F1 Accountant in Business

 

To develop knowledge and understanding of the business environment and the influence this has on how organisations and accountants operate, and of the role of the accountant and other key business functions in contributing to an efficient, effective and ethical organisation, and to build knowledge and understanding of the basic principles of effective management.

 

F2 Management Accounting

 

To develop knowledge and understanding of how to prepare and process basic cost and quantitative information to support management in planning and decision-making in a variety of business contexts.

 

F3 Financial Accounting

 

To develop knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting and technical proficiency in the use of double-entry accounting techniques.

This includes the preparation of basic financial statements and from December 2011 will also include preparation of basic consolidated financial statements and interpretation of financial statements.

 

F4 Corporate and Business Law

 

To develop knowledge and skills in the understanding of the general legal framework, and of specific legal areas relating to business, recognising the need to seek further specialist legal advice where necessary.

 

F5 Performance Management

 

To develop knowledge and skills in the application of management accounting techniques to quantitative and qualitative information for planning, decision-making, performance evaluation and control.

 

F6 Taxation 

 

To develop knowledge and skills relating to the tax system as applicable to individuals, single companies, and groups of companies.

 

F7 Financial Reporting

 

To develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups, and how to analyse and interpret those financial statements.

 

F8 Audit and Assurance

 

To develop knowledge and skills in the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework.

 

F9 Financial Management

 

To develop knowledge and skills expected of a financial manager – relating to issues affecting investment, financing, and dividend policy decisions.

 

P1 Governance, Risk and Ethics

 

To apply relevant knowledge, skills, and exercise professional judgement in carrying out the role of the accountant relating to governance, internal control, compliance, and the management of risk within an organisation – in the context of an overall ethical framework.

Once you are eligible to sit this paper you will have access to the Professional Ethics module. It is recommended that you take the Professional Ethics module at the same time as, or before, the Paper P1, Governance, Risk and Ethics paper.

 

P2 Corporate Reporting

 

To apply knowledge, skills, and exercise professional judgement in the application and evaluation of financial reporting principles and practices in a range of business contexts and situations.

Should you wish to practise as a registered auditor within the UK and/or Ireland (obtain the audit qualification/audit practising certificate), you must attempt the P2 UK/Irish and P7 UK/Irish papers from June 2011 onwards. This is not a retrospective ruling, so any International papers you have already passed will be unaffected by this ruling.

All UK and Irish professional accountancy bodies are governed by the requirements of the Statutory Audit Directive (SAD). In order to comply with the requirements of SAD – and to practise as an auditor – certain elements of UK/Irish legislation and regulation should be examined.

The revised Papers P2 (UK/IRL) and P7 (UK/IRL) fully meet regulatory and business environment requirements for those wishing to obtain the UK/Irish audit qualification and hence practise as a registered auditor in the UK/Ireland.

 

P3 Business Analysis

To apply relevant knowledge, skills, and exercise professional judgement in assessing strategic position, determining strategic choice, and implementing strategic action through business process and structural change, coordinating knowledge systems and information technology, and by managing quality processes, projects, and people.

 

P4 Advanced Financial Management

 

To apply relevant knowledge, skills, and exercise professional judgement as expected of a senior financial executive or advisor, in taking or recommending decisions relating to the financial management of an organisation.

P4 is one of four Options papers. You need to complete two Options papers as part of the ACCA exam requirements to achieve ACCA membership and become a professional accountant.

 

P5 Advanced Performance Management

 

To apply relevant knowledge, skills, and exercise professional judgement in selecting and applying strategic management accounting techniques in different business contexts and to contribute to the evaluation of the performance of an organisation and its strategic development.

P5 is one of four Options papers. You need to complete two Options papers as part of the ACCA exam requirements to achieve ACCA membership and become a professional accountant.

 

P6 Advanced Taxation

 

To apply relevant knowledge, skills, and exercise professional judgement in providing relevant information and advice to individuals and businesses on the impact of the major taxes on financial decisions and situations.

P6 is one of four Options papers. You need to complete two Options papers as part of the ACCA exam requirements to achieve ACCA membership and become a professional accountant.

 

P7 Advanced Audit and Assurance

 

To apply relevant knowledge, skills, and exercise professional judgement in analysing, evaluating, concluding and reporting on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.

P7 is one of four Options papers. You need to complete two Options papers as part of ACCA’s exam requirements to achieve ACCA membership and become a professional accountant.