ACCA's Magazine Oct.2009_2

8/14/2019 ACCA's Magazine Oct.2009_2

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CAMBRIDGE ICFE

THE TUITION PROVIDER PERSPECTIVE

Richard Hunt, director of studies, LSBFInternational Language School, LondonSchool of Business and FinanceWe oer two Cambridge ICFE courses a 10-week course or those alreadyconfdent in fnancial English, and a20-week course or students who needmore time to prepare or the exams.

Students take Cambridge ICFE witha tuition provider because it helps them

make the commitment necessary togain the qualifcation. Classroom-basedtuition also provides access to a qualifedteacher with experience in both fnanceand English teaching, and who can helpstudents prepare their exam technique,which is also a very important part o thewhole course.

Cambridge Financial English ablended learning programme which we

are currently establishing will extendaccess to our course by bringing togetherthe wide range o online teaching options,including online marking and moderation,with ace to ace delivery.

We eel that Cambridge ICFE isdefnitely gaining momentum now no other qualifcation pulls togetheraccounting and fnance with the Englishlanguage, and the joint partnership o

ACCA and Cambridge ESOL defnitelyadds muscle to the qualifcation, and givesstudents confdence.

It is also working particularly wellin business schools where the coursecomplements other studies on oer.

Oi-Ying Fou, manager, English Languageand College Admissions, KaplanLanguage Training English and Test

Preparation, Hong KongStudents come to us because they wanta structured schedule the peer pressurethat comes rom group learning helps our

students keep up with their workload, and

they might also meet a study buddy whichcan be helpul. In addition, access to aknowledgeable teacher, one who has anaccounting and fnance background, meansthey can get a more thorough explanationo terminologies and can ask questions.The practical experience gained is also veryuseul, especially in speaking.

We really do fnd that a lack o consistentstudy aects exam perormance, and also

that tuition is a much more efcient wayo using valuable spare time. The workingday in Hong Kong is long and includesSaturdays and fnding the motivation tostudy alone, ater work, can be very difcult.

Cambridge ICFE is still a very newqualifcation in Hong Kong and so weare only beginning to see the growthin student numbers which we eel thequalifcation deserves. However, brand

names are very important to those workingwithin the Hong Kong fnancial sector,and the act that Cambridge ICFE isbacked by ACCA and by the University oCambridge, through Cambridge ESOL,will be very important and will encourageemployers to recognise thevalue thequalifcation adds to a CV.

WE FEEL THAT CAMBRIDGE ICFE ISDEFINITELY GAINING MOMENTUM NOW NOOTHER QUALIFICATION PULLS TOGETHERACCOUNTING AND FINANCE WITH THE ENGLISHLANGUAGE, AND THE JOINT PARTNERSHIP OFACCA AND CAMBRIDGE ESOL DEFINITELYADDS MUSCLE TO THE QUALIFICATION, AND

GIVES STUDENTS CONFIDENCE.RICHARD HUNT, DIRECTOR OF STUDIES,LSBF INTERNATIONAL LANGUAGE SCHOOL

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31STUDENT ACCOUNTANT 10/2009


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WATER,WATEREVERYWHERE?

WATER, WATER EVERYWHERE, NOR ANY DROP TO DRINK. THIS

SNIPPET FROM THE RIME OF THE ANCIENT MARINERWAS WRITTEN OVER

100 YEARS AGO, BUT ITS RESONANCE RINGS TRUER TODAY THAN

POSSIBLY AT ANY POINT IN THE PAST.

32 WATER FOOTPRINTING


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Fresh water makes up but a very

small portion of the worldswater and that portion isdecreasing fast as climate change

accelerates and the worlds consumptionlevels increase. Today, the future ofbusiness depends on the sustainability of

water resources, which are increasinglyunder pressure. Combine this withgrowing consumer awareness and

investors closer scrutiny of corporate

water risks and youll see why its soimportant for companies to understandand reveal their water performance.

Assessment of corporate waterrisks remains low on most companiesagendas, but it is moving up the

business agenda with almost the samespeed with which the icebergs aremelting and at a significantly faster

rate than awareness rose for carbon

issues. As young accountants who havegrown up with the threat of climate

change and the analytical skills youhave acquired in your studies and workexperience you are well placed to lead

your employer through the necessaryprocess of water resources analysis.

ACCAs recent report Water: Thenext carbon? should help you and your

employer understand the importance

of capturing data and agreeing astrategy to reduce water consumption.

Although a new science, more toolsare being made available to help thecorporate world understand its impact.

To help those businesses that wish totake action on their water footprint the new business catchphrase the

World Business Council for SustainableDevelopment (WBCSD) issued a new

report in August 2009 that identifies 16initiatives or tools, driven by business

leaders, civil society and governments,which have emerged since 2006.

The reports purpose is provide anoverview of major initiatives to improveunderstanding of who is doing what;

help build a common language forbusiness on water sustainability;support the identification of risks

and opportunities and demonstrate

leadership and facilitate businessengagement in relevant initiatives.

There are lots of financialimplications around watersustainability. Its becoming

hard-wired into the business andbecoming a main issue rather thana peripheral one, says Alan McGill,partner in PricewaterhouseCoopers

sustainability practice.

Depending on which sectors andgeographies a company operates in, the

issue of water consumption is more orless pressing, but it cant be completelyoverlooked by any business any longer.

However, there remain challenging issueswith using footprinting more widely.Standardised benchmarking tools and

clear measurement methodologiesneed to be agreed globally to ensure

meaningful reporting. But its likelylessons learnt in the carbon footprinting

process can be drawn on and applied inwater footprinting.

THE FUTURE OF BUSINESS

DEPENDS ON THE

SUSTAINABILITY OF WATER

RESOURCES, WHICH ARE

INCREASINGLY UNDER

PRESSURE DUE TO CLIMATE

CHANGE AND INCREASED

CONSUMPTION LEVELS.



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WHAT IS A WATER FOOTPRINT?A water footprint is a measure of the total water used toproduce goods and services that a particular individual,business or nation uses.

It is made up of two components: direct water use andindirect use. The indirect water use is measured as virtualwater (the volume of water required to produce a certain

product). It includes use of blue water (rivers, lakes, aquifers),green water (rainfall in crop growth), and grey water (waterpolluted after agricultural, industrial and household use).While the water footprint tells us how much water is used,

the impact of an increase or decrease in a waterfootprint depends entirely on where water is takenfrom and when.

The increase of a water footprint in an area wherewater is plentiful is unlikely to have an adverse effect onsociety or the environment, but an increase in an areaalready experiencing water scarcity could result in serious

problems, such as the drying up of rivers, the destructionof habitats and livelihoods, and the extinction of species in addition to affecting agricultural prices, suppliesand local economies. (Source: WWF)

water usage,or at least freshwater usage.

The WBCSD has

also published thesecond versionof its Global

Water Tool,which is free andeasy to use, to help

businesses map out the water

consumption of their products,services and operations, and assess

risks relative to global operations andthe supply chain.

Businesses using the tool can

ascertain what proportion of sites,employees and suppliers are inwater-stressed areas, enabling themto calculate water consumption and

efficiency, leading to comprehensive

reporting, communication with

Colm Gibson a principal at

global economic and financeconsultancy LECG, says: It islikely that water footprinting

will allow companies to makeanalogous changes to the waythat water is consumed in

their supply chains, leading tosignificant changes in technologies,water consumption, and water usage

patterns. It is important, therefore,that the implications of such changesare understood as the water andwastewater industries need to respond

to such changes, as will primary andsecondary water consumers.

The World Wildlife Fund (WWF) has

done some work in defining what theissues are for business. Dr Dave Tickner,head of freshwater programmes at WWF

UK, identified four key business risk

areas arising from water scarcity andmanagement issues: physical, financial,

regulatory and reputational, accordingto ACCAs report.

The first step to finding out your

companys water footprint is indetermining and calculating how thebusiness is using water and how thatcan be managed. Once the water

footprint is calculated the company

should then take action to minimise



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stakeholders, and risk identificationand management, says the WBCSD.

Its not just about the direct useof water either. Water usage should

be thought of in terms ofdirect,indirect or virtual water impacts.The virtual label refers to water that

is used throughout the entire cradle tograve process to produce a product orservice, which is much more complex

to measure than direct water.McGill says companies should look

at their operational water footprint

as well as the supply chain footprint.To do this, businesses will need tothink about how they can work more

closely with their key suppliers andthe communities in which they operateto assess and minimise their totalwater footprint.

Nathalie Goad, project manager atEnvido, an environmental solutionscompany, says: Leading accountancy

firms now have climate change andsustainability solutions high up on theofferings to their clients and are looking

for new recruits with relevant skills incarbon and water accounting to bringthe skills needed in house to drive their

sustainable business agenda forward.One leading corporate that has taken

significant strides in defining andmanaging its water footprint is brewer

SABMiller, which has been workingwith WWF on water footprinting

to better understand the quantity,

efficiency and geographical context ofwater used to produce beer in order tobetter manage the resource.

The two organisations are using theinsight provided by water footprintingto develop targeted programmes

to improve water management. Forexample SAB Ltd in South Africaalready works with barley farmers to

improve their yields and water use,and with WWF the brewer is nowconsidering how to develop this furtherto protect the watersheds within which

it operates.Stuart Orr, WWFs freshwater

footprint manager, says: The water

footprints of SABMillers beers in SouthAfrica and the Czech Republic are thefirst detailed corporate water footprints

to be published and are progressivein the way they examine the impactof water use within these countries.

Most important is that this informationis now used to ensure that theirbusiness partners particularly

farmers are encouraged to use watermore efficiently.

PwCs McGill advises that businessstart to think critically about how water

consumption affects their businessstrategically and develop steps tomonitor that strategy. Managing the

risks inherent within the issue andseeking to take advantage of theopportunities available, he says.

Water is set to be a pivotal factorin all business decisions as the force ofclimate change makes itself felt ever

more powerfully. Business leaders needto take action and accountants are wellplaced to help provide the means todo so.

Michelle Perry is a freelance journalist

FACTS AND FIGURES The production of 1kg of beef requires

1020,000 litres of water. To produce one cup of black coffee

without sugar requires 140 litres of water. The average annual water footprint of

China is 950m3 per person. Only about8% of the Chinese water footprintis related to the consumption ofimported products.

In the UK, the average annual waterfootprint is 1,695m3. About 62% of theUK water footprint is related to theconsumption of imported products.

The average annual water footprint of aperson in the US is 2,900m3.

The water footprint for producing thecotton required by the average

person in the UK is 210 litres per day,whereas the average daily direct useof water in the house is only 150 litresper person.

WATER IS SET TO BE A PIVOTAL FACTOR IN ALL

BUSINESS DECISIONS AS THE FORCE OF CLIMATECHANGE MAKES ITSELF FELT EVER MORE POWERFULLY.BUSINESS LEADERS NEED TO TAKE ACTION ANDACCOUNTANTS ARE WELL PLACED TO HELP PROVIDETHE MEANS TO DO SO.



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MOULDING

MANAGEMENTAs your fnance career progresses your sot skills will become increasinglyimportant. Student Accountantlooks at the skills that are required by a goodmanager or leader, and oers hints on how to develop them.

38 LEADERSHIP


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Leaders are born. Leaders are

made. Which statement doyou agree with? The debatehas ranged for centuries, and

opinions will still be differing in the dimand distant future, because a definitivestatement on the matter simply isnt

possible. Some leaders are born,some are made, and absolutely everysingle person in the world (includingtrainee accountants) can develop their

leadership skills. Where there is a will,there is usually a way.

Unfortunately, it isnt always

immediately apparent particularlyif you are a fulltime student. Butchallenges are there to be overcome,

arent they? Even if you have yet tohold your first finance post, were notthe most popular student in your class,

would never cut it as captain of thecricket team, or confidence is not yourstrong point, you can still learn to be a

very effective manager. And the earlierin your finance career you get startedon this process, the longer you haveto hone your strengths and develop

your weaknesses.Although technical skills form the

foundation on which your career is

built, employers will also expect you tohave soft skills, such as the ability tocommunicate effectively, and work as

part of a team, and if you can showleadership potential it will give youa definite edge. Its never too soon

to start developing your leadershiptraits, says Corinne Dauncey, from therecruiter theAccountancyjob.com, andyou can do this with and without the

theory you have learnt in your ACCAstudies (see Look and learn).

Take a structured approach to yourdaytoday tasks, be punctual and wellprepared for meetings, and always hit

your deadlines. Make a point of beingwell organised: being able to organiseyour own time and work will make you

better able to help others. It doesnthurt to be seen supporting coworkers orshowing junior staff how to do things,

suggests Dauncey, no matter what levelyou are working at or what role you arein, because going the extra mile to help

the team achieve its goals can highlightyour technical skills, devotion to duty,and future management potential.

In some environments, just

demonstrating a high level ofcommitment will be enough to showmanagement potential. The people

who progress most rapidly are thosewho are driven and selfmotivated, saysthe HR manager with one of the Big

Four firms, so being conscientious anddetermined will go a long way thougha good leader also needs to be resilient,

selfassured and well adjusted. But allof these qualities can be developedwith time and experience. Actively seekout new challenges, and try to shape

your own future, rather than simplybeing reactive, she suggests.

ITS NEVER TOO SOON TO START DEVELOPING YOUR

LEADERSHIP TRAITS, AND YOU CAN DO THIS WITH AND

WITHOUT THE THEORY YOU HAVE LEARNT IN YOUR

ACCA STUDIES. EFFECTIVE LEADERS ARE ALSO ALWAYS

LEARNING AND DEVELOPING THEIR OWN KNOWLEDGE.

CORINNE DAUNCEY, THEACCOUNTANCYJOB.COM

Take the initiative

This was an approach thatcertainly helped Carl George FCCA

to progress in his career. WhenI was training, I was not viewedas management material by the

engineering firm where I was working,he recalls, but he didnt let this holdhim back.

I was keen to learn as much as Icould about the finance side of thebusiness, he says, so when the factory

floor cleared at the end of each day,he stayed behind and carried onworking. This helped George technicallyand practically, and enabled him to

show members of the managementteam how committed he was.

Some students will benefit from

being employed by an organisation thatencourages them to become activelyinvolved in their career development

but anybody can make use ofthe facilities.

KPMG, for example, clearly defines

the skills, experience and capabilitiesneeded to take on any role, andthese can be viewed online through itsEmployee Career Architecture at

www.kpmgcareers.com/eca/index.shtml.It provides ambitious accountants



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LOOK AND LEARNYou can learn a lot about managementand leadership rom your ACCA studies;how much, depends on which exams youare studying or. In Paper F1, Accountantin Business, you need to understandthe dierence between leadership andmanagement, says Steve Weaver, acontent manager at Kaplan Publishing, andthen acquire more widespread knowledgeo leadership theories.

In Paper P1 the leader is seen inthe context o corporate governance,explains Weaver, in Paper P3 theimpact o leadership style on strategicdevelopment is considered, and in PapersF5 and P5 the perspective is more onhow managers and leaders behave. Anddespite being theoretical, this can beused on a personal level. All o this couldand should infuence student behaviour,either in managing their existing bossor becoming one later, says Weaver,adding: Certainly students will havethe rameworks and language requiredto evaluate the leadership styles theyencounter and hopeully to developtheir own.

Gill Ball FCCA, director o nanceat the University o Birmingham (and apast president o ACCA), echoes thisperspective. You can learn as muchabout what not to do as what you shoulddo by watching the people around you,she suggests.

Careul observation can help you togure out which approaches seem to work,which dont, and gain an appreciationo the many dierent things that canmotivate people.

You will see people who trip themselvesand others up, she says, and encounterthose who seem to emanate leadership, asshe adds: When somebody is a really goodleader, you can spot it rom 50 paces.

(inside and outside the firm) with a

range of helpful tools and resources,so why not use it to gives yourselfsomething to aim for.

Large organisations often havemore formal leadership developmentschemes. The UKs nationwide

supermarket chain Sainsburys offersgraduates the opportunity to developmanagement skills while studying

for the ACCA Qualification andprovides study leave and financialrewards for passing key stages.Some organisations go to greater

lengths in their attempts to help theirfinance staff develop soft skills inareas such as negotiation, networking

and presentation, plus behaviouralapproaches such as analytical thinkingand achievement orientation.

American Express, GeneralElectric (GE) and Microsoft are amongthe global giants with this type of

programme in place. Selected membersof the finance team at GE, for instance,attend a special training unit that

instils leadership skills that will transferacross hemispheres and cultures.A stint in the GE Capital FinancialManagement Programme helped

Roshan Thiran progress from beingan investment analyst in the US, tofinancial leadership roles in the US,

UK and Malaysia, where he is now thedirector of global talent managementfor Johnson & Johnson.

Large employers can also provideopportunities earlier in your career.Each year, Microsoft offers a number of

undergraduate internships in finance,which enable lucky trainee accountantsto supplement their studies by workingon real business issues alongside

fulltime finance professionals. Someof the interns eventually go on to

LARGE ORGANISATIONS

OFTEN HAVE MOREFORMAL LEADERSHIPDEVELOPMENT SCHEMES.THE UKS SUPERMARKETCHAIN SAINSBURYSOFFERS GRADUATES THEOPPORTUNITY TODEVELOP MANAGEMENTSKILLS WHILE STUDYINGFOR THE ACCAQUALIFICATION ANDPROVIDES STUDY LEAVEAND FINANCIAL REWARDS

FOR PASSING KEY STAGES.

become employees at Microsoft, buteven those that dont can benefit from

the experience and the opportunity toput Helped manage the finances ofa multibillion dollar enterprise intotheir CV.

If you want to find out about similarinternships with corporates in thecountry where you live (and access

does tend to be restricted to nationalsand those with residency status), justget online and start searching. You

have nothing to lose from trying for aplace on this type of scheme, althoughit is worth noting that only a small

proportion of those who apply willactually be accepted.

Back in the real world, most traineeaccountants will take the first steps

towards developing their leadership andmanagement a little closer to home.



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Know who you areAs a leader you must understandyourself, and know what your strengthsand weaknesses are, suggests Dauncey,

so look within. If this requires morehonesty or insight than you can muster,then involve your family and your

closest friends. Actively seek feedback,and make yourself face up to whatpeople really think about you, suggests

Dauncey, as this will help guide youin the right direction. Positive feedbackwill give you confidence that you aredoing the right thing, and negative

feedback will help you to identify theweak areas of your personality.

Of course, it can also be useful to

get unbiased feedback. You can dothis by taking some of the many freepersonality tests that you will find

online. Some of these are simply games,while others are more scientific, andalthough there is much debate about the

LEADERSHIP IS ALL ABOUT HOW YOU BEHAVE WITH

OTHER PEOPLE. SO IF YOU WANT TO BE A GOODMANAGER, LEARNING ABOUT YOURSELF (AND OTHERS)CAN BE AS IMPORTANT AS GAINING THE NECESSARYTECHNICAL SKILLS.

FIND YOURSELFSome o you may make it all the waythrough your fnance career without eversitting a personality test; others will not. Sowhy not get online and take the initiativeyoursel; ater all, you cant know too muchabout yoursel, or others.

At www.personalitytest.net/cgi-bin/q.pl and www.mypersonality.ino/ youcan sit a psychometric personality test(using the MBTI or Myers Briggs TypeIndicator) that will tell you which one o 16personality types yours is. You will fnd abrie explanation o the Carl Jung theoriesthat underpin the MBTI test at www.personalitytest.net/types/index.htm, pluslinks to some other online tests i youwant to double check your results. Youcan also fnd more inormation at www.mypersonality.ino/personality-types/ orGoogle the results o your test, and take itrom there.

No two leaders are the same, butgood leaders oten share common traits.They tend to be conscientious, determined,resilient, sel-assured and well-adjustedindividuals who are capable o inspiringtrust. They also tend to be empathicand intuitive individuals who can empowerand motivate their team members.

Knowing whether you are an ENTP,INTJ, or another MBTI personalitytype, and reading up on theirstrengths and weaknesses, can helpyou decide where to best ocus yoursel-improvement eorts.

reliability of psychometric tests, they are

frequently crop up among the processesthat many employers (and recruiters)use to determine your potential formanagement and leadership so stick

with those (see Find yourself).Even if you find the notion of

learning more about yourself deeply

unappealing, you need to persevere.Selfawareness is the first step on theroad to successful management: it

will help you to focus your personaldevelopment efforts now, and when youneed to lead a group of colleagues, at

some time in the future, it will also helpyou to build a team that complementsyour own skills, abilities and

competencies. As Dauncey adds: Beingaware of your own abilities will allowyou to recruit those who complementyou and who work well with you.

Leadership is all about how youbehave with other people. So if you wantto be a good manager, learning about

yourself (and others) can be asimportant as gaining the necessarytechnical skills. Effective leaders are

always learning and developing theirown knowledge, says Dauncey at everystage of their career. So read as much

as you can, learn from those around you,and take any opportunity you get forselfimprovement. Barack Obama, BillGates, Mother Teresa and Socrates all

rose from humble beginnings to becomegreat leaders and you can do the same.

42 LEADERSHIP


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Canada is giving economists and businessleaders cause for cautious optimism as

signs of recovery appear. And recruiterssay financial reporting roles may enjoy

an untypical rise in interest from jobseekersin the coming months. Heightened focus onrigid compliance with regulatory requirements,along with fears in the boardrooms of the risks

associated with non-compliance, have seenthe number of positions increase. Accountancyprofessionals with experience of SarbanesOxley and internal financial controls are in

demand, says Jackie Burns, manager for HaysAccounting & Finance in Vancouver.

And she adds, As Canadian publiccompanies prepare to implement andcomply with IFRS in 2011, accountants withexperience in this area are also highly sought

after. Long-awaited implementation of IFRScould substantially fuel demand amongemployers, if the experience of British,

European and Australian accountants isanything to go by. Frantic last-minute planningby organisations required to comply saw a

surge in demand for finance professionalsin interim roles, many of whom were able tocommand high daily rates for their services.

Some roles are more location-specificIn the Toronto area, weve had demand for

financial analysts who can help with identifyingcost reduction savings, comments Burns.

There has also been a steady demand foraccountants for financial reporting and internalaudit roles. Bilingual skills are sought-afterin Ottawa and Montreal. Tax professionals

who have completed Canadian Institute ofChartered Accountants (CICA) tax courses,especially those with multinational experience,are in demand nationwide.

Sector-wise, Burns says accountants withexperience in oil and gas remain in demand,

while those with joint-venture accountingbackgrounds will also find a ready market fortheir skills. Property management, governmentand crown corporations, mining companies in

Vancouver and large engineering companiesinvolved in infrastructure projects are all currentlyrecruiting accountants, according to Hays. Some

Canadian employers have implemented salaryand bonus freezes, pay cuts and reductions inworking hours to help them through the

downturn. But in the medium-to-longer term,Burns says prospects should be reasonable whenthe upswing comes around.

LOOKING UP

Calum Robsonfinds out where inCanada ACCA memberscould find themselves ingreater demand.

STUDENT ACCOUNTANT 10/2009 45


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KEY

GAS INDUSTRY

OIL INDUSTRY

MANUFACTURING INDUSTRY

FINANCIAL ANALYST

IT AUDIT

ELECTRICITY INDUSTRY

INTERNAL AUDIT

Students and members in ACCA Canada have beenspeaking to Student Accountantabout their ownexperiences and why they settled on ACCA studies.

ACCA PROFILES

ALBERTA: CALGARY AND EDMONTON

Meg Dholabhai lives in Calgary, and worksfor an oil and gas service company asmanager responsible for SOX compliance;shes also in charge of accounting policyand the project manager for IFRS transition.She moved to Canada from Harare inZimbabwe six years ago, having chosen tostudy for ACCA because of its internationalrecognition. Its done wonders for mycareer, she says. I left Zimbabwe because

of the economic turmoil there, and wastransferred to Calgary with PwC, eventhough, at the time, there was no talk ofCanada moving to IFRS. I completed ACCAin 2007, and took advantage of the mutualrecognition agreement in 2008, increasingmy marketability and ACCAs focus onIFRS helped me land my current job.

Natalia Vakar, who describes herself asproudly FCCA, is a financial reporting

manager at an oil and gas company inCalgary, where she is currently leading IFRStransition. Originally from Moscow, shesays, ACCA was the best choice available one of the biggest advantages for me wasbeing able to study and work at the sametime. ACCA has greatly helped my career qualified accountants are constantly indemand; being internationally recognised,ACCA made my relocation to Canada much

easier in fact, its been absolutely critical.With three papers left to take, Atif Pervez

Ahmed works in Edmonton, Alberta, afterrelocating from KPMGs UAE office. He worksin a manufacturing company, looking afterreporting and treasury. He says, I choseACCA due to its global recognition; afterqualifying, you can work anywhere in theworld. In addition, from 2011, every publiccompany in Canada will be required to

prepare its accounts using IFRS so havingACCA will be helpful in the jobs market.

46 CANADA


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ONTARIO: HAMILTON AND MISSISSAUGA

Hassanatu Timbo, an affiliate fromHamilton, Ontario, came to Canada fromSierra Leone five years ago, with justtwo papers left on CAT and has nowpassed all her ACCA Qualification papers.While she has yet to find mainstreamaccounting work, she says, Im optimisticabout my future at this stage, because ofACCAs mutual recognition agreementwith CGA. Im looking forward to

gaining ACCA membership.John Fraser, a member who lives in

Mississauga, Ontario, is vice president andinternal audit and chief risk officer for anelectricity company in Toronto. He studiedACCA in Barbados. ACCA providesterrific training that has served me well, hesays. In some countries, you may have toacquire a second designation as well butthe good news is that ACCA will prepare

you well for your career in finance orbusiness, wherever you are.

Choosing ACCA was easy, accordingto Rose Reynolds an accountingmanager in Mississauga, who relocatedfrom Bermuda: With CGA, its anunbeatable combination, she says. Butmy advice for ACCA candidates now inCanada is shop around for a recruiterwho understands your qualifications

and experience.Finally, Ron Colucci, a sole practitioner

in Mississauga, has been CGA qualifiedsince 1988. His story is a reversal of manyother ACCA members it was CGAsmutual recognition agreement in 2007 thatinspired him to join ACCA: Its opening upa whole new professional network for me,he says. Im now actively volunteering onthe committee ofACCA Canada. ACCA

runs some excellent CPD initiatives, whichIm also taking advantage of.

ONTARIO: TORONTOAnita Patel, an ACCA member in Toronto,works in IT audit, IT risk managementand IT consulting. She says she choseACCA because of its flexibility: It hasinternational recognition; its alwaysa leading-edge syllabus that coversemerging topics and stays abreast of

developments in our profession. Andthere are now jobs advertised in Canadathat refer to ACCA because of IFRS.

Amalia Trusca arrived in Canadafrom Romania, where ACCA is popular.She now works as a financial analystin Toronto. I chose ACCA becauseof ts international recognition,as I knew I wouldnt be staying inRomania for long, she says. Now that

ACCA is becoming more popular inCanada new immigrants can get theirdesignation here.

Find out more aboutACCAs recognition in Canada

at www.accaglobal.com/members/mutual_memberships/resources

47STUDENT ACCOUNTANT 10/2009STUDENT ACCOUNTANT 10/2009


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1130412205

8

936

11588

98909913

1594

2307

4896

1581

2723

3045

5153

884

700

740

1226

1113

1927

1260

2145

5782

4984

4323

3322

35644194

8091678

3436

1891

2366

3295

9910

10072

9116

12370

1

1107

0

1198

5

168

07

3305

3541

F2

3681

3165

F3

F4

F5

F6

F7

F8

F9

P1

P2P3

P4P

5

P6

P7

CAT1

CAT2

CAT3

CAT4

CAT5

CAT6

CAT7

CAT8

CAT9

CAT10

F1

3387

1708

PASS

FAIL

KEY

3696

EXAM RESULTSA total of 187,335 candidates took 370,715 papers in the June 2009 examsession. This compares with 182,449 students taking a total of 365,528papers in December 2008.

50 EXAMS



22/30

F 1

73%

*

F2

57%*

F355%*

F4

43%

F5

41%

F6

61%

F730

%

F834%

F942%

P148%

P244%

P350%

P430%

P532%

P637%

P737%

CAT163%

CAT265%

CAT359%

CAT459%

CAT554%

CAT657%

CAT746%

CAT833%

CAT965

%

CAT1042%

22926

19287

117

JUNE 2009 SESSION

PASS RATES*Results acheived by students or paper-basedexams and computer-based exams during the periodo 1 February 2009 to 31 July 2009

EXAMINERS FEEDBACKRead the eedback rom the examiners orACCA Qualifcation Papers F4 (ENG), F5,F7, F8, F9 and P2, and CAT Papers 8 and 10.All examiner eedback, including variants,is available in the digital October 2009 issue

oStudent Accountant, and on theACCA website.



23/30

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53

Read vital advice from ACCAsexaminers. Click on the paper

name below to download the

feedback for the exams relevantto you.

CAT QUALIFICATIONRELEVANT TO ALL CAT STUDENTSPaper 1Paper 2Paper 3

Paper 4Paper 5

Paper 6Paper 7

Paper 8Paper 9 (HKG)Paper 9 (IRL)

Paper 9 (LSO)Paper 9 (MYS)Paper 9 (SGP)

Paper 9 (UK)Paper 10

ACCA QUALIFICATIONRELEVANT TO ALL ACCAQUALIFICATION STUDENTS

Fundamentals levelPaper F1Paper F2Paper F3

Paper F4 (BWA)Paper F4 (CHN)Paper F4 (CYP)

Paper F4 (ENG)Paper F4 (GLO)

Paper F4 (HKG)Paper F4 (LSO)

Paper F4 (MLA)Paper F4 (MYS)Paper F4 (PKN)

Paper F4 (RUS)Paper F4 (SCT)Paper F4 (SGP)

Paper F4 (VNM)Paper F4 (ZAF)

Paper F4 (ZWE)Paper F5Paper F6 (BWA)Paper F6 (CHN)

Paper F6 (CYP)Paper F6 (CZE)Paper F6 (HKG)Paper F6 (HUN)

Paper F6 (IND)Paper F6 (IRL)

Paper F6 (LSO)Paper F6 (MLA)Paper F6 (MWI)Paper F6 (MYS)

Paper F6 (PKN)Paper F6 (POL)Paper F6 (ROM)

Paper F6 (RUS)Paper F6 (SGP)Paper F6 (UK)

Paper F6 (VNM)Paper F6 (ZAF)Paper F6 (ZWE)

Paper F7Paper F8

Paper F9

Professional levelPaper P1Paper P2Paper P3

Paper P4Paper P5Paper P6 (CHN)

Paper P6 (CYP)Paper P6 (HKG)

Paper P6 (IRL)Paper P6 (MLA)

Paper P6 (MYS)Paper P6 (SGP)Paper P6 (UK)

Paper P6 (ZAF)Paper P6 (ZWE)Paper P7

ACCAISCOMMITTED

TOPROVIDINGS

UPPORTTOALLITSSTUDENTS.

EXAMINERREPORTS,

EXAMINERINTE

RVIEWSANDAW

IDEVARIETYOF

TECH

NICALARTICLES

AREAVAILABLE

INARANGEOFD

IFFERENTMEDIAON

THEACCAWEBSITEAT

WWW.ACCAGLOBAL.COM/STUDEN

TS/ACCA/EXAMS

OCTOBER 2009 RELEVANT TO ALL ACCA QUALIFICATION AND CAT STUDENTSEXAM FEEDBACK

Want Syllabus,Study Guidesand more exam support?www.accaglobal.com/students/

STUDENT ACCOUNTANT 10/2009


25/30


26/30

56 TECHNICAL


27/30

NOT-FOR-PROFITORGANISATIONS PART 2RELEVANT TO PAPERS F1, F5, F7,

F8, P2, P3 AND P5Including a self-test section

to check your understandingof this and Part 1 of thearticle (download Part 1 by

clicking here)

Past papersPaper F1 Paper F5

Paper F7 Paper F8Paper P2 Paper P3

Paper P5

Technical articlesPaper F1 Paper F5Paper F7 Paper F8

Paper P2 Paper P3Paper P5

Exam supportPaper F1 Paper F5

Paper F7 Paper F8Paper P2 Paper P3Paper P5

TRANSFER PRICINGRELEVANT TO PAPERS F5 AND P5

Past papersPaper F5 Paper P5

Technical articlesPaper F5 Paper P5

Exam supportPaper F5 Paper P5

COST OF CAPITAL, GEARINGAND CAPM PART 1RELEVANT TO PAPERS F9 AND P4Part 2 will be published inthe November 2009 issue of

Student Accountant

Past papersPaper F9 Paper P4

Technical articlesPaper F9 Paper P4

Exam supportPaper F9 Paper P4

PROJECT MANAGEMENTRELEVANT TO PAPER P3

Past papers

Paper P3

Technical articlesPaper P3

Exam supportPaper P3

THE RISKS OF UNCERTAINTYPAPERS P4 AND P5

Past papersPaper P4 Paper P5

Technical articlesPaper P4 Paper P5

Exam supportPaper P4 Paper P5

THE TAXATION OFINCOME FROM LEASINGTRANSACTIONSPAPER P6 (MYS)

Past papersPaper P6

Technical articlesPaper P6

Exam supportPaper P6

EXAM SUPPORTRELEVANT TO ALL ACCAQUALIFICATION PAPERSFind out how to get the mostfrom the ACCA website

EXAMINABLE DOCUMENTSRELEVANT TO ALL ACCAQUALIFICATION AND CAT PAPERSLinks to exam notes for yourACCA and CAT papers

FOCUS ON PER

PERFORMANCE OBJECTIVE 10

ACCAISCOMMITTED

TOPROVIDINGS


EXAMINERREPORTS,EXAMINERINTE

RVIEWSANDAW

IDEVARIETYOF

TECHNICALARTICLES

AREAVAILABLE

INARANGEOFDIFFERENTMEDIAON

THEACCAWEBSITEAT

WWW.ACCAGLO

BAL.COM/STUDEN

TS/ACCA/EXAMS

OCTOBER 2009 RELEVANT TO ALL ACCA QUALIFICATION AND CAT PAPERSTECHNICAL ARTICLES

56 TECHNICAL



28/30

ACCA is committed to providingsupport to all its students. As

part of this support, a rangeof materials in a variety ofmedia to reach as many studentsas possible is availablespecifically to address the ACCAQualification exams. Informationfrom ACCAs examiners includingexaminer reports, examinerinterviews and a wide variety oftechnical articles are available in

a range of different media on theACCA website.

The two sets of examinerinterviews are available onaccaglobal.com and are

extremely valuable resources.Each set of interviews can helpyou prepare for your exams

in different ways and, whenused in conjunction with the

paper resources available, theycan make a big difference toyour studies.

Examiners approach interviewsThe examiners approachinterviews are very useful whenyou are undertaking a particular

paper for the first time, givingyou a real insight into what

examiners are looking for interms of exam performance.They cover the main themes ofeach paper and give information

on the style of the exams andhow they are structured. Theyalso advise on exam technique,

with tips on how to succeed andpotential pitfalls to avoid.

The examiners approach

interviews complement the

examiners approach articles,which were written to give

guidance on how to tackle eachexam paper. These resourcescontain similar information but

the difference in delivery methodcan be a useful advantage whenstudying and may give you a

better chance of absorbingthe examiners advice. The

examiners approach interviewsalso contain useful links to other

relevant resources for your exam.

Examiners analysis interviewsThe examiners analysisinterviews build on theexaminers approach interviews

and cover student performancein the December 2007, June

2008 and December 2008 examsessions. They highlight wherestudents are performing well,where students are performing

less well, and give advice onhow students can improveperformance in problem areas.

Its never too soon to start

listening to the examinersanalysis interviews, but they

would probably be most usefulonce you have covered thesyllabus and are starting tothink about the detail of a paper

and how to apply what youhave learned in the exam. Theyare designed to give guidance

around which areas of thesyllabus students have beenstruggling with in recent exam

sittings and how students cantackle the difficulties others havebeen having.

The analysis interviews are

closely related to the examiners

reports, which are published aftereach exam session. They bring

together the examiners reportsfrom the first three sessions of theACCA Qualification, illustrating that

some mistakes are being repeatedconsistently and highlightingcritical areas of the syllabus to

focus on. Remember, this doesnot mean one of those areas will

necessarily be examinable in thenext session. These interviews

were produced in February 2009and are valid until December 2010

areas flagged as critical could,

therefore, be examined at anypoint during this period of time.

It is still very important to

make use of the individualexaminers reports available in

Student Accountantand on theACCA website, as well as listeningto the analysis interviews. Afteryou have worked through a

practice question, refer to therelevant examiners report andyou will find an analysis of thatquestion, what the examiner is

looking for in a good answer,typical answers given by

students, why they might not berelevant and so on.

All of these resources andothers such as the Syllabus

and Study Guide, past papers,examinable documents andtechnical articles can be

accessed at www.accaglobal.com/students/acca/exams/

ACCAISCOMMITTED

TOPROVIDINGS


EXAM

INERREPORTS,

EXAMINERINTE

RVIEWSANDAW

IDEVARIETYOF

TECH

NICALARTICLES

AREAVAILABLEINARANGEOFDIFFERENTMEDIA

ON

THEACCAWEBSITEAT

WWW.ACCAGLOBAL.COM/STUDEN

TS/ACCA/EXAMS

EXAMINERS APPROACH AND EXAMINERS ANALYSIS INTERVIEWS

Want Syllabus,Study Guidesand more exam support?www.accaglobal.com/students/acca/exams

EXAM SUPPORT

57

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The examinable documentssection of the ACCA websiteincludes exam notes whichprovide guidance on examinablematerial, including any relevantaccounting and auditing

documents for Papers F3, F7and P2.

Visit the web links on this pageto take you to the examinabledocuments for your paper.

ACCA QUALIFICATION

Paper F3, Financial Accountingwww.accaglobal.com/students/acca/exams/f3/examinable

Paper F4, Corporate and

Business Lawwww.accaglobal.com/students/acca/exams/f4/docs

Paper F6, Taxationwww.accaglobal.com/students/acca/exams/f6/exam_docs/

Paper F7, Financial Reportingwww.accaglobal.com/students/

acca/exams/f3/examinable

Paper F8, Audit and Assurancewww.accaglobal.com/students/


Paper P2, Corporate Reportingwww.accaglobal.com/students/acca/exams/f3/examinable

Paper P6, Advanced Taxationwww.accaglobal.com/students/acca/exams/p6/exam_docs

Paper P7, Advanced Auditand Assurancewww.accaglobal.com/students/


CAT QUALIFICATION

Paper 3, MaintainingFinancial Recordswww.accaglobal.com/students/

cat/exams/t3/examinable_documents

Paper 6, DraftingFinancial Statementswww.accaglobal.com/students/cat/exams/t6/examinable_

documents

Paper 8, ImplementingAudit Procedureswww.accaglobal.com/students/

cat/exams/t8/examinable_documents

Paper 9, PreparingTaxation Computationswww.accaglobal.com/students/cat/exams/t9/exam_docs

THEEXAMINABLEDOC

UMENTSSECTIO

NOFTHEACCAW

EBSITE

INCL

UDESEXAMNOTESWHICHPROVID

EGUIDANCEON

EXAM

INABLEMATERIA

L,INCLUDINGAN

YRELEVANTACC

OUNTING

AND

AUDITINGDOCU

MENTSFORPAPE

RSF3,F7ANDP2.

RELEVANT TO ACCA QUALIFICATION AND CAT STUDENTS

EXAMINABLEDOCUMENTS

Documents

ACCA's Magazine Oct.2009_2