The New Professional Scheme is structured as follows:

Fundamentals Level

• F1 –Accountant in Business (AB)
• F2 -Management Accounting (MA)
• F3 -Financial Accounting (FA)

Module 2 - 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)

A Professional Ethics Module must be completed by students before commencing the Professional Level

Professional Level

Module 3 – Essentials

• P1 -Professional Accountant (PA)
• P2 -Corporate Reporting (CR)
• P3 -Business Analysis (BA)

Module 4 -2 Options

• P4 -Advanced Financial Mgt. AFM
• P5 -Advanced Performance Mgt. APM
• P6 -Advanced Taxation ATX*
• P7 -Advanced Audit & Assurance AAA

* SBCS does not presently offer Paper P6 - Advanced Taxation

Conversion arrangements for students:  

Any exam passes achieved under the current syllabus will be automatically converted to the new syllabus in August 2007 . An online exam conversion tool is currently available to help students understand which papers they will receive credit for and papers they will need to complete under the new syllabus.

All existing students and affiliates will need to convert to the new Practical Experience Requirements (PER) by 31 December 2007 by converting any competences they have achieved under the current STR to its equivalent under the new system. An online PER conversion tool will be available from January 2007 to help students and affiliates prepare for conversion to the new PER.

Rules of Progression

Students are expected to study each module (Knowledge, Skills, Essentials and Options) in order. ACCA continues to stipulate that students can attempt a maximum of four (4) papers at any one examination sitting. These may be from different modules ONLY as long as the modules are attempted in order. Students must pass or be exempted from all nine (9) exams in the Fundamentals Level and pass all three (3) Essentials exams and two (2) Options from four (4) in the Professional Level . There is no need for students to sit and/or pass any of the exams together, including the three (3) Essentials exams in Professional Level .

Students may vary the order they attempt exams within each module but they may not vary the order of the modules. However, ACCA strongly recommends that papers within a module are taken in order. Students may attempt exams from different modules at the same exam sitting subject to the rules above.