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P G KRISHNA ACCA (Forex trader) (228 Points)

21 March 2012  


Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global body for professional accountants offering theChartered Certified Accountant qualification (Designatory letters ACCA or FCCA). As of April 2010 it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170 countries. The Institute's headquarters are in London with the principal administrative office being based in Glasgow. ACCA work through a network of 83 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development.

The term 'Chartered' in ACCA qualification refers to the Royal Charter granted in 1974 by Her Majesty the Queen in the United Kingdom.

Since Chartered Certified Accountant is a legally protected term, individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and, if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate, being insured against any possible liability claims and submitting to inspections.

The Association of Authorised Public Accountants (AAPA), one of the British professional bodies for public accountants, has been a subsidiary of ACCA since 1996.

ACCA works in the public interest, assuring that its members are appropriately regulated for the work they carry out and, promoting principles-based approaches to regulation. ACCA as an organisation actively seek to enhance the public value of accounting in society through international research, taking a progressive stance on global issues to ensure accountancy as a profession continues to grow in both reputation and influence.



ACCA can trace its history back to 1904 when eight people formed the London Association of Accountants. This was done in order to allow more open access to the profession than was available through the existing accounting bodies at the time, notably the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland. As of 2006, the goal of ACCA is to become the world’s leading global professional body by size.

A timeline of key dates in the history of ACCA and its predecessor bodies is:

  • 1930 : London Association of Accountants successfully campaigns for the right to audit companies
  • 1933 : London Association of Accountants renamed London Association of Certified Accountants
  • 1939 : Corporation of Accountants (Scottish body, founded 1891) merges with London Association of Certified Accountants to become the Association of Certified and Corporate Accountants
  • 1941 : Institution of Certified Public Accountants (founded 1903, and incorporating the Central Association of Accountants from 1933) merges with Association of Certified and Corporate Accountants
  • 1971 : Association of Certified and Corporate Accountants renamed Association of Certified Accountants
  • 1974 : Royal Charter received from Her Majesty the Queen.
  • 1974 : ACCA becomes one of the six founding members of the Consultative Committee of Accountancy Bodies (CCAB).
  • 1977 : ACCA becomes a founding member of the International Federation of Accountants (IFAC).
  • 1984 : Association of Certified Accountants renamed Chartered Association of Certified Accountants
  • 1995 : ACCA members vote at an extraordinary general meeting to amend the name of the body to the Association of Chartered Public Accountants and to introduce the designation Chartered Public Accountant. The Privy Council subsequently rejected this proposal as it was concerned about the inclusion of the term public. It did however agree that any accountancy body that had a royal charter could be granted the right to use chartered as part of the members’ designation.
  • 1996 : Chartered Association of Certified Accountants renamed Association of Chartered Certified Accountants. Members become entitled to use the title Chartered Certified Accountant (Designatory letters ACCA or FCCA). The Association of Authorised Public Accountants becomes a subsidiary of ACCA.
  • 1998 : ACCA's syllabus formed the basis of the United Nations' global accountancy curriculum titled Guideline on National Requirements for the Qualification of Professional Accountants published in 1999. ACCA was a participant in the consultative group, which devised this global Benchmark, and reference to ACCA's role is included throughout the publication.
  • 2001 : ACCA received a Queens Award for Enterprise in International Trade, recognising the growth of ACCA and its role in 160 countries worldwide.
  • 2002 : ACCA received its second Queens Award for Enterprise in the space of 12 months, honouring its continuing work on social and environmental issues with the confirmation of the Queens Award for Enterprise in the Sustainable Development category. ACCA's first Queens Award, for Export Achievement, was presented in 1996.
  • 2009 : ACCA members allowed to provide and to charge for probate services with effect from 1 August 2009 under The Probate Services (Approved Bodies) Order 2009 Number 1588.


The ACCA offers the following qualifications:

Chartered Certified Accountant (ACCA) - professional scheme

The Professional Scheme is the primary qualification of the ACCA and, following completion of up to 14 professional examinations and three years of supervised, relevant accountancy experience, enables an individual to become a Chartered Certified Accountant.

  • In accordance with ACCA's traditions, there is open access to its examinations.
  • As part of the Professional Scheme, a Bachelor of Science (Honours) degree in Applied Accounting (after completing Part 2 of the Professional Scheme and submitting a Research project), is offered in association with Oxford Brookes University.
  • The current syllabus is made up of 14 examinations, although some exemptions are available. The papers are split into two parts, the fundamental level (9 examinations consisting of F1 Accountant in Business, F2 Management Accounting, F3 Financial Accounting,F4 Corporate and Business Law, F5 Performance Management, F6 Taxation, F7 Financial Reporting, F8 Audit and Assurance, and F9 Financial Management) and the Professional level (5 examinations). Within the professional level there are three compulsory papers (P1 Governance, Risk & Ethics, P2 Corporate Reporting, P3 Business Analysis) and four optional papers (P4 Advanced Financial Management, P5 Advanced Performance Management, P6 Advanced Taxation and P7 Advanced Audit and Assurance, of which two must be selected).
  • Subjects examined include financial accountingmanagement accountingfinancial reportingtaxationcompany lawaudit and assurance and financial management.

It is ACCA policy to update the examination syllabus on a regular basis. Changes were most recently made in 1994, 2001 and 2007. The revised syllabus updated the qualification for recent developments in the accountancy profession and reorganised the papers within the examination.

The ACCA professional examinations are offered worldwide twice yearly, in June and December.

Certified Accounting Technician (CAT)

This is an introductory qualification for accounting technicians. Although CAT can be obtained as a standalone qualification, it is often the case that individuals study for CAT as an introduction to accountancy prior to starting the Professional Scheme. It usually takes 1–3 years to complete the Certified Accounting Technician exams. However, there is no restriction on the number of papers that can be attempted in one attempt.

Alternatives to the CAT qualification include the Association of Accounting Technicians qualification. ACCA was a sponsor of the AAT before breaking its links in favour of the CAT qualification in the mid 1990s.

Currently, the Certified Accounting Technician qualification (CAT) has been placed on the National Qualifications Framework of the Qualifications and Curriculum Development Agency(QCA), and publicly-funded educational institutions are now eligible for funding to train towards the qualification in United Kingdom.

Under a recent re-structure of its courses, the ACCA has placed the CAT as part of the Foundations in Accountancy suite of qualifications. [1]

Other qualifications

The ACCA offers other qualifications:

  • MBA (for ACCA full members, offered in association with Oxford Brookes University)
  • BSc(Hons) in Applied Accounting, offered in association with Oxford Brookes University
  • MSc in Financial Management, offered in association with Heriot Watt University
  • Diploma in Financial Management (DipFM). Introduced in the mid-1980s as the Certified Diploma in Accounting and Finance (CDipAF), a financial qualification designed for non-finance managers. This qualification was withdrawn for new registrants at the end of 2010 and will be replaced with Foundations in Accountancy awards at the end of 2011
  • Diploma in International Financial Reporting (DipIFR)
  • Certificate in International Auditing (CertIA)
  • Certificate in International Financial Reporting (CertIFR)


ACCA Affiliate versus members

In the first instance, individuals register as student members to undertake the Professional Scheme qualification.

Upon successful completion of the examinations, student members are automatically transferred to Affiliate status.

"For ACCA affiliates to gain admission to full membership, they must demonstrate, on the application form, that they have obtained a minimum of three years of acceptable, supervised, practical experience in an accountancy role (or roles) and have reached the required standard of competence".[2]


From 2008, Fellowship, or senior membership of ACCA, is awarded automatically based on 5 years' continuous membership, subject to compliance with Continuing Professional Development requirements.[3]

Fellow members of ACCA use the designatory letters FCCA in place of ACCA.

Continuing Professional Development

Before 2005, Continuing Professional Development (CPD) was mandatory only for holders of practising certificates and insolvency licences. From 2005 to 2007, ACCA phased in mandatory CPD requirements for all members.

Legal & mutual recognitionEurope

United Kingdom and Republic of Ireland

  • The ACCA or Chartered Certified Accountant qualification is fully recognised in the United Kingdom and Republic of Ireland.
    • Under the Royal Charter granted by Her Majesty the Queen, ACCA works in the public interest.
    • ACCA is a Designated Professional Body under the Financial Services and Markets Act, business activities.
    • ACCA is a Recognised Professional Body under the Insolvency Act to issue permits to individual Chartered Certified Accountants to conduct insolvency appointments.
    • ACCA is also a Recognised Qualifying Body and Recognised Supervisory Body in relation to company auditing under the Companies Act 1989.
    • ACCA is a member of the Consultative Committee of Accountancy Bodies (CCAB). Members of these bodies are deemed to hold equivalent-level qualifications and advertisements for jobs often state that an organisation is looking for a CCAB-qualified individual.
    • Full members of CCAB organisations including ACCA can apply for ICAEW membership subject to certain criteria.[4]
    • Only ACCA, ICAEWICAIICAS and AIA are able to authorise members to conduct auditinsolvency and investment business work in the United Kingdom and Republic of Ireland.
  • Outside these countries, legal recognition by government authorities, and mutual recognition by equivalent overseas institutes, varies from country to country. Even where full legal or mutual recognition is not available, ACCA members can sometimes obtain advanced standing in terms of sitting local accountancy examinations. Additionally, in many instances, ACCA's strong global reputation may obviate the need to acquire a local designation.
  • Similarly, many (although not all) universities and educational providers will recognise ACCA as equivalent to at least a Bachelor degree in accountancy, for the purpose of obtaining credit to acquire a local Masters degree or enter an advanced study program.

The Irish educational regulatory authorities - Higher Education and Training Awards Council (HETAC) has assigned ACCA Qualification to Level 9 of the Irish National Qualifications Framework (NQF) in 2008. Level 9 holds Irish postgraduate qualifications, such as postgraduate diplomas and masters degrees.

In 2011, the Professional Oversight Board published information for the first time about its concerns over self-regulation by particular institutes. Press reports highlighted comments about ACCA, which had implemented recommendations to improve its examination syllabus, but needed to pay greater attention to continuing monitoring of members who had registered as auditors some years ago.[5]

European Union (EU), European Economic Area (EEA) & Switzerland


  • ACCA and TÜRMOB (The Union of Chambers of Certified Public Accountants of Turkey) at Turkey signed a partnership agreement in 2004 which enables TÜRMOB members resident in Turkey to follow the ACCA Professional Scheme qualification and achieve ACCA membership.


  • The ACCA currently is recognized by the national accounting institutes with the joint scheme relationships in:
    • Armenia (Association of Accountants and Auditors in Armenia);
    • Georgia (Georgian Federation of Professional Accountants and Auditors).

As of 2006, there were 64,574 members and 91,379 students/affiliates in Western Europe, UK and Ireland, as well as 3,279 members and 17,273 students/affiliates in Central/Eastern Europe respectively.

North America

United States

  • As of December 2006, there was no mutual recognition between ACCA and AICPA/NASBA, but a MRA was under negotiation. However, it has effectively been put on hold pending a decision by the UK regulatory body, the Professional Oversight Board. It should also be noted that even if ACCA gained statutory recognition, it would still be up to the individual states to grant reciprocity within their state.[6]
  • Effective December 2009, Colorado State Board of Accountancy no longer accepts Chartered Accountants[clarification needed][citation needed], including ACCA members, as meeting the educational requirements to sit for the US Uniform Certified Public Accountant Examination.
  • There are currently around 2,900 members and students in the US.
  • In AICPA International FAQs section, the designation from the ACCA is not generally recognized by the states in the U.S., so ACCA members are required to complete all of the regular requirements to become a U.S. Certified Public Accountant (CPA). Information on becoming a CPA in the U.S.[7]
  • Moreover, only full member of any one of Global Accounting Alliance (GAA) is eligible to join AICPA International Associate. CIMA member will be eligible to join AICPA International Associate Member once the new strategic alliance is approved by the respective governing councils.[8][9]

ACCA failed to gain recognition in America whereas HKICPA signed Mutual Recognition Agreement with AICPA. The mutual recognition agreement was signed between the Hong Kong Institute of Certified Public Accountants and the U.S. International Qualifications Appraisal Board representing the National Association of State Boards of Accountancy and the American Institute of Certified Public Accountants. The agreement covers the period from 24 October 2011 to 23 October 2016. https://www.hkicpa.org.hk/en/


  • Since Canadian Institute of Chartered Accountants (CICA) and Certified Management Accountants in Canada (CMA Canada) has just announced to create a new joint qualification “Chartered Professional Accountant or CPA Designation”, whether the effect of this new Chartered designation will impinge on ACCA's application for recognition in Ontario is still uncertain at the moment.
  • There is a drive for consolidation of accounting profession in Canada incorporating CICA, CMA Canada and CGA. The proposal is to use “Chartered Professional Accountant” or CPA across the board. However a 10 years transitional period for tagging is mandatory where CGA members must use CPA-CGA designation instead of just CPA designation. For that reason, CGA withdrew from the negotiation process. If all accounting institutes in Canada merged altogether to form a new Chartered Professional Accountants institute, then ACCA may be compelled to bail out from North America.

As of 2006, ACCA had 1,100 members and over 400 students in Canada, the largest concentration of which live in Ontario.



  • ACCA has one office in Sydney, and holds its exams in major cities in Australia, including Sydney, Melbourne, Perth, Adelaide and Brisbane.
  • The Tax Practitioners Board has accredited ACCA as a recognised tax agent association and as a recognised BAS agent association on 12 May 2010.
  • Subject to passing exams in Australian tax and law, ACCA members may obtain the Professional National Accountant (PNA) designation from the National Institute of Accountants, On the same basis, ACCA members can obtain direct entry to the CA Program of the ICAA.
  • ACCA has not procured a mutual recognition agreement with any accountancy body in Australia whereas both CIPFA & CIMA are recognized in Australia via MRA with CPA Australia.

New Zealand

  • ACCA has one representative in Auckland and holds its exams there.

New Zealand Institute of Chartered Accountants has removed its exemptions altogether for ACCA members following the re-negotiation of mutual recognition agreement with various accounting bodies including CIPFA and CPA Australia in December 2010.

Caribbean, Central & South America

The ACCA is an affiliate of the Institute of Chartered Accountants of the Caribbean.[12] The ACCA qualification is legally recognized by the national accounting institutes with the joint scheme relationships in:

The ACCA qualification is legally recognized in the French Guiana (Part of France and hence subject to European Union regulations).


South Africa

  • The ACCA Professional Scheme has been registered at Level 8 (equivalent to master degree level).
  • ACCA hasn’t procured mutual recognition agreement with any accountancy body in South Africa while Institute of Chartered Accountants in England and Wales, ICA in Scotland, ICA in Ireland have MRA with South African Institute of Chartered Accountants.


  • ACCA Zimbabwe is one of the constituent bodies of the Public Accountants and Auditors Board (PAAB). The PAAB is a statutory body established in 1996, to oversee the regulation of the profession and maintain a register of persons entitled to work or practise as public accountants or public auditors in Zimbabwe. Only members in good standing of ACCA andInstitute of Chartered Accountants of Zimbabwe can register as auditors.




Hong Kong SAR
  • A new Agreement of Recognition Arrangement (ARA) between ACCA and HKICPA (Local statutory accountancy body) was put in place on 22 August 2006, backdated to 1 July 2005.[14]

This replaced the old Mutual Recognition Agreement (MRA) that was terminated by HKICPA on 30 June 2005. It was a disaster for ACCA members when they had to go through so called "8 unfair terms" e.g.holding a degree recognized by HKICPA (ACCA degree offered by OUB was failed in the test), worked under HKICPA authorized employers, attend workshop, passed Final Professional Examination (FPE) etc.

On the contrary, HKICPA members could join in ACCA without any further requirement.

  • However, ACCA qualification is highly recognized by the Hong Kong employment market due to international and historical influences. Most HKICPA members qualified through HKSA-ACCA joint scheme which was operated for more than 20 years. HKSA (Hong Kong Society of Accountants) was the old name of HKICPA.

As of the end of 2005, there were 16,609 members in Hong Kong SAR.

Macau SAR
  • The ACCA currently is legally recognized with the joint scheme relationships by Macau Society of Certified Practising Accountants (Local statutory accountancy body) in Macau.


  • ACCA and national accountancy body, Institute of Certified Public Accountants of Singapore (ICPAS), have operated a Joint Scheme of Examinations since 1983. The Joint Scheme is based on ACCA's examinations and allows students to sit papers in Singapore law and tax. All students who successfully complete the Joint Scheme examinations satisfy the examination requirements of both ACCA and ICPAS and are eligible to apply for membership of both bodies. ACCA's student numbers in Singapore for the Joint Scheme have topped 11,000.
  • A blog has been set up to assist those preparing for the Singapore variant law paper.[15]
  • Singapore government recognizes ACCA qualification to meet her migration skills assessment to immigrate in Singapore.

As of the end of 2005, there were 5,161 members in Singapore.


  • According to the rules 6(iii) & 9 of accountancy examiniation published by Taiwan government, ACCA members are entitled to obtain advanced standing in the examinations to become a Certified Public Accountant in Taiwan.


  • On the 13th August 2007 ACCA and the Malaysian Institute of Certified Public Accountants (MICPA) signed a mutual recognition agreement (MRA), providing a route for members of both accountancy bodies to join the other body and to enjoy the benefits which both respected designations have to offer.
  • The ACCA or Chartered Certified Accountant qualification currently is recognized by the Malaysian Institute of Accountants (MIA). Only MIA members will be considered as accountants in Malaysia under the Accountants Act, 1967.
  • ACCA is statutorily recognised in Part II of the First Schedule of the Accountants Act, 1967.

As of the end of 2005, there were 7,417 members in Malaysia.


  • ACCA in Pakistan has seen tremendous growth during the last five years with thousands of students enrolling every year into ACCA programs. Various local colleges and universities are also now offering ACCA programs in all major cities of the country.
  • Higher Education Commission (HEC) of Pakistan recognise ACCA member as equal to Masters in Commerce (M.Com)
  • Also ICAP awards exemption to ACCA affiliates. ICAP reduced the exemptions to ACCA affiliates/members. Previously, ACCA affiliates or members were given exemptions up to Module D. Now ACCA affiliates/members can get maximum of seven exemptions.


  • The ACCA currently is legally recognized by the national accounting institutes with the joint scheme relationships in:
    • Vietnam (The Ministry of Finance of the Socialist Republic of Vietnam);
    • Brunei (Brunei Institute of Certified Public Accountants);
    • Cambodia (The Ministry of Economy and Finance Kampuchea Institute of Certified Public Accountants and Auditors);
    • Laos (The Ministry of Finance of the Lao People's Democratic Republic).
    • Bangladesh (The Institute of Cost and Management Accountants of Bangladesh)
    • The United States Uniform CPA Examination will be offered outside the 55 U.S. jurisdictions for the first time in its history in 2011. The CPA Examination next year will be offered in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates in direct competition with ACCA Middle East branches.
    • AICPA has formed a strategic alliance with CIMA to offer a new global accounting designation. This comes out as a result of the launch of Uniform CPA examinations worldwide. AICPA has changed its path moving away from a national based institute offering qualification for CPAs in public practice into an international accounting institute covering both CPAs in public practice and management accountant in conglomerates (something like ACCA does for decades).

Global Partnership

Professional Partners

  • Through a range of partnerships with professional institutions, ACCA offers students and members access to other related professionals.
    • The full members of ACCA are one of two professional bodies' members (Another is the charterholders of Chartered Financial Analyst (CFA)) to be recognized by UK's Securities & Investment Institute (SII) as the equivalent level of SII full membership (MSI).[16] Full membership of SII is recognized by several national investment professional bodies such as in Australia (Financial Services Institute of Australasia (Finsia), formerly the Australian Institute of Banking and Finance) and Hong Kong Securities Institute (HKSI).
    • ACCA and Financial Services Institute of Australasia (FINSIA), formerly the Australian Institute of Banking and Finance) have signed a global partnership agreement. Under the agreement, students and members of ACCA may obtain advanced standing in the Institute examinations.
    • ACCA and the Institute of Internal Auditors (IIA) have signed a global partnership agreement. Under the agreement, the two organisations will co-operate, collaborate and share resources across their global networks of offices and affiliate bodies.
    • ACCA and the Chartered Institute of Taxation (CIOT) have signed a global partnership agreement to enable ACCA’s members worldwide to take the CIOT’s Advanced Diploma in International Taxation (ADIT).
    • ACCA members may access an accelerated route to Associate membership of the UK Association of Corporate Treasurers(CAT).
    • ACCA and Investors in People (IIP) have signed an agreement that will enable IIP recognised organisations in the UK and Ireland to apply directly for the award of ACCA Approved Employer (professional developments stream), that means ACCA members working in IIP recognised organisations will benefit from the recognition of the work-related learning they obtain and will be able to take advantage of simplified CPD reporting.
    • Institute of Directors (IoD) and ACCA are working on a number of initiatives to promote an agenda of good governance and high standards in learning and development. From 2007, ACCA members seeking to enhance their skills and improve the performance of their organisation will be able to undertake the Chartered Director qualification – a professional qualification for directors.[17]
    • Institute of Management Accountants (IMA) in United States has agreed that Chartered Certified Accountants (ACCA) only have to pass four-papers final examination to get theCertified Management Accountant (CMA) designation. This is not based on a specific agreement but is the result of IMA's policy and similar accreditation is given to many other IFAC bodies, as well as to others with the equivalent of a U.S. bachelors degree (any discipline).

University Links

  • Through a range of partnerships with several universities, ACCA offers students and members access to graduate and postgraduate level accountancy education.
    • The relationship between ACCA and the UK's Oxford Brookes University, has offered ACCA students and members to the Oxford Brookes BSc (Honours) in Applied Accounting, and the online supported MBA.
    • According to the agreements between ACCA and Tsinghua University in Beijing (China), Tsinghua will recognise the Oxford Brookes University BSc(Hons) Applied Accounting degree stated as the above, and will accept the graduates from this BSc(Hons) degree program to further study Tsinghua's master degree programs.[18]
    • ACCA and the School of Oriental and African Studies (SOAS) at the University of London have signed a global partnership agreement to enable ACCA’s members and affiliates worldwide to take the SOAS's Postgraduate Diploma in Public Financial Management.[19]
    • ACCA has signed the agreement with the University of Cambridge ESOL examinations (English for Speakers of Other Languages) to result in the launch of the International Certificate in Financial English (Cambridge ICFE), a new financial English exam.
    • Together with the Said Business School, at the University of Oxford, ACCA offers the Diploma in Financial Strategy, a Masters-level course that provides the essential elements of an MBA for qualified accountants, and is designed to extend knowledge and develop senior management skills.
    • ACCA and Edinburgh Business School at Heriot-Watt University have signed a joint agreement to enable ACCA Part 3 students, affiliates and members to gain a fast track entry through free-of-charge credit transfer and exemption when they matriculate for the MSc in Financial Management by distance learning or face-to-face study at a global network of centres.[20][21]
    • ACCA partners Exeter University to offer members postgraduate qualifications in leadership (MA degree in leadership).[22][23]
    • Through a range of recognitions by many universities in this world including UKHong Kong and Universitas 21 Global, there are the accelerated routes for ACCA members to theirmaster degree programmes.[24]

Representation worldwide

  • ACCA is represented on many committees and bodies around the world.[25]
    • European Financial Reporting Advisory Group
    • Fédération des Experts Comptables Européens (FEE)
    • Fédération des Experts Comptables Méditerranéens (FCM)
    • Global Reporting Initiative (GRI)
    • International Federation of Accountants (IFAC)
    • Institute of Chartered Accountants of the Caribbean (ICAC)
    • Inter-American Accounting Association (IAA)
    • South Eastern European Partnership on Accountancy Development (SEEPAD)







 2 Replies


is it possible for ca students to do acca simultaneously?

 will there be any problem with articleship?

athulya davies (student) (21 Points)
Replied 08 July 2012

can  u  please  suggest  me  a  good coaching  center for  doing  ACCA  in INDIA?  Preffed  in  south  INDIA.


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