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

Why АССА? One of the largest international associations of professional accountants and financial specialists Offices in 70 countries On 1 December 2003 АССА had its 100 years anniversary More than students and members in 160 countries Other similar organizations: CIMA: Offices in 12 countries, students and members in 156 countries What is АССА?

АССА offers to study both basic qualifications as well as continuous professional development

Certified Accounting Technician Charted Certified Accountant (ACCA) MBA (ACCA with Oxford Brooks University) Basic qualifications

Secondary education Part 1 3 papers Higher education Exemptions Part 2 6 papers Part 3 (on choice) 3 papers out of 4 MBA Oxford Part 3 (obligatory) 3 papers Accounting Audit Bank Insurance Education Financial services Chartered Certified Accountant

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 MBA - ACCA

Diploma in International Financial Reporting (DipIFR) Diploma in Financial Management (DipFM) Programs of professional development

Founded in 1992 Professional programs of education in accounting and finance – one of the strongest features of the colledge Accredited by АССА «Registered Tuition Provider» for 2004, 2005 Technologies of IEI have been awarded Gold Approved status by ACCA in 2004 The Institute for Enterprise Issues

Certified Chartered Accountant (students at Universities, employees of international audit firms, international and Russian companies) Diploma in Financial Management (international and Russian companies) Diploma in International Financial Reporting (international and Russian companies, governmental bodies) Programs of IEI in St- Petersburg, Russia

Core qualification International recognition Both fundamental theoretical and practical knowledge Certified Chartered Accountant

Course consists of 16 papers (14 are obligatory) Up to 10 years Usually 2-3 years To become a member there is a requirement for practical experience in the related field of at least 3 years Certified Chartered Accountant

Subject name Days of study Paper 1.1.Preparing Financial Statements6-8 days Paper 1.2.Financial Information for Management 6-8 days Paper 1.3Managing People6-8 days Course content Part 1 Course content Part 1

Subject name Days of study Paper 2.1.Information Systems6-8 days Paper 2.2.Corporate and Business Law6-8 days Paper 2.3Business Taxation6-8 days Paper 2.4.Financial Management and Control8-10 days Paper 2.5.Financial Reporting (continuing from paper 1.1.) 8-10 days Paper 2.6.Audit and Internal Review6-8 days Course Content Part 2

Information Systems Principles of planning and control in information systems Determination of users specifications requirements Introduction, control and support of information systems Methods of organization and principles of design works Quality control Course content Paper 2.1.

Business Taxation (Russian stream) Tax system structure Corporate profit tax (CPT) for individual companies and groups of companies VAT and sales tax Social insurance scheme Tax exemptions Personal Income Tax (PIT) Property tax for companies Course content Paper 2.3.

Financial Management and Control Working capital management Appraisal of sources of finance Capital allocation among investment projects using Net Present Value (NPV) Implementation of Profit Centers and Cost Centers system Budgeting Course content Paper 2.4.

Financial Reporting (International Financial Reporting Standards (IAS/IFRS) or Accounting Standards of UK/Ireland streams ) continuing from Paper 1.1 Application of International Financial Reporting Standards in certain business-cases Preparation of financial reports in accordance to International Financial Reporting Standards Consolidation Analysis of financial statements of groups pf companies and preparation of reports for different groups of users Course content Paper 2.5.

Audit and Internal Review (International stream) Aim and scope for internal and external audit Planning Evaluation of the systems of accounting and internal control Sources of audit evidences, kinds of testing, materiality level Evaluation of audit evidences Variation analysis Evaluation of events after balance sheet date Auditors conclusion Course content Paper 2.6.

Subject name Days of study Paper 3.1. (on choice) Audit and Assurance services6 days Paper 3.2. (on choice) Advanced Taxation Paper 3.3 (on choice) Performance Management6 days Paper 3.4. (on choice) Business Information Management Paper 3.5.Strategic Business Planning and Development 6 days Paper 3.6.Advanced Corporate Reporting6 days Paper 3.7.Strategic Financial Management6 days Course content Part 3

Audit and Assurance Services (on choice) Codes of professional and business ethics Recent tendencies in audit business Requirements of International Standards on Auditing to client’s engagements Application of Audit Standards Course content Paper 3.1.

Strategic Business Planning and Development Principles and concepts used in strategic planning Evaluation of purposes and share on market Methods of strategies achievement Influence of globalization to strategic business planning Course content Paper 3.5.

Advanced corporate reporting (International Financial Reporting Standards - IFRS) Evaluation of impact by existing and proposed accounting standards on company Evaluation of impact by business decisions on financial reports Evaluation of conformity of accounting policy to existing legislation Preparation of financial reports for difficult situations Financial reports analysis and presentation for different users Evaluation of recent events and tendencies in the field of corporate reporting Course content Paper 3.6.

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 Course content Paper 3.7.

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 managers internationally Diploma in Financial Management

Course consist of 4 papers, united into 2 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 1Interpretation of Financial Statements6 days Paper 2Performance Measurement6 days Paper 3Financial Strategy6 days Paper 4Risk Management6 days Diploma in Financial Management

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 1.

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 inter- relationships 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 2.

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 3.

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. Course content Paper 3.

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 1 subject Education lasts fro 3 to 6 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 Diploma in International Financial Reporting (DipIFR)

Certified Chartered Accountant: 1) Education at IEI in ST-Petersburg: Equivalent of 800 USD for one paper of part 1 and 2 (6-10 days), including VAT and study materials Equivalent of 950 USD for one paper of part 3 (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 1 – 40 Pounds per paper Part 2 – 48 Pounds per paper Part 3 – 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 * 2 exams + 2 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 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 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. Cost of Education

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 2 years of practical experience in accounting, OR 3 years of practical experience in accounting, Adequate knowledge of English (for Diploma in English). Requirements of ACCA to students

The Institute for Enterprise Issues in St-Petersburg, Russia , St-Petersburg, Marata St., H. 92, Russia Tel: (+7-812) Fax: (+7-812) Director: Sergey Sokolov Administrator of ACCA courses: Yulia Fedina Director DipIFR ACCA IEI: Sergey Moderov Contacts Association of Chartered Certified Accountants Ilya Yuferev tel