17. Accounting and ACCA updates
Think you know something only to learn something new about it?
Whilst it feels like I am married to the ACCA at this point and I thought I knew all there was to know about ACCA; couple week they had some surprises for me and I learned a few new things.
There are a couple changes which kick off from September 2018.
- The professional Level will be renamed = Strategic Professional
- P2 (Corporate Reporting) will be renamed = Strategic Business Reporting (SBR)
- P1 (Governance Risk & Ethics) & P3 (Business Analysis) will merge and renamed = Strategic Business Leader (SBL)
- Other renames are to follow.
The exam changes
There are now a total of 13 instead of 14 exams ACCA students will need to sit, but before you celebrate ACCA was not kind to us in this reduction, if anything they tossed us a grenade.
The main change here is at SBL, they have merged two previously separate subjects into one, and revised the exam to make it based on a case study and kindly given you a 4 hour window to get this right; plus there will be no pre-seen information, i.e. get ready for the monster.
On a brighter note they have kindly decided not to screw us too much on SBR and the paper remains 3 hours 15 minute.
Interestingly enough P2 was tweaked previously as it was said students who failed P2 mainly did so because the gap between it and F7 was large; resulting in ACCA bring some P2 materials down to F7 which I have heard helped; the only way ACCA decided to kick you a little is you will need to brush up on ethics (I know right AGAIN!!!), as the shiny new ethics module actually forms part of P2 so don’t get caught out by this!
ACCA have been ‘inspired’ by CIMA and they
CIMAing ‘seeming’ to borrow from them, CIMA ‘see a’ form of flattery here.
Life after ACCA
- You can enrol on the Oxford Brookes BSc (Hons) in Applied Accounting once you have completed papers F1-F9, I thought up until this week you had to complete all papers first.
- ACCA have a MSc student pathway with the University of London, you need to have completed all papers up to P3 before you can enrol.
- ACCA also have a MBA student pathway with Oxford Brookes University, complete all papers to gain module exemptions.