The Association of Chartered Certified Accountants (ACCA) is the global professional accounting bodyoffering the Chartered Certified Accountant qualification (ACCA or FCCA). As of June 2014, ACCA was one of the largest and fastest-growing global accountancy bodies with 170,000 members and 436,000 students in 180 countries. ACCA's headquarters are inLondon with principal administrative office in Glasgow. ACCA works through a network of 91 offices and centres and more than 8,500 Approved Employers worldwide, who provide employee development.
Chartered Certified Accountant is a legally protected term. Individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and, if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate, carrying liability insurance and submitting to inspections.
ACCA claims to work in the public interest, assuring that its members are appropriately regulated. It promotes principles-based regulation. ACCA actively seeks to enhance the value of accounting in society through international research. It takes progressive stances on global issues to ensure accountancy as a profession continues to grow in reputation and influence.
Chartered Certified Accountant (ACCA)
The ACCA Qualification is the professional body's main qualification. Following completion of up to 14 professional examinations, three years of supervised, relevant accountancy experience and a professional ethics module, it enables an individual to become a Chartered Certified Accountant. The ACCA professional examinations are offered worldwide twice yearly, in June and December as paper-based exams. Computer-based exams are also offered for the first three exams (F1, F2 and F3) which are available to take at ACCA licensed exam centres throughout the year. A Bachelor of Science (Honours) degree in Applied Accounting (after completing the Fundamentals level of the exams, the professional ethics module and submitting a Research and Analysis project), is offered in association with Oxford Brookes University.
The syllabus comprises 14 examinations, although some exemptions are available. The qualification is structured in two parts. The Fundamentals level consists of 9 examinations: F1 Accountant in Business, F2 Management Accounting, F3 Financial Accounting, F4 Corporate and Business Law, F5 Performance Management, F6 Taxation, F7 Financial Reporting, F8 Audit and Assurance, and F9 Financial Management.
The Professional level involves 5 examinations. Within the Professional level three papers are compulsory: P1 Governance, Risk and Ethics; P2 Corporate Reporting; and P3 Business Analysis. Two of the following four options papers must also be completed: P4 Advanced Financial Management, P5 Advanced Performance Management, P6 Advanced Taxation and P7 Advanced Audit and Assurance.
The ACCA full Professional qualification is regarded as the equivalent of a taught UK masters degree by the UK Border Agency and Department of Education. ACCAs 'Chartered status' requires that at least 75% of the membership hold the equivalent of a bachelor degree.
Subjects include financial accounting, management accounting, financial reporting, taxation, company law, audit and assurance and financial management.
The ACCA offers other qualifications:
MBA (for ACCA full members), offered in association with Oxford Brookes University
B.Sc.(Hons) in Applied Accounting, offered in association with Oxford Brookes University
MSc in Financial Management, offered in association with Heriot-Watt University
Diploma in Financial Management (DipFM). This certification was introduced in the mid-1980s as the Certified Diploma in Accounting and Finance (CDipAF), a financial qualification designed for managers outside of finance. This qualification was replaced with Foundations in Accountancy awards at the end of 2011
Diploma in International Financial Reporting (DipIFR)
Certificate in International Auditing (CertIA)
Certificate in International Financial Reporting (CertIFR)
Candidates register as student members to undertake the Professional Scheme qualification.
Upon successful completion of the examinations, student members transfer to Affiliate status.
"For ACCA affiliates to gain admission to full membership, they must demonstrate, on the application form, that they have obtained a minimum of three years of acceptable, supervised, practical experience in an accountancy role (or roles) and have reached the required standard of competence".
From 2008, Fellowship, or senior membership of ACCA, is awarded automatically based on 5 years' continuous membership, subject to compliance with Continuing Professional Development requirements.
Fellow members of ACCA use the designatory letters FCCA in place of ACCA.