Oxford Brookes Degree

P/S - A sad memory.

Hi,

Oxford Brookes has revised its degree programme to incorporate ACCA syllabus changes. Here are the snippets that I wish to share with you.

The revised scheme will apply from Aug 2008.

While you still have to complete F1 to F9, but only marks for F4 to F9 will count towards which qualification you will get ie. first class honours, second upper etc. Why? F1, F2 and F3 have been light-weighted to 2 hours of MCQs.

The quality of Research and Analysis Project (RAP) will also go towards qualification. It can ONLY upgrade you from one class to another. To illustrate, if your average mark for F4 to F9 qualifies you for second upper and you did such a wonderful RAP, Oxford Brookes may "bump" you up to first class honours.

By the way, I was told that you would have to submit a RAP of 6,500 words from Aug 2008 (currently 5,000 words). This is to partially compensate for the lower loads of F1 - F3.

For more detailed info, you know where to go right?

Stock valuation - Weighted Average Pricing

P/S - My Sunday walk along Boat Quay today...

Hi class,

There are 2 general types of weighted average pricing ie.

a) Cumulative weighted average pricing
b) Periodic weighted average pricing

a) Cumulative weighted average pricing
- The average price is determined by dividing total cost by the total number of units.
- A new weighted average price is calculated everytime upon arrival of a new batch of materials into store - key feature

b) Periodic weighted average pricing
- For a certain period, a RETROSPECTIVE average price is calculated for all materials issued during the period.
- The issue price can only be determined upon closure of a certain period.
- How to calculate?

Opening stock value + Cost of all receipts within period
-----------------------------------------------------------------------
Opening stock in units + All receipts in units

ACCA2007 Exemption policy announced

There is now a standard and transparent set of policy guidelines for those seeking exemption as they initiate their pursuance of ACCA qualification

Here they are:-

Type of degree (ACCA exemption)
- Accounting degree - major (F1 - F4 )
- Accounting degree - joint/minor (F1 - F3)
- Finance degree (F1 - F3)
- General business / management degree (F1)
- Law degree (F4)
- MBA (F1 - F3)
- Non-relevant degree (no exemption)

LLP for small businesses

Friends,

Saw this signboard at a hawker stall.

It reflects the increasing sophistication of people operating even small businesses.

Are you familiar with this form business registration to take advantage of it? For those uninitiated, LLP is limited liability partnership.

Send me a pic of anything interesting relating to the topic of accounting.

Cheers...

P/S - Will try the food this weekend.

Companies in China have 2 sets of accounts?

P/S - Jalan Besar Stadium

Yes, it is official now.

What happened?
Mainland-listed companies will have to prepare two sets of annual reports for this year after new accounting standards come into effect on Jan 1.

Shanghai and Shenzhen-listed companies will have to publish their 2006 annual reports as before, using the current accounting standards, but will also have to publish an additional report where their results are calculated according to the new international standards.

What are the implications?
According to Haitong Securities analyst Zhang Qi - 'Many companies used the old accounting system as a form of window dressing to make themselves look profitable when in fact they were not.'

Will this lead to a severe correction of Chinese stock markets if this has still not been factored into the pricing by now?

Initial public offerings (IPOs) or secondary offerings must also use the new accounting standards starting Jan 1, according to new regulations issued last week by the China Securities Regulatory Commission. Last three years' profit is a prerequisite for listing in China.

Will this therefore reduce the queue for IPOs in China and thus reduce demand for listing in foreign bourses eg. Singapore?

For those who will not make the cut, will they go back door listing?

Local companies are exempted from the rule for now.

If the government want to see a change in this area, it should take the lead by asking all its state-owned enterprises to make that change asap.

Reference - Dec 5, 2006, "New accounting rules affect China firms' profits", BT/SCMP.

CCDG out. ASB in.

Minister of State for Finance, Mdm Lim Hwee Hua said that Accounting Standards Board (ASB) will replace the Council on Corporate Disclosure and Governance (CCDG).

Effective Sept 1, 2007.

It will comprise key regulators, senior accounting professionals, and leading users of financial information.

Why the change?
Except for expanded responsibilities of issuing standards to cover entities such as charities, societies and co-operatives, I wonder why the need to change the name when essentially almost everything else remains unchanged.

Probably the name change is just that ie. to signify the addition of responsibilities.

Good night...