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ACCA Quarterly Newsletter


Presidents Message
It was with great pleasure and joy that I took over the ACCA committee 2011. With our 1st event for the year being a grand success, I'm looking forward for many more of such events in the future, not forgetting to remind you all to await for many surprises as well, as we at the committee, have planned to make this year a memorable one for all of you. Please note that it would be appreciated, if you let me know what areas need improvements in terms of student welfare, at ACCA Sri Lanka, which I will be able to discuss with the management on behalf of you, and arrive at a solution amicably. Last but not the least, please let me cordially invite all of you for our "Avrudhu Festival and for the Annual Conference. Hoping to see you all there soon, Kaushalya Wengappuliarachchi

Annual General Meeting


The Annual General Meeting Of the ACCA students council was held on the 30th of January 2011, at the students resource center, Colombo 03.Proceedings started off with the outgoing presidents speech, she further went on to announce the positions of the student council for the upcoming year and it went as follows: President: Harshinee Kaushalya Wengappuliarachchi Vice President: Ravith Goonewardene Secretary: Umaira Zarook Assistant secretary: Hemaka Priyanatha Treasurer: Dhakshayenee Thieeran Assistant Treasurer: Praveen Perera Public Relations: Zameeth Furkhan Public Relations: Ishkaan Faakhir Editor: Muneera Thassim Editor: Khalra Deen Cat Sub Committee Head: Shelomi Bandaranayaka

Editors Message
Welcome to the first issue of The Newsletter in 2011! We look forward with great anticipation to the arrival of a fruitful year full of promises, as our students committee is brimming with lots of great ideas! We th have our Avurudhu Festival coming up on the 10 of April and of course the most looked forward for event the ACCA Annual Ball! The submissions included in this issue cover a wide array of topics through a variety of mediums. We hope that our selections will be able to offer a small glimpse into some of the work that is being done and planned for the year by the students committee of ACCA.

Absent: Zameeth Furkhan, Shazna Preena

Sincerely, Muneera & Khalra

There

is no one giant step that does it. Its a lot of little steps Peter A. Cohen

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Events

VOL 1 ISSUE 1

Workshop on Oxford Brookes University Degree Programme


ACCA and Oxford Brookes University have worked together to develop a BSc in Applied Accounting, available exclusively to ACCA students who wish to obtain a degree while studying towards the ACCA Qualification. The principal aim of the BSc degree programme is to widen access to Oxford Brookes University (OBU) and enable ACCA students across the world the opportunity to obtain an OBU degree. The BSc degree aims to enhance and extend the knowledge and skills gained by ACCA students in their professional studies, and to improve their effectiveness as a professional accountancy student and future finance professional. The ACCA Students Council held a workshop to educate ACCA students on how to obtain this degree following the completion of the Skills level. The nd workshop was held on the 22 of March 2011 at the ACCA Resource Centre. The workshop was conducted by Mr.Thilina Ukwatte & Mr.Kavinda Weerakoon. Our sincere thanks go out to them who, amidst their busy schedules made time to come share their experience with us.

Workshop on Practical Requirement (PER)

Experience

In order to become a member of ACCA it is vital that you complete ACCAs practical experience requirement and be able to demonstrate the knowledge & skills acquired/gained from your ACCA experience. This is essential to obtain your ACCA membership. Therefore, as part of the PER you are required to submit an annual return. As this enables ACCA to track your progress towards your membership and assist them in supporting your training & Development needs. In order to fulfill this need/ requirement, The ACCA Students committee organized the workshop on PER conducted by Upekha Kotalawala. It was held at the ACCA Resource Center and was opened to all ACCA students and due to the over capacity of demand it was th th held on two days, the 8 and 9 of March 2011. Our sincere thanks go out to Upekha who, amidst her busy schedule made time to come help the ACCA students in reaching their goal of getting their membership.

Avurudhu Festival
The student committee of ACCA is organizing th The Avurudhu Festival to be held on 10 of April 2011.With a participation of over 200 students & Affiliates, this event is being organized with the purpose of providing a platform for ACCA students to interact with their peers and senior members. This event hopes to establish a better network among students and also give them the opportunity to portray their culture and work together with no ethnic diversity. So come join us celebrate avurudhu at the Lyceum Car Park, Raymond road, Nugegoda, as lots of games including Kana mutti , Sack race Lime & spoon, Tug of War, Elephants eye, Avurudhu Kumaraya & kumariya and many more other games and surprises awaits you!! Tickets will be prices at Rs. 250 Please contact Ishkaan Faakhir on 077 1500139 For tickets!

Conference
Ascending the corporate ladder takes more than just working longer, harder and smarter. To reach the higher rungs, you must take strategic steps to be noticed--and valued--so someone at the top will reach down and help pull you up. Proper planning and then implementation has become vitally important for anyone looking for professional growth. With the competition getting tougher by the day, it is imperative that you do a thorough analysis about your strengths and weakness before you go along your chosen career path. Hence the student committee of ACCA takes great pleasure in presenting to you a seminar on Climbing the Corporate Ladder, which will be held at th Cinnamon Grand on the 08 of May 2011. Dont miss out on this opportunity as it will be a great guidance for your career destination!

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3 Massive Companies that Crashed in 2010


It was a tough year for some major companies. Many of the largest closed their doors in 2010, some after being in business for more than 150 years. Media outlets, car manufacturers, and grocery chains all felt the sting of bankruptcy or worse. Below is a list of 3 large and established brands that folded in 2010. Most suffered from not being able to keep up with the changes in technology and others simply grew too fast for the current economic climate. Whatever the reasons behind each company's sad story, there is plenty we can learn from their demise to ensure that we don't make the same mistakes with our own businesses. Remember: Each of the companies below started out as a small business. 1. Blockbuster In the last few years the video rental industry has changed drastically. Netflix abolished the notorious late fee, instead relying on the trusty subscription model. RedBox now serves video rentals in convenient kiosks for only a $1. Caught in the middle is Blockbuster. It seems renting a video at a brick-and-mortar establishment may be a thing of the past, and traditional rental companies like Blockbuster are having a hard time finding their place in the digital world. Blockbuster filed for bankruptcy in September of 2010, 25 years after the movie rental chain was started in Dallas, Texas. Changing with the times is (and always has been) critical for sustainable success, and Blockbuster is an excellent example of not adjusting. 2. Canwest Canwest was one of the largest media outlets in the world, covering assets in radio, television, and other media throughout Canada and other countries. In fact, the vast size and growth of Canwest may have been the leading factor in the company filing for bankruptcy in 2010. Canwest was notorious for gobbling up Canadian media outlets and was soon using the bulk of its income to pay off high-interest debt for those acquisitions. The company never recovered after the financial meltdown of 2008. Fast-paced growth can kill a company just as easily as stagnant growth. 3. Newsweek Newsweek is one of the most popular magazines in U.S. history. Started in 1933, Newsweek has become the second-largest magazine in the U.S., with a circulation of around 2 million subscribers. Newsweek shifted focus in 2008 with hopes of attracting a different audience and improving the financial outlook of the company. Unfortunately, the combination of a bad global economy and different business directions caused the company to lose 38 percent of its revenue from 2007 to 2009. Sometimes change can do more damage than good in tough times. Steven Predeep Niroshan Student

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Affiliates of 2010 What they say

VOL 1 ISSUE 1

Dhakshayenee Thieeran (20)

Sajeev Manoharan ACCA (22)

Becoming an ACCA Affiliate was one of He completed his London ALs in 2006, started the greatest milestones I achieved in my his professional career in finance at the age of life despite the challenges I faced and Im 17 at an audit firm and moved on to WNS confident that I will have a bright career in Global Services (PVT) Ltd in 2008, while the future due to the international simultaneously taking on the Association of recognition and global strength of ACCA Chartered Certified Accountants (ACCA) and it being respected by all employers Fundamental Level.And the efforts paid off.He around the world. ACCA examinations completed the qualification on schedule in provide unparalleled international expertise exactly three years and now holds the position in a wide range of subjects and equip us to of Finance Executive at WNS Global and a range of career opportunities across all manages a team of five finance professionals. Continue newsletter text Ihere. Continue newsletter text here. Continue newsletter text here. sectors of the economy. would like to say Continue newsletter text here. Continue newsletter text here. Continue newsletter text here.many that my hard work, commitment and On why he chose ACCA, Sajeev had Continue newsletter text here. Continue of determination together with the support newsletter text here. First he explained that after he reasons. my lecturers at Mercury Institute and my researched the qualification, he found that family members have made me achieve ACCA, which happens to be one of the largest this tremendous achievement and I am and fastest-growing global professional looking forward to gaining the prestigious accountancy bodies in the world, with an ACCA membership which will further unrivalled network of offices, learning enhance the value of my career. providers, examination centers and employers, offers students a flexible professional qualification in accounting. Thavanesh Balachanderan (22) He said, The dual qualification without the hassle of doubling your workload was what Every long journey starts with single attracted me as it was the best return on my steps and my career did with ACCA. The investment and they did live up to the promise. ACCA Affiliation gave me the power to It really cant be compared with any other shift from What I am to what I want to qualification either and as its a niche market be. Not forgetting Mercury Institute, and qualification, it does provide you with an edge. its brilliant panel of lecturers, who guided He added that whether its an accountant, me to my achievement. I thank my family banker, finance director or CEO, the ACCA friends and lecturers for helping me be qualification helps make you a fully-fledged who I am today! accountant and has the backing of Oxford Brookes University, which has been voted one of the best and fastest growing universities in the UK.

INSERT HEADLINE HERE

Our

greatest glory is not in never falling. But in rising every time we fall. - Confucius

Sajeev, who funded his studies through work said, The qualification also complements a students lifestyle, is cost effective, and can be done in Sri Lanka but is globally recognized and supported by a global network. I opted to do three papers at a time, and luckily for me I worked UK hours, which helped me study during the day.

555.555.5555 555.555.5555 555.555.5555 email@address.com www.webaddress.com

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EXAM TIPS!

PAPER F2
Tips on how you should approach F2 Management Accounting paper: Syllabus coverage As we all know the examiner has the full autonomy to test students on a wider parameter. Therefore it is vital that students are thorough with the relevant F2 areas. Please DO NOT cherry-pick your favourite topics as all questions are mandatory questions for the F2 paper. Mix of questions All students must be aware that for the F2 paper it not 100% based on calculations. There a fair portion of theory and knowledge based questions thrown by the examiner. Hence candidates are required to have both a practical and theoretical knowledge. Practice It is well known fact that there is a mix of full and part time students following the ACCA curriculum. Hence it is essential for these students to practice as much as possible questions. This can be done via the revision kit and the simulation software. Practice makes perfect Two weeks prior to the exam, practice the software question under severe examination conditions. Prudently manage your time as it is your worst enemy at the exam. Golden advice to students attending lectures. Please DO Not expect your tutor to spoon feed you. After all ACCA is a professional exam and your hard work is mandatory. No pain No gain Secondly let me discuss on certain exam pitfalls face by most candidates and the remedies to overcome these Unprepared- most students attempt the F2 paper at the last moment as they keep on postponing. This leads to lack of preparation and downfall. Make sure that students are fully prepared with knowledge and practice prior to the final exam.

Rushing- some nervous candidates due to the time constraint tempt to rush through the questions with lack of reading. Two hours are more than enough to complete the F2 paper. It is wise of students to attempt questions on a rotating basis rather than stagnating on difficult questions. After all there is no hard and fast rule that question need to be answered in a sequential manner.

Unanswered questions- most candidates leave questions unanswered due to lack of time and knowledge. Since the F2 paper is an object test based examination comprising of multiple choice answers, it is smart if students at least make a reasonable guess and feed the answer. The examiner does not deduct marks you for giving the incorrect answer.

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EXAM TIPS!

Last but not the least let me advise all you students on key points for the success of F2 paper. Regularly revise your studies. Do not wait till the kettle whistles. Do plenty of questions in the revision kit and simulation software before the final exam. Do not be selfish. Share your knowledge with others. Have subject related group discussions (apart from gossiping). Use internet in a resourceful manner (apart from face book). Accumulate and enhance your knowledge. Keep in touch with the technical articles published in Student Account Magazine. This comprises of numerous exam tips. Have a fresh fruit juice before you sit for the exam (lol) as it helps to enhance your memory power.

Finally to conclude I wish all you students the very best for your exams. Have a plan and positive perception towards your ACCA career. Thilina Ukwatte- Lecturer

PAPER F7
The paper is a direct extension of the F3 paper at the foundation level. The exam paper in fact will contain nearly 40 to 45 marks directly from foundation. Therefore, it is highly reccommandable, that the candidates thoroughly find their feet on the priliminary areas such as the framework, cash flow statements and the other basic IAS and IFRS. Also it is important the candidates practice adequate past papers and practice questions from a question bank. This helps the candidates to mainly adjust to the timing of the paper. However, the candidates must also be careful, not to predict the future paper based on the past papers, as still there are many areas in the syllabus yet to be tested. This puts an enormous weight on the theory discussion with a reputed and accredited tuition provider and self revision during the preparation stage. Participating in the mock exams under examination conditions also significantly improves the chances of successfully completing the exam. Finally, while attempting the paper a candidate is more likely to adopt an approach to which he/she is used to over a number of sittings. However, must also consider the followings, 1. 2. 3. 4. Must attempt all questions, as it significantly improves the probability of success. Preferably, attempt the questions in the order of Q1,Q3,Q4,Q5 and then Q2 as the last question. Must produce sufficient workings and/or notes to justify your answers. Must quote the relevant IAS/IFRS, when suggesting an accounting treatment. Wazeer Ahamed- Lecturer

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EXAM TIPS!

PAPER F5
Tips on how you should approach F5, Performance Management paper: Attend classes regularly Do all the home work and assignments given by the lecturer Read examiners articles published in the student accountant Engage in personal study Do at least 6 past papers Sit for at least one, but ideally two mock exams Do not select topics for the exam when getting ready Specifically for this subject be absolutely thorough with topics such as linear programming, budgeting, variance analysis etc. as these questions tend to be very direct. A student can't afford to lose out from questions tested in these areas. Shehan Fernando- Lecturer

PAPER F8
Tips on how you should approach F8, Audit & Assurance paper: The F8 paper mainly focuses on Audit Standards, internal controls, & practice. It is vital that necessary standards are memorized before the exam Read case studies in the study text Obtaining Audit training whilst studying for F8 will definitely be an added advantage

Preparing a study plan prior to the examination is vital for the success at the exam. The plan should include the following: Memorizing the notes/ handouts provided by your tutor Read the study text at least once Practice the last 6 past papers at least 5 times! Presanna Balachandran- Lecturer

PAPER F9
Tips on how you should approach F5, Financial Management paper: Read each question in the exam paper in completely and understand the examiners requirement from you! Take few seconds and plan the answer, before writing the answer! Perform all calculations with your maximum speed (while ensuring minimal errors) - this will be possible provided you do your gradual studies! Whenever relevant, try to interpret the answer. Eg. When examiner wants you to evaluate an invetsment proposal, write your recommendation together with the performed calculations! You may not be able to score 100% for each quesiton, but try to get the maximum possible in each question! Janith Gunasiri- Lecturer

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EXAM TIPS!

PAPER P1
Tips on how you should approach P1, Governance, Risk & Ethics paper: Read the case studies in the study text Look out for corporate scandals, business disasters in the media, as theres a fair chance of that appearing as the case study at the examination!

Preparing a study plan prior to the examination is vital for the success at the exam. The plan should include the following: Memorizing the notes/ handouts provided by your tutor Read the study text at least once Practice the last 6 past papers at least 5 times! Presanna Balachandran- Lecturer

PAPER P2
The preparation for P2 does not vary much from that of F7. However, candidates must focus more on latest developments such as revisions to the IAS/IFRS, as even the very latest of such revisions can be helpful to confidently attempt the paper. It is also important to attempt as much papers with timing as possible to adjust timing. It is very important to reconcile the answers to the latest revisions in IAS/IFRS, as the structure of the paper continuously incorporates such changes. Consequently, suggested answers of most publisher can be outdated. This phenomena again brings the importance of candidates helping themselves with the support of a highly competent and ACCA accredited tuition provider, as it is commonly witnessed that most candidates are being coached based on past suggested answers. This is pretty much a suicidal strategy. Wazeer Ahamed- Lecturer

PAPER P3
Tips on how you should approach P3, Business Analysis: Do not cherry pick areas of the syllabus as all areas will be integrated in the case Study Develop speed reading and comprehension competencies Do not memorize! Understand and apply Avoid writing practical examples in the case. Use case specific examples Integrate different aspects of the syllabus in the question as much as possible Shaan Jayasekera- Lecturer

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