PQ Magazine

ACCA remote on-demand exams – T&Cs update ACCA’s partner, the British Council, has made some updates to the terms and conditions for remote on-demand exams. These include remote exam token expiry dates and a new ‘no show’ policy. A 90-day expiry period now applies to remote on-demand exam tokens. This means that a student is required to schedule their exam within 90 days of purchasing their token. To avoid the risk of exam tokens expiring, ACCA are encouraging students to only purchase their exam token when they feel ready to schedule and take their exam. Read the full story at www.pqmagazine.com

Checkmate for tax agent A fugitive fraudster who stole more than £750,000 in a tax and mortgage fraud faces an extra five years in prison for not paying back the money. Crooked tax agent Robin Moss will also have his prized possessions, including thousands of pounds of collectible Moorcroft pottery, gold coins and jewellery, auctioned off to recover some of the stolen cash. Read the full story at www.pqmagazine.com

How to deal with an exam question on IFRS2? How do you account for a question about IFRS 2 Share Based Payments in the exams? Well, never fear Tom Clendon is here… In the latest issue of PQ magazine he explains exactly how you account for options issued in a business combination by the parent to the staff of the subsidiary as replacement awards to an existing scheme. It is something the examiner might ask! Check out is easy-to-understand piece on page 30: https://lnkd.in/e5kSW_8m. PQ magazine aims to inspire, connect, and entertain, so sign up for your free copy at www.pqmagazine.com.

Six-day working week for CFOs just to stand still! The vast majority (85%) of CFOs and finance leaders need a six-day work week to complete their tasks, causing stress and a general feeling of loss of control. That’s according to a survey by AccountsIQ, which surveyed CFOs and finance leaders across the UK and Ireland. The study found that one in four (25%) are overwhelmed multiple times per week, with 63% experiencing this multiple times per month. On average, CFOs and finance leaders need an additional 1.5 days per week to complete their work. This conflicts with the heighten calls from government and businesses for a four-day working week with and more flexible working. Check out the full story in the latest PQ magazine: https://lnkd.in/e5kSW_8m. Don’t forget PQ magazine is your totally free monthly rundown of what is happening in the PQ world. Sign up for your free copy at www.pqmagazine.com

How to learn from exam failure Failing an accountancy exam is not the end, says The Chartered Accountant Student Society of London (CASSL) vice chair Oliver Sighe MAAT. He says you have to think of it as the start of a new challenge, and one you can rise to! Check out the regular CASSL feature in the latest magazine, out now at: https://lnkd.in/e5kSW_8m. PQ magazine aims to inspire, connect, and entertain, so sign up for your free copy at www.pqmagazine.com. ICAEW

Back to Basics – two new videos We have added two new video to our Back to Basics series 2 this month! Three-time PQ magazine award winner, Tom Clendon, latest eight-minute video looks at IAS 37 and provisions. IAS 37 is a strict about when you can recognise a provision. So, do you know, for instance, the three conditions which have to be met? You will after watching Tom, at: https://lnkd.in/eRHGgC_T. In addition, we have PQ magazine award-winner Will Boardman looking at the VAT control account. With his help you will understand what goes on the credit side and what goes on the debit side, and all in under eight minutes too! Check out his video at: https://lnkd.in/evN_D8rn. Don’t forget PQ magazine is your totally free monthly rundown of what is happening in the PQ world. Sign up for your free copy at www.pqmagazine.com

How long will it take – to get qualified as a chartered accountant? Some 183,508 accountancy students are still trying to ‘get qualified’ more than five years after they started their professional studies. That is 31.34% of all the PQs signed up with ACCA, CIMA, CIPFA, ICAEW, CAI, ICAS and AIA. The figures form part of the Financial Reporting Council’s annual Key Facts and Trends in the Accountancy Profession report. And, as of the end of 2023 there were 585,441 students studying with the seven bodies, which are based in the UK and Republic of Ireland. Check out our news story & feature on all the stats in the latest issue: https://lnkd.in/e5kSW_8m.

PQ salaries on the rise We will see another inflation busting 5.8% rise in salaries for PQs in 2024-25, according to the latest Hays UK Salary and Recruiting Trends guide. Strong demand and a shortage of talent have combined again to push up salaries, following on from pay rises of 6.2% in 2023-24. This all boils down to a current salary for an ACCA finalist in London hitting £58,000. Trainee just starting out on their ACCA journey in the capital can expect to earn around £32,000. CIMA finalists and trainees can expect the same sort of pay packet! What is interesting is the widening gap between ACCA and CIMA finalists and those studying for the ACA qualification. While ACCA/CIMA PQs in London can expect a pay packet of £45,000 a year, that falls to £37,500 for the average ACA PQ/semi senior. And, while the salary for a CIPFA finalist is £44,000 in London, just below the £45,000 paid to an ACA finalist, CIPFA PQs are earning more than their ACA counterpart - £38,000 to £37,500 respectively. And, this pattern repeats itself across the UK, albeit the difference aren’t quite as big as the £13,000 pay differential seen in the capital. Read the full story and check out the top trends for 2025 in the latest PQ magazine, out now: https://lnkd.in/e5kSW_8m.

World’s oldest accountancy body is 170 years young! This month see’s the Institute of Chartered Accountants of Scotland (ICAS) proudly celebrate its 170th birthday, as the world’s oldest professional body of chartered accountants. ICAS - The Professional Body of CAs was founded by Royal Charter in 1854, and in 1855 introduced the designatory letters ‘CA’. 2024 saw ICAS introduced ‘CA24’ - a new syllabus and way of learning for accountants. It is being hailed as one of the biggest shake-ups in the institute’s history. ICAS has also launched its ‘Shaping the Profession’ project, which will map out an ambitious future for accountants. Bruce Cartwright CA, CEO at ICAS, said: “It’s no exaggeration to expect the pace and scale of change over the next five years to be faster than at any time in the last 170. While technological advancements, sustainability reporting developments, governance reforms and regulation continue to reshape the profession, our legacy serves as a reminder of the need for resilience and capacity for adaptability.”  To mark its anniversary and inspire the next generation of accountancy professionals, ICAS launched a nationwide competition asking school children to design the front cover of CA magazine - the monthly digital publication for accountancy and business professionals. Hundreds of pupils nationwide created artwork reflecting ICAS’ legacy and highlighting themes that are important for creating a better world to grow up in, with the winning entry featured in the magazine’s December issue.

Future-proofing the ACA qualification The Next Generation ACA looks to the future, but has not forgotten about the fundamentals, according to ICAEW Managing Director, Education & Training, Will Holt. In an exclusive interview with PQ magazine, he said the new updated syllabus recognises the significant changes happening in business, accountancy and finance. He explained: “We need to adapt more quickly and future-proof the profession and value our members bring to their organisations.” Holt has also used the changes to ensure better support for ICAEW students and a smoother, more integrated approach between levels. The bar is, rightly, still high, he stressed, but the journey to the final level will be “less steep”. Three new case studies and a new skills development framework also bring the workplace and future careers to the fore. For Holt these are critical developments to help ensure the ACA qualification remains the passport to careers across business. Read our interview with Will on page 20 of the latest issue: https://lnkd.in/e5kSW_8m. Kaplan UK Kaplan Kaplan BPP BPP University First Intuition Financial Reporting Council Reed Business School HTFT Partnership First Intuition Maidstone and Canterbury First Intuition EAST ANGLIA