Strategic Approach in Tackling ACCA Examinations By: Ms. Alice IP BEcon, MBus, CPA (Aust.), CPA College of Business and Finance HKUSPACE 16 March 2013

2 ACCA  Association of Chartered Certified Accountants 特许公认会计师公会  An internationally recognised qualification  It is not only a qualification for accountants

3 ACCA Qualification 专业资格 To qualify as an ACCA member:  Pass 14 examinations (up to 9 papers are eligible for exemptions)  3 years relevant work experience  Pass the Professional Ethics module

4 ACCA Examinations  The ACCA exams are divided into two levels: Fundamentals Professional

5 ACCA Examinations - Fundamentals Divided into two modules with nine papers in total: Knowledge module papers (F1-F3): Cover the main areas of financial and management accounting  F1 Accountant in Business  F2 Management Accounting  F3 Financial Accounting Can attempt the papers within each module in any order

6 ACCA Examinations - Fundamentals Skill module papers (F4-F9) Cover the main technical areas that accountants are expected to know:  F4 Corporate and business law*  F5 Performance management  F6 Taxation*  F7 Financial reporting  F8 Audit and assurance  F9 Financial management *with China variant paper

7 ACCA Examinations - Professional  Explore more advanced professional skills, techniques and values that are required at a senior level by accountants working in an advisory or consultancy role  Divided into two parts with five papers in total: Essentials  P1Governance, Risk and Ethics  P2Corporate Reporting  P3Business Analysis Options ( choose any two papers )  P4Advanced Financial Management  P5Advanced Performance Management  P6Advanced Taxation *  P7Advanced Audit and Assurance * With China variant papers

8 ACCA Examination  Twice a year – June and December diets  Maximum 4 examinations for each diet  Can attempt the papers within each module in any order Format of examinations:  Computer-based examinations (CBS) - available throughout the year  paper based exam – June & December

9 Examination format Knowledge module papers (F1-F3) Duration: two hours No. of questions:50 multiple choice questions, all compulsory (out of 100 marks)  Available in computer based exam (CBE) or paper based exam

10 Examination format Skills module papers (F4-F9) Duration: Three hours No. of questions:4 to 10 compulsory questions Professional level (P1 – P7) Duration: Three hours 2 sections: Section A – compulsory questions Section B – choice of 2 from 3 questions

11 Exam tips –Preparation stage  Familiar with syllabus and structure  Use the latest material, study guide  Throughout understanding of concepts  Prepare revision notes  Target setting  Extensive practice of past exam papers  Read examiners reports, marking scheme  Exam paper analysis  Examinable documents  Examiner’s approach interviews  Tuition support

12 Exam tips -During Examination:  Read questions carefully  Answer the easiest question first  Plan your answers in logical order and write clearly and neatly  Computation questions – show all workings, calculations  Analyse and evaluate the question carefully, identify issue(s), apply concept  Avoid bullet points in essay / discursive questions  don’t repeat the question or reproduce it  Relate case information to the question, recall relevant accounting /auditing standard(s)/ case laws/ regulations and use them to develop your answer  Attempt ALL questions  Good time management – don’t overrun one question

Examination Approach – P7 5 compulsory questions:  Question 1 (25 marks) – Preparation of group financial statements  Question 2 (25 marks) – Reporting of non-group financial statements  Question 3 (25 marks) – Appraisal of an entity’s performance/ cash flow statements  Questions 4 & 5 (15 & 10 marks) – Remainder of syllabus 13

Read Technical article from examiner 14

Extract from F7 – Dec 2012 exam paper  4 (a) Two of the qualitative characteristics of information contained in the HKICPA’s Conceptual Framework for Financial Reporting are understandability and comparability.  Required:  Explain the meaning and purpose of the above characteristics in the context of financial reporting and discuss the role of consistency within the characteristic of comparability in relation to changes in accounting policy.  (6 marks) 15

P7 - Common Mistakes for Students  Did not answer Q4 and Q5 -Run out of Time -Not cover the syllabus well  No workings to support the answer  Poor handwriting  Do not write on margin  Fundamental weakness on Paper F3  Did not practise the past exams well 16

Passing Rate over years  Low Passing Rate in June diet  Improving passing rate…….. 17

18 Passing rates - Fundamental Papers

Passing Rates – Professional Papers 19

Past Exam Trend 20

21 ACCA Exams Assistance  Online resources include:  examiners' approach articles  examiners' approach interviews  Student Accountant technical articles  guidance on examinable documents  syllabus and study guides  examiners' analysis interviews  Examinable documents  examiners' reports  past papers

ACCA website How to pass exam: exams.html Study tips: exams/Study-tips.htmlhttp:// exams.html exams/Study-tips.html  22

Exam dates 23

24 Approved Learning Partner (ALP)  Tuition programme recongised by ACCA  HKUSPACE – Gold Approved Learning Partner  Offer ACCA Professional Examination Preparatory courses since 1992  Over 30 students received Top Achiever Awards in ACCA Professional Examinations  HK Top Achievers Award – Jun 2012 diet, F3 Financial Accounting

25 HKUSPACE as Approved Learning Partner (ALP)  Intensive tutorials  Assist you to pass examinations  Practical  Overview of all topics  Examination orientated  Highlight exam techniques  Analyse past exam trends  Important topics

ACCA Thank you Q& A sessions 26