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DECEMBER 2012

DRAMATIC CHANGES

THE FUTURE OFACCOUNTANTS

INSIDE BDOLIFE FOR ACCA MEMBERSIN ACCOUNTANCY FIRMS

BRAND MASTERINTERVIEW WITH UNILEVER CFO


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UKBAHIGHLY TRUSTEDSPONSOR

LONDON SCHOOL

OF BUSINESS&FINANCE
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EdiTORS

CHOiCEWELCOME TO THE DECEMBER ISSUEOF STUDENT ACCOUNTANT

Published by the Certifed Accountants Educational Trust in cooperation with ACCA.

The Council o ACCA and the publishers do not guarantee the accuracy o statements made by contributors oradvertisers, or accept any responsibility or any statement which they may make in this publication.

No part o this publication may be reproduced, stored in a retrieval system, or transmitted in any orm or by anymeans, electronic, mechanical, photocopying or otherwise, without prior written permission o the publishers. CAET 2012 ISSN 14730979

Many o you have been preparing orexams over the last ew weeks and wewish you every success i you are takingexams this month.

In this issue we fnd out how to analyseyour exam perormance straight ater youleave the exam hall. Our Noticeboardsection contains important inormation orthose students taking exams, includingtimetables and regulations.

Our eatures this month include aninterview with the CFO o Unilever who talksabout the challenges o running a globalbrand, an ACCA member and studentemployed at accountancy frm BDO discusstheir working lives.

We also take a look at what the utureholds or accountancy, and how ACCAbelieves it can help shape that uture.

In a bumper Learning Centre, we speakto students around the world to fnd outhow they are progressing through the ACCAQualifcation to membership. We also fnd

out how important it is to be commerciallyand ethically aware.

With exams imminent, the Technicalsection points you towards resources on theACCA website that could help you.

We are always interested in proflingour readers, so get in touch with us [email protected] your details i you want to eature inthe magaine.

We hope that you enjoy this magaineand fnd it useul in helping you along yourACCA journey.

I you have any eedback aboutthe magaine, please email us [email protected]

Victoria MorganEditor, Student Accountantmagazine

I you have any eedback aboutthe magaine, please email us [email protected]

[email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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TECHNICAL | COMMUNICATION

STuDENT ACCOuNTANT | DECEMBER 2012

WELCOME | CONTENTS

36 INSIDE BDO:WORKING LIFE IN ANACCOUNTANCY FIRM

32 CFO INTERVIEW28 THE FUTURE OF

ACCOUNTANTS

40 ACCA CAREERS

fEATuRES

06 GRAPHIC NEWS08 PICTURE NEWS10 NEWS ROUNDUP

DISpATCH

LEARNINGCENTRE

12 PROFILESWe interview twoFoundation levelstudents, two ACCAmembers and an afliate

20 EXAM TECHNIQUE

21 PROFESSIONAL ETHICSMODULE

24 COMMERCIAL

AWARENESS

18 PERFORMANCEOBJECTIVES 18 AND 19

08 10

28

32

36

SA TECHNICAL ARTICLE ARCHIVEAll technical content rom Student Accountantison ACCAs website

pRACTICAL EXpERIENCEWhy not log into your myACCA account to record yourexperience using the online recording tool My Experience?

24
http://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.html


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Dean Westcott |president

Barry Cooper | Dety president

Martin Turner | Vice president

Helen Brand | Chie Exective

EDITORIAL TEAM

Victoria Morgan | Editor

Glen Patterson |Dety Editor

Jackie Dollar |Design Manager

Jane C Reid |Designer

Kate Jenkinson |Editorial Exective

WWW.ACCAGLOBAL.COM

Jamie Ambler | Digital Editor

29 Lincolns Inn Fields

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United Kingdom

tel: +44 (0)20 7059 5700

email: [email protected]

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47 NOTICEBOARDRESOuRCES

ESSENTIALINFORMATIONABOUT ACCA AND

YOUR STUDIESACCA Connect,exam entry,subscriptions,December 2012exam timetable,recording your PER,rules and regulationsand importantinormation aboutthe OBU degreeprogramme

TECHNICAL

41 TECHNICALRESOURCES

Access the technicalarticle archive at: www.accaglobal.com/en/student/publications/sa-archive.html

50

49

studentaccountant@

accaglobal.com

EMAiLUSYOUR

FEEdBACKAT

UploadyourCV,accessglobalcareeropportunitiesandfindadviceoncareersinaccountancyandfinanceatwww.accacareers.com

ACCACAREERS

JOiNACCASFACEBOOKpAgE

FindouthowotherACCAstudentsplantheirstudies.Joinatwww.facebook.com/ACCA.Official

51
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TECHNICAL | COMMUNICATION

STudENT ACCouNTANT | DECEMBER 2012

DISpATCH | GRAPHICS NEWS

STuDENT ACCOuNTANT | DECEMBER 2012

CHiNA CHECKSSmall business owners say they

face three main barriers when

doing business in China, accordingto Radar Globals Greenhouse 250,

a new business confidence index

of SMEs in China, Egypt, India,

Malaysia, the Philippines, Thailand

and the UAE.

LOvE LiviNg THERETaking into account healthcare,

education, infrastructure, culture

and crime, the Economist

Intelligence Units Global

Liveability Survey rates Melbourne,

in Australia as the best to live in

among 140 cities. Eight of the top

10 are located in either Australia,

Canada or New Zealand.

Between1980an

d2010,Asiaadde

dmorethan

ONEBiLLiONpe

opletoitscities,

andanother

billionaresettobecityd

wellersby2040.

Asiaisnow

hometoalmosthalfofallurbani

tesontheplanet

.

URBANASiAhashighpopulationdensitiesandmostoftheworldsmegacities;theTHREEmostdenselypopulatedlargecitiesintheworld(Mumbai,CalcuttaandKarachi)andEigHTOFTHE10mostdenselypoplated,areinAsia.

MAiNLANdCHiNAhasurbanised

rapidly.51%

ofitspopulationnow

liveinurbanareascomparedwith

11%61yearsago.

AsiancitiescouldfacilitatethedevelopmentofgREENtechnologies.MainlandChinabecametheworldslargestglobalproducer

ofgreentechnologyin2008.

URBAN MAgNETS dRAg LABOUR OFF THE LANdAsia is home to almost half of the global urban population, and is urbanising at a pace faster than any otherregion. The continent will confront enormous environmental challenges that are already serious, according to theAsian Development Bank report Green Urbanization in Asia.

REdTApE

THE TAxREgiME

HigH COSTOF LABOUR

43%41%

33%

5CALgARY

4TOR

ONTO

2viENNA

1MELBOURNE

3vANCOUvER

In2010,Asiawas

hometooverhalf,or12O

F23,

oftheworldsmegacitie

s(citieswith

morethan10millioninh

abitantseach).

By2025,thenumberofmegacities

inAsiaisexpectedtoinc

reaseto

21OFAgLOBALTOTA

LOF37.


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77

SiNgApORE SOARS ABOvE HONg KONg ON CORpORATE gOvERNANCESingapore came out ahead of Hong Kong again in a corporate governance survey by the Asian CorporateGovernance Association and CLSA Asia-Pacific Markets that examined 11 markets and more than 800 listedcompanies. Singapore ranked 69th (67th in 2010) and Hong Kong came 66th (65th in 2010).

Singapore Hong Kong Thailand Japan Malaysia Taiwan India South Korea China

6949

5566

58

51

5345

55

SUSTAiNABiLiTY

ATTiTUdES iN

TRANSiTiONCFOs areinvesting more invideoconferencingequipment, datacentreefficiency kit andelectric vehicles,according to Deloittes2012 Sustainability

and the CFO Study.Some 250 CFOs tookpart, from companieswith more than US$1bnin revenue each.

56%

52%

42%

38%

Videoconferencing

Datacentreefficiencykit

KEY20112012Electricvehicles

21%

35%


8/14STuDENT ACCOuNTANT | DECEMBER 2012

DISpATCH | NEWS IN PICTURES

USUS President Barack Obama ispictured in Chicago after winninglast months presidential election

CHINAChinese President Hu Jintaoaddresses delegates in Beijing,

China, at the 18th CommunistParty Congress. The party willuse the event to persuade thenations 1.3 billion population thatit can provide another 10 years ofeconomic growth and social stabilitywhile curbing corruption

JAPANSony chief Kazuo Hirai (left) andOlympus president Hiroyuki Sasapose for the press following theannouncement of a tie-up betweenthe two companies JAPAN

US

CHINA


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ITALYUK PM David Cameronflew to Rome to meethis Italian counterpart,Mario Monti, afterthe latter attackedmoves by the UK andothers to block EUfunds for victims ofItalys earthquake

PAPUA NEW GUINEAPrince Charles ispictured during hisvisit to Boera Village atthe start of a 13-day

tour of the southernhemisphere to markQueen Elizabeth IIsDiamond Jubilee

MALAYSIALegoland Malaysia,which was constructedusing more than 50

million bricks, opens

UKRoberto Di Matteobecomes the latestin a succession ofmanagers at ChelseaFootball Club to besacked, despite theclub securing itsseventh FA Cup andfirst UEFA ChampionsLeague titles duringhis tenure

PAPUA NEW GUINEA

UK

MALAYSIA

ITALY



DISpATCH | NEWSROUNDUP

G4S INQUIRY SPARKS DEPARTURESA PwC review of G4S has concludedthat the company was capable ofmeeting its contractual obligationsto provide security for the London2012 Olympic and ParalympicGames but failed to do so becauseof the way it handled the contract.Existing management and deliverystructures were not sufficientto meet requirements, says the

report. Both the chief operatingofficer and the managing directorof G4S Global Events resignedin response to the report, andadditional non-executive directorsare being recruited. Former Deloitteglobal chairman John Connolly, whobecame G4S chairman in June, saidthe company accepted responsibility

for its failure to deliver the contract.

LIIKANEN BANKING REFORMSEU banks would be forced toseparate their proprietary tradingand other high-risk trading activitiesunder proposals to the EuropeanCommission from its high-levelexpert group on banking reform.The group was chaired by ErkkiLiikanen, governor of the Bank ofFinland and a former EuropeanCommissioner. The report alsorecommends strengthening bank

governance arrangements andreviewing capital requirementsrelated to trading assets and realestate-based lending. In addition,it calls for further considerationof the use of bail-in instruments non-equity capital that can bewritten off or converted to equitywhere a bank hits problems.

IASB TO REEXPOSE STANDARD

The International AccountingStandards Board will re-exposeproposals for the reform ofinsurance accounting followingsubstantial changes made sincethe original exposure draft waspublished. Feedback will be soughton a limited range of questionson the proposals, with the prompt

finalisation of the standardregarded as a priority. Reformmay substantially affect insurers,particularly mutual insurers.

IPOs ON ICEHong Kong is having its worstyear for initial public offerings(IPOs) in a decade, the South ChinaMorning Postreported in anarticle describing the much-hypedmarket as currently being on ice.Disappointing outcomes of listings,the eurozone crisis and slowing

growth in the mainland have alltaken their toll, compounded by thebad experience of investors wholost money in Hong Kong listings in2011. Peter Burnett, Asian globalcapital markets chairman at UBS,was quoted as saying: There isplenty of cash, there is a history ofgreat deals, but investor confidenceis thin on the ground at themoment. Once that is restored there

will be no shortage of attractiveIPOs. Only 32 IPOs were completedin Hong Kong in the first six monthsof 2012, according to Deloitte.

GREECE TACKLES CORRUPTIONThe Greek government has pledgedto adopt a zero-tolerance policytowards political corruption. A

list of 30 senior political figuresbeing investigated by Greecesfinancial police force, the SDOE,has been published. One socialistformer minister on the listsubsequently committed suicide.Other names include a former citymayor, a former finance ministerand the leader of a politicalparty. However, a list of wealthyGreeks who have large depositsin Swiss bank accounts hasapparently disappeared from theSDOE offices.

STANdARdS STiLL

iMpROviNgCorporate governance standards are improvingin Asia, according to the Asian CorporateGovernance Association-CLSA Asia-PacificMarkets Corporate Governance Watch 2012.However, some standards have slipped since the2010 report, the scope ranging from relativelyminor corporate transgressions to growing

concerns about the reliability of financialstatements and, at the extreme, outright fraud.Singapore topped the rankings, followed byHong Kong and Thailand, all with improvedscores. China dropped four percentage points,and Japan and Taiwan by two.

Singapore ranks highest in Asia for

corporate governance standards
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LEARNING CENTRE | PROFILES

knowledge you need to progress onto the ACCA Qualification. If you donthave the right qualifications, start atthe beginning. There are no shortcuts.This way guarantees that you gain theknowledge to pass and move on tothe ACCA Qualification.

I chose to self study for my exams.Studying on your own is not easy anddoes present some problems, but I

made sure that I used approved studytexts from BPP and Kaplan.

I have successfully completed theDiploma in Accounting and Business

and am now working towardscompleting my ACCA Qualificationand becoming an ACCA member. Itis my career ambition to becomea senior auditor. I can honestly saythat starting at the Foundation levelhas helped me a lot because of thebasic knowledge I gained.

izHAN NASiRpAKiSTAN

WE MEET IzHAN NASIR AND AVIANNE WILLIAMS, WHO REVEALTHE BENEFITS OF HAVING STARTED THEIR ACCA STUDIES AT THE

FOUNDATION LEVEL

I WOULD STRONGLY RECOMMEND ANYONECONSIDERING STUDYING WITH ACCA TO STARTWITH THE INTRODUCTORY CERTIFICATE ANDWORK THEIR THROUGH THE DIFFERENT EXAMS

AND ACHIEVE THE CERTIFICATES AND DIPLOMASALONG THE WAY

When I first started studying withACCA I was working towards theCAT Qualification, so had completeda number of the papers before Imoved on to study for the Diplomain Accounting and Business,one of ACCAs Foundation levelqualifications. I knew that gainingthe diploma would allow me to claimexemptions when progressing tothe ACCA Qualification but, most

importantly, it would enable me tostart at the right stage for my levelof knowledge.

However, I would strongly

recommend anyone consideringstudying with ACCA to startwith the Introductory

Certificate and worktheir way throughthe different examsand achieve thecertificates anddiplomas alongthe way. TheFoundationlevel papersprovide youwith the basic

If you are a Foundationlevel student, [email protected] to tell your story


13/141313

AviANNE WiLLiAMSTRiNidAd ANd TOBAgO

I decided to start my studieswith ACCA at the Foundation levelin order gain a solid foundationin accountancy. I believe theFoundation level awards are goodpreparation for studying for theACCA Qualification you are wellequipped to tackle the higherlevel papers. Even if you havesome knowledge of accounting,the Foundation level is good forrevision purposes too.

It is really important to beadequately prepared for the exams,so I attended classes at the Schoolof Business and Computer Science.It is also important to take sometime away from studying and

maintain a good work/life balance.To relax I like to listen to music,play netball and spend time withmy family.

In five years I hope to move intoa relevant role as an accountantin the finance department withmy current employer, the TobagoRegional Health Authority. Thereare opportunities for me, so I hopeto progress and demonstrate how

what I have learnt can benefit theorganisation. Initially I thoughtfinancial accounting was my idealrole. However, I have come to realisethrough my studies that I have areal passion for taxation.

The Foundation level is a good startbut dont be fooled into thinking thisis an easy option! Some exams aretougher than others, but I wouldadvise you to be persistent andpractise consistently. Therewill be times when you feeldiscouraged, but the endresults will be worth it.

THE FOUNDATION LEVEL IS A GOOD STARTBUTDONT BE FOOLED INTO THINKING THISIS AN EASY OPTION! SOME EXAMS ARETOUGHER THAN OTHERS, BUT I WOULDADVISE YOU TO BE PERSISTENT ANDPRACTISE CONSISTENTLY

If you are a Foundation

level student, [email protected] to tellyour story
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]



LEARNING CENTRE | PROFILE

QDo you think the accountancyprofession needs improving? Ifso, in which areas?In terms of auditing I would liketo see large companies beingencouraged to use audit firmsoutside of the Big Four, whichcan improve the competitionin the industry. I believe thiswould improve quality andalso reduce the risks relatingto any future failure of a largeaudit firm.

QIf you had not chosen to pursuean career in accountancy whatother career route might youhave taken?I enjoyed studying economics

so would have looked atpursuing another professionthat would have enabled me touse the skills that I developedduring this time. However,accountancy highly appealedto me and I was focusedon a career in this industry,especially after gaining

experience at a small accountsfirm after university.

Q Where do you see yourself in10 years time?In the next few years I willqualify while gaining a diversemix of experience from workingwithin audit at Grant Thornton.I will consider secondmentopportunities to further developmy experience and, ultimately,will aim towards an auditmanager position.

SiMON ASHWORTHAUdiT ASSOCiATE, gRANT THORNTON UK

Q What made you decideto pursue a career inaccountancy?I enjoyed working with numbersthroughout my universitystudies and developed akeen interest in business.Naturally, this attracted me toaccountancy and a career withGrant Thornton, which offeredan opportunity to work on adiverse client base and withinteams of varying experienceand specialities. Furthermore,it is a career path thatencourages progression andgives strong future prospects.

QWhat advice would you give

to someone starting out as atrainee accountant?I would advise future traineesto consider the focus thatemployers place on training anddevelopment. If you are goingto reach your full potentialthen it is important that youjoin a firm that recognises the

importance of fulfilling yourtraining and developmentrequirements.

ACCA STUDENT SIMON ASHWORTH TALKS ABOUT HIS DECISION TO PURSUEAN ACCOUNTANCY CAREER AND HIS FUTURE GOALS. HE ALSO OFFERS SOMEIMPORTANT ADVICE FOR NEWLY REGISTERED STUDENTS

IF YOU ARE GOING TO REACH YOUR FULL POTENTIAL

THEN IT IS IMPORTANT THAT YOU JOIN A FIRM THATRECOGNISES THE IMPORTANCE OF FULFILLING YOURTRAINING AND DEVELOPMENT NEEDS

Email [email protected] to tell your storyEmail [email protected] to tell your story

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