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　　Financial Management

　?。‵9）

　　December 2014 to June

　　2015

　　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

　?。╯ections） 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:

　　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.

　　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.

　　Syllabus

　　AIM

　　To develop the knowledge and skills expected of a

　　finance manager, in relation to investment,

　　financing, and dividend policy decisions.

　　MAIN CAPABILITIES

　　On successful completion of this paper candidates

　　should be able to:

　　A Discuss the role and purpose of the financial

　　management function

　　B Assess and discuss the impact of the

　　economic environment on financial

　　management

　　C Discuss and apply working capital

　　management techniques

　　D Carry out effective investment appraisal

　　E Identify and *uate alternative sources of

　　business finance

　　F Discuss and apply principles of business

　　and asset valuations

　　G Explain and apply risk management

　　techniques in business.

　　RELATIONAL DIAGRAM OF MAIN CAPABILITIES

　　FM （F9）

　　AFM （P4）

　　MA （F2）

　　Business

　　finance （E）

　　Investment appraisal

　?。―）

　　Business valuations （F）

　　Risk management （G）

　　Financial management environment （B）

　　Financial

　　management function

　?。ˋ）

　　Working capital

　　management （C）

　　RATIONALE

　　The syllabus for Paper F9, Financial Management,

　　is designed to equip candidates with the skills that

　　would be expected from a finance manager

　　responsible for the finance function of a business. It

　　prepares candidates for more advanced and

　　specialist study in Paper P4, Advanced Financial

　　Management

　　The paper, therefore, starts by introducing the role

　　and purpose of the financial management function

　　within a business. Before looking at the three key

　　financial management decisions of investing,

　　financing, and dividend policy, the syllabus explores

　　the economic environment in which such decisions

　　are made.

　　The next section of the syllabus is the introduction

　　of investing decisions. This is done in two stages -

　　investment in （and the management of） working

　　capital and the appraisal of long-term investments.

　　The next area introduced is financing decisions. This

　　section of the syllabus starts by examining the

　　various sources of business finance, including

　　dividend policy and how much finance can be

　　raised from within the business. It also looks at the

　　cost of capital and other factors that influence the

　　choice of the type of capital a business will raise.

　　The principles underlying the valuation of business

　　and financial assets, including the impact of cost of

　　capital on the value of business, is covered next.

　　The syllabus finishes with an introduction to, and

　　examination of, risk and the main techniques

　　employed in the management of such risk.

　　DETAILED SYLLABUS

　　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 finances

　　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

　　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

　　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 working

　　capital management, investment appraisal and

　　business finance 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 and

　　tables of discount and annuity factors

　　Study Guide

　　A FINANCIAL MANAGEMENT FUNCTION

　　1. The nature and purpose of financial

　　management

　　a） Explain the nature and purpose of financial

　　management.[1]

　　b） Explain the relationship between financial

　　management and financial and management

　　accounting.[1]

　　2. Financial objectives and the relationship with

　　corporate strategy

　　a） Discuss the relationship between financial

　　objectives, corporate objectives and corporate

　　strategy.[2]

　　b） Identify and describe a variety of financial

　　objectives, including: [2]

　　i） shareholder wealth maximisation

　　ii） profit maximisation

　　iii） earnings per share growth

　　3. Stakeholders and impact on corporate

　　objectives

　　a） Identify the range of stakeholders and their

　　objectives [2]

　　b） Discuss the possible conflict between

　　stakeholder objectives [2]

　　c） Discuss the role of management in meeting

　　stakeholder objectives, including the

　　application of agency theory.[2]

　　d） Describe and apply ways of measuring

　　achievement of corporate objectives

　　including: [2]

　　i） ratio analysis, using appropriate ratios such

　　as return on capital employed, return on

　　equity, earnings per share and dividend per

　　ii） changes in dividends and share prices as

　　part of total shareholder return

　　e） Explain ways to encourage the achievement of

　　stakeholder objectives, including: [2]

　　i） managerial reward schemes such as share

　　options and performance-related pay

　　ii） regulatory requirements such as corporate

　　governance codes of best practice and stock

　　exchange listing regulations

　　4. Financial and other objectives in not-for-profit

　　organisations

　　a） Discuss the impact of not-for-profit status on

　　financial and other objectives.[2]

　　b） Discuss the nature and importance of Value for

　　Money as an objective in not-for-profit

　　organisations.[2]

　　c） Discuss ways of measuring the achievement of

　　objectives in not-for-profit organisations.[2]

　　B FINANCIAL MANAGEMENT ENVIRONMENT

　　1. The economic environment for business

　　a） Identify and explain the main macroeconomic

　　policy targets.[1]

　　b） Define and discuss the role of fiscal, monetary,

　　interest rate and exchange rate policies in

　　achieving macroeconomic policy targets.[1]

　　c） Explain how government economic policy

　　interacts with planning and decision-making in

　　business.[2]

　　d） Explain the need for, and the interaction with,

　　planning and decision-making in business of: [1]

　　i） competition policy

　　ii） government assistance for business

　　iii） green policies

　　iv） corporate governance regulation.[2]

　　2. The nature and role of financial markets and

　　institutions

　　a） Identify the nature and role of money and

　　capital markets, both nationally and

　　internationally.[2]

　　b） Explain the role of financial intermediaries.[1]

　　c） Explain the functions of a stock market and a

　　corporate bond market.[2]

　　d） Explain the nature and features of different

　　securities in relation to the risk/return tradeoff.[

　　3. The nature and role of money market

　　a） Describe the role of the money markets in:[1]

　　i） Providing short-term liquidity to industry

　　and the public sector

　　ii） Providing short-term trade finance

　　iii） Allowing an organisation to manage its

　　exposure to foreign currency risk and

　　interest rate risk.

　　b） Explain the role of banks and other financial

　　institutions in the operation of the money

　　markets.[2]

　　c） Explain the characteristics and role of the

　　principal money market instruments:[2]

　　i） Interest-bearing instruments

　　ii） Discount instruments

　　iii） Derivative products.

　　C WORKING CAPITAL MANAGEMENT

　　1. The nature, elements and importance of

　　working capital

　　a） Describe the nature of working capital and

　　identify its elements.[1]

　　b） Identify the objectives of working capital

　　management in terms of liquidity and

　　profitability, and discuss the conflict between

　　them.[2]

　　c） Discuss the central role of working capital

　　management in financial management.[2]

　　2. Management of inventories, accounts

　　receivable, accounts payable and cash

　　a） Explain the cash operating cycle and the role of

　　accounts payable and accounts receivable.[2]

　　b） Explain and apply relevant accounting ratios,

　　including: [2]

　　i） current ratio and quick ratio

　　ii） inventory turnover ratio, average collection

　　period and average payable period

　　iii） sales revenue/net working capital ratio

　　c） Discuss, apply and *uate the use of relevant

　　techniques in managing inventory, including

　　the Economic Order Quantity model and Justin-

　　Time techniques.[2]

　　d） Discuss, apply and *uate the use of relevant

　　techniques in managing accounts receivable,

　　including:

　　i） assessing creditworthiness [1]

　　ii） managing accounts receivable [1]

　　iii） collecting amounts owing [1]

　　iv） offering early settlement discounts [2]

　　v） using factoring and invoice discounting [2]

　　vi） managing foreign accounts receivable [2]

　　e） Discuss and apply the use of relevant

　　techniques in managing accounts payable,

　　including:

　　i） using trade credit effectively [1]

　　ii） *uating the benefits of discounts for early

　　settlement and bulk purchase [2]

　　iii） managing foreign accounts payable [1]

　　f） Explain the various reasons for holding cash,

　　and discuss and apply the use of relevant

　　techniques in managing cash, including:[2]

　　i） preparing cash flow forecasts to determine

　　future cash flows and cash balances

　　ii） assessing the benefits of centralised

　　treasury management and cash control

　　iii） cash management models, such as the

　　Baumol model and the Miller-Orr model

　　iv） investing short-term

　　3. Determining working capital needs and funding

　　strategies

　　a） Calculate the level of working capital

　　investment in current assets and discuss the

　　key factors determining this level, including:[2]

　　i） the length of the working capital cycle and

　　terms of trade

　　ii） an organisation’s policy on the level of

　　investment in current assets

　　iii） the industry in which the organisation

　　operates

　　b） Describe and discuss the key factors in

　　determining working capital funding strategies,

　　including:[2]

　　i） the distinction between permanent and

　　fluctuating current assets

　　ii） the relative cost and risk of short-term and

　　long-term finance

　　iii） the matching principle

　　iv） the relative costs and benefits of

　　aggressive, conservative and matching

　　funding policies

　　v） management attitudes to risk, previous

　　funding decisions and organisation size [1]

　　D INVESTMENT APPRAISAL

　　1. Investment appraisal techniques

　　a） Identify and calculate relevant cash flows for

　　investment projects.[2]

　　b） Calculate payback period and discuss the

　　usefulness of payback as an investment

　　appraisal method.[2]

　　c） Calculate discounted payback and discuss its

　　usefulness as an investment appraisal

　　method.[2]

　　d） Calculate return on capital employed

　?。╝ccounting rate of return） and discuss its

　　usefulness as an investment appraisal

　　method.[2]

　　e） Calculate net present value and discuss its

　　usefulness as an investment appraisal

　　method.[2]

　　f） Calculate internal rate of return and discuss its

　　usefulness as an investment appraisal

　　method.[2]

　　g） Discuss the superiority of discounted cash flow

　?。―CF） methods over non-DCF methods.[2]

　　h） Discuss the relative merits of NPV and IRR.[2]

　　2. Allowing for inflation and taxation in DCF

　　a） Apply and discuss the real-terms and nominalterms

　　approaches to investment appraisal.[2]

　　b） Calculate the taxation effects of relevant cash

　　flows, including the tax benefits of capital

　　allowances and the tax liabilities of taxable

　　profit.[2]

　　c） Calculate and apply before- and after-tax

　　discount rates.[2]

　　3. Adjusting for risk and uncertainty in investment

　　appraisal

　　a） Describe and discuss the difference between

　　risk and uncertainty in relation to probabilities

　　and increasing project life.[2]

　　b） Apply sensitivity analysis to investment projects

　　and discuss the usefulness of sensitivity

　　analysis in assisting investment decisions.[2]

　　c） Apply probability analysis to investment

　　projects and discuss the usefulness of

　　probability analysis in assisting investment

　　decisions.[2]

　　d） Apply and discuss other techniques of

　　adjusting for risk and uncertainty in investment

　　appraisal, including:

　　i） simulation [1]

　　ii） adjusted payback [1]

　　iii） risk-adjusted discount rates [2]

　　4. Specific investment decisions （Lease or buy;

　　asset replacement; capital rationing）

　　a） Evaluate leasing and borrowing to buy using

　　the before-and after-tax costs of debt.[2]

　　b） Evaluate asset replacement decisions using

　　equivalent annual cost.[2]

　　c） Evaluate investment decisions under singleperiod

　　capital rationing, including:[2]

　　i） the calculation of profitability indexes for

　　divisible investment projects

　　ii） the calculation of the NPV of combinations

　　of non-divisible investment projects

　　iii） a discussion of the reasons for capital

　　rationing

　　E BUSINESS FINANCE

　　1. Sources of and raising business finance

　　a） Identify and discuss the range of short-term

　　sources of finance available to businesses,

　　including: [2]

　　i） overdraft

　　ii） short-term loan

　　iii） trade credit

　　iv） lease finance

　　b） Identify and discuss the range of long-term

　　sources of finance available to businesses,

　　including: [2]

　　i） equity finance

　　ii） debt finance

　　iii） lease finance

　　iv） venture capital

　　c） Identify and discuss methods of raising equity

　　finance, including: [2]

　　i） rights issue

　　ii） placing

　　iii） public offer

　　iv） stock exchange listing

　　d） Identify and discuss methods of raising short

　　and long term Islamic finance including[1]

　　i） major difference between Islamic finance

　　and the other forms of business finance.

　　ii） The concept of riba （interest） and

　　how returns are made by Islamic financial

　　securities.

　　iii） Islamic financial instruments

　　available to businesses including

　　i） murabaha （trade credit）

　　ii） Ijara （lease finance）

　　iii） mudaraba （equity finance）

　　iv） sukuk （debt finance）

　　v） musharaka （venture capital）

　?。╪ote: calculations are not required）

　　e） Identify and discuss internal sources of finance,

　　including:[2]

　　i） retained earnings

　　ii） increasing working capital management

　　efficiency

　　iii） the relationship between dividend policy

　　and the financing decision

　　iv） the theoretical approaches to, and the

　　practical influences on, the dividend

　　decision, including legal constraints,

　　liquidity, shareholding expectations and

　　alternatives to cash dividends

　　2. Estimating the cost of capital

　　a） Estimate the cost of equity including.[2]

　　i） Application of the dividend growth model

　　and discussion of its weaknesses.

　　ii） Explaination and discussion of systematic

　　and unsystematic risk.

　　iii） Relationship between portfolio theory and

　　the capital asset pricing model （CAPM）

　　iv） Application of the CAPM, its assumptions,

　　advantages and disadvantages its

　　b） Estimating the cost of debt

　　i） irredeemable debt

　　ii） redeemable debt

　　iii） convertible debt

　　iv） preference shares

　　v） bank debt

　　c） Estimating the overall cost of capital

　　including.[2]:

　　i） Distinguishing between average and

　　marginal cost of capital

　　ii） Calculating the weighted average cost of

　　capital （WACC） using book value and

　　market value weightings

　　3. Sources of finance and their relative costs

　　a） Describe the relative risk-return relationship

　　and the relative costs of equity and debt.[2]

　　b） Describe the creditor hierarchy and its

　　connection with the relative costs of sources of

　　finance.[2]

　　c） Identify and discuss the problem of high levels

　　of gearing [2]

　　d） Assess the impact of sources of finance on

　　financial position, financial risk and

　　shareholder wealth using appropriate

　　measures, including[2]:

　　i） ratio analysis using statement of financial

　　position gearing, operational and financial

　　gearing, interest coverage ratio and other

　　relevant ratios

　　ii） cash flow forecasting

　　iii） leasing or borrowing to buy

　　e） Impact of cost of capital on investments

　　including.[2]

　　i） the relationship between company value

　　and cost of capital.

　　ii） the circumstances under which WACC can

　　be used in investment appraisal

　　iii） the advantages of the CAPM over WACC in

　　determining a project-specific cost of capital

　　the advantages of the CAPM over WACC in

　　determining a project-specific cost of capital

　　iv） Application of CAPM in calculating a

　　project-specific discount rate.

　　4. Capital structure theories and practical

　　considerations

　　a） Describe the traditional view of capital

　　structure and its assumptions.[2]

　　b） Describe the views of Miller and Modigliani on

　　capital structure, both without and with

　　corporate taxation, and their assumptions.[2]

　　c） Identify a range of capital market imperfections

　　and describe their impact on the views of

　　Miller and Modigliani on capital structure.[2]

　　d） Explain the relevance of pecking order theory to

　　the selection of sources of finance.[1]

　　5. Finance for small and medium sized entities

　?。⊿MEs）

　　a） Describe the financing needs of small

　　businesses.[2]

　　b） Describe the nature of the financing problem

　　for small businesses in terms of the funding

　　gap, the maturity gap and inadequate

　　security.[2]

　　c） Explain measures that may be taken to ease

　　the financing problems of SMEs, including the

　　responses of government departments and

　　financial institutions.[1]

　　d） Identify appropriate sources of finance for

　　SMEs and *uate the financial impact of

　　different sources of finance on SMEs.[2]

　　F BUSINESS VALUATIONS

　　1. Nature and purpose of the valuation of

　　business and financial assets

　　a） Identify and discuss reasons for valuing

　　businesses and financial assets.[2]

　　b） Identify information requirements for valuation

　　and discuss the limitations of different types of

　　information.[2]

　　2. Models for the valuation of shares

　　a） Asset-based valuation models, including:[2]

　　i） net book value （statement of financial

　　position basis）。

　　ii） net realisable value basis.

　　iii） net replacement cost basis.

　　b） Income-based valuation models, including:[2]

　　i） price/earnings ratio method.

　　ii） earnings yield method.

　　c） Cash flow-based valuation models, including:[2]

　　i） dividend valuation model and the dividend

　　growth model.

　　ii） discounted cash flow basis.

　　3. The valuation of debt and other financial assets

　　a） Apply appropriate valuation methods to:[2]

　　i） irredeemable debt

　　ii） redeemable debt

　　iii） convertible debt

　　iv） preference shares

　　4. Efficient Market Hypothesis （EMH） and

　　practical considerations in the valuation of

　　a） Distinguish between and discuss weak form

　　efficiency, semi-strong form efficiency and

　　strong form efficiency [2]

　　b） Discuss practical considerations in the

　　valuation of shares and businesses,

　　including:[2]

　　i） marketability and liquidity of shares

　　ii） availability and sources of information

　　iii） market imperfections and pricing

　　anomalies

　　iv） market capitalisation

　　c） Describe the significance of investor

　　speculation and the explanations of investor

　　decisions offered by *al finance [1]

　　G RISK MANAGEMENT

　　1. The nature and types of risk and approaches to

　　risk management

　　a） Describe and discuss different types of foreign

　　currency risk:[2]

　　i） translation risk

　　ii） transaction risk

　　iii） economic risk

　　b） Describe and discuss different types of interest

　　rate risk:[1]

　　i） gap exposure

　　ii） basis risk

　　2. Causes of exchange rate differences and

　　interest rate fluctuations

　　a） Describe the causes of exchange rate

　　fluctuations, including:

　　i） balance of payments [1]

　　ii） purchasing power parity theory [2]

　　iii） interest rate parity theory [2]

　　iv） four-way equivalence [2]

　　b） Forecast exchange rates using:[2]

　　i） purchasing power parity

　　ii） interest rate parity

　　c） Describe the causes of interest rate

　　fluctuations, including: [2]

　　i） structure of interest rates and yield curves

　　ii） expectations theory

　　iii） liquidity preference theory

　　iv） market segmentation

　　3. Hedging techniques for foreign currency risk

　　a） Discuss and apply traditional and basic

　　methods of foreign currency risk management,

　　including:

　　i） currency of invoice [1]

　　ii） netting and matching [2]

　　iii） leading and lagging [2]

　　iv） forward exchange contracts [2]

　　v） money market hedging [2]

　　vi） asset and liability management [1]

　　b） Compare and *uate traditional methods of

　　foreign currency risk management.[2]

　　c） Identify the main types of foreign currency

　　derivates used to hedge foreign currency risk

　　and explain how they are used in hedging.[1]

　?。∟o numerical questions will be set on this

　　topic）

　　4. Hedging techniques for interest rate risk

　　a） Discuss and apply traditional and basic

　　methods of interest rate risk management,

　　including:

　　i） matching and smoothing [1]

　　ii） asset and liability management [1]

　　ii） forward rate agreements [2]

　　b） Identify the main types of interest rate

　　derivates used to hedge interest rate risk and

　　explain how they are used in hedging.[1]

　?。∟o numerical questions will be set on this

　　topic）

　　SUMMARY OF CHANGES TO F9

　　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 are no changes to the syllabus except rearrangement of syllabus sections. Section on cost of capital is now

　　part of business finance section.

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