London College of Accountancy

education
L C A
A wide variety of professional and academic
courses designed to be enhance your
employability.
Competitive fees and fexible payment options.
Exceptional teaching staff that will help you
achieve the internationally recognised ACCA
qualifcation.
For more information visit: www.londoncollege.org
or contact us at:

19 Charterhouse Street, +44 ( 0) 20 7400 6789
London, EC1N 6RA. UK. info@londoncollege.org
Version 1 - SA.indd 1 23/03/2011 15:08
EDITORS
CHOICE
Welcome to the latest issue of Student Accountant.
In this issue we include feedback from the recent Examination Review
Board meeting which outlines how students did in the June 2011 exams.
We also feature a focus on jobs in banking and how to develop your role
to achieve the practical experience requirement for membership in the
banking environment.
New technical content includes important articles on IFRS 9, Financial
Instruments relevant to students planning on studying for Paper P2 in
December, how to account for partnerships relevant to Foundations
in Accountancy Paper FA2, and an article on audit sampling relevant
to students planning on taking Paper F8 and Foundations in Accountancy
Paper FAU in December.
Were always keen to have your stories in the magazine. Were
particularly on the lookout for your ideas on how to get the practical
experience requirement for ACCA membership and your job-hunting
tips too. Also, if you have a story to share about any charity work you do
outside of your studies, or information about any study groups you take
part in, please let us know. Email your contact details to
studentaccountant@accaglobal.com and well be in touch.
I hope you enjoy this issue. If you have any feedback
about the magazine please email us at studentaccountant@
accaglobal.com.
Victoria Morgan
Editor, Student Accountant magazine

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10 COUNTRY PROFILE Ireland
12 TALKING TECHNOLOGY Brave new world
14 PER SUPPORT Online links
DOWNLOAD ARTICLE PDFS
Wherever you see the download icon , click on it
to download a PDF le of the article which can be
read ofine and printed off to help you with your studies
BALANCING ACT
How do you manage the work/study balance? Let us
know your top tips and you could be in a forthcoming SA
feature. Email us at studentaccountant@accaglobal.com
16 YOUNG AND AMBITIOUS
Mohammed Taleb Al-Busaidi, Oman
18 WHERE ARE THEY NOW? Robin Wales, UK
06 GRAPHIC NEWS E7 set to overtake G7 earlier than
expected, saving the planet slips down the agenda, and tax
challenges for multinationals
08 NEWS ROUNDUP Global nance and accounting news
LEARNING CENTRE
DISPATCH
DO DO YOU
TAKE PART IN
ANY CHARITABLE
ACTIVITIES?
EMAIL US WITH
YOUR DETAILS AND
STORY AND YOU
COULD BE FEATURED
IN STUDENT ACCOUNTANT
20 BANKING ON A JOB
Everything you need to know about working in the
fast-paced banking sector, including what job not
to get if you want to gain ACCA membership.
Beth Holmes reports
22 EXAM REVIEW BOARD: JUNE 2011
Read feedback from Platinum Approved
Learning Providers, ACCA staff, and
students about the June 2011 exams
24 STUDENT ACCOUNTANT
FEATURE ARCHIVE
We highlight important articles
from recent issues of
Student Accountant
FEATURES
Welcome to ISSUE 16/2011 of STUDENT ACCOUNTANT
6 DISPATCH
ARE TAX AUDITS ON
THE RISE?
CAN THE PUBLICS VIEW
BE DETRIMENTAL?
HAS THE COST OF
COMPLIANCE INCREASED?
AMERICAS
YES= NO=
AMERICAS AMERICAS EUROPE EUROPE EUROPE ASIA ASIA ASIA
YES= NO= YES= NO=
TAX CHALLENGES FOR
MULTINATIONALS
The majority of multinational corporations in the US,
Europe and Asia say that they have experienced a marked
rise in tax audits and the cost of compliance, according to the
2011 Tax and Global Survey.
However, when asked if public exposure to tax planning could be
detrimental to a companys reputation, responses varied across the
three regions.
SAVING PLANET SLIPS
DOWN AGENDA
A desire to save the planet motivates just 36% of
businesses globally to move to more ethical practices,
according to Grant Thorntons 2011 International
Business Report, down from 40% in 2008.
Instead, 56% of respondents cited cost
management, brand building and staff recruitment
and retention as the top drivers for corporate social
responsibility activity.
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E7 SET TO OVERTAKE G7
EARLIER THAN PROJECTED
The combined domestic banking assets of China,
India, Brazil, Russia, Mexico, Indonesia and Turkey
(E7) will exceed those in the G7 sooner than predicted
before the financial crisis, according to PwCs Banking
in 2050 report. The G7 comprises the US, Japan,
Germany, the UK, France, Italy and Canada.
2023 2033 2036 2039 2045 2048
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2658_acca_ule_sa_advert_aug11.indd 1 29/07/2011 09:26
WHAT DOES SUCCESS MEAN TO YOU?
ACCA recently posed this question, and now you can view a new
video in which individuals provide answers ranging from the
imaginative and fun to the inspiring. Feel free to share it with
anyone you know who is considering their future career options
by clicking on Menu above and then Share.
N
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R
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8 DISPATCH
01 FAMILY FIRMS UNAWARE
A third of UK family businesses
are unaware of their capital gains
tax and inheritance tax exposures,
while two-thirds of proprietors
are unaware of any international
taxes their heirs may incur, a
study by PwC has found. The
survey interviewed executives
in 100 UK small family firms,
as part of a sample of 1,600
small and medium-sized firms
internationally. PwCs Family
Business Survey, Kin in the Game,
concluded that UK firms were less
prepared than their counterparts
in many other countries.
02 TAX AGENTS
TO REGISTER
Tax agents could be required
to register by 2015, under
proposals published by HM
Revenue & Customs (HMRC).
Self-serve is a favoured option,
under which agents would enrol
online, enabling them to provide
information for clients more
efficiently. At present, agents
must comply with the same
security checks as individual
taxpayers. Registration would
also enable agents to provide
more information online. HMRCs
consultation paper also considers
how to improve relationships with
tax agents.
03 AUSTRALIA
FEELS CONTRACTION
Australias economy was hit by
its heaviest contraction for 20
years in the first three months
of 2011, according to data,
shrinking 1.2% on-quarter after
bad weather rocked mining and
farms. Gross domestic product
(GDP) saw its largest quarterly
fall since the March quarter of
1991 when the nation was last
in the grip of recession as the
weather hammered key mining
exports. However, the figures,
which also showed a 1% increase
in growth from a year earlier, beat
market forecasts of a 1.4% fall in
the quarter and on-year growth
of 0.7%.
04 AIRLINE EYES
BUDGET MARKET
Singapore Airlines (SIA), one
of the worlds most profitable
premium airlines, surprised
the industry by announcing
plans to tap into the regions
growing appetite for budget
air tickets on medium- to
long-haul destinations. The
sector is currently dominated
by neighbouring Malaysias
AirAsia X, which was launched
four years ago and flies to 14
cities including London, Paris
and Tokyo. SIA said it aims to
launch its wholly owned but
independently managed low-cost
operation within one year using
wide-body aircraft.
05 HELP FOR AUTO
PARTS INDUSTRY
Japans government-owned bank
is planning to set up a 50 billion
yen (US$617m) fund to support
auto parts makers hit by the
11 March quake and tsunami.
The Development Bank of Japan
will ask major commercial banks
for investment, a bank official
said. Under the plan, the bank
will offer the investment to the
Japan Auto Parts Industries
Association, which will then
provide cash for its member firms
as well as their subcontractors.
06 ACCA TO LAUNCH
OFFICIAL CAREERS PORTAL
ACCA is launching a new online
careers and recruitment resource
for jobseekers and employers.
Scheduled to be launched globally
at the end of August, ACCA
Careers will feature thousands
of jobs, with dedicated sites for
mainland China and Hong Kong,
Ireland, Malaysia, Singapore
and the UK. It will provide
members and students with
career management information,
accountancy jobs news, and a CV
posting service. If you would like
us to keep you up to date with
information about ACCA Careers
visit www.accacareers.com and fill
in your email address.
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2789_acca_learn_online_sa_advert.indd 1 29/07/2011 08:40
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2658_acca_dl_sa_advert_aug11.indd 1 29/07/2011 08:47

12 LEARNING CENTRE
TALKING TECHNOLOGY
BRAVE NEW WORLD
WAVE GOODBYE TO THE PC OF THE PAST AND
SAY HELLO TO THE PC OF THE FUTURE ITS ALL IN
THE CLOUD
Although many changes that have taken
place in the information technology
industry since the personal computer
(PC) hit the road to ubiquity in the
1970s (if you want to know when the
first PC was introduced visit www.
blinkenlights.com/pc.shtml), the device
hasnt actually changed all that much.
Its still essentially a box of bits and
bytes that you use to store software
applications and the associated data.
Even the cloud computing model has
only tinkered with this winning formula;
but the recent arrival of Chromebooks
heralds the sort of massive change that
the IT industry likes to call disruptive.
They are bare bones notebooks
that have been built and optimised for
access to the internet, but unlike their
predecessors (in the shape of various
notebooks and laptops) Chromebooks
will not actually work unless they are
connected to the internet. They use the
Chrome operating system (developed
by Google) to provide always-on
access to cloud-based software and
services (via the Chrome browser), so
no applications or applications data
are stored on the device, instead, this
is hosted online by Google.
In many other ways, Chromebooks
are like lots of other notebooks,
with the first models (from Acer and
Samsung) delivering most of what you
would usually expect. Theyve got a
full-sized keyboard and sizeable display
(11.6 inches on the Acer and 12.1
inches on the Samsung), regular SD
card slots, USB ports for devices such
as cameras (and mobile storage), plus
speakers, and headphone jacks and
as they
boot up in seconds
Skyping can be as easy as making a
call on your mobile phone.
But Chromebooks take the cloud
computing model and run with it to its
logical conclusion. The cloud already
makes software and services accessible
to individuals and organisations that
would otherwise be unable to afford
them, by providing pay-as-you-go
for Software as a Service (SaaS),
Infrastructure as a Service (IaaS) and
even access online processing power
using Platform as a Service (PaaS).
Now, you can do all of this (and more)
from a device that is also being offered
as a service.
Consumers can buy Chromebooks
through retail channels, while
business users pay Google a monthly
subscription, and although they are
no cheaper than lots of other much
more fully-featured notebooks, they do
offer some things their predecessors
do not. As well as automating and
centralising software updates, having
built in security (such as encryption
protection for browsing history and
other local data), the subscription
covers a replacement Chromebook
after three years (or before, if a device
fails) which could all add up to a
very significant development for many
businesses (and other organisations).
Not because of this first generation
of Chromebooks, but because the
virtualised desktop (or very thin
client) delivery model they introduce
has the potential to reduce the cost
of running fleets of desktop and
laptop machines, by centralising and
simplifying their admin whether this
is done inside the organisation by the
business itself, or outside it and by a
third party service provider, which may
or may not be Google. Others are bound
to follow. Meanwhile, Chromebooks look
suspiciously like the next generation of
personal computers.
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2658_acca_study_materials_sa_advert_aug11.indd 1 29/07/2011 09:28
OTHER RESOURCES
TRAINEE SUPPORT SHEETS
Setting and meeting
performance objectives
Getting practical experience
Ensuring personal effectiveness
How to find a mentor.
The support sheets provide guidance on
what you need to do to help you achieve
your practical experience.

FOCUS ON
PERFORMANCE OBJECTIVES
Why not use the time youre waiting for
results to plan how you are going to get
your PER?
PERFORMANCE OBJECTIVES BOOKLET
The performance objectives booklet
contains detailed information to help
workplace mentors guide trainees on
each performance objective they have to
achieve, and understand the values and
attitudes trainees should demonstrate
as they gain their practical experience.
PERFORMANCE OBJECTIVES OVERVIEW
Performance objectives are ACCAs
indicators of effective performance
and set the minimum standard of work
that you are expected to achieve and
demonstrate in the workplace.
They describe the kind of work
activities you may carry out and the
values and attitudes you are expected
to possess and demonstrate as a
trainee accountant.
PER SUPPORT
ONLINE LINKS
PER INTERACTIVE
CASE STUDIES
Follow the journey of six individuals
through PER. Explore typical questions
raised and challenges faced throughout
the PER cycle and some of the choices
and options available to you.
ACCESS THE PER INTERACTIVE
CASE STUDIES
Further resources, including support
sheets and case studies are available
from myACCA.
HOW TO USE THE TRAINEE
DEVELOPMENT MATRIX (TDM)
A guide to help you through the various
functions of the trainee development
matrix (TDM) this is also available
through myACCA.
TDM GUIDANCE VIDEOS
Eighteen short videos and podcasts
which give a step-by-step guide to assist
trainees and workplace mentors in
completing the TDM.
ACCESS THE TDM GUIDANCE VIDEOS
HELP WITH GETTING A
WORKPLACE MENTOR
This guide has been designed to give to
a person you would like to act as your
workplace mentor. It briefly describes
the nature of the role and the benefits
to them.
PER GUIDE FOR TRAINEES
This guide explains all you need to
know about ACCAs practical experience
requirements in detail.
If you have ever taken part in a
performance management
or appraisal process at work, you
may find ACCAs performance
objectives are similar in structure
to those work-related objectives
and expectations agreed by you and
your manager.
Performance objectives are divided
into key areas of knowledge which are
closely linked to the exam syllabus
reinforcing that any knowledge
developed through the exams will have
a clear application in the workplace.
You can find out how closely they are
linked in the ACCA guide Link between
PER and exams.
You will demonstrate your
achievement of the performance
objectives to your workplace
mentor by answering three unique
challenge questions for each
performance objective.
ANSWERING CHALLENGE QUESTIONS
A guide to help you understand
how to approach the challenge
questions which are related to the
performance objectives. The guide
contains sample answers to help you
understand what a suitable answer
may look like.
FURTHER READING
Student Accountant magazine is
another good source of information.
Read a recent Student Accountant article
about how to plan your PER.
THE ACCA WEBSITE HAS A WIDE RANGE OF SUPPORT TO HELP YOU GET YOUR
PRACTICAL EXPERIENCE REQUIREMENT (PER) FOR ACCA MEMBERSHIP. CLICK ON THE
LINKS BELOW TO ACCESS THE RESOURCES
PERFORMANCE OBJECTIVES ARE ACCAS INDICATORS
OF EFFECTIVE PERFORMANCE.
14 LEARNING CENTRE
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comprising of LSBF ACCA tuition, which is approved by ACCA under the Approved Learning Partner -
Gold scheme (only London and Birmingham campuses are ALP approved), and the LSBF MBA/MSc
programme which is fully outside the scope of ACCA approval. As such, the LSBF MBA/MSc programme
is quality-assured and accredited by the University of Wales and LSBFs institutional accreditations
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NEXT ACCA INTAKES
YOUNG AND AMBITIOUS
MOHAMMED TALEB AL-BUSAIDI, OMAN
STUDYING THE ACCA QUALIFICATION NATURALLY REQUIRES A CERTAIN AMOUNT
OF DEDICATION. BUT FOR ACCA MEMBER MOHAMMED TALEB AL-BUSAIDI, THIS
INCLUDED TRAVELLING 500KM EACH DAY AFTER WORK JUST TO ATTEND CLASS
WHAT MADE YOU FIRST CHOOSE A
CAREER IN ACCOUNTANCY?
I decided to pursue a career in
accountancy simply because I like
working with numbers. Also, the
accountancy function is essential
across all types of businesses and
industries, which offers job security.
WHY DID YOU CHOOSE ACCA?
ACCA is a globally recognised
qualification. It provides
employers not only in my
country but also throughout
the world with confidence in the
ability of those who are ACCA
qualified, which helps in a highly
competitive market. Also, it is not a
qualification that focuses entirely
on just accountancy; you also learn
about business analysis, finance,
ethics, corporate governance, to
name a few examples. This is one
of the reasons I believe ACCA is a
pre-requisite for many senior posts.
Once you achieve ACCA
membership, you will still continue
to develop professionally via the
many CPD resources ACCA makes
available to its members. I feel
ACCA Oman is doing a great job
of introducing ACCA to potential
students and employers in
my country.
WHAT IS YOUR
EDUCATIONAL EXPERIENCE?
I graduated from Sultan Qaboos
University in 2005 with a BSc in
Accounting. The following year, I
completed a Naval Graduate Officer
Course in logistics.
WHAT IS YOUR ROLE
AND RESPONSIBILITIES?
I am an accounts officer at Sohar
Free Zone LLC, which is part of
the Sohar Industrial Port Group.
My many responsibilities include
preparing the company financial
statements in accordance with IFRS
and being the leading expert on
our accounting ERP package. I also
manage ledger transactions.
HOW EASY WAS IT TO ACHIEVE A
STUDY AND WORK/LIFE BALANCE?
Achieving a work/life balance was
quite a challenge, especially as I was
working and studying at the same
time. A typical weekday would involve
staying at work until late afternoon
and then driving 250km to attend
classes in Muscat, where I completed
my Fundamental level studies. That
meant that I only had weekends
and early mornings to set aside time
for reading consequently, I had to
minimise my social commitments.
Also, parts of my weekends were
also spent engaging in group study
sessions with friends.
I travelled to London for my final
studies, where I had the opportunity
to fully develop and dedicate my time
to ACCA. The results paid off and I
achieved my target of passing my
exams at the first attempt, becoming
one of the highest scoring students
in the Middle East for Paper P7.
16 LEARNING CENTRE
STUDENT ACCOUNTANT ISSUE 16/2011
17
YOUNG AND AMBITIOUS
MOHAMMED TALEB AL-BUSAIDI, OMAN
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I also encouraged myself with
mantras like where there is a will,
there is a way and ACCA success
is a journey, so enjoy it, and the
support I received from my family
was invaluable.
DID YOUR WORK HELP YOU IN YOUR
ACCA STUDIES?
My work experience has been key
in my becoming ACCA qualified.
For example, I regularly carried out
financial accounting transactions
for our group companies, and
this knowledge proved valuable
while studying Papers F7 and P2.
I also embarked on assignments
that required use of my logic and
analytical skills, which was perfect
preparation for Paper P3.
In terms of how the ACCA
Qualification has helped me in my
role, I am now more involved in
tasks like group consolidation and
audit preparation duties that have
traditionally been fulfilled by senior
employees. There has been an
obvious shift in the responsibilities
entrusted to me by my employer since
I qualified.
My company sponsored me fully
during my studies and I appreciate
the flexibility it gave me in leaving
early each day to attend my classes in
Muscat. Also, my chief operating officer
directly supervised my study progress
and was very encouraging.
DO YOU HAVE ANY SUCCESSFUL STUDY
TIPS THAT WORKED FOR YOU?
I would recommend setting a study
schedule and committing to it. I
would also suggest making time for
group study sessions and practising
revision kit questions, so that you
have a comprehensive understanding
of the syllabus content. Dont ever
be afraid to ask your tutors questions
its always best to try and obtain
a solid understanding of what youre
being taught before you finish class.
Finally, in the run-up to exams, try
to avoid any last-minute cramming
and instead set aside time to
relax its vital you sleep well
and awake refreshed.
WHAT ARE YOUR FUTURE
CAREER PLANS?
My ambition is to be a team
member in a senior position where
I can apply my ACCA knowledge
and be an effective company driver
to success.
HOW DID YOU GET TO GRIPS
WITH THE PRACTICAL EXPERIENCE
REQUIREMENT (PER) FOR ACCA
MEMBERSHIP?
I read the PER once I began my
ACCA studies and created a plan
with my financial controller to
cover the required areas of the
job. I carried out relevant tasks
in order to prove my capabilities,
and I completed my PER in 2010,
before achieving membership earlier
this year.
F
A
S
T

F
A
C
T
S
I liv
e
w
it
h
m
y
fa
m
ily.
I g
e
t
t
o
t
h
e
o
f c
e
b
y
c
a
r
it
ta
k
e
s
a
b
o
u
t a
n
h
o
u
r.
F
o
r
lu
n
c
h
, I u
s
u
a
lly
h
a
v
e
ric
e

w
ith
s
h
/c
h
ic
k
e
n
in
th
e

c
o
m
p
a
n
y
s
re
s
ta
u
ra
n
t.
T
h
e
d
r
e
s
s
c
o
d
e
is
O
m
a
n
i
D
is
h
d
a
s
h
a
a
n
d
M
a
s
a
r (tu
rb
a
n
).
T
o
s
o
c
ia
lis
e
, I lik
e
ta
k
in
g
p
a
rt in

b
e
a
c
h
s
p
o
rts
a
n
d
v
is
itin
g
re
la
tiv
e
s
.
M
y
jo
b
-h
u
n
t
in
g
t
ip
is
to
a
lw
a
y
s
b
e

d
e
te
rm
in
e
d
a
n
d
n
e
v
e
r g
iv
e
u
p
.
ACCA PROVIDES EMPLOYERS NOT ONLY IN MY
COUNTRY BUT ALSO THROUGHOUT THE WORLD
WITH CONFIDENCE IN THE ABILITY OF THOSE WHO
ARE ACCA QUALIFIED, WHICH HELPS IN A HIGHLY
COMPETITIVE MARKET. MY WORK EXPERIENCE HAS
BEEN KEY IN MY BECOMING ACCA QUALIFIED
AND ACHIEVING MEMBERSHIP EARLIER THIS YEAR.
WHERE ARE THEY NOW?
ROBIN WALES, UK
Not all ACCA students move jobs to
develop their careers, as demonstrated
by Robin Wales, who works for East
Ayrshire Council in Scotland as
he did when we last spoke to him
a few years ago: I have worked in
local government for 11 years now,
working within three different finance
functions, as well as doing some
short-term audit work, he explains.
Some may think that staying in
the same place puts you at a
disadvantage, but I would
disagree for example,
my current department
deals with social work,
a very complex area
where I still have a lot
to learn. Robins
role encompasses
a number of
different
responsibilities
which
together make a significant
contribution to the development of the
highest quality financial services,
he says. These include helping prepare
service revenue budgets, providing
financial advice to senior management,
and ensuring compliance with
international accounting standards,
and with directives issued by the Head
of Finance.
Robin is still progressing through
his exams, but with only two papers
left to sit, and work experience almost
complete, membership is just around
the corner. Given his experience of
combining work and study, what
advice does he give students currently
balancing the two? I have self-studied
and attended classes at night school,
and would recommend students try to
attend a training provider, especially for
some of the more technical syllabuses,
he says. However, I did find, certainly
in the early stages of the qualification,
that I could pass my exams by working
my way through the syllabus at home.
Once he has achieved ACCA
membership Robin is not necessarily
planning to move on: The council has
helped me through my studies and so I
am happy to remain here and see what
the future holds. I like where I work, and
if I qualify within the year I hope to gain
a senior accountants position here. I
see myself developing my career further
within management accounting, and so I
am trying to gain as much knowledge in
this area as possible.
WE REGULARLY INTERVIEW STUDENTS TO FIND OUT MORE ABOUT THEIR
LIVES, THEIR STUDIES AND THEIR CAREER PLANS BUT HOW DO THESE
PLANS TURN OUT? WE CAUGHT UP WITH 2007 INTERVIEWEE ROBIN WALES
WAS
ACCA STUDENT, ACCOUNTANT FINANCE
SERVICE EDUCATION AND SOCIAL
SERVICES, EAST AYRSHIRE COUNCIL,
SCOTLAND
NOW
ACCA STUDENT, ACCOUNTANT,
DEPARTMENT OF FINANCE AND
CORPORATE SUPPORT, EAST AYRSHIRE
COUNCIL, SCOTLAND
I HAVE SELF-STUDIED, AND WOULD RECOMMEND STUDENTS TRY TO ATTEND A
TRAINING PROVIDER, ESPECIALLY FOR SOME OF THE MORE TECHNICAL SYLLABUSES.
LEARNING CENTRE 18
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info@lsbf.org.uk
www.lsbf.org.uk/success
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INTERACTIVE +44 (0)207099 0077
BIRMINGHAM +44 (0) 121 616 3370
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20
EVERYTHING YOU NEED TO KNOW ABOUT WORKING IN THE
FAST-PACED BANKING SECTOR, INCLUDING WHAT JOB NOT TO GET IF
YOU WANT TO GAIN ACCA MEMBERSHIP. BETH HOLMES REPORTS
BANKING
ON A JOB
CAREERS
21
STUDENT ACCOUNTANT ISSUE 16/2011
EXAM REVIEW BOARD
JUNE 2011
READ FEEDBACK FROM PLATINUM APPROVED
LEARNING PROVIDERS, ACCA STAFF, AND STUDENTS
ABOUT THE JUNE 2011 EXAMS
T
he Exam Review Board meets within two weeks of each exam session and
comprises Platinum Approved Learning Partners (ALPs) for content and
tuition and ACCA staff responsible for the development of the exams and
the developing and maintaining relationships with students and ALPs.
ACCA obtains and responds to feedback from Platinum ALPs both in attendance and
non-attendance (through feedback received in advance). The results of the student
survey which collates students thoughts and comments on the exams is also reviewed
by the board. This feedback is given to examiners and assists them in nalising the
agreed marking process for the session.
A summarised version of the feedback relating to Papers F4 to P7 for the June
2011 session is detailed on these pages. Click on the relevant box to read the
feedback for each paper.
PAPER F4
Click here to read
ERB feedback
PAPER F5
Click here to read
ERB feedback
PAPER F6
Click here to read
ERB feedback
PAPER F7
Click here to read
ERB feedback
PAPER F8
Click here to read
ERB feedback
PAPER F9
Click here to read
ERB feedback
EXAM FEEDBACK 22
EXAM REVIEW BOARD
JUNE 2011
PAPER P2
Click here to read
ERB feedback
PAPER P3
Click here to read
ERB feedback
PAPER P4
Click here to read
ERB feedback
PAPER P5
Click here to read
ERB feedback
PAPER P6
Click here to read
ERB feedback
PAPER P7
Click here to read
ERB feedback
PAPER P1
Click here to read
ERB feedback
FIND OUT HOW ACCA
PROCESSES YOUR
EXAM RESULTS
Vist www.accaglobal.com/students/
results/how for additional
information
23
STUDENT ACCOUNTANT 16/2011
24
STUDENT
ACCOUNTANT
FEATURE ARCHIVE
FEATURE ARCHIVE
STU
D
EN
T
A
C
C
O
U
N
TA
N
T
O
N
LIN
E
FIN
D
M
O
RE
FEATURES AN
D
TEC
H
N
IC
AL ARTIC
LES
O
N
LIN
E AT W
W
W
.
AC
C
AG
LO
BAL.C
O
M
/SA
15 JULY 2010:
GROW YOUR NETWORK
Find out how to develop your network
15 JULY 2010: ALL CHANGE
There are plenty of jobs outside of
accountancy once you qualify. Read
how ACCA members changed direction
once qualied
3 NOVEMBER 2010:
SHOPPING FOR VALUE-ADDED SKILLS
Find out what else accountants can offer
to business
1 DECEMBER 2010:
A GUIDE TO NETWORKING
Find out about professional
networking sites
9 FEBRUARY 2011:
CONSTRUCTING THE
PERFECT CV
Find out how to construct a
perfect curriculum vitae
COMING SOON
IN STUDENT
ACCOUNTANT
Dont miss key technical articles in
the next few issues on the Finance
Act relevant to all UK tax students,
audit sampling, nancial instruments,
and independence and transparency
relevant to Paper P1. Plus therell be
features on coping with redundancy,
how to use social media to your
advantage, how to get your practical
jobs experience, jobs in nancial
analysis, and work habits to break.
Study ACCA your way
Our part-time ACCA courses are available during evenings and weekends, online or in class. Fit your
study around your life, and learn whenever you want, wherever you want.
Facilities
City centre location, 2 minutes from Birmingham
New Street station, with state-of-the-art facilities
and equipment.
Gain an internationally recognised
fnancial qualifcation, with free video classroom
recording and our Never Miss a Note service.
We support you all the way
Support
Experience
One of the most experienced tutor teams in the
UK, with an outstanding track record helping
students achieve success.
Flexibility
You can study on the go with free access to HD
recorded video lectures, now with a free iPad* when
you book 2 tuition and revision papers.
For full details, contact our team at
+44 (0) 121 616 3370
fbt-global.com/success
* T&C apply, while stocks last. See website for details. iPad is a trademark of Apple inc.
registered in the US and other countries. Only London and Birmingham campuses ALP approved.
5-7 Hill Street, Birmingham, B5 4UA
Plus, book 2 tuition & revision papers + get a FREE iPad
*
to support your studies so you can study anywhere, anytime

26 DIRECTORY
ACCA Plotlnum occredlted
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5tudent o the eor 2ll
P0 Hogozlne Publlc 5ector Accountoncy
College o the eor 2l, runner-up 2ll
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Flexlble port-tlme study
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0uestlon proctlce sesslons
New stote o the ort Clty Compus
Tuition From a
Winning Team
ACCA at Newport Business School
www.newport.ac.uk
London School of Management
Dawley House
91-95 Uxbridge Road
Ealing, London W5 5TH
Study ACCA/CAT at LSM &
Get Qualified*
*Subject to ACCAs PER and completion of the Professional Ethics Module
Part-time classes: 250 per paper
Day, Evenings &
Weekends available
Call: 0208 567 4355
E: acca@lsm.ac.uk
www.lsm.ac.uk
FREE
Text books
Exam kits
Revision support
Directory-display.indd 4 8/4/2011 4:44:07 PM
HOW TO PASS
Access ACCAs How to pass
website for a range of support to
help with your studies
TECHNICAL
TECHNICAL ARCHIVE ON THE ACCA WEBSITE
Access the technical article archive at www2.
accaglobal.com/students/student_accountant/archive/
FOUNDATIONS IN ACCOUNTANCY
For more information visit www2.accaglobal.com/fa
28 AUDIT SAMPLING
Relevant to Paper F8 and
Foundations in Accountancy
Paper FAU
ACCOUNTING FOR
PARTNERSHIPS
Relevant to Foundations in
Accountancy Paper FA2
KNOW YOUR STANDARDS:
IFRS 9, FINANCIAL
INSTRUMENTS
Relevant to ACCA Qualifcation
Paper P2
ONLINE
CHANGES TO THE
CAT AND KNOWLEDGE
MODULE EXAMS WITH
THE LAUNCH OF ACCAS
DIPLOMA IN ACCOUNTING
AND BUSINESS
www2.accaglobal.com/
students/student_accountant/
archive/2011/120/3449163
CHANGES TO THE CAT
AND KNOWLEDGE
MODULE EXAMS
WITH THE LAUNCH
OF ACCAS DIPLOMA
IN ACCOUNTING
AND BUSINESS
Read more at www2.
accaglobal.com/students/
student_accountant/
archive/2011/120/3449163
FOUNDATIONS
IN ACCOUNTANCY
Learn more
about ACCAs
suite of entry-level
qualications
Foundations in
Accountancy at
www2.accaglobal.
com/a
AUDIT SAMPLING
RELEVANT TO PAPER F8 AND
FOUNDATIONS IN ACCOUNTANCY
PAPER FAU
Paper F8, Audit and Assurance and
Paper FAU, Foundations in Audit require
students to gain an understanding
of audit sampling. While you wont
be expected to pick a sample, you
must have an understanding of how
the various sampling methods work.
This article will consider the various
sampling methods in the context of
Paper F8 and Paper FAU.
ACCESS RESOURCES RELEVANT
TO ACCA QUALIFICATION PAPER F8
www2.accaglobal.com/students/acca/
exams/f8/
ACCESS RESOURCES RELEVANT
TO ACCA QUALIFICATION PAPER FAU
www2.accaglobal.com/students/fia/
exam/fau/
ACCOUNTING FOR PARTNERSHIPS
RELEVANT TO FOUNDATIONS IN
ACCOUNTANCY PAPER FA2
The purpose of this article is to
assist candidates to develop their
understanding of the topic of
accounting for partnerships. As such,
it covers all of the outcomes in Section
H of the Study Guide for Paper FA2. It
also provides underpinning knowledge
for candidates studying Papers FFA and
F3, Financial Accounting but it is not
intended to comprehensively cover the
Study Guides for those papers.
ACCESS RESOURCES RELEVANT
TO ACCA QUALIFICATION PAPER FA2
www2.accaglobal.com/students/fia/
exam/fa2/
KNOW YOUR STANDARDS
IFRS 9, FINANCIAL INSTRUMENTS
RELEVANT TO ACCA QUALIFICATION
PAPER P2
This article focuses on the accounting
requirements relating to financial
assets and financial liabilities only.
For 2011 exams, IFRS 9 is
examinable in relation to accounting for
financial assets only. Other elements of
accounting for financial instruments,
such as accounting for financial
liabilities and hedging arrangements,
continue to be accounted for in
accordance with IAS 39.
ACCESS RESOURCES RELEVANT
TO ACCA QUALIFICATION PAPER P2
www2.accaglobal.com/students/acca/
exams/p2/
ACCA ONLINE STUDY RESOURCES
www2.accaglobal.com/students/
student_accountant/archive/
10 AUGUST 2011 RELEVANT TO ACCA AND FOUNDATIONS IN
ACCOUNTANCY STUDENTS
TECHNICAL ARTICLES
28 TECHNICAL
RESOURCES
ALL YOU NEED TO KNOW
From new exam entry processes
and dates, to exam timetables for
December 2011, the following pages
contain ACCA exam-related information
30 QUESTIONS?
Subscription fees for 2011
31 EXAM TIMETABLE
ACCA Qualifcation and
Foundations in Accountancy
December 2011 exam dates
32 IMPORTANT CHANGES
TO EXAM ENTRY DATES
New processes and dates
for exam entry and keeping
you informed
33 IMPORTANT
INFORMATION
Explore the wide range of
Student Accountant products
and fond out more about the
OBU BSc (Hons) degree
34 EXAM EXEMPTIONS
Have another qualifcation?
You may be eligible for
ACCA exam exemptions
PRACTICAL EXPERIENCE REQUIREMENT
Visit www.accaglobal.com/students/
acca/per for more information
TUITION PROVIDERS
Subscribers to ACCAs Tuition Provider
Directory are not currently approved
by ACCA. Visit www.accaglobal.com/
students to find out more
FEES
Annual subscription 2011
Please note that, as a student, you are
required to pay an annual subscription for each
year you are registered with ACCA.
This is a separate fee to your initial
registration fee. Your annual subscription is due
on 1 January irrespective of the month you
registered.
For example, if you registered in December,
you will still be required to pay an annual
subscription by 1 January.
The payment enables ACCA to provide you
with services and support to assist you with
your studies and training as you work towards
gaining your qualification.
Students who fail to pay fees when
due (including exam/exemption fees) will
have their names removed from the ACCA
register. Students wishing to re-register are
required to submit any amounts unpaid at
the time of their removal in addition to the
re-registration fee. No penalty fee will be
charged. Confirmation of your unpaid fees
can be obtained from your national ACCA
office or ACCA Connect.
The following fees and subscriptions apply:
ACCA Qualification students
Initial registration 72
Re-registration *72
Annual subscription 72
*plus unpaid fee(s)
Foundations in Accountancy students
Initial registration 72
Subscription 72
Dont forget to pay your fees on time. Dates
by which fees and subscriptions must be
paid, and arrangements for how payment
must be made, are included in your ACCA
welcome pack.
Read page 32
for important
information on
changes to exam
entry and page
31 for the
December 2011
exam timetables.
A
C
C
A

C
O
N
N
E
C
T
Visit ACCAs website or access your myACCA account
to administer your ACCA details and find answers
to frequently-asked questions. For other enquiries,
contact ACCA Connect our global customer service
centre. However you want to contact us by phone,
fax, email or post one of our expert advisers will be
happy to assist you.
ACCA CONNECT OPENING HOURS
MONDAY TO THURSDAY
Open 21 hours (closed 20.00 to 23.00)
FRIDAY
Open 20 hours (closed 20.00 to midnight)
SATURDAY
Closed
SUNDAY
Open 09.00 to 17.00 and 23.00 to midnight
(all times based on GMT/BST as appropriate)
Website: www.accaglobal.com
Email: students@accaglobal.com
ACCA Connect
2 Central Quay, 89 Hydepark Street, Glasgow,
G3 8BW UK
tel: +44 (0)141 582 2000
fax: +44 (0)141 582 2222
students@
accaglobal.com
+44 (0)141
582 2000
30 RESOURCES
E
X
A
M

T
I
M
E
T
A
B
L
E
Wednesday
7 December
FA2 Maintaining
Financial Records
F7 Financial Reporting
Thursday 8 December
MA1 Management Information
F8 Audit and Assurance
P5 Advanced Performance
Management
Friday 9 December
FAB Accountant in Business
F1 Accountant in Business
F9 Financial Management
P6 Advanced Taxation
Monday 12 December
FAU Foundations in Audit
F4 Corporate and
Business Law
P3 Business Analysis
Tuesday 13 December
FFA Financial Accounting
F3 Financial Accounting
P2 Corporate Reporting
Wednesday 14 December
FA1 Recording Financial
Transactions
FMA Management Accounting
F2 Management Accounting
P1 Governance, Risk
and Ethics
Are your contact details up to date?
https://www.acca-business.org
DETAILS OF
LOCAL START TIMES
CAN BE FOUND
AGAINST EACH
CENTRE ON THE
EXAMINATION
CENTRE LIST
ACCOMPANYING
YOUR EXAMINATION
ENTRY FORM.
D
E
C
E
M
B
E
R
2
0
1
1
S

M

T

W

T

F

S
2
7
2
8
2
9
3
0

1

2

3

4

5

6

7

8

9
1
0

1
1
1
2
1
3
1
4
1
5
1
6
1
7

1
8
1
9
2
0
2
1
2
2
2
3
2
4

2
5
2
6
2
7
2
8
2
9
3
0
3
1
The following dates have
been confirmed for the next
exam session for ACCA
Qualification and Foundations
in Accountancy papers:
DECEMBER 2011
Week 1 5 to 9 December
Week 2 12 to 14 December
Exams will take place over
an eight-day period with one
session of exams each day.
The exams will be held
concurrently in five different time
zones. The base starting times
in each of these time zones will be:
Zone 1 (Caribbean) 08.00
Zone 2 (UK) 10.00
Zone 3 (Pakistan and South
Asia) 14.00
Zone 4 (Asia Pacific)
15.00
Zone 5 (Australasia)
17.00.
Local starting times will be
set falling out from these base
start times for every centre.
Details of local start times can
be found against each centre
on the Examination Centre List
accompanying your Examination
Entry Form.
Papers F1 to F3 are two-hour
exams, and Papers F4 to F9 and
P1 to P7 are three-hour exams.
Monday 5 December
FTX Foundations in Taxation
F5 Performance Management
P7 Advanced Audit
and Assurance
Tuesday 6 December
MA2 Managing Costs
and Finance
FFM Foundations in Financial
Management
F6 Taxation
P4 Advanced Financial
Management
STUDENT ACCOUNTANT ISSUE 16/2011
31
Exciting changes are happening at
ACCA. You can now:
submit an exam entry at any time of
the year
enter for exams early and save money
enter for one of the next two exam
sessions December or June
make amendments to existing exam
entries including changing exam
centre, variant papers or entering for
other exams.
ALL OF THESE NEW BENEFITS ARE
EXCLUSIVELY AVAILABLE FOR EXAM
ENTRIES MADE ONLINE
We are also making changes to the
standard exam entry closing date for
online and paper exam entries and we
are keeping the online late exam entry
period for those last minute exam entry
emergencies. The dates to remember
are illustrated in Table 1 (December
2011) and Table 2 (June 2012).
KEEPING YOU INFORMED
The quickest way for us to send you
important information such as changes
to exam entry and exam results is by
e-communication (such as email and
SMS) but we need you to give us your
permission its the law! To update your
details to ensure we use your preferred
method of communication, please visit
our website at www2.accaglobal.com/
consent for further information.
IMPORTANT CHANGES
TO EXAM ENTRY
RULES AND REGULATIONS
ACCAs disciplinary procedures
cover matters such as professional
misconduct, misconduct in exams
and breaches of regulations which
include any actions likely to bring
discredit to you, ACCA, or the
accountancy profession. The rules
governing disciplinary procedures for
students (and members) are set out in
ACCAs Bye-laws and Regulations. All
registered students are bound by these
Bye-laws and Regulations. Further
enquiries about matters which may
be subject to disciplinary procedures,
can be directed to the Professional
Conduct Department at our London
office in the UK. ACCAs Rulebook is
available for reading online, or at ACCA
offices. Visit www2.accaglobal.com/
students/rules/ for more information.
TABLE 1: CLOSING DATES TO REMEMBER FOR DECEMBER 2011 EXAM ENTRY
8 September 2011 Early exam entry (online only)
8 October 2011 Standard exam entry (online and paper)
8 November 2011 Late exam entry (online only)
TABLE 2: CLOSING DATES TO REMEMBER FOR JUNE 2012 EXAM ENTRY
8 March 2012 Early exam entry (online only)
8 April 2012 Standard exam entry (online and paper)
8 May 2012 Late exam entry (online only)
THE QUICKEST WAY FOR US TO SEND YOU IMPORTANT
INFORMATION SUCH AS CHANGES TO EXAM ENTRY
AND EXAM RESULTS IS BY E-COMMUNICATION.
UPDATE YOUR PREFERENCES AT MYACCA.
32 RESOURCES
Find out about practical experience requirements
www2.accaglobal.com/students/acca/per
IMPORTANT
INFORMATION
STUDENT ACCOUNTANT
All registered students with valid email addresses receive an alert
every two weeks to inform them that a new digital issue of Student
Accountant is available. Each digital issue contains a range of
technical articles, as well as careers-related features and advice. The
digital magazine is a Flash-based platform, and we also provide PDF
downloads for students who want to read the magazine offline.
In addition, each month (generally the third week of the month)
we email Student Accountant Direct, which contains jobs in your
region, news you can use, country/region-specific information,
reminders, ACCA news, surveys and calls to action for future articles
in Student Accountant.
Further developments include regional Student Accountant Direct
e-magazines for students in the Middle East, the Caribbean,
Pakistan and Europe. We also produced paper specific microsites for
Papers F5, F7 and F8 and will develop microsites for more papers
during 2011.
We no longer produce a monthly printed Student
Accountant magazine. However, in addition to the
range of digital products delivered by the
Student Accountant team, we also produce a
printed Essential Guide magazine in April and
October that is completely focused on the next
exam session.
If you have any queries about the Student
Accountant range of products, please email
the editorial team at studentaccountant@
accaglobal.com
For queries relating to your ACCA administration,
exams, application process and fees, please contact
ACCA Connect at students@accaglobal.com or
telephone +44 (0)141 582 2000. You can access your records by
logging into your myACCA account, and in addition the ACCA website
(www.accaglobal.com) also contains a host of information that could
help you with your queries.
ALL REGISTERED STUDENTS RECEIVE AN
ALERT EVERY TWO WEEKS TO INFORM THEM
THAT A NEW DIGITAL ISSUE OF STUDENT
ACCOUNTANT IS AVAILABLE. EACH DIGITAL
ISSUE CONTAINS A RANGE OF TECHNICAL
ARTICLES, AS WELL AS FEATURES AND ADVICE.
IMPORTANT CHANGES
TO EXAM ENTRY
Students completing certain papers of the
ACCA Qualification are eligible to apply for
a BSc (Hons) in Applied Accounting
from Oxford Brookes University.
The degree must be
completed within 10 years
of your initial registration
on to ACCAs professional
qualification; otherwise, your
eligibility will be withdrawn.
Check your eligibility status
at www2.accaglobal.
com/students/bsc/. The
dates below outline the
forthcoming deadlines for
completing the qualifying
exams and the last
opportunity to submit
your Research and Analysis
Project (RAP):
First session (1) Final session for Final date for
completing submission
the qualifying of RAP
exams (2)
December 2001 June 2011 November 2011
June 2002 December 2011 May 2012
Notes
1 First applicable exam session as confirmed
at the time of your initial registration
with ACCA.
2 Completion of Fundamentals level exams.
Professional Ethics module
Students wishing to submit their Research
and Analysis Project (RAP) must complete the
Professional Ethics module. For more information
visit www2.accaglobal.com/students/bsc/
OXFORD
BROOKES
BSC (HONS)
STUDENT ACCOUNTANT ISSUE 16/2011
33
If you already have some qualifications
you may not have to take all of the
exams in the ACCA Qualification or
Foundations in Accountancy awards.
These are called exemptions and
mean that you will start your studies
at the right level for your knowledge
and skill. You can also claim
exemptions on the basis of practical
experience if you wish to complete the
CAT Qualification.
SHOULD I CLAIM MY EXEMPTIONS?
By claiming exemptions you can avoid
studying the same topics that you
have studied previously. This is a good
idea if you have studied for a related
qualification recently. However, if you
are thinking of claiming exemptions
based on qualifications you gained a
number of years ago, or if you have
been working in a field other than
accountancy for some time, it may
make more sense to take the exam.
Studying for the exam will allow you to
refresh your knowledge of the topic and
will ensure you are sufficiently prepared
for the Professional level papers, which
go into topics in greater depth.
If you are not sure whether to apply
for an exemption, why not have a
look through our past exam papers?
You can access past papers on the
ACCA website. If you are not confident
you could pass the exam right now,
consider studying for the paper.
HOW TO CLAIM EXEMPTIONS
Follow our short guide How to check
your exemptions (download here) to find
out how to check which exemptions
you may be eligible to claim and if
you could be entitled to claim any
exemptions online. Please note:
You must send official proof of
any qualifications you already
have or are studying for along
with your registration form so that
we can assess if you are eligible
for exemptions. Please submit
copies of academic transcripts or
award certificates as evidence.
Online printouts of academic
transcripts are not acceptable for the
purposes of claiming exemptions.
Only copies of official documentation,
signed and stamped by the awarding
body, can be accepted.
Any documents not in English must
be officially translated before they
are sent to ACCA.
You will need to pay an exemption
fee for each exemption you
are awarded. Exemption fees are
charged at the early exam entry rate.
ACCA can only award exemptions
for qualifications from recognised
institutions (those recognised by
the local Ministry of Education).
If your institution is not listed on
the exemption enquiry database,
then please ask employees
at or representatives of your
institution to send copies of their
documents to ACCA Connect
for review.
If ACCA has not been given the
opportunity to fully assess a
qualification by an awarding body,
then that qualification may not
be accredited.
In this case, fewer exemptions
may be available. Unfortunately
ACCA does not consider
applications from students
for further exemptions in
these circumstances.
EXAM
EXEMPTIONS
SELF-CHECK MODULES
Are you part way through your studies but
struggling to pass your exams? Be honest
with yourself could your English and/or
maths skills be a reason?
Why not complete ACCAs self-check
modules to get a realistic assessment
of your proficiency in English and
maths? If youre struggling, there are
some suggested interventions to help
you improve.
ACCAs self-check modules in English
and maths are optional to complete,
free of charge and anonymous, so any
results wont be recorded on your student
record and only you will know the results
and feedback. It could help give you
the confidence and reassurance you
need to feel ready to tackle your exams
at the next exam session. And if your
English and maths skills could do with
some improvement, dont worry. There
are e-learning modules that are free of
charge which you can opt to complete to
help improve your maths skills as well
as links to learning materials offered by
other providers to help you improve your
English skills.
So what are you waiting for? You have
nothing to lose and everything to gain and
you may just amaze yourself at how well
you perform. Visit ACCAs Virtual Learning
Centre (http://studentvirtuallearn.
accaglobal.com/) to access the English
and maths self-check modules.
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Gold scheme (only London and Birmingham campuses are ALP approved), and the LSBF MBA/MSc
programme which is fully outside the scope of ACCA approval. As such, the LSBF MBA/MSc programme
is quality-assured and accredited by the University of Wales and LSBFs institutional accreditations
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LONDON +44 (0) 207 823 2303
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How will you RemembeR?
www.accaglobal.com/dontforget
Submitanexamentryatanytime
Enterforexamsonlineearlyandsavemoney
Enterforoneof thenexttwoexamsessions
Amendexistingexamentries
Visit www.accaglobal.com/students/exams/entries
ouR New exam eNtRy dates
JuNe exams
march Early exam entry (online only)
april Standard exam entry (online and paper)
may Late exam entry (online only)
decembeR exams
september Early exam entry (online only)
october Standard exam entry (online and paper)
November Late exam entry (online only)