ACCAQualification:recognitionstatusAN OVERVIEW OF FORMAL RECOGNITION HELDBY THE ACCA QUALIFICATION
ACCA QUALIFICATION RECOGNITION STATUSContentsINTRODUCTIONWhat is ‘formal recognition’?What are the benefits of ‘formal recognition’?3ABOUT THE ACCA QUALIFICATIONACCA governanceACCA Qualification structureACCA QualificationUK education standardLearning hours4ACCA QUALIFICATION: FORMAL RECOGNITIONRegulatory status – Regulated accountancy rolesRegulatory status – Education sectorMapping of ACCA Qualification with education frameworksACCA Qualification: SCQF Credits and ECTS CreditsACCA Qualification: Recognition on the SCQFFoundation-Level qualifications: Recognition on the RQF and CQFW7The information contained in this publication is provided for general purposes only. While every effort has been made to ensure that the information is accurate andup to date at the time of going to press, ACCA accepts no responsibility for any loss which may arise from information contained in this publication. No part of thispublication may be reproduced, in any format, without prior written permission of ACCA. ACCA June 2018.2
ACCA QUALIFICATION RECOGNITION STATUSIntroductionWHAT IS FORMAL RECOGNITION?Formal recognition refers to the official recognition of ACCA as an awarding body and ACCA’s delivery andprovision of the qualification at a defined standard or level, by regulatory authorities in the educationand accountancy regulated roles sectors.To ensure the ACCA Qualification provides maximum benefit and value to our members, ACCA seeks toattain and maintain formal recognition of ACCA and the ACCA Qualification.WHAT ARE THE BENEFITS OF FORMAL YERRECOGNITIONTHE BENEFITSOF FORMALRECOGNITIONFUNDINGOPPORTUNITIESA PORTABLEQUALIFICATION External regulationExternal regulation of the ACCAQualification provides the assurance ofindependent oversight of the quality ofour qualifications, and in some instancesnationally recognised benchmarking ofthe level of the ACCA Qualification Employer recognitionEmployers can be confident in ourmembers’ level of ability, ensuring that theyhave the expertise they need. Membershave access to job opportunities thatare suitable for ACCA members. A portable qualificationHaving a qualification which is recognisedby key regulatory and education authoritiesaround the world provides a greater choiceof locations for our members to work whereall the benefits of the ACCA designation canbe realised. Through Mutual RecognitionAgreements with other professional bodies,ACCA members can also benefit from theprofessional mobility that comes throughjoint membership of both bodies. Funding opportunitiesRecognition of the ACCA Qualification withsome governmental agencies may assist withaccess to public funding towards tuition. Academic creditThe ACCA Qualification can be used to gainaccess to, and exemptions from, a number ofother academic qualifications.3
ACCA QUALIFICATION RECOGNITION STATUSAbout the ACCA QualificationACCA GOVERNANCEACCA (the Association of Chartered Certified Accountants)is the global body for professional accountants. We aim tooffer business-relevant, first-choice qualifications to people ofapplication, ability and ambition around the world who seek arewarding career in accountancy, finance and management.Founded in 1904, ACCA has consistently held unique corevalues: opportunity, diversity, innovation, integrity andaccountability. We believe that accountants bring value toeconomies in all stages of development. We aim to developcapacity in the profession and encourage the adoption ofconsistent global standards. Our values are aligned to theneeds of employers in all sectors and we ensure that, throughour qualification, we prepare accountants for business. Wework to open up the profession to people of all backgroundsand remove artificial barriers to entry, ensuring that ourqualifications and their delivery meet the diverse needs oftrainee professionals and their employers.We support our 204,000 members and 514,000 students in181 countries, helping them to develop successful careersin accounting and business, with the skills required byemployers. We work through a network of 100 offices andcentres, more than 6,000 Approved Employers worldwide,who provide high standards of employee learning anddevelopment and more than 500 Approved Learning Partners,who provide recognised quality tuition and support to ourstudents. Through our public interest remit, we promoteappropriate regulation of accounting and conduct relevantresearch to ensure accountancy continues to grow inreputation and influence.ACCA Council is the elected governing body of ACCAand is responsible for determining ACCA’s strategic policyobjectives and monitoring organisational performance inrelation to the organisational budget. The Council is electedby its members on a one member, one vote basis. The Councilacts as a trustee for the membership; as such, it is ultimatelyresponsible for ACCA affairs and is accountable to themembers. Its responsibilities to the UK Privy Council, underthe Royal Charter granted by Her Majesty the Queen, andunder statute, require it to act in the public interest. Councilhas the key role in ACCA’s affairs and Council members have aresponsibility to act in the best interests of ACCA as a whole.ACCA QUALIFICATION STRUCTUREFOUNDATIONFA1 Recording Financial TransactionsMA1 Management InformationACCA DIPLOMA IN FINANCIAL ANDMANAGEMENT ACCOUNTING (RQF LEVEL 2)FA2 Maintaining Financial RecordsMA2 Managing Costs and FinanceACCA DIPLOMA IN FINANCIAL ANDMANAGEMENT ACCOUNTING (RQF LEVEL 3)FAB Accountant in BusinessFMA Management AccountingFFA Financial AccountingACCA DIPLOMA IN ACCOUNTING ANDBUSINESS (RQF LEVEL 4)All of the above plus two of the following:FTX Foundations in TaxationFFM Foundations in Financial ManagementFAU Foundations in Audit 12 months relevant work experienceCERTIFIED ACCOUNTING TECHNICIANFOUNDATIONS INPROFESSIONALISM MODULEAPPLIED KNOWLEDGE AND APPLIED SKILLSETHICSANDSTRATEGIC PROFESSIONALPROFESSIONALAPPLIED KNOWLEDGEAccountant in BusinessManagement AccountingFinancial AccountingACCA DIPLOMA IN ACCOUNTING ANDBUSINESS (RQF LEVEL 4)APPLIED SKILLSCorporate and Business LawPerformance ManagementTaxationFinancial ReportingAudit and AssuranceFinancial ManagementSKILLSMODULEESSENTIALSStrategic Business LeaderStrategic Business ReportingOPTIONS (two to be completed)Advanced Financial ManagementAdvanced Performance ManagementAdvanced TaxationAdvanced Audit and AssuranceACCA QUALIFICATIONACCA ADVANCED DIPLOMA INACCOUNTING AND BUSINESSResearch and Analysis Project and Key SkillsStatementBSc IN APPLIED ACCOUNTING AWARDEDBY OXFORD BROOKES UNIVERSITYETHICS AND PROFESSIONAL SKILLS MODULEFOUNDATIONS IN PROFESSIONALISM is an online ethicsmodule which can be completed before or after the examsbut must be completed if you wish to receive certificationfor the award you have achievedETHICS AND PROFESSIONAL SKILLS MODULE is an onlineethics module which should be completed before attempting any of the Strategic Professional examsRELEVANT WORK EXPERIENCE can be completed before,at the same time, or after the exams4
ACCA QUALIFICATION RECOGNITION STATUSAbout the ACCA QualificationACCA QUALIFICATIONTo qualify for membership of ACCA, students must completethe ACCA Qualification, which enables members to reachthe highest level in accountancy. The qualification consistsof 13 professional examinations, an ethics module and threeyears’ practical experience gained before, during or after theexaminations. In line with ACCA’s statutory requirements,entry to the ACCA Qualification requires a UK universitymatriculation level qualification. ACCA also provides entrylevel qualifications. The Foundation-Level qualificationsconsist of awards, including certificates, diplomas and aCertified Accounting Technician (CAT) Qualification. TheACCA Diploma in Accounting and Business (RQF Level 4) isequivalent in level to year one of a UK bachelor degree, and issuitable for entry and exemption to the ACCA Qualification.Additionally Oxford Brookes University (OBU) inpartnership with ACCA offers a BSc (Hons) in AppliedAccounting centred on the needs of employers forpractical, professional accounting, and an MBA whichis designed to broaden business understandingand enhance strategic decision making.The University of London in partnership with ACCA offersan MSc in Professional Accountancy. This is an integratedprogramme which allows study towards an academic andprofessional qualification. There are customised pathways forACCA students, affiliates and members.In keeping with ACCA’s commitment to lifelong learning, it haslaunched a range of further qualifications and a leading edgecontinuing professional development (CPD) scheme. Theseprogrammes are designed to suit the needs of accountants,finance-professionals and non-finance professionals withfinancial responsibility, at all stages of their careers.UK EDUCATION STANDARDThe ACCA Qualification and Foundation-Level qualificationsare assessed at a range of educational levels. The tablesbelow specify the educational standard that each level ofthe ACCA Qualification and Foundation-Level qualificationsequate to in the UK education system.ACCA’s External Examiner reports on the standard of theStrategic Professional and Applied Skills examinations againstthe UK Framework for Higher Educational Qualifications(FHEQ) level descriptors, to ensure the examinations are set atthe appropriate level.ACCA’s Foundation-Level qualifications are recognised onthe Regulated Qualifications Framework (RQF) and globallyregulated by Ofqual.ACCA QUALIFICATIONFHEQUK ACADEMICSTANDARDACCA Strategic Professional7Masters degreeACCA Applied Skills6Bachelor degreeACCA Applied Knowledge4Certificate of HigherEducationFOUNDATION-LEVELQUALIFICATIONSRQFUK NATIONALQUALIFICATION LEVELACCA Diploma in Accounting andBusiness (RQF Level 4) / CertifiedAccounting Technician (CAT)4Certificate of HigherEducationACCA Diploma in Financial andManagement Accounting (RQF Level 3)3GCE Advanced LevelACCA Diploma in Financial andManagement Accounting (RQF Level 2)2GCSE LevelThe ACCA Qualification has been designed to provide allthe competences required of professional accountants andauditors. In accordance with modern practice, ACCA takes theview that employers demand that professional accountantsand auditors apply a wide business and global perspective totheir work.The ACCA Competency Framework is an online, interactivetool which demonstrates the different competenciesdeveloped through all elements of the ACCA Qualification(exams, ethics module and experience requirement) andlinks these competencies to jobs in finance. It is a valuabletool to illustrate how ACCA members are complete financeprofessionals and have a comprehensive skill set to work in avariety of accounting and finance roles.5
ACCA QUALIFICATION RECOGNITION STATUSAbout the ACCA QualificationACCA QUALIFICATION LEARNING HOURSAs a global accountancy body, the learning profiles of ACCA students vary greatly. ACCA promotesflexibility in its range of qualifications and learning methods, and therefore ACCA does not prescribelearning hours to its students. However, we have provided notional learning hours for each of the ACCAexaminations in the tables below for guidance.Notional learning hours are typically understood to represent the average time it would take a learnerto complete a unit of learning, in this case each of the ACCA Qualification examinations. They includeguided learning hours, directed study, practical and work-based learning, examination preparation timeand examination time. Guided learning hours are the hours in which study is directed by a tutor, usuallywith the tutor present. This can include tutorials, face-to-face delivery or directed open/distance learningand assessment. There may be variations in definitions of learning hours and credit systems betweennational education systems.TABLE 1 LEARNING HOURS ACCA EXAMINATIONSACCA QUALIFICATION LEVELACCA PAPERNOTIONAL LEARNINGHOURSAdvanced Audit and Assurance400STRATEGIC PROFESSIONAL– OPTIONS (2 papers)Advanced Taxation400Advanced Performance Management400Advanced Financial Management400STRATEGIC PROFESSIONAL– ESSENTIALSStrategic Business Leader600Strategic Business Reporting400Financial Management400Audit and Assurance400Financial Reporting400Taxation400Performance Management400Corporate and Business Law400Financial Accounting300Management Accounting300Accountant in Business300APPLIED SKILLSAward – Advanced Diploma inAccounting and BusinessAPPLIED KNOWLEDGEAward – Diploma in Accounting andBusiness (RQF Level 4)6TOTAL NOTIONALLEARNING HOURS8001,0002,400900
ACCA QUALIFICATION RECOGNITION STATUSACCA Qualification: Formal recognitionREGULATORY STATUS – REGULATED ACCOUNTANCYROLESACCA is a professional membership body for charteredcertified accountants globally. Our professional qualificationis a membership requirement, which meets employerspecifications for working in accountancy related roles, bothregulated and unregulated.In the UK and Ireland, ACCA has statutory monitoringresponsibilities in the following areas:Registered auditorsACCA members who are responsible for audit workmust hold a valid practising certificate and auditqualification. All firms, including sole proprietorships,must hold a firm’s auditing certificate to conduct auditwork. Those individuals holding a practising certificateand audit qualification, as well as firms holding auditingcertificates are subject to monitoring of their practices.Practising certificateIn the designated territories, if you want to carry out workunder our definition of public practice or to be a partner ordirector of a firm that undertakes public practice work, youmust hold an ACCA practising certificate.Investment businessIn the UK, firms wishing to offer mainstream investmentservices are authorised and regulated by the FinancialConduct Authority (FCA) but ACCA regulates those firmsundertaking only exempt regulated activities. The CentralBank of Ireland regulates firms that provide investmentbusiness services and investment advice in Ireland. ACCAregulates those firms undertaking investment activities.In summary, ACCA’s official accreditation from regulatorybodies in the UK and globally includes: UK Government Privy Council Department for Business,Energy & Industrial Strategy (BEIS):ACCA is also officially recognised by the UK Governmentas a Recognised Supervisory Body (RSB), responsiblefor regulating statutory auditors. According to the UK’sCompanies Act 2006, Insolvency Act 1986 and FinancialServices and Markets Act 2000, only the accountancybodies – ACCA, ICAEW, ICAI and ICAS are able toauthorise members to conduct the legally restrictedworks including audit, insolvency and investment businesswork in the United Kingdom and Republic of Ireland.The full Companies Act 2006 can be viewed online. TheProfessional Oversight Team, part of the UK FinancialReporting Council (FRC), reporting to the UK Government,and providing independent oversight of the auditing andaccounting profession, audits ACCA’s quality assuranceprocedures, and qualification syllabus and assessmentsannually. For further information please visit the FinancialReporting Council (FRC) website. UK Insolvency Service:ACCA is a Recognised Professional Body (RPB) under theInsolvency Act 1986 and the Insolvency (Northern Ireland)Order 1989. This allows ACCA to authorise individualsto undertake insolvency work. The Insolvency Servicevisits ACCA every three years to review quality assuranceprocedures around the issue and renewal of insolvencylicences, monitoring of practitioners and complaintsagainst practitioners. For further information, please visitThe Insolvency Service website. UK Government Privy Council:Incorporated through Royal Charter – requirement for atleast 75% of members to have first degree level standardqualification. For further information please visit the officialPrivy Council website. Irish Auditing and Accounting Supervisory Authority(IAASA):ACCA holds ‘Recognised Accountancy Body’ status. ARecognised Accountancy Body is an accountancy bodythat has been granted recognition under section 930 of theCompanies Act 2014. A recognised accountancy body ispermitted to authorise its members and/or member firmsto perform statutory audits and to register firms from otherEU Member States to perform audits under the CompaniesAct 2014, provided that they satisfy certain additionalconditions. The full Companies Act 2014 can be accessedonline. IAASA audits ACCA’s quality assurance procedures,and qualification syllabus and assessments. For furtherinformation please visit the IAASA website. European Union (EU):Through the EU Statutory Audit Directive and theRecognition of Professional Qualifications Directive,ACCA is also responsible for providing a route to thedesignation of ‘Chartered Certified Accountant’ and theregistration and licensing of Statutory Auditors. ACCAmembers who are EU nationals, also benefit from therecognition of their ACCA Qualification by being ableto directly access regulated roles in other EU memberstates, equivalent to their profession in their home country,such as ‘Public Accountant’ or ‘Statutory Auditor’.Please refer to Admission to ACCA membership underthe European Communities (Recognition of ProfessionalQualifications) Regulations (Directive 2013/55/EU) forfurther details on admission to ACCA membership underthe terms of the European Communities (Recognition ofProfessional Qualifications) Regulations 2015.7
ACCA QUALIFICATION RECOGNITION STATUSACCA Qualification: Formal recognition International Federation of Accountants (IFAC):IFAC is the global organisation for accounting, dedicatedto serving the public interest by strengthening theprofession and contributing to the development of stronginternational economies. IFAC is comprised of over 175members and associates in more than 130 countries andjurisdictions, representing almost 3 million accountants inpublic practice, education, government service, industry,and commerce.ACCA is a founding member of the International Federationof Accountants (IFAC) and commits to the adoption andapplication of IFAC’s global standards to support and bringlong-term value to economies in which we develop capacityand support professional accountants. ACCA follows the IFACCompliance Program to meet the membership requirements.More information on the Member Compliance Program canbe found on the IFAC website.IFAC has seven Statements of Membership Obligations(SMO). These SMOs form the basis of the IFAC MemberBody Compliance Program. Member bodies are requiredto perform self-assessments of their compliance with theapplicable SMOs and develop, implement and update actionsplans as necessary in order to ensure continued compliance.ACCA is fully compliant with all seven SMOs. In additionto responding to the needs of its stakeholders, ACCA hasdesigned a qualification which also embeds the globalaccounting education standards set by the InternationalFederation of Accountants (IFAC). The ACCA Qualification isfully IFAC compliant. There is a strong focus on professionalvalues, ethics and governance. These skills are essentialas the profession moves towards strengthened codes ofconduct, regulation and legislation with an increasing focus onprofessionalism and ethics in accounting. They are examinedat the highest level in the ACCA Qualification, and are a coreelement of students’ practical experience requirements.8REPRESENTATION ON EXTERNAL BODIESACCA is represented on many committees and bodies aroundthe world, helping to evolve a truly international qualification: Africa Capacity Building FoundationASEAN Federation of Accountants (AFA)Confederation of Asia Pacific Accountants (CAPA)The Conference Board EuropeConsultative Committee of Accountancy Bodies (CCAB)European Association of Craft, Sma
ACCA ADVANCED DIPLOMA IN ACCOUNTING AND BUSINESS ETHICS AND PROFESSIONAL SKILLS MODULE Research and Analysis Project and Key Skills Statement ACCA DIPLOMA IN ACCOUNTING AND BUSINESS (RQF LEVEL 4) ACCA DIPLOMA IN ACCOUNTING AND BUSINESS (RQF LEVEL 4) ACCA GOVERNANCE ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer .
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