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.
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.
PO9 Evaluate investment and financing decisions
You advise on alternative sources of finance. And you evaluate and review the financial viability of investment decisions.
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.
PO12 Evaluate management accounting systems
You apply different management accounting techniques in different business contexts to effectively manage and use resources.
PO13 Plan and control performance
You plan business activities and control performance, making recommendations for improvement.
PO15 Tax computations and assessments
You prepare computations of taxable amounts and tax liabilities according to legal requirements
PO16 Tax compliance and verification
You make sure that individuals and entities comply with their tax obligations – on time, and in the spirit and letter of the law.
PO18 Prepare for and plan the audit process
You plan and control the engagement process, including the initial investigation. You also plan and monitor the audit programme – legally and ethically.