What is ACCA and FIA?
The Association of Chartered Certified Accountants (ACCA) offers a range accountancy training courses, one of which is the FIA course. This institution claims to be one of the world's largest accountancy bodies with more than 150,000 members to date.
The Foundation in Accounting (FIA) UK course and Financial Accounting (FFA) Module has been produced for students who wish to pursue a career in accounting (such as accounting technician), but do not hold the current qualifications to be entered straight into the ACCA program.
These types of accounting qualifications are vital if you want a career in accounting and finance. The FIA course is a fantastic place to begin your financial training. FIA ACCA F3 courses in London and other major cities across the UK are frequently run by many approved institutes.
The FIA course can be entered into at any level depending on what your current ability is. Each module is passed on successful completion of a two hour examination that can involve either paper based or computerised questions or a combination of the two. All questions are compulsory and there are a total of 50 marks to be gained from the exam. You are advised to familiarise yourself with the entire syllabus for a module before entering the exam.
Financial Accounting (FFA) Module
The ACCA F3 Financial Accounting (FFA) module aims to increase your knowledge of the underlying principles in financial accounting and to develop a technical ability in using the double entry accounting method. This will include the preparation of simple financial statements.
You will be introduced to:
• the existing framework used to prepare accounts and the qualitative characteristics of useful data
• the recording, processing and reporting of financial business transactions and events
• the topics of the trial balance and how to spot and amend errors within financial paperwork
• how to prepare financial statements for both incorporated and unincorporated companies
• how to interpret financial statements and how to prepare them for an incorporated business
By the end of the module, you will be expected to describe the context and the purpose of financial reporting as well as explain the qualitative characteristics of financial information.
You will be expected to:
• record financial transactions
• record financial events
• prepare a trial balance
• prepare a basic financial statement, and finally
• interpret financial statements you are presented with
Once all of this information has been given the required study time and has been understood in its entirety, you may be ready to sit the exam.
FIA Financial Accounting (FFA) Exam
The FFA exam will have you demonstrate a wide range of learning from the module and will take the form of paper based and computerised questions. To ensure you are familiar with the layout of the examination papers, it is a good idea to practice beforehand. Both practice papers and past papers are available to purchase on the internet from ACCA approved suppliers and free examples can be downloaded directly from the ACCA website.
FIA Exam Questions
Here is a short example of the sorts of questions you may be asked during the examination. These have been taken from exam papers on the ACCA website and are for guidance purposes only.
1. Define financial reporting - recording, analysing and summarising financial data.
2. Identify the uses of financial statements and state and differentiate between their information needs.
3. Understand the role of the regulatory system including the roles of the IFRS Foundation (IFRSF), the International Accounting Standards Board (IASB), the IFR's Advisory Council (IFRC AC) and the IFR's Interpretations Committee (IFRS IC).
4. Recognise the need for adjustments for inventory in preparing financial statements.
5. Explain the purpose of amortisation.