P1 PROFESSIONAL ACCOUNTANT
*Transaction cost theory.
*Performance appraisal.
*Shareholder dialogue.
*Audit committee.
*Ethics theory.
*Internal audit.
*Stakeholder categorisation.
*Board structure.
*Corporate social responsibility (CSR).

P2 CORPORATE REPORTING
*Group cash flow.
*IFRS 3 Business combinations revised.
*Impairment.
*Financial instruments (again).
*Non-financial reporting.
*Related party transactions.
*Ethics.
*Cash flow statements.

P3 BUSINESS ANALYSIS
*Analysis-type question – PESTEL or on risks.
*Product choice use of BCG.
*SWOT, Ansoff and change management.
*Opportunities and problems of different growth strategies, eg acquisition and organic growth.
*CSF and PI – relate to a scenario.
*Ethics – business benefits of being socially responsible (short question).
*Quality – six sigma linked in with the CMMI model (possibly technical).
*Project management – stages of the project with stakeholder mapping of project members.
*Supply chain management.
*IT – general question relating to the benefits of e-commerce. Also use of the internet and development of a niche strategy.

P4 ADVANCED FINANCIAL MANAGEMENT
*Investment appraisal – overseas investments (FDI).
*Business valuation.
*Option pricing – Black Scholes Model.
*Interest rate hedging – futures and options.
*Stakeholders and conflict of objectives.
*Bond pricing and credit spreads.

P5 ADVANCED PERFORMANCE MANAGEMENT
*Divisional performance and benchmarking.
*Transfer pricing.
*Activity based management.
*Profit calculation.
*Modern developments.
*Corporate failure.
*Environmental management accounting.

P6 ADVANCED TAXATION
*Corporate tax.
*Income tax.
*Inheritance tax question – this is the only question that is likely to be largely numerical and therefore require lots of calculations. Written parts, if any, are likely to be on trusts, deeds of variation or interaction with CGT.
*Incorporation of a business (lifecycle of a sole trader style).
*Share for share exchanges, perhaps to create a group of OMBs.
*Tax efficient ‘remuneration’ planning for a director.
*Industrial buildings allowances, specifically on a building being sold.
*Controlled foreign companies.
*Gift relief and lifetime gifts.
*Car and loan benefits.
*Business property relief.

P7 ADVANCED AUDIT & ASSURANCE
*Ethics/professional issues.
*Planning/risk assessment (audit risk).
*Forensic auditing.
*Prospective financial information.
*Evidence gathering.
*Reporting.
*Corporate governance.

Warning! Use these tips in conjunction with a full programme of revision!