Practical Experience Requirement (PER) Part 5

This posting focuses on the person called MENTOR.

  • Who can be your mentor?
  • What is the purpose of mentor to PER?
  • Can I have more than one mentor?
  • Any advantage or disadvantage of having an ACCA member as a mentor?
  • What if my mentor is not an ACCA member? Will I be penalised?

For answers to the above, please read:-
http://www.accaglobal.com/students/publications/student_accountant/archive/2007/77/2957617

Advertisements

Practical Experience Requirement (PER) Part 4

Hi to existing student or affiliate,

If you belong to the above, you will be required to transfer to the new PER by 31 December 2007.

You will need to transfer any STR competences you have recorded under the current or pre-2001 scheme to the new PER.

I have just read this article that described the various actions needed for the following groups of student/affiliate:-

  • those who have completed the requirement under the old STR
  • those who have started but have not completed the STR
  • those who have not started at all

Read this article for a complete help – http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/pract0307.pdf

Practical Experience Requirement (PER) Part 3

for u…

Question from a Student
“I applied as SAA student before Jan 2007. BUT i’m not working in an accounting field as i’m not studying business related course during poly days. Hence does this apply to me? Do i need to change to a accounting related job before Dec 2007?”
First and foremost, all students and affiliates of ACCA will be affected by PER.
To get the four letters “ACCA” at the end of your name, GENERALLY you have to take 3 steps.
– Exams
– Ethics
– Experience ie. PER
So whether you are working directly or indirectly in an accounting-related job, you must be able to fulfill the lucky 13 performance objectives.
The first 9 Essentials are from 3 main areas ie.
  • professionalism / ethics / governance
  • personal effectiveness
  • business management

As you can see, these are generally non-accounting/financial related and should be achievable by all.

The next 4 are to be chosen from 11 from 5 areas. They are definitely accounting/finance related but they are strictly not accounting/finance jobs. The details are as follows:-

Financial accounting and reporting
– prepare financial statements for external purposes
– interprete financial transactions and financial statements

Performance measurement and management accounting
– prepare financial information for management
– contribute to budget planning and production
– monitor and control budgets

Finance and financial management
– evaluate potential business / investment opportunities and the required finance options
– manage cash using active cash management and treasury systems

Audit and assurance
– prepare for and collect evidence for audit
– evaluate and report on audit

Taxation
– evaluate and compute taxes payable
– assist with tax planning

So realistically, what should you do?
Answer – Get yourself involved actively in at least 4 of the above activities. Diarise the whole process for each activity so as to evident your involvement. Your supervisor must be satisfied with your participation to finally sign off.

You have time to achieve all 13 ie. from the day you start work till whenever you are ready over different supervisors / departments / employers / companies etc.

So it is good to keep PER info in your office all the time!

Welcome more questions. Till then, cheers.

Practical Experience Requirement (PER) Part 2

Only existing students / affiliates who had registered for ACCA Qualification before Jan 2007 need to read this posting.

For existing students, you are required to convert to the NEW Practical Experience Requirements (PER) by 31 Dec 2007.

To assist you, an online conversion tool is available.

You can use this tool to convert and record existing experience to the new PER.

You can then use the TDM to log the performance objectives TO BE achieved as part of the new PER.

For affiliates applying for membership, ACCA will continue to accept applications based on current STRs until 30 Jun 2008.

Always remember
Get your Student Training Record (STR under old scheme) or PER sign off by your supervisor every year and/or BEFORE you resign!

Practical Experience Requirement (PER)

What is the current process called Student Training Record (STR)?
Answer – It is where you are required to match your practical experience AGAINST a set of competencies and record them accordingly.

What is the new PER?
Answer – You have to demonstrate that you have met a range of workplace performance objectives ie. benchmarks of effective performance.

What are these performance objectives?
Answer – 9 key and 4 optional performance objectives.

How to complete a performance objective?
Answer – You are to respond to a set of “challenge questions” for each objective online or paper-based.

When to complete the return?
Answer – Annually ie. last quarter of each year.

Who can be my workplace mentor?
Answer – It could be your line manager, mentor or another individual. If possible, select a qualified accountant, so as to avoid being priority flagged for monitoring purposes.

What is the purpose of having a workplace mentor?
Answer –
– select performance objective to work on
– setting targets
– provide access for you to tap on mentor’s experience for your overall development
– evaluate and review your progress