THE NEW ACCA SYLLABUS

Examinable December 2007

Key points which have not altered

• There are still 14 exam papers to complete

• You can complete a maximum of 4 exams per sitting, in June and December
• Higher level papers relate to lower level papers
• If you do not meet the Professional entry requirements you can join the Mature Student
entry Route (MSER)
• Exemptions may be given from lower level papers on application to ACCA
• Syllabus is IFAC compliant
• Certain papers have International and UK variants
• The Oxford Brookes degree is still available – please check your eligibility with ACCA
• Practical experience and exams must be completed before Membership

Major Changes

• Option papers will be taken after the core (essential) papers

• Brand new paper: P1 – Professional Accountant
• On-line ‘Professional Ethics’ module added (see page 8)
• New annual Practical Experience Requirements (PER) with online facility (see page 8)
• No requirement to sit any papers together
• More emphasis on codes of conduct, professionalism and ethics
• Papers 2.1 and 3.4 have been removed & are now assessed in the workplace
• The equivalent to Paper 3.7 is now an optional paper

To achieve ACCA membership

You now have to:

• Pass 14 exams
• Complete the on-line Professional Ethics Module
• Have 3 years relevant practical experience and complete your PER record

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 New Syllabus Details
The new syllabus first becomes examinable in December 2007, and has four distinct Modules:

• Fundamentals: this has two modules:

o Knowledge
 All papers 2 hour duration
 Can be sat as CBE or paper based examination

o Skills
 All papers 3 hours duration
 Paper based examination

• Professional: this has two modules:

o Essentials
 All papers 3 hours duration
 Paper based examination

o Options
 Choice of 2 papers from 4
 All papers 3 hours duration
 Paper based examination

The Essentials (core) papers are now taken before attempting the options papers.

The whole of the Professional level is set at Masters Degree level, and focuses on an
advisory or consultancy role.

Exam Progression Rules

• Modules must be taken in order: Knowledge, Skills, Essentials, and then Options.

• Within each module the individual papers can be taken in any order.

• You can attempt a maximum of four papers each exam sitting.

• There is no requirement to sit and/or pass any of the exams together.

Note: For students sitting Options in June 2007 there is an exception to the progression rule
– you may complete your Option papers before / with your Essentials papers under the new
syllabus.

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 The Full Syllabus

Professional Level (5 papers )

Options Module (2 papers only)

P7 Advanced Audit and Assurance (AAA)

P6 Advanced Taxation (ATX)

P5 Advanced Performance Management (APM)

P4 Advanced Financial Management (AFM)

Essentials Module (all 3 papers)

P3 Business Analysis (BA)

P2 Corporate Reporting (CR)

P1 Professional Accountant (PA)

Fundamentals Level (9 papers)

Skills Module
F9 Financial Management (FM)

F8 Audit and Assurance (AA)

F7 Financial Reporting (FR)

F6 Taxation (TX)

F5 Performance Management (PM)

F4 Corporate and Business Law (CL)

Knowledge Module
F3 Financial Accounting (FA)

F2 Management Accounting (MA)

F1 Accountant in Business (AB)

Notes:

Depending on exemption eligibility, all or some of the Fundamentals Level will need to be
completed before progression to the Professional Level

For certain ACCA accredited degrees, full exemption from the Fundamentals Level is
granted.

No exemptions are available for the Professional Level.

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 Conversion Arrangements
The chart below shows the relationship between current syllabus papers and their new
syllabus equivalents. If you have completed papers under the current syllabus you will
receive an exemption from the papers shown on the right:

Current Syllabus New Syllabus - Dec07

Part 1 Fundamentals Level - Knowledge

1.1 Preparing Financial Statements F3 Financial Accounting (FA)

1.2 Financial Information for Management F2 Management Accounting (MA)

1.3 Managing People F1 Accountant in Business (AB)

Part 2 Fundamentals Level - Skills

2.1 Information Systems F5 Performance Management (PM)

2.2 Corporate and Business Law F4 Corporate and Business Law

2.3 Business Taxation F6 Taxation (TX)

2.4 Financial Management and Control F9 Financial Management (FM)

2.5 Financial Reporting F7 Financial Reporting (FR)

2.6 Audit and Internal Review F8 Audit and Assurance (AA)

Part 3 Option Papers Professional Level

3.1 Audit and Assurance Services P7 Advanced Audit and Assurance (AAA)

3.2 Advanced Taxation P6 Advanced Taxation (ATX)

3.3 Performance Management P5 Advanced Performance Management (APM)

Counts as an Option paper (Business Information

3.4 Business Information Management
Management) – see conversion details explained.

Part 3 Core Papers Professional Level

3.5 Strategic Business Planning Develpmnt P3 Business Analysis (BA)

3.6 Advanced Corporate Reporting P2 Corporate Reporting (CR)

P1 Professional Accountant (PA) or
3.7 Strategic Financial Management
P4 Advanced Financial Management

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 Conversion Details
If you are already registered with ACCA, you do not need to re-register.

In August 2007 ACCA will automatically convert existing exam results into the new paper
equivalents and ACCA will then notify you of the papers under the new syllabus that you will
be required to complete.

For the vast majority of papers there is a direct translation between the new and current
syllabus.

ACCA has a web based conversion tool which can be found at www.accaglobal.com/horizon.
This will help you find out what your own individual situation is.

There have been major changes to three of the current papers:

Paper 2.1 Information Systems

There is no direct equivalent for paper 2.1. The replacement paper is a different syllabus, and
as such knowledge from paper 2.1 will not be required for the new paper. However, relevant
knowledge from paper 2.1 is included in the new paper P3 Business Analysis (BA).

Paper 3.4 Business Information Management

Like paper 2.1, the new syllabus does not have a direct corresponding paper for paper 3.4.
Relevant knowledge from this paper is included in the new paper P3 Business Analysis (BA).

Passing 3.4 will provide the student with a general ‘Options’ credit – this will not relate to any
specific options paper under the new syllabus. The student’s exam record will state that they
have passed the option paper – Business Information Management.

Paper 3.7 Strategic Financial Management - the different scenarios

Passing 3.7 and Two Option papers

If you have passed 3.7 and two Options papers on the current syllabus, then you will receive
corresponding credits for the two Option papers and a credit for the new paper P1
Professional Accountant (PA) on the new syllabus.

Passing 3.7 and One Option paper

If on the current syllabus, you have passed 3.7 and only one Option paper, then you may elect
to receive a credit in place of 3.7 for either:

• P1 Professional Accountant (PA) or

• P4 Advanced Financial Management (AFM)

If you select paper P1, then you will be unable to attempt P4 as your remaining Option paper.

Note: Should you not pass paper 3.7 in June 2007, you will be required to sit the replacement
P1 paper under the new syllabus, and not the similar P4 paper.

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Core / Essential Papers Rule – 3.5, 3.6 & 3.7 / P1, P2 & P3

From December 2007, there is no requirement for you to sit all of the new core papers, the
Essentials, together.

Under the new syllabus there will also be no requirement for you to pass all three ‘Essential’
papers before attempting the ‘Options’ paper; but the modules must be sat in the correct
order. It is therefore possible to sit any remaining papers in the ‘Essentials’ module at the
same time as papers in the ‘Options’ module.

Transition Phase – December 2006 and June 2007

The core paper rule under the existing syllabus has been amended for the transitional period
December 2006 and June 2007.

You will be awarded a permanent pass in any paper where a mark of 50% or over is achieved.
If you receive a mark of less than 50%, then that paper only is failed.

During the transition phase you must attempt all outstanding core papers at the same exam
session.

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 Our advice to students taking exams
in June 2007

Part 1
Complete all outstanding papers, either paper based or CBE (Computer Based Examination)

Part 2
The key decision here is with regard to paper 2.1 as it does not have an equivalent paper in
the new syllabus. There are the following options available:

1. Complete the paper, as it is a less technically demanding paper than the new paper F5
Performance Management (PM). This will then provide you with a pass against this
new paper P5. Knowledge from 2.1 will also be of use to you once you come to take
paper P3 Business Analysis (BA).

2. If you are looking to take paper P5, Advanced Performance Management (APM) at the
‘Options’ stage then as paper F5 Performance Management is a direct link,
consideration should be given to deferring taking paper 2.1 (this will mean entering the
exam, paying the exam fee but not taking the exam). You could then physically sit
papers 2.2 & 2.3, which have direct equivalents.

If you do decide to take paper 2.1, then ensure the focus of your studies is focussed and
weighted accordingly, as there is no equivalent paper to retake in December 2007.

Part 3 - Options
Paper 3.4 is the only paper that does not have a replacement paper in the new syllabus. As
such the following options are available:

1. Complete the paper, as a considerable amount of its content will be used within Paper
P3 Business Analysis (BA)

2. Do not take 3.4 at the June 2007 exam sitting, and take two of the three remaining
option papers (3.1, 3.2 and 3.3) as all of these papers have direct equivalents under
the new syllabus.

Part 3 – Core
On a change of syllabus it is always advisable to finish studies under the existing syllabus. In
view of the changes to the equivalent 3.7 paper under the new syllabus, a greater emphasis
should be placed on ensuring studies are focussed and weighted towards exam success in
this paper.

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 Professional Ethics Module
This is a new module, which must be completed as part of your studies before applying for
membership.

The module is available online, by CD-ROM or in a paper based format.

It is mandatory if you register with ACCA after January 2007.

Existing students are encouraged to complete module, although it is not compulsory.

You are granted access to the Ethics module as soon as you are eligible to take P1
Professional Accountant.

Whilst this module can be taken at your convenience, ACCA recommend that you complete
the Ethics module whilst studying P1 Professional Accountant.

Practical Experience Requirements

You will now be required to complete a new annual experience record that dovetails into the
CPD (Continuing Professional Development) requirement.

The Practical Experience Requirements (PER) should ensure ACCA Members have the
essential practical skills required by employers.

Key features:

• Annual return required – online or paper based

• Goal driven
• Online trainee development matrix (TDM)
• Information systems assessed through PER
• Workplace mentor required
• 13 Performance objectives – essentials (9) and optional (4/11) – which relate directly
to the exam based papers.

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 Oxford Brookes Degree
The Oxford Brookes degree (BSc Honours in Applied Accounting) is still available as an
option and may be attempted once you have completed:

• Fundamentals level
• On-line Professional Ethics module

To obtain the degree, you will have to complete:

• Research and Analysis Project

• Key skills statement
• Presentation

You should check your eligibility for the Degree programme with ACCA.

For more Information on the new

syllabus…
View the special section of the ACCA website www.accaglobal.com/horizon

Contact ACCA directly on [email protected] or 0141 582 2000.

Contact FTC Kaplan’s ACCA advice line on [email protected].

Speak to a member of the ACCA team at your local FTC centre – look on www.ftckaplan.com
for local contact details.

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