ACCA Exam tips September.docx
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ACCA Exam tips September.docx
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ACCAExamtipsSeptember
ACCAExamtipsSeptember2015P7-BPP
•Q1:
planning,riskassessment,evidencegatheringandpracticemanagementissues–includingfinancialstatementsextracts.
•Q2:
non-auditengagement–PFI,duediligence,auditcompletionorconsolidatedgroups.
•Auditevidenceandfinancialreportingissues.
•Practicemanagementincludingethics.
•Qualitycontrolandreporting–completionandcommunication.
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ACCAExamtipsSeptember2015P7-BeckerProfessionalEducation
•Newaudits,tendering.
•Planning,materiality,sampling,analyticalreview.
•Audit,businessormaterialmisstatementrisk.
•Groupaudits,goodwill,jointaudit,jointventures.
•Assuranceservices,PFI,KPI,duediligence,forensicaudit,reviews,insolvency(UKandIrelandstudentsonly).
•Ethics,practicemanagementandotherprofessionalissues.
•AnyauditmattercoveringIFRS(IAS1to40andIFRS1to15–seeP2syllabus).
•Closedownprocedures,openingbalances,comparatives,otherinfor-mation,goingconcern,subsequentevents,representationletter,emphasisofmatter,auditreports.
•Outsourcing,serviceproviders,useofanexpert.
•Corporategovernance,internalaudit(relatingtoethics,outsourcing),auditcommittees.
•Currentissues(e.g.qualitycontrolandprofessionalscepticism)includingintegratedreporting.
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ACCAExamtipsSeptember2015P7-LSBF
•Businessriskandriskofmaterialmisstatement.
•MattersandEvidenceforIAS23,24,37,38,IFRS15.
•Ethics/professionalissuesincludingmoneylaundering.
•Auditreportsscenarios.
•Newformatauditreports.
•Duediligenceandforecasts.
•Advertising.
•ISA250,260,550,560,610.
•Auditofgroupacquisition/disposal.
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ACCAExamtipsSeptember2015P6-BPP
•Groupsofcompaniesinvolvingoverseasaspects.
•Unincorporatedbusinessparticularlylossrelieforinvolvingapartnership.
•Capitalgainstaxversusinheritancetax.
•Overseasaspects,particularlythenewrulesonresidence.
•Personalservicecompany.
•Companypurchaseofownshares.
•Enterpriseinvestmentschemes/venturecapitaltrusts.
•Changeinaccountingdate.
•Takeover.
•VATpartialexemption.
•Transferoftradeversussaleofsubsidiary.
•Disincorporationrelief.Pensionscontributions.
•Patentbox,researchanddevelopmentexpenditure.
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ACCAExamtipsSeptember2015P6-FirstIntuition
*BusinessPropertyRelief.
*Useofsecondspousenilrateband.
*Relatedproperty.
*Groupsofcompanies,tradingandcapitallosses.
*Doubletaxreliefforcompanies.
*De-groupingcharges.
*Incorporationrelief.
*Furnishedholidaylets.
*VATpartialexemption.
*Appealsandthefourtracktribunalsystem.
*Benefitsinkindorextrasalary,incometaxandnationalinsuranceimplications.
ACCAExamtipsSeptember2015P5-BPP
•Numericaltechniques–KPIs,EVA,transferpricing,ratios,qualityrelatedcosts,andABC.
•Buildingblocksmodel.
•Qualitymanagement.
•Informationreporting–CSFsandKPIs.
•Applicationofstrategicmodels–PEST,Porter’s5Forces,valuechain.
•HRframeworks–rewardandappraisalsystems.
•Riskmanagement.
•Environmentalmanagementaccounting.
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ACCAExamtipsSeptember2015P5-BeckerProfessionalEducation
Budgeting.
•FinancialperformanceindicatorssuchasNPVandMIRR.
•Activitybasedmanagement.
•FitzgeraldandMoonbuildingblockmodel.
•SixSigma.
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ACCAExamtipsSeptember2015P5-LSBF
•Choiceofsuitableperformancemetricsforaspecificorganisation(perhapsEVA/FitzgeraldandMoon).
•Impactoftheexternalenvironment(perhapshowtocollectrelevantinformationaboutchanges).
•Modernmanagementaccountingtechniques(perhapsTQM/JIT/environmentalmanagementaccounting).
•AnalysisofperformanceofSBU’s(perhapsBCGmatrix).
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ACCAExamtipsSeptember2015P5-FirstIntuition
*Critiqueanexistingperformancemanagementsystemandtheperformancehierarchy.
*Transferpricing.
*Qualitycostsandsixsigma.
*Activitybasedprinciples.
*Budgeting.
*Performancemanagementmodels(performancepyramidorbuildingblockmodel).
*Valuebasedapproachestoperformancemanagement.
ACCAExamtipsSeptember2015P4-BPP
•Projectappraisal–costofcapitalcalculations.
•Businessvaluation–alsolikelytoincludecostofcapitalcalculations.•Riskmanagement–hedging.
•Currencyriskmanagement.
•Businessre-organisation.
•Realoptions.
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ACCAExamtipsSeptember2015P4-LSBF
•Investmentappraisalusingadjustedpresentvaluesorcapitalrationing.
•CostofcapitalusingtheprinciplesofModiglianiandMiller,prepositionsorgearedandungearedbetas.
•Mergersandacquisitions–valuationusingfreecashflows/P/Eratiomethod,cashofferorshareexchangeandregulationsoftakeovers.
•Assessingthesuccessofagivencapitalreconstructionscheme.
•Hedgingexchangerateorinterestrateriskusingfutures,optionsandswaps.
•Optionpricingtheory.Realoptions,example,optiontoabandon,expandanddelay.
•ValuationofcompanyusingtheBlack-Scholeoptionpricingmodel.
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ACCAExamtipsSeptember2015P4-FirstIntuition
*Internationalinvestmentappraisaltechniquesfocusingonriskmanagementtoolssuchasvalueatrisk.
*ImpactonWACCfollowinghedgingofinterestraterisk.
*Companyvaluationbasedscenario,possibleMBOfinancetostructure.
*AdjustedpresentvaluewithlinktorealoptionsandBlackScholesoptionpricingmodel.
ACCAExamtipsSeptember2015P3-BPP
•Valuechain.
•CriticalsuccessfactorsandKPIs.•Roleofthecorporateparent,includingBCGmatrix/Ashbridge.
•Managingstrategicchange–forcefieldanalysis.
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ACCAExamtipsSeptember2015P3-LSBF
•Strategicanalysis(perhapswithoneoftheless-usedmodelssuchAshridge).
•Strategicchoicewithnumbers(perhapscloseorcontinueoradecisiontree).
•ITcontrols.
•Integratedreporting.
•Improvingbusinessprocesses.
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ACCAExamtipsSeptember2015P3-FirstIntuition
SectionA
*Environmentalanalysis,peoplewithfinancialanalysis.
SectionB
*Projectmanagement.
*Strategicaction.
*Informationtechnology–pricingstrategy.
ACCAExamtipsSeptember2015P2-BPP
•Q1:
preparationofagroupstatementofprofitoflossandothercomprehensiveincomeand/orstatementoffinancialpositionorstatementofcashflows.Thismayincludeaforeignsubsidiary,discountedactivities,disposaland/oracquisitions.Youcanaddothercomplicationssuchasfinancialinstruments,pensions,share-basedpaymentandimpairments.
•Q2&Q3:
Testsarangeoftopicssuchasdeferredtax,foreigncurrencytransactions,financialinstruments,pensions,share-basedpayment,non-currentassets,borrowingcosts,andtheeffectofaccountingtreatmentsonearningspershareorratios.
•Standardssuchasaccountingpoliciesandtheframework,leases,grants,IFRSforSMEs,reorganisations,provisions,eventsafterthereportingperiodandrelatedparties.
•Q4:
Revisionoftheconceptualframework.
•RegulatoryissuesoveradoptionandconsistentapplicationofIFRSs.•Implementationissues.
•Revenuerecognition.
•Managementcommentary.
•Applicationofthedefinitionofcontrolandsignificantinfluence–equityaccounting.
•Improvementsinperformancemeasurement.
•ClassificationinprofitorlossvsOCI.
•Integratedreporting.
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ACCAExamtipsSeptember2015P2-BeckerProfessionalEducation
•ConsolidationsinQ1.
•Disposalsandcomplexgroups
(lastexaminedJune2010).
•Disposals(December2009).
•Stepacquisitions(December2011).
•Cashflow(Dec2013).
•ForeignSub(June2010).
•Complexgroup(Dec2012andJune2013).
•ConsolidatedprofitorlosswasexaminedforthefirsttimeinoverthreeyearsintheJune2014paper.
•Foreignsubsidiarieshavenotbeenexaminedforafewexams.
•FinancialInstruments(IFRS9)toincludehedgeaccounting,(questionsonthistopictendtoappearinmostexams).
•Employeebenefits(IAS19).
•Leases(IAS17).
•Share-basedpayments(IFRS2).
•Impairmentofassets(IAS36).
•Deferredtax(IAS12).
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ACCAExamtipsSeptember2015P2-FirstIntuition
*Q1:
Groupquestiononforeignsubsidiary.Willcontainavarietyofnon-grouptopicstoo.
*Ethics.
*Revenuerecognitionorleases–currentissue.
*Deferredtax.
*Sharebasedpayments.
*Pensions
ACCAExamtipsSeptember2015P1-BPP
•Useofstakeholder,ethicalandotherCRStheories–allappliedtothescenarios.
•Junetestedtheexaminer’stechnicalarticleonCSRsoensureyouarefamiliarwithanynewarticles.
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ACCAExamtipsSeptember2015P1-BeckerProfessionalEducation
•Corporategovernance(CG)concepts,underlyingfundamentalsandarrangements.
•CGinotherorganisations
(e.g.publicsector,NGOs).
•TypesandformsofCG(e.g.rulesbased,principlesbased,insider,outsidersystems,UKCorporateGovernanceCode,SoX).
•Agencytheory,stakeholders,Mendelow.
•Boardstructures,CEO/chairman,directors,non-executivedirectors,committees.
•Internalcontrolandbusinessrisk,Turnbull.
•Ethicaltheoriesandbusinesscodes–Kohlberg,Gray,OwenandAdams,Tucker,AAA.
•ProfessionsandthepublicHEALTHinterest.WARNING•Corporatesocialresponsibility,corporatecitizen,footprintsandsustainability.
•Integratedreporting,socialandenvironmentalauditing.
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