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Syllabus-changes tr. 2021-2022 changes
Strategic Business Leadership (SBL)
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Guidance for students
You may previously have prepared for an exam under
the 2020/21 syllabus and are now preparing for that
same exam under the new 2021/22 syllabus, which
applies from September 2021 until June 2022*.
The good news is that there are not too many syllabus
changes overall. The interactive table on the next
page sets out where there are changes and links you
through to more detail about what the changes are,
recommended articles and other resources, including
links to the websites of our Approved Content Providers,
BPP Learning Media and Kaplan Publishing.
For every exam, regardless of syllabus changes, the table
also links you to our ‘Essentials on one page’ resource,
which gives you an overview of the exam as well as tips
for success, guidance on how to tackle the exam and
links to key resources.
- Except for LW variants, TX and ATX, which can have a different syllabus year. Refer to the ACCA website for information about your exam. Also note the syllabus year for the Applied Knowledge exams runs from September 2021 to August 2022.
SYLLABUS CHANGES FOR
ACCA QUALIFICATION EXAMS:
2020/21 – 2021/
ACCESS THE INTERACTIVE TABLE HERE
Use the table below to understand whether your exam is affected by syllabus changes. Click on the icons to access further information and guidance.
Strategic Professional
EXAM ARE THERE ANY SYLLABUS CHANGES? SUPPORTING RESOURCES
Strategic Business Reporting (SBR-INT) YES Access more info about the SBR-INT syllabus changes HERE
Strategic Business Leader (SBL) YES Access more info about the SBL syllabus changes HERE
Advanced Financial Management (AFM) NO Access AFM ‘Essentials on one page’ HERE
Advanced Performance Management (APM) YES Access more info about the APM syllabus changes HERE
Advanced Taxation (ATX-UK) N/A Access ATX-UK ‘Essentials on one page’ HERE
Advanced Audit and Assurance (AAA-INT) YES Access more info about the AAA-INT syllabus changes HERE
Applied Skills
EXAM ARE THERE ANY SYLLABUS CHANGES? SUPPORTING RESOURCES
Corporate and Business Law (LW-ENG) NO – although one learning outcome has been deleted – see HERE Access LW-ENG ‘Essentials on one page’ HERE
Performance Management (PM) YES Access more info about the PM syllabus changes HERE
Taxation (TX-UK) N/A Access TX-UK ‘Essentials on one page’ HERE
Financial Reporting (FR) NO – although the wording of some learning outcomes has been changed Access more info about FR learning outcome changes HERE
Audit and Assurance (AA) YES Access more info about the AA syllabus changes HERE
Financial Management (FM) NO Access FM ‘Essentials on one page’ HERE
Applied Knowledge
EXAM ARE THERE ANY SYLLABUS CHANGES? SUPPORTING RESOURCES
Business and Technology (BT) NO Access BT ‘Essentials on one page’ HERE
Management Accounting (MA) YES Access more info about the MA syllabus changes HERE
Financial Accounting (FA) NO – although the wording of some learning outcomes has been changed Access more info about FA learning outcome changes HERE
In SBR, as in the workplace, you need to consider the point of view of investors and other stakeholders. This means analysing and interpreting information, explaining how transactions affect the financial statements and other reports or explaining accounting treatments and disclosures.
How to approach the Strategic
Business Reporting (SBR-INT) exam
SBR has a wide ranging syllabus, which includes many accounting standards, some introduced in Financial Reporting and others examined only in SBR. Current issues, exposure drafts and narrative reporting frameworks also feature. Questions are set in the context of single entities, groups, private or public sector, for-profit, or not-for-profit organisations.
To study SBR effectively you need to understand the nature of the exam and what you will be asked to do.
Links to support resources
n Examining team guidance n Examiner’s reports n Technical Articles n How to earn professional marks n Ethics and Professional Skills module n Read the mind of the marker – Part 1 n Read the mind of the marker – Part 2 n Tutor video review of the March 2020 exam n Strategic Professional CBE support n FAQs
SBR – The Big Picture
Tackling the exam
Question approach:
✓ Analyse the requirements ✓ Read the scenario carefully to understand issues and any stakeholder perspective ✓ Identify relevant technical knowledge n Remember – more than one standard may be relevant, and consider the principles from the Conceptual Framework. ✓ Apply this to the scenario n Don’t simply regurgitate everything you can remember. Select relevant points and explain how they apply to the facts in the scenario n You may need to produce some calculations as part of an explanation but numbers alone will not earn enough marks to pass.
**Writing a good answer
- how to demonstrate professionalism:** n Plan your answer n Use headings and short paragraphs n Consider the stakeholders – relevant content and appropriate tone.
Most frequently used SBR exam verbs:
DISCUSS EXPLAIN ADVISE
Advice from an expert tutor
n Make use of ACCA resources n Real life reading – eg real company financial statements n Cover the syllabus widely – breadth rather than depth n Practice questions, and take time to review your answers. If you’re preparing for an SBR CBE, visit this page for guidance on how to approach question practice, including using the new ACCA Practice Platform n Written aspects are very important – don’t just practice numbers n Get used to planning and writing clear answers.
How to prepare
Read this article for more about exam verbs
Knowledge gained in previous exams
Conceptual Framework
Stakeholders
Detailed knowledge
- standards
- current development
Judgement
Professionalism
REPORTING
- financial and non-financial
- single entities, groups, for-profit, not-for-profit
New detailed knowledge
Ethics
The Conceptual Framework underpins the whole syllabus. The better you know the Framework, the easier it is to learn the principles of each individual standard.
Professionalism is more than calculating numbers. It means applying ethics and judgement to add value, taking a holistic view and communicating professionally.
Strategic Business Leader (SBL) – guidance on syllabus changes
What does this mean for me?
For the September 2021-June 2022 exam year, there have been few changes to the syllabus. A new learning outcome has been added on managing, monitoring and mitigating risk, D2g. You should have a knowledge of and be able to apply the concept of assurance mapping to modern risk management using the ‘four lines of defence’ In addition to this, a new learning outcome has been added on machine learning, AI and robotics, E3. You should be able to explain the benefits of using artificial intelligence (AI), robotics and other forms of machine learning to support strategic decisions and the pursuit of corporate objectives. You should also be able to assess the risk, control and ethical implications of using AI, robotics and other forms of machine learning in the context of the scenario presented. Other employability and digital skills, syllabus area J, is an addition to the syllabus and reflects that the exam will be sat by computer-based exam (CBE), allowing you to demonstrate the skills required for the workplace.
####### What’s changing?
SECTION AND SUBJECT AREA SYLLABUS CONTENT
A deletion
Professionalism, ethical codes and the public interest
a) Evaluate organisational decisions using the Tucker 5 question approach.[2]
D deletion
Identification, assessment and measurement of risk
g) Recognise and analyse the sector or industry specific nature of many organisation risks.[2] i) Explain and assess the ALARP (as low as reasonably practicable) principle in risk assessment and how this relates to severity and probability.[3]
D addition
Managing, monitoring and mitigating risk
g) Apply the concept of assurance mapping to modern risk management using the ‘four lines of defence’.[3]
E addition
Machine learning, AI and robotics
a) Explain the potential benefits of using artificial intelligence (AI), robotics and other forms of machine learning to support strategic decisions and the pursuit of corporate objectives.[2] b) Assess the risk, control and ethical implications of using (AI), robotics and other forms of machine learning 3
F deletion
Audit and compliance c) Respond credibly to requests and enquiries from internal or external auditors.[3]
G deletion
Finance function a) Explain the relationship between an organisation’s financial objectives and its business strategy.[2]
J addition
Other employability and digital skills
- Use computer technology to efficiently access and manipulate relevant information.
- Work on relevant response options, using available functions and technology, as would be required in the workplace.
- Navigate windows and computer screens to create and amend responses to exam requirements, using the appropriate tools.
- Present data and information effectively, using the appropriate tools.
In addition to these changes, there are a variety of minor wording and other changes which have been made for clarity. If you would like more detail on these please refer to the table at the end of the 2021-22 syllabus document.
n We recommend you make use of all technical articles available for SBL. n The key to exam success is question practice. Visit this page for guidance on how to approach question practice for SBL, including using the new ACCA Practice Platform n We strongly recommend you complete the Ethics and Professional Skills module before attempting SBL
Recommended resources
ACCA Approved Content
It’s vital to use up to date study materials when preparing for your exam. ACCA’s Approved Content materials have been assessed by ACCA’s examining team to ensure they are of the very highest quality. To find out more, please click on the logo links to the right:
For an overview of the SBL exam and guidance on how to tackle it, access the SBL ‘Essentials on one page’ resource here
How to approach the Advanced
Financial Management (AFM) exam
This is an advanced level exam which builds upon the knowledge and skills examined in Financial Management. You will be required to demonstrate your ability to:
n Read and digest quickly, comprehensive and detailed questions
n Apply relevant knowledge and skills
n Exercise the professional judgement expected of a senior financial person
n Make recommendations or financial management decisions that are likely to affect the entire business organisation
Like a senior financial person at work, you will be expected to read a business brief and decide on a relevant methodical approach to meeting the brief’s objectives, making notes where necessary. Senior managers work under tight deadlines, and hence prioritising and managing your time is crucial to performing well under examination conditions.
Links to support resources
AFM – A Senior Advisory Role
Tackling the exam
**Writing a good answer
- how to demonstrate professionalism:** Question 1 will include 4 professional marks, typically for a report: n Use an appropriate format n Plan a logical structure n Use suitable headings and subheadings n Write clearly and concisely
Most frequently used AFM exam verbs:
DISCUSS ESTIMATE EVALUATE Read this article for more about exam verbs
This strategic option exam is designed for candidates who work in or have ambitions to specialise in financial management. It builds on the assumed knowledge and demands advanced skills and techniques.
✓ The key to exam success is question practice. If you’re preparing for an AFM CBE, visit this page for guidance on how to approach question practice, including using the new ACCA Practice Platform ✓ Break down requirements into all constituent parts to ensure every part is answered e. September 2018 Question 1(c)(iii): n Evaluate the preferred hedge choice and n [Evaluate] the debt finance needed and n [Evaluate] whether the project should be undertaken n Considering both financial and non-financial factors (in the above evaluations) ✓ Understand what matters to businesses and the viewpoints of stakeholders who are interested in the subsequent decisions based on the discussion and evaluation asked for ✓ Use the information provided in the question scenario ✓ Communicate findings and recommendations clearly and concisely with easy to follow numerical workings supported, where appropriate, by brief notes ✓ Appreciate that professional skills underpin good performance throughout the exam
Tips for success in the AFM exam
Advice from the examining team
n Supplement your studies with wider reading n Be aware that more than one topic area of the syllabus may be examined in a question n Relate any discussion or evaluation to the scenario in the question – context is very important n Use your exam time effectively – good time management skills are essential n Structure your answers – presentation is critical
Role of the senior financial adviser in the multinational organisation
Advanced investment appraisal
Acquisitions and mergers
Reconstruction and re-organisation
Treasury and advanced risk management
Investment appraisal
Business finance
Business valuations
Risk management
Financial Management (FM)
Advanced Financial Management (AFM)
n Stepping up from FM to AFM n Examining team guidance n Examiner’s reports n Passing Strategic Professional exams n How to earn professional marks n Ethics and Professional Skills module n Past exam questions and answers n Tutor video review of the March 2020 exam n Guide to discursive requirements n Read the mind of the marker n Strategic Professional CBE support n FAQs
Advanced Performance Management (APM) – guidance on syllabus changes
What does this mean for me?
n We recommend you make use of all technical articles available for APM, but we would draw your attention to the following articles in particular: Changes to APM question requirements Read the mind of the marker n The key to exam success is question practice. If you’re preparing for an APM CBE, visit this page for guidance on how to approach question practice, including using the new ACCA Practice Platform n We strongly recommend you complete the Ethics and Professional Skills module before attempting APM
Recommended resources
For the September 2021-June 2022 exam year, there have been minimal changes to the syllabus for APM, though wording of some learning outcomes has been revised or expanded – the detail of these changes can be found in the table opposite.
####### What’s changing?
SECTION AND SUBJECT AREA SYLLABUS CONTENT
A Strategic planning and control
A1g – this learning outcome has been removed. A1g: Assess the changing role of the management accountant in today’s business environment as outlined by Burns and Scapens.[3] A2 – this section has been removed and the PEST model moved to A1e. The rest of the subject areas under syllabus section A have been renumbered accordingly. A2: Impact of external factors on performance management A5 – the overall section heading has changed to Environmental, social and governance factors A5b – the example of sustainability has been added to this learning outcome. A5c – input-output analysis has been added to this learning outcome.
D Strategic performance measurement
D6c – this learning outcome has been expanded on. D6c: Discuss and evaluate different methods of reward practices, including the potential beneficial and adverse consequences of linking reward to performance measurement.[3] D6d – this learning outcome has been removed. D6d: Assess the potential beneficial and adverse consequences of linking reward schemes to performance measurement, for example, how it can affect the risk appetite of employees.[3] D7b – this learning outcome has been expanded on to give the statement context. D7b: Assess the statement; ‘What gets measured, gets done’ in the context of performance management.[3] D7c – specific reference to Hopwood’s management styles has been added.
ACCA Approved Content
It’s vital to use up to date study materials when preparing for your exam. ACCA’s Approved Content materials have been assessed by ACCA’s examining team to ensure they are of the very highest quality. To find out more, please click on the logo links below:
For an overview of the APM exam and guidance on how to tackle it, access the APM ‘Essentials on one page’ resource here
How to approach the Advanced
Taxation (ATX-UK) exam
You will need a detailed knowledge of the ATX-UK syllabus. This includes assumed knowledge of technical areas brought forward from the TX-UK syllabus, which must be refreshed and updated for the examinable Finance Act.
Be aware that:
n All questions will be scenario-based n All questions will contain a mixture of computational and discursive elements
n More than one topic area of the syllabus may be examined in each question
n Questions may involve
- Consideration of more than one tax
- Some elements of planning
- The interaction of taxes
Links to support resources
n Technical articles including relevant Finance Act n Examining team guidance n Passing Strategic Professional exams n How to earn professional marks n Ethics and Professional Skills module n Past exam questions and answers n ACCA Practice Platform n CBE preparation videos
ATX – ‘Think more – write less’
Tackling the exam
**Writing a good answer
- how to demonstrate professionalism:** Question 1 will include 4 professional marks, typically for a memo or notes to your tax manager. Marks may be awarded for: n Overall presentation of the requested format n The approach taken to problem solving n Clarity of explanations and calculations n Relevant advice n Effectiveness of communication
Most frequently used ATX exam verbs:
PREPARE CALCULATE EXPLAIN Read this article for more about exam verbs
Heed this mantra from the examining team to improve your performance. ✓ Identify all the requirements in the Section A case study questions in: n The requirements section n The document referenced in the scenario (eg e-mail from your manager) ✓ Allow sufficient time to analyse requirements into all constituent parts to ensure every part is answered ✓ If given certain figures to use, do not waste time recalculating them ✓ Relate any calculation or discussion to the context in the given scenario ✓ Do not waste time addressing issues which have not been asked for ✓ Appreciate that professional skills are required throughout all answers to achieve high marks ✓ Ensure you are familiar with the CBE environment (refer to Links to support resources in this document)
Tips for success in the ATX exam
Requirements are everything – What have you been asked to do? What do you not need to do?
Preparation advice from the examining team
n ‘Know your stuff’ – you must
- Have thorough, precise knowledge of the entire syllabus
- Refresh brought forward knowledge from the TX-UK syllabus n Practice questions under exam conditions in the ACCA Practice Platform n Learn how to spot “triggers” which are there to point you towards the required answer n Be prepared to answer questions on ethical issues n Be ruthless in critiquing your answers
These are not mutually exclusive, for example: “Prepare the following notes and calculations...” “Calculate ... with supporting explanations ...” and “Explain ... with supporting calculations ...”
How will you do what the requirement is asking? Planning your answers is crucial.
Have you identified the relevant issues?
Have you thought about the point you want to make, before you start writing? This will help you to write concisely.
Make sure you know why you’re doing a particular calculation before you prepare it. Will it help you to answer the requirement?
Advanced Audit and Assurance (AAA-INT) – guidance on syllabus changes
ACCA Approved Content
It’s vital to use up to date study materials when preparing for your exam. ACCA’s Approved Content materials have been assessed by ACCA’s examining team to ensure they are of the very highest quality. To find out more, please click on the logo links below:
What does this mean for me?
n We recommend you make use of all technical articles available for AAA, but we would draw your attention to the following articles in particular: Exam technique – Ethics Read the mind of the marker Exam technique – Risk AAA INT 21-22 examinable documents Exam technique – Accounting issues Exam technique – Audit procedures Exam technique – Auditor reporting n The key to exam success is question practice. If you’re preparing for an AAA CBE, visit this page for guidance on how to approach question practice, including using the new ACCA Practice Platform n We strongly recommend you complete the Ethics and Professional Skills module before attempting AAA
Recommended resources
For the September 2021-June 2022 exam year, there have been some additions to the syllabus. Learning outcome D1 in relation to the evaluation of risk requires you to evaluate and prioritise risks. This reflects the requirements of ISA 315 (revised) around the determination of significant risks in relation to a spectrum of inherent risk. Questions may ask for the significant business risk/ ROMM and audit risks to ensure that you are focussing and prioritising risks which are at the upper end of the spectrum. The learning outcomes in relation to automated tools and techniques, particularly data analytics have been extended this year. The introduction of learning outcome D2 requires the ability to evaluate and interpret the results generated from these techniques both at the planning and evidence collection stage of the audit. You may be presented with results of these techniques in a variety of formats and asked to consider the results specifically or to utilise the results as part of planning work. Additional learning outcomes have been added to the current issues section of the syllabus in relation to audit reform and the impact of global events on audit practice. You will be expected to have a high-level awareness of the issues and proposals surrounding audit reform and how major world events have an impact on the profession.
####### What’s changing?
SECTION AND SUBJECT AREA SYLLABUS CONTENT
D1d) Interpret the results of analytical procedures, in an unbiased manner and apply professional scepticism to support the identification of contradictory information and assessment of risks of material misstatement.[3]
New learning outcome to specifically reflect the requirements of ISA 315 (Revised 2019) in relation to the use of analytical procedures in risk assessment.
D2c) Evaluate and interpret the results of data analytics tools when used during planning or evidence collection.[2]
New learning outcome regarding the use of automated tools and techniques by the auditor, specifically the use of and output from data analytics.
G2c) Discuss the proposed changes to the audit profession and critically evaluate the implications of these changes for companies and audit firms and their impact on audit process and quality.[3]
New learning outcome regarding the impact of ongoing audit reform proposals.
G2e) Discuss the impact of significant global events on audit practice.[3]
New learning outcome regarding the impact of global events on the audit profession.
In addition to these changes, other learning outcomes have been extended or revised to reflect the requirements of ISA 315, in addition to other minor wording changes made for clarity. If you would like more detail on these please refer to the table at the end of the 2021-22 syllabus document.
For an overview of the AAA-INT exam and guidance on how to tackle it, access the AAA-INT ‘Essentials on one page’ resource here
How to approach Corporate and Business Law (LW-ENG)
Corporate and Business Law develops a core level of knowledge and skills around a general legal framework in the context of business.
Key
resources
LW: An overview
Tackling
the exam
✓ If possible, study with an Approved Learning Partner and use Approved Learning Content ✓ Study the whole syllabus ✓ Practice exam standard questions, to time, including the Specimen Exam and Practice Tests
✓ Ensure you are competent working in the Computer Based Exam environment ✓ Attempt at least two full exams under exam conditions, debrief your answers, then focus your study on weaker areas
✓ Book your CBE exam in advance at one of the on-demand CBE centres
Steps to
success
What is LW about?
Links to key resources: n Examining team guidance n Specimen exam n Practice tests n Technical articles n Preparing for on-demand CBEs n How to book an on-demand exam n On demand centre list
Tips for answering multi-task questions ✓ Read and ensure you understand the scenario ✓ Read the questions carefully ✓ Think before answering, don’t rush! ✓ Answer all questions even if unsure of the answer ✓ Attempt exam standard questions as possible along with the practice tests and specimen exam
Section B (30 marks) n Five six-mark multi-task questions, each containing a scenario and a series of related tasks
Tips for answering OT questions ✓ Read the question carefully ✓ Think before answering, don’t rush! ✓ If not sure, eliminate other answers to help find the correct answer ✓ Answer all questions even if unsure of the answer
Section A (70 marks) n 25 objective test (OT) questions, each worth 2 marks
n 20 objective test (OT) questions, each worth 1 mark
LW recognises that candidates are potential accountants, rather than potential lawyers. The aim is to develop knowledge and skills in the understanding of the general legal framework, specific business areas and when to seek specialist legal advice where necessary.
Essential elements of the UK legal system including the court system and sources of law
Develop an understanding of Corporate fraudulent and criminal behaviour (money laundering, bribery, market abuse, management fraud)
Formation and constitutions of business organisations (Agency, partnerships, corporations and formation of companies)
The Law of obligations (contract and Tort)
Law relating to Employment (contract dismissal and redundancy)
Legal implications relating to Insolvency Law
Management, administration and regulation of companies
Capital and the financing of companies
Performance Management (PM) – guidance on syllabus changes
ACCA Approved Content
It’s vital to use up to date study materials when preparing for your exam. ACCA’s Approved Content materials have been assessed by ACCA’s examining team to ensure they are of the very highest quality. To find out more, please click on the logo links below:
What does this mean for me?
n We recommend you make use of all technical articles available for PM, but we would draw your attention to the following articles in particular: Big data 1: What is big data? Big data 2: How companies use big data Read the mind of the marker n The key to exam success is question practice. Visit this page for guidance on how to approach question practice for PM, including using the new ACCA Practice Platform
Recommended resources
For the September 2021-June 2022 exam year, a new learning outcome has been added on Big Data, A3d. You should have a knowledge of and be able to explain the purpose of the Big Data pyramid (including data, information, knowledge, and wisdom). In addition to this, a new learning outcome has been added on Quantitative techniques, D2b. You will be expected to be able to explain and apply analysis techniques including correlation (calculation of the correlation coefficient and the coefficient of determination), regression (calculation of a and b and establishing the trend line y = a + bx), and time series (moving averages, trend line, additive and multiplicative seasonal adjustments). This will build on knowledge from MA. It is therefore expected you will be able to demonstrate a greater understanding of these techniques and be able to apply them to a scenario.
####### What’s changing?
SECTION AND SUBJECT AREA SYLLABUS CONTENT
A3 Information systems and data analytics
A3d is a new learning outcome. A3d: Explain the purpose of the big data pyramid (data, information, knowledge, wisdom). [2] Subsequent learning outcomes have been reordered accordingly.
D2 Quantitative techniques D2b is a new learning outcome focused on analytical techniques. D2b: Explain and apply analysis techniques including correlation, regression and time series.[2] Subsequent learning outcomes have been reordered accordingly.
In addition to these changes, there are a variety of minor wording and other changes which have been made for clarity. If you would like more detail on these please refer to the table at the end of the 2021-22 syllabus document.
For an overview of the PM exam and guidance on how to tackle it, access the PM ‘Essentials on one page’ resource here
How to approach Taxation (TX-UK) FA
Taxation provides you with the skills required to compute tax liabilities and apply basic tax planning techniques for individuals and companies.
Key
resources
TX: An overview
✓ If possible, study with an Approved Learning Partner and use Approved Content
✓ Study the whole syllabus
✓ Practice exam style and standard questions, to time, using the ACCA Practice Platform
✓ Develop your skills in answering constructed response questions
✓ Practice using CBE functionality appropriately
✓ Attempt at least two full exams under exam conditions, debrief your answers, then focus your revision on weaker areas
Steps to
success
What is TX about?
n Finance Act 2020 n Examiner’s approach n Objective test questions for session CBEs n Guide to session CBEs n Higher skills n Examining team guidance n ACCA Practice Platform
Tackling
the exam
Tips for answering Section C questions ✓ Allocate 27 minutes to each 15 mark question (18 minutes to the 10-mark question) ✓ Always read the requirement(s) first ✓ Focus on a well-structured layout ✓ Present all workings – do not simply “plug” results of calculations ✓ Make clear statements for narrative answers and avoid repetition ✓ Attempt all requirements
Section C (40 marks) n Three scenarios which typically relate to three requirements
Tips for answering OT questions ✓ Read the question and scenario carefully ✓ Adhere to the rounding instructions for “Fill in the Blank” questions ✓ Answer all questions
Section A (30 marks) n 15 objective test (OT) questions, each worth 2 marks Section B (30 marks) n Three OT cases with five OT questions worth 2 marks each, 10 marks per case
Income tax liabilities
**Corporation tax liabilities:
- individual** **companies
- groups of** companies
Value added tax
**NIC on:
- employees
- employers
- self-employed**
Chargeable gains arising
Inheritance tax liabilities
Individuals Companies
The UK tax system, the obligations of tax payers and the implications of non-compliance
Financial Reporting (FR) – further information about changes to learning outcomes
ACCA Approved Content It’s vital to use up to date study materials when preparing for your exam. ACCA’s Approved Content materials have been assessed by ACCA’s examining team to ensure they are of the very highest quality. To find out more, please click on the logo links below:
What does this mean for me?
n We recommend you make use of all technical articles available for FR. In addition, we draw your attention to the examinable documents 21/. n The key to exam success is question practice. Visit this page for guidance on how to approach question practice for FR, including using the ACCA Practice Platform.
Recommended resources
For the September 2021-June 2022 exam year, there have been no changes to the syllabus for FR, though wording of some learning outcomes has been revised – the detail of these changes can be found in the table opposite.
####### What’s changing?
SECTION AND SUBJECT AREA SYLLABUS CONTENT
Throughout Replaced ‘accounting standards’ with ‘IFRS Standards’
For clarification
B1 (b) Changed to ‘Identify subsequent expenditure that may be capitalised, distinguishing between asset and expense items’
Replaced ‘capital and revenue items’ with ‘asset and expense’ to reflect IFRS Standards and remove any ambiguity with the use of the word ‘capital’.
For an overview of the FR exam and guidance on how to tackle it, access the FR ‘Essentials on one page’ resource here
Audit and Assurance (AA) – guidance on syllabus changes
ACCA Approved Content It’s vital to use up to date study materials when preparing for your exam. ACCA’s Approved Content materials have been assessed by ACCA’s examining team to ensure they are of the very highest quality. To find out more, please click on the logo links below:
What does this mean for me?
n We recommend you make use of all technical articles available for AA, but we would draw your attention to the following articles in particular: Going concern The auditor’s report The audit of assertions Examinable documents 21/ Read the mind of the marker ACCA Code of Ethics (p259 onwards in Rulebook) n The key to exam success is question practice. Visit this page for guidance on how to approach question practice for AA, including using the new ACCA Practice Platform
Recommended resources
For the September 2021-June 2022 exam year, there are no significant changes to the syllabus. Please note that several learning outcomes have been updated to reflect ISA 315 (revised 2019). These are detailed in the table to the left. Due to the change in terminology in ISA 315, questions relating to key controls will refer to direct controls. In addition, the wording of learning outcomes on assertions and audit evidence, D1 and the independent auditor’s report, E5c and E5d have been updated.
####### What’s changing?
SECTION AND SUBJECT AREA SYLLABUS CONTENT
B4 Planning and risk assessment B4 and B4a) Wording revised to reflect ISA 315 (Revised 2019)
Understanding the entity, its environment and the applicable financial reporting framework a) Explain how auditors obtain an initial understanding of the entity, its environment and the applicable financial reporting framework.[2] C1 Internal control C1a) and C1b) Updated to reflect ISA 315 (Revised 2019)
Internal control systems a) Explain why an auditor needs to obtain an understanding of the components of internal control relevant to the preparation of the financial statements.[1] b) Describe and explain the five components of a system of internal control[2] i) control environment iv) the information system and communication ii) the entity’s risk assessment process v) control activities iii) the entity’s process to monitor the system of internal control C2 Internal control C2 and C2a) Wording revised to reflect ISA 315 (Revised 2019)
The use and evaluation of systems of internal control by auditors a) Explain how auditors record systems of internal control including the use of narrative notes, flowcharts and questionnaires.[2] C3 Internal control C3a) and C3b) Updated to reflect revised terminology used by ISA 315 (Revised 2019) Internal control C3bv) Revised for clarification to include bank
Tests of controls a) Describe computer systems controls including general IT controls and information processing controls.[2] b) Describe control objectives, control procedures, control activities, direct controls, indirect controls and tests of controls in relation to:[2] i) The sales system iii) The payroll system v) The bank and cash system ii) The purchases system iv) The inventory system vi) Non-current assets C4 Internal control C4b) Minor rewording to reflect ISA 315 (Revised 2019)
b) Explain, in a format suitable for inclusion in a report to management, significant deficiencies within a system of internal control and provide control recommendations for overcoming these deficiencies to management.[2] Multiple learning outcomes have been updated/ revised to reflect the requirements of ISA 315, in addition to other minor wording changes made for clarity. If you would like more detail on these please refer to the table at the end of the 2021-22 syllabus document.
For an overview of the AA exam and guidance on how to tackle it, access the AA ‘Essentials on one page’ resource here
How to approach Audit and Assurance (AA)
Audit and Assurance provides you with an understanding of the knowledge and application skills required to carry out an audit engagement.
Key
resources
AA: An overview
Tackling
the exam
✓ If possible, study with an Approved Learning Partner and use Approved Content ✓ Study the whole syllabus and ensure your knowledge of ISAs and relevant financial accounting is at an appropriate level ✓ Practice exam style and standard questions, to time, using the ACCA Practice Platform ✓ Develop your ability to construct effective written response answers ✓ Carefully review how correct answers to OT questions were derived ✓ Develop your skills in providing effective narrative answers ✓ Attempt at least two full exams under exam conditions, debrief your answers, then focus your revision on weaker areas
Steps to
success
What is AA about?
Tips for answering Section B questions
✓ Read each requirement carefully to understand what is asked for ✓ Draw on the scenario to plan the points you need to make ✓ Use concise headings ✓ Make clear and concise points specific to the given scenario ✓ Describe “how” procedures should be performed ✓ Do not give rote-learnt answer points ✓ Attempt all requirements
Section B (70 marks) n Three scenarios with two or more requirements
Tips for answering OT questions
✓ Read each question carefully ✓ Think before answering ✓ If unsure, eliminate incorrect answers ✓ Answer all questions
Section A (30 marks) n Three OT cases with five OT questions worth 2 marks each, 10 marks per case
n Examiner approach n Objective test questions for session CBEs n Guide to session CBEs n Answering audit risk questions n Read the mind of the AA marker n Examining team guidance n ACCA Practice Platform n Going concern n The auditor’s report n The audit of assertions n Examinable documents 21/
Auditor’s report
Report to management
Accept audit engagement
Understand the entity and its environment
Assess the risk of material misstatement
Effective controls expected?
YES NO
Communicate deficiencies Tests of controls Unsatisfactory
Satisfactory
Final review
Reduced substantive procedures
Full substantive procedures
Syllabus-changes tr. 2021-2022 changes
Module: Strategic Business Leadership (SBL)
University: Association of Chartered Certified Accountants
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