Experience is one of the three main components of the ACCA qualification. The other two components are exams and ethics. ACCA members must demonstrate their competence in ten broad competency areas, appropriate for the Complete Finance Professional. To demonstrate their competence, students must complete nine performance objectives which must be verified by an IFAC qualified practical experience supervisor. All five Essentials performance objectives must all be completed plus a further four Technical performance objectives from a choice of 15.
The demonstration of the achievement of these objectives are recorded using an online tool called MyExperience.
PO1 Professionalism and ethics
The fundamental principles of ethical behaviour mean you should always act in the wider public interest. You need to take into account all relevant information and use professional judgement, your personal values and scepticism to evaluate data and make decisions. You should identify right from wrong and escalate anything of concern. You also need to make sure that your skills, knowledge and behaviour are up-to-date and allow you to be effective in your role.
PO6 Record and process transactions and events
You use the right accounting treatments for transactions and events. These should be both historical and prospective – and include non-routine transactions.
PO7 Prepare external financial reports
You take part in preparing and reviewing financial statements – and all accompanying information – and you do it in accordance with legal and regulatory requirements.
PO8 Analyse and interpret financial reports
You analyse financial statements to evaluate and assess the financial performance and position of an entity.
PO10 Manage and control working capital
You manage cash and working capital effectively, planning for any shortfall or surplus including receivables, payables and inventories.
PO11 Identify and manage financial risk
You identify, measure, and advise on the financial risks to the organisation.