Stakeholder Engagement.

Topics: Management accounting, Management information system, Corporate finance Pages: 14 (4200 words) Published: June 5, 2013
RELEVANT TO ACCA QUALIFICATION STUDENTS

Changes to the ACCA Qualification in 2013

Gareth Owen, ACCA qualifications manager, explains the planned updates to the ACCA Qualification syllabuses taking place in 2013 as part of the process of continuous syllabus maintenance and improvement. The article highlights the latest syllabus changes, including any minor structural changes to exams. There are a number of syllabus changes to the ACCA Qualification in 2013. These are mainly minor additions and updates, rather than major structural changes, ensuring that the qualification continues to evolve and adapt to the latest business and accounting sector needs. 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. The key change in 2013 is to the exam structure of the Professional Options papers. This will be described in the relevant Professional Options syllabus changes. (See detailed changes below.) In all cases, please refer to the 2013 Study Guides for full details. The summary of changes is also included at the back of each Study Guide. Terminology changes The IASB has changed the names of the performance statements. ACCA will implement this terminology in 2013 for ACCA Study Guides and exams from Papers F4 to P7. The following table shows the changes: Old term New term Income statement Statement of profit or loss Statement of comprehensive income Statement of profit or loss and other comprehensive income As in the previous version of IAS 1, there is still the option to present performance in either a single statement or in two statements. No other wordings in accounting standards have been changed as these generally referred to items being charged/credited to profit or loss rather than mentioning the term income statement. Please note that terminology changes will not apply to Papers F1, F2 and F3 until 2014 when terminology changes are made to all Foundation level exam papers too. All the detailed changes to the syllabuses are summarised below.

© 2013 ACCA

2 CHANGES TO THE ACCA QUALIFICATION IN 2013 FEBRUARY 2013

DETAILED CHANGES OUTLINED FOR JUNE AND DECEMBER 2013 Knowledge module (Papers F1–F3) The ACCA Knowledge module exams will remain with the current structure of 50 two-mark questions throughout 2013 and in January 2014 and Papers F1 to F3 will operate with the same examinable documents until January 2014. There are no syllabus changes planned for any of the three syllabuses for Paper F1, Accountant in Business, Paper F2, Management Accounting, or Paper F3, Financial Accounting, except for a minor terminology change regarding the IFAC Code of Ethics now known as the IFAC (IESBA) Code of Ethics. Exam questions will, however, still refer to the IFAC Code of Ethics. This only affects Section F of Paper F1, Accountant in Business. For clarity, the term IFAC will still be retained throughout this year. There is no change to examinable documents for these papers. As explained above, the next update to the examinable documents for these papers will be for exams in 2014. There is also a very minor clarification to a study outcome in Paper F2, Management Accounting, as follows: Section and subject area B1 Accounting for material, labour and overheads Syllabus content (c) (iv) Re-apportion service cost centre costs to production cost centres (including the use of the reciprocal method where service cost centres work for each other)

Paper F4, Corporate and Business Law (ENG) and (GLOBAL) No changes. Paper F5, Performance Management The changes made to Paper F5 were mainly an attempt to align more effectively the Papers F2, F5 and P5 syllabuses. There is more focus on management information in Paper P5 but these needed better underpinning support from the Paper F5 syllabus – hence the...
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