The Institute for Enterprise Issues Educational Programs Professional Bodies IEI – is a member of international network of independent accountants Kreston International IEI is accredited as a provider of ACCA (Association of Chartered Certified Accountants), including IFRS courses Educational programs of ACCA – Association of Chartered Certified Accountants • Programs and qualifications of ACCA What is АССА? Review of professional programs Why АССА? Other similar organizations • Programs of АССА • The Institute for Enterprise Issues (IEI) – St-Petersburg, Russia • Programs of IEI • Terms of registration • Cost of educations • Requirements of АССА to students What is АССА? Why АССА? • One of the largest international associations of professional accountants and financial specialists • Offices in 70 countries • On December 2003 АССА had its 100 years anniversary • More than 300 000 students and members in 160 countries • Other similar organizations: • CIMA: Offices in 12 countries, 130 000 students and members in 156 countries АССА offers to study both basic qualifications as well as continuous professional development Basic qualifications • Certified Accounting Technician • Charted Certified Accountant (ACCA) • MBA (ACCA with Oxford Brooks University) Chartered Certified Accountant Higher education Secondary education Exemptions Part Part papers papers Accounting Part (on choice) papers out of Audit Part (obligatory) papers Bank Insurance MBA Oxford Education Financial services MBA - ACCA • Combined program by АССА and Oxford Brooks University • Any member of АССА may obtain МВА in 21 month • Executive education (without interruption from work) • Possibility to study through Internet • ACCA qualification is recognized all over the world Programs of professional development • Diploma in International Financial Reporting (DipIFR) • Diploma in Financial Management (DipFM) Course content Paper 3.7 Strategic Financial Management • • • • • Sources of finance Evaluation of capital allocation; investment decisions (NPV) Risk management Cash flow management and liquid assets management Evaluation of company’s financial position Diploma in Financial Management • • • • International diploma, covering key aspects in financial management (planning, budgeting, evaluation of financial and economic activity, cost and profit centers, risk management and so on) Intended for financial personnel of middle and top management Diploma program was recently недавно была renewed Diploma is granted to more than 10 000 managers internationally Diploma in Financial Management • • Course consist of papers, united into modules (subjects are similar to those of Chartered Certified Accountants program) On completion of every module student will have to sit for an examination and write thesis script Subject name Days of study Paper Interpretation of Financial Statements days Paper Performance Measurement days Paper Financial Strategy days Paper Risk Management days Course content Paper Interpretation of Financial Statements (IFRS) • • • • • Role and function of external financial reports and their users and the regulatory framework in which they are prepared Accounting concepts and conventions present in generally accepted accounting practice Presentation, measurement and meaning of the primary financial statements and their contents Informational role of the constituent parts of a corporate annual report usually presented in addition to the primary financial statements Financial performance, financial position and adaptability as revealed by financial statement analysis, particularly by the use of financial and accounting ratios Course content Paper Performance Measurment • • • • • • • • • Performance measures and overall organisation strategy Budgets and their use to control and evaluate organisational performance Techniques that aid decision-making to maximise financial performance Implementation of appropriate costing systems and business control systems Techniques to evaluate decisions in relation to costing, pricing, product range, marketing strategy, purchasing and production strategies Non-financial performance measures, and the interrelationships between different performance measures Behavioural and organisational consequences of using performance measurement and performance management techniques Techniques for evaluating the performance of divisions Issues that may cause performance to fall short of expectations, such as actions of competitors, labour disputes, supply problems, foreign exchange movements and late payment Course content Paper Financial Strategy • • • • • • • • The role and nature of financial strategy and its relationship to shareholder value The main elements of investment appraisal Long-term decision opportunities through the use of appropriate techniques The major sources of finance available to an organisation The role of capital markets in raising finance The main methods of managing working capital and analyse working capital policies Evaluation the motives for, and financial implications of, mergers and acquisitions The impact of taxation and inflation on financial strategy decisions Course content Paper Risk Management • • • • • • The drivers behind an organisation’s appetite and consequent policy for managing risk The main types of financial risk and evaluation of the mechanisms available for managing exposure to them Various tools and techniques for identifying, measuring and communicating risk Importance of internal control in the management of risk Various frameworks and codes enshrining good governance practice Role of individuals and committees in implementing and reporting on good governance Diploma in International Financial Reporting (DipIFR) • АССА firstly offers qualification in International Financial Reporting • European Union requires quoted companies to report in accordance with IFRS • Intended for working accountants, finance specialists and auditors Diploma in International Financial Reporting (DipIFR) • • • • Course consists of subject Education lasts fro to months There is 10 days of education in class On completion of the program there is one written exam Diploma in International Financial Reporting (DipIFR) Main topics: • International bodies, regulating adoption and application of standards • Elements of financial reports (BS, PL, SCE, CF) • Form of representation of financial reports and additional disclosure of information, • Preparation of financial reports for certain companies • Consolidated financial statements for groups of companies and группы компаний joint ventures Cost of Education Certified Chartered Accountant: 1) Education at IEI in ST-Petersburg: • Equivalent of 800 USD for one paper of part and (6-10 days), including VAT and study materials • Equivalent of 950 USD for one paper of part (6 days), including VAT and study materials 2) Registration in АССА and annual payments: • 57 Pounds – registration • 57 Pounds – annual payments 3) Payment to ACCA for examination sessions: • Part – 40 Pounds per paper • Part – 48 Pounds per paper • Part – 56 Pounds per paper Cost of Education Diploma in Financial Management: 1) Education at IEI in St-Petersburg: Cost of education of this diploma is equivalent of 3000 USD for the whole course, including VAT, registration fee collected by ACCA, which is 235 Pounds, and study materials 2) Payment to ACCA for examination session: 240 Pounds for all papers (60 Pounds * exams + thesis) 3) Annual payments to ACCA 50 Pounds Cost of Education • Diploma in International Financial Reporting (in English): Cost of education on this Diploma is 49 500 Russian Roubles for the hole course, VAT exempt, including registration fee and payment for exams, collectable by АССА, as well as cost of study materials • Diploma in International Financial Reporting (in Russian): Cost of education on this Diploma is 49 500 Russian Roubles for the hole course, VAT exempt, including registration fee and payment for exams, collectable by ATC International, as well as cost of study materials Requirements of ACCA to students Chartered Certified Accountant: • • Incomplete higher education Adequate knowledge of English Diploma in Financial Management: • • Higher education Adequate knowledge of English Diploma in International Financial Reporting • • • • • Professional Qualification in accordance with National standards of accounting, OR Diploma of higher education in corresponding field and years of practical experience in accounting, OR years of practical experience in accounting, Adequate knowledge of English (for Diploma in English) Contacts The Institute for Enterprise Issues in St-Petersburg, Russia 191119, St-Petersburg, Marata St., H 92, Russia Tel: (+7-812) 7033007 Fax: (+7-812) 7033008 smoderov@ipp.spb.ru info@ippnou.ru www.ipp.spb.ru www.ippnou.ru Director: Sergey Sokolov Administrator of ACCA courses: Yulia Fedina Director DipIFR ACCA IEI: Sergey Moderov Association of Chartered Certified Accountants www.accaglobal.com Ilya Yuferev tel +70957375542 Ilya.yuferev@accaglobal.com