Dear friends,

There are a few requests for me to give some attention to the new ACCA programme. So this is the first of my series.

What is the name of new programme?
Answer – Boringly and amazingly obviously called – “ACCA Qualification“.
The programme was officially unveiled in Jan 2006 for implementation for Dec 2007 exams. That effectively crystallised the effort started back in Nov 2004.

Still the same number of 14 subjects but with significant change in the content of the respective subjects. It will change so much that you will NOT be able to correspond 1 from the old programme with another from the new programme. Example – Paper 2.1.

There is also the online Professional ethics module for new intake students to complete. I was briefed that they will actually track the time you spend on going through the module. Not compulsory for existing students. But you are encourage to do it.

In fact, “Accountancy, at its heart, is all about neatness. It is about of symmetry. It is about double-entry. It is about balancing things out. It breeds a feeling of control. The figures neatly agree. All is well with the world. Job done.”

This is the first paragraph from the article entitled “stay focused” by Mr Robert Bruce. It really wowed me with its simplicity and yet so encapsulating.

As accountants, are we always looking to put various transactions in different “boxes” quickly and efficiently, so that we can pass entries, balance our books and go home?

Mr Bruce also took a swipe at the auditors when he said, “Diligent auditors follow screen-by-screen, ticking all boxes, and then fold up the laptops and go home.”

He said the neatness give all of us a feeling that the job is done. But in fact it may not be and we could end up being at home for months after being fired for not doing our job. So Mr Bruce advised that we should tossed everything up in the air and watched how they come down to earth ie. undo the neatness!

Cheers to you, Mr Bruce. Interesting stuff.

P/S – a painting

There is a need for a CFO to move up the value chain, staying relevant and keeping pace with business development as rallied by Lim Yen Suan, executive director of KPMG’s Risk Advisory Service.

Is the general lack of such movement giving rise t0 a trend of non-accountants taking on the role of CFOs?

Hi friends,

Wish to share the highlights of today’s forum at M Hotel with Mr Kaka Singh, the immediate past President of ACCA Local council in Singapore.

He said once there were too many doctors and lawyers, now we are short of them. Then there were many people producing only on 2 children, now we are short of people in Singapore. He was responding to a question from a member who expressed his concern that ACCA as a desired qualification may be eroded given the high membership level of about 5,000 ACCA members and 3,000 affiliates.

Mr Singh noted a uniqueness of ACCA programme when he related this story. He attended the graduation for ACCA students and met a doctor who went through and graduated. Mr Singh asked why he needed to go through the programme. The doctor said the ACCA programme allowed him to gain competence in dealing with numbers in his job as an administrator of a hospital.

• The ACCA programme is the only avenue in Singapore that provides working adults and mid career individuals the opportunity to secure an a recognised financial training qualification part time.

CPD programmes under ACCA Singapore are priced on a cost recovery basis.

Mr Kaka’s final words today – “How good you are will depend on how prepare you are.”

P/S – Mr Kaka Singh is standing as a candidate for election to ACCA council in UK. Please give our support to him to ensure Singapore’s voice in international forum.

Hi,

I am looking to form a small team of people to review and comment where applicable on the proposed standards.

CCDG is inviting for comment from public. Due date – Sep 1, 2007.

If you are interested in participating in the democratic process of accounting standard formulation and at the same time, learning something together, please drop me a note to indicate your interest.

Good day…

The CCDG announced the new standard for small and medium enterprises (SMEs) last month and is seeking comments from the public.

The proposed rules closely relate to the new SME financial reporting standards put forward by the UK-based International Accounting Standards Board (IASB) in February.

What are some of the proposed changes highlighted?

• Choices for accounting treatment have been removed and topics that are not generally relevant to SMEs, such as share-based payments and segment reporting, have been cut.
• Methods for recognition and measurement have also been simplified. For example, for goodwill impairment, SMEs can use an indicator approach rather than an annual impairment test.

What are the potential impacts?

• CCDG expects the current volume of accounting standards for SMEs to be cut by more than 85 per cent.
• The auditors are looking at 10-15% reduction in audit fees. But is it fair? We will wait and see till at least after the first done under the new rules possibly end of next year.

The proposed rules are now opened for your comment till Sep 1, 2007.

I am delighted by the news as this would help to ease the frustration I experienced recently in dealing with some fellow professionals. Story about this in my next article.

P/S – A sad memory.

Hi,

Oxford Brookes has revised its degree programme to incorporate ACCA syllabus changes. Here are the snippets that I wish to share with you.

The revised scheme will apply from Aug 2008.

While you still have to complete F1 to F9, but only marks for F4 to F9 will count towards which qualification you will get ie. first class honours, second upper etc. Why? F1, F2 and F3 have been light-weighted to 2 hours of MCQs.

The quality of Research and Analysis Project (RAP) will also go towards qualification. It can ONLY upgrade you from one class to another. To illustrate, if your average mark for F4 to F9 qualifies you for second upper and you did such a wonderful RAP, Oxford Brookes may “bump” you up to first class honours.

By the way, I was told that you would have to submit a RAP of 6,500 words from Aug 2008 (currently 5,000 words). This is to partially compensate for the lower loads of F1 – F3.

For more detailed info, you know where to go right?

There is now a standard and transparent set of policy guidelines for those seeking exemption as they initiate their pursuance of ACCA qualification

Here they are:-

Type of degree (ACCA exemption)
– Accounting degree – major (F1 – F4 )
– Accounting degree – joint/minor (F1 – F3)
– Finance degree (F1 – F3)
– General business / management degree (F1)
– Law degree (F4)
– MBA (F1 – F3)
– Non-relevant degree (no exemption)

Friends,

Saw this signboard at a hawker stall.

It reflects the increasing sophistication of people operating even small businesses.

Are you familiar with this form business registration to take advantage of it? For those uninitiated, LLP is limited liability partnership.

Send me a pic of anything interesting relating to the topic of accounting.

Cheers…

P/S – Will try the food this weekend.