? ACCA 2014 All rights reserved.
　　1
　　Corporate and Business
　　Law （ENG） （F4）
　　September 2014 to
　　August 2015
　　（ PAPER EXAM SESSIONS IN DEC 2014 AND JUN
　　2015. START DATE FOR CBE NOVEMBER 19
　　2014.）
　　This syllabus and study guide is designed to help
　　with planning study and to provide detailed
　　information on what could be assessed in
　　any examination session.
　　THE STRUCTURE OF THE SYLLABUS AND
　　STUDY GUIDE
　　Relational diagram of paper with other papers
　　This diagram shows direct and indirect links
　　between this paper and other papers preceding or
　　following it. Some papers are directly underpinned
　　by other papers such as Advanced Performance
　　Management by Performance Management. These
　　links are shown as solid line arrows. Other papers
　　only have indirect relationships with each other
　　such as links existing between the accounting and
　　auditing papers. The links between these are shown
　　as dotted line arrows. This diagram indicates where
　　you are expected to have underpinning knowledge
　　and where it would be useful to review previous
　　learning before undertaking study.
　　Overall aim of the syllabus
　　This explains briefly the overall objective of the
　　paper and indicates in the broadest sense the
　　capabilities to be developed within the paper.
　　Main capabilities
　　This paper’s aim is broken down into several main
　　capabilities which divide the syllabus and study
　　guide into discrete sections.
　　Relational diagram of the main capabilities
　　This diagram illustrates the flows and links between
　　the main capabilities （sections） of the syllabus and
　　should be used as an aid to planning teaching and
　　learning in a structured way.
　　Syllabus rationale
　　This is a narrative explaining how the syllabus is
　　structured and how the main capabilities are linked.
　　The rationale also explains in further detail what the
　　examination intends to assess and why.
　　Detailed syllabus
　　This shows the breakdown of the main capabilities
　　（sections） of the syllabus into subject areas. This is
　　the blueprint for the detailed study guide.
　　Approach to examining the syllabus
　　This section briefly explains the structure of the
　　examination and how it is assessed.
　　Study Guide
　　This is the main document that students, learning
　　and content providers should use as the basis of
　　their studies, instruction and materials.
　　Examinations will be based on the detail of the
　　study guide which comprehensively identifies what
　　could be assessed in any examination session.
　　The study guide is a precise reflection and
　　breakdown of the syllabus. It is divided into sections
　　based on the main capabilities identified in the
　　syllabus. These sections are divided into subject
　　areas which relate to the sub-capabilities included
　　in the detailed syllabus. Subject areas are broken
　　down into sub-headings which describe the detailed
　　outcomes that could be assessed in examinations.
　　These outcomes are described using verbs
　　indicating what exams may require students to
　　demonstrate, and the broad intellectual level at
　　which these may need to be demonstrated
　?。?see intellectual levels below）。
　　INTELLECTUAL LEVELS
　　The syllabus is designed to progressively broaden
　　and deepen the knowledge, skills and professional
　　values demonstrated by the student on their way
　　through the qualification.
　　The specific capabilities within the detailed
　　syllabuses and study guides are assessed at one of
　　three intellectual or cognitive levels:
　　? ACCA 2014 All rights reserved.
　　2
　　LevelⅠ: Knowledge and comprehension
　　LevelⅡ: Application and analysis
　　LevelⅢ: Synthesis and *uation
　　Very broadly, these intellectual levels relate to the
　　three cognitive levels at which the Knowledge
　　module, the Skills module and the Professional level
　　are assessed.
　　Each subject area in the detailed study guide
　　included in this document is given a 1, 2, or
　　3 superscript, denoting intellectual level, marked at
　　the end of each relevant line. This gives an
　　indication of the intellectual depth at which an area
　　could be assessed within the examination. However,
　　while level 1 broadly equates with the Knowledge
　　module, level 2 equates to the Skills module and
　　level 3 to the Professional level, some lower level
　　skills can continue to be assessed as the student
　　progresses through each module and level. This
　　reflects that at each stage of study there will be a
　　requirement to broaden, as well as deepen
　　capabilities. It is also possible that occasionally
　　some higher level capabilities may be assessed at
　　lower levels.
　　LEARNING HOURS AND EDUCATION
　　RECOGNITION
　　The ACCA qualification does not prescribe or
　　recommend any particular number of learning hours
　　for examinations because study and learning
　　patterns and styles vary greatly between people and
　　organisations. This also recognises the wide
　　diversity of personal, professional and educational
　　circumstances in which ACCA students find
　　themselves.
　　As a member of the International Federation of
　　Accountants, ACCA seeks to enhance the education
　　recognition of its qualification on both national and
　　international education frameworks, and with
　　educational authorities and partners globally. In
　　doing so, ACCA aims to ensure that its qualifications
　　are recognized and valued by governments,
　　regulatory authorities and employers across all
　　sectors. To this end, ACCA qualifications are
　　currently recognized on the education frameworks in
　　several countries. Please refer to your national
　　education framework regulator for further
　　information.
　　Each syllabus contains between 23 and 35 main
　　subject area headings depending on the nature of
　　the subject and how these areas have been broken
　　down.
　　GUIDE TO EXAM STRUCTURE
　　The structure of examinations varies within and
　　between modules and levels.
　　The Fundamentals level examinations contain
　　100% compulsory questions to encourage
　　candidates to study across the breadth of each
　　syllabus.
　　The Knowledge module is assessed by equivalent
　　two-hour paper based and computer based
　　examinations.
　　The Skills module examinations F5-F9 are all paper
　　based three-hour papers containing a mix of
　　objective and longer type questions. The Corporate
　　and Business Law （F4） paper is a two- hour
　　computer based objective test examination which is
　　also available as a paper based version from the
　　December 2014 examination session.
　　The Professional level papers are all three-hour
　　paper based examinations, all containing two
　　sections. Section A is compulsory, but there will be
　　some choice offered in Section B.
　　For all three hour examination papers, ACCA has
　　introduced 15 minutes reading and planning time.
　　This additional time is allowed at the beginning of
　　each three-hour examination to allow candidates to
　　read the questions and to begin planning their
　　answers before they start writing in their answer
　　books. This time should be used to ensure that all
　　the information and exam requirements are properly
　　read and understood.
　　During reading and planning time candidates may
　　only annotate their question paper. They may not
　　write anything in their answer booklets until told to
　　do so by the invigilator.
　　The Essentials module papers all have a Section A
　　containing a major case study question with all
　　requirements totalling 50 marks relating to this
　　case. Section B gives students a choice of two from
　　three 25 mark questions.
　　? ACCA 2014 All rights reserved.
　　3
　　Section A of both the P4 and P5 Options papers
　　contain one 50 mark compulsory question, and
　　Section B will offer a choice of two from three
　　questions each worth 25 marks each.
　　Section A of each of the P6 and P7 Options papers
　　contains 60 compulsory marks from two questions;
　　question 1 attracting 35 marks, and question 2
　　attracting 25 marks. Section B of both these
　　Options papers will offer a choice of two from three
　　questions, with each question attracting 20 marks.
　　All Professional level exams contain four
　　professional marks.
　　The pass mark for all ACCA Qualification
　　examination papers is 50%.
　　GUIDE TO EXAMINATION ASSESSMENT
　　ACCA reserves the right to examine anything
　　contained within the study guide at any examination
　　session. This includes knowledge, techniques,
　　principles, theories, and concepts as specified.
　　For the financial accounting, audit and assurance,
　　law and tax papers except where indicated
　　otherwise, ACCA will publish examinable
　　documents once a year to indicate exactly
　　what regulations and legislation could potentially be
　　assessed within identified examination sessions
　　For paper based examinations regulation issued or
　　legislation passed on or before 31st August annually,
　　will be examinable from 1st September of the
　　following year to 31st August t of the year after that.
　　Please refer to the examinable documents for the
　　paper （where relevant） for further information.
　　Regulation issued or legislation passed in
　　accordance with the above dates may be
　　examinable even if the effective date is in the future.
　　The term issued or passed relates to when
　　regulation or legislation has been formally approved.
　　The term effective relates to when regulation or
　　legislation must be applied to an entity transactions
　　and business practices.
　　The study guide offers more detailed guidance on
　　the depth and level at which the examinable
　　documents will be examined. The study guide
　　should therefore be read in conjunction with the
　　examinable documents list.
　　? ACCA 2014 All rights reserved.
　　4
　　Syllabus
　　AIM
　　To develop knowledge and skills in the
　　understanding of the general legal framework, and
　　of specific legal areas relating to business,
　　recognising the need to seek further specialist legal
　　advice where necessary.
　　MAIN CAPABILITIES
　　On successful completion of this paper candidates
　　should be able to:
　　A Identify the essential elements of the legal
　　system, including the main sources of law
　　B Recognise and apply the appropriate legal
　　rules relating to the law of obligations
　　C Explain and apply the law relating to
　　employment relationships
　　D Distinguish between alternative forms and
　　constitutions of business organisations
　　E Recognise and compare types of capital
　　and the financing of companies
　　F Describe and explain how companies are
　　managed, administered and regulated
　　G Recognise the legal implications relating to
　　insolvency law
　　H Demonstrate an understanding of corporate
　　and fraudulent *.
　　RELATIONAL DIAGRAM OF MAIN CAPABILITIES
　?。ˋ） Essential elements of the legal system
　　（B） The law of
　　obligations
　?。‥）
　　Capital and the
　　financing of
　　companies
　?。℉） Corporate fraudulent and criminal *
　?。‵）
　　Management,
　　administration
　　and regulation of
　　companies
　　（C）
　　Employment law C）
　?。―） The formation and constitution
　　of business organisations
　?。℅） Insolvency law
　　FR （F7）
　　CR （P2）
　　CL （F4） AA （F8）
　　? ACCA 2014 All rights reserved.
　　5
　　RATIONALE
　　Corporate and Business Law is divided into eight
　　areas. The syllabus starts with an introduction to
　　the overall English legal system such as the court
　　system and sources of law. It then leads into the
　　area of the law of obligations including contract and
　　tort, which underpin business transactions
　　generally.
　　The syllabus then covers a range of specific legal
　　areas relating to various aspects of business of most
　　concern to finance professionals. These are the law
　　relating to employment and the law relating to
　　companies. These laws include the formation and
　　constitution of companies, the financing of
　　companies and types of capital, and the day-to-day
　　management, the administration and regulation of
　　companies and legal aspects of insolvency law.
　　The final section links back to all the previous areas.
　　This section deals with corporate fraudulent and
　　criminal *.
　　DETAILED SYLLABUS
　　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 *
　　1. Fraudulent and criminal *
　　? ACCA 2014 All rights reserved.
　　6
　　APPROACH TO EXAMINING THE SYLLABUS
　　The syllabus is assessed by a two-hour paper-based
　　examination.
　　The examination consists of:
　　Section A
　　- 25 x 2 mark objective test questions 50%
　　- 20 x 1 mark objective questions 20%
　　-
　　Section B
　　- 5 x 6 mark multi-task question 30%
　　100%.
　　All questions are compulsory.
　　NOTE ON CASE LAW
　　Candidates should support their answers on the
　　paper- based multi-task questions with analysis
　　referring to cases or examples. There is no need to
　　detail the facts of the case. Remember, it is the
　　point of law that the case establishes that is
　　important, although knowing the facts of cases can
　　be helpful as sometimes questions include scenarios
　　based on well-known cases. Further it is not
　　necessary to quote section numbers of Acts.
　　? ACCA 2014 All rights reserved.
　　7
　　Study Guide
　　A ESSENTIAL ELEMENTS OF THE LEGAL
　　SYSTEM
　　1. Law and the legal system
　　a） Define law and distinguish types of law.[1]
　　b） Explain the structure and operation of the
　　courts.[1]
　　2. Sources of law
　　a） Explain what is meant by case law and
　　precedent.[1]
　　b） Explain legislation and *uate delegated
　　legislation.[1]
　　c） Illustrate the rules and presumptions used by
　　the courts in interpreting statutes.[1]
　　d） Identify the concept and impact of human
　　rights law.[1]
　　B THE LAW OF OBLIGATIONS
　　1. Formation of contract
　　a） Analyse the nature of a simple contract.[2]
　　b） Explain the meaning of an offer and distinguish
　　it from an invitation to treat.[2]
　　c） Explain the termination of an offer. （2）
　　d） Explain the meaning and consequence of
　　acceptance.[2]
　　e） Explain the need for consideration.[2]
　　f） Explain adequacy and sufficiency of
　　consideration.[2]
　　g） Analyse the doctrine of privity.[2]
　　h） Distinguish the presumptions relating to
　　intention to create legal relations.[2]
　　2. Content of contracts
　　a） Distinguish terms from mere representations.[1]
　　b） Define the various contractual terms.[1]
　　c） Explain the effect of exclusion clauses and
　　*uate their control.[2]
　　3. Breach of contract and remedies
　　a） Explain the ways in which a contract may be
　　discharged. （2）
　　b） Explain the meaning and effect of breach of
　　contract.[2]
　　c） Explain the rules relating to the award of
　　damages.[2]
　　d） Analyse the equitable remedies for breach of
　　contract.[2]
　　4. The law of torts and professional negilgence
　　a） Explain the meaning of tort.[2]
　　b） Explain the tort of ‘passing off.’ [2]
　　c） Explain the tort of negligence including the
　　duty of care and its breach.[2]
　　d） Explain the meaning of causality and
　　remoteness of damage.[2]
　　e） Discuss defences to actions in negligence.[2]
　　f） Explain and analyse the duty of care of
　　accountants and auditors. （2）
　　C EMPLOYMENT LAW
　　1. Contract of employment
　　a） Distinguish between employees and the selfemployed.[
　　2]
　　b） Explain the nature of the contract of
　　employment and common law and statutory
　　duties placed on the employer and employee.[2]
　　? ACCA 2014 All rights reserved.
　　8
　　2. Dismissal and redundancy
　　a） Explain termination of employment by notice.[2]
　　b） Distinguish between summary and constructive
　　dismissal.[2]
　　c） Explain wrongful dismissal.[2]
　　d） Explain unfair dismissal, including the
　　procedure, and fair and unfair reasons for
　　dismissal.[2]
　　e） Discuss the remedies available to those who
　　have been subject to unfair dismissal.[2]
　　f） Explain what is meant by redundancy.[2]
　　D THE FORMATION AND CONSTITUTION OF
　　BUSINESS ORGANISATIONS
　　1. Agency law
　　a） Define the role of the agent and give examples
　　of such relationships paying particular regard
　　to partners and company directors.[2]
　　b） Explain the formation of the agency
　　relationship.[2]
　　c） Define the authority of the agent.[2]
　　d） Explain the potential liability of both principal
　　and agent.[2]
　　2. Partnerships
　　a） Demonstrate a knowledge of the legislation
　　governing the partnership, both unlimited and
　　limited.[1]
　　b） Discuss the formation of a partnership .[2]
　　c） Explain the authority of partners in relation to
　　partnership activity.[2]
　　d） Analyse the liability of various partners for
　　partnership debts.[2]
　　e） Explain the termination of a partnership, and
　　partners’ subsequent rights and liabilities.[2]
　　3. Corporations and legal personality
　　a） Distinguish between sole traders, partnerships
　　and companies.[1]
　　b） Explain the meaning and effect of limited
　　liability.[2]
　　c） Analyse different types of companies,
　　especially private and public companies.[2]
　　d） Illustrate the effect of separate personality and
　　the veil of incorporation.[2]
　　e） Recognise instances where separate
　　personality will be ignored （lifting the veil of
　　incorporation）。[2]
　　4. The formation and constitution of a company
　　a） Explain the role and duties of company
　　promoters, and the breach of those duties and
　　remedies available to the company.[2]
　　b） Explain the meaning of, and the rules relating
　　to, pre-incorporation contracts.[2]
　　c） Describe the procedure for registering
　　companies, both public and private.[1]
　　d） Describe the statutory books, records and
　　returns that companies must keep or make.[1]
　　e） Analyse the effect of a company’s
　　constitutional documents.[2]
　　f） Describe the contents of model articles of
　　association.[1]
　　g） Explain how articles of association can be
　　changed.[2]
　　h） Explain the controls over the names that
　　companies may or may not use.[2]
　　E CAPITAL AND THE FINANCING OF
　　COMPANIES
　　1. Share capital
　　a） Examine the different types of capital.[2]
　　? ACCA 2014 All rights reserved.
　　9
　　b） Illustrate the difference between various
　　classes of shares, including treasury shares,
　　and the procedure for altering class rights.[2]
　　c） Explain allotment of shares, and distinguish
　　between rights issue and bonus issue of
　　shares.[2]
　　d） Examine the effect of issuing shares at either a
　　discount, or at a premium.[2]
　　2. Loan capital
　　a） Define companies’ borrowing powers.[1]
　　b） Explain the meaning of loan capital and
　　debenture.[2]
　　c） Distinguish loan capital from share capital, and
　　explain the different rights held by shareholders
　　and debenture holders.[2]
　　d） Explain the concept of a company charge and
　　distinguish between fixed and floating
　　charges.[2]
　　e） Describe the need and the procedure for
　　registering company charges.[2]
　　3. Capital maintenance and dividend law
　　a） Explain the doctrine of capital maintenance
　　and capital reduction.[2]
　　b） Explain the rules governing the distribution of
　　dividends in both private and public
　　companies.[2]
　　F MANAGEMENT, ADMINISTRATION AND THE
　　REGULATION OF COMPANIES
　　1. Company directors
　　a） Explain the role of directors in the operation of
　　a company, and the different types of directors,
　　such as executive/ non-executive directors or
　　de jure and de facto directors .[2]
　　b） Discuss the ways in which directors are
　　appointed, can lose their office and the
　　disqualification of directors.[2]
　　c） Distinguish between the powers of the board of
　　directors, the managing director/chief executive
　　and individual directors to bind their
　　company.[2]
　　d） Explain the duties that directors owe to their
　　companies.[2]
　　2. Other company officers
　　a） Discuss the appointment procedure relating to,
　　and the duties and powers of, a company
　　secretary.[2]
　　b） Discuss the appointment procedure relating to,
　　and the duties and rights of a company
　　auditor, and their subsequent removal or
　　resignation.[2]
　　3. Company meetings and resolutions
　　a） Distinguish between types of meetings:
　　general meetings and annual general
　　meetings.[1]
　　b） Distinguish between types of resolutions:
　　ordinary, special, and written.[2]
　　c） Explain the procedure for calling and
　　conducting company meetings.[2]
　　G INSOLVENCY LAW
　　1. Insolvency and administration
　　a） Explain the meaning of and procedure involved
　　in voluntary liquidation, including members’
　　and creditors’ voluntary liquidation.[2]
　　b） Explain the meaning of, the grounds for, and
　　the procedure involved in compulsory
　　liquidation.[2]
　　c） Explain the order in which company debts will
　　be paid off on liquidation.[2]
　　d） Explain administration as a general alternative
　　to liquidation.[2]
　　e） Explain the way in which of an administrator
　　may be appointed, the effects of such
　　appointment, and the powers and duties an
　　administrator.[2]
　　? ACCA 2014 All rights reserved.
　　10
　　H CORPORATE FRAUDULENT AND CRIMINAL
　　BEHAVIOUR
　　1. Fraudulent and criminal *
　　a） Recognise the nature and legal control over
　　insider dealing.[2]
　　b） Recognise the nature and legal control over
　　market abuse.[2]
　　c） Recognise the nature and legal control over
　　money laundering.[2]
　　d） Recognise the nature and legal control over
　　bribery.[2]
　　e） Discuss potential criminal activity in the
　　operation, management and liquidation of
　　companies.[2]
　　f） Recognise the nature and legal control over
　　fraudulent and wrongful trading.[2]
　　? ACCA 2014 All rights reserved.
　　11
　　SUMMARY OF CHANGES TO F4 ENG
　　ACCA periodically reviews its qualification syllabuses so that they fully meet the needs of stakeholders such as
　　employers, students, regulatory and advisory bodies and learning providers.
　　The main areas that have been amended in the syllabus are shown in Table 1 below:
　　Table 1 – Amendments to F4 ENG
　　Section and subject area Syllabus content
　　A2d） Human rights The concept and impact of human rights （Whole of A3
　　removed and merged into just one outcome so less
　　emphasis on human rights）
　　The main areas that have been deleted in the syllabus are shown in Table 2 below:
　　Table 2 – Deletions to F4 ENG
　　Section and subject area Syllabus content
　　A1b） Court structure The structure and operation of the tribunal systems
　　A3a） Human rights The concept of human rights as expressed in the
　　Human Rights Act 1998
　　H1a） Corporate governance The idea of corporate governance
　　H1b） Corporate governance The extra-legal codes of corporate governance
　　H1c） Corporate governance
　　The legal regulation of corporate governance
　　? ACCA 2014 All rights reserved.
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