Friday, February 3, 2023
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Friday, February 3, 2023
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Certified Accountant: How to become a Chartered Certified Accountant

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In 1904, the Association of Chartered Certified Accountants was established, and now it is one of the largest professional accounting associations offering the Chartered Certified Accountant certification.

ACCA is the Global Chartered Accountants’ body. The London headquarters of ACCA is located in London. The principal administrative office is in Glasgow. ACCA has over 104 offices and centers across 52 countries. There are 323 Approved Learning Partners (ALP) and more than 7,300 Approved employees worldwide that offer employee development. The ACCA is also active in India and China. ACCA India organized a national Financial Literacy Drive’, with support from the Indian Ministries of Finance and Education.

THE BASIS FOR THE ACCA QUALIFICATION WAS THE 1974 ROYAL CHARTER.

Legally, the term “Chartered Certified Accountant” is protected. Individuals who claim they are Chartered Certified Accountants must be members of ACCA. They must comply with additional regulations if they are practicing public accounting. This includes a practicing license, liability insurance, and submission of inspections.

Since 1996, ACCA had a subsidiary called The Association of Authorised Public Accountants (AAPA), which is one of the British professional bodies of accountants.

ACCA is a public-interest organization that ensures the proper regulation of its members. It promotes principles-based regulation. ACCA is committed to increasing the value of accounting in society through international research. ACCA adopts progressive stances on international matters to ensure that the accounting profession gains in prestige and influence.

Chartered Certified Accountant

The Chartered Certified Accountant is the main qualification for a professional organization. A person can become a Chartered Certified Accounting after passing 13 professional exams and three years of supervised, relevant accounting experience. The ACCA professional exams can be taken four times a calendar year, in March, June and September. CBEs (computer-based exams on-demand) are available for the first four exams (BT MA. FA. LW), and the Session (PM. TX) for the rest (FR. AM. FM). These exams can only be taken at ACCA-approved exam centers. Oxford Brookes University offers a Bachelor in Science (Honours) degree in Applied Accounting. After passing the Fundamentals level exams and the Ethics and Professional Skills module and submitting a Research and Analysis plan, you can earn this degree.

The syllabus contains 13 exams and an Ethics and Professional Skills Module (EPSM), which will be available in September 2018. There are exceptions. In April 2019, the EPSM was updated to include a Data Analytics unit.

The qualification is broken into three modules, plus an Ethics and Professional Skills module and a Professional Experience requirement.

You will need to pass 3 exams in order to establish if you are qualified for the Applied Knowledge level.

  • AB – Accountant in Business
  • MA – Management Accounting
  • FA – Financial Accounting

6 exams are part of the Applied Skills Level:

  • LW – Corporate and Business Law
  • PM – Performance Management
  • TX – Taxation
  • FR – Financial Reporting
  • AA – Audit and Assurance
  • FM – Financial Management

Four examinations are required to attain the Strategic Professional level. 2 are Essential, 2 are Options.

It is essential (or mandatory).

  • SBL – Strategic Business Leader
  • SBR – Strategic Business Reporting

Options:

  • AFM – Advanced Financial Management
  • APM – Advanced Performance Management
  • ATX – Advanced Taxation
  • AAA – Advanced Audit and Assurance

The ACCA professional qualification is equivalent to a UK-taught master’s degree according to the UK NARIC/Department for Education.

Certified Accountant in the The United Kingdom and Ireland

The ACCA (Chartered Certified Accountant), qualification is recognized by both the United Kingdom of Ireland as well as the United Kingdom.

The Charter of ACCA gives it the right to work for the public good.

It is a designated professional organization under the Financial Services and Markets Act.

It is recognized as a professional body under the Insolvency Act. This body issue permits individuals to become Chartered Certified Accountants and conduct insolvency appointments.

It is also a Recognised Quality Body and Recognised Supervisoring Body for company auditors under Section 89 of The Companies Act.

ACCA is a member of the Consultative Committee of Accountancy Bodies. These members are considered to have the same qualifications. CCAB-qualified people are often required in job advertisements.

Full members of CCAB could apply for ICAEW membership, subject to certain criteria.

Only ICAEW, ICAS, Association of International Accountants (AIA), Chartered Accountants Ireland (CA Ireland), and ICAEW can authorize members to carry out audit, insolvency and investment business work in the United Kingdom and Ireland.

These countries may not be recognized legally by their government authorities. However, they might receive mutual recognition from similar overseas institutions. If full mutual recognition or legal recognition is not possible, ACCA members can be granted advanced standing to sit local accounting exams. Due to the strong reputation and authority of ACCA, a local designation might not be required.

Many universities also recognize ACCA as equivalent to at least a Bachelor’s degree in accounting. This gives you the opportunity to earn credit towards a Master’s Degree in your area or an advanced study program.

Quality and Qualifications Ireland (QQI) has been assigned ACCA Qualification at Level 8′ of Ireland’s National Framework of Qualifications. Level 8 refers to Irish postgraduate qualifications like master’s degrees or postgraduate diplomas.

In 2011, the Financial Reporting Council (FRC), then the Professional Oversight Board, published information about its concerns regarding certain institutions’ self-regulation. According to media reports, comments were made regarding ACCA. Although it had made recommendations to improve the exam syllabus, it needed to pay more attention to long-term members. Visit a selection of UK Auditors Firms to see the highest percentage of A&B (best results) from FRC’s Recognised Supervisory Body. ACCA audits are more difficult for smaller clients.

Certified Accountant in Europe & Switzerland

The ACCA qualification is recognized by all member countries of the European Union under the Mutual Recognition Directive. This recognition extends to all countries of the European Economic Area and Switzerland. If a holder of an ACCA certification is ACCA certified or Chartered Certified Accounting, he/she can be an accountant in any country within the European Union, European Economic Area, and Switzerland. To gain professional qualifications in your area, you will need to pass a separate exam.

Nearly 60,000 students were in Europe and more than 16,000 people lived there at the end of 2016 (not counting the UK & Ireland).

Certified Accountant in Turkey

2004 partnership agreement between ACCA, the Union of Chambers of Certified Public Accountants of Turkey. This partnership agreement allows TURMOB members living in Turkey to become ACCA members and follow ACCA’s Strategic Professional level.

Certified Accountant in the United States

In June 2012, ACCA and the Institute of Management Accountants announced a strategic partnership. Both organizations formed a partnership in order to support accountants and financial professionals in driving business performance. In January 2013, the ICMA Board of Regents, representing the certification division of IMA, voted to eliminate the requirement that ACCA members have a bachelor’s degree in order to become IMA Certified Management Accountant (CMA). All ACCA members around the world, regardless of background, can access the CMA credential through IMA with the waiver for a bachelor’s degree. This benefit is available for ACCA members who wish to obtain a US-based credential.

The American Institute of Certified Public Accountants/National Association of State Boards of Accountancy does not recognize ACCA.

Certified Accountant in Canada

Mutual Recognition Agreement was announced by ACCA (Acca Canada) and Certified General Accountant Canada, CGA Canada. It was in force since January 2007 and was renewed in 2011. It will be renewed for five more years until December 2017. The Canadian Institute of Chartered Accountants and World Education Services as well as the Odette School of Business at the University of Windsor declared that ACCA was deemed to have the equivalent of a four-year bachelor’s degree in Accounting. The 2004 Public Accounting Act of Ontario recognizes the Canadian branch of ACCA for statutory audit purposes.

Canadian Institute of Chartered Accountants and Certified Management Accountants of Canada (CMA Canada) announced a joint qualification, ‘Chartered Professional Accountant’ (or CPA Designation). It is unclear if this designation will impact the application of ACCA to be recognized in Ontario.

CICA was in Canada when the ACCA began legal proceedings on November 29, 2012. The merger of the Canadian accounting professions, which incorporated CICA and CMA Canada, complicated this matter. CPA is the “legacy designation” for CPA members. It can be used for a period of 10 years. The merger was completed in 2015.

Certified Accountant in Australia

ACCA has a Sydney branch and conducts exams throughout major cities like Sydney, Melbourne, and Perth.

CPA Australia and the Institute of Public Accountants both accept ACCA as sufficient to obtain a skill assessment in order to become an Accountant for immigrant purposes. The Tax Practitioners Board approved ACCA as a tax agent association on 12 May 2010.

ACCA members may be eligible for equivalent membership status at the Institute of Public Accountants if their exams are in Australian tax and law.

CA ANZ Strategic Alliance

The Association of Chartered Certified Accountants (A CA ANZ) and Chartered Accountants Australia & New Zealand (CA ANZ), announced a strategic alliance in June 2016.

Certified Accountant in New Zealand

The Australian office manages ACCA affiliates and members. These activities are supported by Network Panel members in Auckland and Wellington as well as member advocates based in Christchurch.

In December 2014, the Institute of Chartered Accountants Australia and New Zealand Institute of Chartered Accountants (ICAA), merged to create ‘Chartered Accountants Australia and New Zealand (CA ANZ). This was the first national accounting body in New Zealand. This alliance is strategic for the ACCA. [46]

Certified Accountant in Central, South, and Caribbean

The ACCA is an associate of the Institute of Chartered Accountants of the Caribbean. [47] The ACCA certification can be legally recognized in French Guiana (a French-speaking country). This qualification is subject to the regulations and rules of the European Union.

ACCA QUALIFICATIONS IN AFRICA

Certified Accountant in Namibia

The statutory Public Auditors’ and Auditor’s Board (PAAB) granted ACCA unconditional and full accreditation as a professional body in Namibia on 24/11/2016. The PAAB is a statutory body that was created to oversee the profession and keep a list of those who are qualified to work as public auditors or public accountants.

Certified Accountant in South Africa

ACCA is recognized by South African tax authorities for statutory purposes but does not have any agreements with any South African accounting bodies. ICAS and ICAEW have agreements with the South African Institute of Chartered Accountants.

Certified Accountant in Zimbabwe

ACCA Zimbabwe is one of the constituent bodies of the Public Accountants and Auditors Board. In 1996, the PAAB was created as a statutory entity to oversee the profession and keep a record of those who are qualified to work in Zimbabwe as public auditors or public accountants. Only ACCA members in good standing and the Institute of Chartered Accountants of Zimbabwe are eligible to register as auditors.

Certified Accountant in Kenya

ACCA is gaining popularity among Kenyans. The course is offered by major universities. Many students choose to continue the course after they have completed their undergraduate studies.

Certified Accountant in China

ACCA entered China for the first time in the late 1980s. In recent years, it has been rapidly expanding its China base. It has partnered with 41 Chinese universities, many of which are leaders in accounting and finance. They have excellent academic reputations in many subjects. The most prominent universities are Tsinghua University, Xiamen University.

As of early 2019, ACCA had 25,000 members and 108,000 students in China. There were eleven offices in Beijing, Changsha, and Shanghai.

Certified Accountant in Hong Kong

On 22 August 2006, ACCA (Hong Kong Institute of Certified Public Accountants), and ACCA [ACCA; local statutory accountant body] established an Agreement of Recognition Arrangement (ARA). It dates back to 1 July 2005. This rule was flexible than the previous one.

The agreement was terminated on June 30, 2005. ACCA members were forced to accept the “8 unfair terms.” These terms required that ACCA members accept the following conditions: ACCA members must be able to hold a degree recognized by HKICPA and work under an HKICPA-authorized employer. They were also required to take workshops and pass HKICPA’s Final Professional Examination.

HKICPA members are eligible to join ACCA without additional requirements.

The ACCA qualification is highly accepted in Hong Kong’s job market. Most HKICPA members were trained in partnership with the Hong Kong Society of Accountants. This association was in existence for more than 20 years. Later, HKSA was renamed HKICPA.

Certified Accountant in India

Students from the UK can be exempted from the following papers in syllabus 2012.

Foundation:

  • Complete exemption

Intermediate:

  • Paper 5- Financial Accounting
  • Paper 6 – Laws & Governance
  • Paper 8-Cost Accounting and Financial Management
  • Paper 10 – Cost Management Accounting
  • Paper 12 Company Audits and Accounts

Final:

  • Paper 14 – Advanced Financial Management
  • Paper 15 – Strategic Cost Management and Business Strategy
  • Paper 17 – Strategic Performance Management
  • Paper 18- Corporate Financial Reporting
  • Paper 20 – Financial Analysis and Business Valuation

Certified Accountant in Macau

Currently, ACCA has been legally recognized by the Macau Society of Certified Practising Accountants (local statutory accountant body).

Certified Accountant in Malaysia

On 13 August 2007, the Malaysian Institute of Certified Public Accountants (ACCA) and MICPA entered into an MRA. This created a pathway for members of the two organizations to join one another. The ACCA (Chartered Certified Accountant), qualification is recognized by the Malaysian Institute of Accountants. According to the 1967 Accountants Act, only members of the MIA can become accountants in Malaysia.

Part II of 1967’s First Schedule and First Schedule of the Accountants Act of 1967 recognizes ACCA to be statutorily recognized.

Certified Accountant in Nepal

Tribhuwan University recognizes ACCA after full member as equivalent to a bachelor’s degree if it’s pursued after intermediate.

Certified Accountant in Pakistan

The ACCA qualification confers the qualified company secretary designation in Pakistan. Partially, ICAP and ACCA are both recognized.

Higher Education Commission (HEC) in Pakistan recognizes ACCA members’ qualifications equivalent to a master’s degree in Commerce (MCom). ICAP allows ACCA members to be exempt from certain requirements.

ICMAP and ACCA signed an MOU on 4/12/2014 to increase academic recognition among the accounting bodies. This MoU will enable students and members of ICMA Pakistan or ACCA to quickly attain dual qualifications and membership.

At the end of 2016, there were 3,843 Pakistani citizens and 37,000 students.

Certified Accountant in Singapore

Singapore: ACCA holders have until 31/12/2016 and current students have till 31/12/2018 for the ICPAS PAC. This will enable them to be qualified for the Chartered Accountant of Singapore professional title.

Certified Accountant in Taiwan

ACCA members are eligible to obtain advanced standing in Taiwan’s accountancy examinations, in order for them to become Certified Public Accountants.

Certified Accountant in the United Arab Emirates

In March 2014, ACCA and the UAE’s national accountant body Accountants and Auditors Association (AAA) signed a strategic partnership agreement. They will jointly develop a new Chartered Accountant qualification. The UAE (United Arab Emirates Chartered Accountant) will be awarded to both ACCA and UAE graduates who are successful.

Skyline University College in Dubai is the UAE’s first ACCA-Gold-Approved Learning Institute.

Get your ACCA certification now and you’ll have a bright future as an accountant and financial professional.

If you found this article helpful, please go to the rest of the website for more information on financial topics in International Accounting, Audit, Taxation, Financial Planning, Money, Cloud Software, and Financial Technologies (Fintech).

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