1、changes to the qualification relevant to all acca qualification papers Gareth Owen，ACCA qualifications development manager，explains the planned updates to the ACCA Qualification syllabus taking place in 2011 as part of a process of continuous syllabus improvement. This article summarises the rationa
2、le for the latest qualification developments，indicating which syllabuses are affected and when，outlining specifically which areas are being amended and why. The last major development of the ACCA Qualification was introduced in December 2007. The qualification was brought up to date and restructured
3、 to meet employer，student and learning provider needs at the time and to comply with IFAC International Education Standards and other regulatory requirements. These changes were introduced to increase the relevance of the qualification in the market and take into account the results of an extensive
4、programme of consultation with ACCAs key stakeholders. With effect from June 2011，the ACCA Qualification will undergo further development and updating，rather than any major structural change，ensuring that the qualification continues to evolve and adapt to the latest business and accounting sector ne
5、eds. These latest changes are being introduced to update the syllabus content，to ensure that the ACCA Qualification continues to comply with the appropriate regulatory standards，to improve the articulation between related syllabuses and to reflect the views of our key stakeholders. Summary of change
6、s As mentioned above，there will be no major structural changes to the ACCA Qualification assessment or in respect of rules relating to registration，progression or exemption. Neither will there be any significant changes to the structure of the exams，apart from the Knowledge module papers，which will
7、be structured differently from December 2011. Please also note that a new exam timetable will apply from December 2011. Further details of this will be published later on this year. Most of the ACCA Qualification syllabuses will be affected to a greater or lesser extent. These changes are explained
8、below. fundamental Knowledge module （december 2011） From December 2011，amended syllabuses and a different exam style will be introduced for Papers F1，F2 and F3. A greater variety of longer and short-form questions will be introduced into the assessment，which is currently based entirely on a mix of s
9、hort objective questions of one and two marks. The new format applies to both paper-based and computer-based exams （CBE）.The format will better underpin later exams，particularly Papers F5 and F7. From December 2011，Paper F3 will only have one version offered， based on International Financial Reporti
10、ng Standards，so students will no longer have to designate whether they wish to take INT，UK，SGP etc. The syllabuses have also been re-aligned and brought up to date to take into account the latest occupational standards for the accountancy and finance sector. These new syllabuses will have the exam s
11、tructures shown in Table 1 on page 31 with effect from December 2011，which coincides with the launch of ACCAs new Foundations in Accountancy suite of qualifications which will be communicated to you very shortly. fundamental SKillS module （June 2011） Note：For all financial reporting and auditing pap
12、ers，Irish papers will continue to follow the UK Syllabus and Study Guide，and Hong Kong，Malaysia and Singapore papers will continue to follow the International Syllabus and Study Guide. All papers will continue to have separate examinable documents. acca for 2011 The first paper in the Skills module
13、F4，Corporate Business Law is unaffectedin all countries. Changes are being made to Paper F5，Performance Management and PaperF7，Financial Reporting to re-align these syllabuses with the revised Paper F2 and F3 exams. For example，more decision making is being brought into Paper F5 and regulatory requi
14、rements into Paper F7. A key change is happening to Paper F7 （UK）.The Paper F7 （UK）exams will be based on International Financial Reporting Standards （IFRS）using international terminology with the key differences between UK GAAP and IFRSbecoming examinable. The examinable differences will be indicat
15、ed within the Paper F7 （UK）syllabus guide. Elsewhere in the Skills module，PaperF6 （UK），Taxation has been updated to more effectively underpin the syllabus of Paper P6 （UK），Advanced Taxation. The most significant changes to Paper F6 （UK）are to introduce the basic aspects of inheritance tax （IHT），whic
16、h will be predominantly computational，and the inclusion of overseas transactions for VAT. Paper F6 （IRL），Taxation has also been updated to effectively underpin the syllabus of Paper P6 （IRL）， Advanced Taxation. The main changes are theinclusion of domicile，termination payments，and overseas aspects o
17、f VAT，and the exclusion of retirement relief and favourable holding company relief. Paper F6 （MYS）will reintroduce Real Property Gains Tax （RPGT）in the December 2010/June 2011 syllabus. Other variant tax papers may have minor changes，as is normal from year to year. The Paper F8 （INT）and （UK）syllabus
18、es have been updated to more explicitly include certain examinable content within the Study Guide，including the audit framework，internal audit，planning and risk and audit evidence. These changes will have minimal effect on the style or content of future exams，but does align the Study Guide more expl
19、icitly with the content of the published examinable documents. However，in line with Paper F7 （UK）， International Accounting Standards will be used to underpin Paper F8 （UK）exam papers. Finally the Paper F9，Financial Management syllabus has been amended to include aspects of Islamic finance which are
20、 gaining greater prominence in the financial markets and in mainstream finance. The main addition to the syllabus is a section on Islamic sources of finance，including the Islamic concept of interest and coverage of Islamic financial instruments. profeSSional level SyllabuS changeS （June 2011） The Pa
21、per P1，Professional Accountant syllabus has been amended to explicitly include more areas on business risk as a response to an employer stakeholder survey results done in 2008/2009. These areas include risk assessment and management responses in changes to risk profile，both strategic and operational
22、，including some strategic aspects of financial risk. The changes to Paper F7 （UK） in particular have also had a further impact on Paper P2 （UK），which now also includes more content on the legal requirements relating to the submission and reporting of accounts. As with Paper F7 （UK），Paper P2 （UK） wil
23、l now be based on IFRS with the key differences between UK GAAP and IFRS being examinable. The syllabuses for both Paper P2 （INT）and （UK）have also been re-aligned to contain more on requirements relating to small and medium-sized enterprises （SMEs）and about when accounts must be consolidated and whe
24、n exemptions from consolidation apply. Entity reconstructions have been added to the syllabuses of both papers. However，IFRICs will not be examinable in Paper P2 from June 2011. Certain new regulatory requirements have brought changes to Paper P3，Business Analysis. As a result more management accoun
25、ting has been introduced to this syllabus to provide a more rounded financial context to the business analysis scenarios examinable. Business analysis is a subject where a working knowledge of management accounting and cost issues plays an increasingly important role. The changes will give the exami
26、ner wider scope to set more real world questions，including the assessment of such business financial and quantitative techniques as forecasting，budgeting，cost accounting and decision making within a business analytics context. As these changes will impact the entire paper，the original 2007 Pilot Pap
27、er has been updated for the new syllabus. Some of the content of Paper P4，Advanced Financial Management has been amended and developed to make the syllabus more coherent and to align it more closely with Paper F9，which underpins it. There have been no significant new areas added，but rather there has
28、 been a re-arrangement of the syllabus and a grouping/splitting of items to make the Study Guide clearer. As a consequence of planned changes to Papers F2 and F5 outlined above，Paper P5，Advanced Performance Management requires some re-alignment，to eliminate overlap with Paper F5 and to differentiate
29、 the content of Paper P5 more distinctly from Paper F5. However，the more significant changes to Paper P5 are as a response to feedback received that there was potentially too much overlapbetween Papers P3 and P5，particularly in the areas of strategic，quality and people management. As a consequence s
30、ome strategic management areas have been removed from Paper P5. Quality management is now exclusively assessed in Paper P5 rather than in Paper P3 and some areas concerned with performance management and reward measurement in the People sectionof Paper P3 have been re-allocated to Paper P5. Paper P6
31、 （UK）will have no changes initially. To allow students who have not covered IHT in Paper F6 （UK） time to finish their exam training，Paper P6 （UK）will remain unchanged until June 2013. After this time the more basic elements of IHT which are covered in Paper F6 （UK）will come out of Paper P6 （UK），leav
32、ing only the more complex aspects of IHT in Paper P6 （UK）。 Paper P6 （IRL）will now have retirement relief and favourable holding company relief as new topics at this level，since they are no longer included in Paper F6 （IRL）.In addition，termination payments will no longer be a new topic at this level，
33、since they are now introduced in F6 （IRL）.Paper P6 （MYS）will reintroduce Real Property Gains Tax （RPGT）in the December 2010 syllabus. Other Paper P6 variant papers have no significant changes， although they may have minor changes，as is normal from year to year. Paper P7 （UK）has been amended to inclu
34、de the auditing aspects of insolvency （and similar procedures）。 Certain areas of internal audit have beenadded and re-arranged. Some content relating to practice management， assignments and reporting have been removed. Although Paper P7 （INT does not contain any material on insolvency because this a
35、rea is country specific and legal in nature， all other changes to the Paper P7 （UK） syllabus have been made to the P7 （INT）syllabus，to bring them into line with each other. Table 2 on pages 32 and 33 shows which syllabuses and papers will be affected.how and when will theSe changeS be communicated？
36、The updated ACCA 2011 syllabuses will be made available on the ACCA website at the beginning of July 2010. These amended syllabuses will include appendices which summarise the changes in each syllabus. The new Knowledge module （Papers F1，F2 and F3）Syllabus and Study Guides will be published from Aug
37、ust 2010 and the new pilot questions for the ACCA syllabuses with the most changes，such as Paper P3，will also be available. Pilot questions for the new style longer questions for Section B of the Knowledge module papers will be available from January 2011 in both paper and CBE format. All ACCA publi
38、shers have been given details of all the planned changes to syllabuses so that study texts can be updated accordingly. It is，therefore，important to ensure you choose texts that are dated June 2011 or later for the Skills module and Professional level exams，and December 2011 or later for Knowledge mo
39、dule exams. Finally，a number of articles are planned in Student Accountant over the coming months to update you fully on the changes. Examiner approach articles and interviews on the ACCA website will also be updated accordingly. table 1：new acca qualiification fundamental level SyllabuSeS and eXam
40、StructureS from december 2011 exam Section a Section bPaper F1, Accounting in Business 16 x one-mark short objective test questions and 30 x two-mark short objective test questions 6 x four-mark longer version objectivetest questions, one taken from eachof the six sections of the syllabus Paper F2,
41、Management Accounting 35 x two-mark short objective test questions 3 x 10-mark longer version objectivetest questions one taken from each of the budgeting, standard costing and performance measurement sections of the syllabusPaper F3, Financial Accounting 35 x two-mark short objective test questions
42、 2 x 15 mark longer version objectivetest questions with one questionbased on group accounts and the other on preparation of financial statements (which may include anelement of interpretation of accounts)table 2：new acca qualiification SyllabuSeS and eXam StructureS for 2011 The internal audit area
43、 has been amended. Aspects of practice management， assignments and reporting have been removedacca exam impact when?Paper F1 New style CBE and paper-based exam and syllabus changes December 2011Paper F2 New style CBE and paper-based exam and syllabus changes December 2011Paper F3 New style CBE and p
44、aper-based exam and syllabus changes December 2011Paper F4 (all versions) None June 2011Paper F5 Syllabus changes to align better with Papers F2 and P5 June 2011Paper F6 (UK) Minor syllabus changes to re-align and make more coherent the underpinning of Paper P6 by Paper F6 June 2011Paper F6 (other v
45、ariants) See text detail in Fundamentals level syllabus changes June 2011Paper F7 (INT) To introduce more legal/regulatory information on financial reporting of groups June 2011Paper F7 (UK) Now based on IFRS and including more legal aspects of preparation, submission and reporting of financialaccou
46、nts and to include key differences between UK GAAP and IFRS June 2011Paper F8 (INT) and (UK) To make more explicit areas included in examinable documents within the syllabus and remove some aspects of risk planning June 2011Paper F9 Introduction to Islamic finance added in relation to sources of fin
47、ance, to keep syllabus relevant andup to date June 2011Paper P1 More emphasis on coverage of business risk in rresponse to employer stakeholder survey findings June 2011Paper P2 (INT) More coverage of accounting treatment of SMEs, the circumstances in which consolidated accounts are required or exem
48、ptions and capital reconstructionsJune 2011Paper P2 (UK) Now based on IFRS and including coverage of legal aspects of preparation, submission and reporting of financial accounts in the UK for single and combined entities, including the circumstances when suchaccounts are required and accounting trea
49、tment of SMEs and consolidated accounts to align with Paper P2 (INT) and to include key differences between UK GAAP and IFRS. June 2011Paper P3 Aspects of forecasting, budgeting, cost accounting and decision making, relevant to business analysis introduced, to provide more scope for a financialcontext within exam scenarios. Quality Section and performance aspects of HR management removed to Paper P5 to address overlaps June 2011Paper P4 Re-arrangement of syllabus and better re-alignment with Paper F9. No significant areas added but some removed to provide more coherence June 2011Pape
