The ICAEW introduced a UK GAAP variant of the Professional Level FAR exam from the March 2017 sitting, alongside the existing IFRS variant. This allowed you to be able to select the most relevant FAR exam that complemented what your trainees see in the workplace. Kaplan supported the ICAEW launch of the UK GAAP variant by offering it in every one of our ACA centres, online and Live Online.
The Audit Qualification (AQ) and Corporate Reporting (CR)
If your trainee has sat the FAR: UK GAAP variant in 2017, in order to be eligible for the AQ they will have to sit the Advanced Level CR: IFRS exam. The ICAEW will issue an extra supplement in 2018 to help such students prepare for the CR exam. We will be supporting this with online content built into the pre-course work and we therefore recommend that no extra study leave is required.
As a result of this AQ eligibility issue the ICAEW will not be running a CR UK GAAP variant and therefore all students will be undertaking the CR IFRS exam.
Introducing: The new FAR UK GAAP exam
To meet long-term FRC requirements the existing FAR: UK GAAP variant exam will be available in its current form until the September 2018 sitting. A new FAR: UK GAAP exam
will be available from March 2019. This new exam will cover micro and smaller entity accounting including FRS 105, in addition to the current syllabus content focusing on FRS 102. As before students who sit and pass this new exam, will continue on to the CR: IFRS exam and be eligible for the AQ.
This therefore means there will be no FAR: UK GAAP exam for the December 2018 sitting. If you planned for your trainees to sit FAR: UK GAAP to the December 2018 sitting we would recommend either undertaking the IFRS variant or undertaking the new UK GAAP exam in either March or June 2019.
If you plan for your trainees to sit the FAR: UK GAAP variant in September 2018 you may want to consider whether they sit instead under IFRS; this will allow them to resit more easily, if required, in December 2018. A student who did sit FAR: UK GAAP in September 2018 and failed would either have to retake under IFRS in December 2018 or resit under the new UK GAAP exam in March 2019.
Please do not hesitate to contact us on 0161 259 7400 so we can help you to plan out your trainees pathway.