ACCA's Certificate of Achievement for F1, F2 and F3

Under the new scheme,

There will be no more paper winners for F1 to F3. Instead a Certificate of Achievement will be awarded to students who have scored 85% and above in these papers. This is regardless of whether they took the paper-based or CBE exams.

MSER students will only be eligible for prizes from F4 to F9 and P1 to P7 when they transfer to the Professional Scheme.

P/S - So for those who have scored higher than 85%, please look out for your "Certificate of Achievement". Cheers.

We got to learn new names.

The terms "Balance Sheet" and "Cash Flow Statement" will be passe very soon.

In Sept 2007, IASB issued the revised IAS 1 (similar to our sFRS 1) with the main changes in the presentation of financial statements and terminology.

For international versions of CAT6, CAT8, F3, F7, F8, P2 and P7:-

• "Balance sheet" will be "statement of financial position".
• "Income statement" - no change.
• "Cash flow statement" will be " statement of cash flows".

It is effective from June 2008 sitting.

For other papers NOT mentioned above :-

• "Balance sheet" = "statement of financial position (balance sheet)" (for Jun / Dec 2008 exams).
• "Balance sheet" = "statement of financial position" (from Jun 2009 exam onwards)
• "Cash flow statement" = "statement of cash flows" (from Jun 2008 exam onwards)
• "Income statement" = "statement of comprehensive income" (from Jun 2009 exam onwards)

Michelle says...

Hi Edgar,

Checked my results on Monday. Passed all the 1st 3 papers =) n I got 91 for F3 (reflected in myACCA).

Many thanks for your guidance all this while. Really appreciate all the effort u've given!

Thanks again.

Regards,
Michelle

Sok Ching says...

"... I really really a big thank you to u. i got 94 for F3. =D

Many thanks"

Mei Hua says...

Hi Edgar,

Just logged in to the ACCA website to check my F3 exam result....I got 86. Just want to say thank you for your repeat reminders on the important points and for the extra (free) revision class given going through all MCQ. I struggled for about 15-20 minutes on the first question and was all nervous throughout the whole examination.....

Cheers,
Mei Hua (Jun 2007)

Pui Shan says...

Thanks Edgar! I got 72 for F3 (June 07 intake)!

Thanks so much for ur effort! Without your constant revision and reminders i wont have passed as i really had no time to study!

You are the best!

What is "verifiable CPD"?

What is the Rule?
A member has to fulfill 40 relevant units of CPD each year, where one unit is equal to one hour of development. 21 units must be verifiable. The other 19 can be non-verifiable.

Verifiable CPD, to many, is the act of getting a certificate ie. a black and white to confirm that you have attended a learning event.

But is it all that is? The simple answer is no.

There are 3 other critical criteria to be fulfilled before a verified event can be counted towards the Rule. What are they?

• The relevant activity must be relevant to your role/s.
• You need to tell ACCA how you can apply the learning.
• You need to show some things that learning has taken place. (This last is tough ya?)

Is there any other ways, beside collecting the certificates, of evidencing that you have attended a learning event/activity?

• Can you show the report/review/proposals arising from that event?
• Did you get a copy of the handouts/powerpoint slides?
• A copy of the invoice or evidence of payment made to attend the event?
• Did you keep the email confirmation of your attendance?
• Or like Edgar, writing about these events on the blog after attending them?

P/S - This is note to remind Edgar and for those who have completed your studies and qualified for the ACCA qualification.

Depreciation policy and your bottomline

branding?

I have just completed my session on FRS16 on property, plant and equipment with F3 Financial Accounting class.

I have stressed that depreciation policy is within management's right to decide. The management may adopt a relevant method or formula to account for depreciation for the "right impact" on its bottomline.

Allow me to cite the example of this airline company managing its fleet of planes and the choice of depreciation policy.

The company chose to expense high depreciation for its young fleet. This will consequently push up the breakeven passenger load factor and cargo capacity utilisation levels. The management are thus "motivated" to think at operating its business at different levels (ie. in terms of efficiency, effectiveness, customer service etc) compared to its competitors.

After using the planes for a few years and given its expressed desire to maintain the youngest fleet for its passengers, these planes with relatively low net book values were then disposed at market prices at very handsome accounting profits.

If these gains from disposals were to be judged as non-operating profits and thus not subjected to the usual corporate tax, this would be certainly provide the icing on the cake for the overall bottomline.

Conclusion
Attentive review and consequent adoption of any accounting policies are critical first steps of a company. While the depreciation policy alone is not the magic wand in making a company successful, it will help in certain circumstances.