Activity based costing.
Environmental accounting.
Limiting factors.
Cost volume profit analysis.
Budgeting and learning curves.
Variances (including sales mix and quantity + planning and operational).
Financial and non-financial performance assessment.

Opening years and change of year-end for sole traders.
Capital allowances.
Corporation tax losses.
VAT default surcharge and VAT invoice content and annual accounting.
CGT: Principal Private residence and entrepreneur’s relief, chattels.
IHT lifetime and death transfers.

Q1 Consolidated SFP, with associate, deferred consideration, pups and fair value adjustment downwards.
Q2 Single company accounts question, including taxation, lease, and intangible assets.
Q3 Statement of cash flow and comments thereon with no ratios.
Q4 The framework with computation for non current asset.
Q5 Construction contract.

Substantive audit procedures and tests of control on a key area of the Statement of Financial Position e.g. inventories or non-current assets.
Audit risks in a particular scenario.
Identifying and explaining the threats to auditor independence and ways of managing them.
Mgt letter: identifying the weaknesses, consequences and recommendations in a particular company.
Subsequent events.

Discussion of the economic environment and the impact on interest and exchange rates.
Working capital management.
Investment appraisal & cost of capital.
Business valuations.

Q1 Group question on disposals, piecemeal acquisitions or cashflow.
IFRS 13 Fair values – current issue.
Deferred Tax.
Share based payments.

Section A
• Environmental analysis, people with financial analysis.
Section B
• Project management.
• Strategic Action.
• Information Technology – pricing strategy.

International investment appraisal techniques focusing on risk management tools such as value at risk.
Impact on WACC following hedging of interest rate risk.
Company valuation based scenario, possible MBO finance to structure.
Adjusted present value with link to real options and Black Scholes option pricing model.

Critique an existing performance management system.
Transfer pricing.
ROI, RI and EVA.
Activity based principles.
Corporate failure prediction.
Performance management models.
Assess performance against financial and non-financial (incl environmental) targets.

Business property relief.
Use of second spouse nil rate band.
Related property.
Groups of companies, trading and capital losses.
Double tax relief for companies.
De-grouping charges.
Incorporation relief.
Furnished holiday lets.
VAT partial exemption.
Appeals and the four track tribunal system.
Benefits in kind or extra salary, income tax and national insurance implications.

Business risks in a scenario.
Identifying ethical and other professional issues in a scenario.
Audit reports.
Group audits.
Money laundering.
Forensic audits.