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Hi has anyone else received the email notification from ACCA regarding the withdrawal of the UK & Irish version of F7 & F8?I was planning on sitting these two exams in June 2014 and sitting the F5 & F9 this December, but am worried that if I sit the exams in June and fail will I have to learn the ‘main’ papers and is the syllabus much different for both F7 & F8? I am really indecisive about which exams to sit this December??
From what I understand, there’s little difference now between F7 International and F7 UK – and the differences that DO exist are being eliminated as the UK comes more and more into line with IFRS.
As for F8, I don’t believe that you have any cause at all for concern. Such differences as there are (so far as I am aware) revolve around the differences in the ACCOUNTING standards and the implication for the audit of financial statements prepared under IFRS compared with UK standards
You go ahead and enter in December for F7 and F8 and then F5 and F9 for the following June – and besides, who’s talking of failure!????
Thanks for your advice I am really worried about doing the financial reporting as I failed this in AAT.. So was going. To leave this one till last. I have now passed the f4 and f6 with 79% and 84% so I guess this have given me more confidence to pass the other exams!?
I was advised to take the UK variants of f7 and f8 in order to qualify for an auditing certificate at a later stage. Does this announcement mean that we in the UK can get an auditing certificate with the INT versions of these papers from Dec 2013, even though the UK versions are still available?
The requirements for UK variants for these papers is only to comply with this (from ACCA website):
“Should you wish to practise as a registered auditor within the UK and/or Ireland (obtain the audit qualification/audit practising certificate), you must attempt the P2 UK/Irish and P7 UK/Irish papers from June 2011 onwards. This is not a retrospective ruling, so any International papers you have already passed will be unaffected by this ruling.
All UK and Irish professional accountancy bodies are governed by the requirements of the Statutory Audit Directive (SAD). In order to comply with the requirements of SAD– and to practise as an auditor – certain elements of UK/Irish legislation and regulation should be examined.”
However, it only applies to P2 & P7, rather than F7 & F8 as far as I can see. So I wouldn’t worry about doing the INT versions of those. And besides, we’re in a little transitional period at the moment with this, so by the time you’re qualified there’ll be no UK variant of those papers anyway.
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