30 CAMBRIDGE ICFE
THE TUITION PROVIDER PERSPECTIVE
Richard Hunt, director of studies, LSBF
International Language School, London
School of Business and Finance
‘We offer two Cambridge ICFE courses
– a 10-week course for those already
confident in financial English, and a
20‑week course for students who need
more time to prepare for the exams.
‘Students take Cambridge ICFE with
a tuition provider because it helps them
make the commitment necessary to
gain the qualification. Classroom-based
tuition also provides access to a qualified
teacher with experience in both finance
and English teaching, and who can help
students prepare their exam technique,
which is also a very important part of the
whole course.
‘Cambridge Financial English – a
blended learning programme which we
are currently establishing – will extend
access to our course by bringing together
the wide range of online teaching options,
including online marking and moderation,
with face to face delivery.
‘We feel that Cambridge ICFE is
definitely gaining momentum now –
no other qualification pulls together
accounting and finance with the English
language, and the joint partnership of
ACCA and Cambridge ESOL definitely
adds muscle to the qualification, and gives
students confidence.
‘It is also working particularly well
in business schools where the course
complements other studies on offer.’
Oi-Ying Fou, manager, English Language
and College Admissions, Kaplan
Language Training – English and Test
Preparation, Hong Kong
‘Students come to us because they want
a structured schedule – the peer pressure
that comes from group learning helps our
students keep up with their workload, and
they might also meet a ‘study buddy’ which
can be helpful. In addition, access to a
knowledgeable teacher, one who has an
accounting and finance background, means
they can get a more thorough explanation
of terminologies and can ask questions.
The practical experience gained is also very
useful, especially in speaking.
‘We really do find that a lack of consistent
study affects exam performance, and also
that tuition is a much more efficient way
of using valuable spare time. The working
day in Hong Kong is long – and includes
Saturdays – and finding the motivation to
study alone, after work, can be very difficult.
‘Cambridge ICFE is still a very new
qualification in Hong Kong and so we
are only beginning to see the growth
in student numbers which we feel the
qualification deserves. However, brand
names are very important to those working
within the Hong Kong financial sector,
and the fact that Cambridge ICFE is
backed by ACCA and by the University of
Cambridge, through Cambridge ESOL,
will be very important and will encourage
employers to recognise the value the
qualification adds to a CV.’
‘WE FEEL THAT CAMBRIDGE ICFE IS
DEFINITELY GAINING MOMENTUM NOW – NO
OTHER QUALIFICATION PULLS TOGETHER
ACCOUNTING AND FINANCE WITH THE ENGLISH
LANGUAGE, AND THE JOINT PARTNERSHIP OF
ACCA AND CAMBRIDGE ESOL DEFINITELY
ADDS MUSCLE TO THE QUALIFICATION, AND
GIVES STUDENTS CONFIDENCE.’
RICHARD HUNT, DIRECTOR OF STUDIES,
LSBF INTERNATIONAL LANGUAGE SCHOOL
STUDENT ACCOUNTANT 10/2009
31
32 WATER FOOTPRINTING

WATER,
WATER
EVERYWHERE?
‘WATER, WATER EVERYWHERE, NOR ANY DROP TO DRINK’. THIS
SNIPPET FROM THE RIME OF THE ANCIENT MARINER WAS WRITTEN OVER
100 YEARS AGO, BUT ITS RESONANCE RINGS TRUER TODAY THAN
POSSIBLY AT ANY POINT IN THE PAST.
 STUDENT ACCOUNTANT 10/2009
F
resh water makes up but a very
small portion of the world’s
water and that portion is
decreasing fast as climate change
accelerates and the world’s consumption
levels increase. Today, the future of
business depends on the sustainability of
water resources, which are increasingly
under pressure. Combine this with
growing consumer awareness and
investors’ closer scrutiny of corporate
water risks and you’ll see why it’s so
important for companies to understand
and reveal their ‘water performance’.
Assessment of corporate water
risks remains low on most companies’
agendas, but it is moving up the
business agenda with almost the same
speed with which the icebergs are
melting and at a significantly faster
rate than awareness rose for carbon
issues. As young accountants who have
grown up with the threat of climate
change and the analytical skills you
have acquired in your studies and work
experience you are well placed to lead
your employer through the necessary
process of water resources analysis.
ACCA’s recent report Water: The
?
next carbon? should help you and your
employer understand the importance
of capturing data and agreeing a
strategy to reduce water consumption.
Although a new science, more tools
are being made available to help the
corporate world understand its impact.
To help those businesses that wish to
take action on their water footprint –
the new business catchphrase – the
World Business Council for Sustainable
Development (WBCSD) issued a new
report in August 2009 that identifies 16
initiatives or tools, driven by business
leaders, civil society and governments,
which have emerged since 2006.
33
THE FUTURE OF BUSINESS
DEPENDS ON THE
SUSTAINABILITY OF WATER
RESOURCES, WHICH ARE
INCREASINGLY UNDER
PRESSURE DUE TO CLIMATE
CHANGE AND INCREASED
CONSUMPTION LEVELS.
The report’s purpose is provide an
overview of major initiatives to improve
understanding of ‘who is doing what’;
help build a common language for
business on water sustainability;
support the identification of risks
and opportunities and demonstrate
leadership and facilitate business
engagement in relevant initiatives.
‘There are lots of financial
implications around water
sustainability. It’s becoming
hard-wired into the business and
becoming a main issue rather than
a peripheral one,’ says Alan McGill,
partner in PricewaterhouseCoopers’
sustainability practice.
Depending on which sectors and
geographies a company operates in, the
issue of water consumption is more or
less pressing, but it can’t be completely
overlooked by any business any longer.
However, there remain challenging issues
with using footprinting more widely.
Standardised benchmarking tools and
clear measurement methodologies
need to be agreed globally to ensure
meaningful reporting. But it’s likely
lessons learnt in the carbon footprinting
process can be drawn on and applied in
water footprinting.
 STUDENT ACCOUNTANT 10/2009
35

Colm Gibson a principal at

global economic and finance
consultancy LECG, says: ‘It is
likely that water footprinting
will allow companies to make
analogous changes to the way
that water is “consumed” in
their supply chains, leading to
significant changes in technologies,
water consumption, and water usage
patterns. It is important, therefore, water usage,
that the implications of such changes or at least fresh
are understood as the water and water usage.
wastewater industries need to respond The WBCSD has
to such changes, as will primary and also published the
secondary water consumers.’ second version
The World Wildlife Fund (WWF) has of its Global
done some work in defining what the Water Tool,
issues are for business. Dr Dave Tickner, which is free and
head of freshwater programmes at WWF easy to use, to help
UK, identified four key business risk businesses map out the water
areas arising from water scarcity and consumption of their products,
management issues: physical, financial, services and operations, and assess
regulatory and reputational, according risks relative to global operations and
to ACCA’s report. the supply chain.
The first step to finding out your Businesses using the tool can
company’s water footprint is in ascertain what proportion of sites,
determining and calculating how the employees and suppliers are in
business is using water and how that water-stressed areas, enabling them
can be managed. Once the water to calculate water consumption and
footprint is calculated the company efficiency, leading to comprehensive
should then take action to minimise reporting, communication with

WHAT IS A WATER FOOTPRINT? the impact of an increase or decrease in a water

A water footprint is a measure of the total water used to
produce goods and services that a particular individual,
business or nation uses.
It is made up of two components: direct water use and
indirect use. The indirect water use is measured as ‘virtual’
water (the volume of water required to produce a certain
product). It includes use of blue water (rivers, lakes, aquifers),
green water (rainfall in crop growth), and grey water (water
polluted after agricultural, industrial and household use).
While the water footprint tells us how much water is used,
footprint depends entirely on where water is taken
from and when.
The increase of a water footprint in an area where
water is plentiful is unlikely to have an adverse effect on
society or the environment, but an increase in an area
already experiencing water scarcity could result in serious
problems, such as the drying up of rivers, the destruction
of habitats and livelihoods, and the extinction of species
– in addition to affecting agricultural prices, supplies
and local economies. (Source: WWF)

WATER IS SET TO BE A PIVOTAL FACTOR IN ALL
BUSINESS DECISIONS AS THE FORCE OF CLIMATE
CHANGE MAKES ITSELF FELT EVER MORE POWERFULLY.
BUSINESS LEADERS NEED TO TAKE ACTION AND
ACCOUNTANTS ARE WELL PLACED TO HELP PROVIDE
THE MEANS TO DO SO.
FACTS AND FIGURES
¤ The production of 1kg of beef requires
10–20,000 litres of water.
¤ To produce one cup of black coffee
without sugar requires 140 litres of water.
¤ The average annual water footprint of
China is 950m3 per person. Only about
8% of the Chinese water footprint
is related to the consumption of
imported products.
¤ In the UK, the average annual water
footprint is 1,695m3. About 62% of the
UK water footprint is related to the
consumption of imported products.
¤ The average annual water footprint of a
person in the US is 2,900m3.
¤ The water footprint for producing the
cotton required by the average
person in the UK is 210 litres per day,
whereas the average daily direct use
of water in the house is only 150 litres
per person.
STUDENT ACCOUNTANT 10/2009
stakeholders, and risk identification
and management, says the WBCSD.
It’s not just about the direct use
of water either. Water usage should
be thought of in terms of ‘direct’,
‘indirect’ or ‘virtual’ water impacts.
The ‘virtual’ label refers to water that
is used throughout the entire ‘cradle to
grave’ process to produce a product or
service, which is much more complex
to measure than direct water.
McGill says companies should look
at their operational water footprint
as well as the supply chain footprint.
To do this, businesses will need to
think about how they can work more
closely with their key suppliers and
the communities in which they operate
to assess and minimise their total
water footprint.
Nathalie Goad, project manager at
Envido, an environmental solutions
company, says: ‘Leading accountancy
firms now have climate change and
sustainability solutions high up on the
offerings to their clients and are looking
for new recruits with relevant skills in
carbon and water accounting to bring
the skills needed in house to drive their
sustainable business agenda forward.’
One leading corporate that has taken
significant strides in defining and
managing its water footprint is brewer
SABMiller, which has been working
with WWF on water footprinting
37
to better understand the quantity,
efficiency and geographical context of
water used to produce beer in order to
better manage the resource.
The two organisations are using the
insight provided by water footprinting
to develop targeted programmes
to improve water management. For
example SAB Ltd in South Africa
already works with barley farmers to
improve their yields and water use,
and with WWF the brewer is now
considering how to develop this further
to protect the watersheds within which
it operates.
Stuart Orr, WWF’s freshwater
footprint manager, says: ‘The water
footprints of SABMiller’s beers in South
Africa and the Czech Republic are the
first detailed corporate water footprints
to be published and are progressive
in the way they examine the impact
of water use within these countries.
Most important is that this information
is now used to ensure that their
business partners – particularly
farmers – are encouraged to use water
more efficiently.’
PwC’s McGill advises that business
start to think critically about how water
consumption affects their business
strategically and develop steps to
monitor that strategy. ‘Managing the
risks inherent within the issue and
seeking to take advantage of the
opportunities available,’ he says.
Water is set to be a pivotal factor
in all business decisions as the force of
climate change makes itself felt ever
more powerfully. Business leaders need
to take action and accountants are well
placed to help provide the means to
do so.
Michelle Perry is a freelance journalist
38 LEADERSHIP

MOULDING
MANAGEMENT
As your finance career progresses your soft skills will become increasingly
important. Student Accountant looks at the skills that are required by a good
manager or leader, and offers hints on how to develop them.

L
eaders are born. Leaders are
made. Which statement do
you agree with? The debate
has ranged for centuries, and
opinions will still be differing in the dim
and distant future, because a definitive
statement on the matter simply isn’t
possible. Some leaders are born,
some are made, and absolutely every
single person in the world (including
trainee accountants) can develop their
leadership skills. Where there is a will,
there is usually a way.
Unfortunately, it isn’t always
immediately apparent – particularly
if you are a full‑time student. But
challenges are there to be overcome,
aren’t they? Even if you have yet to
hold your first finance post, were not
the most popular student in your class,
would never cut it as captain of the
cricket team, or confidence is not your
strong point, you can still learn to be a
very effective manager. And the earlier
in your finance career you get started
on this process, the longer you have
to hone your strengths and develop
your weaknesses.
Although technical skills form the
foundation on which your career is
built, employers will also expect you to
have soft skills, such as the ability to
communicate effectively, and work as
part of a team, and if you can show
leadership potential it will give you
a definite edge. ‘It’s never too soon
to start developing your leadership
traits,’ says Corinne Dauncey, from the
recruiter theAccountancyjob.com, and
you can do this with and without the
theory you have learnt in your ACCA
studies (see ‘Look and learn’).
STUDENT ACCOUNTANT 10/2009
39
IT’S NEVER TOO SOON TO START DEVELOPING YOUR
LEADERSHIP TRAITS, AND YOU CAN DO THIS WITH AND
WITHOUT THE THEORY YOU HAVE LEARNT IN YOUR
ACCA STUDIES. EFFECTIVE LEADERS ARE ALSO ALWAYS
LEARNING AND DEVELOPING THEIR OWN KNOWLEDGE.’
CORINNE DAUNCEY, THEACCOUNTANCYJOB.COM
Take a structured approach to your Take the initiative
day‑to‑day tasks, be punctual and well This was an approach that
prepared for meetings, and always hit certainly helped Carl George FCCA
your deadlines. Make a point of being to progress in his career. ‘When
well organised: being able to organise I was training, I was not viewed
your own time and work will make you as management material by the
better able to help others. ‘It doesn’t engineering firm where I was working,’
hurt to be seen supporting co‑workers or he recalls, but he didn’t let this hold
showing junior staff how to do things,’ him back.
suggests Dauncey, no matter what level ‘I was keen to learn as much as I
you are working at or what role you are could about the finance side of the
in, because going the extra mile to help business,’ he says, so when the factory
the team achieve its goals can highlight floor cleared at the end of each day,
your technical skills, devotion to duty, he stayed behind and carried on
and future management potential. working. This helped George technically
In some environments, just and practically, and enabled him to
demonstrating a high level of show members of the management
commitment will be enough to show team how committed he was.
management potential. ‘The people Some students will benefit from
who progress most rapidly are those being employed by an organisation that
who are driven and self‑motivated,’ says encourages them to become actively
the HR manager with one of the Big involved in their career development
Four firms, so being conscientious and – but anybody can make use of
determined will go a long way – though the facilities.
a good leader also needs to be resilient, KPMG, for example, clearly defines
self‑assured and well adjusted. But all the skills, experience and capabilities
of these qualities can be developed needed to take on any role, and
with time and experience. ‘Actively seek these can be viewed online through its
out new challenges, and try to shape Employee Career Architecture at
your own future, rather than simply www.kpmgcareers.com/eca/index.shtml.
being reactive,’ she suggests. It provides ambitious accountants
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StuAcc 09-Sep.indd 1 14/9/09 11:28:56


LOOK AND LEARN
You can learn a lot about management
and leadership from your ACCA studies;
how much, depends on which exams you
are studying for. ‘In Paper F1, Accountant
in Business, you need to understand
the difference between leadership and
management,’ says Steve Weaver, a
content manager at Kaplan Publishing, and
then acquire more widespread knowledge
of leadership theories.
‘In Paper P1 the leader is seen in
the context of corporate governance,’
explains Weaver, ‘in Paper P3 the
impact of leadership style on strategic
development is considered, and in Papers
F5 and P5 the perspective is more on
how managers and leaders behave.’ And
despite being theoretical, this can be
used on a personal level. ‘All of this could
and should influence student behaviour,
either in managing their existing boss
or becoming one later,’ says Weaver,
adding: ‘Certainly students will have
the frameworks and language required
to evaluate the leadership styles they
encounter and hopefully to develop
their own.’
Gill Ball FCCA, director of finance
at the University of Birmingham (and a
past president of ACCA), echoes this
perspective. ‘You can learn as much
about what not to do as what you should
do by watching the people around you,’
she suggests.
Careful observation can help you to
figure out which approaches seem to work,
which don’t, and gain an appreciation
of the many different things that can
motivate people.
‘You will see people who trip themselves
and others up, ‘she says, and encounter
those who seem to emanate leadership, as
she adds: ‘When somebody is a really good
leader, you can spot it from 50 paces.’
STUDENT ACCOUNTANT 10/2009
(inside and outside the firm) with a
range of helpful tools and resources,
so why not use it to gives yourself
something to aim for.
Large organisations often have
more formal ‘leadership development’
schemes. The UK’s nationwide
supermarket chain Sainsbury’s offers
graduates the opportunity to develop
management skills while studying
for the ACCA Qualification – and
provides study leave and financial
rewards for passing key stages.
Some organisations go to greater
lengths in their attempts to help their
finance staff develop soft skills in
areas such as negotiation, networking
and presentation, plus behavioural
approaches such as analytical thinking
and achievement orientation.
American Express, General
Electric (GE) and Microsoft are among
the global giants with this type of
programme in place. Selected members
of the finance team at GE, for instance,
attend a special training unit that
instils leadership skills that will transfer
across hemispheres and cultures.
A stint in the GE Capital Financial
Management Programme helped
Roshan Thiran progress from being
an investment analyst in the US, to
financial leadership roles in the US,
UK and Malaysia, where he is now the
director of global talent management
for Johnson & Johnson.
Large employers can also provide
opportunities earlier in your career.
Each year, Microsoft offers a number of
undergraduate internships in finance,
which enable lucky trainee accountants
to supplement their studies by working
on real business issues alongside
full‑time finance professionals. Some
of the interns eventually go on to
41
LARGE ORGANISATIONS
OFTEN HAVE MORE
FORMAL ‘LEADERSHIP
DEVELOPMENT’ SCHEMES.
THE UK’S SUPERMARKET
CHAIN SAINSBURY’S
OFFERS GRADUATES THE
OPPORTUNITY TO
DEVELOP MANAGEMENT
SKILLS WHILE STUDYING
FOR THE ACCA
QUALIFICATION – AND
PROVIDES STUDY LEAVE
AND FINANCIAL REWARDS
FOR PASSING KEY STAGES.
become employees at Microsoft, but
even those that don’t can benefit from
the experience and the opportunity to
put ‘Helped manage the finances of
a multi-billion dollar enterprise’ into
their CV.
If you want to find out about similar
internships with corporates in the
country where you live (and access
does tend to be restricted to nationals
and those with residency status), just
get online and start searching. You
have nothing to lose from trying for a
place on this type of scheme, although
it is worth noting that only a small
proportion of those who apply will
actually be accepted.
Back in the real world, most trainee
accountants will take the first steps
towards developing their leadership and
management a little closer to home.
42 LEADERSHIP
Know who you are
‘As a leader you must understand
yourself, and know what your strengths
and weaknesses are,’ suggests Dauncey,
so look within. If this requires more
honesty or insight than you can muster,
then involve your family and your
closest friends. ‘Actively seek feedback,
and make yourself face up to what
people really think about you,’ suggests
Dauncey, ‘as this will help guide you
in the right direction.’ Positive feedback
will give you confidence that you are
doing the right thing, and negative
feedback will help you to identify the
weak areas of your personality.
Of course, it can also be useful to
get unbiased feedback. You can do
this by taking some of the many free
personality tests that you will find
online. Some of these are simply games,
while others are more ‘scientific’, and
although there is much debate about the
LEADERSHIP IS ALL ABOUT HOW YOU BEHAVE WITH
OTHER PEOPLE. SO IF YOU WANT TO BE A GOOD
MANAGER, LEARNING ABOUT YOURSELF (AND OTHERS)
CAN BE AS IMPORTANT AS GAINING THE NECESSARY
TECHNICAL SKILLS.
reliability of psychometric tests, they are
frequently crop up among the processes
that many employers (and recruiters)
use to determine your potential for
management and leadership – so stick
with those (see ‘Find yourself’).
Even if you find the notion of
learning more about yourself deeply
unappealing, you need to persevere.
Self-awareness is the first step on the
road to successful management: it
will help you to focus your personal
development efforts now, and when you
need to lead a group of colleagues, at
some time in the future, it will also help
you to build a team that complements
your own skills, abilities and
competencies. As Dauncey adds: ‘Being
aware of your own abilities will allow
you to recruit those who complement
you and who work well with you.’
Leadership is all about how you
behave with other people. So if you want
to be a good manager, learning about
yourself (and others) can be as
important as gaining the necessary
technical skills. ‘Effective leaders are
always learning and developing their
own knowledge,’ says Dauncey at every
stage of their career. So read as much
as you can, learn from those around you,
and take any opportunity you get for
self-improvement. Barack Obama, Bill
Gates, Mother Teresa and Socrates all
rose from humble beginnings to become
great leaders – and you can do the same.
FIND YOURSELF
Some of you may make it all the way
through your finance career without ever
sitting a personality test; others will not. So
why not get online and take the initiative
yourself; after all, you can’t know too much
about yourself, or others.
At www.personalitytest.net/cgi-bin/q.
pl and www.mypersonality.info/ you
can sit a psychometric personality test
(using the MBTI or Myers Briggs Type
Indicator) that will tell you which one of 16
personality types yours is. You will find a
brief explanation of the Carl Jung theories
that underpin the MBTI test at www.
personalitytest.net/types/index.htm, plus
links to some other online tests – if you
want to double check your results. You
can also find more information at www.
mypersonality.info/personality-types/ or
Google the results of your test, and take it
from there.
No two leaders are the same, but
good leaders often share common traits.
They tend to be conscientious, determined,
resilient, self-assured and well-adjusted
individuals who are capable of inspiring
trust. They also tend to be empathic
and intuitive individuals who can empower
and motivate their team members.
Knowing whether you are an ENTP,
INTJ, or another MBTI personality
type, and reading up on their
strengths and weaknesses, can help
you decide where to best focus your
self‑improvement efforts.
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 STUDENT ACCOUNTANT 10/2009
Calum Robson
finds out where in
Canada ACCA members
could find themselves in
greater demand.
LOOKING UP
C
anada is giving economists and business
leaders cause for cautious optimism as
signs of recovery appear. And recruiters
say financial reporting roles may enjoy
an untypical rise in interest from jobseekers
in the coming months. Heightened focus on
rigid compliance with regulatory requirements,
along with fears in the boardrooms of the risks
associated with non-compliance, have seen
the number of positions increase. ‘Accountancy
professionals with experience of Sarbanes–
Oxley and internal financial controls are in
demand,’ says Jackie Burns, manager for Hays
Accounting & Finance in Vancouver.
And she adds, ‘As Canadian public
companies prepare to implement and
comply with IFRS in 2011, accountants with
experience in this area are also highly sought
after.’ Long-awaited implementation of IFRS
could substantially fuel demand among
employers, if the experience of British,
European and Australian accountants is
anything to go by. Frantic last-minute planning
by organisations required to comply saw a
surge in demand for finance professionals
in interim roles, many of whom were able to
command high daily rates for their services.
45
Some roles are more location-specific
‘In the Toronto area, we’ve had demand for
financial analysts who can help with identifying
cost reduction savings,’ comments Burns.
‘There has also been a steady demand for
accountants for financial reporting and internal
audit roles. Bilingual skills are sought-after
in Ottawa and Montreal.’ Tax professionals
who have completed Canadian Institute of
Chartered Accountants (CICA) tax courses,
especially those with multinational experience,
are in demand nationwide.
Sector-wise, Burns says accountants with
experience in oil and gas remain in demand,
while those with joint-venture accounting
backgrounds will also find a ready market for
their skills. Property management, government
and crown corporations, mining companies in
Vancouver and large engineering companies
involved in infrastructure projects are all currently
recruiting accountants, according to Hays. Some
Canadian employers have implemented salary
and bonus freezes, pay cuts and reductions in
working hours to help them through the
downturn. But in the medium-to-longer term,
Burns says prospects should be reasonable when
the upswing comes around.
46 CANADA

ACCA PROFILES
Students and members in ACCA Canada have been
speaking to Student Accountant about their own
experiences – and why they settled on ACCA studies.

ALBERTA: CALGARY AND EDMONTON

Meg Dholabhai lives in Calgary, and works
for an oil and gas service company as
manager responsible for SOX compliance;
she’s also in charge of accounting policy
and the project manager for IFRS transition.
She moved to Canada from Harare in
Zimbabwe six years ago, having chosen to
study for ACCA because of its international
recognition. ‘It’s done wonders for my
career,’ she says. ‘I left Zimbabwe because
of the economic turmoil there, and was
transferred to Calgary with PwC, even
though, at the time, there was no talk of
Canada moving to IFRS. ‘I completed ACCA
in 2007, and took advantage of the mutual
recognition agreement in 2008, increasing
my marketability – and ACCA’s focus on
IFRS helped me land my current job.’
Natalia Vakar, who describes herself as
‘proudly FCCA’, is a financial reporting
manager at an oil and gas company in
Calgary, where she is currently leading IFRS
transition. Originally from Moscow, she
says, ‘ACCA was the best choice available –
one of the biggest advantages for me was
being able to study and work at the same
time. ACCA has greatly helped my career
– qualified accountants are constantly in
demand; being internationally recognised,
ACCA made my relocation to Canada much
easier – in fact, it’s been absolutely critical.’
With three papers left to take, Atif Pervez
Ahmed works in Edmonton, Alberta, after
relocating from KPMG’s UAE office. He works
in a manufacturing company, looking after KEY
reporting and treasury. He says, ‘I chose
GAS INDUSTRY
ACCA due to its global recognition; after
qualifying, you can work anywhere in the OIL INDUSTRY IT AUDIT
world. In addition, from 2011, every public
company in Canada will be required to MANUFACTURING INDUSTRY ELECTRICITY INDUSTRY
prepare its accounts using IFRS – so having
ACCA will be helpful in the jobs market.’
FINANCIAL ANALYST INTERNAL AUDIT
 STUDENT ACCOUNTANT 10/2009
ONTARIO: TORONTO
Anita Patel, an ACCA member in Toronto,
works in IT audit, IT risk management
and IT consulting. She says she chose
ACCA because of its flexibility: ‘It has
international recognition; it’s always
a leading-edge syllabus that covers
emerging topics and stays abreast of
developments in our profession. And
there are now jobs advertised in Canada
that refer to ACCA because of IFRS.’
Amalia Trusca arrived in Canada
from Romania, where ACCA is popular.
She now works as a financial analyst
in Toronto. ‘I chose ACCA because
of ts international recognition,
as I knew I wouldn’t be staying in
Romania for long,’ she says. ‘Now that
ACCA is becoming more popular in
Canada – new immigrants can get their
designation here.’
Find out more about
ACCA’s recognition in Canada
at www.accaglobal.com/
members/mutual_
memberships/resources
47
ONTARIO: HAMILTON AND MISSISSAUGA
Hassanatu Timbo, an affiliate from
Hamilton, Ontario, came to Canada from
Sierra Leone five years ago, with just
two papers left on CAT – and has now
passed all her ACCA Qualification papers.
While she has yet to find mainstream
accounting work, she says, ‘I’m optimistic
about my future at this stage, because of
ACCA’s mutual recognition agreement
with CGA. I’m looking forward to
gaining ACCA membership.’
John Fraser, a member who lives in
Mississauga, Ontario, is vice president and
internal audit and chief risk officer for an
electricity company in Toronto. He studied
ACCA in Barbados. ‘ACCA provides
terrific training that has served me well,’ he
says. ‘In some countries, you may have to
acquire a second designation as well – but
the good news is that ACCA will prepare
you well for your career in finance or
business, wherever you are.’
Choosing ACCA was easy, according
to Rose Reynolds an accounting
manager in Mississauga, who relocated
from Bermuda: ‘With CGA, it’s an
unbeatable combination,’ she says. ‘But
my advice for ACCA candidates now in
Canada is shop around for a recruiter
who understands your qualifications
and experience.’
Finally, Ron Colucci, a sole practitioner
in Mississauga, has been CGA qualified
since 1988. His story is a reversal of many
other ACCA members – it was CGA’s
mutual recognition agreement in 2007 that
inspired him to join ACCA: ‘It’s opening up
a whole new professional network for me,’
he says. ‘I’m now actively volunteering on
the committee of ACCA Canada. ACCA
runs some excellent CPD initiatives, which
I’m also taking advantage of. ’
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50 EXAMS

EXAM RESULTS

7
7

17
80

13
16
A total of 187,335 candidates took 370,715 papers in the June 2009 exam
session. This compares with 182,449 students taking a total of 365,528
papers in December 2008.

01
99
5
98
11

7
11
17
KE

0
07
3387

3541
Y

11
65 1
3305

31 368
1708

0
FA

991
LI

F1
F2
F3
F4
PA

F5
SS

10072
3295 F6
2366
0 F7
CAT1
1891 CAT9 F8
3436
CAT8 F9
1678 809 CAT P1 9116
7
CA P2 12370
CA T6
T5 P3
CA

P4
CAT
T4

CAT2

356 419
CAT1

P5

4 4
P6
3

P7

33 1130
22 4
1220
15

5
740
700

9
4

43
884
12

23
111
1226
60

89
158
3

36
21

1
192
45

36
23

96
7

49
07

11
58
84
8
3045

272

57
48

82
96
3

98
99 90
13
5153
 STUDENT ACCOUNTANT 10/2009
51

7
80

F1 73%*
16

*
F2 57%

%* 5

%
F3 5

61
F6
3%

%
4
41
F4
7

F5
11
17
% %
% 42 48

%
34 F9 P1

30
F8 44
%

F7
P2
50%
P3
26
229

0%
P4 3
%
P5 32
JUNE 2009 SESSION
P6 37%
PASS RATES
P7 37%
*Results acheived by students for paper-based
exams and computer-based exams during the period
19287 of 1 February 2009 to 31 July 2009
CAT1 63%

CAT2
65%

CAT3
59%

CAT
45
9%
CA
T5
54
%
CA
T8 CA
CA T6
33 T7 57
% 46 %
%

EXAMINERS’ FEEDBACK
CA
T1

Read the feedback from the examiners for

0
42

ACCA Qualification Papers F4 (ENG), F5,

%

F7, F8, F9 and P2, and CAT Papers 8 and 10.

All examiner feedback, including variants,
is available in the digital October 2009 issue
of Student Accountant, and on the
ACCA website.
CA
T9
65
%
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achieve success. We are the first and only ACCA & CAT ‘Platinum’ status distance
learning provider in the world. Our exam pass rates exceed global institute averages
and with a dedicated training centre and team of expert tutors, you’ll find no one is
more committed to your professional success.

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 STUDENT ACCOUNTANT 10/2009
53
Want Syllabus, Study Guides and more exam support?
www.accaglobal.com/students/

EXAM FEEDBACK
OCTOBER 2009 RELEVANT TO ALL ACCA QUALIFICATION AND CAT STUDENTS
Read vital advice from ACCA’s ACCA QUALIFICATION Paper F7

TECHNICAL ARTICLES ARE AVAILABLE IN A RANGE OF DIFFERENT MEDIA ON

examiners. Click on the paper RELEVANT TO ALL ACCA Paper F8
name below to download the QUALIFICATION STUDENTS Paper F9
feedback for the exams relevant
EXAMINER REPORTS, EXAMINER INTERVIEWS AND A WIDE VARIETY OF

THE ACCA WEBSITE AT WWW.ACCAGLOBAL.COM/STUDENTS/ACCA/EXAMS

to you. Fundamentals level Professional level
ACCA IS COMMITTED TO PROVIDING SUPPORT TO ALL ITS STUDENTS.

Paper F1 Paper P1
CAT QUALIFICATION Paper F2 Paper P2
RELEVANT TO ALL CAT STUDENTS Paper F3 Paper P3
Paper 1 Paper F4 (BWA) Paper P4
Paper 2 Paper F4 (CHN) Paper P5
Paper 3 Paper F4 (CYP) Paper P6 (CHN)
Paper 4 Paper F4 (ENG) Paper P6 (CYP)
Paper 5 Paper F4 (GLO) Paper P6 (HKG)
Paper 6 Paper F4 (HKG) Paper P6 (IRL)
Paper 7 Paper F4 (LSO) Paper P6 (MLA)
Paper 8 Paper F4 (MLA) Paper P6 (MYS)
Paper 9 (HKG) Paper F4 (MYS) Paper P6 (SGP)
Paper 9 (IRL) Paper F4 (PKN) Paper P6 (UK)
Paper 9 (LSO) Paper F4 (RUS) Paper P6 (ZAF)
Paper 9 (MYS) Paper F4 (SCT) Paper P6 (ZWE)
Paper 9 (SGP) Paper F4 (SGP) Paper P7
Paper 9 (UK) Paper F4 (VNM)
Paper 10 Paper F4 (ZAF)
Paper F4 (ZWE)
Paper F5
Paper F6 (BWA)
Paper F6 (CHN)
Paper F6 (CYP)
Paper F6 (CZE)
Paper F6 (HKG)
Paper F6 (HUN)
Paper F6 (IND)
Paper F6 (IRL)
Paper F6 (LSO)
Paper F6 (MLA)
Paper F6 (MWI)
Paper F6 (MYS)
Paper F6 (PKN)
Paper F6 (POL)
Paper F6 (ROM)
Paper F6 (RUS)
Paper F6 (SGP)
Paper F6 (UK)
Paper F6 (VNM)
Paper F6 (ZAF)
Paper F6 (ZWE)
56 TECHNICAL
TECHNICAL ARTICLES
OCTOBER 2009 RELEVANT TO ALL ACCA QUALIFICATION AND CAT PAPERS
NOT-FOR-PROFIT
ORGANISATIONS – PART 2
RELEVANT TO PAPERS F1, F5, F7,
F8, P2, P3 AND P5
Including a self-test section
to check your understanding
of this and Part 1 of the
article (download Part 1 by
clicking here)
Past papers
Paper F1 Paper F5
Paper F7 Paper F8
Paper P2 Paper P3
Paper P5
Technical articles
Paper F1 Paper F5
Paper F7 Paper F8
Paper P2 Paper P3
Paper P5
Exam support
Paper F1 Paper F5
Paper F7 Paper F8
Paper P2 Paper P3
Paper P5
TRANSFER PRICING THE RISKS OF UNCERTAINTY
TECHNICAL ARTICLES ARE AVAILABLE IN A RANGE OF DIFFERENT MEDIA ON
RELEVANT TO PAPERS F5 AND P5 PAPERS P4 AND P5
Past papers Past papers
EXAMINER REPORTS, EXAMINER INTERVIEWS AND A WIDE VARIETY OF
THE ACCA WEBSITE AT WWW.ACCAGLOBAL.COM/STUDENTS/ACCA/EXAMS
Paper F5 Paper P5 Paper P4 Paper P5
ACCA IS COMMITTED TO PROVIDING SUPPORT TO ALL ITS STUDENTS.
Technical articles Technical articles
Paper F5 Paper P5 Paper P4 Paper P5
Exam support Exam support
Paper F5 Paper P5 Paper P4 Paper P5
COST OF CAPITAL, GEARING THE TAXATION OF
AND CAPM – PART 1 INCOME FROM LEASING
RELEVANT TO PAPERS F9 AND P4 TRANSACTIONS
Part 2 will be published in PAPER P6 (MYS)
the November 2009 issue of
Student Accountant Past papers
Paper P6
Past papers
Paper F9 Paper P4 Technical articles
Paper P6
Technical articles
Paper F9 Paper P4 Exam support
Paper P6
Exam support
Paper F9 Paper P4
EXAM SUPPORT
PROJECT MANAGEMENT RELEVANT TO ALL ACCA
RELEVANT TO PAPER P3 QUALIFICATION PAPERS
Find out how to get the most
Past papers from the ACCA website
Paper P3
Technical articles EXAMINABLE DOCUMENTS
Paper P3 RELEVANT TO ALL ACCA
QUALIFICATION AND CAT PAPERS
Exam support Links to exam notes for your
Paper P3 ACCA and CAT papers
FOCUS ON PER
PERFORMANCE OBJECTIVE 10
 STUDENT ACCOUNTANT 10/2009
57
Want Syllabus, Study Guides and more exam support?
www.accaglobal.com/students/acca/exams

EXAM SUPPORT
EXAMINERS’ APPROACH AND EXAMINERS’ ANALYSIS INTERVIEWS

ACCA is committed to providing The examiners’ approach The analysis interviews are

TECHNICAL ARTICLES ARE AVAILABLE IN A RANGE OF DIFFERENT MEDIA ON

support to all its students. As interviews complement the closely related to the examiners’
part of this support, a range examiners’ approach articles, reports, which are published after
EXAMINER REPORTS, EXAMINER INTERVIEWS AND A WIDE VARIETY OF

THE ACCA WEBSITE AT WWW.ACCAGLOBAL.COM/STUDENTS/ACCA/EXAMS

of materials – in a variety of which were written to give each exam session. They bring
ACCA IS COMMITTED TO PROVIDING SUPPORT TO ALL ITS STUDENTS.

media to reach as many students guidance on how to tackle each
as possible – is available exam paper. These resources
specifically to address the ACCA contain similar information but
Qualification exams. Information the difference in delivery method
from ACCA’s examiners including can be a useful advantage when
examiner reports, examiner studying and may give you a
interviews and a wide variety of better chance of absorbing
technical articles are available in the examiners’ advice. The
a range of different media on the examiners’ approach interviews
ACCA website. also contain useful links to other
The two sets of examiner relevant resources for your exam.
interviews are available on
accaglobal.com and are Examiners’ analysis interviews
extremely valuable resources. The examiners’ analysis
Each set of interviews can help interviews build on the
you prepare for your exams examiners’ approach interviews
in different ways and, when and cover student performance
used in conjunction with the in the December 2007, June
paper resources available, they 2008 and December 2008 exam
can make a big difference to sessions. They highlight where
your studies. students are performing well,
where students are performing
Examiners’ approach interviews less well, and give advice on
The examiners’ approach how students can improve
interviews are very useful when performance in problem areas.
you are undertaking a particular It’s never too soon to start
paper for the first time, giving listening to the examiners’
you a real insight into what analysis interviews, but they
examiners are looking for in would probably be most useful
terms of exam performance. once you have covered the
They cover the main themes of syllabus and are starting to
each paper and give information think about the detail of a paper
on the style of the exams and and how to apply what you
how they are structured. They have learned in the exam. They
also advise on exam technique, are designed to give guidance
with tips on how to succeed and around which areas of the
potential pitfalls to avoid. syllabus students have been
struggling with in recent exam
sittings and how students can
tackle the difficulties others have
been having.
together the examiners’ reports
from the first three sessions of the
ACCA Qualification, illustrating that
some mistakes are being repeated
consistently and highlighting
critical areas of the syllabus to
focus on. Remember, this does
not mean one of those areas will
necessarily be examinable in the
next session. These interviews
were produced in February 2009
and are valid until December 2010
– areas flagged as critical could,
therefore, be examined at any
point during this period of time.
It is still very important to
make use of the individual
examiners’ reports available in
Student Accountant and on the
ACCA website, as well as listening
to the analysis interviews. After
you have worked through a
practice question, refer to the
relevant examiner’s report and
you will find an analysis of that
question, what the examiner is
looking for in a good answer,
typical answers given by
students, why they might not be
relevant and so on.
All of these resources and
others such as the Syllabus
and Study Guide, past papers,
examinable documents and
technical articles can be
accessed at www.accaglobal.
com/students/acca/exams/
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 STUDENT ACCOUNTANT 10/2009
59

EXAMINABLE
DOCUMENTS
RELEVANT TO ACCA QUALIFICATION AND CAT STUDENTS
The examinable documents ACCA QUALIFICATION CAT QUALIFICATION
EXAMINABLE MATERIAL, INCLUDING ANY RELEVANT ACCOUNTING

section of the ACCA website Paper F3, Financial Accounting Paper 3, Maintaining
THE EXAMINABLE DOCUMENTS SECTION OF THE ACCA WEBSITE

includes exam notes which www.accaglobal.com/students/ Financial Records

provide guidance on examinable acca/exams/f3/examinable www.accaglobal.com/students/
material, including any relevant cat/exams/t3/examinable_
accounting and auditing Paper F4, Corporate and documents
documents for Papers F3, F7 Business Law
AND AUDITING DOCUMENTS FOR PAPERS F3, F7 AND P2.
INCLUDES EXAM NOTES WHICH PROVIDE GUIDANCE ON

and P2. www.accaglobal.com/students/ Paper 6, Drafting

Visit the web links on this page acca/exams/f4/docs
to take you to the examinable
documents for your paper. Paper F6, Taxation
www.accaglobal.com/students/
acca/exams/f6/exam_docs/
Paper F7, Financial Reporting
www.accaglobal.com/students/
acca/exams/f3/examinable
Paper F8, Audit and Assurance
www.accaglobal.com/students/
acca/exams/f8/examinable
Paper P2, Corporate Reporting
www.accaglobal.com/students/
acca/exams/f3/examinable
Financial Statements
www.accaglobal.com/students/
cat/exams/t6/examinable_
documents
Paper 8, Implementing
Audit Procedures
www.accaglobal.com/students/
cat/exams/t8/examinable_
documents
Paper 9, Preparing
Taxation Computations
www.accaglobal.com/students/
cat/exams/t9/exam_docs

Paper P6, Advanced Taxation

www.accaglobal.com/students/
acca/exams/p6/exam_docs

Paper P7, Advanced Audit

and Assurance
www.accaglobal.com/students/
acca/exams/f8/examinable