The Joint Examination Scheme between ACCA and HKSA ended in December 2001. Information
sessions explaining the transitional arrangements were held for students between
September and November 2001. The following article summarises the frequently asked
questions students raised during these meetings.
ONE If I did not successfully complete all the Joint Scheme exam papers
at the December 2001 session what will happen to me?
TWO Do I have to pay the annual subscription fee to the other body if
I continue with the exams of one professional body in 2002?
THREE Why should I choose ACCA after the end of Joint Scheme?
FOUR Will it be easier for me if I opt for the transitional exams provided
by HKSA for Joint Scheme students?
FIVE What if I cannot complete all ACCA exam papers by 2004?
SIX Will there be any local tax and law papers after the end of Joint Exam
Scheme?
SEVEN ACCA launched its new syllabus in December 2001. Do I need to
take HKSA’s PC exams if I have sat and passed the variant papers in December
2001?
EIGHT Where can I find the syllabi of HKG adapted papers?
ONE
You can continue with the ACCA exams or choose to study for the Qualification
Programme (QP) in 2002. However, you will need to have an accountancy degree
or to have completed 10 papers to qualify for registering for the QP. If you
do not meet either one of the above two requirements, you will need to study
for some programmes before you are eligible for the QP.
Under the Joint Examination Scheme Agreement, Joint Scheme students who can
complete all ACCA exam papers or the QP by December 2004 are entitled to dual
membership of both ACCA and HKSA.
TWO
No, you only need to pay the annual subscription fee to the professional body
whose exams you take. For example, if you choose to continue with ACCA exams
next year, you do not need to pay the annual subscription fee to the HKSA. Upon
completing all ACCA exam papers by December 2004, you only need to pay a membership
admission fee to the HKSA if you subsequently apply for HKSA membership. No
penalty will be levied on you.
THREE
The advantages of choosing ACCA are as follows:
- ACCA does not require you to attend mandatory workshops. ACCA is therefore
more flexible for students working in SMEs and industries who may not have
the support from their employers in taking time off to attend workshops.
- The total exam hours of ACCA are 42 hours (14 papers x three hours each)
without exemptions as compared to 62 total exam and assessment hours of QP
(four modules with four three-hour workshops and one two-hour exam for each
module, plus one six-hour final exam).
- There are over 300 exam centres around the world. It is therefore very
flexible for you if you need to work outside Hong Kong.
- ACCA’s new syllabus provides optional papers for students to choose.
You can focus on technical areas that are relevant to your job.
- ACCA has developed a partnership with the UK’s Oxford Brookes University.
You may be provided with an opportunity to opt in to the BSc (Hons) in Applied
Accounting degree at a cost of £50. A specially tailored MBA program
for ACCA members has also been put in place. By continuing with the ACCA exams,
you will have a range of educational opportunities including a degree, an
MBA and many constantly updated courses in all areas of finance and management.
- You are familiar with the ACCA exam format. ACCA papers are constructed
in such a way that higher level papers are built upon the knowledge and techniques
developed in lower level papers. Now that you have completed part of the ACCA
exams, you already have the foundation to progress to higher level papers.
If you do not stay with ACCA, you will need to start a completely new examination
programme.
- The pass rates of ACCA exams are similar to those of QP. ACCA has an open
access policy which allows people with no or fewer qualifications to study
for its exams. ACCA’s overall pass rates are therefore lower. However,
if we look at the pass rates of graduates taking ACCA exams, they are very
close to those of QP. Graduates working for large companies often achieve
pass rates exceeding 85% in ACCA exams.
- ACCA offers a clearer and permanent exam system for you. If you choose
the HKSA route by taking the transitional examinations as an alternate route
to meet QP admission requirements, you must complete all transitional exams
by December 2004. If you cannot complete them by December 2004, you will face
a very uncertain progression.
FOUR
Students must have sat and passed two JES papers to be eligible for HKSA’s
transitional exams. Each transitional exam will comprise a three-hour paper.
Exemptions from up to three transitional exams may be granted for students who
have completed 7-9 JES papers. Taking exemptions from the transitional exams
into consideration, information on ACCA’s website, www.accagloabl.com/students
shows how many total exam and assessment hours you will need to spend if you
take either one of the routes.
FIVE
From the introduction of the new syllabus that was examined for the first time
in December 2001, you will have another 10 years (i.e. June 2011) to complete
all ACCA examinations.
SIX
Yes, ACCA will continue to provide HKG tax and law papers for students. In fact,
ACCA produces over 40 national law and tax papers around the world.
SEVEN
If you sat and passed Paper 2.2(HKG) Corporate and Business Law in December
2001, you are deemed to have passed the Practising Certificate (PC) Law paper.
If you sat and passed Paper 3.2(HKG) Advanced Taxation in December 2001, you
are deemed to have passed the PC Tax Planning paper.
EIGHT
Hong Kong adapted papers or HKG stream papers are those papers that are
based on Hong Kong Accounting and Auditing Standards. They are Papers 1.1 (Preparing
Financial Statements), 2.5 (Financial Reporting), 2.6 (Audit and Internal Review),
3.1 (Audit and Assurance Services) and 3.6 (Advanced Corporate Reporting).
The syllabi of HKG adapted papers are the same as those of International stream.
The comparison table of IAS and HKG Audit and Accounting Standards together
with the guidance notes for HKG stream can now be downloaded from the ACCA website.
Further queries
If you have any further queries regarding the end of the Joint Examination Scheme
please contact:
ACCA Hong Kong
Room 1901
19th Floor
World Wide House
19 Des Voeux Road
Central
Hong Kong
tel: +852 2524 4988
fax: +852 2868 4909
e-mail: enquiry.hongkong@accaglobal.com
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