LCCI Finance and Accounting November 2018 update

Read the latest information on LCCI Financial and Quantitative, including key dates, latest news, current resources and exam tips.

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Good luck to all of those students who will receive their results for the September exam series next week. I hope that they are happy with their achievements and have obtained the grades that reflect their level of effort and ability.  I would love to hear any good news stories that I can post in future editions or on our Facebook page.

Congratulations Mr Teh

Well done Mr Teh for receiving a ‘Lifetime Honorary Achievement Award’. Mr Teh is the Principal of EU Institute and has been teaching LCCI qualifications for 39 years.

Over the years, EU institute has had the distinction of having trained thousands of LCCI Diploma in Accounting holders all over Malaysia!

Mr-Teh-award

What’s more, this unassuming institution has produced more than 100 World & Country gold and silver medals - an impressive academic track record. He even has students whose parents themselves were students of EU Institutes and were taught by Mr Teh himself.

Subject page

Good news, my subject page has been updated. Hopefully, you will find that it is much more user-friendly. As a result, I will often use my email updates to direct you to important information on the website.

I would be grateful for any comments about any aspect that you think works well or areas where I could still make improvements. It is still a work-in-progress but the aim is to keep the information as up-to-date as possible.

Visit the Finance and Accounting subject page

Exam key dates

Date Event
3 December 2018 L1 Bookkeeping exam
3 December 2018 L3 Business Statistics exam
4 December 2018 L2 Cost Accounting
4 December 2018 L3 Financial Accounting
4 December 2018 L3 Accounting
6 December 2018 L2 Bookkeeping & Accounting
6 December 2018 L3 Cost & Management Accounting

Entry deadlines

Date Event
3 December 2018 January 2019 exam series

Results release

Date Event
12 November 2018 September 2018 series
28 January 2019 November 2018 series
14 February 2019 December 2018 series

You can find all the dates for the 2019 exam series in the examination timetable document. For administration support for LCCI exams please refer to the guidance.

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Training events

There are free training events for all LCCI qualifications available to book now.

See the latest training events for LCCI

LCCI Information manual

The 2018/19 LCCI Information manual is available online and includes important information surrounding unit codes, subject availability and key dates.

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Re-developed Qualifications Computerised Accounting and Business Calculations

Please note that the withdrawal date for L3 Award in Computerised Accounting has been changed.

Pearson has extended the legacy Pearson LCCI Level 3 Award in Computerised Accounting Skills (ASE20055) until 31 December 2019 to allow centres to transition to the redeveloped qualification. This means that first teach for the redeveloped qualification (ASE20107) will not be until June 2019 with the first assessment 1 January 2020.

We trust that this extension will give you more time to transition your learners onto the redeveloped Pearson LCCI Level 3 Award in Computerised Accounting (ASE20107). The specification and SAM are already on the website for you to look at the new content and assessment style.

There is also a delay in the introduction of the new L2 Business Calculations and the L3 Advanced Business Calculations. More information to follow – watch this space.

Software for Computerised Accounting

I was recently asked if it was acceptable to use the trial version of MYOB for the delivery of this course. As long as you are a registered LCCI centre, you are permitted to use ABSS (previously MYOB Asia) licensed software including the trial version for teaching and assessment. The latest ABSS software is Premier version 20 and many centres are already using this for teaching and assessment purposes.

Exam Tips for Teachers

Level 1 Bookkeeping

  • Narrative for journals. Make sure that the narrative is as comprehensive as possible eg ‘started business’ is not good enough and will not be awarded a mark.  Use the phrase ‘ being entries for opening transactions’. If the adjustment relates to an error not affecting the trial balance, students need to name the error eg ‘error of omission’. The wording ‘omission’ only is not sufficient to be awarded the mark.
  • Petty Cash Book – when restoring the imprest the narrative in the details column must be ‘BANK’.
  • Students are often confused by what annual salary means.
  • Opening and closing balances must use the terminology ‘balance b/d and balance c/d’.
  • Explain questions require more than one word answers. Explain questions require an identifier and justification and must be presented in that order.

Level 2 Bookkeeping and Accounting

  • Manufacturing Accounts. Students will not be rewarded if they use the term ‘raw materials’. Examiners are looking for the label: ‘cost of raw materials consumed or used’. Similarly, students cannot use the term ‘total raw materials consumed’.
  • If a transaction relates to rent received, the label rent only is not acceptable. Full label is required.
  • For a correction of errors question, students are expected to use the control account and not the suspense account unless otherwise stated.

In general, students do not receive own figure (of) marks if the calculation contains an alien.

Textbook Erratum Notice

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Resources

Accountancy Age are now producing a monthly video roundup of all the key new stories in the accountancy industry. There could be some real life examples of business scenarios that you could use in your teaching.  Worth bookmarking I feel. The latest edition can be viewed on the Accountancy Age news pages.

Grant Thornton UK has been fined and reprimanded by the UK’s Financial Reporting Council (FRC) for the admission of misconducts in relation to audits and financial statements. 

Read the full story

ICAS (Institute of Chartered Accountants of Scotland) explain why Ethics and Integrity are at the heart of an Accountant’s professional responsibilities.

Watch the video

LCCI Marketing – Recognised by the Experts

The Institute of Marketing Malaysia (IMM) has formally recognised the new LCCI Marketing qualifications. Formed in 1977, the IMM is the only non-profit professional body established and operating to promote and support the marketing sector in Malaysia. 

The IMM is also affiliated to the Asia Marketing Federation and the World Marketing Association. 

The IMM has recognised the LCCI Marketing qualifications as fit for purpose in preparing individuals for entry into the workplace. To find out more on formal recognitions, including job roles suitable for LCCI Marketing graduates, visit our Employment and Professional Recognition webpage.

Availability of published materials – Business & Marketing

Student Coursebooks

ISBN

Due Date

LCCI: Level3 CustomerExp&Comms_eBook 

9780992426194

30/08/2018

LCCI:Level3 ModMarketingPrinc_eBook

9780992426170

30/08/2018

LCCI:Level2 Business Fundamentals_eBook

9780992426149

30/08/2018

LCCI:Level3 Publi&Media Relations_eBook

9780992426163

30/08/2018

LCCI:Level3 BusinessPrinc&Ent_eBook

9780992426156

30/08/2018

LCCI L3 Sales and Account Management eBook 

TBC 

30/10/2018

LCCI:Marketing Fundamentals_eBook  

TBC 

30/10/2018

LCCI L3 Digital Marketing_eBook 

TBC 

TBC - expected end Nov 

LCCI L2 Copywriting and Content for Marketing_eBook 

TBC 

TBC - expected end Dec

Social media

My Facebook page is a closed group so you need to send a request to join.  It is a friendly support group for you as teachers.  It’s aim is to provide the opportunity to ask for help, ask for resources and anything else appropriate. You may wish to share good practice or ask other members to check resources, lesson plans, schemes of work, etc. All resources must be free.

Numbers are increasing but for it to be of real use we need to grow it further. Please remember to answer the questions that I have posed to be accepted as a new member.

Join the Facebook group

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