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Hi,
I wasn't sure where to post this as there isn't a separate section for level 4!
I have a few questions with regard to the ICB Level 4 qualification which may seem like there are obvious answers, but I just want to ensure I understand the end result fully, and to make up my mind whether to continue with ACCA or complete the level 4 first. I have tried searching the forums but am unable to find the answers I am looking for (through lack of time perhaps).
1. Looking at the syllabus, the qualification seems more of an accountant rather than a bookkeeper, is this correct?
2. On completion of Level 4 would we be able to complete the Corp tax, final accounts and file the accounts for clients (I do see this is in the syllabus)?
3. Is it 3 separate exams or 1 big exam?
4. On completion, would MICB still be the letters or is there an addition?
I am sure there are more questions, which I will add when I remember!
Kind regards
Kerry
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OK, I have called the ICB and got a couple of answers (very prompt, might I add), but this just confuses me further!
"It is still very much a bookkeeping qualification (I am happy with this answer and understand why) and an Accountant will need to sign off your end work".
So, does this mean that we would calculate the taxable profits, Corp tax etc then pass to Accountant? What exactly does this entail, double checking that what you have done is correct, or would they need to complete some additional work? What about filing the accounts? What exactly can we do different compared to staying at Level 3? 
If any fellows or James/Ami (EDIT)(anyone @ ICB!) could help clarify things it would be very much appreciated.
Apologies for all the questions, I just want to get this right 
Many thanks
Kerry
Edit - single the ICB input to just James (sorry Ami & others at ICB!)
Edited at 27 Feb 2012 11:28 AM GMT
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Also, would CAT FTX, ACCA F1, F2, F3, F5. F6, F7 or F9 give any exemptions? If so. which would give what?!
Thanks again,
Kerry
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I would really like some clarification on this as I have previously asked and been told that with L4 we CAN do end of year, without any suggestion of it needing to be signed off.
I'm slightly panicking now as Ive built my business around being able to do this (I also have experience elsewhere, which means it isn't new to me) and I've been waiting a long time for the exams to be available as the start date kept being moved...I'm wishing I'd spent that time doing AAT or IFA now.....
To answer your question about the exams, the first two modules are about to be released and are 2 separate 3 hour long exams, the tax modules aren't out yet so I don't know about them.
Edited at 27 Feb 2012 06:04 PM GMT
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- Member PM.Dip
- Practice Licence
- 481 posts
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RuthAnssaid:
I would really like some clarification on this as I have previously asked and been told that with L4 we CAN do end of year, without any suggestion of it needing to be signed off.
It's this "signed off" bit that gets me - what does this mean? The accounts aren't signed by the accountants, they are signed by the Director(s) of a company. (Unless the accounts are audited but that's a different kettle of fish).
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Hi,
This was the wording in the email that I received, ' an Accountant will need to sign off your end work'. I read this as an Accountant needs to check that the work carried out is correct, not the actual signing of the accounts!
Hopefully someone from the ICB can confirm?
Regards
Kerry
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- Fellow PM.Dip
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- 117 posts
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I have always thought this was very unclear. There have been various discussions of this on the forum. But the syllabus for LVI says "draft final accounts" - which could be taken as prepare final accounts, or as prepare draft final accounts (ie for review).
I have been wondering why I would want to do level IV, as I can already prepare final accounts with level 3 and self assessments, so to what purpose the L4 financial statements paper and the 2 tax papers. I appreciate it is useful additional knowledge for members, but as I am already and accountant I have nothing to gain from this. I don't feel that many clients would would want to pay for me to do this, only to have to pass it to an accountant to review which will add to the cost.
Unfortunately if this is the case I will probably move to the IFA eventually .... which is a pity as I do like it here.
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Dear all
This is a subject of much discussion within the ICB as to where will level 4 sit within the current structure or does the structure need to be amended.
As far as I have always been led to believe on completion of Level 4 you will not require the intervention of an accountant as you will be able to file the accounts on behalf of limited companies (As long as no Audit is required).
Level 4 will mean we can offer a fully rounded service to sole traders, partnerships and Limited companies.
The personal tax build on the Self assesment exam to give a better depth of knowledge.
However it is important to bear i mind we are not operating as tax advisors and even with level 4 indepth tax advice should still be passed to accountants.
I hope this give some clarity but please be aware this is my understanding
Kind regards
stuart
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- Fellow PM.Dip
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That sounds good Stuart, I hope it is the case as I'm sure it is all most people here want to do, completely agree on the tax advice too.
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Stuart Wildmansaid:
“Dear all
This is a subject of much discussion within the ICB as to where will level 4 sit within the current structure or does the structure need to be amended.
As far as I have always been led to believe on completion of Level 4 you will not require the intervention of an accountant as you will be able to file the accounts on behalf of limited companies (As long as no Audit is required).
Level 4 will mean we can offer a fully rounded service to sole traders, partnerships and Limited companies.
The personal tax build on the Self assesment exam to give a better depth of knowledge.
However it is important to bear i mind we are not operating as tax advisors and even with level 4 indepth tax advice should still be passed to accountants.
I hope this give some clarity but please be aware this is my understanding
Kind regards
stuart ”
Hi Stuart,
I called the ICB yesterday and they emailed me back the below (copied and paste from the actual email);
Thank you for your call this morning. I have checked with the Examinations Department and although the Level IV does contain accountancy modules, it is still very much a bookkeeping qualification and an Accountant will still be required to sign off your end work.
So what you are saying is very conflicting with what the ICB have emailed me. Someone from the ICB really need to put us all straight so we are not doing work we shouldn't be.
Also, personally, I need to know so I can decide which route to take!
Kind regards
Kerry
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> Kerry
This was discussed at the Fellows meeting last Tuesday.
I am at a meeting at the ICB offices today and will have a chat with them today on this issue.
Kind Regards
Stuart
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Stuart Wildmansaid:
“> Kerry
This was discussed at the Fellows meeting last Tuesday.
I am at a meeting at the ICB offices today and will have a chat with them today on this issue.
Kind Regards
Stuart
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Thanks Stuart, that's brilliant. I wait in anticipation!
Regards
Kerry
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- Companion Fellow PM.Dip
- Practice Licence
- 21 posts
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Hi All,
Our apologies for the late response to this query, things have been a bit hectic at the ICB HQ!
As Stuart said, this was discussed in the fellows meeting last week and is currently being reviewed by the Qualifications Department.
Once we have a definitive answer/outcome we will be sure to inform you all of what you can and cannot do.
Once again, we apologise for the delay in getting this information across to you!!
Happy Wednesday! :)
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- Member
- Practice Licence
- 33 posts
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Hi,
Any up dates for thisa topic yet, I don't want to miss the answer if I look in the wrong place?!
Thanks
Karen
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