CA Program - Ask questions, get answers! (new and improved)

[immabee]

I am now doing a 3rd year unit Financial Accounting: Theory & Practice where I come across with more accounting standards. It wasn't too bad but I am somewhat disadvantaged since units such as advance corporate accounting & introduction to finance would be a great advisable prior to study units according to some of the mates who are taking this unit with me this semester. (Am taking introduction to finance this semester and advance corporate accounting for next semester).

Another absolute dumb question here. Since there is so many Accounting standards everywhere in the book, I wonder how relevant these are for all accounting-related divisions in a firm? Do you guys remember certain accounting standards & refer to the book or basically the entire thing?. If so, what accounting standards do you guys use pretty frequent in preparing/analysing accounts?

[seremify007]

I am now doing a 3rd year unit Financial Accounting: Theory & Practice where I come across with more accounting standards. It wasn't too bad but I am somewhat disadvantaged since units such as advance corporate accounting & introduction to finance would be a great advisable prior to study units according to some of the mates who are taking this unit with me this semester. (Am taking introduction to finance this semester and advance corporate accounting for next semester).

Another absolute dumb question here. Since there is so many Accounting standards everywhere in the book, I wonder how relevant these are for all accounting-related divisions in a firm? Do you guys remember certain accounting standards & refer to the book or basically the entire thing?. If so, what accounting standards do you guys use pretty frequent in preparing/analysing accounts?

For most accounting roles, you really only need to know the basics as to what you do and even then, at graduate level, it won't be much. If you choose to pursue a career in audit, financial reporting or accounting policy, then you obviously will need to know it in a lot more depth but typically the area which is relevant to you and the countries in which your business/firm operates in. For example I work primarily in financial services so I focus on 132/139 but I also am pretty solid in all the core financial reporting frameworks and presentation of fin statements, etc... you don't need to know it off the top of your head, but you need to know where to look if you come across a certain issue (e.g. how should XYZ be treated given that it is subject to ABC). Just like the CA exam, life is open-book and you have infinite resources available to you at any time so noone expects you (in most roles at least) to regurgitate standards but you would be expected to know roughly which standard has what (e.g. you wouldn't look for employee benefits in the financial instruments standard).

ps. Wait until you have to learn AIFRS, ASA (auditing), USGAAP, USGAAS, and (pure) IFRS :P In all seriousness, you pick things up as you go along- I used to struggle remembering even the framework/SACs but then after doing it for 6 years, I'm pretty reasonably well versed in the relevant standards to me and have written countless papers/essays/memos analysing the financial reporting standards for AIFRS, IFRS and even GAAP.

[converge]

Hi guys

I am currently studying a BCom (majoring in Accounting in Finance) at Macquarie University. I have recently realised that as I was scouring through the list of accredited courses on the CA website, the degree I am doing is not recognised. I have contacted CA and they told me to fill out a standard assessment form. My question is has anyone taken this path before and what was it like?

Many thanks in advance

[Azure]

BCom at Macquarie is recognised? I'm doing the same degree.

Are you sure you haven't just chosen subjects in your accounting major that don't correlate to what the institute wants?

[converge]

BCom at Macquarie is recognised? I'm doing the same degree.

Are you sure you haven't just chosen subjects in your accounting major that don't correlate to what the institute wants?

I think the degree you are talking about is BCom-Prof Accting/B Applied Fin, am I right? Yes that degree is recognised but the one I am doing is an ordinary BCom - Accounting, Finance which is not recognised by the institute.

[seremify007]

I am looking at http://www.charteredaccountants.com....edited-courses under the 2012 Accredited courses and can see that they only list BCom-ProfAccg and BCom-ProfAccgLLB . That's interesting because I'm pretty sure my friends did the standard B Comm at Macquarie and later went on to do CA with me. Looking back at say, 2009's ATC list, BCom (Accounting) is listed as acceptable. Might be worth investigating with your uni and the institute why it was removed in later years.

[converge]

I am looking at http://www.charteredaccountants.com....edited-courses under the 2012 Accredited courses and can see that they only list BCom-ProfAccg and BCom-ProfAccgLLB . That's interesting because I'm pretty sure my friends did the standard B Comm at Macquarie and later went on to do CA with me. Looking back at say, 2009's ATC list, BCom (Accounting) is listed as acceptable. Might be worth investigating with your uni and the institute why it was removed in later years.

Thank you very much for the response. From what I have accumulated, Macquarie have split their accounting program into two components. You can major in accounting (the one I am doing) or professional accounting, the one where you get accredited. I have asked the institute about this, and I think worse comes to worst, I return to uni to complete those units I need to be accredited.

[seremify007]

Thank you very much for the response. From what I have accumulated, Macquarie have split their accounting program into two components. You can major in accounting (the one I am doing) or professional accounting, the one where you get accredited. I have asked the institute about this, and I think worse comes to worst, I return to uni to complete those units I need to be accredited.

Are you actually missing any of the subjects though? Keep in mind shaded vs. unshaded in the PDF above.

[converge]

Yes I am missing a few subjects. From just glancing, I can see that I am missing stuff like Business Law, Corporations Law, Revenue Law (these are unshaded) etc.

[seremify007]

Yes I am missing a few subjects. From just glancing, I can see that I am missing stuff like Business Law, Corporations Law, Revenue Law (these are unshaded) etc.

You will DEFINITELY need those. You're expected to have some understanding of how to reference both legislation and past cases, as well as understanding some of the concepts from corps law (e.g. corporate veil) and contracts.

[Minai]

I saw your name in the "Admitted as Chartered Accountants" section of Charter magazine recently, seremify, congrats!

[seremify007]

I saw your name in the "Admitted as Chartered Accountants" section of Charter magazine recently, seremify, congrats!

**** I hope I didn't throw it out!! Time to go find it. Thanks though!

EDIT: I can't find it I found Dec 2011, Mar 2012 and Apr 2012. I think it must've been either Jan or Feb. Can you remember what's ont he cover?

[RDX]

Just enrolled for CA, doing MAA first up.

[seremify007]

Just enrolled for CA, doing MAA first up.

good choice. i always tell people do the subjects which you're never going to get better at first (e.g. MAA and TAX if you're in audit), and then do AAA/FIN later on since you'll naturally become better at those with more experience in the industry. EBA is just a piece of cake though.

[spearsy]

Just enrolled in FIN in Adelaide. Any one else doing this as well? Would have liked to have started with TAX but thought it would be better to get started sooner.

[harrisony]

**** I hope I didn't throw it out!! Time to go find it. Thanks though!

EDIT: I can't find it I found Dec 2011, Mar 2012 and Apr 2012. I think it must've been either Jan or Feb. Can you remember what's ont he cover?

http://charter.realviewdigital.com/?iid=58643#folio=084

[CharlieB]

Just enrolled for CA, doing MAA first up.

Same! Can't believe it starts in a month...

Did anyone go to the ICAA Business Forum this week? I went for a full day session today. Amazing experience. Great seminars, food and people. Definitely recommend it for those who've never gone. Price is also very reasonable.

[MichelleV]

I never knew there was a thread with accountants.

I'm so happy

[seremify007]

I never knew there was a thread with accountants.

I'm so happy

LOL glad to hear it.

[seremify007]

Same! Can't believe it starts in a month...

Did anyone go to the ICAA Business Forum this week? I went for a full day session today. Amazing experience. Great seminars, food and people. Definitely recommend it for those who've never gone. Price is also very reasonable.

To be honest I never really felt the need to. Maybe later on in my career when I'm aspiring for FCA status. Also don't really have that much free time

[MichelleV]

LOL glad to hear it.

Haha, thank you.

I'm such a wierdo.

Whenever I meet other people who are accountants or doing cadetships or anything, I get excited.


Its good to find out what things are like from other peoples perspectives.

[seremify007]

Haha, thank you.

I'm such a wierdo.

Whenever I meet other people who are accountants or doing cadetships or anything, I get excited.


Its good to find out what things are like from other peoples perspectives.

LOL don't worry, you're not weird. But admittedly over time it does get less exciting (as do most things in life).

[MichelleV]

LOL don't worry, you're not weird. But admittedly over time it does get less exciting (as do most things in life).

I mist admit, I'm already over work :P

I will never ever get over the APES stuff though. All I can think about is the simpsons.

Its so awkward trying to suppress my laughter every time somebody mentions how we have APES soon

[seremify007]

I mist admit, I'm already over work :P

I will never ever get over the APES stuff though. All I can think about is the simpsons.

Its so awkward trying to suppress my laughter every time somebody mentions how we have APES soon

It's sad that even though I finished CA, I can still remember my different APES110 references Sigh. Are you doing MAA, AAA or EBA now?

[MichelleV]

It's sad that even though I finished CA, I can still remember my different APES110 references Sigh. Are you doing MAA, AAA or EBA now?

None :P
Still a cadet at Uni.

Haha :P

*casually crashes this thread...*