How To Pass The Strategic Business Reporting Module Of ACCA
ACCA or the Association of Chartered Certified Accounts is a globally renowned organisation in the field of accountancy. The ACCA certification is considered to be one of the most prestigious qualifications in the world and helps in securing high-paid jobs in the world of finance and accounting. If you want to pursue an accountancy career, obtaining this qualification can give you an excellent head-start.
Though, you have to attempt and pass a total of 14 papers to obtain this qualification, this blog covers the tips to pass one of the ACCA modules. ‘Strategic business reporting’ (SBR) is one of the two papers in the Professional level of ACCA. This module falls in the most advanced level in the exams and requires a lot of hard work and preparation to pass.
The blog also covers the benefits of passing the module, concepts covered by the exam and general tips to ace the exam.
Benefits of passing the SBR module
The accountants in the modern business setups need enhanced skills to relate to stakeholders across organisations and have a deeper understanding of the latest trends in accounting frameworks to guide their clients better. The SBR module also aims to ensure you possess these skills by subjecting you to a rigorous syllabus and testing system.
Here are the benefits of passing the SBR module.
- You will be able to solve ethical dilemmas at workplace by applying necessary ethical and professional principles.
- You can evaluate the efficiency and appropriateness of any financial reporting framework and suggest changes if needed.
- You will be capable of giving professional judgement concerning the financial performance of various economic entities such as for-profit or non-profit organisations.
- You can prepare financial statements to accurately define the economic status of an organisation.
- You can also interpret such statements for different stakeholders.
- You will be able to analyse and predict the impact of changes in accounting regulations on the financial status of a company.
Syllabus of the SBR exam
The strategic business reporting has a broad syllabus that includes accounting standards, current issues in business reporting, exposure to corporate and business law, impact of changes in international accounting regulations and different financial instruments.
The exam also aims to test your knowledge of the applications, weaknesses and strengths of an accounting or revenue framework, income taxes, share-based payment models and fair value measurements.
The syllabus includes the analysis and interpretation of different foreign transactions and the discussion of potential solutions to current problems in financial reporting.
General tips to ace the SBR exam
Since the strategic business module is one of the most advanced modules, you would need to work smart in addition to working hard to pass the exam. Here are some great tips to help you ace the SBR module.
- Allow sufficient time for preparation: Since the module is advanced, make sure that you have sufficient time to prepare for the exam. ACCA recommends that you have at least 2.5 to 3 months for preparation.
- Revise previous years’ papers: Revising the papers from previous years can provide a clear sense of the questioning style. You can practice writing your answers accordingly.
- Don’t attempt other modules in the SBR exam setting: SBR module needs a lot of preparation and focus from you. Writing the exam for another module in the same sitting can take away some of the focus from SBR. This can impact your exam performance.
- Cover the entire syllabus: The SBR module has an extensive syllabus. Ensure you complete all the topics in the syllabus instead of a few perceived important ones. Doing so is exceptionally important because the exam has compulsory questions that you can’t afford to miss.
- Pay attention to the associated modules: The module has overlapping areas with other ACCA modules like Financial Reporting and Financial Accounting. Covering the key concepts of associated modules can help with your preparation of the SBR module.
In addition to these tips, make sure to look for more online resources. There are several websites and ACCA resources that provide online lectures, detailed study guides and mock-papers. Also consider giving a few mock-tests which can provide you more confidence while attempting the actual paper. These measures can ensure a good score in the SBR exam.
