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F1 - Accountant in Business

A) The business organisation, its stakeholders and the external environment


1. The purpose and types of business organization
2. Stakeholders in business organisations
3. Political and legal factors affecting business
4. Macroeconomic factors
5. Micro economic factors
6. Social and demographic factors
7. Technological factors
8. Environmental factors
9. Competitive factors

B) Business organisational structure, functions and governance


1. The formal and informal business organisation
2. Business organisational structure and design
3. Organisational culture in business
4. Committees in business organisations
5. Governance and social responsibility in business

C) Accounting and reporting systems, controls and compliance


1. The relationship between accounting and other business functions
2. Accounting and finance functions within business organisations
3. Principles of law and regulation governing accounting and auditing
4. The sources and purpose of internal and external financial information, provided
by business
5. Financial systems, procedures and related IT applications
6. Internal controls, authorisation, security of data and compliance within business
7. Fraud and fraudulent behaviour and their prevention in business, including money
laundering.

D) Leading and managing individuals and teams


1. Leadership, management and supervision
2. Recruitment and selection of employees
3. Individual and group behaviour in business organisations
4. Team formation, development and management
5. Motivating individuals and groups
6. Learning and training at work
7. Review and appraisal of individual performance.

E) Personal effectiveness and communication


1. Personal effectiveness techniques
2. Consequences of ineffectiveness at work
3. Competence frameworks and personal development
4. Sources of conflicts and techniques for conflict resolution and referral
5. Communicating in business.

F) Professional ethics in accounting and business


1. Fundamental principles of ethical behaviour
2. The role of regulatory and professional bodies in promoting ethical and
professional standards in the accountancy profession
3. Corporate codes of ethics
4. Ethical conflicts and dilemmas

F2 - Management Accounting

A) The nature, source and purpose of management information


1. Accounting for management
2. Sources of data
3 Cost classification
4 Presenting information

B) Cost accounting techniques.


1. Accounting for material, labour and overheads
2. Absorption and marginal costing
3. Cost accounting methods
4. Alternative cost accounting principles

C) Budgeting
1. Nature and purpose of budgeting
2. Statistical techniques
3. Budget preparation
4. Flexible budgets
5 Capital budgeting and discounted cash flow
6 Budgetary control and reporting
7. Behavioural aspects of budgeting

D) Standard costing
1 Standard costing system
2 Variance calculations and analysis
3 Reconciliation of budgeted and actual profit

E) Performance measurement
1. Performance measurement - overview
2 Performance measurement - application
3 Cost reductions and value enhancement
4. Monitoring performance and reporting
F3 - Financial Accounting

A) The context and purpose of financial reporting


1. The scope and purpose of financial statements for external reporting
2. Users and stakeholders needs
3. The main elements of financial reports
4. The regulatory framework (legislation and regulation, reasons and limitations,
relevance of accounting standards)
5. Duties and responsibilities of those charged with governance.

B) The qualitative characteristics of financial information


1. The qualitative characteristics of financial information

C) The use of double-entry and accounting systems


1. Double-entry book-keeping principles including the maintenance of accounting
records and sources of accounting information
2. Ledger accounts, books of prime entry, and journals

D) Recording transactions and events


1. Sales and purchases
2. Cash
3. Inventory
4. Tangible non-current assets
5. Depreciation
6. Intangible non-current assets and amortisation
7. Accruals and prepayments
8. Receivables and payables
9. Provisions and contingencies
10. Capital structure and finance costs

E) Preparing a trial balance


1. Trial balance
2. Correction of errors
3. Control accounts and reconciliations
4. Bank reconciliations
5. Suspense accounts

F) Preparing basic financial statements


1. Statements of financial position
2. Statements of profit or loss and other comprehensive income
3. Disclosure notes
4 Events after the reporting period
5. Statements of cash flows
6. Incomplete records

G) Preparing simple consolidated financial statements


1. Subsidiaries
2. Associates
H) Interpretation of financial statements
1. Importance and purpose of analysis of financial statements
2. Ratios
3. Analysis of financial statements

F4 - Corporate and Business Law (ENG)


A) Essential elements of the legal system
1. Law and the legal system
2. Sources of law

B) The law of obligations


1. Formation of contract
2. Content of contracts
3. Breach of contract and remedies
4. The law of torts and professional negligence

C) Employment law
1. Contract of employment
2. Dismissal and redundancy

D) The formation and constitution of business organisations


1. Agency law
2. Partnerships
3. Corporations and legal personality
4. The formation and constitution of a company

E) Capital and the financing of companies


1. Share capital
2. Loan capital
3. Capital maintenance and dividend law

F) Management, administration and the regulation of companies


1. Company directors
2. Other company officers
3. Company meetings and resolutions

G) Insolvency law
1. Insolvency and administration

H) Corporate fraudulent and criminal behaviour


1. Fraudulent and criminal behaviour
F5 - Performance Management
A) Specialist cost and management accounting techniques
1. Activity-based costing
2. Target costing
3. Life-cycle costing
4. Throughput accounting
5. Environmental accounting

B) Decision-making techniques
1. Relevant cost analysis
2. Cost volume analysis
3. Limiting factors
4. Pricing decisions
5. Make-or-buy and other short-term decisions
6. Dealing with risk and uncertainty in decision making

C) Budgeting and control


1. Budgetary systems and types of budget
2. Quantitative analysis in budgeting
3. Standard costing
4. Material mix and yield variances
5. Sales mix and quantity variances
6. Planning and operational variances
7. Performance analysis

D) Performance measurement and control


1. Performance management information systems
2. Sources of management information
3. Management reports
4. Performance analysis in private sector organisations
5. Divisional performance and transfer pricing
6. Performance analysis in not-for-profit organisations and the public sector
7. External considerations and behavioural aspects
F6 - Taxation (UK)
A) The UK tax system and its administration
1. The overall function and purpose of taxation in a modern economy
2. Principal sources of revenue law and practice
3. The systems for self-assessment and the making of returns
4. The time limits for the submission of information, claims and payment of tax,
including payments on account
5. The procedures relating to compliance checks, appeals and disputes
6. Penalties for non-compliance

B) Income tax and NIC liabilities


1. The scope of income tax
2. Income from employment
3. Income from self-employment
4. Property and investment income
5. The comprehensive computation of taxable income and income tax liability
6. National insurance contributions for employed and self-employed persons
7. The use of exemptions and reliefs in deferring and minimising income tax
liabilities

C) Chargeable gains for individuals


1. The scope of the taxation of capital gains
2. The basic principles of computing gains and losses
3. Gains and losses on the disposal of movable and immovable property
4. Gains and losses on the disposal of shares and securities
5. The computation of capital gains tax
6. The use of exemptions and reliefs in deferring and minimising tax liabilities
arising on the disposal of capital assets

D) Inheritance tax
1. The basic principles of computing transfers of value
2. The liabilities arising on chargeable lifetime transfers and on the death of an
individual
3. The use of exemptions in deferring and minimising inheritance tax liabilities
4. Payment of inheritance tax

E) Corporation tax liabilities


1. The scope of corporation tax
2. Taxable total profits
3. Chargeable gains for companies
4. The comprehensive computation of corporation tax liability
5. The effect of a group corporate structure for corporation tax purposes
6. The use of exemptions and reliefs in deferring and minimising corporation tax
liabilities

F) Value added tax


1. The VAT registration requirements
2. The computation of VAT liabilities
3. The effect of special schemes

F7 - Financial Reporting

A) The conceptual and regulatory framework for financial reporting


1. The need for a conceptual framework and the characteristics of useful
information
2. Recognition and measurement
3. Regulatory framework
4. The concepts and principles of groups and consolidated financial statements

B) Accounting for transactions in financial statements


1. Tangible non-current assets
2. Intangible assets
3. Impairment of assets
4. Inventory and biological assets
5. Financial instruments
6. Leasing
7. Provisions and events after the reporting period
8. Taxation
9. Reporting financial performance
10. Revenue
11. Government grants
12. Foreign currency transactions

C) Analysing and interpreting the financial statements of single entities and groups
1. Limitations of financial statements
2. Calculation and interpretation of accounting ratios and trends to address users
and stakeholders needs
3. Limitations of interpretation techniques
4. Specialised, not-for-profit, and public sector entities

D) Preparation of financial statements


1. Preparation of single entity financial statements
2. Preparation of consolidated financial statements including an associate
F8 - Audit and Assurance
A) Audit framework and regulation
1. The concept of audit and other assurance engagements
2. External audits
3. Corporate governance
4. Professional ethics and ACCAs Code of Ethics and Conduct
5. Internal audit and governance and the differences between external audit and
internal audit
6. The scope of the internal audit function, outsourcing and internal audit
assignments

B) Planning and risk assessment


1. Obtaining and accepting audit engagements
2. Objective and general principles
3. Assessing audit risks
4. Understanding the entity and its environment
5. Fraud, laws and regulations
6. Audit planning and documentation

C) Internal control
1. Internal control systems
2. The use and evaluation of internal control systems by auditors
3. Tests of control
4. Communication on internal control

D) Audit evidence
1. Financial statement assertions and audit evidence
2. Audit procedures
3. Audit sampling and other means of testing
4. The audit of specific items
5. Computer-assisted audit techniques
6. The work of others
7 Not-for-profit organisations

E) Review and reporting


1. Subsequent events
2. Going concern
3. Written representations
4. Audit finalisation and the final review
5. Audit reports
F9 - Financial Management
A) Financial management function
1. The nature and purpose of financial management
2. Financial objectives and relationship with corporate strategy
3. Stakeholders and impact on corporate objectives
4. Financial and other objectives in not-for-profit organisations

B) Financial management environment


1. The economic environment for business
2. The nature and role of financial markets and institutions
3. The nature and role of money market

C) Working capital management


1. The nature, elements and importance of working capital
2. Management of inventories, accounts receivable, accounts payable and cash
3. Determining working capital needs and funding strategies

D) Investment appraisal
1. Investment appraisal techniques
2. Allowing for inflation and taxation in investment appraisal
3. Adjusting for risk and uncertainty in investment appraisal
4. Specific investment decisions (lease or buy; asset replacement, capital rationing)

E) Business finance
1. Sources of, and raising business finance
2. Estimating the cost of capital
3. Sources of finance and their relative costs
4. Capital structure theories and practical considerations
5. Finance for small- and medium-sized entities

F) Business valuations
1. Nature and purpose of the valuation of business and financial assets
2. Models for the valuation of shares
3. The valuation of debt and other financial assets
4. Efficient market hypothesis (EMH) and practical considerations in the valuation of
shares

G) Risk management
1. The nature and types of risk and approaches to risk management
2. Causes of exchange rate differences and interest rate fluctuations
3. Hedging techniques for foreign currency risk
4. Hedging techniques for interest rate risk
P1 - Governance, Risk and Ethics

A) Governance and responsibility


1. The scope of governance
2. Agency relationships and theories
3. The board of directors
4. Board committees
5. Directors remuneration
6. Different approaches to corporate governance
7. Corporate governance and corporate social responsibility
8. Governance: reporting and disclosure
9. Public sector governance

B) Internal control and review


1. Management control systems in corporate governance
2. Internal control, audit and compliance in corporate governance
3. Internal control and reporting
4. Management information in audit and internal control

C) Identifying and assessing risk


1. Risk and the risk management process
2. Categories of risk
3. Identification, assessment and measurement of risk

D) Controlling risk
1. Targeting and monitoring risk
2. Methods of controlling and reducing risk
3. Risk avoidance, retention and modelling

E) Professional values, ethics and social responsibility


1. Ethical theories
2. Different approaches to ethics and social responsibility
3. Professions and the public interest
4. Professional practice and codes of ethics
5. Conflicts of interest and the consequences of unethical behaviour
6. Ethical characteristics of professionalism
7. Social and environmental issues in the conduct of business and of ethical
behaviour
P2 - Corporate Reporting (INT)

A) The professional and ethical duty of the accountant


1. Professional behaviour and compliance with accounting standards
2. Ethical requirements of corporate reporting and the consequences of unethical
behaviour
3. Social responsibility

B) The financial reporting framework


1. The applications, strengths and weaknesses of an accounting framework
2. Critical evaluation of principles and practices

C) Reporting the financial performance of entities


1. Performance reporting
2. Non-current assets
3. Financial instruments
4. Leases
5. Segment reporting
6. Employee benefits
7. Income taxes
8. Provisions, contingencies and events after the reporting date
9. Related parties
10. Share-based payment
11. Reporting requirements of small and medium sized entities (SMEs)

D) Financial statements of groups of entities


1. Group accounting including statements of cash flows
2. Continuing and discontinued interests
3. Changes in group structures
4. Foreign transactions and entities

E) Specialised entities and specialised transactions


1. Financial reporting in specialised, not-for-profit and public sector entities
2. Entity reconstructions

F) Implications of changes in accounting regulation on financial reporting


1. The effect of changes in accounting standards on accounting systems
2. Proposed changes to accounting standards

G) The appraisal of financial performance and position of entities


1. The creation of suitable accounting policies
2. Analysis and interpretation of financial information and measurement of
performance

H) Current developments
1. Environmental and social reporting
2. Convergence between national and international reporting standards
3. Current reporting issues

P3 - Business Analysis
A) Strategic position
1. The need for, and purpose of, strategic and business analysis
2. Environmental issues affecting the strategic position of, and future outlook for, an
organisation
3. Competitive forces affecting an organisation
4. Marketing and the value of goods and services
5. The internal resources, capabilities and competences of an organisation
6. The expectations of stakeholders and the influence of ethics and culture

B) Strategic choices
1. The influence of corporate strategy on an organisation
2. Alternative approaches to achieving competitive advantage
3. Alternative directions and methods of development

C) Strategic action
1. Organising and enabling success
2. Managing strategic change
3. Understanding strategy development

D) Business and process change


1. Business change
2. The role of process and process change initiatives
3. Improving the processes of the organisation
4. Software solutions

E) Information technology
1. Principles of information technology
2. Principles of e-business
3. E-business application: upstream supply chain management
4. E-business application: downstream supply chain management
5. E-business application: customer relationship management

F) Project management
1. The nature of projects
2. Building a business case
3. Managing and leading projects
4. Planning, monitoring and controlling projects
5. Concluding a project

G) Financial Analysis
1. The link between strategy and finance
2. Finance decisions to formulate and support business strategy
3. The role of cost and management accounting in strategic planning and
implementation
4. Financial implications of making strategic choices and of implementing strategic
actions

H) People
1. Strategy and people: leadership
2. Strategy and people: job design
3. Strategy and people: staff development

P4 - Advanced Financial Management

A) Role of senior financial adviser in the multinational organisation


1. The role and responsibility of senior financial executive/advisor
2. Financial strategy formulation
3. Ethical and governance issues
4. Management of international trade and finance
5. Strategic business and financial planning for multinational organisations
6. Dividend policy in multinationals and transfer pricing

B) Advanced investment appraisal


1. Discounted cash flow techniques
2. Application of option pricing theory in investment decisions
3. Impact of financing on investment decisions and adjusted present values
4. Valuation and the use of free cash flows
5. International investment and financing decisions

C) Acquisitions and mergers


1. Acquisitions and mergers versus other growth strategies
2. Valuation for acquisitions and mergers
3. Regulatory framework and processes
4. Financing acquisitions and mergers

D) Corporate reconstruction and re-organisation


1. Financial reconstruction
2. Business re-organisation

E) Treasury and advanced risk management techniques


1. The role of the treasury function in multinationals
2. The use of financial derivatives to hedge against forex risk
3. The use of financial derivatives to hedge against interest rate risk
P6 - Advanced Taxation (UK)

A) Knowledge and understanding of the UK tax system through the study of more
advanced topics within the taxes studied previously and the study of stamp taxes.
1. Income and income tax liabilities in situations involving further overseas aspects
and in relation to trusts, and the application of additional exemptions and reliefs.
2. Chargeable gains and capital gains tax liabilities in situations involving further
overseas aspects and in relation to closely related persons and trusts, and the
application of additional exemptions and reliefs.
3. Inheritance tax in situations involving further aspects of the scope of the tax and
the calculation of the liabilities arising, the principles of valuation and the reliefs
available, transfers of property to and from trusts, overseas aspects and further
aspects of administration.
4. Corporation tax liabilities in situations involving overseas and further group
aspects and in relation to special types of company, and the application of
additional exemptions and reliefs.
5. Stamp taxes
6. Value added tax, tax administration and the UK tax system

B) The impact of relevant taxes on various situations and courses of action,


including the interaction of taxes
1. Taxes applicable to a given situation or course of action and their impact.
2. Alternative ways of achieving personal or business outcomes may lead to
different tax consequences.
3. Taxation effects of the financial decisions made by businesses (corporate and
unincorporated) and by individuals.
4. Tax advantages and/or disadvantages of alternative courses of action.
5. Statutory obligations imposed in a given situation, including any time limits for
action and the implications of non-compliance.

C) Minimising and/or deferring tax liabilities by the use of standard tax planning
measures
1. Types of investment and other expenditure that will result in a reduction in tax
liabilities for an individual and/or a business.
2. Legitimate tax planning measures, by which the tax liabilities arising from a
particular situation or course of action can be mitigated.
3. The appropriateness of such investment, expenditure or measures, given a
particular taxpayers circumstances or stated objectives.
4. The mitigation of tax in the manner recommended, by reference to numerical
analysis and/or reasoned argument.
5. Ethical and professional issues arising from the giving of tax planning advice.
6. Current issues in taxation.

D) Communicating with clients, HM Revenue and Customs and other professionals


1. Communication of advice, recommendations and information in the required
format.
2. Presentation of written information, in language appropriate to the purpose of the
communication and the intended recipient.
3. Conclusions reached with relevant supporting computations.
4. Assumptions made or limitations in the analysis provided, together with any
inadequacies in the information available and/or additional information required to
provide a fuller analysis.
5. Other non-tax factors that should be considered.