RELEVANT TO ACCA QUALIFICATION PAPERS F7 AND P2

　　This article outlines amendments to the Paper F7 （UK）and Paper P2 （UK）

　　syllabuses. The amendments are effective from the June 2012 exam session. The article is particularly relevant to anyone wishing to obtain the UK or Irish audit qualification （to practise as an auditor within the UK or Ireland）or qualify under the UK or Irish papers. However，by reading this article，all candidates will obtain insight into how Papers F7 and P2 are constructed and therefore examined.

　　In this article，any reference to：

　　‘UK’means ‘UK and Irish papers’

　　‘International’ means ‘International，Singapore， Malaysia and Hong Kong papers’.

　　WHY IS ACCA MAKING AMENDMENTS TO THE UK VERSIONS OF PAPERS F7 AND P2？

　　All UK and Irish professional accountancy bodies are governed by the requirements of the Statutory Audit Directive （SAD）。 In order to comply with the requirements of SAD- and to practise as an auditor - certain elements of UK legislation and regulation should be examined. The revised Papers F7 （UK） and P2 （UK） fully meet regulatory and business environment requirements for those wishing to obtain the UK audit qualification， or qualify by studying UK papers.

　　SO WHAT ARE THE AMENDMENTS？

　　From June 2012 onwards，the UK versions for both Papers F7 and P2 will：

　　·be based on international accounting standards in the same way as the international versions of these papers

　　·include relevant elements of UK legislation

　　·include relevant elements of differences between international GAAP and UK GAAP

　　·be written using $ （dollars）as the currency

　　·be based on international terminology. The Study Guides provide details on UK legislation and GAAP differences， and the examinable documents available after the cut off date （30 September 2010） for 2012 exams has passed will list which differences are examinable for Papers F7 （UK）and P2 （UK）.This detail will be outlined on a syllabus section-by-section basis.

　　WILL THERE BE ANY IMPACT ON THE INTERNATIONAL PAPERS？

　　There should be little impact on the international papers except that the examinable documents will be revised in the regular annual update. Please note that the international syllabuses now include more detail on IFRS for SMEs and reconstructions. The international paper is the primary paper to be produced and the UK paper will be based on this paper.