ACCA’s Certificate of Achievement for F1, F2 and F3

Under the new scheme,

There will be no more paper winners for F1 to F3. Instead a Certificate of Achievement will be awarded to students who have scored 85% and above in these papers. This is regardless of whether they took the paper-based or CBE exams.

MSER students will only be eligible for prizes from F4 to F9 and P1 to P7 when they transfer to the Professional Scheme.

P/S – So for those who have scored higher than 85%, please look out for your “Certificate of Achievement”. Cheers.

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We got to learn new names.

The terms “Balance Sheet” and “Cash Flow Statement” will be passe very soon.

In Sept 2007, IASB issued the revised IAS 1 (similar to our sFRS 1) with the main changes in the presentation of financial statements and terminology.

For international versions of CAT6, CAT8, F3, F7, F8, P2 and P7:-

  • “Balance sheet” will be “statement of financial position”.
  • “Income statement” – no change.
  • “Cash flow statement” will be ” statement of cash flows”.

It is effective from June 2008 sitting.

For other papers NOT mentioned above :-

  • “Balance sheet” = “statement of financial position (balance sheet)” (for Jun / Dec 2008 exams).
  • “Balance sheet” = “statement of financial position” (from Jun 2009 exam onwards)
  • “Cash flow statement” = “statement of cash flows” (from Jun 2008 exam onwards)
  • “Income statement” = “statement of comprehensive income” (from Jun 2009 exam onwards)

GST for Gold trading could be different

Under normal circumstances, GST is to be accounted for at the earliest of the following events:-

  • date when goods are delivered or made available to your customer;
  • date when payment is received; or
  • date of issuance of invoice.

But when it comes to trading of gold where the prices are dependent on fluctuations in the market for a period of 90 days.

The law allows that the invoice to be issued on the 90th day with the price determined by (assuming the seller has not received any payment),

  • buyer/seller; or
  • otherwise based on the open market value prevailing on that day.

This method of accounting is only peculier to sales of gold jewellery.

Mei Hua says…

Hi Edgar,

Just logged in to the ACCA website to check my F3 exam result….I got 86. Just want to say thank you for your repeat reminders on the important points and for the extra (free) revision class given going through all MCQ. I struggled for about 15-20 minutes on the first question and was all nervous throughout the whole examination…..

Cheers,
Mei Hua (Jun 2007)