)| Amended 1 January 2008 |
| The Council of the Association of Chartered Certified Accountants, in exercise of the powers conferred on it by bye-laws 2, 3 and 8 of the Association's bye-laws and all other powers enabling it, hereby makes the following regulations: |
| (1) | These regulations may be cited as The Chartered Certified Accountants' Membership Regulations 1996. |
| (2) | These regulations as amended as set out herein shall come into force on 1 January 2008. |
| (3) | These regulations shall apply to all members, affiliates and registered students and, to the extent that they are relevant, to former members, affiliates and registered students. |
| (1) | In these regulations, unless the context otherwise requires: |
| ACCA student means a registered student who is undertaking the ACCA Qualification examinations; |
| Admissions and Licensing Committee means the committee appointed by Council pursuant to regulations made under bye-law 28; |
| affiliate means a registered student who has passed or obtained exemptions from the Association's examinations as set out in Appendix 1 but has not progressed to membership; |
| Appeal Committee means the Committee appointed by Council pursuant to regulations made under bye-law 28; |
| applicant means a person who has applied or is in the course of applying to become a member, affiliate or registered student; |
| application means the application to be admitted to membership or to the student register submitted by an applicant; |
| Association means the Association of Chartered Certified Accountants incorporated by Royal Charter issued to it in 1974 as amended from time to time; |
| bankruptcy event means a bankruptcy order, a bankruptcy restriction order, a bankruptcy restriction undertaking or an equivalent event in any country or jurisdiction; |
| bye-laws means the bye-laws from time to time of the Association; |
| CAT student means a registered student who is undertaking the Association's Certified Accounting Technician scheme examinations; |
| certificate has the meaning given in The Chartered Certified Accountants' Global Practising Regulations 2003; |
| Charter means the Association's Royal Charter of Incorporation granted to it in the year 1974 as amended or supplemented from time to time; |
| Council means the Council of the Association from time to time; |
| Diploma student means a registered student who is undertaking one of the Association's diploma schemes; |
| European Regulations means the European Communities (Recognition of Professional Qualifications) Regulations 1991, S.I. 1991 No. 824 as amended from time to time; |
| firm means a sole practice, partnership, or body corporate including a limited liability partnership; |
| IFAC means the International Federation of Accountants; |
| member means an individual admitted to membership of the Association pursuant to the bye-laws; |
| membership means membership of the Association; |
| NVQ means National Vocational Qualification in the United Kingdom; |
| personal data has the meaning ascribed to it by the Data Protection Act 1998; |
| practising certificate means any of the types of certificate issued by the Association to individuals in accordance with The Chartered Certified Accountants' Global Practising Regulations 2003; |
| public practice has the meaning ascribed to it by The Chartered Certified Accountants' Global Practising Regulations 2003 as amended from time to time; |
| relevant firm means any firm which has undertaken to be bound by some or all of the bye-laws; |
| Secretary means the Secretary of the Association (by whatever name known) or any other person acting in such capacity by the direction of the Council; |
| (2) | Words importing the masculine gender shall include the feminine and words in the singular shall include the plural and vice versa. Any reference to a statutory provision shall include where the context permits the subordinate legislation made from time to time under that provision and any reference to a statutory provision or regulation shall include that provision or regulation as from time to time modified or re-enacted so far as such modification or re-enactment applies or is capable of applying to such reference. |
| (3) | Headings and sub-headings are for convenience only and shall not affect the interpretation of these regulations. |
| Criteria |
| An individual shall be eligible for membership of the Association if he: |
| (a) |
| (i) | has passed or obtained exemptions from the Association's examinations set out in Appendix 1; |
| (ii) | has completed three years of approved experience in accordance with Appendix 2; |
| (iii) | has completed the Professional Ethics module save that this requirement does not apply to those ACCA students registered before 1 January 2007; and |
| (iv) | satisfies the Admissions and Licensing Committee as to his general character and suitability, |
| OR |
| (b) |
| (i) | has the right to practise in the United Kingdom as a Chartered Certified Accountant pursuant to Regulation 5 of the European Communities (Recognition of Professional Qualifications) Regulations 1991, having satisfied any requirements imposed on him pursuant to Regulation 6 thereof; or |
| (ii) | has the right to practise in the United Kingdom as a Chartered Certified Accountant pursuant to Regulation 11 of the European Communities (Recognition of Professional Qualifications) (Second General System) Regulations 1996, having satisfied any requirements imposed on him pursuant to Regulation 19 thereof, |
| OR |
| (c) |
| (i) | is a member of a body and the holder of an appropriate qualification recognised for the purposes of section 33 of the UK Companies Act 1989; and |
| (ii) | is, or intends to be, a partner, director, person responsible for audit or sole principal of a firm which holds, or intends to hold, an auditing certificate under The Chartered Certified Accountants' Global Practising Regulations 2003; and |
| (iii) | satisfies the Admissions and Licensing Committee as to his general character and suitability, |
| OR |
| (d) |
| (i) | is a member of the Hong Kong Institute of Certified Public Accountants, who has at any time been registered as a student of the Hong Kong Institute of Certified Public Accountants in Hong Kong (and not in any other place), having completed the Hong Kong Institute of Certified Public Accountants Qualification Programme and satisfied the Association that he has at least three years of practical experience in accountancy which has been gained under an authorised employer or authorised supervisor complying with the Hong Kong Institute of Certified Public Accountants Practical Experience Requirement; or |
| (ii) | is a member of the Institute of Certified Public Accountants of Singapore, having completed the Institute of Certified Public Accountants of Singapore Professional Examination introduced in 2005 and three years of approved experience in accordance with Appendix 2; or |
| (iii) | is a member of the Certified General Accountants Association of Canada, having completed the Certified General Accountants Association of Canada Program of Professional Studies, satisfied the Certified General Accountants Association of Canada Practical Experience Requirements and has satisfactorily completed a designated assessment in local tax and law previously approved by the Association and the Certified General Accountants Association of Canada; or |
| (iv) | is a Certified Public Accountant member of the Malaysian Institute of Certified Public Accountants, having completed the Malaysian Institute of Certified Public Accountants examinations, satisfied the Malaysian Institute of Certified Public Accountants Practical Experience Requirements and has either: |
| (aa) | achieved five years' relevant post-qualification experience and satisfactorily completed either the ACCA Professional Ethics module or the ACCA Critical Incident Questionnaire; or |
| (bb) | passed Paper P1 - The Professional Accountant; and |
| (v) | satisfies the Admissions and Licensing Committee as to his general character and suitability and any other prescribed terms in accordance with the relevant mutual recognition agreement, |
| OR |
| (e) |
| (i) | is a: |
| member by examination of the Canadian Institute of Chartered Accountants; or |
| member by examination of the Chartered Institute of Management Accountants; or |
| member by examination of the Chartered Institute of Public Finance and Accountancy; or |
| member by examination of the Institute of Chartered Accountants in Australia; or |
| member by examination of the Institute of Chartered Accountants in England and Wales; or |
| member by examination of the Institute of Chartered Accountants in Ireland; or |
| member by examination of the Institute of Chartered Accountants of Scotland; or |
| without prejudice to rights under the European Communities (Recognition of Professional Qualifications) Regulations 1991 or the European Communities (Recognition of Professional Qualifications) (Second General System) Regulations 1996, is a member by examination of a professional body or holder of a qualification recognised under these EC Regulations; and |
| (ii) | satisfies the Admissions and Licensing Committee as to his general character and suitability; and |
| (iii) | has held such membership for a continuous period of not less than five years; or |
| (iv) | has been employed as a member of staff on a full-time basis by the Association continuously for at least a year and in the opinion of the Secretary of the Association will derive benefit in his work for the Association from his being able to describe himself as a member of the Association; or |
| (v) | holds, or is eligible to hold, a practising certificate from one of the above bodies (or on admission to the Association from his being able to describe himself as a member of the Association); or |
| (vi) | holds, or is eligible to hold, a practising certificate from one of the above bodies (or on admission to membership of the Association will be eligible to hold a practising certificate from the Association); and |
| (aa) | is in, or intends to enter into, partnership including limited liability partnership with a member of the Association, or be, or become a director of a body corporate another director of which is or will be a member of the Association, which partnership or body corporate will include in the description of such partnership or body corporate the words "Chartered Certified Accountants"; "Certified Accountants"; or |
| (bb) | is, or intends to be, a partner, director, member or designated member in the case of a limited liability partnership, or sole principal of a firm which holds or intends to hold an auditing certificate under the Chartered Certified Accountants' Global Practising Regulations 2003; or |
| (cc) | as an individual, holds, or intends to hold, a licence to act as an insolvency practitioner under The Chartered Certified Accountants' Global Practising Regulations 2003; or |
| (dd) | is, or intends to be, a partner, director, member or designated member in the case of a limited liability partnership, or sole principal of a firm which holds the Association's approved employer status, |
| OR |
| (f) |
| (i) | has been invited by the Council to become a member of the Association; and |
| (ii) | is a member of an accountancy body which is itself a member of the International Federation of Accountants or is eligible to be a company auditor in a European Union member state; and |
| (iii) | has held such membership for a continuous period of not less than five years; and |
| (iv) | satisfies the Council as to his general character and suitability; and |
| (v) | has, in the opinion of the Council, made a significant contribution to the knowledge or practice of accountancy; and |
| (vi) | will, in the opinion of the Council, bring benefits to the Association and/or its membership through his membership. |
| (1) | Members and Fellows |
| (a) | Subject to the provisions of Global Practising Regulations 3 and 4, which prohibit members without a practising certificate from carrying on activities which constitute public practice, on admission to membership an individual shall become a Member of the Association and may denote his membership of the Association by the use of the professional designation Chartered Certified Accountant or Certified Accountant and/or the designatory letters ACCA. |
| (b) | A member who was admitted to membership on or after 1 January 2005 and has been a Member of the Association for a continuous period of five years shall automatically advance to fellowship, and be a Fellow, of the Association and may denote his fellowship of the Association by the use of the professional designation Chartered Certified Accountant or Certified Accountant and/or the designatory letters FCCA, providing the member has not breached the continuing professional development requirements of regulation 4(4) during that time. |
| (c) | Where a member resigns his membership under regulation 10, or is removed from the register of members under regulation 11, or ceases to be a member under regulation 12, the continuous period of membership of five years (as specified in regulation 4(1)(b)) shall commence from the date of readmission under regulation 13. |
| (d) | The Secretary shall maintain a register of members of the Association and the Council may if it thinks fit periodically publish lists of members, copies of which may be made available on such terms as the Council may determine. |
| (2) | Application of the Charter, bye-laws and regulations |
| (a) | Upon and following admission to membership, the Charter, the bye-laws and the regulations made pursuant to the bye-laws for the time being in force shall apply to and bind every person so admitted for so long as he is a member and, insofar as the Charter, bye-laws and such regulations so provide, thereafter. |
| (b) | Every person shall, on applying for admission to membership, sign an undertaking that he will, if admitted, and for so long as he is a member and, insofar as the Charter, bye-laws or such regulations so provide, thereafter, observe the Charter, bye-laws and such regulations and that he will not use any designation or designatory letters suggesting that he is a member of or has any other connection with the Association after he has ceased to be a member of the Association. |
| (3) | Admission fees and annual subscriptions |
| (a) | Each member must pay an admission fee on admission to membership of the Association. In addition, for so long as he remains a member of the Association, he must pay an annual subscription to the Association. |
| (b) | Admission fees are due on admission and annual subscriptions on 1 January of each year, unless the Council shall otherwise direct. Annual subscriptions shall be payable whether or not the member intends to remain a member for the entire year to which the subscription relates. |
| (c) | The amount of the admission fee and annual subscription shall be as specified in regulations made from time to time pursuant to and in accordance with bye-law 2(d). |
| (d) | Council may, in its absolute discretion, vary, suspend or waive payment of the admission fee or annual subscription payable by any applicant for membership or by any member on such terms and for such period as it may think fit. |
| (4) | Continuing professional development (CPD) |
| (a) | All members must obtain CPD in accordance with this regulation 4(4). |
| (b) | A member may obtain CPD in one of the following ways: |
| (i) | with an employer who holds approved CPD employer status from the Association; |
| (ii) | by following the unit scheme set out in regulations 4(4)(c) to 4(4)(f) below; or |
| (iii) | by following the CPD scheme of another IFAC body of which he is also a member, provided that the scheme complies with the CPD requirements of IFAC. |
| (c) | Units required |
| (i) | Members must obtain at least 40 units per calendar year of acceptable CPD learning activities which are relevant to their work. One unit is equal to one hour spent on an acceptable CPD learning activity. |
| (ii) | At least 21 units must be verifiable units. A unit will be verifiable if the member can prove that he or she was involved in an acceptable CPD learning activity. A unit will be non-verifiable if the member is unable to prove that the CPD learning activity has taken place. |
| (iii) | Members may carry forward a credit of up to 21 verifiable units from one year to the next. |
| (iv) | Members must obtain their CPD units in areas relevant to their work and must comply with regulations 4(4)(c)(v) and (vi) below. |
| (v) | All members, regardless of their role, must: |
| (aa) | maintain competence in professional ethics; and |
| (bb) | keep their business and finance knowledge up to date. |
| (vi) | All members holding practising certificates, insolvency licences and/or carrying on exempt regulated activities or investment business in Ireland must: |
| (aa) | maintain competence in the specialised areas of their practice; and |
| (bb) | obtain an appropriate proportion of CPD units in those areas. |
| (vii) | Where a member works for 770 hours or less over the course of a calendar year, he need not comply with the requirements of regulation 4(4)(c)(i) and (ii) provided that he can demonstrate that he has undertaken CPD relevant and sufficient for his role, save that he must obtain at least 19 units of non-verifiable CPD. This regulation does not apply to a member who: |
| (aa) | undertakes audit or other regulated work; |
| (bb) | is involved in the preparation or presentation of accounts of listed or other public interest entities; or |
| (cc) | is a non-executive director of a listed entity. |
| (d) | Records |
| (i) | Individuals subject to this regulation 4(4) shall maintain records of both verifiable and non-verifiable CPD units obtained and of the relevance of those units to their role. In the case of verifiable units, the records shall include proof that the individual was involved in an acceptable CPD learning activity. |
| (ii) | Such records shall be retained for three years and shall be subject to examination and verification by the Association and shall be provided to the Association upon their being requested in writing. Such records shall be provided within the deadline specified in the request, which shall be no sooner than seven days after the date of the request. |
| (e) | Guidance |
| Before planning their CPD programmes, members should consult the detailed guidance issued by the Association from time to time regarding subject areas and the types of CPD learning activity that will be acceptable. |
| (f) | Waiver |
| (i) | Subject to regulations 4(4)(f)(ii) and (iii) below, the Admissions and Licensing Committee may waive, vary or suspend the requirements of this regulation 4(4) at any time to adapt them to an individual's requirements as the Admissions and Licensing Committee, in its absolute discretion, thinks fit. |
| (ii) | Any waivers or variations granted will be in respect of one calendar year only. |
| (iii) | Waivers or variations in respect of non-verifiable CPD units will only be granted in exceptional circumstances. |
| (5) | Annual return and members' addresses |
| (a) | Every member shall make a return to the Association in such form and at such time as the Council may prescribe showing whether or not the member is in public practice and notifying a place of business or residence as his registered address. |
| (b) | Each member must notify the Secretary forthwith of any change in his registered address(es) (place of business or residence) other than one which is merely temporary. |
| (6) | Members in retirement |
| (a) | A member who has been a member for at least 30 years, and who has, with a view to permanent retirement, retired from professional work or business, may apply to Council to be placed on the register of members in retirement. Members on the register of retired members shall not be permitted to hold a practising certificate or an insolvency licence, save that this shall not apply to those members who transferred to the register of retired members prior to 1 January 1998 and who held a practising certificate or an insolvency licence on 31 December 1997. |
| (b) | Insofar as Council is provided with satisfactory evidence of the member's retirement, on his paying one additional year's full annual subscription at the rate current at the time of application, the member may be placed on the register of members in retirement, and shall thereafter be exempt from the requirement to pay the annual subscription referred to in regulation 4(3) for so long as he remains on the register of members in retirement. |
| (c) | A member in retirement who does not hold a practising certificate or insolvency licence is not required to comply with regulation 4(4). |
| (7) | Provision of data |
| The Association may process members' personal data subject to the provisions of the Data Protection Act 1998. In certain circumstances this may include disclosure of said data to third parties, including statutory regulators. This provision shall also be of application to affiliates and registered students. |
| (8) | Honorary members |
| (a) | On admission, an honorary member shall undertake to be bound by the Charter, the bye-laws and the regulations made under them insofar as the same are capable of applying to honorary members. |
| (b) | An honorary member shall not be liable to pay admission fees or annual subscriptions under regulation 4(3) and shall not be eligible to be elected as a member of the Council. He shall not be entitled to receive notice of or attend or vote at any general meeting of the Association. Provided that none of these disabilities shall apply in the case of a person who, prior to his election as an honorary member, was a member of the Association in his own right. |
| (c) | All applications for honorary membership of the Association shall be considered by Council. |
| An ACCA student shall be eligible for affiliate status if he: |
| (a) | has passed or obtained exemptions from the Association's examinations as set out in Appendix 1; |
| (b) | has not yet completed three years of approved accountancy experience in accordance with Appendix 2; and/or |
| (c) | has not yet completed the Professional Ethics module save that this requirement does not apply to those ACCA students registered before 1 January 2007. |
| (1) | Application of the Charter, bye-laws and regulations |
| Upon and following admission as an affiliate, the Charter, the bye-laws and the regulations made pursuant to the bye-laws for the time being in force shall insofar as applicable to them apply to and bind every person so admitted for so long as he is an affiliate and, insofar as the Charter, bye-laws and such regulations so provide, thereafter. |
| (2) | Descriptions |
| (a) | An affiliate shall not be entitled to describe himself as a member of the Association, imply that he is a member, or use the Association's designatory letters ACCA. |
| (b) | An affiliate may not hold himself out as being in public practice and shall abide by the obligations set out in Membership Regulation 8 (registered students' obligations and rights). |
| (3) | Subscriptions |
| (a) | An affiliate shall be entitled to pay a reduced rate subscription, set at half of the membership subscription rounded to the nearest £5 for three complete calendar years following the year in which examination results are received. Thereafter, full membership subscription rates will apply regardless of whether the affiliate has achieved membership status. |
| (b) | Council may, in its absolute discretion, extend the period during which the reduced rate of subscription may be paid. |
| (c) | In cases of exceptional hardship Council may suspend or waive payment of the annual subscription payable on such terms and for such period as it may think fit. |
| (4) | Continuing professional development |
| From 1 January 2008, an affiliate who has held affiliate status for three years or more (which need not be a consecutive period of three years) must participate in relevant and sufficient CPD where they are not fulfilling any of the practical experience requirements required for qualification and admission to membership. |
| (5) | Affiliates' addresses |
| Every affiliate shall be required to notify the Association of a place of business or residence as his registered address and to notify the Secretary forthwith of any change in his registered address(es) other than one which is merely temporary. |
| (1) | ACCA Qualification |
| An individual shall be eligible to be registered as an ACCA student if he: |
| (a) | has attained UK university entrance standard or equivalent or has successfully completed the requirements of the mature student entry route described in regulation 7(2) or has satisfied the Association's requirements, as laid down from time to time, for acceptance of Certified Accounting Technician students on to the ACCA Qualification; and |
| (b) | satisfies the Admissions and Licensing Committee as to his general character and suitability. |
| (2) | Mature student entry route (MSER) scheme |
| An individual shall be eligible to be registered as an MSER if he: |
| (a) | satisfies the Association's requirements, as laid down from time to time, for acceptance on the MSER scheme; and |
| (b) | satisfies the Admissions and Licensing Committee as to his general character and suitability. |
| To complete the mature student entry route an MSER student must pass two of the relevant MSER examination papers set by the Association within four examination sessions after joining the route. On completion, the student shall be exempted from papers F2 and F3 of the Fundamentals level of the ACCA Qualification examinations. |
| (3) | Certified Accounting Technician (CAT) scheme |
| An individual shall be eligible to be registered as a CAT student if he: |
| (a) | satisfies the Association's requirements, as laid down from time to time, for acceptance on the Association's CAT scheme; and |
| (b) | satisfies the Admissions and Licensing Committee as to his general character and suitability. |
| (4) | Diploma schemes |
| An individual shall be eligible to be registered as a Diploma student if he: |
| (a) | satisfies the Association's requirements, as laid down from time to time, for acceptance on any of the Association's diploma schemes; and |
| (b) | satisfies the Admissions and Licensing Committee as to his general character and suitability. |
| (1) | Application of the Charter, bye-laws and regulations |
| Upon and following admission as a registered student, the Charter, the bye-laws and the regulations made pursuant to the bye-laws for the time being in force shall insofar as applicable to them apply to and bind every person so admitted for so long as he is a registered student and, insofar as the Charter, bye-laws and such regulations so provide, thereafter. |
| (2) | Permitted activities of ACCA students |
| (a) | ACCA students of the Association may not claim to be members of the Association, nor may they be, or hold themselves out to be, in public practice, or a partner, director or controller of a firm or a member of a limited liability partnership which carries on public practice. ACCA students are, however, permitted to provide basic book-keeping services for reward, either directly to the public or for an accountant, provided that they do not refer to their studentship or potential membership of the Association. Such service may be provided by the ACCA student acting in a self-employed capacity, or as an employee. Basic book-keeping services are defined as: |
| (i) | The recording of basic accounting data up to and including the preparation of accounting records to trial balance stage |
| (aa) | bank accounts |
| (bb) | cash |
| (cc) | sales ledger and purchase ledger |
| (ii) | Payroll |
| (aa) | wages |
| (bb) | PAYE, National Insurance deductions |
| (iii) | VAT or its equivalent. |
| (b) | Any accountancy services, other than basic book-keeping services, can only be provided for reward by an ACCA student working for, and under the supervision of, a person who, in the opinion of Council, is suitably qualified and/or suitably experienced. The ACCA student may undertake such work either as an employee or as a self-employed person. |
| (c) | The provision of basic book-keeping services directly to the public cannot constitute approved accountancy experience, for the purpose of regulation 3(a)(ii). However, basic book-keeping and other accountancy work undertaken under supervision may constitute approved accountancy experience. |
| (d) | An ACCA student or affiliate who wishes to provide basic book-keeping services may obtain or seek such work by direct approaches to existing or prospective clients by mail or any other means unless prohibited by law in the country in which the student operates and subject to the requirements in paragraphs (e) and (f) below. |
| (e) | An ACCA student may inform the public of his book-keeping services by means of advertising, or other forms of promotion, subject to the general requirement that the medium should not, in the opinion of Council, reflect adversely on the ACCA student, the Association or the accountancy profession, nor should the advertisement or promotion material, in the opinion of Council: |
| (i) | as to content or presentation, bring the Association into disrepute or bring discredit to the ACCA student, firm or the accountancy profession; |
| (ii) | discredit the services offered by others whether by claiming superiority for the ACCA student's services or otherwise; |
| (iii) | contain comparisons with the services offered by others; |
| (iv) | be misleading, either directly or by implication; |
| (v) | fall short of the requirements of the Advertising Standards Authority as to legality, decency, honesty and truthfulness. |
| (f) | Advertisements and other promotional material may refer to the basis on which fees are calculated, or to hourly or other charging rates, provided that the information given is not misleading. |
| (g) | Where ACCA students provide services pursuant to the above rules, they are subject to the same rules of professional conduct which apply to members who provide such services. |
| (h) | Regulations 8(2)(a)–(g) do not apply to ACCA students: |
| (i) | who are members of one or more of the UK or Irish Institutes of Chartered Accountants, The Chartered Institute of Management Accountants or The Chartered Institute of Public Finance and Accounting and who hold practising certificates or the equivalent status from such bodies; or |
| (ii) | who are authorised for appointment as company auditor under Section 25 of the Companies Act 1989; or |
| (iii) | who are resident outside the United Kingdom, Jersey, Guernsey and Dependencies, the Isle of Man and the Republic of Ireland, and hold a professional accountancy qualification which confers the right to practise in their country of residence. |
| ACCA students falling within these categories are permitted to engage in public practice (although, in respect of category (iii), in their country of residence only) provided that they describe themselves only as members of the professional bodies to which they belong (if any) and not as students of the Association. |
| (3) | MSER students |
| The provisions of regulation 8(2) apply to MSER students in respect of their permitted activities. |
| (4) | CAT students |
| (a) | The provisions of regulation 8(2) apply to CAT students in respect of their permitted activities. |
| (b) | CAT students are eligible to apply for CAT status and to use the letters "CAT" after their names if they: |
| (i) | have passed or obtained exemptions from the Association's Certified Accounting Technician scheme examinations set out in Appendix 3; and either |
| (ii) | have completed one year of approved experience in accordance with Appendix 4; or |
| (iii) | hold an NVQ Level 4 in accounting. |
| The activities of individuals holding CAT status are not restricted by the provisions of regulation 8(2) unless they are ACCA students. |
| (5) | Diploma students |
| The activities of Diploma students are not restricted by the provisions of regulation 8(2) unless they are ACCA students. |
| (6) | Students' addresses |
| Every registered student shall be required to notify the Association of a place of business or residence as his registered address and to notify the Secretary forthwith of any change in his registered address(es) other than one which is merely temporary. |
| (1) | Form of application |
| (a) | An applicant must apply in writing in such form, giving such undertakings and accompanied by such fees, as may be prescribed by Council from time to time. |
| (b) | It shall be for an applicant to satisfy the Admissions and Licensing Committee that he is eligible in accordance with these regulations for membership or, as the case may be, to become a registered student. |
| (2) | Procedure |
| (a) | Applications shall be considered by the Admissions and Licensing Committee. At any time after receiving an application and before finally deciding upon it, the Admissions and Licensing Committee may require the applicant to furnish it with additional information. |
| (b) | Any information furnished by the applicant shall, if the Admissions and Licensing Committee so requires, be verified in such manner as it may specify. |
| (c) |
| (i) | The Admissions and Licensing Committee may additionally take into account any other information which it considers appropriate in relation to the applicant, provided such information is disclosed to the applicant where such disclosure does not constitute a breach by the Admissions and Licensing Committee of any duty to any other person. |
| (ii) | The applicant may within a reasonable time after service of such other information serve on the Admissions and Licensing Committee any additional information and/or written comments or submissions for the committee's consideration. |
| (d) | Where the Admissions and Licensing Committee deems it appropriate to have regard to the findings of any other body in its consideration of an application, any such finding which has not been set aside on appeal or otherwise shall be regarded as conclusive proof of the fact that it has been made and shall not be re-opened before the Admissions and Licensing Committee unless the Admissions and Licensing Committee in its absolute discretion otherwise determines. |
| (e) | After consideration of all of the information before it, the Admissions and Licensing Committee shall make a decision on the application. |
| (3) | The Admissions and Licensing Committee's decision |
| The Admissions and Licensing Committee may decide to: |
| (i) | grant the application; |
| (ii) | refuse the application; |
| (iii) | grant the application subject to such condition(s) as it considers appropriate; or |
| (iv) | adjourn consideration of any application or postpone the admission of any applicant to membership or, as the case may be, to the student register. |
| (4) | The hearing |
| (a) | Before making a decision under regulation 9(3), the Admissions and Licensing Committee shall consider the matter at a hearing. It shall determine the date of the hearing and shall give the applicant at least 21 days prior written notice of the date set, unless a shorter period of notice is agreed between the applicant and the Association. |
| (b) | The applicant and the Association may appear at the hearing in person and/or by solicitor, counsel or other representative and may call witnesses who may give evidence and be cross-examined. The Admissions and Licensing Committee may, at any time, ask questions of the applicant, the Association, any representative or any witness and shall announce its decision at the hearing. |
| (c) | The hearing shall be open to the public unless the Admissions and Licensing Committee determines that the public shall be excluded from all or any part of the hearing on one or more of the following grounds: |
| (i) | in the interests of morals, public order or national security in a democratic society; |
| (ii) | where the interests of juveniles or the protection of the private lives of the parties so require; or |
| (iii) | to the extent strictly necessary in the opinion of the Admissions and Licensing Committee in special circumstance, where publicity would prejudice the interests of justice. |
| (d) | The procedure to be adopted in relation to any hearing shall, subject to the foregoing paragraphs of this regulation, be such as the Admissions and Licensing Committee shall, in its absolute discretion, determine. |
| (5) | Communication of the decision |
| The Admissions and Licensing Committee shall notify the applicant in writing within 14 days of its decision, and a written statement of the reasons for the decision shall be given to the applicant within 21 days, or such longer period as shall be necessary in the circumstances. |
| When an application is granted, or granted subject to conditions, the applicant shall be issued with a certificate of admission to membership or, as the case may be, notification of admission to the student register. Any such certificate shall remain the property of the Association and shall be returned to the Association on the individual ceasing to be a member or, as the case may be, a registered student. |
| (6) | Correction of errors |
| (a) | Where the order and/or written statement of the reasons for the decision of the Admissions and Licensing Committee contains an accidental error or omission, a party may apply by way of an application notice for it to be corrected. The application notice shall describe the error or omission and state the correction required. |
| (b) | The Chairman of the Admissions and Licensing Committee may deal with the application without notice if the error or omission is obvious, or may direct that notice of the application be given to the other party. |
| (c) | The application may be considered without a hearing with the consent of the parties, such consent not to be unreasonably withheld. |
| (d) | If the application is opposed, it should be heard by the same Admissions and Licensing Committee which made the order and/or written statement of reasons for the decision which are the subject of the application. |
| (e) | The Admissions and Licensing Committee may of its own volition vary its own order and/or written statement of reasons for the decision for the purpose of making the meaning and intention clear. |
| (7) | Appeal |
| A person ("the appellant") aggrieved by any decision of the Admissions and Licensing Committee made pursuant to regulation 9(3) of these regulations may appeal to the Appeal Committee in accordance with the Association's appeal procedures as set out in The Chartered Certified Accountants' Appeal Regulations 2006 (hereafter referred to as "the Appeal Regulations"). Any such appeal shall be dealt with in accordance with the Appeal Regulations. |
| The Association may appeal against a decision of the Admissions and Licensing Committee in accordance with the Appeal Regulations. |
| (8) | Effective date |
| Any decision made by the Admissions and Licensing Committee pursuant to regulation 9(3) of these regulations shall take effect from the date of expiry of the appeal period referred to in the Appeal Regulations, unless the appellant shall duly give notice of appeal prior to the expiry of such period, in which case it shall become effective (if at all) as described in the Appeal Regulations. |
| (9) | Administration charge |
| If an application is withdrawn by the applicant the Association may charge the applicant such sum as seems reasonable to it to defray or contribute to the cost of processing the application between its receipt by the Association and its withdrawal by the applicant but, subject to this, shall return any fee tendered with the application. |
| (10) | Affiliate's application |
| (a) | An affiliate must apply for membership of the Association as soon as he has completed |
| (i) | three years of approved experience in accordance with Appendix 2; and |
| (ii) | the Professional Ethics module save that this requirement does not apply to those ACCA students registered before 1 January 2007. |
| (b) | Council may, in its absolute discretion, remove an individual's affiliate status where it believes that an individual has delayed his application for membership without good cause. |
| (1) | Notice |
| Any member, affiliate or registered student wishing to resign shall tender written notice to the Council and on its acceptance his membership shall cease or, as the case may be, he shall cease to have the status of member, affiliate or registered student and his name shall be removed from the relevant register. |
| (2) | Fees and subscriptions |
| Any individual giving notice of his intention to resign shall remain liable to pay any subscription or other sums due from him at the date the relevant notice is accepted. |
| (3) | Outstanding disciplinary matters |
| An individual's notice of resignation or notice seeking removal from the member, affiliate or student register shall not be accepted, and the individual shall accordingly not cease to be a member or, as the case may be, an affiliate or a registered student, where a complaint in respect of him or of a relevant firm in relation to which he is a specified person has been received by the Association, or where disciplinary proceedings of the Association are otherwise pending against him or such relevant firm until such time as the matter has been finally disposed of and the amount of any fine or costs specified in a disciplinary order made in respect of him or such relevant firm has been paid in full. |
| (1) | Subject to the remainder of regulation 11 below, a member, affiliate or registered student shall cease to hold his status as such if any sum due to the Association (including without limitation in the case of a member his annual subscription) shall remain unpaid after three months from the date on which it was due to the Association. |
| (2) | The Council may in its absolute discretion, either on its own volition or on the application of the individual concerned, suspend the operation of regulation 11(1) where it is of the opinion it is reasonable to do so. |
| (3) | Regulation 11(1) shall not apply to an individual where a complaint in respect of him or of a relevant firm in relation to which he is a specified person has been received by the Association until such time as the complaint is finally disposed of and all applicable appeal periods have expired. |
| (4) | Where a disciplinary order has been made against an individual member, affiliate or registered student or against a relevant firm in relation to which such person is a specified person, he will automatically cease to be a member if he fails to pay when due any amount imposed by way of a fine or costs pursuant to such order. Provided that the Chairman of the Committee that made the order may at his absolute discretion and on such terms as he deems fit agree to defer the due date for payment on the application of the member prior to such date if he is of the opinion that such deferral is appropriate in all the circumstances. |
| (5) | The Association shall be entitled to recover the amount of any fine or costs which an individual has been ordered to pay pursuant to a disciplinary order from that individual and his personal representatives, notwithstanding that he has ceased to be a member, affiliate or registered student howsoever that may have occurred. |
| (1) | Duty to notify |
| If an individual becomes the subject of a bankruptcy event, he must: |
| (a) | notify the Admissions and Licensing Committee within one month of the event, and |
| (b) | satisfy the Admissions and Licensing Committee that he is still eligible in accordance with these regulations to remain a member, affiliate or registered student, notwithstanding the fact of the bankruptcy event. |
| Any individual who fails to notify the Association of the bankruptcy event within the period specified in regulation 12(1)(a) will automatically cease to be a member or, as the case may be, an affiliate or registered student, on the expiry of one month from the date of the bankruptcy event. |
| (2) | Procedure |
| On receipt of notification of an individual's bankruptcy event, the Admissions and Licensing Committee may require the individual to furnish it with such information (including documents) as it requires, and may take into account any other information it considers appropriate, in considering whether the individual continues to be eligible to remain a member, affiliate or registered student. Such information shall be disclosed to the individual unless such disclosure would constitute a breach by the Admissions and Licensing Committee of a duty to any other person. Any information furnished by the individual shall, if the Admissions and Licensing Committee so requires, be verified in such matter as it may specify. |
| (3) | The Admissions and Licensing Committee's decision |
| The Admissions and Licensing Committee may: |
| (i) | permit the individual to retain his membership, affiliate or registered student status; |
| (ii) | withdraw the individual's membership, affiliate or registered student status; |
| (iii) | permit the individual to retain his membership, affiliate or registered student status subject to such condition(s) as it may specify; or |
| (iv) | make such other decision as it thinks fit in respect of the individual. |
| (4) | The hearing |
| (a) | Before making a decision under regulation 12(3), the Admissions and Licensing Committee shall consider the matter at a hearing. Accordingly, it shall determine the date of the hearing and shall give the individual at least 21 days prior written notice of the date set unless a shorter period of notice is agreed between the individual and the Association. |
| (b) | The individual and the Association may appear at the hearing in person and/or by solicitor, counsel or other representative and may call witnesses who may give evidence and be cross-examined. The Admissions and Licensing Committee may ask questions of the individual, the Association, any representative or any witness at any time and shall announce its decision at the hearing. |
| (c) | The hearing shall be open to the public unless the Admissions and Licensing Committee determines that the public shall be excluded from all or part of the hearing on one or more of the following grounds: |
| (i) | in the interests of morals, public order or national security in a democratic society; |
| (ii) | where the interests of juveniles or the protection of the private lives of the parties so require; or |
| (iii) | to the extent strictly necessary in the opinion of the Admissions and Licensing Committee in special circumstances, where publicity would prejudice the interests of justice. |
| (d) | The procedure to be adopted in relation to any hearing shall, subject to the foregoing paragraphs of this regulation, be such as the Admissions and Licensing Committee shall, in its absolute discretion, determine. |
| (5) | Communication of the decision |
| The Admissions and Licensing Committee shall notify the individual in writing within 14 days of the decision, and a written statement of reasons for the decision shall be given to the individual within 21 days or such longer period as shall be necessary in the circumstances. |
| (6) | Appeal |
| An individual ("the appellant") aggrieved by any decision of the Admissions and Licensing Committee made pursuant to regulation 12(3) of these regulations may appeal to the Appeal Committee in accordance with the Association's appeal procedures as set out in the Appeal Regulations. Any such appeal shall be dealt with in accordance with the Appeal Regulations. |
| (7) | Effective date |
| Any decision made by the Admissions and Licensing Committee pursuant to regulation 12(3) of these regulations shall take effect from the date of expiry of the appeal period referred to in the Appeal Regulations unless: |
| (i) | the individual shall duly give notice of appeal prior to the expiry of such period in which case it shall become effective (if at all) as described in the Appeal Regulations; or |
| (ii) | the Admissions and Licensing Committee directs that, in the interests of the public, the decision should have immediate effect, subject to its being varied or rescinded on appeal as described in the Appeal Regulations. |
| (1) | Any former member, affiliate or registered student may apply for readmission provided that any outstanding sums due to the Association, including any fine or costs imposed by a disciplinary order, have been paid. Such application should be made in the same manner as the original application and it will be considered by the Admissions and Licensing Committee in the ordinary way, and in accordance with regulation 9 above, save that: |
| (a) | the Admissions and Licensing Committee shall have specific regard to the circumstances of his cessation as a member, affiliate or registered student; and |
| (b) | the Admissions and Licensing Committee may, in its absolute discretion, require him to pass further examinations and/or tests and/or satisfy other requirements before it considers his application for readmission. |
| (2) | No former member, affiliate or registered student who has had a disciplinary order made against him excluding him from membership or as the case may be, causing him to lose his affiliate or registered student status, and prohibiting him from applying for readmission to membership or, as the case may be, seeking restoration of his affiliate or registered student status for a specified period may do so prior to the expiry of such period. |
| (1) | Notice |
| (a) | Any notice or other document required to be given to any person pursuant to these regulations may be given to him personally or by sending it by post or courier to his registered address. If the person has no registered address any notice or document should be sent by post or courier to his address last known to the Association. Any such notice or document so sent shall be deemed to have arrived within 72 hours (excluding Saturdays and Sundays and Public and Bank Holidays) of despatch. |
| (b) | Any notice or document required to be given to the Association may be given by sending it to the committee officer at the principal office of the Association. |
| (2) | Hearings |
| Where a matter is to proceed by way of a hearing in accordance with these regulations, and is of particular interest to a specific government or government agency, or primarily affects persons resident in a specific country, either the Admissions and Licensing Committee or the Secretary may, at their discretion, direct that any hearing before the Admissions and Licensing Committee take place in that country. In the absence of any such direction, hearings before the Admissions and Licensing Committee shall take place in London. |
| The new ACCA Qualification structure below applies from August 2007, and will be first examined in December 2007. All current students will be converted to the new syllabus below in August 2007 and advised of the papers that they are required to complete. |
| Fundamentals |
| Knowledge |
| F1 Accountant in Business (AB) |
| F2 Management Accounting (MA) |
| F3 Financial Accounting (FA) |
| Skills |
| F4 Corporate and Business Law (CL) |
| F5 Performance Management (PM) |
| F6 Taxation (TX) |
| F7 Financial Reporting (FR) |
| F8 Audit and Assurance (AA) |
| F9 Financial Management (FM) |
| Professional |
| Essentials |
| P1 Professional Accountant (PA) |
| P2 Corporate Reporting (CR) |
| P3 Business Analysis (BA) |
| Options |
| P4 Advanced Financial Management (AFM) |
| P5 Advanced Performance Management (APM) |
| P6 Advanced Taxation (ATX) |
| P7 Advanced Audit and Assurance (AAA) |
| Trainees must demonstrate that they have met a range of workplace performance objectives. There are 20 performance objectives which are divided into 8 key areas of knowledge and classified as either Essentials or Options. The performance objectives describe the types of work activities that trainees should be involved with in addition to the values and attitudes they should demonstrate to fulfil the requirement. |
| To satisfy the PER, trainees must achieve 13 performance objectives – all 9 from Essentials and any 4 from Options. |
| Trainees demonstrate that they have achieved a performance objective by responding to 3 "challenge questions". A performance objective is achieved once it has been reviewed and signed off by a workplace mentor. |
| ACCA students must record their achievements on an online trainee development matrix (TDM). Trainees who opt to use a paper-based version of the TDM must retain hard copies of their responses to the challenge questions and of performance objectives they have had reviewed and signed off. ACCA may require to view these records for audit purposes. |
| Trainees working for an ACCA approved employer - trainee development - gold or platinum are not required to use the TDM, unless they or their employer wishes them to do so. |
| ACCA will accept the Hong Kong Institute of Certified Public Accountants Practical Experience Requirement as substitute for the TDM where ACCA students in Hong Kong are also students of the Hong Kong Institute of Certified Public Accountants and who are complying with the Hong Kong Institute of Certified Public Accountants Practical Experience Requirement. |
| ESSENTIALS |
| Professionalism, ethics and governance |
| 1 | Demonstrate the application of professional ethics, values and judgement |
| 2 | Contribute to the effective governance of an organisation |
| 3 | Raise awareness of non-financial risk |
| Personal effectiveness |
| 4 | Manage self |
| 5 | Communicate effectively |
| 6 | Use information and communications technology |
| Business management |
| 7 | Manage ongoing activities in your area of responsibility |
| 8 | Improve departmental performance |
| 9 | Manage an assignment |
| OPTIONS |
| Financial accounting and reporting |
| 10 | Prepare financial statements for external purposes |
| 11 | Interpret financial transactions and financial statements |
| Performance measurement and management accounting |
| 12 | Prepare financial information for management |
| 13 | Contribute to budget planning and production |
| 14 | Monitor and control budgets |
| Finance and financial management |
| 15 | Evaluate potential business/investment opportunities and the required finance options |
| 16 | Manage cash using active cash management and treasury systems |
| Audit and assurance |
| 17 | Prepare for and collect evidence for audit |
| 18 | Evaluate and report on audit |
| Taxation |
| 19 | Evaluate and compute taxes payable |
| 20 | Assist with tax planning |
| Introductory Level |
| Paper 1 Recording Financial Transactions |
| Paper 2 Information for Management Control |
| Intermediate Level |
| Paper 3 Maintaining Financial Records |
| Paper 4 Accounting for Costs |
| Advanced Level |
| Paper 5 Managing People and Systems |
| Paper 6 Drafting Financial Statements |
| Paper 7 Planning, Control & Performance Management |
| Paper 8 Implementing Audit Procedures (any two from three papers) |
| Paper 9 Preparing Taxation Computations |
| Paper 10 Managing Finances |
| (The content of this appendix applies to those who first registered as Certified Accounting Technician scheme students on or after 16 August 2003. Alternative provisions apply to those registering before this date. Details are available from the Association.) |
| The Association has identified 21 units of competence that cover a range of technical and management functions. Within each of these units, specific elements of competence have been defined. Each element of competence relates to a specific skill, task or area of responsibility that may be demonstrated by a Certified Accounting Technician in the workplace. |
| Each unit contains two or more elements of competence. The units are numbered 1 to 23. There is no unit 16 or unit 20 because the Accounting Occupational Standards Group has withdrawn these two units. Some units of competence have been identified as mandatory. These are important areas in which training is essential. |
| Each element of competence is underpinned by performance criteria that describe the standards expected. Overviews of the performance criteria, together with examples which illustrate the tasks and activities that Certified Accounting Technician students might undertake in order to achieve an element of competence, are available from the Association's website. |
| To satisfy the Association's minimum competence requirements for Certified Accounting Technician status, students must either: |
| achieve at least 10 units of competence, including: |
| - | 3 mandatory units (marked by the symbol ) |
| - | at least 7 other units |
| or |
| achieve an NVQ Level 4 in Accounting. |
| Competence is the ability to perform an activity to a set standard within the workplace. Certified Accounting Technician students achieve an element of competence if they meet the performance criteria associated with the element of competence without close supervision or regular instruction from their Supervisor. |
| Certified Accounting Technician students (with the exception of those students who have achieved an NVQ Level 4 in Accounting) must record their achievement of workplace experience and skills in their Technician Training Record (TTR) or such other document as the Association may require from time to time. Certified Accounting Technician students must provide the Association with their completed TTR if requested to do so. |
| Unit 1 – Recording income and receiving payments |
| Competence must be achieved in 1 of the 2 elements: |
| Element 1.1 |
| Process documents relating to goods and services supplied |
| Element 1.2 |
| Process receipts |
| Unit 2 – Making and recording payments |
| Competence must be achieved in 1 of the 2 elements: |
| Element 2.1 |
| Process documents relating to goods and services received |
| Element 2.2 |
| Process payments |
| Unit 3 – Preparing ledger balances and an initial trial balance |
| Competence must be achieved in 2 of the 3 elements: |
| Element 3.1 |
| Balance bank transactions |
| Element 3.2 |
| Prepare ledger balances and control accounts |
| Element 3.3 |
| Draft an initial trial balance |
| Unit 4 – Supplying information for management control |
| Competence must be achieved in 1 of the 2 elements: |
| Element 4.1 |
| Code and extract information |
| Element 4.2 |
| Provide comparisons on costs and income |
| Unit 5 – Maintaining financial records and preparing accounts |
| Competence must be achieved in 1 of the 3 elements: |
| Element 5.1 |
| Maintaining records relating to capital acquisition and disposal |
| Element 5.2 |
| Collecting and collating information for the preparation of final accounts |
| Element 5.3 |
| Preparing the final accounts of sole traders and partnerships |
| Unit 6 – Recording and evaluating costs and revenues |
| Competence must be achieved in 2 of the 3 elements: |
| Element 6.1 |
| Record and analyse information relating to direct costs and revenues |
| Element 6.2 |
| Record and analyse information relating to the allocation, apportionment and absorption of overhead costs |
| Element 6.3 |
| Prepare and evaluate estimates of costs and revenues |
| Unit 7 – Preparing reports and returns |
| Competence must be achieved in 2 of the 3 elements: |
| Element 7.1 |
| Prepare and present periodic performance reports |
| Element 7.2 |
| Prepare reports and returns for outside agents |
| Element 7.3 |
| Prepare sales tax/VAT returns |
| Unit 8 – Contributing to the management of performance and the enhancement of value |
| Competence must be achieved in 1 of the 2 elements: |
| Element 8.1 |