ACCA Exam Subjects List: A Complete Course Details

The ACCA qualification is highly regarded in leading nations across the world. It ensures professional advancement in finance and accounting while opening doors to the best jobs worldwide. If you aspire to have this qualification from the Association of Chartered Certified Accountants, step one is to grasp what its examination entails. It is where you will be curious to learn about the ACCA paper list. The ACCA has established the structure and syllabus of the ACCA examination painstakingly to ensure every candidate acquires the relevant professional skills and builds on existing knowledge of accounting. 

This association aims to make sure that all candidates get familiar with finance, accounting, and business matters as they take the exam. The 13 exams in ACCA intend to develop your knowledge and understanding of various aspects of finance, and accounting. This blog will help you learn all about these subjects in detail, so start reading below to uncover the ACCA course details. 

Key Takeaways

• Detailed ACCA Subjects List

• Applied Knowledge Level

• Applied Skills Level

• Strategic Professional Level

Detailed ACCA Subjects List

ACCA Global has structured the exam to carefully examine the accounting and finance proficiency of the aspirants. It includes 3 papers or levels:

• Applied Knowledge Exams
• Applied Skills Level Exams 
• Strategic Professional Exams

The first level includes three exams, the second has six, and the third has four. The details of these modules or papers are below to help you understand better.

Applied Knowledge Level

Applied knowledge is the first or foundational level of the ACCA exams. It aims to provide a broad introduction to several concepts in accounting and finance. The Applied Knowledge Level also helps students learn the essential techniques of these streams. It comprises the following ACCA course subjects: 

Business and Technology (BT)

The first subject on the ACCA curriculum is Business and Technology, short-coded as BT in the papers of ACCA and known as the ACCA F1 paper. It will introduce you to the modern business environment and help develop your understanding of it. BT also aims to establish an understanding of the functioning of finance and accounting in modern business structures while providing insights into efficient management principles. The subjects and topics it covers are:

• Organizational Structure, Management, and Leadership
• Business Environmental Factors
• Business Accounting and its Functions
• Accounting and Finance Control Processes in a Business
• Business, Resources, and Finance Management
• Efficient Teams and Business Functions Building

Management Accounting (MA)

Another of the ACCA subjects at the first level is management accounting. It is short-coded as MA in the ACCA exam and is termed an ACCA F2 paper. Being a quantitative-focused subject, management accounting aims to establish an understanding of the following concepts:

• Cost and Management Accounting 
• Costs, Behavior, and Goals
• Business, Mathematics, and Spreadsheet Fundamentals
• Cost Accounting Techniques and Calculations
• Costing, Budgeting, Planning, and Analysis
• Management techniques for making decisions

Financial Accounting (FA)

Known as the ACCA F3 paper and short-coded as FA, next is financial accounting. This subject introduces some foundational concepts in accounting, as listed below. 

• Financial accounting principles
• Use of Double-Entry Accounting Methods 
• Financial Reporting Basics
• Journal, Ledger, Trial Balance Preparation
• Financial Data and Financial Statement Preparation
• Income, Cash Flow Statement, and Balance Sheet Analysis

Applied Skills Level

Moving forward in this guide on the ACCA syllabus leads to the second ACCA level, Applied Skills exams. It focuses on developing practical, broad, and strong financial skills of ACCA professionals. The Applied Skills Level consists of six subjects, as follows: 

Corporate and Business Law (LW)

The code for corporate and business law is LW, and it is the ACCA F4 paper. It aims to establish an understanding of the legal system applicable in the business landscape and covers the following concepts:

• Laws for Business, Companies, and Financial Affairs
• Structure and Establishment of Businesses 
• Capital, business finance, and company regulations
• Acts of Company Law and Their Application 
• Business Law Acts and Their Application

Performance Management (PM)

Termed an ACCA F5 paper, Performance Management is the next subject coded as PM. This subject is an extension of Management Accounting (MA) included in the Applied Knowledge Level. PM includes the following concepts:

• Cost Accounting Principles and Various Methods 
• Financial Data for Decision-Making, Business Planning, and Forecasting
• Business Math and Statistics
• Statistical tools like standard costing and variance analysis 
• Business Performance Evaluation and Management
• Combining quantitative and qualitative data for business performance

Taxation (TX)

Taxation is the ACCA F6 paper, and it is coded as TX in the ACCA subjects list. It introduces various taxation-related concepts and their impact on businesses or firms. Some major concepts of TX are:

• Global Taxation and Tax System Concepts
• Taxes on Capital, Business, Income, and Profits
• Computations of Personal and Business Taxes
• Workings of the Corporation Tax Structure
• Income tax, capital gains tax, value-added tax,
• The Tax Framework of the UK as a Base for Other Countries

Financial Reporting (FR)

FR is another subject in the Applied Skills Level, and it is termed the ACCA F7 paper. This subject moves forward with the concepts introduced in the Financial Accounting subject of the previous level and comprises the following concepts:

• Business Financial Statement Creation
• Financial Statement Analysis and Interpretation
• Ratio analysis and other tools
• Regulatory requirements for financial reporting
• Financial Reporting Based on Statements
• Reporting to business stakeholders

Financial Management (FM)

Next on the ACCA subjects list is FM, short-coded for Financial Management. The ACCA F8 paper aims to help you understand the management techniques businesses use for finances. FM involves several concepts, as follows: 

• Financial management concepts
• Business Valuation
• Company's Finances and Capital Management
• Working Capital Management of a Business
• Financial Risk Analysis for a Business
• The Financial Life Cycle of a Business

Audit and Assurance (AA)

Last on the ACCA subject list of Applied Skills Level is Audit and Assurance, coded as AA and termed the ACCA F9 paper. It is based on auditing, which is a crucial subject in the chartered accounting area. Concepts included in AA are:

• Audit Principles and Processes
• Auditing Regulations
• Auditing Areas and Parameters to Audit
• Business Risk Management and Identification with Audits
• Quality Assurance for a Business
• Performing Audits and Preparing Audit Reports

Strategic Professional Level

Last on the list of different papers is the Strategic Professional Level exam, which aims to develop leadership and strategic skills for the ACCA graduate. The structure of this level includes two compulsory subjects and two electives that can be chosen from a list of four. All six subjects are explained below, with the first two being compulsory and any two from the last four to be attempted. 

Strategic Business Leader (SBL)

It is referred to as the ACCA P1 and ACCA P3 papers. SBL is a management skills subject that introduces you to the following concepts: 

• Efficient Organizational Management
• Governance Role and Function in the Management
• Ethical Framework for Professional Values and Decision-Making
• Business strategies and corporate governance
• Policy Development for Internal Control and Audits

Strategic Business Reporting (SBR)

Next is SBR, which stands for Strategic Business Reporting. The paper ACCA P2 builds on a student's knowledge of the accountant’s role within the framework of business financial reporting. SBR includes various concepts, like: 

• Financial Reporting System in a Business
• Corporate Governance with Financial Reporting
• Probable Financial Reporting Issues and Their Implications
• Implications of Changes in Accounting Regulations
• Current Developments in Accounting and Their Impact on Business 
• Complex Business Reporting Environments: Case Studies

Advanced Financial Management (AFM)

AFM is the ACCA P4 paper. The primary reason for including this subject is to help students develop relevant professional qualifications to match the advanced financial industry and markets for senior finance positions. Concepts involved in AFM are: 

• Business Investments and Financial Industry Structure
• Investment Banking, Acquisitions, and Mergers
• Financial and Regulatory Ways to Restructure Companies
• Fund, Treasury, and Advanced Risk Management
• Business Finance, Economic Environment, and Global Trade
• Emerging finance and financial management concepts

Advanced Performance Management (APM)

Termed an ACCA P5 paper, Advanced Performance Management is next in the list, short-coded as APM. It includes the following concepts: 

• Performance Management Techniques,
• Strategic planning and control models
• Risk and uncertainty impact
• Identify and evaluate the design features of performance management systems.
• Strategic Performance Measurement and Optimization
• Analyzing External Factors and Economic Conditions
• Business Performance Management Case Studies

Advanced Taxation (ATX)

Moving forward in the ACCA qualification journey, the ACCA subjects list brings to the ACCA P6 paper Advanced Taxation, coded as ATX. It provides knowledge of the global taxation framework by using the following concepts:

• Explanation of the Derivation of the UK and Other Taxation Systems
• Modern Tax System Aspects
• Tax Effects and Interactions for Businesses
• Tax Planning for Business Operations
• International taxation framework, customs, and other duties
• Case Studies of Complex Tax Planning Systems

Advanced Audit and Assurance (AAA)

AAA is the advanced form of the Audit and Assurance subject of Skills Level. It is the ACCA P7 paper and involves the following concepts:

• Advanced Audit and Regulatory Framework Concepts
• Complex Financial Statements Audit
• Preparation of Audit Reports for Businesses
• Interpretation of Audit Reports with Analytical Tools and Techniques
• Assurance Engagement Reporting
• Case Studies of Audit and Assurance Reporting for Complex Business Scenarios

In addition to taking exams for the thirteen ACCA subjects, you will also be required to complete the Ethics Module by the ACCA body and complete a 3-year internship known as the Practical Experience Requirement.

 

Conclusion

To ace the ACCA exams, a candidate must be well aware of the ACCA subject list and learn thoroughly about each topic. A complete understanding of the subjects in the ACCA course syllabus increases a candidate's chances of passing the ACCA exam and becoming a qualified professional. To do that, make sure to train with only the best in the industry, like the NorthStar Academy. So, gear up to prepare for the ACCA and let NorthStar Academy be your reliable partner on this journey.