Conversion arrangements
The conversion arrangements will ensure that no students are disadvantaged by the transition from the current to the new ACCA Qualification. No student will have to undergo additional assessment or repeat work experience already achieved upon conversion to the new qualification. Any exam passes achieved under the current syllabus will be automatically converted to the new syllabus in August 2007. Registered students were sent exam conversion notices in February 2006. Exam conversion notices based on your results to date, will be sent with exam results and exam entry forms. In August 2007, all current students will be converted to the new qualification and advised of the papers they will be required to complete under the new syllabus. ACCA has developed an online exam conversion tool to help students calculate which exam papers they will have to complete on the new syllabus.
The table below outlines the new paper equivalents.
| Current exams | Credit from new exams |
|---|---|
| PART ONE | |
| 1.1 Preparing Financial Statements | F3 Financial Accounting FA |
| 1.2 Financial Information for Management | F2 Management Accounting MA |
| 1.3 Managing People | F1 Accountant in Business AB |
| PART TWO | |
| 2.1 Information Systems | F5 Performance Management PM |
| 2.2 Corporate and Business Law | F4 Corporate and Business Law CL |
| 2.3 Business Taxation | F6 Taxation TX |
| 2.4 Financial Management and Control | F9 Financial Management FM |
| 2.5 Financial Reporting | F7 Financial Reporting FR |
| 2.6 Audit and Internal Review | F8 Audit and Assurance AA |
| PART THREE OPTION PAPERS | |
| 3.1 Audit and Assurance Services | P7 Advanced Audit and Assurance AAA |
| 3.2 Advanced Taxation | P6 Advanced Taxation ATX |
| 3.3 Performance Management | P5 Advanced Performance Management APM |
| 3.4 Business Information Management | An Option paper in Business Information Management |
| PART THREE CORE PAPERS | |
| 3.5 Strategic Business Planning and Development | P3 Business Analysis BA |
| 3.6 Advanced Corporate Reporting | P2 Corporate Reporting CR |
| 3.7 Strategic Financial Management | P1 Professional Accountant PA or P4 Advanced Financial Management AFM |
Students who have passed Paper 3.4, Business Information Management on the current syllabus will receive credit for an Option paper in Business Information Management. Students who have passed Paper 3.7, Strategic Financial Management on the current syllabus and have not yet passed two option papers, may choose to receive credit for either Paper P1, Professional Accountant or Paper P4, Advanced Financial Management. Students who have passed Paper 3.7, Strategic Financial Management and two option papers on the current scheme will receive credit for Paper P1, Professional Accountant.
TRANSITION ARRANGEMENTS FOR PRACTICAL EXPERIENCE REQUIREMENTS
The new practical experience requirements will be introduced in 2007. Any new students registering on the ACCA Qualification from January 2007 will need to complete the new practical experience requirements.
All existing students and affiliates will be required to transfer to the new practical experience requirements by 31 December 2007. Whereas conversion to the new exam syllabus happens automatically for active students in mid-August 2007, students and affiliates will need to transfer any competences they have achieved under the current STR to the new system. No student will be disadvantaged by the transition arrangements or will have to repeat work experience already achieved.
Trainees are encouraged to make every effort to ensure their STRs are up to date and signed off so they gain maximum credit for their practical experience under the new system. ACCA will accept membership applications based on the current STRs up until 30 June 2008.