International Recognition of Accounting Studies

Transcription

1 International Recognition of Accounting Studies THE ROMANIAN EXPERIENCE Voicu D. DRAGOMIR Senior Lecturer, PhD The Bucharest University of Economic Studies

2 About the Faculty of Accounting The Faculty of Accounting and Management Information Systems (FAMIS) is part of the Bucharest University of Economic Studies, which is the most prestigious Romanian higher education institution in the field of Economics, Business Administration and Public Administration. FAMIS provides tuition and diplomas with a double competency: in the accounting field and in the management of information systems. The Bachelor's (BA), Master's (MSc) and Doctoral diplomas are integrated in the Bologna process, and are recognized in all signatory countries. In Romania the completion of each tuition cycle gives further access to the inclusion in the national associations of certified accountants and auditors (e.g. the Doctoral diploma is equivalent to being a chartered certified accountant and financial auditor).

3 Recognition of diplomas The FAMIS adopted the following strategy for opening international markets to holders of BBA and MSc diplomas in accounting: 1. Obtaining several exemptions for ACCA certifications at undergraduate (BA) level; 2. Creating a Master s programme which emulates the complete ACCA student tuition (Business Accounting MSc); 3. Integrating ACCA compatible curriculum into several MSc programmes organized by the Faculty; 4. Including the option of accounting tuition in English at BA and MSc level; 5. Establishing partnerships with reputed European universities for harmonizing the curriculum and student exchange.

4 About ACCA ACCA (the Association of Chartered Certified Accountants) is a professional accountancy body responsible to the UK Professional Oversight Board (POB) for the qualification and regulation of statutory auditors. ACCA is also the global body for professional accountants. It supports 140,000 members and 404,000 students throughout their careers, providing services through a network of 83 offices and active centres. The global infrastructure means that exams and support are delivered and reputation and influence developed at a local level. ACCA deliver value-added services through 57 global accountancy partnerships, working closely with multinational and small entities to promote global standards and support.

5 1. ACCA exemptions at BA level Obtaining the ACCA accreditation ensures that students registering with ACCA will receive a level of exemption which matches the knowledge and skills gained during the BA programme at FAMIS. During the period , the BA graduates of FAMIS have been exempt of 9 out of 14 ACCA papers (F1-F9). Accreditation is a significant point of interest for students entering the BA programme, considering the reduction of up to 60% of ACCA examination costs. ACCA accreditation requires the constant updating and revision of the FAMIS curriculum, in accordance with the international recognized guidelines in the field, such as the standards of IFAC (the International Federation of Accountants).

6 Principles for ACCA accreditation Exemption from all nine papers at the Fundamentals level can be considered. No exemption is awarded from any paper at the Professional level. An exemption will only be awarded when ACCA is completely satisfied that it matches a student s prior learning, and cannot be considered on the basis of work experience. Module comparability is ensured on the following criteria: The balance of practice and theory; The style and standard of examination; Significant areas of the syllabus are covered (a minimum coverage of 80% of a particular ACCA paper); The structure and mark allocation for individual examination papers.

7 Required documentation The supporting documentation required is the following: a) Detailed programme structure, including full list of options and elective papers; b) Syllabus details for all modules with relevance to any paper at ACCA s Fundamentals level; c) Pilot/live examination papers for all modules with relevance to any paper at the Fundamentals level; d) Copy of the programme regulations and of agreements between the awarding body, and the educational institution that is delivering the programme. Other required details: programme leader, period of internal programme validation, pass marks, modules which may be taken within multiple programmes.

8 ACCA Qualification and exams The Fundamentals (F1-F9) level is divided into two modules Knowledge and Skills. The Knowledge module introduces students to the core areas of financial and management accounting. The Skills module contains six subjects which comprehensively cover the main technical areas that any accountant are expected to have mastered. The Fundamentals level plus a research project is deemed to be equivalent to a UK bachelor degree. The Professional level is divided into two modules Essentials (P1- P3) and Options (P4-P7). Both modules have been set at an intellectual level equivalent to that expected of a student taking a Masters degree. All students must complete the three papers in the Essentials module and select two out of four Option papers.

9 Accreditation of BA modules (Reaccreditation ) ACCA F1: Accountant in Business F2: Management Accounting F3: Financial Accounting BA Accounting and Management Information Systems On completion of the BA programme F4: Corporate and Business Law On the basis of Business Law (1 st year, 1 st sem.) PLUS Company Law (1 st year, 2 nd sem.) F5: Performance Management On the basis of Performance Measurement and Control (3 rd year, 1 st sem.) F6: Taxation On the basis of Accounting and Business Taxation (2 nd year, 1 st sem.) F7: Financial Reporting On the basis of IFRS Financial Accounting (1 st year, 2 nd sem.) PLUS Accounting Policies and Options (3 rd year, 1 st sem.) PLUS Consolidated Accounting (2 nd year, 1 st sem.)

10 2. Business Accounting MSc Business Accounting MSc is a two-year postgraduate degree, organized by FAMIS since The MSc provides full training courses for obtaining ACCA qualification, as the curriculum is identical to that of ACCA. Tuition is delivered entirely in English, which is also the language of the examination papers. In 2010, the programme entered in partnership with Globaltraining - which is one of the most experienced accountancy tuition providers accredited "Platinum status" by ACCA. This collaboration is based on exchange of learning materials and training expertise.

11 Details of Business Accounting MSc Training materials follow the requirements for ACCA examinations, being published by Kaplan Publishing (world number one supplier for training materials accredited by ACCA). Courses are held at the end of the week (Saturday and Sunday). On-line tutorial activities are supplied for each paper of the syllabus. The Master Program is organized on a modular basis, examinations taking place when each paper s syllabus is finalized. Examinations are in accordance to the ACCA model. Over the two years of this MSc, exams sessions are scheduled according to ACCA examination sessions (December, June).

12 Curriculum: Business Accounting MSc ACCA Business Accounting ACCA Business Accounting F1: Accountant in Business 1 st year, 1 st sem. F9: Financial Management 2 nd year, 1 st sem. F2: Management Accounting 1 st year, 1 st sem. P1: Governance, Risk and Ethics Professional Accountant 2 nd year, 1 st sem. F3: Financial Accounting 1 st year, 1 st sem. P2: Corporate Reporting 2 nd year, 1 st sem. F4: Corporate and Business Law 1 st year, 1 st sem. P3: Business Analysis 2 nd year, 1 st sem. F5: Performance Management 1 st year, 2 nd sem. P4: Advanced Financial Management 2 nd year, 2 nd sem. F6: Taxation 1 st year, 2 nd sem. P5: Advanced Performance Management 2 nd year, 2 nd sem. F7: Financial Reporting 1 st year, 2 nd sem. P6: Advanced Taxation 2 nd year, 2 nd sem. F8: Audit and Assurance 1 st year, 2 nd sem. P7: Advanced Audit and Assurance 2 nd year, 2 nd sem.

13 3. ACCA compatible curriculum at Master s level ACCA Paper P1 Module Models and practice of corporate governance in Romanian enterprises Master s Programme Accounting and Information Systems* International Audit Concepts and Practice International Accounting P2 Corporate Reporting Accounting and Information Systems* P3 P4 Advanced economic and financial analysis of the enterprise Advanced strategic management Financial diagnosis Financial Analysis and Valuation Accounting and Information Systems* Accounting and Financial Management Techniques P5 Economic modelling for performance measurement Accounting and Financial Management Techniques P6 Advanced tax accounting Accounting and Information Systems* P7 Advanced financial audit Accounting and Information Systems* + several other MSc programmes *Romanian and English tuition

14 4. Tuition in English Starting with 2009, the FAMIS introduced an enrolment option for tuition entirely in English, both at BA and MSc level (for the researchoriented programme). Students greatly benefit from the following: Easier access to ERASMUS Programmes; Earning a double diploma such as that offered by the University of Amsterdam (see details below); Invited foreign lecturers from other Universities and from the Big Four; The opportunity of meeting foreign students with diverse cultural backgrounds; More opportunities to enroll in English-based tuition programmes abroad, as well as gaining scholarships and internships at reputed firms; A valuable starter for entering a PhD. Programme.

15 5. International partnerships The FAMIS has entered into a partnership with the Business School from the University of Amsterdam, which offered valuable support for tuition in English, namely learning materials for our BA and MSc programmes. The University of Amsterdam has awarded 5 scholarships to Romanian students which, after their 1 st year at the English-based MSc, opted to complete the Accountancy and Control MSc in Amsterdam, thus obtaining two Master s degrees at the same time. Starting with 2007, FAMIS has begun a long-term partnership with IAAER (the International Association for Accounting Education and Research which is a global not-for-profit organization, whose mission is to maximize the contribution of accounting academics to the development and maintenance of high quality, globally recognized standards of accounting practice.

16 ACCA Qualification exemptions Summary The Strategy of the Faculty of Accounting for international recognition of diplomas. Emulating ACCA training ACCA compatible curriculum Tuition in English International partnerships

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