Why ACCA The Association of Chartered Certified Accountants?

The ACCA qualification is perfect for those aiming to advance their career and become a chartered certified accountant or work within accountancy, audit, or tax firms. It opens up windows for becoming CEO, CFO, Finance head, and multiple key positions in the industry where ACCA members are highly appreciated by employers all around the globe.

The ACCA program is divided into three levels: Applied Knowledge, Applied Skills, and Strategic Professional, and to qualify, you must also complete relevant work experience. Typically, it takes about four to five years to achieve ACCA qualification.

You can start ACCA with as little as two A Levels and three GCSEs in five distinct subjects, including English and Maths. Another route for you to start ACCA is by having an ACCA Foundation (previously known as Foundation in Accountancy as FIA).

Syllabus

This Level 2 ACCA qualification consists of the following six mandatory units:

1. Corporate and Business Law (LW)

This unit will teach you the knowledge and skills in understanding the general legal framework and specific legal areas related to business subject to specialist legal advice, if necessary.

Students also have the option to take this exam based on their national law. If the national law option is not available, it is recommended that students choose either the English or Global variant. By the end of this unit, you will understand how to: (below are the learning outcomes for Global variant)

• Identify the key elements of various legal systems
• Explain the roles of international organisations in promoting and regulating international trade, as well as the role of international arbitration as an alternative to court adjudication
• Apply the appropriate legal rules under the United Nations Convention on Contracts for the International Sale of Goods, and explain the different methods for funding international business transactions
• Recognize various forms of international business structures and distinguish between the alternative forms and constitutions of business organisations
• Identify and compare different types of capital and methods of financing companies
• Describe and explain how companies are managed, administered, and regulated
• Understand the legal implications related to insolvency law
• Demonstrate knowledge of corporate fraudulent and criminal behaviour

2. Taxation (TX)

This unit will teach you the knowledge and skills related to the tax system as it applies to individuals, single companies, and corporate groups. Students also have the option to take this exam based on their national tax. If the national tax option is not available, it is recommended that students choose the UK variant. By the end of this unit, you will understand how to: (below are the learning outcomes for UK variant)

• Explain how the tax system operates, its scope, the responsibilities of taxpayers and their agents, and the consequences of non-compliance
• Explain and calculate individuals' income tax liabilities, including the impact of National Insurance Contributions (NIC) on employees, employers, and the self-employed
• Explain and calculate the chargeable gains for individuals
• Explain and calculate individuals' inheritance tax liabilities
• Explain and calculate the corporation tax liabilities for both individual companies and corporate groups
• Explain and calculate the impact of value-added tax (VAT) on both incorporated and unincorporated businesses

3. Financial Reporting (FR)

This unit will teach you how to gain expertise in understanding and applying accounting principles to produce financial statements for various entities, including corporate groups. They will also develop the ability to analyse and interpret these statements. By the end of this unit, you will understand how to:

• The theoretical and legal aspects of financial reportingExplain and calculate the chargeable gains for individuals
• Recording business transactions using international accounting standards
• Analyse and understand financial statements, and create financial reports for both single companies and groups of companies

4. Audit and Assurance (AA)

You will learn in this unit about the steps involved in conducting audits and how these steps fit into the professional rules and regulations. By the end of this unit, you will understand:

• What auditing is, how it ensures financial accuracy, and the different roles it plays in corporate governance
• The differences between audits done by people within a company and those done by outside experts
• The ethical standards auditors must follow and the importance of professional behaviour
• How auditors get involved with companies, understand their operations, assess risks, and plan their audits
• How companies use systems and procedures to prevent errors, and how auditors evaluate these systems
• The methods auditors use to gather evidence and identify problems, including those related to technology
• The types of information auditors collect and how they use it to draw conclusions
• How events that happen after the audit period and the company's ability to continue operating can affect the auditor's report
• The different types of reports auditors can issue and what they mean

5. Financial Management (FM)

This unit will teach you the skills and knowledge needed to make smart decisions about a company's money, including how to invest, borrow, and pay dividends. By the end of this unit, you will understand:

• What it is, why it's important, and how it helps businesses make money
• How things like interest rates, inflation, and economic growth affect financial decisions
• How to manage a company's day-to-day finances, including cash flow and inventory
• How to evaluate investment opportunities and decide which ones are worth pursuing
• Different ways businesses can raise money, such as loans, equity, and bonds
• How to determine the value of a company or its assets
• How to identify and deal with potential risks that could harm a business

6. Performance Management (PM)

You will learn in this unit about the use of financial information to make better business decisions, plan for the future, and evaluate how well a company is doing. By the end of this unit, you will understand:

• How to track and analyse a company's costs to make better decisions
• How to use financial information to make smart choices and use resources efficiently
• How to identify and control risks that could affect a business
• How to create and use budgets to plan and control spending
• How to compare actual costs to expected costs to measure performance and identify problems
• How to measure and evaluate a company's performance, both financially and non-financially
• The challenges of managing companies with separate divisions and the importance of considering external factors

Remote learning delivery options

Khpalwaak's distance learning delivery is perfect if you prefer independent study at your own pace, allowing you to work towards your qualification on a timeline that suits you. This flexible approach fits seamlessly into your daily life.

We will provide you with study materials, assignments, and practice resources aligned with ACCA requirements. Our dedicated tutors and support staff will assist you throughout your distance learning experience via our online student portal.

Assessments

This qualification is completed through six mandatory unit assessments, with 100% of the qualification assessed by externally marked exams. All assessments for this qualification are:

• Computer-based
• Set and marked by the AAT
• Time-limited
• Conducted under controlled conditions
• Scheduled by training providers or assessment venues

Assessment Schedule

You can book your assessments when you're ready. You can sit for the assessments once you have completed the course, as they are available at specific times throughout the year.

Grading/Certification

ACCA will award Certificates based on the level of completion across your qualification, rather than on individual units.

The types of Certificates awarded by ACCA upon completion of certain exams are available in the link below (Types of certificates | ACCA Qualification | Students). It is advisable to read these Certifications along with the ACCA Qualification Recognition Status above for better understanding.

Results

You will receive your results immediately, which can be accessed through your ACCA portal under the "See Your Progress" section.

Resits

You should only take an assessment when you are fully prepared to pass. There are no restrictions on the number of resits you can take, giving you the flexibility to retake assessments if needed. If you do not pass an assessment, you will have the opportunity to discuss your results with your tutor and prepare for a retake accordingly.