cima lecturers conference 2006the same as at present – 5, with each having it’s own assessment...
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CIMA Future
CIMA Certificate in Business Accounting 2006
CIMA LECTURERS’CONFERENCE 2006 Review | Learning | Future
Facilitator: Graham Eaton
Workshop Programme
1. Introduction - an overview of the new CIMA Certificate in Business Accounting Qualification 2006
Robert Jelly2. The Syllabus for the new Certificate
Robert Jelly3. Assessment of the new Certificate
Graham Eaton4. Study support for new Certificate
Mike Cash, Elsevier
Introduction – an overview
Robert JellyDirector of Education, CIMA
How many papers are there in the new Certificate in Business Accounting?The same as at present – 5, with each having it’s own assessment
Introduction – an overview
How is assessment undertaken?CIMA will assess students using objective test questions, delivered within a computer based assessment (CBA) package and offered at CIMA approved centres – as with the current certificate
When will the new Certificate in Business Accounting Qualification be introduced?Officially in September 2006
Introduction – an overview
When will the first assessments (CBAs) for the new Certificate be available for students to sit?As from 2 October 2006
When will be the last date that students can sit Assessments (CBAs) based on the current Certificate in Business Accounting Qualification?1 March 2007
Introduction – an overview
Is there an overlap period when both old and new Certificate assessments (CBAs) are available?Yes – from the 2 October 2006 to 1 March 2007
The Syllabus
The new syllabus comprises:
Paper C01 – Fundamentals of Management Accounting
Paper C02 – Fundamentals of Financial Accounting
Paper C03 – Fundamentals of Business Mathematics
Paper C04 – Fundamentals of Business Economics
Paper C05 – Fundamentals of Ethics, Corporate Governance and Business Law
Paper C01 - Fundamentals of Management Accounting
Explain and use concepts and processes to determine product and service costsExplain direct, marginal and absorption costs and their use in pricingApply C-V-P analysis and interpret the resultsApply a range of costing and accounting systems
The Learning Aims
Explain the role of budgets and standard costing within organisationsPrepare and interpret budgets, standard costs and variance statements
Note: The aims are almost identical to those seen in the existing syllabus. However, the use of costing methods and their use in the pricing of goods and services is specifically identified in the second aim
The Learning Aims
Paper C01 - Fundamentals of Management Accounting
20%E Financial Planning and Control
30%D Costing and Accounting Systems
15%C Standard Costing
10%B Cost Behaviour and Breakeven Analysis
25%A Cost Determination
Paper C01 - Fundamentals of Management Accounting
Topic and Study weighting
Cost Determination is reduced from 30% currently to 25%.
The accounting for material, labour and overheads is seen in the Costing and Accounting Systems section. Also a comparison of marginal with absorption costing has been removed (this appears at the Managerial level).
Paper C01 - Fundamentals of Management Accounting
Cost Accounting Systems rises from 20% to 30% and contains material on managerial reports for a range of organisations (for example, charities and public sector bodies).
It also identifies financial statements that inform management and items that may be highlighted in management reporting. These include value-added, contribution, marketing and administration expenses.Interlocking ledger systems have been removed.
Paper C01 - Fundamentals of Management Accounting
Cost Behaviour and Break-even analysis reduces from 15% to 10% with the exclusion of relevant costs/revenues(seen at the later level).Standard Costing no longer requires fixed overhead variances to be dealt with. They are included at the Managerial Level.Financial Planning and Control no longer has reference to the use of IT in the budget process. There is also a greater emphasis in the interpretation of both budget statements and budget variances.
Paper C01 - Fundamentals of Management Accounting
Paper C02 - Fundamentals of Financial Accounting
Explain the conceptual regulatory framework of accounting
Explain the nature of accounting systems and understand the control of such systems
Prepare and interpret accounts for a single entity
Interpret simple ratios
The Learning Aims
While the first two aims of the existing syllabus are unchanged, the subsequent aims identify the preparation and interpretation of accounts and the interpretation of simple ratios. Students will be expected to demonstrate their understanding of financial statements and the significance of simple performance measures.
The Learning Aims
Paper C02 - Fundamentals of Financial Accounting
The syllabus deals with the recording of transactions and the preparation of accounts for single entities.The terminology used is that seen in International Reporting Standards (including International Accounting Standards)No knowledge of any specific reporting / accounting standard is required except that the formats seen in IAS 1 and IAS 7 will form the basis of the presentation of financial statements
Paper C02 - Fundamentals of Financial Accounting
Topic and Study weighting
45%D Preparation of Accounts for Single Entities
15%C Control of Accounting Systems
20%B Accounting Systems
20%A Conceptual and Regulatory Framework
Paper C02 - Fundamentals of Financial Accounting
The topics and study weightings remain the same but there are some additions to the detailSection A - introduces a clear reference to the difference between tangible and intangible assetsSection D - impairment is identified so that intangible assets can be correctly valued in financial statementsSection D - A Statement of Changes in Equityis required as part of financial statements
Paper C02 - Fundamentals of Financial Accounting
C03 - Fundamentals of Business Mathematics
Demonstrate the use of basic mathematics, including formulae and ratiosIdentify reasonableness in the calculation of answersDemonstrate the use of probability where risk and uncertainty existApply techniques for summarising and analysing data
The Learning Aims
Calculate correlation coefficients for bivariate data and apply the technique of simple regression analysisDemonstrate techniques used for forecastingApply financial mathematical techniquesUse spreadsheets to facilitate the presentation of data, analysis of univariate and bivariate data and use of formulae.
C03 - Fundamentals of Business Mathematics
The Learning Aims
The are two specific aims not seen in the existing syllabusCorrelation coefficients and simple regression analysis were previously included under forecastingUse of spreadsheets is new in recognition of their importance in quantitative analysis
C03 - Fundamentals of Business Mathematics
The Learning Aims
10%G Spreadsheets
15%F Financial Mathematics
15%E Forecasting
15%D Inter-relationships between Variables
15%C Summarising and Analysing Data
15%B Probability
15%A Basic Mathematics
Topic and Study weighting
C03 - Fundamentals of Business Mathematics
Basic Mathematics rises from 10% to 15% with the inclusion of inequalities and the reference to the learning curve.Probability falls from 20% to 15% but concentrates on probability and expected values. The normal distribution is dealt with elsewhere.Summarising and analysing data falls from 25% to 15% and now focuses on the analysis and presentation of univariate data. It excludes primary v secondary data and sampling.
C03 - Fundamentals of Business Mathematics
Forecasting falls from 25% to 15% but previously contained correlation and regression, now in a new section.Financial mathematics falls from 20% to 15% with the reduction in requirements for investment appraisal. This is covered in depth at Managerial level.
C03 - Fundamentals of Business Mathematics
Paper C04 - Fundamentals of Business Economics
Distinguish the differing goals of organisations and identify how these differing goals affect the decisions by managers.Illustrate how market economies function and identify the reasons for and impacts of government involvement in economic activities.
The Learning Aims
Identify the role of financial institutions and markets in the provision of short and long term finance to individuals, businesses and government organisations.Identify how macroeconomic variables and government economic policies affect the organisation.
Paper C04 - Fundamentals of Business Economics
The Learning Aims
The major difference with the existing syllabus aims is the identification of financial institutions and markets to provide finance for organisations. This may cover some of the basic material previously seen in the Finance paper and provide an understanding to the importance of their role to business.
The Learning Aims
Paper C04 - Fundamentals of Business Economics
Topic and study weighting
30%D The macroeconomic context of business
20%C The financial system
30%B The market system and competitive
process
20%A The goals and decisions of organisations
Paper C04 - Fundamentals of Business Economics
Section A provides a more specific orientation towards understanding the role and nature of business activity than seen beforeSection C - the Financial System- has a good deal of detailed material not previously identifiedSections B and D - the Market system and the Competitive process and the Macroeconomic Context - are similar to the existing syllabus sections 4(ii) and (iii). However Section B is now 30% and not 40% as before
Paper C04 - Fundamentals of Business Economics
Paper C05 - Fundamentals of Ethics Corporate Governance and Law
Explain the framework of professional values, ethics and attitudes for exercising professional judgement and acting in an ethical manner, that is in the best interests of society and the profession.Explain the need to comply with the CIMA and IFAC “Codes of Ethics for Professional Accountants”.
The Learning Aims
Explain the importance of good corporate governance and the evolution of good practiceExplain fundamental aspects of the organisation and operation of the English legal system and compare with other legal systemsExplain the essential elements of the tort of negligence and the manner in which the tort impacts upon professional advisers
Paper C05 - Fundamentals of Ethics Corporate Governance and Law
The Learning Aims
Explain the essential elements of a simple contract, what is regarded as adequate performance of the simple contract, and the remedies available to the innocent party in the event of a breachExplain the essential differences between sole traderships, partnerships and companies limited by shares
Paper C05 - Fundamentals of Ethics Corporate Governance and Law
The Learning Aims
Explain the way in which companies are administered, financed and managedApply legal knowledge to solve business problems
Note: This is clearly very different from the current Business Law paper
Paper C05 - Fundamentals of Ethics Corporate Governance and Law
The Learning Aims
25%G Company Administration and Finance
10%F The Law of Employment
20%E The Law of Contract
10%D Comparison of English Law with Alternative Legal Systems
10%C Corporate Governance
10%B Ethical Conflict
15%A Ethics and Business
Topic and Study weighting
Paper C05 - Fundamentals of Ethics Corporate Governance and Law
Sections A-C are new covering the elements of ethics (25%) and corporate governance (10%).Law, in sections D-G, therefore carries some 65% compared to the 100% in the current Business Law paperThe material in the law sections remains largely unchanged but the assessment time is now 2 hours compared to the one hour currently for Business Law. As a result comparisons in study weightings for Law between the current and the new paper needs to reflect that
Paper C05 - Fundamentals of Ethics Corporate Governance and Law
Ethics is contained in two sections (25% in total) covering the need for business to act in an ethical manner and the areas of ethical conflict and their resolution.Governance (10%) covers the fundamentals of why good governance is necessary and the regulatory framework for companies.
Paper C05 - Fundamentals of Ethics Corporate Governance and Law
Law topic and study weightingComparison of English Law with alternative legal systems (10%). This has the same weighting as the comparable section in the current syllabus but has the additional comparative contentThe Law of contract (20%) incorporates the three sections of the current syllabus, Establishing contractual obligations (10%),Performing the contract (10%) and Contractual breakdown (10%)
Paper C05 - Fundamentals of Ethics Corporate Governance and Law
Law topic and study weightingLaw of Employment (10%) has the same weighting as the current syllabusCompany Administration and Finance (25%) incorporates material from Company Formation (15%), Corporate Administration (10%), Corporate Finance (10%) and Corporate Management (15%).
Paper C05 - Fundamentals of Ethics Corporate Governance and Law
Study routes
The number, sequence and grouping of papers studied is completely flexible - students may choose any combinations of papers to suit their own study requirementsHowever we recommend students should study Paper C03 Fundamentals of Business Mathematics, either with or before:
Paper C01 Fundamentals of Management Accounting or Paper C02 Fundamentals of Financial Accounting.
Study routes
For some students it may be advantageous if they firstly study Paper C04 Fundamentals of Business Economics - it provides a valuable overview of business that may assist understanding of the core technical accounting papers C01 and C02.
Study support guides
Available for all subjects on the CIMA
web site in April
Transition arrangements
Registered CIMA students who have passed examinations (or been awarded exemptions from examinations) before the 2 March 2007, based upon the CIMA Certificate in Business Accounting 2000 Syllabus, will be given credits for subjects within the CIMA Certificate in Business Accounting 2006 Syllabus
Paper C05 Fundamentals of Ethics, Corporate Governance and Business Law
Paper C5 Business Law
Paper C04 Fundamentals of Business Economics
Paper C4 Economics for Business
Paper C03 Fundamentals of Business Mathematics
Paper C3 Business Mathematics
Paper C02 Fundamentals of Financial Accounting
Paper C2 Financial Accounting Fundamentals
Paper C01 Fundamentals of Management Accounting
Paper C1 Management Accounting Fundamentals
CIMA Certificate in Business Accounting - 2006 Syllabus
CIMA Certificate in Business Accounting - 2000 Syllabus
Transition arrangements
The Syllabus
Any Questions?
Graham EatonHead of Examinations and Assessment, CIMA
Assessment
CIMA will assess students using objective test questions, delivered within a computer based assessment (CBA) package and offered at CIMA approved centres – as with the current certificate
The 5 subject assessments may be taken in any order and in any combination of subjects i.e. subjects may be studied either sequentially or concurrently
The pass mark for each of the 5 subject assessments is 50%
Assessment
Each of the 5 subject assessments will have a duration of 2 hours
The study weightings indicate the proportional distribution of marks that will be allocated to topics in any single subject assessment
Unlike any other release of a new syllabus at CIMA, this time there will be a period when CBA assessments for both the old and new syllabus are concurrently available – 2 October 2006 to 1 March 2007
Assessment
Parallel CBAs
New CBAsBegin2 Oct 2006
Current CBAs
End1 Mar 2007
Assessment
Question types
It is our intention to use the full range of objective test question styles available to us within the EDI I-assess software product
We will produce a question demo on the CIMA web site that will show the full range of question types deployed within the 5 new subject assessment question banks
Assessment
Assessment
Any Questions?
CIMA Study Support
Mike CashPublisher, Elsevier
www.cimapublishing.com
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Exam standard multiple choice questions
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CIMA Official Revision Cards
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