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  1. #1
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    Default ACCA EXAM TIPS LSBF, Kaplan, Becker and First Intuition J13

    LSBF
    F5
    * Throughput accounting/lifecycle accounting.
    * Linear programming/decision tree analysis.
    * Zero based budgets/flexible budgets.
    * Sales variances/mix and yield variances.
    * Performance evaluation in services/non profit organisations.

    F6
    * Income tax computation and partnership.
    * Corporation tax with trading losses.
    * Capital gains tax with principal private residence relief.
    * Overseas corporation tax with the election to exempt the profits of the overseas branch from UK corporation tax.
    * IHT on lifetime gifs into a trust.
    * VAT group registration and surcharges.

    F7
    * Consolidated financial statements and/or consolidated income statement.
    * Published accounts preparation or re-drafting with 15 marks for mixed standards adjustments.
    * Statement of cash flow with some interpretation.
    * Depreciation and revaluation, EPS, substance, leasing.
    * Financial instruments, tax and deferred tax, etc.

    F8
    * Wide reading is highly recommended and knowing a little about a lot!
    * Audit of specific items especially non-current assets, receivables and payables.
    * Internal controls-especially control environment.
    * Audit planning and risk assessment especially audit risk issues.
    * Audit reports especially emphasis of matter, Final Review especially evaluation of misstatements and/or subsequent events.
    * Others, assurance, ethics and internal audit.

    F9
    * Investment appraisal including tax and inflation possibly with lease or buy decision.
    * WACC with some capital structure theory.
    * Working capital maybe including cash budgeting and cash management.
    * Risk including FC and MMH.
    * Business finance with discussion of sources of finance.
    * EMH discussion.

    P2
    * Group income statement or cash flow statement.
    * Possibly two mix questions with the usual suspects of goodwill provisions financial instruments and sbp and the rest.
    * Current issues including leases Smes and jvs.

    P3
    * Strategic analysis.
    * Evaluation of a strategic option using suitability, feasibility, acceptability.
    * Project management particularly the initial stages.
    * Improvement of business processes.
    * Strategic management accounting.

    P4
    * International investment appraisal with adjusted present values or net present values.
    * Cost of capital using the principles of Modigliani and Miller prepositions or geared and ungeared betas.
    * Mergers and acquisitions - valuation using free cash flows, defensive tactics and regulations of takeovers.
    * Capital reconstruction schemes - designing a capital reconstruction scheme or assessing the success of a given scheme.
    * Option pricing theory. Real options, example, option to abandon, expand and delay. Valuation of company using the Black-Schole option pricing model and delta hedge.
    * Hedging exchange rate and interest rate risk using futures, options and swaps.
    * Islamic finance.

    P6
    * Incorporation of a business including incorporation relief.
    * Corporation tax including overseas aspects and controlled foreign companies.
    * Partnership.
    * Rent a room relief.
    * Inheritance tax including business property relief.
    * Personal service companies or purchase of own shares.
    * Investment in SEIS.
    * Remittance basis charge.
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  2. #2
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    Kaplan Financial
    F4
    * English legal system: Court structure, court vs tribunal.
    * Contract law: Exclusion clauses, intention to create legal relations.
    * Tort of negligence: Duty of care, professional misstatement
    * Employment law: Common law duties, redundancy
    * Agency/partnership: How agency relationship arises, liability of agents & partners
    * Company law: Separate personality/lifting the veil, articles of association, treasury shares
    * Fraudulent behaviour: Money laundering, market abuse.

    F5
    • Pricing equations & pricing strategies.
    • Environmental management accounting.
    • Learning curves.
    • Variances: sales variances, market size and market share.
    • Decision trees.

    F6
    * Income tax: Husband and wife, adjustment of profits, self assessment.
    * Corporation tax: Property income, chargeable gains to calculate, with rollover relief,
    quarterly instalment payments
    * VAT: VAT return, including some discounts and impaired debts relief, deregistration, payment dates.
    * Capital gains tax: Wasting assets or chattels, exempt assets, PPR, gift and entrepreneurs’ relief.

    F7
    * Q1: Consolidated statement of financial position (with possible statement of profit or loss). Adjustments to include: PURP, share exchange, current accounts, impairment, revaluation, fair value adjustment.
    * Q2: Published accounts to include statement of profit or loss, statement of financial position and statement of changes in equity from trial balance. Possible adjustments to include: revenue recognition, depreciation, revaluation, tax & deferred tax, convertible loan, share issue.
    * Q3: Statement of cash flows with interpretation element.
    * Q4/Q5: Qualitative characteristics, finance leases, intangible assets, events after the reporting date, earnings per share.

    F8
    • Audit Framework: Confidentiality/conflicts of interest/audit committees.
    • Internal Audit: Role and function.
    • Planning and Risk: Audit risk including analytical procedures.
    • Internal Control: Cash/purchases system (including tests of control).
    • Audit Evidence: Purchases/payables; bank and cash; review engagements.
    • Completion & reporting : Subsequent events (ISA 560) Auditor’s reports.

    F9
    * Investment appraisal: The most common technique assessed is NPV with inflation and taxation,although be prepared for a twist.
    * Working Capital Management: It’s been a while since we’ve seen the more numerical aspects surrounding cash management.
    * Valuations: Cash flow based values have yet to be examined although the PE ratio and dividend valuation methods.
    * Business Finance Calculation and interpret financial ratios.
    * Cost of Capital: (WACC) and impact of the cost of capital on investments. CAPM based calculations.

    P1
    • Teleological and deontological approaches to ethics.
    • Contents of a corporate code of ethics.
    • Insider trading.
    • Internal controls – systems.
    • Transparency in the context of corporate governance.
    • Directors’ remuneration.
    • Normative and instrumental view of stakeholders.

    P2
    * Groups and ethics - financial instruments, joint arrangements, foreign currency.
    * Ethical issue - accounting treatment in the group accounts question.
    * IAS 19 Employee benefits.
    * IFRS 2 Share-based payment.
    * Entity reconstructions including accounting issues.
    * IFRS 9 & IAS 39 Financial instruments – including hedging.

    P3
    • Project management.
    • Benefits management.
    • Supply chain management.
    • Business process change.
    • Stakeholder analysis.
    • Decision making techniques.

    P4
    • Net present value – including foreign currency cash flows.
    • Risk adjusted WACC.
    • Discussion of financing options.
    • Interest rate hedging – options, futures and FRAs.

    P5
    • Divisional performance.
    • BCG matrix and link to CSFs, KPIs.
    • Public sector NFP - link between mission and CSFs, KPIs.
    • Evaluate PM system.
    • Evaluate format and content of a PM report.
    • Building Block Model.

    P6
    * Corporation tax: Capital gains groups, NGNL and rollover relief, group relief/consortium relief,
    overseas aspects: branch vs sub/CFCs/transfer pricing.
    * Capital gains: Reliefs: rollover, holdover, gift, PPR and letting, overseas aspects.
    * Inheritance tax: valuation of shares, deed of variation, business property relief.
    * Income tax: sole traders opening year rules, trading losses, benefits: car, accommodation, share incentive plans.
    * VAT: Partial exemption, land and buildings, group VAT registration.
    * Scenarios: Lease vs. buy assets: net cost, company purchase of own shares, IHT vs CGT for gifts.

    P7
    • Engagement planning and risk assessment.
    • Engagement procedures.
    • Ethics and professional issues.
    • Completion (matters to consider/evidence on file) and engagement reporting.
    * Planning.
    * Subsequent Events (ISA 560).
    * Due diligence.
    * Auditor’s responsibilities regarding fraud.
    * Limited liability.
    * Competition in the statutory audit market.
    * Improving the audit report.
    * UK variant is likely to include an aspect of insolvency.
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  3. #3
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    First Intuition
    F4
    * English legal system.
    * Consideration.
    * Remedies for breach.
    * Professional negligence.
    * Veil of incorporation.
    * Redundancy.
    * Directors duties.
    * Winding up.
    * Partnerships.
    * Fixed v floating charges.

    F5
    * Throughput accounting.
    * Environmental accounting.
    * Limiting factors.
    * Decision trees.
    * Budgeting and learning curves.
    * Variances (including sales mix and quantity) and budget flexing.
    * Divisional performance and transfer pricing.

    F6
    * Employment/self-employment.
    * PAYE.
    * 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.

    F7
    * Q1: Consolidated SFP, with associate, deferred consideration, pups and fair value adjustment.
    * 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: Provisions.

    F8
    * Internal controls – deficiencies and recommendations.
    * Scenario based ethics or corporate governance question.
    * Substantive testing and audit evidence.
    * Subsequent events.
    * Audit reports.

    F9
    * Discussion of the economic environment and the impact on interest and exchange rates.
    * Working capital management.
    * Investment appraisal & cost of capital.
    * Business Valuations.

    P1
    * 50 mark scenario question, to include: TARA risk model, ethics, absolutist v relativism, chairman and CEO powers need to be separate, also corporate social responsibility, ISO 14001
    * Optional questions to include: Importance of internal control, NEDs and remuneration committee, business risks, Gray Owens and Adams.
    * Bribery Act.

    P2
    * Q1: Group question on disposals, piecemeal acquisitions or cashflow.
    * Ethics.
    * Revenue recognition – current issue.
    * Deferred tax.
    * Share based payments.

    P3
    * Environmental Analysis - people with financial analysis.
    • Project management.
    • Strategic action.
    • Information technology – pricing strategy.

    P4
    * 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.

    P5
    * 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.

    P6
    * 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.

    P7
    * Audit risks in a scenario.
    * Identifying ethical and other professional issues in a scenario.
    * Audit reports.
    * Group audits.
    * Money laundering.
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  4. #4
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    Becker Professional Education
    F5
    • Section A – throughput accounting and or environmental management accounting.
    • Section B – decision trees.
    • Section C – a calculation including activity based budgeting.
    • Section D – mix and yield variances, along with discussion.
    • Section E – performance measurement in non-profit organsiations.

    F6
    • Taxation of benefits.
    • Taxation of motor cars.
    • Employment income.
    • Different types of property income, including furmished holiday lettings, togtherv with a personal income tax computation.
    • Employment income, NICs.
    • Relief for a trading loss of self-employed persons.
    • A change of accounting date is due for examination.
    • 12 month accounting period straddling 31 March, with a detailed adjustment of profit and detailed capital allowances computation (motor cars- see above).
    • Capital gain with rollover relief.
    • Capital gains tax computation for a personal taxpayer. Possible gain/loss calculations.
    • VAT treatment of overseas trading.
    • Class 1 and Class 1A NIC, in conjunction with employment income, benefits and PAYE.
    • Tax appeals and penalties.
    • IHT – unused nil rate bands from a predecessor spouse, stage 2 & 3 computations arising on death, applicable exemptions and due date of payment.

    F7
    • Leases.
    • Construction contracts.
    • Revenue recognition.
    • Substance vs form.
    • Convertible instruments (IAS 31/IFRS 9).
    • Accounting for taxation.
    • Accounting for asset, particularly IAS 16.

    F9
    • Rights issues
    • IRR
    • Dividend policy
    • Lease vs buy decisions.
    • Efficient markets hypothesis.

    P1
    • Corporate governance concepts, underlying fundamentals and arrangements.
    • CG in organisations such as public services and NGOs.
    • Types and forms of CG.
    • Agency theory.
    • Board structures.
    • Internal control and business risk, Turnbull.
    • Ethical theories and business codes – Koihlberg, Gray, Owen and Adams, Tucker, AAA.
    • Public interest.
    • Corporate social responsibility – corporate citizen, footprints.
    • Environmental and social ausiting.

    P2
    • Consolidation in Q1.
    • Disposals & complex groups.
    • Step acquisitions.
    • Cash flow.
    • Foreign sub.
    • Complex.
    • Financial instruments (IAS 39/IFRS 9) including hedging.
    • Employee benefits (IAS 19), amended in 2011.
    • Leases (IAS 17).
    • Share-based payments (IFRS 2).
    • Impairment of assets (IAS 36).
    • Deferred tax (IAS 12).

    P3
    • Project management.
    • Environmental analysis, using PESTEL or Porter’s 5 forces and the impact of change on all stakeholders.
    • Business process change or improvements.
    • Corporate level strategy perhaps involving Boston Consulting Group matrix.
    • The role of management accounting in helping to achieve the strategic objectives.
    • Strategy and people, perhaps looking at leadership qualities.

    P4
    • Role and responsibility towards stakeholders.
    • Domestic and international investment decisions.
    • Mergers and acquisitions.
    • Corporate re-organisatio strategies.
    • Advanced treasury and risk m management techniques.
    • Impact of macro economics and international financial institutions.
    • Emerging issues in finance and financial management.

    P5
    • Environmental management accounting.
    • Activity based management.
    • Value chain analysis.
    • Balanced scorecard or Fitzgerald and Moon building blocks model.

    P7
    • New audits, tendering.
    • Planning, materiality, sampling, analytical review.
    • Audit, business or financial statement risk.
    • Group audits, goodwill, joint audit, joint ventures.
    • Assurance services, PFI, KPI, due diligence, forensic audit, reviews, insolvency.
    • Ethics, practice management and other professional issues.
    • Any audit matter covering IFRS.
    • Close down procedures, opening balances, comparatives.
    • Outsourcing, service providers, use of an expert.
    • CG, internal audit (ethics/outsourcing), audit committees.
    • Current issues.
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

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