Applying for membership at the Association of Chartered Certified Accountants is not as easy as it sounds. For this reason, people who have undergone the membership process and passed all the exams are certainly well-respected by their colleagues, companies, and even governments. This globally-recognised accounting body is definitely well-known for producing top-notch members who are equipped with all the necessary skills for business and finance. Although membership does not come easy, ACCA is there to provide applicants with all the things they need in order to pass the qualifying exams. Familiarising applicants with the ACCA papers is one of those things.
There are 14 ACCA papers in total, with 9 papers on the Fundamental (F) level and 5 papers on the Professional (P) level. The Fundamental level is divided into two categories: knowledge and skills; while the Professional level is also divided into two: essential and optional modules (where two modules must be taken). Just to give you an idea what you will be facing, the Fundamental (F) ACCA papers will be discussed briefly below:
Fundamental (F) Level ACCA Papers: Knowledge Module.
F1 Accountant in Business (AB): This module discusses an introduction of businesses and their environments. This is then related to the structure of organisations and the role of accounting to its effective management.
F2 Management Accounting (MA): This paper's focus is on basic management information in relation to an organisation's overall handling of planning and decision-making.
F3 Financial Accounting (FA): This module discusses the underlying regulations, principles, and concepts of financial accounting. This will also cover tips on preparing basic financial statements.
Fundamental (F) Level ACCA Papers: Skills Module.
F4 Corporate and Business Law (CL): This module is focused on the relevant skills and knowledge concerning legal framework and legal concepts that are associated with business and finance. This allows the applicant to be equipped with knowledge on providing business-oriented legal advice whenever applicable.
F5 Performance Management (PM): In this module, applicants are taught concepts and principles related to management accounting techniques and how to apply them in the work environment. These are then applied to various organisational processes such as controlling, planning, decision-making, and performance evaluation.
F6 Taxation (TX): This tackles different concepts associated with the tax system, and how they are related to individuals, companies, and enterprises.
F7 Financial Reporting (FR): This aims to teach applicants how to apply their understanding of theoretical accounting frameworks and standards to the preparation and creation of financial statements. Analyzation and interpretation of those financial statements will also be discussed in this module.
F8 Audit and Assurance (AA): This module is all about knowing how to carry out the process of assurance engagement.
F9 Financial Management (FM): This module aims to discuss the relevant skills a financial manager must possess in order to properly run the finance department of a particular company.
Relevant Experience.
Being familiar with the ACCA papers is not the only thing you must remember in preparation for your ACCA qualification. You must not forget that a 3-year work experience is also required in order to fully understand what it means to be a fully-pledged ACCA member. In addition to the ACCA papers, it is worth noting that exemptions may be given provided that you have already met the necessary requirements.
Author Resource:
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