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F7

learning outcomes
This article considers three learning outcomes that will be added to the F7 syllabus from
September 2016. These are: foreign currency transactions, group disposals, and interpretation
of consolidated financial statements.
Cash flow statements
This article considers the statement of cash flows of which it assumes no prior knowledge
and explains how to calculate cash flows and where those cash flows are presented in the
statement of cash flows.
Revenue revisited
This article considers the application of IFRS 15, Revenue from Contracts with Customers using
the five-step model.
Lease – operating or finance?
Complex lease terms mean that it is often difficult to determine how they should be classified.
We shed some light on the matter.
What is a financial instrument? – part 1
The first part of two articles considers the definition of accounting for financial instruments. It
establishes how those issuing financial instruments need to classify these as either financial
liabilities (for example, loans and bonds) or equity instruments (for example, ordinary shares).
What is a financial instrument? – part 2
The second part of this article considers accounting for financial assets, and includes a focus on
debt instruments and equity instruments.
The need for and an understanding of a conceptual framework
The relevance and importance of conceptual frameworks, which are vital to the understanding
of the many principles and concepts that underpin International Financial Reporting Standards
(IFRS).
IASB's Conceptual Framework for Financial Reporting
This article takes a look at how the framework points the way for the development of new
accounting standards.
How to account for property
This article outlines how you account for property, and was written specifically for students in
Hong Kong. However, the article is relevant to all F7 and P2 students and those studying for the
DipIFR.
Accounting for leases
The accounting topic of leases is a popular F7 exam area that could feature to varying degrees
in Questions 2, 3, 4 or 5 of the exam. This topic area is currently covered by IAS 17, Leases.
Accounting for property, plant and equipment
This article is designed to outline the key areas of IAS 16, Property, Plant and Equipment that
you may be required to attempt in the F7 exam.
IFRS 3, Business Combinations
This article explains the relevance of IFRS 3 to F7 candidates.
Performance appraisal
Performance appraisal requires good interpretation and a good understanding of what the
information means in the context of the question.
Not-for-profit organisations – part 1
The first part of the article broadly describes the generic characteristics of not-for-profit
organisations.
Not-for-profit organisations – part 2
The second part of the article takes a specific and deeper look at charities, which are one of the
more important types of not-for-profit organisations.
Impairment of goodwill
This article discusses and shows both ways of measuring goodwill following the acquisition of a
subsidiary, and how each measurement of goodwill is subject to an impairment review.
Deferred tax
This article starts by considering aspects of deferred tax that are relevant to F7, before moving
on to the more complicated situations that may be tested in P2.
Research and development
The accounting treatment for research and development costs under both UK and International
Accounting Standards.
Property, plant and equipment, and tangible fixed assets – part 1
In the first of two articles, we look at the main features of IAS 16, Property, Plant and Equipment
(PPE).
Property, plant and equipment, and tangible fixed assets – part 2
In the second of two articles, we consider revaluation of property, plant and equipment and its
derecognition, outlining the differences in international and UK perspectives.
Suspense accounts and error correction
Suspense accounts and error correction are popular topics for examiners because they test
understanding of bookkeeping principles so well.

F5
Decision trees
The addition of decision trees to the F5 syllabus is a relatively recent one. This article provides a
step-by-step approach to decision trees, using a simple example to guide you through.
The learning rate and learning effect
The purpose of this article is to summarise the history of the learning curve effect and help
candidates understand why it is important, as well as looking at what past learning curve
questions have required of candidates and to clarify how future questions may go beyond this.
Throughput accounting and the theory of constraints – part 1
In the first of two articles, we look at the basic principles of the theory of constraints and
throughput accounting.
Throughput accounting and the theory of constraints – part 2
A follow-up to the first part of this article featuring a discussion on the five focusing steps of the
theory of constraints, with examples of how these steps might be applied in practice or in the
exam.
Transfer pricing
This article looks at stripping transfer pricing back to the basics and consider, first, why transfer
pricing is important; secondly, the general principles that should be applied when setting a
transfer price; and thirdly, an approach to tackle exam questions in this area, specifically the
question from June 2014’s exam.
Environmental management accounting
Also available as a podcast on iTunes
Environmental management accounting is part of the F5 syllabus and requires students to
describe the issues businesses face in managing environmental costs, and the different
methods they may use to account for these.
Decentralisation and the need for performance measurement
This article focuses on a classic performance measurement question, which involves a
combination of financial and non-financial analysis.
Cost-volume-profit analysis
Cost-volume-profit analysis allows a business to find its break-even point.
Comparing budgeting techniques
Also available as a podcast on iTunes
This article critically evaluates the two main methods for preparing budgets - the incremental
approach and the zero-based approach.
Materials mix and yield variances
This article explains the theory behind mix and yield variances, and provides examples of how
to use them in an exam.
Target costing and lifecycle costing
An explanation of target costing and lifecycle costing, with examples as to how and when you
would use these costing techniques.
Activity-based costing
ABC undoubtedly requires an organisation to spend time and effort investigating more fully what
causes it to incur costs, and then to use that detailed information for costing purposes.
Transfer pricing
Transfer prices are almost inevitably needed whenever a business is divided into more than one
department or division.
Not-for-profit organisations – part 1
The first part of the article broadly describes the generic characteristics of not-for-profit
organisations.
Not-for-profit organisations – part 2
The second part of the article takes a specific and deeper look at charities, which are one of the
more important types of not-for-profit organisations.
The risks of uncertainty
Decisions, decisions – risk, probability and potential outcomes unravelled.
Interpreting financial data
How to interpret financial data.
Linear programming
A simple example to illustrate the decision-making technique of linear programming.

F9
Working capital management
This article covers the foundations of working capital management, a core area of the F9
syllabus, and focuses on the analysis of current assets and current liabilities. The topic can form
part, or the whole of, a 20-mark question in the exam, as well as being examined by objective
test questions.
Accounts receivable management
Section C2d) of the F9 Study Guide states that candidates should be able to ‘discuss, apply and
evaluate the use of relevant techniques in managing accounts receivable’.
Hedging techniques for interest rate risk
This article looks at Section G of the F9 Study Guide relating to the management of interest rate
risk.
The capital asset pricing model – part 1
In the first of a three-part series of articles, we consider the CAPM and its components, shows
how it can be used to estimate the cost of equity, and introduces the asset beta formula.
The capital asset pricing model – part 2
This article describes how to apply the CAPM when calculating a project-specific discount rate
to use in investment appraisal.
CAPM: theory, advantages, and disadvantages
In the final article in his three-part series, we look at the theory, advantages and disadvantages
of CAPM.
Management of foreign accounts receivable
This article focuses on foreign accounts receivable, which present some additional challenges
to a business that are not present with domestic-based customers.
Business finance for SMEs
Also available as a podcast on iTunes
In this article, we consider potential finance sources that an SME could use, with a particular
focus on the more modern sources of crowdfunding and supply chain financing introduced to
the F9 syllabus and examinable from September 2015.
Equivalent annual costs and benefits
The calculation of equivalent annual costs is a tool that can be used by companies to assist in
asset replacement decisions.
Myopic management
Also available as a podcast on iTunes
For many years, managers of large businesses have been accused of focusing on short-term
rather than long-term performance. In this article by Peter Atrill, freelance academic and writer,
we explore the causes of management short termism and the remedies available.
Business valuations
This article discusses the three broad approaches to business valuations – assets-based,
income-based, and cash flow-based.
Analysing the suitability of financing alternatives
This article suggests an approach for students to apply to a key area of the F9 syllabus before
finishing with a worked example to demonstrate the technique discussed.
Introduction to Islamic finance
This article takes a look at Islamic finance, which has just been introduced to the F9 syllabus.
Business finance
Section E of the syllabus deals with business finance. This article covers types of finance,
sources of finance and mix of finance.
Advanced investment appraisal
Investment appraisal is one of the eight core topics within F9 and it is a topic which has been
well represented in the F9 exam.
Foreign currency risk and its management
A focus on the three types of currency risk – economic risk, translation risk and transaction risk.
Cost of capital, gearing and CAPM – part 1
A fundamental part of financial management is investment appraisal: into which long-term
projects should a company put money? This is the first part of the article that looks at how a
suitable discount rate can be calculated.
Cost of capital, gearing and CAPM – part 2
A fundamental part of financial management is investment appraisal: into which long-term
projects should a company put money? This is the second part of the article that looks at how a
suitable discount rate can be calculated.
Receivables collection
This article considers two methods a company could adopt in order to speed up the collection of
cash from its customers.
Optimum capital structure
Is it possible to increase shareholder wealth by changing the capital structure
Being an angel
Business angels are an important source of finance for smaller businesses. This article looks at
the role that business angels play in providing finance, the way in which they approach making
an investment, and the financial and non-financial returns that may be expected.