Keith farmer is conducting almost half his class in VIDEO which will not be recommended to students who really needs lecturer exposure.
Other than that he is considered a brilliant lecturer who can balanced in calculation & IFRS. He is considered the most experienced here.

Joe Fang can teach you good calculation techniques but lacking in the IAS / IFRS part which will become very important in P2. If you are considering to follow the same lecturer for P2, his techniques will not be that paramount anymore.

Other considerations:
Menon (sunway), considered the most popular among students but the fees are pricey , lots of students (overcrowded) & probably always come late.

Haneef (MCO) , deemed the best lecturer to explain the background, idea and apllication of IFRS, standard calculation (which means slower but precise). However certain students felt he was rather boring (bland jokes) & fees are not economical.

Yap Kok Wah (KB) , i heard from his ex-students that his technique was undisputed + low fees. However , he tends to talk too fast and his handwriting was considered "cakar ayam" by comparison to other lecturer.

Actually, it doesn't really matter who you selected for F7 as the questions prepared are pretty standard (practice + memorisation) not like F8 and F9 and P papers which requires more application and analytical skill. However it is recommended to pick a lecturer which you will follow for P2 (as different lecturer has different technique & skill) especially P2 is a core paper.

ACCA is a professional qualification course fom england and 100% exam based (no project / thesis required), therefore a pass would be enough to progress throught the paper. Although ACCA distinguished into fundamental (9 papers) and professional level (3 core paper + 2 optional paper). ACCA was was misunderstood for pure accounting paper but it is not so (plus finance, management, business). Therefore job oppurnities will be enhanced as it covers a broad area (as accountant, taxation, audtor, financier,...). Plus a lot of employer prefers a person with professional qualification (ACCA, CIMA, CPA,...) than just a degree holder.

The syllabus wise, the course will be more focussed in calculation and foundation from F1 to F3. It will be almost 50 : 50 calculation & theory for F5(performance measurement), F6 (TAX), F7(reporting), F9(finance). F4(law) & F8(audit) will be 100% theory. In this stage hardwork & practice is required as most of it was new even for an accounting student for SPM / STPM.

However as progress through the Professional level, wisdom & analytical skill is required (where "brain dumping" is no longer practiceable) as they required you to apply what you learned not what you know. It is harder to pass at this stage where students tend to :
1) stop temporarily & take a degree course (ACCA gives a lot of exemption for accounting related)
2) work to fill up the experience form (PER)

MIT was based in malaysia and it will be suitable for you if your ambition is to be a tax speciallist. However due to lack of business oppurnity and like lawyer it needs a lot of experience and reputation for people to engage you. Of course it is cheaper but your job prospects will be limited to tax only. Even most companies outsource their tax dept to firms (PWC, E & Y, KPMG, deloitte). FUrthermore if you are to progress oversea, MIT is not widely recognised compared to ACCA. ACCA also gives a wide exposure to tax students as they can choose it in optional paper.

CIMA is more orrientated in management accounting which constitutes a wider scope covered in F5 & P5 in ACCA. It is appropriate for students who are more interested in decision making aspects of accounting. The qualification was less recognised in many countries compared to ACCA but it covers more exposure than ACCA. It is deemed harder to pass CIMA as it was more "theory-orientated" than ACCA. Most accounting terminologies in ACCA was derived / "photo-copied" from CIMA. CIMA is more famous in UK compared to Malaysia as there are less CIMA students & tuition provider in Malaysia.

Regarding Statement of changes in equity, it shows the movement of capital / equity of company not assets. For example it shows increases / decreases in share capital & share premium which are probably affected by issue of shares or redemption of shares (shares buyback). In real life the equity portion is more relevant to shareholders who are more interested in the returns (dividends). The SCE shows the movement of equty which will probably affect the shares price, dividend, rifghts issue,.......etc.

Actually i also need recommendation on where to take CIMA?

How much exemptions they give for ACCA students ?
Is there no other college in KL which offer CIMA ? (i heard about FTMS but unsure about its lecturers)

Regarding case laws in f4, i have noticed that exam questions tend to repeat the same case laws even they have dozens to choose from. For example in the case of ITT & offer in contract, they like to use the (pharmaceutical society of great britain...) although in text books or lecturer notes they have plenty of other case laws.

Picking 1 case law for each question is considered more than enough since only 10 marks will be given for each. Marks will be alocated 50% to 80% for law theory part. Case law is considered bonus for those who can memorise. I think you can browse through the question bank and pick your favourite case for each section of law (normally the range 1 - 3).

P2 is actually "add-on" to F7 and its true that if you don't have a strong foundation in F7, P2 will be a very hard paper to "digest". Try watching 3rd Star wars film without watching the first 2 film. As all of you know ACCA is an "accounting" association unlike other professional bodies, they know many ways to "entice" students to try out their course by offering many exemptions (ie : SPM accounting top achievers exempt CAT T1.....). so that they can generate more income (student annual fees, exam fees,...).

There is a clause in ACCA that student must pass a particular paper in "10 years period grace". However they change their syllabus every 10 year (notice their tactic here). So technically the rule above looks rather stupid.

I have certain friends whom are degree holder in IPTA / IPTS are exempted from F7 but all of them agree F7 covers wider exposure than their respective field. Do not forget you must "pass" F7 (ie : pass over 50 marks) to progress to P2 without relying on any projects.

The most important comment i must insert that F7 & P2 has unergo tremenduos adjustments, update & changes from previous ACCA 2.5 / 3 not to mention degree programme which are different than ACCA course. Just this year alone we have changes in IAS 1 & IFRS 3 which changes the structure. Even previous 2.5 student which have stopped temporarily find it difficult to cope in P2.

I think you can call ACCA is a "simple" professional course but "never easy".

The reason i said so it is not fair to describe ACCA as merely "brain-dumping" exercise (throw everything you know or memorise).
Some prefer to call it "bullshitting" (argue & explain based on your knowledge not on text provided). It is partially correct to say it that way for P1,P3 and some professional papers (even certain lecturers admit so). ACCA is simple to define but never easy to comprehend as it is impossible that no theoretical, models, formulaes, framework will be included in any ACCA syllabus.

It will do no justice to those who had failed once / twice ...... in any ACCA papers as this was a norm in the past history. Sometimes you need to be a hardworking student (pratice, memorise, no truancy) or a smart student (focus, innovative, reasoning) or the aggresive student (get every kaplan, BPP books he / she can get). Some approach work on certain papers and some failed completely, while some were lucky to spot the correct topic.

Well i don't know most of you out there but i can deduce from my past experience, most ACCA students have a common behaviour.
B4 result = scared to death, negative mind-set, a pass will suffice, conduct a party if pass, pray very hard, stay up all day to wait for result.....
After result (if pass) = complain why marks not high enough (for those aiming for world prize), telling juniors the paper was not so tough actually.
After result (if fail) = You don't want me to tell do ya?

I think some considered ACCA is below master bcos of this perception :
Master student : more specialised approach = must know everything about something.
ACCA student : covers wider scope = must know something about everything.

However master in accounting is actually not really "add-value" to accounting proffesion per-se unless you want to do accounting works for the rest of your life which is not very realistic in my opinion. Accounting can be diversed into many other branch like audit, finance, consultant, analyst....
That also applies to engineering. However courses like law & medic requires master / PHD as it was hard for them to diversify.

Some people argued that degree is better, but that was the past since there are more degree holders out there than professional qualification holder.
Once a lecturer of mine (degree holder + ACCA affiliate) told me that degree is good coupled with ACCA but on its own it only show the student good in preparing report, thesis but lack the practical & application. Some ACCA graduates told me they will face difficulties in their early experience
but after they get use the system, ACCA holder can easily leapfrog degree holders as they are condiered more "versatile".

I have a firend who works in PLC who told me that Degree holder in accounting max salary range (incuding experience) around RM 5000 - RM6000.
ACCA holder depends on profession, internal audit/ accounting = RM7000 - 8000, finance > RM8000. Tax was rather specialised as most comp outsourcing it but it ranges around finance range as well.

Why not consider Daniel Ho, he is also a veteran on this field. I heard from student feedback he is slightly better than Chan & Andrew bcos he is a finance specialist whilst the other two lecturer generalised in management & finance.

I think you can distinguish degree and ACCA this way like SPM.
Degree : your SPM trial (your score depends on your school reputation like premier school, teachers ability & experience)
: your degree class (depend on which university / college you belong to)

ACCA : your real SPM (you do not know who marks your paper, neither the marker knew you as well)
: ACCA qualification (every one sits for the same paper).

Most people said trial exam in "Malaysia" are tougher than the real one. However with paper like ACCA which cater to students world wide it is not
practical to set it at low difficulty level but setting it at a reasonable level. Degree diffculty is more likely at the discretion of respective university, can you compare the Ivy league with our local college . One must know also that the marking scheme for degree is very subjective depending on the course material as well.

I don't know where you study or which lecturer you're under so i cannot comment on the lecturer notes.
However i have develop a reliable method to tackle "F4" only.

You will notice that F4 is the only syllabus in ACCA which requires 90% - 100% memorisation or "copy & paste".
1) practice past year question (each at least 3 times).
2) if can memorise 1 case law per section, like offer (1), torts (1).....
3) biz law + complany law = 50%, agency / partnership = 10%, employment = 10%, source of legal system = 10%, others i'm not sure but judging from past trends, its almost like this.

You cant find text book bcos different country has different variant (like tax). Malaysia covered a slightly more compared to other countries like singapore ACCA variant. Bpp & kaplan will not be probably printing malaysian law

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Added on July 22, 2008, 6:37 pmActually some companies in Malaysia during interview they will inquire candidate a real life scenario of their company & ask how to deal with it
base on their "updated" knowledge on FRS + experience. I notice that most companies "takes little notice" of FRS until they must deal with specific
scenario which requires deliberation.

For example, A comp purchase a building (property). They have different approaches to treat it with either as FRS Property Plant & Equipment OR
FRS Investment property. Now comes the accountant to deliver the application by filtering the stds relevant info to their employer (who maybe have zero a/c knowledge). It is our duty to disclose necessary infos like
What to do ?
What we cant do & why ?
What is the consequence ?

This post has been edited by Topace111: Jul 22 2008, 06:37 PM

Well so far there is no degree in the world that can get (full / 100%) exemption from ACCA so if you wish to become a member of ACCA you most likely have to finish (the papers not exempted, like professional papers) by ACCA.

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Added on July 26, 2008, 5:27 pm1) Actually no, but you can go to their "2nd term" class, since you have seated for LCCI (it won't be that difficult / different).
You only have to pay for that 2nd term. At most you only sacrifised a few lessons (can catch up very quick one).

2) F1AB means you need to attend the class with "part-time" student. For example if full-time = 50 students, part time = 50 students, then total 100.
AB class normally conducted in weekends so part-timers (who may be working in weekdays) can participate as well.
Most lecturers do this for convenience (2 in 1) means they teach once enough already.
Actually everywhere is dangerous, be careful lo

This post has been edited by Topace111: Jul 26 2008, 05:27 PM

Practice question : you can download it from ACCA website (but its very tedious lo), try to ask from friends.
You can try from June 2002 to june 08 (you won't pass but you will score)

Text book : F4 & F6 has different variant (so Bpp & kaplan don't publish it here)
maybe you can try looking for it at major book store. (Mph, popular)
If you have friends studying at kasturi (viknes), they have it (but didn't covered business law) & price > RM10.

Case law : this means that every section (major chapter) has a case / story assigned to it.
Like abuse of power (they got turquand case),
In exam, you need to quote the case law name (le : Balfour vs Balfour), then explain a bit (2 lines will be enough).

Oh its actually one of my lecturer jokes that not only you will pass but you will score high marks.
Actually one can never believe / absorb lecturers teachings 100%. You need to be a bit sceptical & ask questions about things you are not familiar with. F4 is the most unrelated topic to accounting but vital for knowledge like (history lo )

It is better if you can combine your lecturer notes with past year answers it will certainly "add-value". Don't worry about application bcos there is not
much to test about law (since few changes). But becareful of corporate governance & tots since its new syllabus.

If you notice past year answers are generic (copy & paste) like utra vires, they repeated it >5 times from year 2000. Answer exactly the same.
Mostly lecturer job in F4 is to teach students about the law section background but answer you have to memorise yourself. Work hard lo.

1. Revision class normally starts 1 month before exam (in november) Regarding colleges I can't really recommend on revision effectiveness since
it will depend on your gf normal classes coverage. if its a "one-off" revision it depends on the needs.
I can recommend a few like chin ann (kolej bandar) & andrew pang (KSA). Others i am not too sure of.
The cost normally range from RM100 - RM300 depending again on the college. (normally six sessions = 18 hours)

2. F5 was a split off from a part 2 paper which combines (finance & management). I can say that F5 has the lowest pass rate among Fundamental
papers (since lack exposure & past year question to practice on). Self study can be a bit hard since you do not know "key" areas to focus on.
I am sorry that i don't know any reliable technic since (memorisation & practice don't work much). It needs good knowledge & reasoning to pass
this paper.

3. Past year question can be download at ACCa global website. If you want to go beyond (this is not recommended bcos)
F5 & F9 has no specific past year paper to practice on (can take partially only)
F8 current examiner alan lewin has a different approach compared to past examiner (Catherine).

Those area you mentioned is "popular" area for exam (tested more than 2 times), so need extra attention.
Other areas is equally important but if hou time constraint this areas are the one you need to prioritise.
If you can remember the keywords is enough already (max 10 marks for this topic) ie : english law is divided into equity & common law.

As an accountant you need a certain degree of law to work comfortably & efficiently. Imagine little / minor area of law you phone the cpmpany's
lawyer or external one (not cheap you know). Plus accountant must know "everything about something" in the organisation to disclose it on the
financial statements.
You must know what to do & don't. Ie : cannot simply reduce share capital, no loan to directors,.....etc. Let say company borrow money from
1 of its many directors. As an accountant (auditor) you know its wrong but you need to hear explanation of company (if any) to justify its actions.

In exam, I can't really think of much application since questions are pretty generic (same every year with minor changes). Since law are not commonly amended like accounting standards, they almost ask the same thing every year.
Its almost like mathemathic theory : past year question (1 + 2 + 3 = 6)
this year question (2 + 1 + 3 = 6)
At most they only change the wordings or names.

Part A : 7 question (all copy & paste)
Part B : 3 scenario based question (basicly the same also but a little twist to it)
- 1 question on biz law (considerations, offer,....etc)
- 2 questions on company law (fix & floating charge, abuse of power, ultra vires,.....etc)

There was major changes in the IFRS 3 : Business combinations which will eventually affects other standards as well.
1) minority interest = non controlling interest.
Reasoning = other shareholders fell "inferior" to be called minority.

2) Now in calculation of goodwill, we must account 100% of FV of subsidiary's identifiable net assets which was owned by non-controlling interest &
owners of parent.
Reasoning : Can you tell me that you can split assets like (i own 90% of car ) Which part? how to split ?

Actually last time they treat consol like (parent owns group share of every item)
Ie : (property x 90% + receivables x 90% - payables x 90%)

Now, its almost similar but Non-controlling interest also owns them as well but allocated later :
(property + receivables - payables) = 90% owners of parent & 10% NCI.

The examples above are rather too simplistic & incomplete, but you will get a rough idea about it.

The change in IFRS 3 pretty much restructure the consolidation part (IS & BS) but apart from that no much material changes (for now)

yeah something like that, actually i acn explain better (but scared too long) so i just came out with the simple explanation. I think an extract of draft
will better visualise the changes

Previously Changes
Cost of investment x Consideration transferred x
FV of identifiable net assets at date of acquisition NCi (% x FV of net asset) x
Share capital x x
Pre-acquisition reserves
share premium x
retained earnings x
FV adjustment x
x multiply % of control x FV of net assets x 100% x
Goodwill x x

At the end you get back the same figure for goodwill if you apply Proportionate share of FV of Sub net asset.
The goodwill will have different figure if you apply F.V of m.v of share by NCI just b4 acquisition.

I apologise for any differences of standards material as (i do not know what it looks like when it was posted)

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Added on August 5, 2008, 11:41 pmSorry for the above post, let me do justice again (drafting it on table was a disaster)
Previous IFRS 3
Cost of investment
- Fv of identifiable net assets at date of acquistion x % of control
= goodwill

Current IFRS 3
Consideration transferred
+ Non-controlling interest (% x FV of net assets at date of acquistion)
- Fv of identifiable net assets at date of acquistion x 100%
= goodwill

Those methods will be applied if use Proportionate share of FV of Sub net asset.
If apply method of F.V of m.v of share by NCI just b4 acquisition. Then question must give m.v of share price of subsidiary (ie : RM3)

Consideration transferred
+ NCI (m.v of share price x no. of shares held by NCI)
- Fv of identifiable net assets at date of acquistion x 100%
= goodwill
But there will be goodwill attributable to NCI at (m.v of share price - % of NCI x Fv of identifiable net assets at date of acquistion)

This post has been edited by Topace111: Aug 5 2008, 11:41 PM

Its still the same with minority interest in IS & BS (for now)
The idea of change is on the net assets held by subsidiary which is split into equity holders of parent & non-controlling interest.
Previously we ignored NCI portion on net assets (by assuming parent owns 100% of net assets although control of holding = 90%, 80%,....)
Now we also accounted for NCI (by including it in in calculation of goodwill) by adding it with cost of investment.
Then the FV of net assets x 100%, therefore net assets are both owned (by parent & nci).

The goodwill amount will be the same with previous IFRS 3 method (if applying proportionate share)