Professional Documents
Culture Documents
Relational diagram of the main capabilities The syllabus is designed to progressively broaden
and deepen the knowledge, skills and professional
This diagram illustrates the flows and links between values demonstrated by the student on their way
the main capabilities (sections) of the syllabus and through the qualification.
should be used as an aid to planning teaching and
learning in a structured way. The specific capabilities within the detailed
syllabuses and study guides are assessed at one of
three intellectual or cognitive levels:
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Level 2: Application and analysis the subject and how these areas have been broken
Level 3: Synthesis and evaluation down.
Very broadly, these intellectual levels relate to the GUIDE TO EXAM STRUCTURE
three cognitive levels at which the Knowledge
module, the Skills module and the Professional level The structure of examinations varies within and
are assessed. between modules and levels.
Each subject area in the detailed study guide The Fundamentals level examinations contain
included in this document is given a 1, 2, or 100% compulsory questions to encourage
3 superscript, denoting intellectual level, marked at candidates to study across the breadth of each
the end of each relevant line. This gives an syllabus.
indication of the intellectual depth at which an area
could be assessed within the examination. However, The Knowledge module is assessed by equivalent
while level 1 broadly equates with the Knowledge two-hour paper based and computer based
module, level 2 equates to the Skills module and examinations.
level 3 to the Professional level, some lower level
skills can continue to be assessed as the student The Skills module examinations F5-F9 are paper
progresses through each module and level. This based exams containing a mix of objective and
reflects that at each stage of study there will be a longer type questions with a duration of three hours
requirement to broaden, as well as deepen 15 minutes. From September 2016 these exams
capabilities. It is also possible that occasionally will also be available as computer-based exams.
some higher level capabilities may be assessed at Further information will be released on these in
lower levels. April 2016. The Corporate and Business Law (F4)
paper is a two- hour objective test examination
LEARNING HOURS AND EDUCATION which is also available as a computer based exams
RECOGNITION for English and Global variants, as well as paper
based for all variants.
The ACCA qualification does not prescribe or
recommend any particular number of learning hours The Professional level papers are all of three hours
for examinations because study and learning 15 minutes duration and, all contain two sections.
patterns and styles vary greatly between people and Section A is compulsory, but there will be
organisations. This also recognises the wide some choice offered in Section B.
diversity of personal, professional and educational
circumstances in which ACCA students find ACCA has removed the restriction relating to reading
themselves. and planning time, so that while the time
considered necessary to complete these exams
As a member of the International Federation of remains at 3 hours, candidates may use the
Accountants, ACCA seeks to enhance the education additional 15 minutes as they choose. ACCA
recognition of its qualification on both national and encourages students to take time to read questions
international education frameworks, and with carefully and to plan answers but once the exam
educational authorities and partners globally. In time has started, there are no additional restrictions
doing so, ACCA aims to ensure that its qualifications as to when candidates may start writing in their
are recognized and valued by governments, answer books.
regulatory authorities and employers across all
sectors. To this end, ACCA qualifications are Time should be taken to ensure that all the
currently recognized on the education frameworks in information and exam requirements are properly
several countries. Please refer to your national read and understood.
education framework regulator for further
information. The Essentials module papers all have a Section A
containing a major case study question with all
Each syllabus contains between 23 and 35 main requirements totalling 50 marks relating to this
subject area headings depending on the nature of case. Section B gives students a choice of two from
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three 25 mark questions.
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GUIDE TO EXAMINATION ASSESSMENT
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Syllabus MAIN CAPABILITIES
Reporting
the financial
performance of entities (C)
Financial statements of
groups of entities (D)
Specialised
entities (E)
Implications of changes in
accounting regulation on
financial reporting (F)
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RATIONALE
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DETAILED SYLLABUS D Financial statements of groups of entities
A The professional and ethical duty of the 1. Group accounting including cash flow
accountant statements
8. Provisions, contingencies and events after the 2. Convergence between national and
reporting date international reporting standards
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APPROACH TO EXAMINING THE SYLLABUS accounting standards will feature prominently in this
section on initial introduction
The syllabus is assessed by a three-hour 15 minutes
paper-based examination.
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Study Guide 2. Critical evaluation of principles and practices
B THE FINANCIAL REPORTING FRAMEWORK a) Apply and discuss the timing of the recognition
of non-current assets and the determination of
1. The applications, strengths and weaknesses of their carrying amounts including impairments
an accounting framework and revaluations.[3]
a) Evaluate the “valuation models adopted by b) Apply and discuss the treatment of non-current
standard setters.[3] assets held for sale.[3]
b) Discuss the use of an accounting framework in c) Apply and discuss the accounting treatment of
underpinning the production of accounting investment properties including classification,
standards.[3] recognition and measurement issues.[3]
c) Assess the success of such a framework in d) Apply and discuss the accounting treatment of
introducing rigorous and consistent accounting intangible assets including the criteria for
standards.[3] recognition and measurement subsequent to
acquisition and classification.[3]
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3. Financial Instruments 7. Taxation
a) Apply and discuss the recognition and de- a) Apply and discuss the recognition and
recognition of financial assets and financial measurement of deferred tax liabilities and
liabilities.[2] deferred tax assets.[3]
b) Apply and discuss the classification of financial b) Determine the recognition of tax expense or
assets and financial liabilities and their income and its inclusion in the financial
measurement.[2] statements.[3]
c) Apply and discuss the treatment of gains and 8. Provisions, contingencies and events after the
losses arising on financial assets and financial reporting date
liabilities.[2]
a) Apply and discuss the recognition, de-
d) Apply and discuss the treatment of the recognition and measurement of provisions,
expected loss impairment model.[2] contingent liabilities and contingent assets
including environmental provisions and
e) Account for derivative financial instruments, restructuring provisions.[3]
and simple embedded derivatives.[2]
b) Apply and discuss the accounting for events
f) Outline the principles of hedge accounting and after the reporting date.[3]
account for fair value hedges and cash flow
hedges including hedge effectiveness.[2] c) Determine and report going concern issues
arising after the reporting date.[3]
4. Leases
9. Related parties
a) Apply and discuss the classification of leases
and accounting for leases by lessors and a) Determine the parties considered to be related
lessees.[3] to an entity.[3]
b) Account for and discuss sale and leaseback b) Identify the implications of related party
transactions.[3] relationships and the need for disclosure.[3]
a) Determine the nature and extent of reportable a) Apply and discuss the recognition and
segments.[3] measurement criteria for share-based payment
transactions.[3]
b) Specify and discuss the nature of segment
information to be disclosed.[3] b) Account for modifications, cancellations and
settlements of share based payment
6. Employee Benefits transactions.[2]
a) Apply and discuss the accounting treatment of 11. Reporting requirements of small and medium-
short term and long term benefits and defined sized entities (SMEs)
contribution and defined benefit plans .[3]
a) Discuss the accounting treatments not
b) Account for gains and losses on settlements allowable under the IFRS for SME’s including
and curtailments.[2] the revaluation model for certain assets , [3]
c) Account for the “Asset Ceiling” test and the b) Discuss and apply the simplifications
reporting of actuarial gains and losses.[2] introduced by the IFRS for SME’s including
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accounting for goodwill and intangible assets, 2. Continuing and discontinued interests
financial instruments, defined benefit schemes,
exchange differences and associates and joint a) Prepare group financial statements where
ventures. [3] activities have been discontinued, or have been
acquired or disposed of in the period.[3]
c) Discuss the key differences between the IFRS
for SMEs and UK GAAP. [2] b) Apply and discuss the treatment of a subsidiary
which has been acquired exclusively with a
D FINANCIAL STATEMENTS OF GROUPS OF view to subsequent disposal.[3]
ENTITIES
3. Changes in group structures
1. Group accounting including cash flow
statements a) Discuss the reasons behind a group
reorganisation.[3]
a) Apply the method of accounting for business
combinations including complex group b) Evaluate and assess the principal terms of a
structures.[3] proposed group reorganisation.[3]
b) Apply the principles in determining the cost of 4. Foreign transactions and entities
a business combination.[3]
a) Outline and apply the translation of foreign
c) Apply the recognition and measurement criteria currency amounts and transactions into the
for identifiable acquired assets and liabilities functional currency and the presentational
and goodwill including step acquisitions.[3] currency.[3]
d) Apply and discuss the criteria used to identify a b) Account for the consolidation of foreign
subsidiary and an associate.[3] operations and their disposal.[2]
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c) Outline the appropriate accounting treatment H CURRENT DEVELOPMENTS
relating to schemes of arrangement and
reconstructions.[2] 1. Environmental and social reporting
1. The effect of changes in accounting standards b) Evaluate current reporting requirements in the
on accounting systems area including the development of integrated
reporting.[3]
a) Apply and discuss the accounting implications
of the first time adoption of a body of new c) Discuss why entities might include disclosures
accounting standards.[3] relating to the environment and society.[3]
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NOTE OF SIGNIFICANT CHANGES TO STUDY
GUIDE PAPER P2 UK
ACCA periodically reviews its qualification syllabuses so that they fully meet the needs of stakeholders such as
employers, students, regulatory and advisory bodies and learning providers
There have been no specific additions or deletions from the study guide for the exam year commencing
1 September 2016
The syllabus must be read in conjunction with the Examinable Documents list. The changes for the
year from 1 September affect the list of exposure drafts and discussion papers that are examinable.
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