? ACCA 2014 All rights reserved.
　　1
　　Performance Management
　?。‵5）
　　December 2014 to June
　　2015
　　This syllabus and study guide is designed to help
　　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
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　　2
　　three intellectual or cognitive levels:
　　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
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　　3
　　requirements totalling 50 marks relating to this
　　case. Section B gives students a choice of two from
　　three 25 mark questions.
　　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 application
　　of management accounting techniques to
　　quantitative and qualitative information for planning,
　　decision-making, performance *uation, and
　　control
　　MAIN CAPABILITIES
　　On successful completion of this paper, candidates
　　should be able to:
　　A Explain and apply cost accounting techniques
　　B Select and appropriately apply
　　decision-making techniques to facilitate
　　business decisions and promote efficient and
　　effective use of scarce business resources,
　　appreciating the risks and uncertainty inherent
　　in business and controlling those risks
　　C Identify and apply appropriate budgeting
　　techniques and methods for planning and
　　control
　　D Use standard costing systems to measure
　　and control business performance and to
　　identify remedial action
　　E Identify and discuss performance
　　management information and measurement
　　systems and assess the performance of
　　an organisation from both a financial and nonfinancial
　　viewpoint, appreciating the problems
　　of controlling divisionalised businesses and
　　the importance of allowing for external
　　aspects
　　RELATIONAL DIAGRAM OF MAIN CAPABILITIES
　　Decision-making
　　techniques （B）
　　Budgeting and control （C）
　　Performance
　　management and
　　control （D）
　　Specialist cost and
　　management accounting
　　techniques （A）
　　PM （F5）
　　APM （P5）
　　F2/FMA
　　BA （P3）
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　　5
　　RATIONALE
　　The syllabus for Paper F5, Performance
　　Management, builds on the knowledge gained in
　　Paper F2, Management Accounting. and seek to
　　examine candidates’ understanding of how to
　　manage the performance of a business. It also
　　prepares candidates for more specialist capabilities
　　which are covered in P5 Advanced Performance
　　Management.
　　The syllabus begins by introducing more specialised
　　management accounting topics. There is some
　　knowledge assumed from Paper F2 – primarily
　　overhead treatments. The objective here is to
　　ensure candidates have a broader background in
　　management accounting techniques.
　　The syllabus then considers decision-making.
　　Candidates need to appreciate the problems
　　surrounding scarce resource, pricing and
　　make-or-buy decisions, and how this relates to the
　　assessment of performance. Risk and uncertainty
　　are a factor of real-life decisions and candidates
　　need to understand risk and be able to apply some
　　basic methods to help resolve the risks inherent in
　　decision-making.
　　Budgeting is an important aspect of many
　　accountants’ lives. The syllabus explores different
　　budgeting techniques and the problems inherent in
　　them. The *al aspects of budgeting are
　　important for accountants to understand, and the
　　syllabus includes consideration of the way
　　individuals react to a budget. The preparation of
　　fixed, flexible and incremental budgets is assumed
　　knowledge from F2.
　　Standard costing and variances are then built on.
　　All the variances examined in Paper F2 are
　　assumed knowledge in F5. Mix and yield variances,
　　and planning and operational variances are explored
　　here and the link is made to performance
　　management. It is important for accountants to be
　　able to interpret the numbers that they calculate
　　and ask what they mean in the context of
　　performance.
　　The syllabus concludes with performance
　　management systems, measurement and control.
　　This is a major area of the syllabus. Accountants
　　need to understand how a business should be
　　managed and controlled and how information
　　systems can be used to facilitate this. They should
　　appreciate the importance of both financial and
　　non-financial performance measures in
　　management. Accountants should also appreciate
　　the difficulties in assessing performance in
　　divisionalised businesses and the problems caused
　　by failing to consider external influences on
　　performance. This section leads directly to Paper
　　P5.
　　All of the subject areas covered in this syllabus
　　could be examined in either a public sector or
　　private sector context.
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　　6
　　DETAILED SYLLABUS
　　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 decisionmaking
　　C Budgeting and control
　　1 Budgetary systems
　　2. Types of budget
　　3. Quantitative analysis in budgeting
　　4 Standard costing
　　5 Material mix and yield variances
　　6 Sales mix and quantity variances
　　7. Planning and operational variances
　　8 Performance analysis and Behavioural aspects
　　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 *al
　　aspects
　　APPROACH TO EXAMINING THE SYLLABUS
　　The syllabus is assessed by a three-hour paperbased
　　examination.
　　All questions are compulsory. It will contain both
　　computational and discursive elements.
　　Some questions will adopt a scenario/case study
　　approach.
　　Section A of the exam comprises 20 multiple choice
　　questions of 2 marks each.
　　Section B of the exam comprises three 10 mark
　　questions and two 15 mark questions.
　　The two 15 mark questions will come from
　　decision making techniques, budgeting and control
　　and or performance measurement and control
　　areas of the syllabus. The section A questions and
　　the other questions in section B can cover any areas
　　of the syllabus.
　　Candidates are provided with a formulae sheet
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　　7
　　Study Guide
　　A SPECIALIST COST AND MANAGEMENT
　　ACCOUNTING TECHNIQUES
　　1. Activity based costing
　　a） Identify appropriate cost drivers under ABC.[1]
　　b） Calculate costs per driver and per unit using
　　ABC.[2]
　　c） Compare ABC and traditional methods of
　　overhead absorption based on production
　　units, labour hours or machine hours.[2]
　　2. Target costing
　　a） Derive a target cost in manufacturing and
　　service industries.[2]
　　b） Explain the difficulties of using target costing in
　　service industries.[2]
　　c） Suggest how a target cost gap might be
　　closed.[2]
　　3. Life-cycle costing
　　a） Identify the costs involved at different stages of
　　the life-cycle.[2]
　　b） Derive a life cycle cost in manufacturing and
　　service industries.[2]
　　c） Identify the benefits of life cycle costing.[2]
　　4. Throughput accounting
　　a） Discuss and apply the theory of constraints.[2]
　　b） Calculate and interpret a throughput
　　accounting ratio （TPAR）。[2]
　　c） Suggest how a TPAR could be improved.[2]
　　d） Apply throughput accounting to a multi-product
　　decision-making problem.[2]
　　5. Environmental accounting
　　a） Discuss the issues business face in the
　　management of environmental costs.[1]
　　b） Describe the different methods a business may
　　use to account for its environmental costs.[1]
　　B DECISION-MAKING TECHNIQUES
　　1 Relevant cost analysis
　　a） Explain the concept of relevant costing.[2].
　　b） Identify and calculate relevant costs for a
　　specific decision situations from given data.[2]
　　c） Explain and apply the concept of opportunity
　　costs.[2]
　　2. Cost volume profit analysis
　　a） Explain the nature of CVP analysis.[2]
　　b） Calculate and interpret break even point and
　　margin of safety.[2]
　　c） Calculate the contribution to sales ratio, in
　　single and multi-product situations, and
　　demonstrate an understanding of its use.[2].
　　d） Calculate target profit or revenue in single and
　　multi-product situations, and demonstrate an
　　understanding of its use.[2]
　　e） Prepare break even charts and profit volume
　　charts and interpret the information contained
　　within each, including multi-product
　　situations.[2]
　　f） Discuss the limitations of CVP analysis for
　　planning and decision making.[2]
　　3. Limiting factors
　　a） Identify limiting factors in a scarce resource
　　situation and select an appropriate technique.[2]
　　b） Determine the optimal production plan where
　　an organisation is restricted by a single limiting
　　factor, including within the context of “make”
　　or “buy” decisions.[2].
　　c） Formulate and solve multiple scarce resource
　　problem both graphically and using
　　simultaneous equations as appropriate.[2]
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　　8
　　d） Explain and calculate shadow prices （dual
　　prices） and discuss their implications on
　　decision-making and performance
　　management. [2]
　　e） Calculate slack and explain the implications of
　　the existence of slack for decision-making and
　　performance management.[2]
　　（Excluding simplex and sensitivity to changes
　　in objective functions）
　　4. Pricing decisions
　　a） Explain the factors that influence the pricing of
　　a product or service.[2]
　　b） Explain the price elasticity of demand.[1]
　　c） Derive and manipulate a straight line demand
　　equation. Derive an equation for the total cost
　　function（including volume-based discounts）。[2]
　　d） Calculate the optimum selling price and
　　quantity for an organisation, equating marginal
　　cost and marginal revenue[2]
　　e） Evaluate a decision to increase production and
　　sales levels, considering incremental costs,
　　incremental revenues and other factors.[2]
　　f） Determine prices and output levels for profit
　　maximisation using the demand based
　　approach to pricing （both tabular and algebraic
　　methods） .[1]
　　g） Explain different price strategies, including: [2]
　　i） All forms of cost-plus
　　ii） Skimming
　　iii） Penetration
　　iv） Complementary product
　　v） Product-line
　　vi） Volume discounting
　　vii） Discrimination
　　viii） Relevant cost
　　h） Calculate a price from a given strategy using
　　cost-plus and relevant cost.[2]
　　5. Make-or-buy and other short-term decisions
　　a） Explain the issues surrounding make vs. buy
　　and outsourcing decisions.[2]
　　b） Calculate and compare “make” costs with
　　“buy-in” costs.[2]
　　c） Compare in-house costs and outsource costs of
　　completing tasks and consider other issues
　　surrounding this decision.[2]
　　d） Apply relevant costing principles in situations
　　involving shut down, one-off contracts and the
　　further processing of joint products.[2]
　　6. Dealing with risk and uncertainty in decisionmaking
　　a） Suggest research techniques to reduce
　　uncertainty e.g. Focus groups, market
　　research.[2]
　　b） Explain the use of simulation, expected values
　　and sensitivity.[1]
　　c） Apply expected values and sensitivity to
　　decision-making problems.[2]
　　d） Apply the techniques of maximax, maximin,
　　and minimax regret to decision-making
　　problems including the production of profit
　　tables.[2]
　　e） Draw a decision tree and use it to solve a
　　multi-stage decision problem
　　f） Calculate the value of perfect and imperfect
　　information.
　　C BUDGETING AND CONTROL
　　1. Budgetary systems
　　a） Explain how budgetary systems fit within the
　　performance hierarchy.[2]
　　b） Select and explain appropriate budgetary
　　systems for an organisation, including topdown,
　　bottom-up, rolling, zero-base, activitybase,
　　incremental and feed-forward control.[2]
　　c） Describe the information used in budget
　　systems and the sources of the information
　　needed.[2]
　　d） Explain the difficulties of changing a budgetary
　　system.[2]
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　　9
　　e） Explain how budget systems can deal with
　　uncertainty in the environment.[2]
　　2. Types of Budget
　　a） Prepare rolling budgets and activity
　　based budgets.[2]
　　b） Indicate the usefulness and problems with
　　different budget types （including fixed, flexible,
　　zero-based, activity- based, incremental,
　　rolling, top-down, bottom up, master,
　　functional）。[2]
　　c） Explain the difficulties of changing the type of
　　budget used.[2]
　　3. Quantitative analysis in budgeting
　　a） Analyse fixed and variable cost elements from
　　total cost data using high/low method.
　　b） Estimate the learning rate and learning effect[2]
　　c） Apply the learning curve to a budgetary
　　problem, including calculations on steady
　　states [2]
　　c） Discuss the reservations with the learning
　　curve.[2]
　　d） Apply expected values and explain the
　　problems and benefits.[2]
　　e） Explain the benefits and dangers inherent in
　　using spreadsheets in budgeting. [2]
　　4. Standard costing
　　a） Explain the use of standard costs.[2]
　　b） Outline the methods used to derive standard
　　costs and discuss the different types of cost
　　possible.[2]
　　c） Explain and illustrate the importance of flexing
　　budgets in performance management.[2]
　　d） Explain and apply the principle of
　　controllability in the performance management
　　system.[2]
　　5. Material mix and yield variances
　　a） Calculate, identify the cause of, and explain
　　material mix and yield variances.[2]
　　b） Explain the wider issues involved in changing
　　material mix e.g. cost, quality and performance
　　measurement issues.[2]
　　c） Identify and explain the relationship of the
　　material usage variance with the material mix
　　and yield variances.[2]
　　d） Suggest and justify alternative methods of
　　controlling production processes.[2]
　　6. Sales mix and quantity variances
　　a） Calculate, identify the cause of, and explain
　　sales mix and quantity variances.[2]
　　b） Identify and explain the relationship of the
　　sales volume variances with the sales mix and
　　quantity variances.[2]
　　7. Planning and operational variances
　　a） Calculate a revised budget.[2]
　　b） Identify and explain those factors that could
　　and could not be allowed to revise an original
　　budget.[2]
　　c） Calculate, identify the cause of and explain
　　planning and operational variances for:
　　i） sales, including market size and market
　　share;
　　ii） materials;
　　iii） labour, including the effect of the learning
　　curve.[2]
　　d） Explain and discuss the manipulation issues
　　involved in revising budgets.[2]
　　8. Performance analysis and *al aspects
　　a） Analyse and *uate past performance using
　　the results of variance analysis.[2]
　　b） Use variance analysis to assess how future
　　performance of an organisation or business can
　　be improved.[2]
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　　10
　　c） Identify the factors which influence
　　*.[2]
　　d） Discuss the issues surrounding setting the
　　difficulty level for a budget.[2]
　　e） Discuss the effect that variances have on staff
　　motivation and action.[2]
　　f） Explain the benefits and difficulties of the
　　participation of employees in the negotiation of
　　targets.[2]
　　g） Describe the dysfunctional nature of some
　　variances in the modern environment of JIT
　　and TQM.[2]
　　h） Discuss the *al problems resulting
　　from using standard costs in rapidly changing
　　environments.[2]
　　D PERFORMANCE MEASUREMENT AND
　　CONTROL
　　1. Performance management information systems
　　a） Identify the accounting information
　　requirements and describe the different types
　　of information systems used for strategic
　　planning, management control and operational
　　control and decision-making. [2]
　　b） Define and identify the main characteristics of
　　transaction processing systems; management
　　information systems; executive information
　　systems; and enterprise resource planning
　　systems.[2]
　　c） Define and discuss the merits of, and potential
　　problems with, open and closed systems with
　　regard to the needs of performance
　　management. [2]
　　2. Sources of management information
　　a） Identify the principal internal and external
　　sources of management accounting
　　information. [2]
　　b） Demonstrate how these principal sources of
　　management information might be used for
　　control purposes. [2]
　　c） Identify and discuss the direct data capture
　　and process costs of management accounting
　　information. [2]
　　d） Identify and discuss the indirect costs of
　　producing information.[2]
　　e） Discuss the limitations of using externally
　　generated information.[2]
　　3. Management reports
　　a） Discuss the principal controls required in
　　generating and distributing internal
　　information.[2]
　　b） Discuss the procedures that may be necessary
　　to ensure security of highly confidential
　　information that is not for external
　　consumption.[2]
　　4. Performance analysis in private sector
　　organisations
　　a） Describe, calculate and interpret financial
　　performance indicators （FPIs） for profitability,
　　liquidity and risk in both manufacturing and
　　service businesses. Suggest methods to
　　improve these measures.[2]
　　b） Describe, calculate and interpret non-financial
　　performance indicators （NFPIs） and suggest
　　method to improve the performance
　　indicated.[2]
　　c） Analyse past performance and suggest ways for
　　improving financial and non-financial
　　performance.[2]
　　d） Explain the causes and problems created by
　　short-termism and financial manipulation of
　　results and suggest methods to
　　encourage a long term view.[2]
　　e） Explain and interpret the Balanced
　　Scorecard, and the Building Block model
　　proposed by Fitzgerald and Moon.[2]
　　f） Discuss the difficulties of target setting in
　　qualitative areas.[2]
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　　11
　　5. Divisional performance and transfer pricing
　　a） Explain and illustrate the basis for setting a
　　transfer price using variable cost, full cost and
　　the principles behind allowing for intermediate
　　markets.[2]
　　b） Explain how transfer prices can distort the
　　performance assessment of divisions and
　　decisions made.[2]
　　c） Explain the meaning of, and calculate, Return
　　on Investment （ROI） and Residual Income （RI），
　　and discuss their shortcomings.[2]
　　d） Compare divisional performance and recognise
　　the problems of doing so.[2]
　　6. Performance analysis in not for profit
　　organisations and the public sector
　　a） Comment on the problems of having nonquantifiable
　　objectives in performance
　　management.[2]
　　b） Explain how performance could be measured
　　in this sector.[2]
　　c） Comment on the problems of having multiple
　　objectives in this sector.[2]
　　d） Outline Value for Money （VFM） as a public
　　sector objective.[1]
　　7. External considerations and *al
　　aspects
　　a） Explain the need to allow for external
　　considerations in performance management,
　　including stakeholders, market conditions and
　　allowance for competitors.[2]
　　b） Suggest ways in which external considerations
　　could be allowed for in performance
　　management.[2]
　　c） Interpret performance in the light of external
　　considerations.[2]
　　d） Identify and explain the * aspects of
　　performance management [2]
　　? ACCA 2014 All rights reserved.
　　12
　　SUMMARY OF CHANGES TO F5
　　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.
　　There were no deletions but a few additions to clarify what was already assumed in the syllabus as detailed
　　below
　　Section and subject area Syllabus content
　　A4 Throughput accounting a） Discuss and apply the theory of constraints’
　　C3. Quantitative analysis in budgeting
　　b） Estimate the learning rate and learning effect[2]
　　C8 Performance analysis and * aspects
　　a） Analyse and *uate past performance using the
　　results of variance analysis.
　　b） Use variance analysis to assess how future
　　performance of an organisation or business can be
　　improved
　　D4 Performance analysis in private sector organisations c） Analyse past performance and suggest ways for
　　improving for improving financial and non-financial
　　performance.
　　Note that budgeting and standard costing are now
　　merged into one syllabus area- budgeting and control.
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