ACCA Papers Explained — Complete Kenya Guide 2026

If you are starting ACCA in Kenya, one of the first questions you will have is: which papers do I need to pass, and in what order? ACCA has 13 papers organised across three levels, plus an Ethics and Professional Skills module. This guide explains every paper, what it covers, and how to plan your path through the qualification.

ACCA Qualification Structure — The Three Levels

The ACCA qualification is divided into three levels:

1. Applied Knowledge — 3 papers (foundational)
2. Applied Skills — 6 papers (intermediate)
3. Strategic Professional — 4 papers (2 compulsory + 2 optional)

You must also complete the Ethics and Professional Skills module (EPSM) and demonstrate three years of relevant practical experience before applying for ACCA membership.

Level 1: Applied Knowledge Papers

These three papers can be sat as on-demand Computer Based Exams (CBEs) at any time of year.

BT — Business and Technology

Covers the business environment, organisational structure, governance, ethics, and the role of technology in business. A good starting point for students with no prior accounting background.

MA — Management Accounting

Introduces cost accounting, budgeting, variance analysis, and management decision-making tools. Forms the foundation for the more advanced PM paper at Skills level.

FA — Financial Accounting

Covers preparation of financial statements for single entities — income statements, balance sheets, cash flow statements — and the conceptual framework of accounting. Leads directly into FR at Skills level.

Level 2: Applied Skills Papers

These six papers are sat in the March, June, September, or December exam sittings.

LW — Corporate and Business Law

Covers contract law, company law, employment law, and insolvency. Kenyan students sit the Global variant. Often underestimated — start preparation early.

PM — Performance Management

Advanced extension of MA. Covers decision-making tools, budgeting, performance measurement frameworks, and strategic management accounting. Strong computational element.

TX — Taxation (Kenya variant)

Covers Kenyan income tax, VAT, and capital gains tax as administered by the Kenya Revenue Authority (KRA). One of the most practical and immediately applicable papers in the qualification.

FR — Financial Reporting

Covers group financial statements, IFRS standards, and complex accounting treatments. One of the most technically challenging papers at Skills level.

AA — Audit and Assurance

Covers the principles and practice of external audit: planning, evidence gathering, internal controls, and audit reporting.

FM — Financial Management

Covers investment appraisal, working capital management, capital structure, and business valuations. One of the most important papers for students pursuing careers in corporate finance.

Level 3: Strategic Professional Papers

You must pass two compulsory papers and choose two from four optional papers.

SBL — Strategic Business Leader (Compulsory)

An integrated case study examination. You apply strategic management, governance, risk, ethics, and leadership concepts to real-world scenarios. Rewards thinking, not just knowledge.

SBR — Strategic Business Reporting (Compulsory)

Covers advanced financial reporting, IFRS interpretation, and reporting of complex transactions. Builds directly on FR.

Optional Papers (Choose Any 2)

• AFM — Advanced Financial Management: complex corporate finance and treasury management.
• APM — Advanced Performance Management: strategic performance measurement.
• ATX — Advanced Taxation (Kenya variant): complex tax planning and cross-border taxation.
• AAA — Advanced Audit and Assurance: complex audit scenarios and group audits.

How Many Papers Can You Sit Per Sitting?

ACCA allows a maximum of four papers per sitting. Most working professionals in Kenya sit one to two papers per sitting. At this pace, the full qualification can be completed in three to four years.