ACCA Full Form- Association of Chartered Certified Accountants

What is ACCA? The full form of ACCA is Association of Chartered Certified Accountants. The global professional accounting organization that grants the Chartered Certified Accountant qualification (ACCA) was established in 1904 and is called the Association of Chartered Certified Accountants (ACCA).

It currently has 240,952 members globally, with 541,930 more to join. With its main administrative office being in Glasgow, ACCA has its headquarters located in London. Through a network of more than 110 offices and centers spread across 51 countries, ACCA offers employee development services through 346 Approved Learning Partners (ALP) and more than 7,600 Approved Employers globally.

The 1974 Royal Charter is referred to as "Chartered" in the ACCA certification. The word "Chartered Certified Accountant" is protected by law. Those who identify themselves as chartered certified accountants are required to be members of ACCA and, in the event that they engage in public practice, to adhere to extra rules that include possessing a practicing certificate, having liability insurance, and allowing inspections.

How ACCA Works 

In order to protect the public interest, ACCA makes sure that its members are properly regulated. It encourages regulation based on principles. Through global research, ACCA actively works to increase the value of accounting in society. To ensure that accounting as a profession continues to gain recognition and influence, proactive positions on global concerns are necessary.

The primary qualification recognized by the professional body is Chartered Certified Accountant. It allows someone to become a Chartered Certified Accountant after passing up to 13 professional exams, completing an ethics module, and working under supervision for three years while gaining relevant accounting experience.

The ACCA professional tests are available on paper and on computers four times a year in March, June, September, and December for people all around the world. For the first four examinations (BT, MA, FA, and LW), on-demand computer-based exams (CBE) are also provided.

For the remaining exams (PM, TX, FR, AA, and FM), session CBEs are offered, and these can be taken at exam centers accredited by ACCA. In collaboration with Oxford Brookes University, a Bachelor of Science (Honors) degree in Applied Accounting is awarded following successful completion of the Fundamentals level of exams, the Ethics and Professional Skills module, and the submission of a Research and Analysis project.

Except for a few exclusions, the syllabus as of September 2018 includes 13 exams and an Ethics and Professional Skills module (EPSM). A Data Analytics unit was added to EPSM in April 2019.

In addition to the Professional Experience Requirement (PER) and the Ethics and Professional Skills module, the qualification is divided into three modules.

For the Applied Knowledge level, there are three exams:-

• BT - Business and Technology
• MA - Management Accounting
• FA - Financial Accounting

The six exams of the Applied Skills level are as follows:-

• LW - Corporate and Business Law
• PM - Performance Management
• TX - Taxation
• FR - Financial Reporting
• AA - Audit and Assurance
• FM - Financial Management

Recognition

According to the Mutual Recognition Directive, the ACCA qualification is legally recognized by all EU members. Switzerland and the countries that make up the European Economic Area are also recognized.

For instance, a holder of the ACCA could identify themselves as a Chartered Certified Accountant (ACCA) and conduct accounting business in any of the European Union's member states as well as in Switzerland. There is an exam to gain access to professional certifications in the area.

In Europe (except from the UK and Ireland), there were about 60,000 students and more than 16,000 subscribers as of the end of 2016.