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ACCA launches Foundations in Accountancy

26/01/2011 14:27
Global accountancy body launches a new suite of awards that offers maximum flexibility and maximum employability

ACCA (the Association of Chartered Certified Accountants) has launched Foundations in Accountancy, a new flexible suite of entry-level awards, designed to meet the needs of both students and employers.

Foundations in Accountancy was created after detailed consultation with employers, learning providers, members, students and other professional accountancy bodies and regulators.

Foundations in Accountancy provides a solid grounding in financial and management accounting, and includes a module in professionalism and ethical behaviour. The awards include:
• Introductory Certificate in Financial and Management Accounting
• Intermediate Certificate in Financial and Management Accounting
• Diploma in Accounting and Business
• Certified Accounting Technician Qualification (CAT), which includes specialist papers and work experience in audit, tax and financial management.

Flexibility is a central and crucial feature of Foundations in Accountancy, especially in terms of assessment delivery and progression. ACCA has also increased its computer-based offering and now offers students the choice of sitting exams by computer based exams (CBE) or paper exams for seven of the ten exams in the suite that makes up Foundations in Accountancy.

In addition, students can choose which level award they wish to take, based on their past experience and level of ability. They do not need to go through all the levels in any prescribed order. To receive any of the awards, the students must also complete the Foundations in Professionalism module that gives a solid grounding in professionalism and ethics. For example, students wishing to progress to the ACCA Qualification may choose to take the Diploma in Accounting and Business as their only award. This award is suitable for anyone looking to do an introductory qualification in accounting and finance. However, students working in Financial Shared Service Centres or working in junior public sector roles may take the Introductory or Intermediate Certificates. Students who wish to become Certified Accounting Technicians and use the designatory letters CAT after their name will complete nine of the ten available exams including two of three options from Foundations in Taxation, Foundations in Financial Management and Foundations in Audit. Additionally they need to complete the Foundations in Professionalism module and a year of practical work experience.

The first exams will be held in December 2011 as paper-based and computer-based exams.