ACCA Exam Structure

In order to qualify as an ACCA member, any individual registering on the ACCA Qualification will need to complete:

• 14 exams out of 16, each with a pass mark of 50% (nine of which are eligible for exemption). All examinations are for 3 hours with the exception of the three "knowledge module" exams which are for 2 hours 
• relevant practical experience, with a minimum of three years 
• an online Professional Ethics module.

Graduates with a degree in accounting will be exempt from the first 3 papers and may well be exempted from sitting other papers also. Applications for exemptions must be dealt with directly with the Association.

The examinations are in English, and, where relevant, are based on the English Legal and UK Taxation systems. This does mean that students will have to complete one examination on UK Taxation, and one examination on English Law. These are obviously of no direct relevance in Lithuania. In countries where sufficient demand exists, the Association will offer alternative examinations in the local tax, but it will be some years before this option is available in Lithuania. However, most of the principles of taxation and law are the same world-wide, and a student passing the UK papers will easily be able to adapt their knowledge to the Lithuanian tax and legal system.

Most students attempt 2 or 3 papers each sitting at either 6-monthly or yearly intervals. The ACCA sets examinations in June and December of each year. How often students sit examinations is their choice and depends on how much time they have free for studying.

The exams have to be taken in the following order:
Knowledge > Skills > Essentials > Options

• Fundamentals
• Professional
• Ethics & Experience

FUNDAMENTALS (nine papers in total)

Knowledge Module

Paper F1, Accountant in Business (AB)

To develop knowledge and understanding of the business environment and the influence this has on how organisations and accountants operate, and of the role of the accountant and other key business functions in contributing to an efficient, effective and ethical organisation, and to build knowledge and understanding of the basic principles of effective management.

Paper F2, Management Accounting (MA)

To develop knowledge and understanding of how to prepare and process basic cost and quantitative information to support management in planning and decision-making in a variety of business contexts.

Paper F3, Financial Accounting (FA)

To develop knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting and technical proficiency in the use of double-entry accounting techniques, including the preparation of basic financial statements.

Skills Module

Paper F4, Corporate and Business Law (CL)

To develop knowledge and skills in the understanding of the general legal framework, and of specific legal areas relating to business, recognising the need to seek further specialist legal advice where necessary.

Paper F5, Performance Management (PM)

To develop knowledge and skills in the application of management accounting techniques to quantitative and qualitative information for planning, decision-making, performance evaluation and control.

Paper F6, Taxation (TX)

To develop knowledge and skills relating to the tax system as applicable to individuals, single companies, and groups of companies.

Paper F7, Financial Reporting (FR)

To develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups, and how to analyse and interpret those financial statements.

Paper F8, Audit and Assurance (AA)

To develop knowledge and skills in the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework.

Paper F9, Financial Management (FM)

To develop knowledge and skills expected of a financial manager – relating to issues affecting investment, financing, and dividend policy decisions.

PROFESSIONAL MOUDLE

Professional Level (5 papers)

Essentials Module (all 3 papers)

Paper P1, Professional Accountant (PA)

To apply relevant knowledge, skills, and exercise professional judgement in carrying out the role of the accountant relating to governance, internal control, compliance, and the management of risk within an organisation – in the context of an overall ethical framework.

Paper P2, Corporate Reporting (CR)

To apply knowledge, skills, and exercise professional judgement in the application and evaluation of financial reporting principles and practices in a range of business contexts and situations.

Paper P3, Business Analysis (BA)

To apply relevant knowledge, skills, and exercise professional judgement in assessing strategic position, determining strategic choice, and implementing strategic action through business process and structural change, coordinating knowledge systems and information technology, and by managing quality processes, projects, and people.

Options Module (2 papers only)

Paper P4, Advanced Financial Management (AFM)

To apply relevant knowledge, skills, and exercise professional judgement as expected of a senior financial executive or advisor, in taking or recommending decisions relating to the financial management of an organisation.

Paper P5, Advanced Performance Management (APM)

To apply relevant knowledge, skills, and exercise professional judgement in selecting and applying strategic management accounting techniques in different business contexts and to contribute to the evaluation of the performance of an organisation and its strategic development.

Paper P6, Advanced Taxation (ATX)

To apply relevant knowledge, skills, and exercise professional judgement in providing relevant information and advice to individuals and businesses on the impact of the major taxes on financial decisions and situations.

Paper P7, Advanced Audit and Assurance (AAA)

To apply relevant knowledge, skills, and exercise professional judgement in analysing, evaluating, concluding and reporting on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.

Ethics & Experience

Professional Ethics module

• ACCA Qualification puts emphasis on codes of conduct, professionalism and ethics
  The ethics module is an online training module, exposing students to ethical scenaria which they will test themselves on. They can take on the role of an Auditor or a Corporate Financial Accountant and review an audit situation.
• It must be completed by a student before applying for membership.
• The module is not graded but is a requirement for all students who register with ACCA after 1 January 2007. .
• Students are granted access to the Ethics module as soon as they are eligible to take P1 Professional Accountant.
• The module can be taken whenever wanted, but the ACCA recommends that it is best taken at the same time as, or before, sitting the P1 Professional Accountant paper.
• The module will also be available online, on CD-ROM or paper based format.

Practical Experience Requirements (PER)

A key component of the ACCA Qualification is the practical experience requirement (PER). PER will help ensure that ACCA members have the essential skills required by employers worldwide, complementing the knowledge they gain through the exams. ACCA’s PER is designed to reflect international best practice in learning and development. It has been developed only after extensive research with the global profession and employers. This consultation process revealed that employers require an increased focus on an individual’s workplace performance, and also closer links between in-company performance management processes and ACCA’s PER.

• ACCA requires you to complete the PER and your exams in order to be able to apply for ACCA membership (and therefore put the letters ACCA after your name).
• Your PER should take a minimum of 3 years to complete.
• You will have performance objective criteria to complete (set targets, plan development, and mark their progress) which should be  checked and signed off by your manager (workplace mentor).
• PER sets clear expectations of what trainee (student and affiliate) accountants should be able to do in the workplace. These expectations are set out as performance objectives and give each individual the chance to show where they have achieved a performance objective
• PER provides simple and clear progress-reporting tools, which will help both employees and employers get the most out of the process
• There are nine compulsory (essential) objectives, and eleven optional objectives, of which you have to complete four. The objectives relate to the topics covered in exam papers. 
• You will have to complete an annual return, declaring which performance objectives you have achieved in the previous 12-month period and how long you have been working in a relevant accounting role
• ACCA are setting up an online Trainee Development Matrix (TDM) which you will complete. This is in a similar format to the Continuing Professional Development (CPD) matrix that qualified ACCA’s have to complete.