In this posting, I attempt to BRIEFLY explain the main intention of all these changes.
In one sentence – ACCA intends to hard implant key values ie. professional values, ethics and governance into all aspiring members-to-be.
These skills are essential as the profession moves towards strengthened codes of conduct, regulation and legislation with an increasing focus on professionalism and ethics in accounting.
They will be examined at every subject (where applicable, with different emphasis) till the highest level in the new ACCA Qualification. They will also be a core element of students’ practical experience requirements. This point was stressed repeatedly in the recent lecturers’ briefing.
The intent is demonstrated by the creation of the compulsory online practical Ethics module for all new students.
The focus on ethics is not uncommon. It is a singular subject to be passed in the CFA programme. Given the many accounting blow ups in the recent years, I don’t think we are doing enough yet.