This article should be read in conjunction with the article ‘Computerised accounting systems – rationale for change’ (see 'Related links'), which details ACCA’s reasons for amending the FA1, FA2 and FFA/FA syllabuses to replace references to manual, paper-based accounting systems with computerised accounting systems from September 2023.
The following diagram and supporting notes illustrate the basic process of preparing financial statements that will be assessed in the FA1, FA2 and FFA/FA exams from September 2023:
Notes on assumptions made
From September 2023, for the purposes of the FA1, FA2 and FFA/FA exams, the following assumptions will be made regarding the accounting system used by an entity:
Written by a member of the FFA/FA examining team