ACCA stands for Association of Chartered Certified Accountants, which is the global organization for working professional accountants. The role of which is to ensure that the value of accounting in the society is kept in the highest of regard.
ACCA has undertaken the purpose of ensuring that every professional accountant is armed with the latest and most viable accounting principles based on years of research as a culminating factor in the evolution of human growth and the profession as a whole. It is the governing body that provides for the standards of operation and the standards of qualifying as a respected member of the organization and as an integral part of the business community.
The Levels within ACCA Modules
ACCA Modules refer to the set of examination that a qualifying accounting professional would need to take and pass before being admitted and be named as a Chartered Certified Accountant. Completing the ACCA Modules prompt a global recognition of the efforts to better oneself in the profession. ACCA Modules is divided into two levels, the Fundamentals and the Professional. The Fundamental is further broken into tow subcategories, the Knowledge and Skills, while the Professional level is broken down into Essentials and Options. Generally, ACCA qualifying exam requires that each examinee submit all papers of the exams, covering the four modules taken from both the Fundamental and Professional levels.
ACCA Modules are categorized accordingly to measure the level of knowledge, fitness and expertise of a qualifying applicant. The Knowledge Module covers: 1) Accountant in Business, an exam focusing on the role fiancé in the business industry, how the business hierarchy is contained, and how to effectively manage people; 2) Management Accounting which is a comprehensive test for application of cost accounting techniques, budget and costing strategies and mathematical business solutions employed in the industry.; 3) Financial Accounting which greatly provides for financial assessment solution and bookkeeping standards, all of which are focused on the very foundation of financial and management accounting.. The second part of the Fundamental level is the Skills Module which comprehensively covers Corporate and Business Law, Performance Management, Taxation, Financial Reporting, Audit Assurance and Financial Management; providing for a deeper understanding and exposition of the technical areas that bares the backbone of every accounting for every professional accountant.
Professional ACCA Modules
The Professional ACCA Modules is subdivided into the Essential modules covering Professional Accountant, Corporate Reporting and Business analysis. The Options module on the other hand covers papers on Advance Financial Management , Advance Performance management, Advanced Taxation and Advanced Audit Assurance. Each paper is devised to gauge the knowledge and analytical skills of the examinee. These modules are preset to a higher level of perception that an examinee should manifest similar to that of student taking post graduate studies. These are the areas that tackle innovations and updated principles of financial management, auditing and performance. All the above ACCA Modules were designed, customized and prepared by the Association as a standard admission to the body and be globally certified in the area. The exams are conducted twice each year all over countries of interests and the same examinations are updated to meet the challenges of the new century.