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Making the right choices

27 June 2017

The ICAEW has been told by the Financial Reporting Council (FRC) that students who sit and pass the Financial Accounting & Reporting: UK GAAP exam and the future Corporate Reporting: UK GAAP exam will not be eligible for the Audit Qualification (AQ).

However, the FRC has agreed that any student who sits Financial Accounting & Reporting: UK GAAP at the March, June, September and December 2017 exam sittings (including any resits) will be able to obtain the AQ by sitting Corporate Reporting: IFRS. Students will have to pass both exams and will still need to satisfy all other requirements of the AQ.

That this point any student who sits the Financial Accounting & R: UK GAAP and then Corporate Reporting: UK GAAP will not be eligible for the AQ.

ICAEW told PQ that it will continue to work with the FRC and will keep students informed of further developments.

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