Those who strive to achieve ACCA qualification in Pakistan need to pass fourteen papers divided into subcategories of the ACCA exam. These levels are like milestones that you need to surpass and finalize if you are further eligible to hp on to the membership part. So, in this article, to make you aware of those milestones, we will explain them further step by step.
Applied knowledge papers in ACCA expose students to the upcoming advanced levels. At this level, students hint at basic accounting and finance techniques mostly in theoretical form and less practical. This way, students will gauge their needs for the forthcoming levels. Applied knowledge is helpful for students because it’s not an advanced version but endorses a better understanding of international accounting and financial techniques. The papers include:
Business and Technology
The business and technology in ACCA acknowledge students to grasp how technology and business techniques are interlinked together. This paper also includes information technology support and emphasizes the importance of information technology in business as everything is shifting towards a tech-centric world and business practices. In short, this paper prepares students for the tech-centric world ahead.
Financial accounting is a paper that helps students of ACCA to cater to international financial accounting standards. This paper helps them gauge how to prepare balance sheets, income statements, cash flows, and other financial recordings for the stakeholders. Although in the applied knowledge level, you will merely have an intermediary exposure to the financial accounting of ACCA.
Management accounting paper in ACCA upholds the techniques of cost accounting. This paper prepares students to gauge managerial accounting affairs for internal financial operations. However, this level also includes a primary exposure of management accounting that you will come across in the later levels as an advanced version.
At this level, you must have a hint of what was taught at the applied knowledge level to enhance your skills more and apply them to the practices. This level prepares you to have practical knowledge of your skill implementation so that you can leverage the opportunities in any reputable firm. The papers in this level include:
Corporate and Business Law (LW)
When working in a professional business environment, you must be aware of corporate law and order to avoid vague and illegal decision-making. When you grasp the corporate direction and constitutions under which you can conduct business practices, you can prevent any mishap and resolve or avoid contractual fraudulence effectively.
The taxation paper in ACCA applied skills allows you to control and calculate taxes in the economy to avoid paying any overtaxes or missing out on paying taxes. This way, you will have a secure governmental record as a filer.
Financial Reporting (FR)
Financial reporting paper helps you prepare necessary reporting that your stakeholders look for investment, partnership, and assessment.
Performance Management (PM)
Performance management paper enables you to control, organize, and manage the performance of your working environment.
Financial Management (FM)
Financial management is similar to financial reporting and accounting, but it differentiates in advancement.
Audit and Assurance (AA)
You can also be elected as an audit and assurance manager to apply the skills you learn from this course.
The strategic professional level allows you to make decisions according to the criterion. Also, at this level, you will be offered options of papers to choose from including these:
1- Advanced Financial
2- Management (AFM)
3- Advanced Audit and Assurance (AAA)
4- Advanced Taxation (ATX)
5- Advanced Performance Management (APM)
However, there are two mandatory papers that you need to do like Strategic Business Reporting (SBR) and Strategic Business Leader (SBL]