Are these the right ones? I got them off the Kaplan Financial website but doesn't say a date!
P1 Professional Accountant
Section A: Compulsory
always covers range of syllabus areas
some element of ethics in this question
Section B: 2 from 3
one question solely on governance
one question with significant ethics element
Key topics in section A or B:
internal audit: independence or appointment (possibly via audit committee)
remuneration committee
directors induction and / or appraisal
ethical decisions: AAA or Tucker
stakeholder categorisation
normative / instrumental views of stakeholders
board structure: family / insider or unitary / two tier
Corporate Social Responsibility (CSR)
sound internal controls
P2 INT Corporate Reporting (International variant)
Compulsory group question within part A could be:
Cashflow (not examined under the new syllabus, but in the pilot paper)
Group income statement which will examine aspects of IFRS 3 revised (goodwill and NCI at fair value)
Accounting for changed shareholdings in group structure
Within the compulsory question, there may also be some explanation and application of ethics and/or a written element which includes IFRS 3 revised.
Multi-topic question to include aspects of:
Impairments
Share-based payment
Financial instruments
Retirement benefits
Discontinued and held-for-sale
Deferred tax
Provisions and events after the b/s date
Current issues:
Retirement benefits Discussion Paper within examinable documents
Financial Instruments Discussion Paper within examinable documents
IFRS 3 Revised
Harmonisation of international standards
P2 UK Corporate Reporting (UK variant)
Compulsory group question within part A could be:
Cashflow (not examined under the new syllabus, but in the pilot paper)
Group income statement - accounting for changed shareholdings in group structure during the year
Some explanation and application of ethics
Multi-topic question to include aspects of:
Impairments
Share-based payment
Financial instruments
Retirement benefits
Discontinued and held-for-sale
Deferred tax
Provisions and events after the b/s date
Current issues:
Retirement benefits proposed changes to UK and international standards - i.e. harmonisation
Financial Instruments proposed changes to UK and international standards:
1. ASB issues Amendment to FRS 25 'Financial Instruments: Presentation'
14 August 2008 @ 10:00
Accounting Standards Board - Press Notices
2. ASB to issue Amendments to Permit Reclassification of Financial Instruments
16 October 2008 @ 17:00
Accounting Standards Board - Press Notices
3. Possible revisions to reporting business combinations per IFRS 3 Revised to harmonise UK and IFRS
4. Harmonisation of financial reporting standards generally - i.e. UK FRS, IFRS and US GAAP
It may be a little too soon for a question on problems re fair values which, although this is a problem in the real world at the moment, in the context of when the examiner probably wrote and had the paper checked for quality control is more likely to be examined next time. Therefore, the first improvement standard is less likely to be examined than the topics above.
P3 Business Analysis
Section A
Question 1 will still focus mainly on the strategic planning process. Key areas may be:
? SWOT
? Ansoff
? Acquisition
Also expect an implementation issue such as culture or change management
Section B
If culture and/or change management do not appear in the compulsory question then they may appear in the option questions
Other areas may be:
? TQM
? Supply chain management
? Choosing & evaluating an IT system
P4 Advanced Financial Management
Section A
Business valuation (various methods, with pros and cons)
Option pricing Black Scholes model
Section B
Interest rate hedging (futures and options), bond pricing and credit spreads
Stakeholders and conflict of objectives
Investment appraisal with foreign currency
P5 Advanced Performance Management
Corporate failure as per recent article (July 08)
Pricing (transfer pricing)
Strategic planning and gap analysis
Performance measures for both private and public sector
Environmental management accounting
P6 Advanced Taxation
- IHT vs CGT for lifetime gifts
- Sole trader/partnership cessation (IT, NICs, CGT and VAT), possibly with incorporation
- Lease versus buy for assets
- Employed versus self-employed (IT and NICs)
- Badges of trade (IT vs CGT)
- Trusts (not a whole question)
- Corporation tax possible areas:
-R&D
-SSE
-Expansion overseas/CFCs
-Group reorganisations
-Liquidations
- Overseas aspects of personal tax
- VAT group registration
- Ethics (up to 5 marks)
P7 Advanced Audit & Assurance (UK & INT variant)
Core areas of the syllabus expected to be examined in every sitting:
Engagement planning and risk (audit risk likely this sitting);
Gathering evidence;
Ethics/professional issues; and
Engagement reporting (particularly audit qualifications).
Subject of recent articles:
Forensic investigations and audit (September 2008). (Likely to include elements of planning and/or gathering evidence similar to question 2 of pilot paper).
Peripheral topics from exam approach article yet to be covered:
Regulatory framework;
Obtaining professional work; and
Corporate governance.
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