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61 TECHNICAL

NOT-FOR-PROFIT
PART 2: CHARITIES RELEVANT TO PAPERS F1, F5, F7, F8, P2, P3 AND P5

The term ‘charity’ refers to the ¤ the advancement of the arts, activities. For example, Oxfam
SEVERAL PAPERS IN THE ACCA QUALIFICATION MAY FEATURE QUESTIONS

THESE INCLUDE PAPERS F1, F5, F7 AND F8. AT THE PROFESSIONAL LEVEL

practice of benevolent giving. culture, heritage or science is a federal international


Charities are established ¤ the advancement of organisation comprising
ON NOT-FOR-PROFIT ORGANISATIONS. AT THE FUNDAMENTALS LEVEL,

for general or specific amateur sport 13 different bodies across


philanthropic purposes. ¤ the advancement of human all continents, while many
They are one type of rights, conflict resolution or thousands of charities are local
not‑for‑profit organisation, reconciliation or the promotion organisations managed and
but with several additional of religious or racial harmony staffed entirely by volunteers.
distinguishing features: or equality and diversity Unsurprisingly, most of the
¤ they exist entirely to benefit ¤ the advancement of constituent organisations
defined groups in society environmental protection within Oxfam operate as
¤ as their purposes are or improvement limited companies, while local
philanthropic, they can usually ¤ the relief of those in need, by charities would find this form
avail themselves of favourable reason of youth, age, ill-health, inappropriate and prefer to be
tax treatment, and for this disability, financial hardship or established as associations.
reason have to be registered other disadvantage A charity is not forbidden
with a regulator ¤ the advancement of from engaging in commercial
¤ their activities are restricted or animal welfare activities provided that these
limited by a regulator ¤ the promotion of the efficiency activities fully serve the
¤ they rely on the financial of the armed forces of the objectives of the charity. For
support of the public or Crown or of the police, example, charities such as the
businesses (or both) in order to fire and rescue services or British Heart Foundation, the
achieve their objectives ambulance services British Red Cross, and Age
THEY INCLUDE PAPERS P2, P3 AND P5.

¤ in order to be financially ¤ other purposes currently Concern all raise funds by


viable, they rely heavily on recognised as charitable and operating chains of retail shops.
voluntary (unpaid) managers any new charitable purposes These shops are profitable
and workers. which are similar to another businesses, but if a company
charitable purpose. is formed to operate the shops,
CHARITABLE ACTIVITIES the company would be expected
In the UK, charities are regulated The activities of charities in to formally covenant its entire
by the Charities Act 2006, which England and Wales are regulated annual profits to the charity.
sets out in very broad terms what by the Charity Commission, itself a Charities with high value
may be considered to be charitable not-for-profit organisation, located non-current assets, such as
activities, many of which would in Liverpool. The precise definition real estate, usually vest the
be considered as such in other of what constitutes charitable ownership of such assets to
jurisdictions within most other activities differs, of course, from independent guardian trustees,
countries. These include: country to country. However, most whose role is to ensure that the
¤ the prevention or relief of the activities listed above would assets are deployed in a manner
of  poverty be considered as charitable, as that reflects the objectives of
¤ the advancement of education they would seldom be associated the charity.
¤ the advancement of religion with commercial organisations. The guardian trustees are
¤ the advancement of health or empowered to lease land, subject
the saving of lives CORPORATE FORM to the provisions of the lease
¤ the advancement of citizenship Charities differ widely in respect satisfying requirements laid down
or community development of their size, objectives and by the Charity Commission.
STUDENT ACCOUNTANT 10/2009
62

ORGANISATIONS
FORMATION, CONSTITUTION Objectives may change over may, of course, be inherently

DEPLOYED IN A MANNER REFLECTING THE OBJECTIVES OF THE CHARITY.


AND OBJECTIVES CHARITIES WITH HIGH VALUE NON-CURRENT ASSETS, SUCH AS REAL ESTATE, time due to changes in the unstable politically.

GUARDIAN TRUSTEES, WHOSE ROLE IS TO ENSURE THAT THE ASSETS ARE


Charities are always formed with external environment in which Operational risk for charities
specific philanthropic purposes the charity operates. Barnardos arises from the high dependence
in mind. These purposes may be is a childrens’ charity that was on volunteer workers, including
USUALLY VEST THE OWNERSHIP OF SUCH ASSETS TO INDEPENDENT

expanded or varied over time, originally founded as Doctor the extent to which they can rely
provided the underlying purpose Barnado’s Homes, to provide for on continued support, as well
remains. For example, Oxfam orphans who could not rely on as problems of internal control.
was originally formed as the family support. For example, many charities
Oxford Committee for Famine The development of welfare staff their shops with the help of
Relief in 1942, and its original services after World War II and unpaid retired people, but there is
purpose was to relieve the the increasing willingness of some debate as to whether future
famine in Greece brought about families to adopt and foster generations of retired people will
by the Allied blockade. Oxfam children resulted in less be as willing to do this for nothing.
now provides famine relief on a reliance on the provision of As many charities have to
worldwide basis. residential homes for children contain operating expenses
The governing constitution of but greater reliance on other in order to ensure that their
a charity is normally set down support services. As a result, objectives can be met, it is
in its rules, which expand on the the Barnardos charity had to often difficult or impossible
purposes of the business. Quite change the way in which it looked for them to employ full‑time or
often, the constitution dictates at maximising the welfare of part‑time paid staff to replace
what the organisation cannot do, orphaned children. volunteer workers.
as well as what it can do. Local charities are dependent Risks also arise from the
Charities plan and control on the support of a more limited social environment, particularly
their activities with reference population and therefore have to in times of recession, when
to measures of effectiveness, consider whether their supporters members of the public may be
economy and efficiency. will continue to provide the finance less disposed to give to benefit
They often publish their necessary to operate continuously. others as their discretionary
performance outcomes in order For example, a local charity household income is reduced.
to convince the giving public supporting disabled sports could There is some evidence of
that the good causes that they be profoundly affected by the ‘charity fatigue’ in the UK. This
support ultimately benefit from development of facilities funded by arises when the public feel
charitable activities. central or local government. pressurised by so many different
Every charity is confronted competing charities that they feel
MANAGEMENT by distinctive strategic and ill disposed to give anything to
Most charities are managed by operational risks, of which the anyone at all.
a Council, made up entirely of Council must take account in
volunteers. These are broadly developing and implementing Robert Souster is examiner for
equivalent to non‑executive its plans. International aid Paper F1
directors in limited companies. charities are vulnerable to
It is the responsibility of the country risk and currency Test how much of this article,
Council to chart the medium to risk, so plans have to take and Part 1 of the article
long‑term strategy of the charity account of local conditions in published in the September 2009
and to ensure that objectives countries whose populations issue of Student Accountant, you
are met. they serve. Many such countries have understood on the next page
Answer 3 Answer 2 Answer 1
The council would wish to There are many motives for The measures that might be
ensure that: giving to charities. In relation to used include:
¤ the commercial value of charities that finance research ¤ income in donations and
the premises/business has into illnesses and diseases, changes in income over time
been assessed by a suitably such as cancer research, many ¤ income by source – personal
qualified valuer people give because they or donations, corporate
¤ an appropriate rent would be their families have been affected donations etc
included in the lease to ensure personally by the illnesses and ¤ responses to campaign
that income would be at least diseases. They may give to initiatives such as television
that received under existing similar charities such as Marie adverts, newspaper coupon
arrangements, and that Curie nurses (who provide help advertising, appeals relating
appropriate steps would have for those affected by cancer) in to specific crises, and
been taken to secure the order to give something back to collection envelopes
highest possible rent those who have supported them. ¤ cost containment measures,
¤ the lessee would sign a Some give to charities because such as management costs
covenant to be bound by the they have a deep‑seated belief and other operating expenses
rules of the charity, as well as in what the charity does. (this is a particularly important
any covenants applicable to the A good example of this is factor, as some charities are
title to the land Amnesty International. criticised if administration
¤ the property belonging to A purely financial motive for costs absorb a high proportion
the charity could not be used giving is to avail oneself of of income)
in any manner inconsistent tax breaks, as most charitable ¤ income from
with the aims and objectives of donations can be set against commercial activities
the charity tax liabilities. ¤ numbers of
¤ any conditions applicable Some give because they regard volunteers attracted
to the lease would it as an expectation of society, or ¤ changes in mortality and
be applicable to any because they follow the example sickness in areas where relief
subsequent sub-lease, or of family and friends. has been provided.
that sub‑letting would be Another motive for giving is
prohibited/restricted simply that it makes some people
¤ the tenant would be a fit and feel good, or raises their profile
proper person. with others.
council of XYZ Charity?
might be imposed by the governing
organisation. What conditions
premises and land to a specialist
outsource the operation of its club
THEY SUPPORT ULTIMATELY BENEFIT FROM CHARITABLE ACTIVITIES.

management committee wishes to


persons participating in sports. Its relief  charity?
community facilities for disabled to charities? might be used by a famine
XYZ Charity provides local Why do individuals give What performance measures
Question 3 Question 2 Question 1
Part 1, published in the September 2009 issue.
Test your knowledge by answering these self-test questions – the questions are based on both this article and
CHECK YOUR UNDERSTANDING
CHARITIES PLAN AND CONTROL THEIR ACTIVITIES WITH REFERENCE TO MEASURES OF

OUTCOMES IN ORDER TO CONVINCE THE GIVING PUBLIC THAT THE GOOD CAUSES THAT
EFFECTIVENESS, ECONOMY AND EFFICIENCY. THEY OFTEN PUBLISH THEIR PERFORMANCE
TECHNICAL 63
STUDENT ACCOUNTANT 10/2009
65

TECHNICAL ARTICLES
PUBLISHED IN 2009 RELEVANT TO ALL ACCA QUALIFICATION AND CAT PAPERS
Visit www.accaglobal.com/ ¤ Taxation of capital gains Paper P5

COMMISSIONED TO WRITE ON AN AREA IDENTIFIED BY THE EXAMINER. THE


students/student_accountant/ ¤ Tackling sales tax questions ¤ The risks of uncertainty
archive/ to access these ¤ Refund of Czech VAT to
TECHNICAL ARTICLES ARE WRITTEN BY AN EXAMINER OR BY AN EXPERT

AIM IS TO PROVIDE A SUITE OF ARTICLES RELATING TO A SPECIFIC PAPER.


technical articles from 2009. foreign tourists Paper P6
¤ Capital gains ¤ Finance Act 2009
Paper F1 ¤ Corporation tax – groups
¤ Not-for-profit organisations Paper F7 ¤ International travellers
¤ How to prepare for Knowledge ¤ Not-for-profit organisations ¤ Corporation tax
module exams ¤ Impairment of goodwill ¤ Capital taxes
¤ The taxation of income from
Paper F2 Paper F8 regional hubs
¤ The risks of uncertainty ¤ Not-for-profit organisations ¤ International aspects
¤ How to prepare for Knowledge ¤ The IAASB Clarity Project ¤ Corporation tax and groups:
module exams ¤ Auditing in a computer-based group relief
environment ¤ Corporation tax and groups: Pt 2
Paper F3 ¤ ISA 240 (redrafted), auditors ¤ Trusts and tax
¤ How to prepare for and fraud ¤ The taxation of income from
Knowledge module exams trusts and settlements
Paper F9 ¤ Trusts and tax
Paper F4 ¤ Receivables collection
¤ Exam guidance ¤ Being an angel Paper P7
¤ Exam technique
Paper F5 Paper P1 ¤ The IAASB Clarity Project
¤ Not-for-profit organisations ¤ Corporate governance – ¤ Auditing in a computer-based
¤ Measuring planning variances external and internal actors environment
¤ The risks of uncertainty ¤ Professional marks ¤ Massaging the figures
¤ Risk and environmental auditing ¤ ISA 240 (redrafted), auditors
Paper F6 and fraud
¤ Finance Act 2009 Paper P2 ¤ Risk and environmental auditing
¤ Aggregate to total income ¤ Not-for-profit organisations
¤ Impairment of goodwill CAT Paper 8
¤ Current issues ¤ The IAASB Clarity Project
¤ Business combinations – ¤ Auditing in a computer-based
IFRS 3 (revised) environment

Paper P3 CAT Paper 9


¤ Competency frameworks ¤ Finance Act 2009
¤ Not-for-profit organisations
¤ Business analysis case study CAT Paper 10
format – changes ¤ Short-term decision making

Paper P4 OBU
¤ The risks of uncertainty ¤ Preparing your skills and
¤ Being an angel learning statement
¤ Toxic assets ¤ Working best with a mentor
¤ Share buybacks ¤ Grade ‘A’ Rap
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RESOURCES
ACCA NEWS
Meet the Simpson Scholarship
winners, networking in Moscow,
global standards, ACCA China Job
Hunting Competition, Global
Economic Survey, ACCA Poland quiz
winner and the green taxes debate

74 QUESTIONS?
ACCA Connect opening hours
and 2009 subscription fees
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68 ACCA NEWS

ACCA SIMPSON SCHOLARSHIP:


Student Accountant finds out how the ACCA Simpson Scholarship will help the

In the September 2009 issue with knowledge of international more involved in helping local
of Student Accountant we standards are in great demand. businesses. Cornwall is a
announced the results of this I aim to contribute to China’s fascinating place to work, and
year’s Simpson Scholarship growth, as well as benefit from will make for a challenging and
awards. Scholarship hopefuls its prosperity.’ rewarding career.’
had to show distinction in their
ACCA exams, and had to submit LUCY LEONARD KIOGORA, KENYA
an essay entitled How the award LANGDON, UK ‘I entered for a Simpson
of a Scholarship will help me to ‘I am still in shock Scholarship because I believed I
realise my full potential. In this from winning and was talented, but also because
issue, we find out about the five am utterly elated. serious financial difficulties
scholarship winners, and about I also owe thanks were slowing my exam progress.
ACCA NEWS

their successful essays. to my employers, Hodgsons When I found out that I had been
Chartered Accountants, who have successful my reaction was a
CATHERINE LEE, been a huge support and who are mixture of joy, excitement, and
SINGAPORE thrilled for me, making me even also challenge – I felt that I also
‘When I applied more determined to do well in wanted to leave a legacy, just as
for a Simpson my studies. Muriel Simpson FCCA had done,
Scholarship ‘I applied for a scholarship to but I also knew I had to achieve
I thought it gain recognition for my exam success in all the areas I had
would be a great achievements but also for a mentioned in my application.
honour to win, knowing it was helping hand as I have young ‘When writing
only presented to students of children, work full time, and my essay, I
sufficient merit. It was a great study. This requires considerable described how
surprise when I found out I had organisation and incurs a Simpson
won a scholarship, and I am now significant childcare costs so Scholarship
determined to do even better in the scholarship will make a big would help me
my studies to show I am worthy difference to my family. become a ‘role
of the award. ‘My essay focused on my model’ accountant, inspiring
‘In my essay, I explained life in Cornwall – a wonderful less fortunate but equally
how a scholarship would give place, but with limited job talented Kenyan students. The
me greater exposure within opportunities and above average scholarship would also help
the finance sector, while also bills. Professional training offers me become an ACCA member,
encouraging me to pursue my great potential, but is also a equipping me with the skills
ACCA studies. Although I am decision which can’t be taken and knowledge required to
currently based in Singapore, I lightly. I am motivated, however, help my local community make
aim to return to my home country by my two daughters, and I am the right economic decisions,
of China where the prestige of determined to show them that promote IFRS in Kenya, and help
the Simpson Scholarship will be a hard work and perseverance are fight corruption.
great help to my career.’ necessary for success. Although ‘I currently work for a
‘My plan is to become an they are too young to understand small company, but as I want
ACCA member within the next the sacrifices I am making, in the to achieve membership by
three years, and then to return end we will all benefit from my 2011, I need to join a larger
to China to play a small part hard work. organisation to gain the required
in harmonising international ‘I aim to become an ACCA practical experience. In the
and Chinese accounting rules. member in 2011; I hope to longer term, I want to become
China is growing very quickly continue working with my a partner in an international
and, as a result, accountants current employer, becoming accountancy firm.’
STUDENT ACCOUNTANT 10/2009
169
Find out more about the Simpson Scholarship
www.accaglobal.com/scholarship/

WINNER PROFILES

COMPETENCE REQUIRED TO PROMOTE SUSTAINABLE DEVELOPMENT – IT IS MY LIFETIME


successful five winners realise their full potential

AMBITION TO INFLUENCE MY COUNTRY AND ACCA IS ONE WAY I CAN ACHIEVE THIS.’
‘THE SCHOLARSHIP WILL ENABLE ME TO FINISH MY ACCA STUDIES AND GAIN THE
SEHRISH
HUSSAIN
‘I am particularly interested
in Kenya’s financial investment ACCA
KHAN, PAKISTAN
‘I have always
sector, and in sustainable
development, subjects I CRITICISES
wanted to
show that I
discussed in my essay. I
believe that wiser financial ‘LACK OF
am among the best in my field
and considered the Simpson
decisions translate into better
job opportunities, which are
COOPERATION’
Scholarship as one way to
prove this. Having now gained
greatly needed in both Kenya
and Africa. I also feel we need to
ON GLOBAL
a scholarship I want to thank
ACCA for helping me realise my
promote sustainable development
more – through sustainability
STANDARDS
dreams, and for showing that reporting – in order to protect The International Accounting
anything is possible if you stick the environment and thereby Standards Board (IASB) and its
to your goals. The scholarship agriculture, a key source of US counterpart, the Financial

JUNE KIARIE, KENYA, SIMPSON SCHOLARSHIP WINNER


has encouraged me to study income for Kenya. Accounting Standards Board
even harder, while also giving a ‘The scholarship (FASB), have come in for sharp
competitive edge to my career. will enable me to disapproval from ACCA, which
‘I aim to become an ACCA finish my ACCA describes the standard-setters
member as soon as possible, and studies and gain as moving ‘at different speeds
I am keen to continue developing the competence and towards different directions’.
my career rather than staying in required to The criticism followed an
one position. I also want to give address these exposure draft on proposed
something back by becoming an areas – it is my lifetime ambition changes to IAS 39, covering the
ambassador for ACCA, helping to influence my country and classification and measurement
other students with their studies.’ ACCA is one way I can achieve of financial instruments. ACCA
this. I am currently a full-time supports the joint development
JUNE KIARIE, KENYA university student, but I aim to of new standards between IASB
‘I was ecstatic when I discovered become an ACCA member in and FASB but says it regrets
I had won a scholarship – I the next few years. I then hope the ‘lack of coordination on
entered not only for financial to use my degree and my ACCA this the most critical project
assistance, but for the motivation Qualification to start my own for a new accounting standard’.
to complete my ACCA studies. financial consultancy firm.’ Richard Martin, ACCA’s head
of financial reporting, said,
‘There are highly significant
REWARDING ACHIEVERS: THE SIMPSON SCHOLARSHIP differences in the proposals
which cannot be skated over.
The Simpson Scholarship was examination and registration It also seems possible that
established after Muriel Simpson fees of five students for a IASB will have issued the first
FCCA left her residuary estate to period of five years or until they part of its new standard on
ACCA in 1977, with instructions become members – whichever financial instruments before
that it fund a scholarship for happens first. FASB has consulted in the US
ACCA students who prove Winning students also receive on any proposals. This outturn
themselves of sufficient merit complete sets of ACCA study of events continues the problem
and distinction in ACCA exams. materials from one of ACCA’s of demands for a level playing
Each year, the Simpson official publishers, BPP Learning field which have prompted some
Scholarship funds the ACCA Media and Kaplan Publishing. adverse developments in financial
reporting over the past year.’
70 ACCA NEWS

‘SIGNS OF RECOVERY BASED ON


FRAGILE EVIDENCE,’ SAYS ACCA
ACCA has once that business confidence is (31%) were still outnumbered by
again warned recovering more slowly in the those who had lost confidence
world economic third quarter than earlier in the (33%). Nearly 40% reported
leaders not to year, when respondents may that their organisations’ income
confuse less have stopped panicking about a is unlikely to change over the
panic over recession which had seemed to next three months, with an equal
the crisis be out of control. The evidence number anticipating further
with strong is that little has changed in losses of income. Only 22% saw
evidence that trading or orders to suggest that prospects improve. Meanwhile,
the recession a reliable recovery will happen business incomes continued
is over before the end of 2010.’ She to decrease; late payments
everywhere. Its call added, ‘While the situation may and supplier and customer
ACCA NEWS

to guard against complacency not worsen, the view is that bankruptcies rose; investment in
followed its latest quarterly a sustained recovery is still staff fell at an accelerated rate;
Global Economic Survey, which someway off and that many and investment in capital projects
concludes that claims the economies are in a fragile state.’ weakened further.
world’s economy is recovering The survey, which canvassed Confidence was higher in Asia
are based on fragile evidence. 1,200 finance professionals in 92 Pacific, Africa and Central and
Helen Brand, ACCA’s chief countries, shows that those who Eastern Europe than in Western
executive. Said, ‘Our survey shows saw improvements in conditions Europe and the Americas.

NETWORKING
IN MOSCOW
In August, ACCA Russia
staged a networking evening
in the ballroom of Moscow’s
Leningradskaya Hilton Hotel,
aimed at helping students to
stay in touch with each other
while preparing for exams. This
was in response to feedback
obtained from students, that
indicated that many wished to
find a partner to revise with,
or simply wanted to exchange
information on ACCA with
fellow students.
ACCA Russia also invited those
who had stopped their studies ACCA KNOW-HOW WINS TOMASZ THE PRIZE
to attend, to encourage them Tomasz Kociolek (pictured, centre) is the winner of a quiz organised by
to re-engage and continue their BPP Professional Education in cooperation with ACCA Poland. The quiz
ACCA education. The event was tested students’ knowledge about the ACCA Qualification, including key
well received, and included the dates, syllabus content and learning points. Tomasz won the choice of a trip
opportunity for students to ask to Paris or a free ACCA course – and chose the course. He was presented
questions of ACCA Russia’s with his prize by Małgorzata Sawicka, head of ACCA Poland (pictured, left)
national office. and Wojciech Krynski, managing director of BPP in Poland (pictured, right).
STUDENT ACCOUNTANT 10/2009
71
Read ACCA’s paper on green taxation in a recession
www.accaglobal.com/pubs/about/public_affairs/unit/global_briefings/green_tax.pdf

CHINESE JOB-HUNTING
WINNERS CELEBRATED
Li Tong, an ACCA student at Grand
the University of International
Business & Economics in
Champonship
winners (left
NEWS IN
Beijing, has won ACCA China’s to right): BRIEF
Job Hunting Competition held Zhang Shu,
in Shanghai in July. The annual Wong On Yu, UGANDA: PASSION URGED IN
contest for university students Li Tong receive FINANCIAL JOURNALISM
is staged regionally in Beijing, their awards Financial journalism needs
Shanghai, Guangzhou, Chengdu from May passion and accuracy,
and Hong Kong. Law, director, delegates were told at a
More than 200 students and ACCA China forum staged by ACCA and
guests witnessed an exciting Uganda’s regulatory body,
and fiercely fought contest, when handling the challenge the Capital Markets Authority
while live broadcasting on sina. questions’. Runner-up was Wong (CMA), aimed at helping
com enabled the public to On Yu, of the University of Hong ACCA and CMA understand
watch at home. The judges were Kong, followed by Zhang Shu, how to support accountancy
impressed by Li Tong’s ‘pleasant who studies at the Southwestern and finance journalists
and confident presentation’, University of Finance & and commentators. Lucille
especially his ‘professionalism Economics in Chengdu. Isingoma, country manager
for ACCA Uganda, said
‘Although issues around

ACCA URGES GREEN the world differ, challenges


remain the same. The more

TAXES DESPITE RECESSION we understand, the more we


can help.’

Green taxation is politically pain caused. Public trust in green UNITED ARAB EMIRATES:
essential, not just politically tax systems is vital; government ACCA DUBAI HONOURED
correct, ACCA has pronounced and policy experts need to strike a ACCA is among 80
in a recent paper. But it says balance between the need to raise businesses presented with
the use of environmental and revenues and the environmental certificates of appreciation
green taxation to boost falling tax objective underpinning the policy. by Dubai Knowledge Village
revenues needs careful planning The trouble is, they’ll hurt.’ (DKV) for its association
– and warns governments that ACCA has come up with five with the free trade zone and
carbon taxes will not be the key recommendations on green contribution to its success
panacea national governments taxation – the taxes should as a global destination for
are probably expecting. be globally coordinated and human resource management
Chas Roy-Chowdhury, ACCA’s synchronised; they must be and learning excellence.
global head of taxation, says, designed carefully, with results Deepak Chainani, country
‘We’re not advocating tax analysed; governments should manager for ACCA Middle
hypothecation – where a tax consult both the electorate East, said, ‘We opened
is explicitly raised to fund the and business; benefits must our office in the Dubai
development of a specific be explained; and taxes should Knowledge Village some five
service. Green taxes need to be be explicit and transparent. years ago, and we have both
transparent and unambiguous Roy‑Chowdhury said, ‘Governments greatly enjoyed and benefited
so the public and business must use tax policy as an from our time in this vibrant
understand what benefits are instrument of positive change – business centre.’
going to result for the potential that’s the challenge for the future.’
Our training aims to take you beyond
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required to deliver their role efficiently in
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74 RESOURCES

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towards gaining your qualification.
+44 (0)141 Students who fail to pay fees when due
582 2000 (including exam/exemption fees), will have
their names removed from the ACCA register.
Students wishing to re-register are required to
submit any amounts unpaid at the time of their
removal in addition to the re‑registration fee.
No penalty fee will be charged. Confirmation
of your unpaid fees can be obtained from your
national ACCA office or ACCA Connect.

The following fees and subscriptions apply:

CAT students
Initial subscription £58
For all enquiries, simply contact ACCA Connect – our Re-registration *£58
global customer service centre. However you want Annual subscription £58
to contact us, by phone, fax, email or post, one of Introductory Level exam £37
our expert advisers will be happy to assist you. Intermediate Level exam £37
Advanced Level exam/exemption £42
MONDAY TO THURSDAY
Open 21 hours (closed 20.00 to 23.00) ACCA Qualification and
MSER students
FRIDAY Initial subscription £66
Open 20 hours (closed 20.00 to midnight) Re-registration *£66
Annual subscription £66
SATURDAY Knowledge exam/exemption £50
Closed Skills exam/exemption £60
Professional exam £70
SUNDAY *plus unpaid fee(s)
Open 09.00 to 17.00 and 23.00 to midnight
(all times based on GMT/BST as appropriate) Affiliates
Annual subscription £95
ACCA Connect Permanent subscription £181
2 Central Quay 89 Hydepark Street Glasgow
G3 8BW United Kingdom Don’t forget to pay your fees on time. Dates by
tel: +44 (0)141 582 2000 which fees and subscriptions must be paid and
fax: +44 (0)141 582 2222 arrangements for payment are included in your
email: students@accaglobal.com ACCA welcome pack.
website: www.accaglobal.com
STUDENT ACCOUNTANT 10/2009
75
Are your contact details up to date?
https://www.acca-business.org

EXAM TIMETABLE Thursday


10 December
4* Accounting
for Costs
09
DECEMBER 20 T F S F9 Financial Management
M T W P4 Advanced Financial
S 3 4 5
1 2
29 30 10 11 12 Management
9
6 7 8 18 19
15 16 17
13 14 25 26 Friday 11 December
23 24
20 21 22 31 1 2 5* Managing People and
28 29 30 Systems
27
JUNE 2010 F2 Management Accounting
S M T MMA Management Accounting
W T F S
30 31 1 P5 Advanced Performance
2 3 4
6 7 8 5
9 10 11 12 Management
13 14 15
The following dates have been 16 17 18
20 21 22 19
confirmed for the next two 23 24 25 Monday 14 December
27 28 29 26
exam sessions: 30 1 2 8* Implementing Audit
3
Procedures
December 2009 F5 Performance
Week 1 7 to 11 December Management
Week 2 14 to 16 December P1 Professional Accountant

June 2010 Papers F1 to F3 are two-hour Tuesday 15 December


Week 1 7 to 11 June exams, and Papers F4 to F9 and 9* Preparing Taxation
Week 2 14 to 16 June P1 to P7 are three-hour exams. Computations
F7 Financial Reporting
Exams will take place over an Monday 7 December P2 Corporate Reporting
eight-day period with one session 1* Recording Financial
of exams each day. The exams Transactions Wednesday 16 December
will be held concurrently in five 6* Drafting Financial 10* Managing Finances
different time zones. The base Statements F1 Accountant in Business
starting times in each of these F6 Taxation P3 Business Analysis
time zones will be: P6 Advanced Taxation
¤ Zone 1 (Caribbean) – *CAT Scheme exams
08.00hrs Tuesday 8 December
¤ Zone 2 (UK) – 10.00hrs 2* Information for
¤ Zone 3 (Pakistan and South Management Control DETAILS OF
Asia) – 14.00hrs 7* Planning, Control
¤ Zone 4 (Asia Pacific) – and Performance LOCAL START TIMES
15.00hrs Management CAN BE FOUND
¤ Zone 5 (Australasia) – F4 Corporate and
17.00hrs. Business Law AGAINST EACH
P7 Advanced Audit CENTRE OF THE
Local starting times will be and Assurance
set falling out from these base EXAMINATION
start times for every centre. Wednesday 9 December CENTRE LIST
Details of local start times can 3* Maintaining
be found against each centre Financial Records ACCOMPANYING
on the Examination Centre List F3 Financial Accounting YOUR EXAMINATION
accompanying your Examination MFA Financial Accounting
Entry Form. F8 Audit and Assurance ENTRY FORM.
76 RESOURCES

EXAM RULES
Important information for all students taking
exams at the December 2009 exam session.
1 You are required to comply in all respects with any instructions
issued by the registrar, exam supervisor, and invigilators before and
during an exam.
2 You may not attempt to deceive the registrar or the exam supervisor
OXFORD
by giving false or misleading information.
3 You are not allowed to take to your exam desk, possess, use, BROOKES
BSc (HONS)
or intend to use while at that desk, any books, notes or other
materials except those authorised by the registrar. If you
are found to have taken to your desk, or possessed while at that
desk, unauthorised materials which are relevant to the syllabus
being examined, it will be assumed that you intended to use Students completing certain papers of the
them to gain an unfair advantage in the exam. In any subsequent ACCA Qualification are eligible to apply for
disciplinary proceedings, it shall be for you to prove that you did a BSc (Hons) in Applied Accounting from
not intend to use the materials to gain an unfair advantage in Oxford Brookes University.
the exam. The degree must be completed within
4 You may not assist, attempt to assist, obtain, or attempt to obtain 10 years of your initial registration onto
assistance by improper means from any other person during ACCA’s professional qualification; otherwise,
your exams. your eligibility will be withdrawn. Check your
5 You are required to adhere at all times to the Instructions eligibility status at www.accaglobal.com/
to Candidates, which you receive with your Examination students/bsc/.
Attendance Docket. The dates below outline the forthcoming
6 You are required to comply with the exam supervisor’s ruling. deadlines for completing the qualifying exams
Supervisors are obliged to report any cases of irregularity or and the last opportunity to submit your
improper conduct to the registrar. The supervisor is empowered Research and Analysis Project (RAP):
to discontinue your exam if you are suspected of misconduct and to
exclude you from the exam hall. First session (1) Final session for Final date for
7 You may not engage in any other unprofessional conduct designed completing submission
to assist you in your exam attempt. the qualifying of RAP
8 You are not permitted to remove either your script booklet or your exams (2)
question paper from the exam hall. All exam scripts remain the December 1999 June 2009 November 2009
property of  ACCA. June 2000 December 2009 May 2010
9 Once the exam has started, you are not allowed to leave the exam December 2000 June 2010 November 2010
hall permanently until the end of the session and then only when
instructed by the supervisor. Notes
1 First applicable exam session as confirmed at
the time of your initial registration with ACCA.

PER RETURNS 2 Completion of Fundamentals Level exams.

Professional Ethics module deadline


All ACCA Qualification students need to make an annual return to Students wishing to submit their RAP in
ACCA as part of the practical experience requirements (PER). Even November must complete the Professional
if you are studying on a full-time basis or not yet gaining relevant Ethics module by 15 October. For
training you need to do this by 1 January 2010. So what are you more information visit www.accaglobal.com/
waiting for? Login to myACCA (https://portal.accaglobal.com/) and students/bsc/
complete your annual return now.
STUDENT ACCOUNTANT 10/2009
77
Enter for your exams online at myACCA
https://portal.accaglobal.com/

STANDARD
EXAM ENTRY

THE CLOSING DATE FOR STANDARD


EXAM ENTIRES FOR THE DECEMBER
2009 SESSION IS 15 OCTOBER 2009.
In order to attempt exams at the to you in August. Please note you should confirm whether
next session you must submit an that due to the volume of entries your entry has been received by
exam entry. The closing date for received it is not possible for viewing your status on myACCA
standard entries to be received ACCA to process examination or contacting ACCA Connect
is 15 October 2009 for the entry information received by on +44 (0)141 582 2000 or at
December 2009 exams. email, fax or any paper format students@accaglobal.com
The online facility on myACCA other than your Examination Entry Exam fees for the December
is the fastest and easiest way to Form. Payment must be included 2009 session are:
enter for your exams. This provides with your entry and you should
immediate acknowledgement of only submit credit or debit card ACCA Qualification
your entry and allows you to make details on the relevant section of ¤ Knowledge exam £53
subsequent changes to the centre your Examination Entry Form. ¤ Skills exam £66
you have chosen and the paper Please use only one method ¤ Professional exam £78
versions selected. of exam entry, as multiple
If you do not have access to applications may result in CAT qualification
the online facilities on myACCA duplicate fees being charged. If ¤ Introductory level exam £37
you can complete and submit you have not received this seven ¤ Intermediate level exam £37
the Examination Entry Form sent days prior to the closing date, ¤ Advanced level exam £42

ACCA December 2009

ACCA December 2009 Revision Courses


Residential & non-residential facilities Licensed CBE centre Platinum Accreditation & Published results
Limited spaces on the revision courses below Special discounted fee
F1 £200 +VAT now £150 + VAT P1 £368 +VAT now £331 + VAT Enrolments received after 28 September will be
F2 £200 +VAT now £150 + VAT P3 £368 +VAT now £331 + VAT eligible for the discount offer for the December
F3 £200 +VAT now £150 + VAT P5 £331 +VAT now £298 + VAT sitting. Contact us now to check availability and
F5 £345 +VAT now £300 + VAT P6 £410 +VAT now £369 + VAT to book a place.
F6 £360 +VAT now £325 + VAT P7 £368 +VAT now £331 + VAT Call Debbie Morton on 01608 674224
F9 £360 +VAT now £325 + VAT or email debbie.morton@reed.co.uk

The Manor, Little Compton, Nr Moreton-in-Marsh, Gloucestershire GL56 ORZ T 01608 674224 F 01608 674518 E rbs@reed.co.uk W www.reedbusinessschool.co.uk
78 INTERACTIVE

SEND US
YOUR VIEWS
SHARE YOUR TIPS, STORIES AND
EXPERIENCES WITH STUDENT
ACCOUNTANT AND WE’LL PUBLISH
THE BEST
Do you have any tips on CV writing, job hunting
or developing a good interview technique?
Perhaps you have some funny or insightful
stories to tell about a recent job application
that went well (or not)? Or any key dos and
don’ts of job applications that you can share with
other students?
Share your experiences with us and your fellow
students by emailing studentaccountant@
accaglobal.com
We will publish the best words of wisdom in
a forthcoming Student Accountant feature, and
those students whose advice is published will
receive a copy of one of James Innes’s books
on CV writing, interview technique and writing a
cover letter.
STUDENT ACCOUNTANT 10/2009
79

SURVEY
Answer our survey on how you chose
your tuition provider and be in with
a chance of winning one of four
e-pens Mobile Notes sets, courtesy
of e-pens (www.e-pens.com).

STUDY OPTIONS QUESTION 2


Choosing how you are going to study will be one of Did you look at ACCA’s tuition provider database to select tuition
the most important decisions you make during your providers in your area?
time preparing for the ACCA Qualification or CAT Yes No
exams. Will you study with a tuition provider, or at
home? How do you decide, from all the institutions QUESTION 3
offering tuition, which will be most suitable for What do you look for in a good tuition provider?
your needs? Access to lecturers outside of lectures
There are numerous tuition providers and a wide Good value courses available
variety of different study methods, so selecting Revision classes
the one which is right for you can be difficult. If Quality textbooks
you choose to study with a tuition provider, ACCA Access to the internet
strongly recommends you opt for one which is Reputation
approved under ACCA’s Approved Learning Partner – Other
Student Tuition programme.
Search for a tuition provider using ACCA’s Tuition To be in with a chance of winning one of the e-pens Mobile Notes
Provider Directory available at www.accaglobal. packages, answer the following question and submit your email
com/students/study/choose address, student registration number and name.

PRIZE SURVEY How many Approved Learning Partners does ACCA have as of
e-pens Mobile Notes enables you to take handwritten September 2009?
notes in any location. The small, portable e-pens 10 199 10,000
base unit can be clipped to a notepad to capture
handwriting using the special digital ink pen YOUR DETAILS
provided. The base unit can then later be connected Name Email address
to the USB port of a PC or laptop to upload, save
and edit the handwritten content.

QUESTION 1
How did you choose your current tuition provider? Student registration number Press ‘submit’ to enter
Studied with them before
Personal recommendation SUBMIT
Visited the tuition provider and liked what
they offered
*RULES OF ENTRY
The price was right
One name will be drawn at random from all submitted survey responses provided you have
Offered extra courses that I was interested in included your email address. The prize draw will take place on Wednesday 28 October 2009,
addition to ACCA/CAT studies and the winner will be notified after this date. No correspondence will be entered into, and
Other the editor’s decision is final.
80 CLASSIFIED

accaglobal.com/economy

ECONOMIC
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OR

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CHALLENGES:
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UD

NEED HELP?
ST

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One place you can look is ACCA’s global
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oll

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of useful resources. The site aims to provide


NEED HELP?
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of useful resources. The site aims to provide
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careers and professional
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services. It also offers tips on business strategy,
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You may also obtain information on ACCA from


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www.accaglobal.com/contact/connect
STUDENT ACCOUNTANT 10/2009
81

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