ACCA Syllabus Changes 2021-22 Final PDF

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SYLLABUS CHANGES FOR ACCA QUALIFICATION EXAMS: 2020/21 – 2021/22 Guidance for students You may previously have prepared for an exam under the 2020/21 syllabus and are now preparing for that same exam under the new 2021/22 syllabus, which applies from September 2021 until June 2022*. The good news is that there are not too many syllabus changes overall. The interactive table on the next page sets out where there are changes and links you through to more detail about what the changes are, recommended articles and other resources, including links to the websites of our Approved Content Providers, BPP Learning Media and Kaplan Publishing. For every exam, regardless of syllabus changes, the table also links you to our ‘Essentials on one page’ resource, which gives you an overview of the exam as well as tips for success, guidance on how to tackle the exam and links to key resources.

ACCESS THE INTERACTIVE TABLE HERE

* Except for LW variants, TX and ATX, which can have a different syllabus year. Refer to the ACCA website for information about your exam. Also note the syllabus year for the Applied Knowledge exams runs from September 2021 to August 2022.

Use the table below to understand whether your exam is affected by syllabus changes. Click on the icons to access further information and guidance.

Strategic Professional EXAM

ARE THERE ANY SYLLABUS CHANGES?

SUPPORTING RESOURCES

Strategic Business Reporting (SBR-INT)

YES

Access more info about the SBR-INT syllabus changes

HERE

Strategic Business Leader (SBL)

YES

Access more info about the SBL syllabus changes

HERE

Advanced Financial Management (AFM)

NO

Access AFM ‘Essentials on one page’

HERE

Advanced Performance Management (APM)

YES

Access more info about the APM syllabus changes

HERE

Advanced Taxation (ATX-UK)

N/A

Access ATX-UK ‘Essentials on one page’

HERE

Advanced Audit and Assurance (AAA-INT)

YES

Access more info about the AAA-INT syllabus changes

HERE

Applied Skills EXAM Corporate and Business Law (LW-ENG)

ARE THERE ANY SYLLABUS CHANGES? NO – although one learning outcome has been deleted – see HERE

SUPPORTING RESOURCES Access LW-ENG ‘Essentials on one page’

HERE

Performance Management (PM)

YES

Access more info about the PM syllabus changes

HERE

Taxation (TX-UK)

N/A

Access TX-UK ‘Essentials on one page’

HERE

Financial Reporting (FR)

NO – although the wording of some learning outcomes has been changed

Access more info about FR learning outcome changes

HERE

Audit and Assurance (AA)

YES

Access more info about the AA syllabus changes

HERE

Financial Management (FM)

NO

Access FM ‘Essentials on one page’

HERE

Applied Knowledge EXAM

ARE THERE ANY SYLLABUS CHANGES?

SUPPORTING RESOURCES

Business and Technology (BT)

NO

Access BT ‘Essentials on one page’

HERE

Management Accounting (MA)

YES

Access more info about the MA syllabus changes

HERE

Access more info about FA learning outcome changes

HERE

Financial Accounting (FA)

NO – although the wording of some learning outcomes has been changed

Strategic Business Reporting (SBR-INT) – guidance on syllabus changes What’s changing? SECTION AND SUBJECT AREA

SYLLABUS CONTENT

C11b deletion

Discuss and apply the principles behind the initial recognition and subsequent measurement of a biological asset or agricultural produce.[2]

Removed as very specialist area that requires more knowledge than IAS 41 to effectively report on.

F1c addition

Discussion of solutions to current issues in financial reporting.

Updating for current issues and clarifying the scope and include examples such as digital assets and global events.

F1c deletion

Discussion of solutions to current issues in financial reporting.

Removed

Note it remains within the FR syllabus and is therefore assumed knowledge for SBR

1. Accounting policy changes and 3. Defined benefit plan amendments, curtailment or settlement as now incorporated in the main IFRS standards and added Presentation and Disclosures to reflect the Exposure Draft (see Examinable Documents).

In addition to these changes, there are a variety of minor wording and other changes which have been made for clarity. If you would like more detail on these please refer to the table at the end of the 2021-22 syllabus document.

What does this mean for me? For the September 2021-June 2022 exam year, there have been few changes to the syllabus. As detailed in syllabus section F1(c), you will be expected to discuss the impact of current reporting issues in corporate reporting. This could be tested by asking you to apply one or several existing standards to an accounting issue. You may also be asked to provide an explanation of the resulting accounting implications (for example, accounting for digital assets or accounting for the effects of a natural disaster or global event). The following examples are relevant to the current syllabus: 1. Presentation and disclosures 2. Materiality in the context of financial report 3. Management commentary Examinable documents are updated annually to reflect current developments. Examinable documents for September 2021 to June 2022 can be found here

Recommended resources ACCA Approved Content It’s vital to use up to date study materials when preparing for your exam. ACCA’s Approved Content materials have been assessed by ACCA’s examining team to ensure they are of the very highest quality. To find out more, please click on the logo links below:

n We recommend you make use of all technical articles available for SBR, but we would draw your attention to the following articles in particular: Read the mind of the marker – Part 1 Read the mind of the marker – Part 2 n The key to exam success is question practice. If you’re preparing for an SBR CBE, visit this page for guidance on how to approach question practice, including using the new ACCA Practice Platform n We strongly recommend you complete the Ethics and Professional Skills module before attempting SBR

For an overview of the SBR-INT exam and guidance on how to tackle it, access the SBR-INT ‘Essentials on one page’ resource here

How to prepare

How to approach the Strategic Business Reporting (SBR-INT) exam SBR has a wide ranging syllabus, which includes many accounting standards, some introduced in Financial Reporting and others examined only in SBR. Current issues, exposure drafts and narrative reporting frameworks also feature. Questions are set in the context of single entities, groups, private or public sector, for-profit, or not-for-profit organisations. To study SBR effectively you need to understand the nature of the exam and what you will be asked to do.

Stakeholders

Ethics Judgement Professionalism

Professionalism is more than calculating numbers. It means applying ethics and judgement to add value, taking a holistic view and communicating professionally.

n Real life reading – eg real company financial statements n Cover the syllabus widely – breadth rather than depth

n Written aspects are very important – don’t just practice numbers n Get used to planning and writing clear answers.

Links to support resources

REPORTING

• financial and non-financial • single entities, groups, for-profit, not-for-profit Knowledge gained in previous exams

Detailed knowledge

New detailed knowledge

• standards • current development

Conceptual Framework The Conceptual Framework underpins the whole syllabus. The better you know the Framework, the easier it is to learn the principles of each individual standard.

Most frequently used SBR exam verbs:

n Make use of ACCA resources

n Practice questions, and take time to review your answers. If you’re preparing for an SBR CBE, visit this page for guidance on how to approach question practice, including using the new ACCA Practice Platform

SBR – The Big Picture

In SBR, as in the workplace, you need to consider the point of view of investors and other stakeholders. This means analysing and interpreting information, explaining how transactions affect the financial statements and other reports or explaining accounting treatments and disclosures.

Advice from an expert tutor

Tackling the exam

n Examining team guidance n Examiner’s reports n Technical Articles n How to earn professional marks n Ethics and Professional Skills module n Read the mind of the marker – Part 1 n Read the mind of the marker – Part 2 n Tutor video review of the March 2020 exam n Strategic Professional CBE support n FAQs

DISCUSS

EXPLAIN

ADVISE

Read this article for more about exam verbs

Question approach: ✓ Analyse the requirements ✓ Read the scenario carefully to understand issues and any stakeholder perspective

✓ Identify relevant technical knowledge nRemember – more than one standard may be relevant, and consider the principles from the Conceptual Framework.

✓ Apply this to the scenario nDon’t simply regurgitate everything you can remember. Select relevant points and explain how they apply to the facts in the scenario nYou may need to produce some calculations as part of an explanation but numbers alone will not earn enough marks to pass.

Writing a good answer – how to demonstrate professionalism: n Plan your answer n Use headings and short paragraphs n Consider the stakeholders – relevant content and appropriate tone.

Strategic Business Leader (SBL) – guidance on syllabus changes What’s changing? SECTION AND SUBJECT AREA

SYLLABUS CONTENT

A3 deletion

Professionalism, ethical codes and the public interest

a) Evaluate organisational decisions using the Tucker 5 question approach.[2]

D1 deletion

Identification, assessment and measurement of risk

g) Recognise and analyse the sector or industry specific nature of many organisation risks.[2] i) Explain and assess the ALARP (as low as reasonably practicable) principle in risk assessment and how this relates to severity and probability.[3]

D2 addition

Managing, monitoring and mitigating risk

g) Apply the concept of assurance mapping to modern risk management using the ‘four lines of defence’.[3]

E3 addition

Machine learning, AI and robotics

a) Explain the potential benefits of using artificial intelligence (AI), robotics and other forms of machine learning to support strategic decisions and the pursuit of corporate objectives.[2] b) Assess the risk, control and ethical implications of using (AI), robotics and other forms of machine learning3

F2 deletion

Audit and compliance

c) Respond credibly to requests and enquiries from internal or external auditors.[3]

G1 deletion

Finance function

a) Explain the relationship between an organisation’s financial objectives and its business strategy.[2]

J addition

Other employability and digital skills

1) Use computer technology to efficiently access and manipulate relevant information. 2) Work on relevant response options, using available functions and technology, as would be required in the workplace. 3) Navigate windows and computer screens to create and amend responses to exam requirements, using the appropriate tools. 4) Present data and information effectively, using the appropriate tools.

In addition to these changes, there are a variety of minor wording and other changes which have been made for clarity. If you would like more detail on these please refer to the table at the end of the 2021-22 syllabus document.

ACCA Approved Content It’s vital to use up to date study materials when preparing for your exam. ACCA’s Approved Content materials have been assessed by ACCA’s examining team to ensure they are of the very highest quality. To find out more, please click on the logo links to the right:

What does this mean for me? For the September 2021-June 2022 exam year, there have been few changes to the syllabus. A new learning outcome has been added on managing, monitoring and mitigating risk, D2g. You should have a knowledge of and be able to apply the concept of assurance mapping to modern risk management using the ‘four lines of defence’ In addition to this, a new learning outcome has been added on machine learning, AI and robotics, E3. You should be able to explain the benefits of using artificial intelligence (AI), robotics and other forms of machine learning to support strategic decisions and the pursuit of corporate objectives. You should also be able to assess the risk, control and ethical implications of using AI, robotics and other forms of machine learning in the context of the scenario presented. Other employability and digital skills, syllabus area J, is an addition to the syllabus and reflects that the exam will be sat by computer-based exam (CBE), allowing you to demonstrate the skills required for the workplace.

Recommended resources n We recommend you make use of all technical articles available for SBL. n The key to exam success is question practice. Visit this page for guidance on how to approach question practice for SBL, including using the new ACCA Practice Platform n We strongly recommend you complete the Ethics and Professional Skills module before attempting SBL

For an overview of the SBL exam and guidance on how to tackle it, access the SBL ‘Essentials on one page’ resource here

How to approach the Strategic Business Leader (SBL) exam SBL is a 4 hour integrated case study which examines a breadth of organisational functions. It assesses not only technical and ethical skills but the professional skills expected of effective leaders and advisers to senior management. The rationale for the syllabus can be summarised as follows: Leadership and governance Strategy requires an understanding of risk management Technology and data analytics are transforming businesses Organisational control includes internal audit Financial aspects support decision making Innovation, performance excellence and change management are essential to organisational success.

Tackling the exam

20% of the total marks will be allocated to Professional Skills:

Each task will specify an answer format, for example:

n Read each requirement:

n Prepare a briefing paper …

• Note the specified answer format (e.g. a memo)

n Write a report for the board …

• Identify the professional skill (e.g. scepticism) and recall the sub-skills (e.g. probe, question, challenge)

n Draft a letter …

• Read the prompt for how to demonstrate (e.g. ‘by challenging the comments made at the emergency meeting’)

A task may have more than one requirement, for example “evaluate… and recommend…”

Most frequently used SBL exam verbs:

n Bear this skill in mind as you: • Read the requirement again • Actively read the relevant exhibit (e.g. transcript of emergency meeting)

SBL – Integrating technical and professional skills

• Think about and plan your answer points

The aim of the syllabus is to combine the main functions of organisations in the context of leadership capabilities.

n When you prepare your answer: • Present it in the specified format

EVALUATE

Commercial Acumen

DISCUSS

RECOMMEND

Read this article for more about exam verbs

• Use suitable headings and subheadings

Communication

• Make only relevant points

A

B

C

Leadership

Governance

Strategy

H Innovation, performance excellence and change management

G Finance in planning and decision-making

D Risk

F Organisational control and audit

Scepticism

E Technology and data analytics

Employability and Technology

Analysis

• Avoid repetition

Evaluation

n n n n n n

How to earn Professional Skills marks

• Write clearly and concisely • Keep your tone professional

Links to support resources

You should complete the Ethics and Professional Skills Module before attempting any of the Strategic Professional examinations.

n Examining team guidance

Tips for success in the SBL exam

n The importance of effective communication n How to earn professional marks n Professional Skills marking guide n How to approach the SBL exam

✓ Plan to study the syllabus content as quickly as possible

n Tutor video review of the March 2020 exam

✓ Start practicing case study questions as soon as possible. If you’re preparing for an SBL CBE, visit this page for guidance on how to approach question practice, including using the new ACCA Practice Platform.

n Specimen exams

✓ Work on your professional skills from the outset

n Passing Strategic Professional exams

✓ Attempt each specimen and past exam in 4 hours and in full.

n Strategic Professional CBE support

n Past exam questions and answers n Examiner’s reports

n FAQs

How to approach the Advanced Financial Management (AFM) exam This is an advanced level exam which builds upon the knowledge and skills examined in Financial Management. You will be required to demonstrate your ability to: n Read and digest quickly, comprehensive and detailed questions n Apply relevant knowledge and skills n Exercise the professional judgement expected of a senior financial person n Make recommendations or financial management decisions that are likely to affect the entire business organisation Like a senior financial person at work, you will be expected to read a business brief and decide on a relevant methodical approach to meeting the brief’s objectives, making notes where necessary. Senior managers work under tight deadlines, and hence prioritising and managing your time is crucial to performing well under examination conditions.

AFM – A Senior Advisory Role This strategic option exam is designed for candidates who work in or have ambitions to specialise in financial management. It builds on the assumed knowledge and demands advanced skills and techniques.

Role of the senior financial adviser in the multinational organisation Advanced investment appraisal

Acquisitions and mergers

Reconstruction and re-organisation

Business finance

Business valuations

Financial Management (FM)

Tackling the exam

✓ The key to exam success is question practice. If you’re preparing for an AFM CBE, visit this p...