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If you want to you can go ahead but you will still be a chartered accountant when you finished ICAEW just as when you finished ACCA. so you go from being a Certify Chartered Accountant to Chartered Accountant and then lose the certify status. LOL. or put it the way you will go from being a qualify Auditor or Tax adviser to a qualify Auditor or tax adviser and spend more time learning (again) corporate reporting P2, Business analysis P3, Governance Risk & ethics P1, P7and bit of P4 & P5, also doing a case study exam only to be qualify to be an Auditor or a tax adviser which you already are.
Advice… if you fancy more studies. Acca has an MBA scheme if you want to move to Business strategic management of if you want to study more management accountant or financial management you can just call ACCA to do P4 & P5. P4 syllabus are more advance than the CIMA financial strategy paper and P5 is more advance The Cima Advance Management Accounting paper and ICAEW don’t do much of these base on the comparison of the syllabus i did.I was tempted to do Cima or Icaew after Acca but i change my mind since I contacted Acca and the told me I can do more than 2 option paper but i need to ring Acca to arrange it but then again why would need to pass the exam. i can just learner it and not sit the exam as once you qualify as an Auditor/Tax adviser you can go on and be a Finance director without setting any more exam all you need is good work experience. do you know lots of the finance directors are former auditors.
i understand from someone he works for an Icaew accounting firm and the partner want their employee to do Icaew but for me i see the opposite, I have seem a Boss who Icaew Qualified but everybody else working for him is doing/did ACCA.do not get me wrong about CIMA/ ICAEW they are fantastic qualifications and am not trying to rate ACCA above them. just choose what suits you but my point was not to waste your time doing more of the same as the are very similar if not the same.
but if you are Cima qualify you cannot be an Auditor/tax adviser so in that case if you are Cima and want to be an Auditor/tax adviser you need to do ACCA/ICAEW.
Cima makes excellent management accountant/ finance managers/directors.Icaew makes excellent Auditors/ tax advisers/finance manager/directors
Acca are also excellent in all kind of Accountants depending on what you want to specialise in i.e Tax Adviser, Auditor,management accountant or finance manager/director. this option which can be tailor to your personal need is the reason I choose Acca.
So do the maths and the decisions is yours.
thank for your time.
try lost of work experience, is worth far more than portfolio of certificate.my opinion.
The bottom line is we are doing Acca to achieve something for our self and our families. so no matter what husband or wife we always be there for each other during the hard days of Acca and when the Good Day comes we enjoy together.
This should not be seen as ACCA vs My Family/spouse Because you had to work to look after your family and ACCA gives you the Ideal Job to do that.
some people still think that marriage is just about love but I think that’s childish because marriage is way a head of love. love is just the beginning. people who have being marriage for more than a decade like myself knows what am talking about.
if your are a family man/woman your needs all comes last, everything you do is about your family. thank god me and my wife thinks alike. She joins me doing Acca as she think my aim to later run our own family accountancy firm from our own home or nearby so that we can look after our kids properly is a good idea.
some body mention about not having a sense of humor, that person must be living in his own world. also talking of egoistic I think you just suffering from P1. avoid using word that you have no clue about.do not be nervous, it’s ACCA!!!, what ever the result there is another sitting, even better now 4 sitting a year. from F1 to P7 that’s always what believed. so no worries pass now or next time. you will get there in the end.
my solution was easier, I made my wife to study acca as well. guess what we spend our free time on?? also my 6 year old son like to read P5 text even though he do not know what it says but he like it because mummy and daddy always have one.
I did the professional ethic module when i did P1 but I was also given access to the professionalism module first . when i was doing it i thought it was the professional ethics module but i found out later when i finished doing the professional module.
i will advice you to do the professional module first. it’s very good as it forces you to think as a professional accountant. it also make the professional ethics modules easier. there is no fail as it is design to make you think and realize the action and judgment make by professionals. i loved it.My guess is you have pass all you F papers and that’s why you are given access. but you log into it before you finally got your result and they realize that you have log in before you are official given access which should be after exam result are release.
around this time all the system have been set up which includes exams results, so they just doing final check before releasing the results.
I had the feeling that you have pass it all. good luckThat is true and it is a great new from Acca for a change.
Students can now choose papers that are more relevant to what they are doing at work at the time of sitting a particular Paper.
Although a bit too late for me but if I was to do it again I would have done F9,P3 & P5 together and Then P1, P2 & P7. great combination..IF you Are accountant in management i will advise you to do P3 & P5 & P1 With or After F9 then P4 & P2. If work in Tax do P6 with or after F9 and same goes with P7 But do not do P7 before P2&P1 either together or P1 & P2 first.
I think ACCA needs to go a bit further in the following issues:
(1) If students can do P6 with or immediately after F9 then acca should make arrangements with local tax Professional bodies (e.g. CTA in the UK) to allow student to register with them as soon as they pass the P6 paper and be allow to sit their tax papers which will allow the students to finished their Acca exams with CTA exams.
(2) Optional paper should be more optional. what I mean is the 2 option limit should be remove and allow student to take minimum 2 option papers and 3 or 4 paper if they wish.
say for example a student is working in an audit and tax environment and obviously choose to do P1,P2, P6 & P7 first as it is more relevant to what they do. by the time they finished the rest of the P papers they may have an opportunity or change their mind to work for a company, this change will allow them to simple do P4 & P5 if the wish.
(3) There Are More Small and medium Size(SME) companies than Big companies/MNC’s, and most of the accountant work for (or their clients are) SME’s, so many of us will be better off with one Extra option Paper on Advance Strategic Management (P8) rather that had to do a Global MBA which I think (in my opinion) is more relevant to Big/ Multinationals companies(MNC),
thats my Opinion..
I spent lot of time researching these finding and it’s a pleasure that am making well explain good points.
thanks.That’s a misconception, every professional accountancy body (acca, icaew, cima) you will need minimum 3 years work experience to qualify, in fact with cima until January 2015 new syllabus kicks in you will also have to pass a work experience project( T4 part B).
My advise to you acca student is that you have the opportunity to be Management accountants, Auditors, Tax Accountant and Financial Accountant and Financial Managers/treasurer or Public sector Accountant and with both local and international status which no other professional Accountancy body can give.
With 100% due respect to Cima and ICAEW (of course they are high quality accountancy qualification without doubt) but Cima is focus on management accountancy and Icaew are too focus in Taxation , Financial reporting and Audit & Assurance.
With Acca you have all Fundamental accountant Skill in Management Accounting, Audit and assurance,Taxation, Financial reporting, Financial management and at final level you will choose which accountancy Field to specialise in.No Acca need to go for neither Cima or Icaew after finishing Your Acca studies. all you need to be an accountant is in the Acca syllabus. if you want to change career say from Audit/Taxation to management Accountant / Financial management all you need to do is phone the Acca and to do (2 extra papers) only P5 & P4.
But if you go to do Cima, you will have to do 3 exams E3,P3,F3 Plus 2 case studied exam i.e., 5 exams to be qualify for the same management accountant or financial manager jobs.With Icaew if you are an Acca member for 5 Years you do not need to do any exam to be a their member.(as far as I know) if not you need to do 3 extra papers(while having working experience) to be qualify ICAEW(doing again similar syllabus to Your ACCA)
Acca also have An MBA programme for it’s member who want to go into corporate management and New MSc in professional Accountancy coming in 2016 for those who want to convert their Acca qualification into masters degree and many other MBA’s and further professional bodies programmes which are superior in financial management / treasury e.g the Association of Corporate Treasurers(ACT) or Chartered Tax Advisers (CTA) in UK tax or you local Tax Professional Body. you will gain exemption for some papers.
Stop wasting you time crossing from one professional accountancy body to another they are are all the same more or less. if you finished acca and you still want to learn move on to some different and more interesting not more of the same.
i personally think it is wrong to set questions so hard to understand given the exam is already time pressure.
I try to understand what the requirements for timesq2 and 3 are but no way of understanding after reading reading it nearly 10 times.
not fairi wanted to try to explain these for you but how can you not know these and you are doing f8.
this is the first things you learn in bookkeeping. i want to help but i think you need to go back to you f3 notes first to revise accounting and accounting documents.anyway if i understand you question properly, source document means the original document, in other words the document where the information originated.e.g source document for a sale recorded is the sales invoice.
Payable ledger is the ledger/book where the purchases transaction are recorded, so a list of payable balances is a list of all creditors recorded in the payable ledger and their account balances.
sale ledger is the ledger where all the sale transaction to customers are records therefore a list of sales ledger balances is the list of all debtors in the sale ledger and their balances.
General ledger is the ledger where general items are recorded. any other transaction that are not sale to customers or purchase from suppliers will be recorded in the general ledger. e.g Assets, control accounts etc.I do not mind to help anytime as long as you take advice.
please go through the basic of account are recording transaction.mate i think you are missing the boat.
I Really don’t know where you get your analysis from but totally not correct.
anyway i did not write to try to rectifying you but was only helping the person asking for help.
anyway he happens to do exactly what i said and has submitted his assignment, so he will have a feedback soon.
if you are interested to known whether what you are saying is correct then check the original posting and get in touch with him for the feedback from his lecturer or you can email mike to clarify thinks for you which i think you need.
i will not comment on the issue again.
good luck with your studiesLike mike said you just need to contact ACCA.
don’t confuse yourself unnecessarily.i would say you have to master audit risk and business risk question. these question comes very often, usually question 1 and try to know the accounting Standards (IFRS) from P2.
then try to attempt as many question as possible on each topic.take the revision kit, keep practicing till exam day. of course you need to cover the syllabus first.
Mytution,
i think you misunderstood the question,
yes you are right the standard (IAS 40) states that land held for undermined future use should be accounted as investment property.
But the question made it clear that they bought the land with intention to build store on them besides they are actually started building the store. if you read it properly it says the construction of a new store on the land has started.
T
he other issue you missed is they are going to use the store in the business as supermarket stores, again the the store is not build neither to be let out (lease or rent out) nor held for capital appreciation nor mention such intention for the future. the key word is the question is a supermarket chain company. They do not buy land to let but to use as future store for expansion( the like of this kind of company in the UK is Tesco who bought land for developments of new stores)
So this land is a Non current asset as it will be use for business operations. therefore IAS 16 Should apply here.
the land should be recognized at cost and not depreciated because land dose not depreciate but could possibly be impaired. e.g land use for manning or quarry can be impaired.
i hope am right.there you go.
mike has hit the nail on the head.
i did not thought of that myself.i think my IFRS knowledge is a bit rusty but Land does not depreciate so you can not depreciate land.
the new store being constructed should be accounted separately and the land Should be accounted using IAS 16 (NCA) therefore recognize at cost but you do not depreciate it. land only appreciates (that is increase in value).
they should be test for impairment only but no depreciation
i hope am right.learn the whole syllabus,
As a professional you should be up to-date / know the current issues affecting the profession.that is important. that’s why it is in every exams.
from what i understand they are also easier to pass the the others.
i Personally do not like question spot and do not want to pass any exam that i do not full covered the syllabus or not understand. i like to learn all and focus more on core topics and tips when revising but not to totally ignore a whole section.
your choice but i will not recommend that.yes or do them together.
the acca papers feeds in to the next, that’s why one paper is first before another.
if you check the other comments, Mike has indicated that 15% of p2 exam is directly from P1, usually question 2 on ethics.
P1 content also reappears in all the P papers so that’s why it is P1 not 3 or 2.
i think it is best to do it first. my opinion but you are the one doing the exam so it’s your choiceI did not do 3 P paper at once because am working full time but the combination you are doing is very good. P2 and P4 are related and P2 is also related to P7 some the overlaps between them will helps you a lot,
given that you are full time student, i would encourage you to go for it. do not worry about Failing a paper. it is normal, and when you repeat a paper you gain a lot more understanding about the syllabus content. besides be positive and have a can do attitude. since you reach this level, i see no reason why you cannot do it. so go it a go!!!!!!!!!!!
good luckMy pleasure,
I could really understand your frustration, but I just want to make you understand why Acca do not do Degrees. anyway just keep it up, one day you will be able to do the oxford brooks degree and the global MBA.