the FTSE leaders were female. So what is stopping women going further and how can they maximise their chances of attaining these senior finance positions? While merit, hard work and ability obviously count, perhaps inevitably it is also a case of who you know. Ask the recruitment specialists and networking is a vital, necessary and ongoing part of the job. Lisa Haynes, manager of the public practice division at Alexander Fleming, says: ‘The “old

boy’s network” can put women off the profession or instantly put them at a disadvantage because they don’t have immediate access to that network. Especially when considering the social side of things. Networking events will typically be in the evenings and women may have children to take care of, although men probably have that challenge these days as well. Plus, these events are often geared more to male interests, such as football or cricket matches. But women shouldn’t see this as a barrier and should strive to get involved in these events, even if they are perceived as more male orientated.’ Building your own network Haynes goes further in suggesting that female accountants looking to get on should even consider building their own networks (see box). This could involve establishing a LinkedIn profile or joining a professional women’s networking group. ‘This is definitely something that I don’t think women do enough of,’ says Haynes. ‘But because, historically, the accountancy profession has been so maledominated, women need to set up their own networks to make sure they’re on an equal footing.’ Sandra Hill, operating director with recruitment specialist Page Personnel Finance, takes the view that the challenges faced by women accountants in relation to the recruitment process are no different

challenges faced by women accountants in relation to the recruitment process are no different to those faced by both male and females in any industry 35


FEATURES | LEADERSHIP

Encouraging more women leaders A recent report commissioned by ACCA and the Commonwealth Business Council (CBC) recommended six simple policy and strategic measures that could improve the progress of women in leadership across the Commonwealth. These are: ¤ Create a database of women who are board-ready or have board potential – this would hold details of women in all regions of the Commonwealth, across a wide range of sectors and backgrounds to make sure ‘all bases are covered’ and to provide ample recruitment and sponsorship opportunities. ¤ Support sponsoring initiatives – consistent levels of quality would be created in the sponsoring process, while sharing best practice across different regions. This could also help Commonwealth countries share their ideas and experiences with each other around this issue, with the help of organisations such as ACCA and the Commonwealth Businesswomen (CBW). ¤ Build a research monitor across the Commonwealth – greater transparency comparing all Commonwealth countries’ boards – how they are composed and the recruitment process – would provide the means of

benchmarking the impact on business performance. ¤ Raise career aspirations – career development needs to be ingrained in education from the beginning at primary level, and continued through to university. This, combined with higher visibility of female role models, will give women someone to aspire to. ¤ Create a media strategy – which demonstrates the impact of women in senior leadership positions, to enable stakeholders to make informed choices by working with business organisations, business schools and other bodies. ¤ Share best practice across the Commonwealth – one of the CBW’s priorities is to focus on women on boards, develop and strengthen support networks. The Commonwealth’s unique experience, footprint and voice, covering diverse countries and economies, takes the discussions further than just about women on boards in a narrow number of countries and gives it the ability to identify and share varieties of innovation and best practice.

Download a copy of Paving the Way to Opportunities: Women in Leadership Across the Commonwealth ▶

Carol Nicholls

managing partner of KPMG in Barbados ‘Many of the traditional networks are still very much male networks. The demographics may be changing as gender diversity is being achieved in the top management positions. However, in the interim, the male bonding that takes place at the golf club and in the bars is not conducive to the integration of females who either devote time to family or find such activities a bit coarse. ‘This is, of course, no excuse for women not to forge ahead with their own networks. There is the opportunity to capitalise on the swing in the gender balance of top management to form cohesive networks with female leaders. This in no way suggests that there should be rivalry between the sexes. Instead, as females, we can familiarise ourselves with each other’s credentials and capabilities and make the introductions to both our male and female colleagues.’

Student Accountant | OCTOBER 2013

Vintoria Bernard president of the Institute of Chartered Accountants of Jamaica (ICAJ) and managing partner of VB Chartered Accountants ‘In my opinion the greatest challenge that women face in the finance profession is achieving a work/ life balance. This profession is a demanding one, often requiring very long hours. As mothers and wives, women are very challenged in taking care of young children and husbands while climbing the corporate ladder. Those who make it to the top of the ladder are those who have very supportive husbands and trustworthy care for their children. ‘Many women simply opt out of the game to rear their children, re-entering the corporate world only when the children are grown up – by which time they may have unfortunately lost their competitive edge.’


‘To get a job as an accountant, the criteria is a qualification from a recognised professional body such as ACCA, as well as relevant work experience’

Tips for women

Sheryl Sandberg, COO of Facebook Plot your career path It is important for women to have a vision of where they want to take their career, including the steps required to be successful. As Sheryl Sandberg, COO of Facebook, discusses in her book Lean In, women often plan their careers around having a family, even before one exists, and may potentially fail to put themselves forward for opportunities that become available. Find a mentor Most successful leaders, male and female, have had great mentors throughout their careers, helping them make business decisions and pointing them in the right direction. Work hard Fortunately, women are generally hard workers, accustomed to juggling multiple priorities and effectively completing tasks. If unable to work overtime, think of ways that you can work smarter, becoming a more effective and productive worker during the hours you are at the office.

Be open to learning It is important for all accountants to keep their technical skills sharp through ongoing professional development, but don’t forget training for some of the softer skills like communication and interpersonal skills. There are also a number of excellent books specifically aimed at women in business. Communicate Often, women will keep quiet about the challenges they face in the office, whether they are feeling unfairly treated or challenged in managing workloads. If you are uncomfortable speaking with your line manager, consider speaking with human resources or with another trusted colleague. Don’t forget to blow your own trumpet Whether on your CV, within departmental meetings or one‑on‑one with their manager, women should ensure they use these opportunities to put their best foot forward and enjoy the limelight from time to time.

Source: Estelle James, director, Robert Half UK

to those faced by both male and females in any industry. ‘To get a job as an accountant, the criteria is a qualification from a recognised professional body such as ACCA, as well as relevant work experience,’ says Hill. ‘As such, from any market entry perspective, the challenges are not gender related but a reflection of general market conditions.’ One thing is generally agreed on though, and that is that women have unique qualities that they can bring to the accountancy profession. ‘Women are generally very pragmatic and excellent problem solvers, looking at various angles of a business scenario before making a decision,’ says James. ‘They also tend to be good listeners, which can be a particularly beneficial skill for senior management and supervisory roles in the finance industry.’ Haynes concurs: ‘The successful accountant today is expected to have everything; so, as well as having good technical skills, they’re expected to have good relationship building and networking skills,’ she says. ‘Without wishing to appear sexist, women can often be perceived to be more empathetic and intuitive with keener developed soft skills and a greater ability to read situations and people than a man would. ‘Ultimately, women have the skills to make them perfect all-round accountants,’ concludes Haynes.

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FEATURES | CAREERS ADVICE

How to prepare for a performance review Your annual appraisal needn’t be nerve-wracking – if you plan and prepare well in advance, says Iwona Tokc-Wilde Student Student Accountant Accountant | OCTOBER | DECEMBER 2013 2012


Some people suffer countless sleepless nights at the prospect of an official, on‑the‑record, one-to-one meeting with their line manager to discuss their job performance. Yet they can easily turn this potentially stressful situation into a positive, meaningful, two‑way discussion. ‘Your appraisal should be an empowering and motivational experience,’ says Barbara O’Neill, senior business partner in people and skills at Grant Thornton UK LLP. ‘It’s your opportunity to discuss your aspirations and opportunities, but you must make sure that you take 100% responsibility for getting the most out of it.’ Before your appraisal Taking responsibility for your appraisal means that you need to plan and prepare, but don’t make the mistake of leaving it until the last minute. ‘Keep a record of what you’ve achieved throughout the year,’ recommends Nicholas Kirk, senior managing director at Page Personnel Finance. ‘Save any examples, such as emails of recognition or relating to projects you have worked on, which clearly illustrate the value you’ve delivered to the business.’ This is one of the easiest ways to demonstrate your accomplishments and to make your manager aware of the positive feedback you have been receiving from clients, colleagues or other managers. Also, take note of anything else you do that creates a positive impact on your team or the company as a whole – write down specific actions you have taken and the results you have achieved or helped to achieve.

Does your original job description still accurately reflect your current role and what you do for the company? It is likely that you have been set goals or objectives previously, either at your last appraisal or, if you have been with the company less than a year, soon after you started the job. ‘Refer to these throughout the year to stay on track,’ says Kirk. Periodically, jot down where you are in terms of accomplishing them. ‘If you’re still working towards achieving some of them, be prepared to discuss any difficulties you may be encountering,’ says Phil Sheridan, managing director of Robert Half UK. Sometimes your responsibilities will change throughout the year. Does your original job description still accurately reflect your current role and what you do for the company? ‘Many accountancy professionals assumed additional responsibilities during the recent recession, so your duties might have changed or expanded since your last evaluation,’ says Sheridan. Highlight any such changes as these usually mean that you have either achieved more than what was initially required, or that you have not met some of the objectives first set. Self assessment Every company and organisation follows a unique performance review procedure. ‘Familiarise yourself with any appraisal activities, forms and timelines,’ says O’Neill. Many employers now require you to complete a self-evaluation form prior to the appraisal meeting to help

you assess your past objectives and record your successes and obstacles. ‘Self assessments are popular now that more companies are implementing performance management systems,’ says Sheridan. ‘The good thing about them is that you’ll know in advance what areas of your performance are likely to be discussed.’ Other than the review of performance, the main goal of the appraisal is to give you an opportunity to discuss your training, your professional development and your career aspirations. ‘Be clear on how you want to develop over the next 12 months,’ says Kirk. Think of your short- and long‑term goals. ‘In the short term, perhaps you feel you need to learn new software so you can perform your job better,’ says Sheridan. In the longer term, perhaps you are aiming for a promotion? ‘If so, communicate this to your manager and make sure you understand what you need to do to achieve this,’ advises Kirk. In some organisations, you may be asked to propose your new objectives for the year ahead when completing the self-assessment form, to be discussed at the actual appraisal meeting. If you find this difficult, there are some techniques to help you. ‘A great one that we advocate is called “fast forward”: start with the end in mind and imagine yourself in a year’s time,’ says O’Neill. ‘Now think what you will need to do to get there.’

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FEATURES | CAREERS ADVICE

During your appraisal Even if you are not strictly required to come up with your own personal development goals, don’t expect your manager to simply hand these to you on a plate. The appraisal is a two-way dialogue and you are expected to contribute your own ideas. ‘This is the time to express how eager you are to learn and develop,’ says Tim Godson, training partner at accountancy firm Duncan & Toplis. ‘Suggest at least three goals that you would like to accomplish in the coming year and what help you will need to achieve them.’ If you prepare well, there should be no surprises at the appraisal itself. ‘The conversation should focus on a comprehensive review of your performance and a look ahead to the business goals for the next year,’ says O’Neill. ‘You and your line manager should also agree development objectives and establish a personal development plan – make sure you challenge and probe, just as your line manager will. It’s a collaborative process.’ A word of caution, though – steer clear of trying to discuss any salary issues. ‘Many employers address bonuses in a separate meeting,’ says Sheridan. Tricky reviews And what if you have not met some of the objectives previously set? ‘Be honest with yourself about why this is,’ says Kirk. Try to assess your performance critically, taking the perspective of an outsider looking in. Make a list of the areas that need improvement and prepare your suggestions for an action plan to go with each area. If, for

example, you have not met an objective because your industry knowledge needs improving, your action point may be to attend a local industry conference or business networking events. Knowing where you need to improve before walking into your performance review can also make it easier to take negative feedback from the reviewer. If, however, what is said comes as a shock, don’t argue, make excuses or blame others – this will make you look unprofessional. Take responsibility for your actions and, if you need to explain yourself, keep it factual. Listen and absorb any suggestions on offer, and ask questions

to gain clarity. ‘Constructive feedback can be difficult to accept but it can often lead to a good motivational experience,’ says Godson. Whether or not what you hear in your performance review comes as a surprise, in future consider asking your line manager to meet up and review your performance more often than annually. ‘It’s perfectly fine to ask for occasional status updates throughout the year to make sure you’re on the right track,’ says Sheridan. ‘Managers typically view performance reviews as a way to help team members succeed, not a chance to criticise.’

‘Constructive feedback can be difficult to accept but it can often lead to a good motivational experience’

preparation questions When preparing for your appraisal meeting, ask yourself some challenging questions, recommends Barbara O’Neill, senior business partner in people and skills at Grant Thornton UK LLP: ¤ What were the highlights of the year for you? ¤ What have been the biggest challenges? And what have you learned as a result? ¤ What have you learnt in the year and how have you applied this learning? ¤ What is the most useful feedback you have had in the last year? ¤ What is most important to you about your work? ¤ What is stopping you from achieving more? ¤ What actions will you take to develop your skills and experience in the next year? ¤ What can you do to stretch yourself even further?

Student Accountant | OCTOBER 2013


TECHNICAL 42 technical articles • Business rescue proceedings Relevant to ACCA Qualification Paper F4 (ZAF) • ACCA embeds integrated reporting Relevant to ACCA Qualification Papers P1–P7 • Impairment of financial assets Relevant to ACCA Qualification Paper P2 • International project appraisal – part 2 Relevant to ACCA Qualification Paper P4 • Reporting on audited financial statements – significant changes proposed Relevant to ACCA Qualification Paper P7

ACCESS THE TECHNICAL ARTICLE ARCHIVE ▶

Access videos to help support your studies in Papers F4, F5, F7, F8, F9, P1, P2, P3, P4, P5, P6 and P7. Cannot use YouTube? If so, you can access these videos here

Paper F4

Paper F5_5

Paper F9_1

Paper P4

Paper F5_1

Paper F5_6

Paper F9_2

Paper P5

Paper F5_2

Paper F7

Paper P1

Paper P6

Paper F5_3

Paper F8_1

Paper P2

Paper P7

Paper F5_4

Paper F8_2

Paper P3

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TECHNICAL | LISTINGS

Business rescue proceedings
 Relevant to ACCA Qualification Paper F4 (ZAF) The business rescue provisions are some of the most important new provisions brought about by South Africa’s Companies Act (CA) 2008 applying to companies and close corporations. This article provides a brief overview of the meaning of business rescue, the legal consequences of business rescue proceedings and the role of the business rescue practitioner.

access the article here

ACCA embeds integrated reporting

Section B question worth 25 marks. This follow-up piece looks at how to methodically approach an international project appraisal question that may arise in Section A, worth 50 marks.

access THE ARTICLE here

Reporting on audited financial statements – significant changes proposed Relevant to ACCA Qualification Paper P7

Gareth Owen, ACCA qualifications development manager, outlines how the ACCA Qualification embraces the underlying principles of integrated reporting (IR). IR is a different way of presenting information about the business to its stakeholders and, as such, is a new and exciting development in financial reporting.

The International Auditing and Assurance Standards Board (IAASB) plans to make significant changes to how the auditor communicates audit-related matters to shareholders and other users of audited financial statements. This article summarises the main issues of the Invitation to Comment and the requirements of the Exposure Draft issued by the IAASB in June 2012 and July 2013 respectively. The IAASB proposals are considered relevant to Paper P7 (INT) and all adapted papers due to their general significance as a current issue for auditors worldwide.

access the article here

access the article here

Relevant to ACCA Qualification Papers P1–P7

Impairment of financial assets Relevant to ACCA Qualification Paper P2 This article considers the International Accounting Standards Board’s proposals of new regulations for the impairment of financial assets. This is a current issue that is examinable in Paper P2.

access the article here

International project appraisal – part 2 Relevant to ACCA Qualification Paper P4 The first part of two articles underlined the importance of international project appraisal within the Paper P4 syllabus with a demonstration as to how to tackle a Student Accountant | OCTOBER 2013

IMPORTANT INFORMATION ABOUT TECHNICAL ARTICLES The purpose of a technical article published in Student Accountant is to do one of the following: ¤ Elaborate on a technical area in which students perform badly in the exam ¤ Give extra information about areas that are newer to the syllabus, which may therefore have less coverage than more traditional areas ¤ Provide guidance on a specific topic They do not give an indication of what might or might not be in an exam in the future. All technical articles are reviewed by ACCA annually. If they are on the ACCA website, then they are relevant, regardless of who wrote them or when they were written.

Access the technical article archive


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TECHNICAL | RESOURCES LISTINGS

Do you want to receive personalised resources from Student Accountant? Tell us what you are studying now and we will send you personalised ezines and updates relevant to the papers that you’re working on. The all-new version of Student Accountant also comes in mobile and desktop-friendly versions and you will be able to customise your editions by region, your career aspirations, and your media preferences. COMPLETE OUR CUSTOMISE YOUR EDITION PAGE NOW

ALSO, don’t forget to take advantage of these other valuable resources: ACCA’s Competency Framework ▶ Student planner app for Android and iPhone ▶ Tuition providers directory ▶ Exam technique videos Student Accountant | OCTOBER DECEMBER AUGUST 2013 2013 2012


EXAMINER FEEDBACK Reports from examiners on the overall performance of candidates in June 2013

FOUNDATION LEVEL PAPERS Paper FA1

▶ ▶

Paper MA1 Paper FA2

▶ ▶

Paper MA2 Paper FAB

Paper FMA Paper FFA

Paper FAU

Paper FFM

Paper FTX

ACCA qualification PAPERS Paper F1

Paper F5

Paper F9

Paper P4

Paper F2

Paper F6

Paper P1

Paper P5

Paper F3

Paper F7

Paper P2

Paper P6

Paper F4

Paper F8

Paper P3

Paper P7

EXAMINERs’ ANALYSIS INTERVIEWS The examiners’ analysis interviews available to view on ACCA’s website look at student performance in the June 2011, December 2011, June 2012 and December 2012 exam sessions, highlighting where students are performing well, where they are performing less well, and how they can improve their performance. These interviews are an invaluable resource for you in your revision. The content of each interview has been prepared by working closely

with the examiner, although the voices you hear are those of actors playing the roles of an interviewer and the examiner in discussion. The voiceovers accompany a visual presentation which you can watch while you listen to the exam advice. Visit the online resources for the papers you are studying on ACCA’s website to access the new examiners’ analysis interviews.

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A DEGREE of confidence ‘Gaining the degree shows employers that you have the key graduate skills of self-reflection and communication.’ Affan Ali

Gain a BSc Degree in Applied Accounting from Oxford Brookes University while studying for your ACCA Qualification, and get two qualifications without doubling your workload.

For more information visit www.accaglobal.com


RESOURCES all you need to know From exam entry to recording practical experience, the following pages contain essential information for your journey to membership

48 staying connected

ACCA Connect: contact us 24/7

48 fees

Exam fees and ways to pay

49 RULES AND REGULATIONS

Information about ACCA’s Rulebook

49 MY EXPERIENCE

Your online tool for recording practical experience

49 EXAM exemptions

Could you be eligible to claim exemptions?

49 EXAM ENTRY

Find out about our flexible exam entry process, and how you could save money

50 OXFORD BROOKEs UNIVERSITY bsc (hons)

Information about the BSc (Hons) in Applied Accounting from Oxford Brookes University

50 Keep on track with ACCA’s student app

Student Planner app is updated to include push notifications

51 DECEMBER 2013 exam SESSION

Exam dates for the December 2013 session

APPROVED LEARNING PARTNERS

Search for a tuition provider using ACCA’s Tuition Provider Directory

47


RESOURCES

acca connect

FEES Annual subscription – 2013 Please note, as a student, you are required to pay an annual subscription for each year you are registered with ACCA. The payment enables ACCA to provide you with services and support to assist you with your studies and training as you work towards gaining your qualification. Students who fail to pay fees when due (including exam/exemption fees) will have their names removed from the ACCA register.

students@accaglobal.com +44 (0)141 582 2000

For all enquiries, contact ACCA Connect – our global customer service centre. However you want to contact us – by phone or email – one of our expert advisers will be happy to assist you.

stay connected ACCA Connect is available 24 hours a day, seven days a week, 365 days a year providing global support at times convenient to you. You can also access your myACCA account and the ACCA website for answers to many queries.

Contact details ACCA Connect tel: +44 (0)141 582 2000 email: students@accaglobal.com myACCA: https://portal.accaglobal.com Student Accountant | OCTOBER 2013

The following fees and subscriptions apply: Initial registration £79 Re-registration *£79 Annual subscription £79 *plus unpaid fee(s)

Exam fees for DECEMBER 2013 (per exam) FOUNDATION LEVEL EXAMS Papers FA1, MA1, FA2 and MA2 Standard (8 October 2013) Late (8 November 2013)

£50 £201

Papers FAB, FMA, FFA, FTX, FAU and FFM Standard Late

£73 £224

FUNDAMENTAL LEVEL SKILLS MODULE EXAMS Papers F4, F5, F6, F7, F8 and F9 Standard £92 Late £242 Professional level exams Papers P1, P2 and P3 (and any two from Papers P4, P5, P6 and P7) Standard £106 Late £259


Rules and Regulations

EXAM EXEMPTIONS

ACCA’s disciplinary procedures cover matters such as professional misconduct, misconduct in exams and breaches of regulations which include any actions likely to bring discredit to you, ACCA, or the accountancy profession.

If you already have some qualifications, you may not have to take all of the exams in the ACCA Qualification or Foundation level. These are called exemptions and mean that you will start your studies at the right level

READ THE ACCA RULEBOOK online

Practical experience

SHOULD I CLAIM? ▶

My Experience is ACCA’s tool for recording your practical experience. Its launch followed a consultation with trainees globally, the aim of which was to improve the process of recording practical experience and, therefore, make the journey to membership easier. FIND OUT MORE

Computer-based exams

HOW DO I CLAIM? ▶

Computer-based exams (CBEs) are available for the first seven of the Foundation level exams – Papers FA1, MA1, FA2, MA2, FAB, FMA and FFA (but not the specialist papers) – as well as for the Knowledge module exams (Papers F1, F2 and F3) of the ACCA Qualification. Sitting CBEs provides the following benefits: ¤ Flexibility – You are not restricted to June and December paper-based exam sessions as you can sit CBEs at any time of year. CBEs also offer flexibility for re-sits, which you can take at any time. There is no restriction on the number of times you can resit the exams by CBE. ¤ Instant results – Your result is displayed on the computer screen at the end of the exam. ¤ Results – Your results are uploaded by the licensed centre and will be transferred to your ACCA account within 72 hours. FIND OUT MORE

EXAM ENTRY information ACCA’s exam entry process offers you flexibility and can save you money. You can: ¤ submit an exam entry at any time of the year ¤ enter for one of the next two exam sessions ¤ make amendments to existing exam entries up until the standard entry closing date – including changing exam centre, variant papers or entering for exams

FIND OUT MORE

▶ 51


RESOURCES

oxford brookes bsc (hons)

Eligibility The degree must be completed within 10 years of your initial registration on to ACCA’s professional qualification, otherwise your eligibility will be withdrawn.

Check your eligibility STATUS ▶ Professional Ethics module In order to qualify for the BSc (Hons) in Applied Accounting, all students must first complete the nine Fundamental exams as well as the online Professional Ethics module. The Professional Ethics module is accessed via myACCA, but you

will only be given access to the module once you are eligible to sit Paper P1. The module does not need to be completed in one go, and you may therefore find yourself re-visiting the module as it takes approximately two to three hours in total to complete. Once you have fully completed it, you are required to write a completion statement, and a certificate will subsequently be sent to you. By completing this module, you will be gaining a better understanding of ethical issues in accounting, while giving you a chance to reflect on your own behaviours.

ACCESS myACCA ▶

KEEPING YOU INFORMED

myACCA

The quickest way for us to send you important information such as changes to exam entry and exam results is by e-communication (such as email or text message) but we need you to give us your permission – it’s the law.

UPDATE YOUR DETAILS AND COMMUNICATION METHOD ▶ Student Accountant | OCTOBER 2013

KEEP ON TRACK WITH acca’s STUDENT APP

ACCA is constantly making changes to its Student Planner app to keep it fresh and to ensure that it remains a useful tool for all ACCA students. The latest features recently added include push notifications (or alerts) and contacts. The push notifications function will enable ACCA to highlight important messages that are relevant to your studies. In order for us to be able to do this, you will have to enable this function on the app and then enter your country and the qualification you are studying. You can now also contact ACCA Connect through the app. You can email any query you may have or, if you prefer, you can phone ACCA Connect directly or phone your local ACCA office as these numbers have now been included. If you haven’t yet downloaded the app, what are you waiting for?

DOWNLOAD THE IPHONE APP ▶ DOWNLOAD THE ANDROID APP ▶


DECEMBER 2013 exam session The following dates have been confirmed for the next exam session

exams will take place over an eight-day period with one session of exams each day

Friday 6 December F1 Accountant in Business P6 Advanced Taxation F9 Financial Management Monday 9 December F4 Corporate and Business Law P3 Business Analysis Tuesday 10 December F3 Financial Accounting P2 Corporate Reporting Wednesday 11 December F2 Management Accounting P1 Governance, Risk and Ethics FOUNDATION LEVEL Monday 2 December FTX Foundations in Taxation

DECEMBER 2013 Week 1 2 to 6 December Week 2 9 to 11 December Exams will take place over an eightday period with one session of exams each day. The exams will be held concurrently in five different time zones. The base starting times in each of these time zones will be: ¤ Zone 1 (Caribbean) – 08.00hrs ¤ Zone 2 (UK) – 10.00hrs ¤ Zone 3 (Pakistan and South Asia) – 14.00hrs ¤ Zone 4 (Asia Pacific) – 15.00hrs ¤ Zone 5 (Australasia) – 17.00hrs. Local starting times will be set falling out from these base start times for every centre. Details of local start times can be found against each centre on the Examination Centre List

accompanying your Examination Entry Form. Papers F1 to F3 are two‑hour exams, and Papers F4 to F9 and P1 to P7 are three‑hour exams. ACCA QUALIFICATION Monday 2 December F5 Performance Management P7 Advanced Audit and Assurance Tuesday 3 December F6 Taxation P4 Advanced Financial Management

Tuesday 3 December MA2 Managing Costs and Finances FFM Foundations in Financial Management Wednesday 4 December FA2 Maintaining Financial Records Thursday 5 December MA1 Management Information Friday 6 December FAB Accountant in Business Monday 9 December FAU Foundations in Audit

Wednesday 4 December F7 Financial Reporting

Tuesday 10 December FFA Financial Accounting

Thursday 5 December F8 Audit and Assurance P5 Advanced Performance Management

Wednesday 11 December FA1 Recording Financial Transactions FMA Management Accounting

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