PQ magazine June 2019 www.pqmagazine.com / www.pqjobs.co.

uk

WHO IS LOOKING AFTER YOUR MENTAL WELLBEING?

Do the accountancy bodies do enough to ensure lies firmly with training providers, who have students and members, has also been ground-
the mental wellbeing of their students? Mental direct contact with the students, and their breaking in this area. We can’t praise this
Health Awareness week took place from 13-19 employers. organisation enough. It launched its latest
May, and PQ was shocked at the lack of help There are expectations, and CIPFA appears to mental health campaign in mid-April with the
and advice coming from the profession. be leading the way. It is currently working with aim of boosting resilience, and helping people
As we have been told, there is no regulatory the South East Student Network to develop a balance the pressures of work, life and exams.
requirement for the bodies to support students programme of support that it plans to roll out to • Watch out for our ‘Wellbeing – State of
with mental health issues. That responsibility other areas. CABA, which works with ICAEW Accountancy’ survey next month.

PRACTICE WILL
MAKE PERFECT
ACCA is introducing a new ‘Practice
Solution’ platform that will shake-up the
to develop their own version of the ACCA
platform, free of charge. They will be then able
tuition market and directly help students to host their own content and questions, mark
manage the changeover to CBEs at the these questions and provide feedback.
Strategic Professional level in 2020. ACCA told the GLPC that after the first wave of
As part of a wide-ranging package of support Strategic Professional CBEs it will be phasing in
the practice solution will contain exam questions the CBE exams into other countries from
that replicate and mimic the exact look and feel September 2020. However, after listening to
of Pearson Vue software. feedback it has decided there will be no parallel
All students will also be given access to running of CBE and paper exams. “This only
specimen and past exams via ACCA ‘instance’. adds to students’ confusion,” said Judith
This will be free, and PQs will be able to access Bennett, Director of Professional Qualifications.
this as often as they like. ACCA has also unveiled a new data analytics
James Patrick, ACCA Head of Professional unit for the Ethics and Professional Skills model,
Education, told the Global Learning Providers’ and is looking to introduce an element of peer
Conference that the practice solution platform assessment capability in the case study unit.
“will help students understand the exam Students will have to submit a presentation,
software inside out”, so they can demonstrate which will then be assessed by other students.
their finance ability in the live online exam. “We So, all students are to become assessors!
believe that replicating this live environment will Further peer assessments are planned to be
really help students,” Patrick explained. introduced in other assessments over time.
In terms of timescale, the first practice looking for launch date of June 2019. There are Finally, two new technical performance
solution will be available nine months before the plans to then extend the platform to the Applied objectives have also been added to part of
first strategic professional CBE. The first exams Skills Level. ACCA’s PER. Business advisory, and data
(being piloted in UK, Ireland and Czech The practice solution platform is not just for analysis and decision support are now areas
Republic) are in March 2020, so ACCA is students. Learning providers have been invited PQs can focus on.

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 comment PQ

CONTENTS June 2019 How’s your mental health?

News 24CIMA exam tips How to take
control of the exam process and PQ magazine recently wrote to all the accountancy bodies
06CIMA exam results Pass
rates are holding up well cut out the stress asking them how they support the mental wellbeing of their
08ICAEW exams March sees an 26June ACCA exam tips Top students and members. We know that employers and training
impressive set of results advice from top tutors; and providers have a duty of care, but I feel the bodies should also
10ACCA conference Learn to improving your word power understand that they should be ‘part of the solution’, too. Some students
love IFRS, students are told 29Careers Life in a small spend many years becoming qualified, and along the way suffer
Features, etc practice; study resources for numerous setbacks. How would you feel if you failed an exam 10 times?
CIMA PQs; and our book review
04Mind your Ps&Qs OPBAS This got us wondering if the bodies had a duty of care here. We’ve had a
doesn’t know what it’s doing; 30Fun stuff – and our giveaways great response from them, which we will feature next month, with the
ACCA lost my exam content; and The columnists
why you are loving the apps launch of our own fact-finding wellbeing survey. We want you to tell us
Robert Bruce Time to applaud the how you are feeling, and you need to be honest with us.
12Tech news An update on the profession’s unsung heroes 6
digital world, including a round- There’s a fascinating double-page spread this month to kick off our
up from Accountex Prem Sikka UK company law campaign (pages 20-21). An award-winning tutor talks about how
helps facilitate economic crime 8
14Back to basics Net Realisable education helped with her depression, and CIPFA’s Alison Sweeting
Value explained Zoe Robinson Why professional
education offers value for money 10 gives some great advice on managing exam stress. Read these articles!
15The audit market CMA calls
for split in consultancy and audit Mike Day The 5G revolution is
funtions in the big firms almost upon us 12 Small world
16Right of reply AAT’s Andrew Subscribe to PQ magazine PQ magazine recently spent a few days at
Williamson explains how the It’s FREE – see page 25 or go to Accountex, and you can read some of our
association is aiming to improve www.pqmagazine.com interviews and insights on the tech news
students’ exam hall experiences
pages this month (pages 12-13).
17ACCA update How the new JUNE 2019 ISSUE
However, it was while we were on the
qualification is working one year Total Distribution
MyFirmsApp stand that we had our best meeting! As I was catching up
after its introduction
30,506 with the team Muhammad Zuberi asked if he could say hello (see
18Conceptual framework Publisher’s statement: We send
Knowing this will take the slog picture). He said he wanted to thank me for my advice 10 years ago,
out of learning the IFRS both a paper and digital issue to a
when he was a PQ in Pakistan. He now works for Pebble Accounting in
controlled database each month.
20Mental health Could study The above figure is the combined
London and is a hugely successful chartered accountant. While I wasn’t
improve your wellbeing? doubting my advice was sound, Muhammad was able to show me
total of issues sent out this month.
22AAT results The latest figures; exactly what I had said 10 years ago on his mobile. So remember,
plus apps to help you study Free to subscribers who fulfil our whatever you say online can come back to haunt you – good and bad!
terms of control
23ICAEW CBAs Why these Annual subscription: £35 (£50 overseas) Graham Hambly, PQ magazine editor (graham@pqaccountant.com)
assessments are nothing to fear

WIN A FREE AAT MODULE

PQ magazine has joined forces with Premier
Training to offer this great giveaway
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You can choose any module from the AAT accounting or
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PQ email graham@pqaccountant.com

HAVE YOUR SAY social media

ROUND-UP
A rocky road market, did the OPBAS review
If, as the article in May’s PQ cover this? It should have done. We loved a recent picture posted
suggests, “AML supervisors still There are documented cases of on one of our favourite Facebook
seem in denial about money foreign government ministers groups showing how one student
laundering”, then what is OPBAS decamping with public funds and felt about passing her tax exams –
doing about it? That’s where the investing in London property. Two those books went straight in the
failure is. UK regulators on the of the most highlighted examples rubbish. A fellow student
whole are rubbish, only seeming are the Ukrainian (or Georgian) suggested it was now time to
to be interested after the event. health minister and the Nigerian “burn them”, but we aren’t sure if
A classic example concerns oil minister. that would be good for the bin!
Northern Rock Building Society, How did former PM David
when it entered the very dodgy US Cameron have the cheek to claim
sub-prime mortgage market. They other countries were corrupt when
even announced that they were we were making it easy for some
going to do so, at a time when of their leading citizens to be so?
many of us had looked at it and At the time of one of these cases a
declined to invest chairman was OK – he resigned leading London estate agent was
in it. The regulator and took away his pension, leaving quoted as saying: “We don’t really
did nothing until his workers in a financial mess. do anti-money laundering.” However, everyone is different,
the crash. The As to the London property David Hunt, by email and one AAT admitted to keeping
all her books, even the out-of-
Our star letter writer wins a fantastic PQ mug! date tax ones. Others thought they
might need to refer to them at
More missing marks some point in the future, although
I received the same email in admitted they never have. Others
February as the student featured wondered if recycling might be a
on your letters page, who better option, or just giving them
complained about poor service away. A debate on of how useful
from ACCA (PQ, May 2019). they would be ensued. The bin
In my case, some of the content option still looked good.
of my June 2018 F6 exam paper On another site Samad Niazi
was not presented for marking and created a poll asking whether it
had since been recovered. My
mark increased from 67% to
I need was possible to pass the ACCA
SBR exams by self-study. Some
89% – a pretty substantial pqjobs.co.uk 64% of PQs felt it was. Noorali
increase, so it seems a whole Samnani was among those who
section was missed! said yes, but you need to “focus
I did wonder at the time how on past papers, examiner
ACCA would have responded if I comments, and still have a skill
had been told I’d failed the exam for discussion”. He said that there
originally; if so, I definitely would is a lot of free material available
have resat the exam before on YouTube you can access, too.
February. The Competition and Market
They did give an email address Authority’s report on audit really
to respond to if I had any queries – put the cat among the pigeons.
which I did. I got the auto reply Talha Siddiqui wondered:
that my email had been received, “Wouldn’t splitting off the audit
which said they aimed to reply business bring more objectivity to
within three working days. It’s now the whole external audit process?
nearly three months later and I’m It is an interesting debate in my
still waiting a reply (even after opinion.” Replying, Boo said: “I
resending the email in March). to question whether part of their quality, of course). The trouble is, think it’s more profit and internal
It would be interesting to know exam was not marked. too many of us are already havoc EY are thinking of. If they
how many students received this Name and address supplied spending too much time staring at were concerned about objectivity
email. I refrained from asking on our mobile devices like zombies we wouldn’t be where we are, I
the ACCA distance learning Phone trouble (me included!). It seems that that’s still think FRC has got it wrong.
Facebook page as I know how I enjoyed your new column on our fate now. Anyway thanks, and These changes leave too many
disappointed students who’ve failed study apps – there really are stacks keep up the good work. loopholes.”
an exam are and didn’t want them of them out there (of varying Name and address supplied

PQ Magazine Unit 3a, Kingfisher Heights, 2 Bramwell Way, Royal Docks, London E16 2GQ | Phone: 020 7216 6444 | Email: graham@pqaccountant.com
Website: www.pqmagazine.com | Editor/publisher: Graham Hambly graham@pqaccountant.com | Associate editor: Adam Riches | Art editor: Tim Parker |
Contributors: Robert Bruce, Prem Sikka, Mike Day, Tony Kelly, Phil Gammon, Edward Netherton |
Subscriptions: dom@pqaccountant.com | Origination and print services by Classified Central Media
If you have any problems with delivery, or if you want to change your delivery address, please email dom@pqaccountant.com
Published by PQ Publishing © PQ Publishing 2019
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PQ news

CIMA pass rates

CIMA OT PASS RATES
ROBERT Overall First time Total
BRUCE E1
P1
88%
71%
81%
52%
77%
48%

Time to
hail some
unsung
holding up well F1
E2
P2
F2
85%
95%
76%
79%
76%
89%
56%
57%
72%
87%
50%
52%

PQ magazine
heroes At 89%, the E2 OTs has the E3 87% 75% 71%
highest pass rate for first time P3 77% 61% 55%
sitters. F3 81% 62% 55%

There was a huge disconnect between

the climate change Extinction
EXCLUSIVE Meanwhile, February case study
success rates seem to be holding students will now be looking at the
The latest batch of CIMA pass rates steady, with all the papers hovering start of the new exams, which begin
Rebellion disruptions in London
show the pass rates seem to have between 57% and 61%. in November 2019. He wanted to
recently and those who have been
steadily putting reform measures in finally found their level. CIMA’s VP examinations, encourage all students to
place for over a decade. Extinction First-time OT sitters seemed to Steve Flatman (pictured), access CIMA’s transitional
Rebellion, a mass of law-abiding and struggle most with the P1 test, with told PQ magazine: “Our tool, which is designed to
mostly middle-aged folk with pink just over half (52%) passing it at students continue to help student transition to
boats at Oxford Circus and playing the first time of asking. Compare demonstrate strong be as seamless as
cello on Waterloo Bridge, made no this with E1, which has an 81% professional skills and possible. Flatman
mention of any other efforts to slow first-time pass rate. competencies through explained: “The tool
climate change, if not halt it. And their performance provides personalised
there was no reason why they should. CIMA CASE STUDY EXAMS 2018/19 – PASS RATES
in the February case advice based on individual
Their message was that they were Feb 19 Nov 18 Aug 18 May 18
study exams, and we are circumstances depending on your
the only game in town. And certainly Operational 57% 60% 49% 43%
pleased with their overall study method, the time you have
they were dead right if they were Management 61% 57% 75% 72%
referring to the pitiful efforts made by good results.” available and support level you
Strategic 58% 60% 59% 67%
all the political parties in this country, He was aware that receive from your employer.”
with the noble exception of the Green
Party, to deal with climate change.
But to suggest that no one else has
got a grip is nonsense. Business, and
accountants generally, have been
Tattoo stories please!
A few years ago PQ magazine him a copy of the logo so he could
bringing about change. It is all about asked you to send us your tattoos. give it to the artist he was refused.
ensuring that if you want something to We wanted to show that Apparently, the ICAEW felt having
change you need to measure its effect
accountants aren’t all grey suits its logo on your body might bring
and make the implications plain. This
is how a small group working on
and shiny shoes! you – and it – into disrepute! If
accounting for sustainability has We were recently told that one anyone out there would like to send
grown into a worldwide movement in ICAEW member wanted to put his us their tattoo pictures we will print
the past 15 years. All of the efforts accountancy body logo on his body, the best ones. Send them to
have been devoted to changing the but when he asked them to send graham@pqaccountant.com
way that climate-related risks are

Is ACCA’s AAA just one long bore?

reported and so made plain in
corporate reporting. A system of
integrated reporting creates outcomes
that makes climate risk plain to see.
Is the ACCA Advanced Audit and Assurance (AAA) stay awake,” explained a hapless PQ.
And being out there and obvious
study material the most likely to send you to sleep? Strategic Business Leader (SBL) was also deemed “a
makes it very hard for companies to
avoid acting on the consequences. It Students are saying they are really struggling to dry dull subject.” For one PQ caffeine was their new
has been slow, steady but brilliant concentrate on the lectures. “I felt like taking a nap,” best friend.
progress. And not a pink boat in sight. said one studier after a long session. Short bursts of study with regular breaks and a
Other students studying AAA have revealed they reward at the end of a study session were the best
Robert Bruce is an were feeling the same. Many studying towards the suggestions from fellow sufferers. The worry for some is
award-winning writer on June exam said they just plan to move quickly onto that they have started to snack on biscuits. “ACCA
accountancy for The Times answering questions. “It might make it a bit easier to absolutely ruins my diets,” said one ACCA studier.

In brief
ACCA texts for £1 Masters degrees on the rise Study-drug use increasing to help with concentration. Ten
ACCA PQ magazine readers More than a quarter of a The number of students years ago the figure was one in 20.
shouldn’t forget they can buy ACCA million master’s degrees were misusing prescription drugs to The worry is that these drug-taking
study texts from Emile Woolf for awarded in 2018, the highest on boost their performance is on the habits will be taken into higher
just £1 when they sign up to its record. It is being suggested that rise, says a new survey. One in six education and professional exams.
ACCA Club. The e-books cover the young people want the extra pupils who have sat GSCEs in the
syllabus but “without excessive qualifications to help them stand past year admit they have taken Win a free AAT module
detail”. Written in clear English, out in the job market, with the drugs for attention deficit PQ magazine has joined
they have simple layouts and a increase in first and 2.1 degrees hyperactivity disorder or narcolepsy forces with Premier Training to
large bank of practice questions being awarded meaning that offer one lucky reader the chance
and comprehensive solutions. having a BA or BSc may no to win a free AAT module. You can
Emile Woolf also has Revision longer be enough for choose any module from the AAT
Question Bank for some papers for employers. In 2018, some accounting or bookkeeping
£9.99. See www.emilewoolf.com/ 255,135 students completed a qualification (levels 2-4). Check out
book-shop/acca/ taught master’s degree. page 3 for all the details.

6 PQ Magazine June 2019

PQ news

PREM
SIKKA
ICAEW’s impressive results
PQs from ‘rival’ accountancy bodies
just 77.7% of first time sitters students passed in the Portfolio
will surely look with envy at thepassed. and Reflective Statement module
Company latest ICAEW professional exam All the other pass rates for first and 81.6% in the Role Simulation
law results! The lowest pass rates for
timers was above 80%, and for the exam.
facilitates March 2019 was for the Business Business Strategy & Technology A total of 2,743 students sat the
economic Planning – Taxation papers, wherepaper it was an impressive 92.8%. March exam, with 4,301 exams sat
crime ICAEW PROFESSIONAL LEVEL RESULTS Students (an average of 1.56 papers). In all
MARCH 2019 All First time also impressed 2,034 ACA PQs passed all the
The UK will remain a favourite Audit & Assurance 78.9% 82.2% in the Level 4 papers they sat. Some 75.8% of
destination for the proceeds of Financial Acc & Reporting (IFRS) 81.1% 84.6% Accounting students who sat three papers
economic crime because it provides Financial Acc & Reporting (UK GAAP) 79.4% 83.3% Technician passed all three, with another
the key ingredient – secrecy. Anyone Tax Compliance 80.7% 86.0% apprenticeship 12.3% passing two out of three.
from anywhere in the world can form a Business Planning: Taxation 74.3% 77.7% end-point This compares to the 73.2% of
company in the UK. Companies House Business Strategy & Technology 89.2% 92.8% assessments. sitters who sat one paper and
rarely checks the authenticity of the Financial Management 80.3% 85.6% Some 100% of passed it!
names and addresses of the directors.
The UK permits nominee
shareholdings and directors, which
conceals the identity of the ultimate Celebrating ICAEW successes Do you want
controllers and beneficiaries though
accountants, lawyers and banks acting
as nominees collect fees.
Private companies need at least
a career in
one natural person as a director and
that person need not be from the UK or
films & TV?
the EU. Public limited companies must Do you have a desire to work in
have at least two directors and one of
film and TV production
these needs to be a natural person.
accounting and have previous
Some corporate directors are based in
offshore tax havens that do not experience of working in a junior
ICAEW students from all over the world descended on Chartered
publicly identify the names of directors position in accounts or finance?
Accountants’ Hall in London for the institute’s annual International
or shareholders. Foreign shareholders Prizegiving Ceremony. Among all the sucess stories three students stood The Production Guild are
and directors, even if known, can’t be out for getting 100% in their Professional level exams: Yi Sze Ng from seeking to
forced to comply with the UK laws. Malaysia; Thomas Thoma from Cyprus; and the UK’s Natalie Bowmaker recruit
Companies are required to file and train
information about persons with 10 people
significant control (PSC) – anyone
holding more than 25% of the shares,
who can be called to account. A 2018
report found that 335,000 companies
White sent to prison
Former accountancy student launched Silk Road 2. The FBI had
across the UK to become
Assistant Production
Accountants. The programme
will last from September 2019
do not have a PSC. Some 208,000 UK Thomas White has been jailed after closed the original and notorious
firms are registered at a company to May 2020 and will consist of
being found guilty of dark web site in 2013. a month of classroom training at
‘factory’ – a location that is the
helping to operate a dark White (pictured) was Warner Bros. Studios,
registered address of more than 1,000
companies. Some 4,000 PSCs were web business dedicated finally sentenced in April Leavesden Park, followed by up
under the age of two. to the sale of illegal drugs, 2019 to five years and four to three paid work placements
Controlling company formations is and for hoarding a months after he pleaded on film and high-end TV
the first necessary step in combatting catalogue of horrific child guilty to drug trafficking, productions in the UK.
economic crime and the UK has failed sex abuse imagery. money laundering and Applicants must have a
in that task. After dropping out from making 464 category A permanent UK address and be
an accountancy degree at Liverpool indecent images of children. eligible to work in the UK.
Prem Sikka is Emeritus John Moores University (the 24 National Crime Agency investigators For more information go to
Professor of Accounting at year old managed one term), the also confiscated 50 bitcoin,
the University of Essex
https://bit.ly/2KnSHm6
former Silk Road administrator currently valued at £192,000.

In brief
Google it! what they said. You should also experience requirement to gain full Read her advice on passing the
Tottenham Hotspur google the company to see if they CIPFA membership. final level exams on page 17.
Foundation CEO (and accountant) have been in the news, she said.
Sarah Ebanja (pictured) was the Time management is key Where’s the annual report?
star turn at the recent CIPFA signs Irish deal ACCA Strategic level Food giant Kraft Heinz has
‘Step into Accounting CIPFA has signed a mutual candidates are spending too long been forced to restate nearly three
conference’ at the recognition agreement with the on Q1, says Judith Bennett, ACCA years of financial results after
College of Haringey, Chartered Accountants Ireland director of professional discovering evidence of employee
Enfield and North (CAI). The move provides a new qualifications. It means they are misconduct. In a filing to the US
East London. She said if you going route for CAI students to qualify as often answering it really well, but SEC, it said an internal probe had
for an interview then the least you both an ACA and CPFA through a then subsequent questions just get revealed the fabrication of a
must do is google the company’s public sector elective. The public bullet point answers. She said: number of procurement and
financial report and accounts. sector elective is based on CIPFA’s “Time management is essential to supplier transactions. The firm still
Read the chair’s report and at the Strategic Public Finance module. show the marker what you are hasn’t filed its 2018 annual report
interview ask a question about On passing there will still be a work capable of throughout the exam.” (as PQ went to press).

8 PQ Magazine June 2019

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PQ news

ZOE
ROBINSON
Professional
Love your standards!
ACCA FR candidates need to get to that PQs don’t really understand
education is love their standards, or perhaps why they are calculated, or what
find a lecturer who is passionate they tell us about how the company
good value about them. The FR examiner told is performing.
for money attendees to the Global Learning Similarly, whenever there is a
Providers conference that there are transfer pricing question, students
25 of them, and you “don’t need to seem to recoil in horror, no matter
be afraid to tell people the standard how easy the examiner tries to
The fee cap for a UK undergraduate is you love”. make them. Students just don’t like
£9,250 for full-time study, which
His favourite is IS38 intangible them and there are always
means a three-year degree will cost
assets, and he feels IS8 is a problems.
£27,750. This is certainly a large
amount of money but with graduate dreadful one! No one is, he claims, • We will have more on the Global
numbers increasing many must too cool not to have a favourite – Leaning Providers conference next
believe it to be value for money. remember this is a FR class and no Meanwhile, the PM examiner month. For all the top tips for the
In his book ‘The Case Against one is too cool for anything. He also explained that while variance June exam go to page 26. The
Education’, Bryan Caplan, economics said you should be creating half- calculations are done well, students ACCA’s Judith Bennett director of
professor at George Mason University, page summaries of each standard, seem to struggle with discussing professional qualifications provides
challenges the value added by to include the key summary and variances in relation to managers’ advice on how to pass the exams
universities in terms of skills learned rules. performance. There was concern too – see page 17.
and return on investment. Although his
calculations are based on the US
please let me know.” The distance learning college
market, his arguments are worth
considering here in the UK.
Which leads to a more relevant
question: how would a professional
AAT under fire wondered whether this was an isolated case.
AAT said: “We require a robust business case from
all prospective training providers, especially those
accountancy qualification stand up to AAT’s business practices have come under attack after proposing distance learning as a delivery channel,
the same level of scrutiny? Here are a a tuition provider was told to ditch its current before we are able to proceed with an application to
few numbers. In 2018, Accountancy accountancy body’s qualifications for the AATs. offer AAT qualifications.”
Age undertook a survey that showed PQ magazine has seen an email sent to a distance It told PQ magazine that the suggestion to move the
those with an accounting qualification learning provider telling them they had a ‘weak’ offering provider’s existing students onto AAT qualifications was
earned an average of £18,246 more for the full AAT qualification, in comparison to what is made as “then the number of students on AAT
than those without (£64,220 qualified already available in the market. qualifications would be higher, and as a result it would
£45,974 not qualified). Sitting
However, this college has a strong bookkeeping be commercially more viable for the provider to deliver
alongside this is the cost of a three-
year part-time course, which is about offering and hundreds of students, which the AAT our foundation certificate and advanced diploma”.
£15,000. This is a very simple account manager was interested in. The problem? ICB President Garry Carter said: “I have a great deal
comparison and as we know averages These students are already registered with the ICB. of respect for AAT, so I was surprised to hear that a
can be misleading, but it offers some The email ends by asking: “If you are open to fellow professional body had been acting in what
insight. discussing replacing your ICB offer with AAT then appears to be such an underhand way.”
But does what students learn while
studying genuinely improve their skill Technology, trust and talent are the
set? Although I am clearly biased, I
think it does. The professional bodies
work hard to ensure examinations
assess the skills most valued by
key themes of the new ICAS
qualification being introduced this
September.
A new look for ICAS
The first big change will be the will ensure students will be more will concentrate on business taxes.
employers, motivated perhaps by the
need to ensure their qualification introduction of Business Acumen relevant in the workplace. Those studying the CA
remains relevant but, perhaps most into the Test of Competence (TC). In From 2020, Assurance and qualification will also need to brush
importantly, is of value. a recent interview ICAS education Business Systems at TPS will up their quantitative skills. We are
chief Mark Allison explained that become Assurance and Data. A new talking forecasting, sensitivity
Zoe Robinson is Learning and bringing business acumen, subject of Risk and Technology is analysis and estimation here. They
Programmes Director at
commercial awareness and initial also being incorporated into the will all become an important part of
Kaplan Financial
entrepreneurial skills into level one syllabus. Meanwhile, the tax paper the new course and syllabus.

Deloitte goes legal threat by many of the current ‘Magic Circle’ of that is accessible anytime and helps enable
Deloitte’s legal arm is set to law firms. financial reporting, forensic investigations,
become a ‘big player’ in the transaction monitoring and tax calculations.
UK’s £26bn legal market. Blockchain Analyzer
New head Michael Castle said EY recently launched the second generation of CEOs divided over AI
the firm is ready to “transform EY Blockchain Analyzer, its blockchain Nearly three-quarters of UK CEOs (72%)
the legal landscape”. No mean boast. Castle, analytics tool. The first generation tool was believe AI will significantly change the way they
who hails from Allan & Overy, explained that designed to facilitate EY audit teams in do business in the next five years, but debate
the legal profession is one of the last gathering an organisations’ entire transaction still remains on how involved government
businesses to embrace wholesale digital data, from multiple blockchain ledgers, to should be in the technology’s development.
transformation. He believes that combining law reconcile that data to EY client books and When it came to regulation, PwC’s 22nd
with the firm’s pre-eminence in consulting and records, and to perform annual CEO survey found just under
technology will help the transformation. Deloitte enhanced analytics. The half of those surveyed (47%)
is, however, late to the game, with EY, KPMG new upgrade is now thought organisations should be
and PwC already having UK legal businesses. available to EY teams allowed to self-regulate the use of
The scale and financial clout of the Big 4 and non-audit clients as AI, while a similar number (44%)
accountancy firms is undoubtedly seen as a a business application disagree.

10 PQ Magazine June 2019

PQ tech news

MIKE
DAY
The 5G
From hype to reality
step-change One in three accountants believe AI The report also highlights the
is still “all or mostly hype”, while ethical challenges that lie ahead –
is almost
the rest (60%) say in three years’ accountants will increasingly need
with us time it will become a reality, to align professional competence
according to a new global research and due care with AI and machine
from the ACCA. learning.
The findings are The reports author,
There are two tech topics that are just published in a new Narayanan Vaidyanathan
around the corner that will have a
report ‘Machine (pictured), said that as with
profound impact on business and
Learning: More any technology with power
accounting – mobility and big data.
In this issue I’ll cover mobility Science than comes responsibility. He
(keep an eye out for thoughts on big Fiction’. Those explained: “In the case of
data coming soon). So, how many accountants machine learning ethical
seconds ago did you last look at a surveyed say the considerations are never
social media app? Well, you ain’t adoption of machine far away.” capabilities could impact on their
seen nothing yet! That’s because 5G learning needs to be Vaidyanathan stressed roles.
mobile networks are nearly here. The based on legitimate that at the very least all He added that to prepare for the
country’s biggest mobile network, EE, business need, rather finance professionals digital future ACCA has enhanced
is to launch 5G this summer in Cardiff, than just wanting to be seen as should know how AI is evolving and the digital content across many of
Edinburgh, Belfast, Birmingham,
using AI. be alert to how the developing its exams.
London and Manchester.
Why the big fuss? Well, because

Cybercrime soaring
5G makes several major leaps getting more commonplace. Nearly
forward. Current 4G networks transmit two-thirds of firms (65%) have
data at about 100 megabytes a experienced cyber-related issues in
second, so a full HD film takes over their supply chain in the past year.
seven minutes to download. 5G More than three out of five firms Among the firms across seven The worse affected are technology,
networks are about five gigabytes a (61%) experienced a cyber incident countries reporting attacks, average media and telecoms (TMT) and
second – so downloading the same in the past year, up from 45% in losses associated with all cyber transport firms. The majority of
film will take just 10 seconds! 2018, says the latest international incidents have risen from $229,000 firms (54%) now evaluate the
But it's also very clever. At the
report from Hiscox. Firms in last year to $369,000 – an increase security of their supply chains at
moment the quality of your 4G
Belgium were the most heavily of 61%. For larger firms cyber- least once a quarter or on an ad
connection is dependent on the
number of other mobile device targeted. losses now top $700,000. Of the hoc basis.
connections. There’s only so much While larger companies are still countries surveyed German firms • The Hiscox Cyber Readiness
capacity in any given area. This won’t most likely to suffer a cyber attack, suffered the most, with one Report 2019 looked at companies
be the case with 5G as it has far the proportion of small firms reporting a cost for all incidents of in the US, UK, Belgium, France,
greater capacity and the ability to reporting an incident is up from $48m. Germany, Spain and the
scale intelligently, according to what 33% to 47%. Supply chain incidents are also Netherlands.
it is being used for. It’s also due to
cover more geographical areas; great
news for rural businesses.
It will be like having a current fibre
cable to every phone, tablet and
Nowhere to hide from the Revenue
HMRC’s IT system, Connect, is increasingly being used hide from the sophisticated electronic searches
laptop. In the meantime, the impact
on remote working, transport and to identify income and gains that have not been available to HMRC, it’s not just about identifying
informed decision making in business declared, according to accountants Blick Rothenberg. income and gains; the searches are being used to
on any device, is going to be big – “Connect completely changes the dynamic of how provide key information about wider lifestyle questions
and great for watching Netflix, too. HMRC commits investigation resource to risk and – for example the existence of offshore assets,
enables thematic and risk-based enquiries across the expensive flights to exotic destinations, or purchase of
Mike Day, Director, UK
taxpaying population,” said the firm’s director of tax high value assets in the UK such as property or classic
Education Sector, Xero
risk, Jessica McLellan. She added: “No taxpayer can cars.”

Tech briefs
Call for mental health tax for the mental health problems London talent sought Your voice
Doctors and MPs are calling they create. Facebook has opted for HSBC UK’s innovative voice
on technology companies to pay a London to become its global centre biometrics system, VoiceID, which
mental health tax, and for addiction Ditch passwords for a payments push for its allows customers to access their
to social media to be classed as a It may be time to ditch online messaging platform Whatsapp. The accounts using their voice, has
disease. A report, from an all- passwords because they do not plan is to launch mobile payments prevented £330m of customer
parliamentary group on social properly protect people, says in several countries this year, money falling into the hands of
media and young people’s mental Microsoft’s Bret Arsenault. He pushing up staff numbers in fraudsters, the bank says. Since
wellbeing, has suggested a 0.5% revealed that some 90% of London to 400. Facebook said it the system was introduced in
tax on profits to fund research and employees (they have 135,000) chose the UK because of its 2016, more than 15,000
education. The head of NHS can now log on to the corporate multicultural workforce from fraudulent calls have been
England, Simon Stevens, has network without a password. countries where Whatsapp is identified. The technology also
previously called for a tax on social Instead, they use alternatives such popular. Whatsapp is far more provides a library of fraudsters’
media companies. He believes they as biometric services, which scan popular in the UK and India than voiceprints to check against new
should pay to fund the treatment faces or fingerprints. the US. incoming calls.

12 PQ Magazine June 2019

 Accountex news PQ

Why cash is still king

Every UK small business is owed an average
£24,841 as a result of late payments, according
to the latest analysis from Xero’s Small Business
Insights.
Xero’s director of Partner and Product, Damon weeks late. Anderson said that in the 10 years
Anderson, told PQ magazine at Accountex that since the Prompt Payment Code was introduced
late payments cause a real cashflow squeeze there has been no improvement in this area.
that contributes heavily to some 50,000 small More government legislation may be needed.
business failures a year. In the meantime, he believes that using the
He explained that the average number of days tech provided by firms such as Fluidly and
for a small business invoice to be paid in Iwoca will help small firms help themselves by
February 2019 (30-day term) was 40.3 days. building real time information, identifying the
The data also shows that FTSE 350 companies cash gaps and helping them get access to
pay in 46 days on average, or more than two Damon Anderson capital when they need it.

Open Banking has arrived Top 10 guide to the best

Earlier this year, FreeAgent became
the first UK accounting software to
offer direct bank feeds via the Open
We are not there yet, but
eventually businesses will be able
to initiate payments in the software
MTD bridging software
Here’s MyFirmsApp’s Allison
Banking platform, FreeAgent’s Nick via the platform. We are not just Plager’s Top 10 bridging software
Longden (inset) told PQ talking about the supplier for Making Tax Digital (MTD) for
magazine. here but payroll, too. VAT:
Now part of the RBS Businesses will also 1 Absolute Accounting Software
and NatWest group, be able to share 2 Accu-Man
FreeAgent’s initial feeds financial accounting 3 Andica
were open to a selected data easier. So if you 4 BTCSoftware
group of test users, with need a loan, mortgage, 5 Clear Books
a wider roll-out planned invoice factoring or 6 Forbes Computer Systems
for later in the year. insurance the decisions will 7 IRIS Software Group
However, it’s what Open Banking become almost instant. That access 8 Norais Software Solutions
enables business to do next is that to finance is critical for many 9 Vital Code
is making Longden excited. businesses. 10 Wolters Kluwer UK

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PQ Magazine June 2019 13

PQ AAT exams

Back to basics: Net

and the value of inventory would be reduced to
£4 per unit. The adjustment recorded as an
expense in the profit and loss account.
Slightly more complicated are situations where
the goods are damaged and require some form

Realisable Value
of repair to be placed in a saleable condition,
albeit possibly with a different sales price.
Consider the example above with a different
situation whereby the items need to be repaired
at a cost of 35p per unit to achieve a sales price
Struggling with how to value inventory? Rob Wyatt recaps the basic of £5.25 The sales price is higher than cost, but
principles of valuing inventory using the Net Realisable Value technique the repair charge must be taken into account
giving an NRV of (£5.25 – £0.35 =) £4.90. Once

O
ne important aim of the Statement of circumstances such as obsolescence, physical again the inventory would be reduced to the
Financial Position is to accurately deterioration, etc, it can be lower. The lower value with an appropriate charge to the
report the value of the enterprise. The requirement for financial reporting is to use the P&L.
‘true’ value of assets is achieved in various ways lower of historic cost or NRV.
using a variety of techniques and one Exam tips
requirement when valuing inventory is the idea How is it calculated? 1. Be careful not to simply adjust to NRV.
of ‘net realisable value’ (NRV). Adjustments can arise in different ways. The Adjusting the example above again, consider a
0NRV represents the net simplest is where re-packaging charge of 50p per unit and a sales
value, real or estimated, to obsolescence, or similar, price of £6 per unit. While there is a vastly
the enterprise after selling reduces the selling price. reduced sale price (£10 – £6) the comparison of
costs have been considered. For example, inventory NRV to historic cost is still paramount. In this
For example, if there is are bought for £5 per unit with situation the NRV is (£6 – £0.50 =) £5.50,
costs required to prepare the initial intention of which is higher than historic cost meaning that
the inventory for sale then selling at £10 per unit no adjustment is required.
those should be deducted would be held in inventory 2. Make sure inventories are not overstated. The
from the expected selling at the lower value, namely valuation of inventories based on the lower of
price. £5 per unit. cost or NRV is an example of the prudence
In normal circumstances, However, if the market concept being applied. To present a ‘fairer’
NRV would be higher than price dropped to £4 per picture of the enterprise it is essential that
historic cost, leading to unit then the NRV is now inventory values are correctly reviewed. PQ
potential profit, but in some lower than historic cost • Rob Wyatt is an AAT tutor for AVADO

A leading qualification
for a changing world
The role of the professional accountant is becoming more
important than ever.

That’s why we’re evolving the ACCA Qualification to keep

it current and maximise your employability to give you the
professional edge in a changing world.

Key changes include:

Session CBEs Ethics and Professional Strategic

Available now Skills module Professional
Available now Available now

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accaglobal.com/examchanges

14 PQ Magazine June 2019

 audit change PQ

CMA joins call to split

audit and consultancy
T
he UK Competition & Markets Authority
(CMA) says legislation is now needed to
address both the lack of choice and
competition in the audit market. There is also
genuine concern about the vulnerability of the
industry to the loss of one of the Big 4.
The CMA is recommending the separation of
audit from consulting services, mandatory ‘joint
audit’ to enable firms outside the Big 4 to
develop the capacity needed to review the UK’s
biggest companies, and the introduction of
statutory regulatory powers to increase
accountability of company audit committees.
CMA chairman Andrew Tyrie said too many
audits fall short, with more than a quarter of big
company audits considered sub-standard by the
regulator. “This cannot be allowed to continue,”
he stressed.
He went on: “The government now has three
reports to hand. In large part, they come to
similar conclusions. Conflicts of interest cannot
be allowed to persist; nor can the UK afford to
rely on only four firms to audit Britain’s biggest
companies any longer. Early action will require
legislation – hence the CMA’s proposals.”
The CMA recommendations are:
• Operational split: Auditors should focus
exclusively on producing the most challenging
and objective audits, rather than being
influenced by their much larger consultancy The Competition and Markets Authority has released its proposals to
businesses. Given the difficulties with an ensure audit competition. It’s now over to the government to implement
immediate global structural split, at this stage
the CMA is only recommending an operational the changes
split of the Big 4’s UK audit work. This will
require separate management, accounts and • Audit committees: The CMA says it is enhance public trust and investor confidence is
remuneration, a separate CEO and board for the essential that audit committees choose auditors paramount. But CBI President John Allan said:
audit arm, separate financial statements for the by seeking those likely to provide the most “The guiding star for any reforms must be a
audit practice, an end to profit-sharing between robust and constructive challenge to the focus on what works.” He felt that mandating
audit and consultancy, and promotions and accountancy practices of their companies. That joint audits will add cost and complexity for
bonuses based on the quality of the audits. means the regulator should hold audit business, with no guarantee of better outcomes.
• Mandatory joint audits: More choice and committees more vigorously to account. This Operational splits could also restrict access to
competition for audits of big businesses can and may include ensuring that committees report the skills required to carry out complex audits.
should drive up their quality, but the barriers to their decisions as they hire and supervise Allan suggested that other ideas, such as
entry for ‘challenger’ audit firms are currently auditors, and that the regulator issues public greater scrutiny of audit committees by the
large. The CMA is recommending mandatory reprimands to companies whose committees fall regulator have merit and could safeguard
joint audits to help increase capacity at the short of adequate scrutiny of their auditors. against high-profile corporate failures, which
challenger firms, choice in the market and • Five-year review: The regulator should review have rightly prompted searching questions.
thereby drive up audit quality. It believes the effects of these changes periodically, in the He explained that with the Byron review yet to
challenger firms should work alongside the Big 4 first instance in five years from the full report a false move now could create yet more
in these joint audits and jointly be liable for the implementation date. It is then that they should uncertainty and undermine confidence in
results! There may be initial limited exceptions to look to see whether to go beyond the operational corporate Britain.
the requirement, based on criteria set by the split already proposed, and how to fine-tune the It is also being reported that several of the Big
regulator, focused on the largest and most joint audit remedy to adapt to market 4 are now considering the options of a judicial
complex companies. However, any company developments. review of the recommendations. They seem to
choosing a sole ‘challenger’ auditor should be However, there is one professional body that is be particularly worried about the introduction of
exempt, says the CMA. It is envisaged that the not happy with the CMA’s recommendations and mandatory joint audits.
joint audit requirement should remain in place is prepared to say so – the CBI. The UK’s This proposal ‘surprised’ many, given the level
until the regulator deems that choice and premier business organisation says some of the of opposition from companies in their
competition have improved enough to address CMA’s audit recommendations risk damaging submissions to the study, and the lack of
the vulnerability of the market to the loss of one UK plc’s world leader reputation. evidence that such a move improves audit
of the Big 4. It said that improving the quality of audit to quality. PQ

PQ Magazine June 2019 15

PQ right of reply

Getting it right
third party software they will have in place to
manage AAT assessments. Training providers
applying for approval must declare they have all
the relevant software required. They must also
confirm that the information held on Find an

in the exam hall

Assessment Venue/Find a Training Provider on
AAT’s website is accurate and unambiguous.
External Quality Assurers carry out occasional
spot checks during visits to training providers, to
ensure they continue to have appropriate third-
party software. And our Regional Account
Andrew Williamson, Director of Marketing and Commercial at the AAT, Management team works with our existing
responds to PQ readers’ criticism of the association’s exam hall software training providers to ensure that the information
on Find a Training Provider and Find an

I
’m writing in response to an article in the Assessment Venue is an accurate representation
April issue of PQ magazine and wanted to of what they can actually offer students.
feed back directly on our approach to As an awarding body it is important that our
working with training providers to ensure third- assessments run smoothly. We expect our
party software is in line with our requirements. training partners to provide a high-quality system
As the original article correctly outlined, some and up-to-date software in order to allow this to
AAT assessments use third-party software such happen in their college. We have only
as SAGE. This is important because it enables occasionally received a complaint from a student
us to provide real-life scenarios and assess about their training provider regarding issues
students using software they would be expected with their third-party software. Any complaints
to be familiar with in an accountancy role. are noted but we always require students to
AAT takes its responsibility for communicating exhaust the complaint process with their training
with training providers about the importance of provider before it is investigated further by AAT.
third-party software seriously. We regularly If we receive a number of complaints about a
communicate via email, in meetings and at our training provider we may instigate an early
annual conference so training providers are Andrew external quality assurance visit or place the
continually reminded of the importance of Williamson provider on sanction while we investigate the
keeping their systems and software up-to-date. matter further. However, on this occasion, we
The training provider approval application have not had any significant complaints and so
forms include questions specifically around what we’ve not needed to do this. PQ

Get a qualification that keeps you ahead of the curve

accaglobal.com/PQ

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16 PQ Magazine June 2019

 ACCA update PQ

Qualification for today

Judith Bennett outlines how
the new ACCA qualification,
introduced last year, is
progressing

C
hange is the new normal, and
since we relaunched ACCA’s
qualification in 2018 there’s
certainly been a lot of change to ensure
the skills we are testing in the
qualification are aligned to the needs of
employers, and we are now seeing a lot
of progress and positivity. To ensure PQ
readers are performing as well as they
should in their ACCA exams, I wanted to
offer a few timely reminders for future
success and share some of our latest
updates that will ensure the skills you are questions are written in bullet points. At interactive unit on data analytics covering
developing keep you in demand. this level, trying to convey their answers big data, different methodologies for data
ACCA’s new Strategic Professional in bullet points is unlikely to score marks, analytics such as robotics, AI, and
exams had their third sitting in March, and so time management is essential to machine learning, and the associated
producing a set of good results, including show the marker what you are capable of ethical and security issues.
those for Strategic Business Leader and throughout the exam. It also covers the legal implications of
Strategic Business Reporting. Many Successful students tell us they using and storing data, and explains how
congratulations to all the students who prepare by practising full exams to time, data analysis can be presented and
have passed these exams, especially also focusing on answering the question communicated, allowing people to make
those students in many different parts of as set and responding to the good business decisions. Importantly the
the world who have achieved excellent stakeholder’s needs as appropriate. It unit also includes scepticism in data
prize-winning marks. really does help and we think this is analytics, one of the key professional
Results for Strategic Business super practical advice. skills required of any finance
Reporting were the highest since launch. Evidence of helpful practice can also professional.
What’s really gratifying about this is the be seen in the results for the Applied This means that data results should
way students have approached this exam Skills exams and how students are using never be taken at face value and that
with advice and guidance now being the spreadsheets, for example. Here, ‘too-good-to-be-true’ results need to be
taken on board. practice can help you develop shortcuts explored in detail before any decisions
ACCA’s Catherine Edwards wrote an that you can use in the exams to save are made. Uniquely, as part of this
article for PQ recently, explaining how time and let you focus on your response. module, students have to undertake a
markers reported that they felt students And remember, in our spreadsheet practical exercise to carry out data
were approaching Strategic Business questions the marker sees what’s in and analysis, using statistical techniques, and
Reporting just like the former P2. In behind every cell, not just the answer, so make recommendations based on that
Strategic Business Reporting, students you will get marks for workings. analysis.
have to analyse the data and present Rehearse all your questions on a
their findings to stakeholders and we’re computer. If you are with an approved Connected to emerging technology
now seeing more students doing just this. learning provider, they should set your Of course, as well as getting students to
And even more pleasingly, we’re homework questions on computer. Or if practise data analysis in the EPSM, the
seeing strong evidence that students are you are using our approved content ACCA qualification has digital content
starting to understand how to refer to the material, use the Constructed Response embedded throughout the exams;
conceptual framework in their answers. Workspace. The more practice you do, starting with Accountant in Business all
There was another great article in PQ by the more familiar you will become with the way through to the Strategic
Tom Clendon, a tutor with Avado, who the exam tools to help you in the exam. Professional exams. Subjects such as big
explained the use of this very clearly and data, Fintech, cybersecurity, audit data
students will be expected to apply this Digital, ethical and successful analytics and more are covered to ensure
framework in every exam (PQ, April ’19). Launched in October 2017, our ground- the relevance of the qualification.
breaking Ethics and Professional Skills With the profession going through rapid
The power of practice Module (EPSM) is designed to support change, we’ll ensure we’re giving you –
Our main advice for Strategic your exam success. It provides you with our students – the knowledge and skills
Professional exams is twofold: time the full spectrum of advanced ethical needed for the workplace today and the
management and practise, practise, and professional skills employers need future. Our syllabus is updated each and
practise! from accountants. every year to ensure that you have the
With time management, we see We’ve recently introduced two new awareness and skills needed for your
evidence in all exams at Strategic units into the module. The first careers, understanding what it means to
Professional that students are spending specifically outlines to students how to be a professional accountant in the digital
too long on the first question and use the learnings from EPSM to succeed world. PQ
although they are often answering it in Strategic Professional exams. And the • Judith Bennett is the ACCA’s director
really well, responses to subsequent second unique innovation is a new of professional qualifications

PQ Magazine June 2019 17

PQ Conceptual Framework

To know or not to know:

that is the question
A
s a tutor of financial reporting papers of
many years’ experience, I always find
that students are overwhelmed by the
number of Accounting Standards that they need
to remember in financial reporting papers. Well,
they think that they need to know them all! What
is in fact more important is to remember the
Conceptual Framework.
This contains the concepts and principles that
created all of the Accounting Standards.

The Conceptual Framework

The Framework identifies the five elements of
financial statements:
• Assets: These are resources controlled by an
entity as a result of a past event that will lead to
a probable inflow of economic benefits into the
Richard Poole explains why knowing the
business. Conceptual Framework will take the slog
• Liabilities: These are obligations of an entity
arising as a result of a past event that will lead to
out of learning accounting standards
a probable outflow of economic resources from
the business. Conceptual Framework: asset.
• Equity: This is the residual net assets of an • It meets the definition of an element. • The expenditure on the asset can be
entity after deducting its liabilities. • It is probable that future economic benefits will measured reliably.
• Income: This increases the economic benefits flow to or from the entity. It can be seen again that by knowing the
for the business during the period. • The item can be measured reliably. Conceptual Framework we can generally identify
• Expenses: These decrease the economic IFRS 15 asks us to address a number of if development expenditure should be
benefits for the business during the period. steps. Within these steps, the key things that the recognised.
The Conceptual Framework also identifies standard tells us to do is:
when the elements can be recognised in the • ‘Identify the contract’ Leasing
financial statements. It says that an element – Is it probable that the selling entity will In relation to Leasing, IFRS 16 says that a lease
should be recognised in the financial statements receive consideration? is probably a finance lease if one of the following
if: • ‘Determine the transaction price’ applies:
• It meets the definition of an element. – The entity must estimate the amount it • Ownership of the asset transfers at the end of
• It is probable that future economic benefits will expects to receive. the lease term.
flow to or from the entity. – It is highly probable that a significant • The leasee has the option to purchase the
• The item can be measured reliably. reversal in the amount of revenue recognised asset for less than its expected fair value and
I always reassure my students that they can will not occur. this is reasonably certain (probable) to occur.
give a very good answer for most exam It can be seen that with a reasonable • The lease term (including secondary periods)
questions that are testing accounting standards knowledge of the Conceptual Framework that it is for the major part of the asset’s economic life.
just by knowing the Conceptual Framework. is possible to conclude on whether we should or • At the inception of the lease, the present value
Let me explain this further, with examples of shouldn’t recognise revenue in most scenarios. of the lease payments amounts to substantially
how easy it is to talk about an accounting all of the fair value of the leased asset.
standard, even if you don’t know the accounting Intangible assets • The leased assets are specialised.
standard, as long as you know which element is When we consider intangible assets (including • The leasee will benefit from changes in the
being addressed in the accounting standard. Research and Development expenditure) we are asset’s residual value.
There are many examples, but I will focus on considering the recognition an ‘asset’ as the • The leasee can continue the lease for a
just three accounting standards. element here. secondary period in exchange for rent payments
In some cases, development expenditure may that are much lower than market rates
Revenue meet the recognition criteria. (probability needs to be considered).
IFRS 15 asks a lot more questions now about IAS 38 Intangible Assets stipulates that this is
whether we should recognise revenue than the only the case if ALL of the following conditions To conclude
previous revenue standard did. are met: I am not in any way suggesting that students
In terms of the element that we are talking • Completion of the asset is technically feasible. shouldn’t try and learn their accounting
about from the conceptual framework, this • The intention is to complete and use or sell standards. However, it is a very useful tool to
standard is addressing ‘income’. the asset. have in your exam technique repertoire to know
Even if I don’t know what IFRS 15 says and I • The asset can be used or sold. the code (Conceptual Framework) that created
am asking whether income should be • The asset will generate future economic the accounting standards. PQ
recognised, most scenarios can be answered by benefits. • Richard Poole FCCA is a freelance classroom
looking at the recognition criteria of the • Adequate resource is available to complete the lecturer and online tutor with FME Online

18 PQ Magazine June 2019

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From the moment you begin your ACA training,
you can access all our services - for free and in the
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• Telephone life coaching
• Emotional support
• Health and carer support
• Financial assistance Call CABA +44 (0) 178888 5556 366
• Business start-up support CABA 24 hour helpline 0800 107 6163 (UK only)
• Debt advice Talk to us 24 hours a day caba.org.uk/letstalk
• Personal and professional development courses Email enquiries@caba.org.uk
• Legal advice $OOFDOOVDUHVWULFWO\FRQôGHQWLDO
• Career coaching
caba.org.uk
• Family support
PQ mental wellbeing

Alice, now an experienced

accountant and lecturer,
explains how getting an
education helped her cope
with depression
he struggle with mental health is
Can education
a struggle because I began to believe I all-time low. Wondering how I was going

T felt by many people in all

different forms. The problem with
this illness is that it has no physical
wasn’t clever enough. In time this made
me more determined than ever to show
those around me what I could do.
to complete my teaching qualification
caused me anxiety and deep depression.
However, teaching is like acting, and
existence. Many people are suffering So I enrolled at college and completed being in front of a class was an act – no
without others knowing; they suffer in a GCSE Accounting and Computerised one had a clue what was happening
silence. Accounting course successfully. I then inside my head. My students and their
Many people don’t understand the had to make the decision about whether success was my focus and all that
impact they can have on what others say to carry on and complete my AAT or not. mattered in that time in the classroom.
and do. It can have such a negative Outside the classroom things were
effect on those who are suffering from a Voices in my head different, but my motivation grew stronger
mental illness. Having personal The voices in my head said no – you are and stronger the more I was told that I
experience of mental health issues, I not clever enough. But my stubbornness, would struggle, that it would all be too
totally understand how this can affect determination and the fact I wanted to much for me, and that I should pack the
your life and that of the people who prove everyone wrong motivated me to course in. However, I proved them wrong.
surround you. enrol. Having gained exemption from I did complete my Certificate in
However, I used my illness as a Level 2 I completed the course Education and graduated from
motivator. Don’t get me wrong. There successfully in less than two years. Huddersfield University.
were many times I would struggle to even Within this time I also set up my own Then came the biggest challenge of my
get out of bed, but every day I made sure accounting practice which, 20 years on, life. Do I enrol onto a BA in Education
I had a reason to. One area of my life I is still trading. and Professional Development? I asked
focused my attentions on was my I didn’t stop there! After AAT I decided for advice from certain members of my
education and building a career. to do something I never would have family and what was said to me has stuck
Studying became a focus for me. It dreamed of; I trained to become a with me. Instead of hearing yes, you can
stopped me thinking negatively. It gave teacher. After 15 years I am still teaching do it, or yes, we are so proud of what you
me something to aim for. Having been the AAT and still loving it. This career have achieved, I got told “go ahead if you
told all my life that I wasn’t academic or path became my saviour. While studying want to be the one in the graveyard with
clever enough, I knew studying would be for my teaching degree my illness hit an

ICAEW
COMPUTER-BASED EX AMS

ACA exams are changing

GUIDANCE AND SUPPORT FOR STUDENTS
The transition to computer-based exams is nearly
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H[DPZLOOPRYHWRFRPSXWHU$OO3URIHVVLRQDODQG
$GYDQFHG/HYHOH[DPVDUHQRZFRPSXWHUEDVHG
Find out more at icaew.com/cbe

‘ Practise, practise, practise. The practice

software provided on the ICAEW website is
crucial for computer-based exams. You have
to get used to the software and make full use
out of it. If you can master the software, it can
really help you in answering the exam.’
Ilyana Ibrahim
ACA student

20 PQ Magazine June 2019

 mental wellbeing PQ

n aid mental health? letters after their name but who has not illness I do believe it has helped me
achieved anything”. become stronger and it has also enabled
That moment was a turning point for me to understand what triggers my state
me. I did enrol but I ended up deferring of mind and how to avoid those triggers.
due to my state of mind. I then started Many of the issues I have dealt with
my studies again because I realised that over the years have been caused through
if I completed during a specific academic verbal abuse. I really don’t think people
year I would graduate at the same realise what damage they can cause to
ceremony as my daughter. So although others just through what they say and
my motivation for completing changed, it how they say it. I believe if we all think
enabled me to successfully achieve a BA before we speak it may just stop
(Hons) 2:1. someone who is suffering feeling
worthless and invaluable.
Looking for approval My advice to anyone who is going
On reflection, I realised I was constantly through similar issues is to pull on your
looking for approval from one particular strengths and use them to motivate you
person in my life. Because this never into becoming a success. If people
came I kept striding for the next around you are negative towards you
qualification, the next promotion, etc, show them you can do it and don’t let
and I wouldn’t change it one bit. them control your future. Remember, you
Whatever happened has made me who I may have a bad day and that’s ok
am today and I am extremely proud of because tomorrow is a new day. Start the
my achievements and the work ethic I day off positive and show the world you
have passed on to my children. are worthy of whatever you want. PQ
Although I will never be free from my • The author’s name has been changed

Managing exam stress

Alison Sweeting offers some longer than planned, try to keep to the schedule energy – snack on nuts for an instant boost.
and make sure you get plenty of rest. • Try to build exercise into your day. Even
pointers on how you can cope • Speak to your employer about study leave and something as simple as a 20-minute walk will
with the anxiety that exams workload if you find you are struggling to keep on recharge your batteries, activate endorphins and
top of everything – they may have support and give you some fresh air. You might think this is
inevitably bring with them resources available to you. taking you away from your revision, but you’ll
• Remember your tutors are there to help, even come back to your studies feeling energised and

F
eeling tired? Can’t sleep? Wake up in the once your classes are over. Make use of the refreshed.
middle of the night worrying about forum on CIPFA Learning to discuss problems. During your exams, the above tips still apply –
whether you’ve done enough revision? • If you feel it’s all getting a bit much, try some eat properly, get plenty of sleep, stay hydrated
You’re not alone – in the lead-up to your exams, breathing exercises. This is a simple way to calm and remember the breathing exercises when you
it’s very common to feel stressed. feel stressed. Try to avoid last-minute cramming
While it’s great that you’re taking your exams on the day of your exam, if you can.
seriously, if you don’t manage your stress At CIPFA, we recognise that students can feel
properly it can end up harming your chances of stressed, especially in the lead up to exams. Our
success – to say nothing of harming your trainers are always available in the classroom or
physical and emotional wellbeing. online via CIPFA Learning, so students can talk to
So what can you do to manage stress or their tutor or to the Training Delivery Manager
anxiety? In the revision period: about any issues.
• Plan your revision so that you have a clear idea We are currently working with the CIPFA South
of what you are going to revise and when. East Student Network to develop a programme of
Allocate time based on your understanding of the support that can be rolled out to other areas.
subject and how you’ve performed in practice Examples of initiatives we are trialling include a
tests or mock exams. mindfulness/breathing class during the revision
• Print out your revision plan and stick it period and the creation of a CIPFA Learning page
somewhere to keep track of your progress. Try to yourself when you’re feeling stressed. You can for all students, which will contain wellbeing
stick to the timings you’ve given yourself. find good examples of breathing exercises at information and links to useful resources.
• Try to revise in a quiet and tidy space. If it https://tinyurl.com/ycaj6aoz In the meantime, get in touch if you need
helps, listen to music. • Eat properly. It may be tempting to eat lots of advice or support, or with any suggestions for
• Take regular breaks and stay hydrated. Try to sugary snacks to get that instant burst of energy, how CIPFA could better support student health
avoid caffeine and alcohol – water all the way. but a sugar high is followed by a sugar low. and wellbeing: Alison Sweeting, Training Delivery
• Tempting as it might be to keep studying for Focus on a balanced diet with lots of protein for Manager – alison.sweeting@cipfa.org PQ

PQ Magazine June 2019 21

PQ AAT exams

Level Assessment name Short Code Worldwide

AAT RESULTS
AAT has now published its annual pass rates for the
Level 1
Level 1
Level 1
Level 1
Access
Bookkeeping and Accounts
Computerised accounts
Computerised Payroll Administration
AA
BKAC
COPA
CPYA
88.4%
84.7%
93.2%
89.3%
Level 1 Spreadsheets software SPRS 95.0%
year ending 31 December 2018 Access Access to Accounting Software AASW 81.3%
Access Access to Business Skills ABSK 95.1%
Assessments only Level 1/Access Foundation Advanced Professional
Access Access to Bookkeeping ATBK 95.4%
CBA pass rate 91.6% 84.9% 71.8% 62.0%
Foundation Bookkeeping Controls BKCL 74.6%
AAT has four graded qualifications. The table below shows a summary of Foundation Business Communications,
the grades awarded for each qualification between 1 March 2018 and Personal and Learning Skills BPLS 95.1%
28 February 2019. Foundation Bookkeeping Transactions BTRN 88.8%
Foundation Elements of Costing ELCO 93.2%
Qualifications and grades awarded Pass Merit Distinction Foundation Foundation Synoptic Assessment FSYA 84.8%
Foundation Certificate in Accounting 4% 43% 52% Foundation Introduction to Business and
Foundation Diploma in Accounting and Business 10% 71% 19% Company Law IBLW 53.3%
Advanced Diploma in Accounting 26% 54% 20% Foundation Introduction to Payroll INPY 89.1%
Professional Diploma in Accounting 51% 45% 3% Foundation Using Accounting Software UACS 87.3%
Advanced Advanced Bookkeeping AVBK 61.2%
Advanced Advanced Diploma Synoptic Assessment AVSY 61.1%
The latest AAT results are now out there, and it’s good to see the Professional
Advanced Final Accounts Preparation FAPR 77.2%
Diploma Synoptic assessment pass rate is moving in the right direction – it’s
up to 56.7% from 50.9%. There has also been a healthy rise in the CTRM Advanced Indirect Tax IDRX 79.1%
and AVSY pass rates. CTRM pass rates rose to 59.2%, compared with a 50% Advanced Management Accounting: Costing MMAC 83.7%
pass rate last time around. And the Professional Business Tax BSTX 70.3%
Advanced Diploma Synoptic Professional Credit Management CDMT 56.4%
assessment pass rate jumped from Professional Cash and Treasury Management CTRM 59.2%
54.6% to 61.1%. Professional External Auditing ETAU 64.0%
The overall CBA pass rates are also
Professional Financial Statements of
holding steady. At Professional level
Limited Companies FSLC 59.7%
they rose ever so slightly to 62%.
However, these rates are based on Professional Management Accounting: Budgeting MABU 76.2%
the CBAs only and not achievements Professional Management Accounting: Decision
rates for the qualification. and Control MDCL 52.5%
The pass rates are for the year Professional Professional Diploma Synoptic
ending 30 June 2019 will be Assessment PDSY 56.7%
published at the end of September
Professional Personal Tax PLTX 65.6%
2019. PQ

PQ useful apps

Apps that help you work, rest and play

Audio Memos empty, but with no way to transfer the purely there for you to reflect on your own
Love the sound of your memos over to it. It’s a tarnish on an thoughts and feelings, and although
own voice? Audio otherwise great app. introspective thought can be therapeutic, it
Memos is a great app isn’t ideal for everyone suffering from mental
with a simple to use Catch It health worries and is definitely not an
voice recorder for those Catch It is an app made alternative to professional medical treatment.
of you who prefer by the universities of
auditory learning. The app lets you record Liverpool and Zombies, Run!
audio, whether that be your lecturer or Manchester and They say the key to a
yourself reading notes. You can name and endorsed by the NHS. It’s essentially a diary, healthy mind is a healthy
date-stamp your recording for easy organising with the focus being on the user’s mood. You body. Sometimes,
as well as customising the recording settings are asked to state how you are feeling, giving though, it’s hard to find
best suited for your needs. The app is yourself a mood rating, and then to reflect the motivation to
optimised for phones and tablets, meaning upon it. The app then asks you how you feel exercise after a long day at work (especially
you get the most out of it when on the move. you could improve your mood, allowing you if you have exam studying to do as well). So
One issue is the inability to choose where to to provide targets and goals for your self- what if you had to run, for your life?
save the recordings. The app only lets you esteem, happiness, and general mental well- Zombies, Run! does just that. A little
store the recordings on a device’s native being. The focus of the app is Cognitive different to your normal running app, this
memory, and won’t let you transfer over to a Behavioural Therapy, which it intends to use one drops you into the centre of an award-
memory card. Although this doesn’t seem to change your own personal thoughts and winning radio play, with you as the hero. The
like a major problem at first, when you start feelings on subjects and events. The App is app is a great way to motivate you into
piling up the memos, the smaller native a good idea, and is very simple to use, with regular exercise. Not only do you get training
memory of a phone soon fills up. This is an aesthetically appealing interface. with distances and speed, but it’s all hidden
made all the more frustrating by the fact you However, it is not for everyone, as this is not behind some pulpy entertainment. This app
can have an additional memory card sitting an advice app or a peer-to-peer forum. It’s is available on Android and iOS devices.

22 PQ Magazine June 2019

 ICAEW CBAs PQ

Computer power
O
ver the past two years, the ACA
Professional and Advanced Level CBAs are here to
exams have been moving to computer.
ICAEW has delivered over 65,000 exams on the stay – but they
new platform and the transition will complete in are certainly
July 2019 when the Case Study exam moves to
computer. nothing to fear
The move from paper to computer-based
exams marks a new era in exam delivery. Like
anything new, familiarising yourself with the
functionality is important and will help you to
overcome any fears or concerns you may have.
Ilyana Ibrahim, an ACA student from Malaysia,
says her biggest fear going in to an exam was
“the stability of the software”.
She was worried that “the system would crash
in the middle of the exam”, or that questions
would take some time to load “while the timer is
still running”. After sitting her Financial
Accounting and Reporting exam without
problems she no longer has these concerns.
The exams are delivered via a secure, locked- fit side-by-side with the response area. software provided on the ICAEW website is
down application that is resilient to internet The software is the same for all Professional crucial for computer-based exams. You have to
connectivity problems and your answers are and Advanced Level exams, with the exception get used to the software and make full use out
automatically saved as you navigate through of a couple of buttons; a ‘Formula and Discount of it. If you can master the software, it will really
each question. In the unlikely event that your tables’ button for Financial Management and an help you in answering the exam.” Access exam
computer does crash, your exam will ‘Exhibits’ button for Corporate Reporting, resources at icaew.com/examresources. For
automatically save and you will be able to pick Strategic Business Management and Case FAQs, exam tips, support and more on the exam
up where you left off by re-entering your Study. The Case Study exam also includes a ‘List software visit icaew.com/cbe.
keycode. of exhibits and requirement’ button.
If you feel something has negatively affected Many students prefer to type their responses, Preparing for the case study
your exam, make the invigilator aware as soon as it can be faster and neater than handwriting. From July 2019, the Case Study exam will be
as possible. They have the ability to pause your Ibrahim felt she could finish the exam faster computer-based. You must practise with the
exam while they investigate and, hopefully, fix because she “tends to write really slowly”. In exam software in advance of your exam, to
the issue. After your exam has finished, make addition, she said “since I am an ensure you are familiar with the functionality and
sure you complete an invigilator report before environmentally-conscious person, I love how we formatting on the day of your exam. View the
you leave the exam room. If the issue wasn’t could save so much paper just by moving to the exam guide which provides an overview of the
resolved, you should also apply for Special digital platform.” Case Study exam software, listen to on-demand
Consideration, but you must do so no more than Although you will be provided with a pen and webinars, practise using the blank practice
10 days after your exam. The Instructions to loose-leaf paper to make notes, you are still software or software with sample exams and
Candidates details further information about the expected to show all workings as part of your explore more at icaew.com/casestudy.
Special Consideration process. response on screen. Ensure that all your You can also join ICAEW on 19 June, 10:00
answers are visible and not hidden within cells, (UK-time) at a live webinar, as they talk through
Resize fits all as they will be presented to the examiner exactly the Case Study exam software, the exam
All computer screens within the exam centres as they appear on screen. experience, give top tips and answer your
meet our minimum specifications and Ensure you’re prepared and confident going in questions. Email questions to
guidelines. While screen sizes may vary, this will to your next exam, familiarise yourself with the acamarketing@icaew.com and register your
not affect the amount of content visible on practice software and make this part of your place at http://bit.ly/CaseStudyOverview. PQ
screen. Larger screens will just have more blank revision process. Ibrahim says her biggest tip • Thanks to the ICAEW for this article
space around the exam software. You will be when preparing for a computer-based exam is Reproduced with the permission of ICAEW, this article was
able to move and resize the question window to “practise, practise, practise. The practice first published in Vital (December 2018).

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PQ Magazine June 2019 23

PQ CIMA exam tips

Five tips for success

1) Plan ahead We know that working towards CIMA exams can generate stress and
Structure planning and preparation can increase
your confidence and help you deal with pre- anxiety for our students. So here are a few tips to help you take control
exam stress. So how can you make sure that and reduce your stress levels, writes Stephen Flatman
you stay on track?
• Find a study method that works for you. You also have great flexibility
• Create a study plan to make sure you cover all around study options, putting you
areas and have a good understanding of all in the driving seat and giving you
syllabus topics. complete control over how, when
• Book your exam in advance to keep your focus and where you study. For
and motivation. example, if you like studying with
• Practice exam style questions. others and appreciate having a
• Refine your exam techniques and time tutor on hand to answer your
management skills. questions, attending a course
• Whether you pass or fail, make sure you with an accredited tuition
understand your results. provider may be the best option.
The content of the exam is always going to be On the other hand, if you’ve a lot
unknown, but knowing that you’re well prepared of conflicting priorities to juggle,
for it will make you feel more confident when self-study via online and distance
entering the exam room. learning may better suits your
needs.
2) Don’t be afraid of failure
It may be hard to believe, but if you happen to 5) Practice makes perfect
fail an exam it won’t be the end of the world. Studying and practising are the
And if you do it is important that you don’t best ways of ensuring that you
panic, but sit back, reflect on what went wrong, are well prepared for, and know
and identify the steps you need to ensure that what to expect, when you sit your
you pass the next time around. exams.
Another way of dealing with failure is to seek If you’re taking your first
advice from family, friends, a tutor or perhaps a Objective Test or Case Study
trusted colleague. Failing an exam can throw exam, take a look at our exam
you off balance, but it’s just one if the many life tutorials – these will help you
challenges you’ll face, and there’s always a way familiarise yourself with the exam
to learn from it. including the types of question
Keep motivated, don’t be too hard on yourself you can expect. Don’t forget to try
and keep in mind that it will all be worth it in the the question tutorials.
end. study and when you can schedule it in. To help you prepare for your exams, you
Remember that having a plan is great but it should also go through past exam papers. This
3) Keep a work-life balance shouldn’t be overly rigid and allow for some will give you a general idea of how the questions
Juggling your professional studies, your work flexibility to accommodate unexpected events. are phrased and marks distributed.
and personal life at the same time requires a big Make sure you review it regularly to reassess If you’re going to sit exams under the 2019
commitment and some serious time priorities and reschedule activities. CIMA Professional Qualification (starting in
management skills. You’ll need to plan, organise November 2019) make sure you take full
and prioritise personal, study and work activities 4) Make the most of CIMA’s flexibility advantage of our exam blueprints. They set out
to make everything more manageable both at a One of the biggest advantages of studying for a in detail what is examinable as well as the
practical and emotional level. career in business and finance with CIMA is the format, structure and weightings of the
Create a study plan, which includes exam flexibility offered by the exams. You can sit your assessments for each Objective Tests and Case
dates and items such as essential appointments, Objective Tests on-demand throughout the year Study exams. PQ
family events, time to exercise, planned down and get your results straight away. In addition • Steve Flatman, VP Examinations at the
time and holidays. Based on this, you can you’ve got some planning room around the four Chartered Institute of Management
identify how much time you have available to Case Studies exam windows available a year. Accountants

Are you ready to go? PQ-Go

Are you exam-ready?

You need PQ-go.com

24 PQ Magazine June 2019
 *DLQ4XDOLFDWLRQVLQ
YLD2QOLQH6WXG\
Combine the CIMA Advanced
Diploma with a BSc Accounting
Degree, and develop a solid
grounding in both technical
accounting and non-technical
skills required for a successful
professional career.

Start Sep 2019

www.rgu.ac.uk/bscaccountingcima

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PQ ACCA June tips

HOT TIPS FOR YOU

What should you expect to see in corporation tax loss reliefs and gains. preparation of financial statements. One
• Trading loss reliefs for both companies and question is likely to be in the context of a single
the exam paper this June? Here’s sole traders. company and one in the context of a group – so
some sound advice from BPP In section B, the exam questions will be you could have a single company interpretation
similar to those of section A – only longer! This and a groups preparation, or visa versa.
PM means you need a slightly different exam skill- Accounts preparation questions may include
As all of the syllabus areas can be tested in set here. Section C will have much more open extracts or stand alone calculations or full
sections A and B, the best advice is to study all requirements. Your answers will need to show statements of profit or loss and other
areas of the syllabus. Sorry about that – but you not just sound technical knowledge but also the comprehensive income and/or statement of
knew that already! application of that knowledge. The examiner has financial position. Both questions will cover the
Areas expected to be tested by the examiner also asked for more logical presentation so accounting for items from other areas of the
in section C include (but are not limited to): markers can follow your thought progress. syllabus.
budgetary systems, planning and operational Spend at least 50% of your revision time on They may also include a short separate part,
variances, mix and yield variances and answering section C questions in the practice for example with a statement of changes in
evaluation of the company performance (either and revision kits. equity, statement of cash flows extract, earnings
as a whole or on a divisional basis). Given that Learn your income tax and corporation tax per share calculation or linked written topic.
this is a performance management paper you proformas. Any calculations that require no A consolidated question would include one
would be advised to be prepared to evaluate more than two or three entries into your subsidiary and often an associate, with
some performance. calculator can be included on the face of your adjustments (eg fair values, deferred/contingent
Candidates are told to expect the unexpected, proforma (eg time apportioning a salary). consideration, PUP on inventories/PPE,
and since the introduction of MCQs this advice Calculations that are more complex (eg intragroup trading and balances, goods/cash in
is even more critical because more topics can company car benefits) need separate workings, transit).
be tested. which are properly referred (W1, W2, etc) and A single entity question could be preparation
The exam will be approximately 40% have a heading. from a trial balance or restatement of given
calculation and 60% discussion, meaning it is We know the two longest questions will focus financial statements, with the usual adjustments
not sufficient to be able to perform all the on income tax and corporation tax. These are for depreciation, revaluation and current/
calculations to get a pass here. likely to include: deferred tax (including deferred tax on
• Employment benefits. revaluation), plus a mixture of adjustments on
TX • Property income. other syllabus areas, eg leases, substance over
Expect a couple of the OTs in section A to be • Relief for pension contributions. form issues, financial instruments (charge in fair
devoted to the administration of income tax and • Adjustments to profit to arrive at trading value or amortised cost), share issues,
corporation tax. That means you have to be income for both companies and sole traders – in government grants, inventory valuation, revenue
comfortable with the following: past sittings we have seen a number of recognition or construction contracts.
• Due dates for payment of income tax questions where you have to correct errors in
(payments on account). computations included in the scenario. AA
• Due dates for the payment of corporation tax • Capital allowance computations. In section A, each mini-case question will test
(instalments for large companies). single topic areas of the syllabus and so will test
• Filing dates for the income tax and corporation FR syllabus area A, B, C, D or E. You should
tax returns. Section A’s OTs will test a wide range of topics, particularly expect questions in section A to
• Penalties and interest for late payments and including several on consolidation and focus on syllabus areas A and E.
returns. interpretation of financial statements. Expect a For Section B, Q16 to Q18 expected areas to
Also likely to be tested in section A are the few questions on non-core areas (inflation, include:
following: specialised entities). • Audit planning.
• VAT rules on registration, impairment loss (bad In section B, each scenario could be a mix of • Audit risk (identification and explanation of
debt) relief, and the SME schemes relating to topic areas or focused on one topic and will audit risk from a scenario and explanation of the
cash accounting, annual accounting and flat- usually consist of two or three calculations and auditor’s response to each risk).
rate schemes. two or three narratives. Questions are not • Internal audit.
• Inheritance tax due on lifetime transfers both dependent on each other and can be answered • Internal controls (identification and explanation
in the donor’s life and on death. in any order. of deficiencies in internal control and the
• Statutory residence tests for individuals. Section C consists of two 20-mark questions, recommendation of suitable internal controls or
• Identification of groups of companies for one covering interpretations and the other description of tests of controls).

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Exams
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26 PQ Magazine June 2019

 ACCA June tips PQ

include cost of capital calculations. Risk

management may also feature in a number of
different ways, eg value at risk, real options,
hedging or risk mapping.
For section B the tips are:
• Risk management (currency or interest rate).
• Dividend policy and general financing issues.
• Real options.

APM
Question 1 focuses on a range of issues from
syllabus area A (strategic planning and control),
C (performance measurement systems and
design) and D (strategic performance
management).
In recent exams Q1 has often required linking
a business’s mission to its performance
objectives using the concept of CSFs and KPIs.
You may well also have to critique and
• Audit procedures (both substantive procedures spend 40 minutes reading, planning and recommend improvements to performance
and tests of control). interpreting the requirement and the reports and the balanced scorecard could well
Try to use a tabular format in your solutions information/exhibits provided. That leaves 200 be tested in this context. The assessment of
where relevant as the examining team has said minutes to build up your 50% pass mark. performance is also likely to be tested and this
students who do this score better. One area students often fall down on is could easily include benchmarking as a theme.
producing lots and lots of unnecessary Financial performance measures
FM calculations. By planning the numerical analysis (ROCE/RI/EVA, etc) are also likely to be
In section A, the OTs will often be knowledge that you intend to perform will ensure you aren’t commonly examined in question 1, but don’t
based (testing your knowledge of key technical producing numbers just for the sake of it. neglect non-financial issues from syllabus
terms) and will balance out the questions in section D, such as quality management and
section B and C. So expect a good number of SBR reward systems.
these questions to test your understanding of You should start by reading the examiner’s One of section B questions will come from
financial management and objectives (ratio approach article on the ACCA website, and while syllabus section E (performance evaluation and
analysis, the concept of shareholder wealth), as you are there read any other exam technique corporate failure). In section B, commonly tested
well as the economic environment and financial and technical articles. areas include quality management, information
institutions topics (financial intermediation, fiscal In section A, the first question will be based reporting (big data and lean information), the
and monetary policies). The efficient market on group accounting and may include application of strategic models (PEST, Porter’s 5
hypothesis is also likely to be tested. complications such as a foreign subsidiary, forces, the value chain), HR frameworks (reward
Areas to expect in section B are working discontinued activities, disposals and/or and appraisal systems), risk management and
capital management (operating cycle, the impact acquisitions. Be aware that this question may environmental management accounting.
of a change in credit period, or accepting a test consolidation statements of cash flows, as
factor’s offer), business or security valuations was the case in December 2018. ATX
(methods of valuation), and financial risk The second question will cover the reporting One of the section A questions will focus on
management (currency risk or interest rate risk). and ethical implications in a given scenario. personal tax issues and the other will focus on
The two questions in section C will focus Make sure you consider any threats to the corporate tax issues. In question 1 there will be
mainly on syllabus sections C, D and E. That’s fundamental principles of ACCA’s Code of Ethics four professional skills marks and in section A
working capital management, investment and Conduct in your answer. there will be five marks available on ethics.
appraisal (think NPV with inflation and tax here), Section B will always include a question or Topics/scenarios you would expect to see are:
and business finance – an evaluation of part-question involving the analysis or appraisal • Personal income tax scenarios, which could
financing options (interest coverage and gearing of information from the perspective of a involve investing in a pension, investing in EIS,
ratios are likely), or cost of capital and analysis stakeholder. In the December 2018 exam this SEIS or VCTs, share schemes, employment
are most likely. Whichever of these topics does involved explaining the nature of tax accounting income possibly with termination payments, a
not feature in section C is likely to appear in in the financial statements to an investor. Even if personal service company, property income or
section B. this sounds daunting, make sure you have a go takeover.
at answering it. • Unincorporated business, particularly
SBL Current issues could be examined in either including loss reliefs, partnerships or basis
Welcome to your first four-hour closed exam. section A or section B. The Conceptual period rules.
SBL aims to build on the knowledge that you Framework and associated exposure draft have • A question focusing on overseas issues. This
gained at the Applied Knowledge and Applied featured a lot in both the September 2018 and could be income tax, CGT, IHT or a corporate
Skills level, but also has its own distinct syllabus December 2018 exams – be prepared for this to scenario.
content. be the case in June 2019 as well. • CGT v IHT, including availability of reliefs.
The exam will focus on one main organisation, • Corporate scenarios – likely to focus in more
and all the question requirements will relate to AFM depth on intangibles, research and development
this organisation. You may, however, have to From last September every exam has had issues, corporate groups or consortia.
take on a variety of roles, which may require you questions, which focused on section B of the • Special corporate scenarios such as liquidation
to adopt an internal or external perspective when syllabus (advanced investment appraisal) and E purchase of own shares, close or investment
answering the question. (treasury and advanced risk management companies.
All of the questions are compulsory and will techniques). These areas are therefore a high • A business transformation scenario question,
consist of 80 technical marks and 20 priory for your revision phase. such as selling a sole trader business,
professional skills marks. Section A questions are often based on core incorporation or, in a corporate context, the sale
ACCA acknowledges that the SBL exam is areas such as project appraisal (domestic or of shares versus the sale of trade and assets.
demanding, and time management is a key part overseas), business valuations and business/ • Other common types of question/calculations:
of any exam success strategy. You are advised to financial reorganisations. These areas often Continued on page 28

PQ Magazine June 2019 27

PQ ACCA June tips

A key ACCA tip: Write about any conflict,

What words mean

If the question says ‘analyse’ you will need to
compare and contrast.
If the examiner wants you to ‘evaluate’ you must
determine the scenario in the light of the
arguments for and against.
break the question down into separate parts and A key ACCA tip: Mention evidence, case, point,
discuss, examine or interpret each part. and issues to support your evaluation.
A key ACCA tip: Give reasons for the current
When it comes to ‘explain’ make an idea clear.
situation or what has happened.
Show logically how a concept is developed. Give
If the question says ‘apply’ you will need to put the reason for an event.
into action pertinently and/or relevantly. A key ACCA tip: Don’t just provide a list of
A key ACCA tip: Properly apply the points, add in some explanation of the points
scenario/case. you are discussing.

If the examiner wants you to ‘assess’ you will If you need to ‘illustrate’ then give concrete
need to judge the worth, importance, evaluate or examples. Explain clearly by using comparisons
estimate the nature, quality, ability, extent or or examples.
significance of what is being asked. A key ACCA tip: Add in some description.
A key ACCA tip: Determine the strengths,
If you are asked to ‘interpret’ you must comment
weaknesses, importance, significance, and
on, give examples and describe relationships.
ability to contribute.
A key ACCA tip: Include explanation and
If the question asks you to ‘calculate’ you will evaluation in your answer.
need to ascertain by computation, to make an
The ACCA recently provided PQs If the examiner wants to see a ‘list’ then list
estimate of, evaluate, and perform a
several ideas, aspects, events, things, qualities,
mathematical process. with definitions of the common reasons, etc.
A key ACCA tip: Provide description along with
numerical calculations.
verbs used by examiners in their A key ACCA tip: This isn’t a time to discuss –
just make a list!
If the question says ‘comment’ you will need to
papers. Here they are again…
If an ‘outline’ is called for then describe your
remark or express an opinion. A key ACCA tip: Criticism often involves
main ideas, characteristics or events.
A key ACCA tip: Your answer should include an analysis.
A key ACCA tip: Briefly explain the highlighted
explanation, illustration or criticism.
If the question says ‘define’ you need to give the points.
If the question wants you to ‘compare’ then you meaning, and that’s usually a meaning specific
If you need to ‘recommend’ you are being asked
need to examine two or more things to identify to the course or subject!
to advise the appropriate actions to pursue in
similarities and differences. A key ACCA tip: Explain the exact meaning
terms the recipient will understand.
A key ACCA tip: Clearly explain the because usually definitions are short.
A key ACCA tip: Give advice or counsel.
resemblances or differences.
If the question asks you to ‘describe’ you have to
If the examiner says ‘relate’ you must show the
If the question says ‘conclusion’ you will need to give a detailed account or key features. That
connections between ideas and events.
provide the result or outcome of an act or means listing characteristics, qualities and parts.
A key ACCA tip: Relate to real time examples.
process or event, final arrangement or A key ACCA tip: Make a picture with words,
settlement. identification is not sufficient for the examiner If the question says ‘state’ then explain precisely.
A key ACCA tip: End your answer well, with a here. A key ACCA tip: Focus on the exact point.
clear decision!
If the examiner asks you to ‘discuss’ you must Finally, if you are asked to ‘summarise’ try to
If the question says ‘criticise’ then you need to consider and debate/argue about the pros and give a brief, condensed account. Include a
present the weaknesses/problems, and evaluate cons of an issue. This means you have to conclusion and avoid unnecessary details.
the comparative worth. Don’t explain the examine in detail by using arguments in favour A key ACCA tip: Remember to conclude your
situation, instead analyse it. or against. explanation. There are marks in it! PQ

will need to address a range of issues

HOT TIPS FOR YOU

Continued from page 27
simultaneously in relation to planning, risk
assessment evidence gathering and ethical and
professional considerations.
In section B, one question will always
AAA predominately come from syllabus section E, so
– reviewing a pre-prepared computation to The most recent AAA exams have not contained you must always be ready to answer a question
spot, explain and correct errors. any real surprises, although you should note the relating to completion, review and reporting.
– calculations such as “tax saved through an presentation of the embedded email and the Think here about the assessment of going
action”, “after tax proceeds”, “the value of a supporting exhibits in the case study. concern, the impact of subsequent events,
post-tax inheritance”, “net spendable income” Section A’s case study is set at the planning evaluating identified misstatements and any
or the “net of tax cost of something”. stage of the audit for a single company, a group corresponding effects on the auditor’s report.
When it comes to VAT, expect to see marks of companies, or potentially several audit clients. Candidates may also be asked to critique an
available for partial exemption, land and Expect the detailed information to include auditor’s report or a report that is to be provided
buildings, transfer of going concern, capital extracts of financial information, strategic, to management or those charged with
goods scheme, overseas VAT, and operational and other relevant information for a governance.
registration/group registration. client business, as well as extracts from audit The other section B question can be drawn
There will also likely be a couple of marks for working papers, which could include the results from any other syllabus area – A, B, C, D and F.
stamp duty points, and finally don’t forget the of analytical procedures. Syllabus section G on current issues is unlikely
basic administration points – when do we need Candidates will have to address a range of to form the basis of any question on its own, but
to pay tax, when do we file a return and that if requirements from syllabus sections A, B, C and instead will be incorporated into the case study
either of those are late. D. This will, be a real-world situation where you or either of the section B questions. PQ

28 PQ Magazine June 2019

 careers PQ

Life at Small Business Accountancy

Time for James McDowell, 42, is an accountant based in Brighouse, West Yorkshire. He has

a quiz?
worked for the firm for six years and has just completed the AAT qualification. James
was recently crowned PQ magazine’s Distance Learning Student of the Year!

CIMA has launched a learning resource What time does your alarm Which websites are your snack. Being outside in the
centre and fundamental series to help clock go off on a working favourites and why? Any countryside on a summer’s day is
all finance professionals take day? 6.30. My wife insists on website that’s relevant at the time. great, too.
advantage of the growing opportunities setting it to go off early. I then go Which websites do you use What’s your favourite tipple?
emerging technology presents. back to sleep for an hour. for work? I use HMRC (gov.uk) A nice pint of bitter or a glass of
It is providing free learning What’s the first thing you do almost every day, plus aat.org.uk red wine – only occasionally.
resources on the ‘fundamentals’ of when you get to your desk? I and icpa.org.uk. What is your favourite TV
digital disruption – automation, check my emails, deal with any How many hours a week do show? I’m a big fan of box sets. I
blockchain, cyber security, data queries and adjust my plan for the you spend in meetings? It don’t really have a favourite.
analytics and ethics. day based on the emails received. depends on the time of year. Summer or winter? Summer.
What’s on your desk? A lot. During busier periods I can have It’s good to be able to get the kids
What’s the best thing about several meetings a day while at out to play on an evening.
where you work? I work from quiet times I might have one or Pub or club? Pub. I would pay
home and so the best thing has to two a week. good money not to have to go to a
be the convenience and flexibility. What time do you leave the club.
Where’s your favourite place office? I tend to break for tea Who is your hero? My
to go for lunch? I usually eat a and then go back into the office to grandfather. Looking up to a role
sandwich or something light at do a bit more. Otherwise I find model at a young age can be a
home. Then I might go for a walk myself watching early evening TV powerful thing.
to get some exercise. Sometimes I and feel like I’m wasting my life. If you had a time machine,
grab a sub at Subway. How do you relax? Weight where would you go? Should I
Designed to help develop a digital What (or who) can you see training helps me to blow off go and get next week’s lottery
mindset, the topic blocks come on when you sit at your desk? A steam. When I do finally finish numbers? But that wouldn’t be
stream from April through to October nice view over Brighouse, and the work for the day, I like nothing ethical, would it, so obviously I
2019. A quiz for finance professionals surrounding hills. better than to watch TV and wouldn’t do that!
is also available to test your current
level of knowledge and see how you
compare with their peers. Go to In brief
https://quiz.cgmastore.com/
The first set of resources cover Flexible workers don’t shirk you are, the more likely you are Time for a pay rise
Automation and provide a great Professionals with the to face financial difficulties. Men are less afraid to ask
understanding of Robotic Process freedom to work flexibly tend to According to research conducted for what they want from an
Automation (RPA). Building on the first work longer hours than those by Sandra Matz, from the employer, says a new survey from
theme of digital disruption, new with more rigid hours, according Columbia Business School, and CV-Library. Some 55% of men
resources will become available on: to new research. It appears those Joe Gladstone, from University said they would negotiate on a
blockchain (May); cyber security who are able to determine their College London, people who job offer, compared with just
(June); data analytics (July); and ethics own schedules work harder to show more ‘agreeable’ traits are 42% of women. Male workers are
and the challenges posed by new compensate for the stigma roughly 50% more likely to suffer also more likely to ask for a pay
technologies (October). attached to flexible hours. It’s all bankruptcy. The researchers rise (64%), with just 43% of
The full resources (free to students those raised eyebrows from believe this could be down to the women feeling comfortable about
and professionals) on the A, B, C, D of colleagues when you tell them fact that people who tend to be doing so. And women are less
digital finance can be found at: you are working from home! more trusting, modest, concerned about their job title;
https://www.cimaglobal.com/Future/res sympathetic and altruistic put nearly a third of men (30%) say
ources/#article1 Time to toughen up less of a value on money than the job title is the most important
It turns out that the nicer their less agreeable counterparts. part of a job offer.

Call me Mark The PQ Book Club: books you should read

Women make up just a quarter of the
executive boards at the top 25 Live Like a Stoic by Massimo life’ – one for every week of the are extensive
accountancy firms, although they make Pigliucci and Gregory Lopez year. But this is no quotes from
up 44% of full-time accountants. (Rider Books, £12.99) philosophical treatise; each some of the
Research by recruitment platform, First up, what is stocism? chapter demands the reader practitioners of
Real Links discovered that only two of According to a well-known tests themselves and records the philosophy,
the top 25 firms’ boards are (nearly) online encyclopedia, “Stoicism their repsonses to that week’s including
equal in their gender split, and a teaches the development of self- exercise. Seneca,
further six boards were only one-third control and fortitude as a means The book is organised around Epictetus, and
women. Four executive boards had no of overcoming destructive the three founding tenets of Marcus Aurelius.
women at all. The study also found that emotions; Stoicism involves Stoicism: desire, action and PQ rating 4/5 Control is the
of the 10 most common names on improving the individual's assent. As the authors explain, central concept of Stoicism –
executive boards Mark, David and ethical and moral well-being: ‘to Stoicism is one part theory to learning to use your emotional
Andrew are the three most common. be free from anger, envy and nine parts practice. That means and intellectual energy to
The ‘top’ female name, Sarah, comes in jealousy’.” the onus is on the reader to dealing with the things you can
at tenth spot. And out of the top 20 The authors have set out an absorb the authors’ lessons and control, and not fixating on
most common names, only two female action plan in 52 chapters then self-examine, develop and things you can’t. This book will
names appeared. designed to ‘cultivate a good grow. To help and inspire, there help you achieve that.

PQ Magazine June 2019 29

PQ got a story, funny or serious, you want to share? Email graham@pqaccountant.com

SPINNING OUR CARBON DEBT

The UK government was recently

RECORDS
Jax Jones, the international multi-
accused of some “very creative carbon
accounting” by Greta Thunberg. The
16-year-old activist from Sweden
founded the school climate strikes and
platinum musician who has been both was recently in Westminster to give a
Grammy and Brit nominated, was once speech to MPs. Thunberg claimed that
an aspiring accountant! That’s right, the the Britain had a “mind-blowing
London DJ, producer and songwriter historical carbon debt” because of the emissions it has poured
behind such songs as Breathe, You Don’t out since the start of the industrial revolution 200 years ago.
Know Me, and Ring Ring once studied to She explained that the 37% reduction in emissions in the past
be an accountant. Jones, real name 30 years was in fact just 10% when aviation, shipping, imports
Timucin Lan, trained in accountancy and exports were counted properly.
while honing his DJ skills. He even
turned down an interview at Oxford WRONG
University to attend Brunel, which meant
he could closer be to the Brixton music ACCOUNT
studio where he was learning the ropes.
Despite studying accountancy at The Sunday Times’ Prufrock cartoon
FOR CASH
university, Jones states that he “has The Oxford
recently took the theme of the CMA’s
never had another job” (except from a University
audit recommendations to show just how
two-week stint as a Christmas temp for Computer Society’s
angry the Big 4 are getting!
M&S), and has been making a living from accounts
music the entire 10 years since he left department was
university at 21. Let’s hope he’s got
himself a good qualified accountant! HE’S BACK!
Tick, the accountancy super-hero, is
stumped recently
when it discovered
an unexpected
windfall of
TWITTER USAGE back. Season 2 of the show is now being
broadcast on Amazon Prime. Tick and
£105,520 in its
bank account. The
ON INCREASE Arthur have apparently freed the City
from The Terror, but now has new villains
society tracked
down the source of
Twitter recently and old enemies to contend with. Watch the money –
unveiled a three-fold out too for Tinfoil Kevin and Overkill. All Deepmind, the
first-quarter profit we can say to that is “Spooooooon!” London-based AI
increase. Revenue
jumped to £606m to
the three months to
research subsidiary
of Google! EVERYONE LOVES
March and net profit
soared to £147m. Daily users also rose to
Compsoc treasurer
Ben Slater thinks
AN ACCOUNTANT!
the money should It appears accountants are on the up,
126 million – that’s up 6%. Twitter, which according to Grazia’s ‘Chart of Lust’. It
have gone to the
was founded in 2006, is now valued at revealed following some questionable
Department of
£23bn. There is someone who isn’t choices in past husbands/boyfriends/
Computer Science
happy though! President Trump, who has fathers to her children that Khloe
to fund a
nigh on 60 million followers said Twitter Kardashian has resolved: “I should start
scholarship.
does not “treat me well as a Republican” to date accountants.” As PQ magazine
Deepmind has not
and was “very discriminatory”. said: “Isn’t it always!”
commented.

’
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30 PQ Magazine June 2019
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