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　　Advanced Financial

　　Management （P4）

　　December 2014 & 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 apply relevant knowledge, skills and exercise

　　professional judgement as expected of a senior

　　financial executive or advisor, in taking or

　　recommending decisions relating to the financial

　　management of an organisation in private and

　　public sectors.

　　MAIN CAPABILITIES

　　On successful completion of this paper, candidates

　　should be able to:

　　A Explain and *uate the role and responsibility

　　of the senior financial executive or advisor in

　　meeting conflicting needs of stakeholders

　　B Evaluate the impact of macro economics and

　　recognise the role of international financial

　　institutions in the financial management of

　　multinationals

　　C Evaluate potential investment decisions and

　　assessing their financial and strategic

　　consequences, both domestically and

　　internationally

　　D Assess and plan acquisitions and mergers as

　　an alternative growth strategy

　　E Evaluate and advise on alternative corporate

　　re-organisation strategies

　　F Apply and *uate alternative advanced

　　treasury and risk management techniques

　　G Identify and assess the potential impact of

　　emerging issues in finance and financial

　　management.

　　RELATIONAL DIAGRAM OF MAIN CAPABILITIES

　　FM （F9）

　　AFM （P4）

　　MA （F2）

　　PA （P1） CR （P2）

　　Treasury and advanced risk management

　　techniques （F）

　　Corporate reconstruction and re-organisation （E）

　　Role and responsibility towards stakeholders （A）

　　Advanced investment appraisal （C）

　　Economic

　　environment for

　　multinational

　　organisations

　?。˙）

　　Acquisition and mergers （D）

　　Emerging issues in finance and financial management （G）

　　RATIONALE

　　This syllabus develops upon the core financial

　　management knowledge and skills covered in the

　　F9, Financial Management, syllabus at the

　　Fundamentals level and prepares candidates to

　　advise management and/or clients on complex

　　strategic financial management issues facing an

　　organisation.

　　The syllabus starts by exploring the role and

　　responsibility of a senior executive or advisor in

　　meeting competing needs of stakeholders within the

　　business environment of multinationals. The

　　syllabus then re-examines investment and financing

　　decisions, with the emphasis moving towards the

　　strategic consequences of making such decisions in

　　a domestic, as well as international, context.

　　Candidates are then expected to develop further

　　advisory skills in planning strategic acquisitions and

　　mergers and corporate re-organisations.

　　The next part of the syllabus re-examines, in the

　　broadest sense, the existence of risks in business

　　and the sophisticated strategies which are employed

　　in order to manage such risks. It builds on what

　　candidates would have covered in the F9, Financial

　　Management, syllabus and the P1,Governance, Risk

　　and Ethics, syllabus. The syllabus finishes by

　　examining the impact of emerging issues in finance.

　　DETAILED SYLLABUS

　　A Role and responsibility towards stakeholders

　　1. The role and responsibility of senior financial

　　executive/advisor

　　2. Financial strategy formulation

　　3. Conflicting stakeholder interests

　　4. Ethical issues in financial management

　　5. Environmental issues and integrated reporting

　　B Economic environment for multinational

　　organisations

　　1. Management of international trade and finance

　　2. Strategic business and financial planning for

　　multinational organisations

　　C Advanced investment appraisal

　　1. Discounted cash flow techniques

　　2. Application of option pricing theory in

　　investment decisions

　　3. Impact of financing on investment decisions

　　and adjusted present values

　　4. Valuation and the use of free cash flows

　　5. International investment and financing

　　decisions

　　D Acquisitions and mergers

　　1. Acquisitions and mergers versus other growth

　　strategies

　　2. Valuation for acquisitions and mergers

　　3. Regulatory framework and processes

　　4. Financing acquisitions and mergers

　　E Corporate reconstruction and re-organisation

　　1. Financial reconstruction

　　2. Business re-organisation

　　F Treasury and advanced risk management

　　techniques

　　1. The role of the treasury function in

　　multinationals

　　2. The use of financial derivatives to hedge

　　against forex risk

　　3. The use of financial derivatives to hedge

　　against interest rate risk

　　4. Dividend policy in multinationals and transfer

　　pricing

　　G Emerging issues in finance and financial

　　management

　　1. Developments in world financial markets

　　2. Developments in international trade and

　　finance

　　3. Developments in Islamic financing

　　APPROACH TO EXAMINING THE SYLLABUS

　　The P4, Advanced Financial Management, paper

　　builds upon the skills and knowledge examined in

　　the F9, Financial Management, paper. At this stage

　　candidates will be expected to demonstrate an

　　integrated knowledge of the subject and an ability to

　　relate their technical understanding of the subject to

　　issues of strategic importance to the organisation.

　　The study guide specifies the wide range of

　　contextual understanding that is required to achieve

　　a satisfactory standard at this level.

　　Examination Structure

　　The examination will be a three-hour paper in two

　　sections:

　　Section A:

　　Section A will contain a compulsory question,

　　comprising of 50 marks.

　　Section A will normally cover significant issues

　　relevant to the senior financial manager or advisor

　　and will be set in the form of a case study or

　　scenario. The requirements of the section A question

　　are such that candidates will be expected to show a

　　comprehensive understanding of issues from across

　　the syllabus. The question will contain a mix of

　　computational and discursive elements. Within this

　　question candidates will be expected to provide

　　answers in a specified form such as a short report or

　　board memorandum commensurate with the

　　professional level of the paper in part or whole of

　　the question.

　　Section B:

　　In section B candidates will be asked to answer two

　　from three questions, comprising of 25 marks each.

　　Section B questions are designed to provide a more

　　focused test of the syllabus. Questions will normally

　　contain a mix of computational and discursive

　　elements, but may also be wholly discursive or

　　*uative where computations are already

　　provided.

　　Total 100 marks

　　Study Guide

　　A ROLE AND RESPONSIBILITY TOWARDS

　　STAKEHOLDERS

　　1. The role and responsibility of senior financial

　　executive/advisor

　　a） Develop strategies for the achievement of the

　　organisational goals in line with its agreed

　　policy framework. [3]

　　b） Recommend strategies for the management of

　　the financial resources of the organisation such

　　that they are utilised in an efficient, effective

　　and transparent way. [3]

　　c） Advise the board of directors or management of

　　the organisation in setting the financial goals of

　　the business and in its financial policy

　　development with particular reference to: [2]

　　i） Investment selection and capital resource

　　allocation

　　ii） Minimising the cost of capital

　　iii） Distribution and retention policy

　　iv） Communicating financial policy and

　　corporate goals to internal and external

　　stakeholders

　　v） Financial planning and control

　　vi） The management of risk.

　　2. Financial strategy formulation

　　a） Assess organisational performance using

　　methods such as ratios, trends, EVATM and

　　MVA.[3]

　　b） Recommend the optimum capital mix and

　　structure within a specified business context

　　and capital asset structure.[3]

　　c） Recommend appropriate distribution and

　　retention policy.[3]

　　d） Explain the theoretical and practical rationale

　　for the management of risk. [3]

　　e） Assess the organisation’s exposure to business

　　and financial risk including operational,

　　reputational, political, economic, regulatory

　　and fiscal risk.[3]

　　f） Develop a framework for risk management,

　　comparing and contrasting risk mitigation,

　　hedging and diversification strategies.[3]

　　g） Establish capital investment monitoring and

　　risk management systems.[3]

　　3. Conflicting stakeholder interests

　　a） Assess the potential sources of the conflict

　　within a given corporate governance/

　　stakeholder framework informed by an

　　understanding of the alternative theories of

　　managerial *. [3]

　　Relevant underpinning theory for this

　　assessment would be:

　　i） The separation of ownership and control

　　ii） Transaction cost economics and

　　comparative governance structures

　　iii） Agency Theory.

　　b） Recommend, within specified problem

　　domains, appropriate strategies for the

　　resolution of stakeholder conflict and advise on

　　alternative approaches that may be adopted. [3]

　　c） Compare the different governance structures

　　and policies （with particular emphasis upon

　　the European stakeholder and the US/UK

　　shareholder model） and with respect to the role

　　of the financial manager. [3]

　　4. Ethical issues in financial management

　　a） Assess the ethical dimension within business

　　issues and decisions and advise on best

　　practice in the financial management of the

　　organisation.[3]

　　b） Demonstrate an understanding of the

　　interconnectedness of the ethics of good

　　business practice between all of the functional

　　areas of the organisation.[2]

　　c） Establish an ethical financial policy for the

　　financial management of the organisation

　　which is grounded in good governance, the

　　highest standards of probity and is fully aligned

　　with the ethical principles of the Association. [3]

　　d） Recommend an ethical framework for the

　　development of an organisation’s financial

　　policies and a system for the assessment of its

　　ethical impact upon the financial management

　　of the organisation.[3]

　　e） Explore the areas within the ethical framework

　　of the organisation which may be undermined

　　by agency effects and/or stakeholder conflicts

　　and establish strategies for dealing with

　　them.[3]

　　5. Environmental issues and integrated reporting

　　a） Assess the issues which may impact upon

　　organisational objectives and governance

　　from:[3]

　　i） Sustainability and environmental risk

　　ii） The carbon-trading economy and emissions

　　iii） The role of the environment agency

　　iv） Environmental audits and the triple bottom

　　line approach.

　　b） Assess and advise on the impact of investment

　　and financing strategies and decisions on

　　the organisations' stakeholders, from an

　　integrated reporting and governance

　　perspective .[2]

　　B ECONOMIC ENVIRONMENT FOR

　　MULTINATIONALS

　　1. Management of international trade and

　　finance

　　a） Advise on the theory and practice of free trade

　　and the management of barriers to trade.[3]

　　b） Demonstrate an up to date understanding of

　　the major trade agreements and common

　　markets and, on the basis of contemporary

　　circumstances, advise on their policies and

　　strategic implications for a given business.[3]

　　c） Discuss the objectives of the World Trade

　　Organisation.[2]

　　d） Discuss the role of international financial

　　institutions within the context of a globalised

　　economy, with particular attention to the

　　International Monetary Fund, the Bank of

　　International Settlements, The World Bank and

　　the principal Central Banks （the Fed, Bank of

　　England, European Central Bank and the Bank

　　of Japan）。[2]

　　e） Assess the role of the international financial

　　markets with respect to the management of

　　global debt, the financial development of the

　　emerging economies and the maintenance of

　　global financial stability.[2]

　　2. Strategic business and financial planning for

　　multinationals

　　a） Advise on the development of a financial

　　planning framework for a multinational

　　organisation taking into account:[3]

　　i） Compliance with national regulatory

　　requirements （for example the London

　　Stock Exchange admission requirements）

　　ii） The mobility of capital across borders and

　　national limitations on remittances and

　　transfer pricing

　　iii） The pattern of economic and other risk

　　exposures in the different national markets

　　iv） Agency issues in the central coordination of

　　overseas operations and the balancing of

　　local financial autonomy with effective

　　central control.

　　C ADVANCED INVESTMENT APPRAISAL

　　1. Discounted cash flow techniques

　　a） Evaluate the potential value added to an

　　organisation arising from a specified capital

　　investment project or portfolio using the net

　　present value （NPV） model.[3]

　　Project modelling should include explicit

　　treatment and discussion of:

　　i） Inflation and specific price variation

　　ii） Taxation including capital allowances and

　　tax exhaustion

　　iii） Single period and multi-period capital

　　rationing. Multi-period capital rationing to

　　include the formulation of programming

　　methods and the interpretation of their

　　output

　　iv） Probability analysis and sensitivity analysis

　　when adjusting for risk and uncertainty in

　　investment appraisal

　　v） Risk adjusted discount rates.

　　b） Outline the application of Monte Carlo

　　simulation to investment appraisal.[2]

　　Candidates will not be expected to undertake

　　simulations in an examination context but will

　　be expected to demonstrate an understanding

　　of:

　　i） Simple model design

　　ii） The different types of distribution

　　controlling the key variables within the

　　simulation

　　iii） The significance of the simulation output

　　and the assessment of the likelihood of

　　project success

　　iv） The measurement and interpretation of

　　project value at risk.

　　c） Establish the potential economic return （using

　　internal rate of return （IRR） and modified

　　internal rate of return） and advise on a

　　project’s return margin. Discuss the relative

　　merits of NPV and IRR.[3]

　　2. Application of option pricing theory in

　　investment decisions

　　a） Apply the Black-Scholes Option Pricing （BSOP）

　　model to financial product valuation and to

　　asset valuation:[3]

　　i） Determine and discuss, using published

　　data, the five principal drivers of option

　　value （value of the underlying, exercise

　　price, time to expiry, volatility and the riskfree

　　rate）

　　ii） Discuss the underlying assumptions,

　　structure, application and limitations of the

　　BSOP model.

　　b） Evaluate embedded real options within a

　　project, classifying them into one of the real

　　option archetypes.[3]

　　c） Assess, calculate and advise on the value of

　　options to delay, expand, redeploy and

　　withdraw using the BSOP model.[3]

　　3. Impact of financing on investment decisions

　　and adjusted present values

　　a） Identify and assess the appropriateness of the

　　range of sources of finance available to an

　　organisation including equity, debt, hybrids,

　　lease finance, venture capital, business angel

　　finance, private equity, asset securitisation and

　　sale and Islamic finance. Including assessment

　　on the financial position, financial risk and the

　　value of an organisation.[3]

　　b） Calculate the cost of capital of an organisation,

　　including the cost of equity and cost of debt,

　　based on the range of equity and debt sources

　　of finance. Discuss the appropriateness of

　　using the cost of capital to establish project

　　and organisational value, and discuss its

　　relationship to such value.[3]

　　c） Calculate and *uate project specific cost of

　　equity and cost of capital, including their

　　impact on the overall cost of capital of an

　　organisation. Demonstrate detailed knowledge

　　of business and financial risk, the capital asset

　　pricing model and the relationship between

　　equity and asset betas.[3]

　　d） Assess an organisation’s debt exposure to

　　interest rate changes using the simple

　　Macaulay duration method. [3]

　　e） Discuss the benefits and limitations of duration

　　including the impact of convexity. [3]

　　f） Assess the organisation’s exposure to credit

　　risk, including: [3]

　　i） Explain the role of, and the risk assessment

　　models used by the principal rating

　　agencies

　　ii） Estimate the likely credit spread over risk

　　free

　　iii） Estimate the organisation’s current cost of

　　debt capital using the appropriate term

　　structure of interest rates and the credit

　　spread.

　　g） Assess the impact of financing and capital

　　structure upon the organisation with respect

　　to:[3]

　　i） Modigliani and Miller propositions, before

　　and after tax

　　ii） Static trade-off theory

　　iii） Pecking order propositions

　　iv） Agency effects.

　　h） Apply the adjusted present value technique to

　　the appraisal of investment decisions that

　　entail significant alterations in the financial

　　structure of the organisation, including their

　　fiscal and transactions cost implications.[3]

　　i） Assess the impact of a significant capital

　　investment project upon the reported financial

　　position and performance of the organisation

　　taking into account alternative financing

　　strategies.[3]

　　4. Valuation and the use of free cash flows

　　a） Apply asset based, income based and cash

　　flow based models to value equity. Apply

　　appropriate models, including term structure of

　　interest rates, the yield curve and credit

　　spreads, to value corporate debt.[3]

　　b） Forecast an organisation’s free cash flow and

　　its free cash flow to equity （pre and post

　　capital reinvestment）。[3]

　　c） Advise on the value of an organisation using its

　　free cash flow and free cash flow to equity

　　under alternative horizon and growth

　　assumptions.[3]

　　d） Explain the use of the BSOP model to estimate

　　the value of equity of an organisation and

　　discuss the implications of the model for a

　　change in the value of equity.[2]

　　e） Explain the role of BSOP model in the

　　assessment of default risk, the value of debt

　　and its potential recoverability. [2]

　　5. International investment and financing

　　decisions

　　a） Assess the impact upon the value of a project

　　of alternative exchange rate assumptions.[3]

　　b） Forecast project or organisation free cash flows

　　in any specified currency and determine the

　　project’s net present value or organisation

　　value under differing exchange rate, fiscal and

　　transaction cost assumptions.[2]

　　c） Evaluate the significance of exchange controls

　　for a given investment decision and strategies

　　for dealing with restricted remittance.[3]

　　d） Assess the impact of a project upon an

　　organisation’s exposure to translation,

　　transaction and economic risk.[3]

　　e） Assess and advise on the costs and benefits of

　　alternative sources of finance available within

　　the international equity and bond markets.[3]

　　D ACQUISITIONS AND MERGERS

　　1. Acquisitions and mergers versus other growth

　　strategies

　　a） Discuss the arguments for and against the use

　　of acquisitions and mergers as a method of

　　corporate expansion.[2]

　　b） Evaluate the corporate and competitive nature

　　of a given acquisition proposal.[3]

　　c） Advise upon the criteria for choosing an

　　appropriate target for acquisition.[3]

　　d） Compare the various explanations for the high

　　failure rate of acquisitions in enhancing

　　shareholder value.[3]

　　e） Evaluate, from a given context, the potential for

　　synergy separately classified as:[3]

　　i） Revenue synergy

　　ii） Cost synergy

　　iii） Financial synergy.

　　2. Valuation for acquisitions and mergers

　　a） Discuss the problem of overvaluation.[2]

　　b） Estimate the potential near-term and

　　continuing growth levels of a corporation’s

　　earnings using both internal and external

　　measures.[3]

　　c） Assess the impact of an acquisition or merger

　　upon the risk profile of the acquirer

　　distinguishing:[3]

　　i） Type 1 acquisitions that do not alter the

　　acquirer’s exposure to financial or

　　business risk

　　ii） Type 2 acquisitions that impact upon the

　　acquirer’s exposure to financial risk

　　iii） Type 3 acquisitions that impact upon the

　　acquirer’s exposure to both financial and

　　business risk.

　　d） Advise on the valuation of a type 1 acquisition

　　of both quoted and unquoted entities using:[3]

　　i） ’Book value-plus’ models

　　ii） Market based models

　　iii） Cash flow models, including EVATM, MVA.

　　e） Advise on the valuation of type 2 acquisitions

　　using the adjusted net present value model.[3]

　　f） Advise on the valuation of type 3 acquisitions

　　using iterative r*uation procedures.[3]

　　g） Demonstrate an understanding of the

　　procedure for valuing high growth start-ups.[2]

　　3. Regulatory framework and processes

　　a） Demonstrate an understanding of the principal

　　factors influencing the development of the

　　regulatory framework for mergers and

　　acquisitions globally and, in particular, be able

　　to compare and contrast the shareholder versus

　　the stakeholder models of regulation.[2]

　　b） Identify the main regulatory issues which are

　　likely to arise in the context of a given offer and

　　i） assess whether the offer is likely to be in

　　the shareholders’ best interests

　　ii） advise the directors of a target entity on

　　the most appropriate defence if a specific

　　offer is to be treated as hostile.[3]

　　4. Financing acquisitions and mergers

　　a） Compare the various sources of financing

　　available for a proposed cash-based

　　acquisition. [3]

　　b） Evaluate the advantages and disadvantages of

　　a financial offer for a given acquisition proposal

　　using pure or mixed mode financing and

　　recommend the most appropriate offer to be

　　made.[3]

　　c） Assess the impact of a given financial offer on

　　the reported financial position and performance

　　of the acquirer.[3]

　　E CORPORATE RECONSTRUCTION AND REORGANISATION

　　1. Financial reconstruction

　　a） Assess an organisational situation and

　　determine whether a financial reconstruction is

　　the most appropriate strategy for dealing with

　　the problem as presented.[3]

　　b） Assess the likely response of the capital market

　　and/or individual suppliers of capital to any

　　reconstruction scheme and the impact their

　　response is likely to have upon the value of the

　　organisation.[3]

　　c） Recommend a reconstruction scheme from a

　　given business situation, justifying the proposal

　　in terms of its impact upon the reported

　　performance and financial position of the

　　organisation.[3]

　　2. Business re-organisation

　　a） Recommend, with reasons, strategies for

　　unbundling parts of a quoted company.[3]

　　b） Evaluate the likely financial and other benefits

　　of unbundling.[3]

　　c） Advise on the financial issues relating to a

　　management buy-out and buy-in.[3]

　　F TREASURY AND ADVANCED RISK

　　MANAGEMENT TECHNIQUES

　　1. The role of the treasury function in

　　multinationals

　　a） Discuss the role of the treasury management

　　function within:[3]

　　i） The short term management of the

　　organisation’s financial resources

　　ii） The longer term maximisation of corporate

　　value

　　iii） The management of risk exposure.

　　b） Discuss the operations of the derivatives

　　market, including:[3]

　　i） The relative advantages and disadvantages

　　of exchange traded versus OTC agreements

　　ii） Key features, such as standard contracts,

　　tick sizes, margin requirements and margin

　　trading

　　iii） The source of basis risk and how it can be

　　minimised.

　　iv） Risks such as delta, gamma, vega, rho and

　　theta, and how these can be managed.

　　2. The use of financial derivatives to hedge

　　against forex risk

　　a） Assess the impact on an organisation to

　　exposure in translation, transaction and

　　economic risks and how these can be

　　managed. [3]

　　b） Evaluate, for a given hedging requirement,

　　which of the following is the most appropriate

　　strategy, given the nature of the underlying

　　position and the risk exposure:[3]

　　i） The use of the forward exchange market

　　and the creation of a money market hedge

　　ii） Synthetic foreign exchange agreements

　?。⊿AFEs）

　　iii） Exchange-traded currency futures contracts

　　iv） Currency swaps

　　v） FOREX swaps

　　vi） Currency options.

　　c） Advise on the use of bilateral and multilateral

　　netting and matching as tools for minimising

　　FOREX transactions costs and the management

　　of market barriers to the free movement of

　　capital and other remittances.[3]

　　3. The use of financial derivatives to hedge

　　against interest rate risk

　　a） Evaluate, for a given hedging requirement,

　　which of the following is the most appropriate

　　given the nature of the underlying position and

　　the risk exposure:[3]

　　i） Forward Rate Agreements （FRAs）

　　ii） Interest Rate Futures

　　iii） Interest rate swaps

　　iv） Options on FRAs （caps and collars）， Interest

　　rate futures and interest rate swaps.

　　4. Dividend policy in multinationals and transfer

　　pricing

　　a） Determine a corporation’s dividend capacity

　　and its policy given:[3]

　　i） The corporation’s short- and long-term

　　reinvestment strategy

　　ii） The impact of capital reconstruction

　　programmes such as share repurchase

　　agreements and new capital issues on free

　　cash flow to equity.

　　iii） The availability and timing of central

　　remittances

　　iv） The corporate tax regime within the host

　　jurisdiction.

　　b） Advise, in the context of a specified capital

　　investment programme, on an organisation’s

　　current and projected dividend capacity.[3]

　　c） Develop organisational policy on the transfer

　　pricing of goods and services across

　　international borders and be able to determine

　　the most appropriate transfer pricing strategy in

　　a given situation reflecting local regulations and

　　tax regimes.[3]

　　G EMERGING ISSUES IN FINANCE AND

　　FINANCIAL MANAGEMENT

　　1. Developments in world financial markets

　　Discuss the significance to the organisation, of

　　latest developments in the world financial

　　markets such as the causes and impact of the

　　recent financial crisis; growth and impact of

　　dark pool trading systems; the removal of

　　barriers to the free movement of capital; and

　　the international regulations on money

　　laundering. [2]

　　2. Developments in international trade and

　　finance

　　Demonstrate an awareness of new

　　developments in the macroeconomic

　　environment, assessing their impact upon the

　　organisation, and advising on the appropriate

　　response to those developments both internally

　　and externally. [2]

　　3. Developments in Islamic financing

　　Demonstrate an understanding of the role of,

　　and developments in, Islamic financing as a

　　growing source of finance for organisations;

　　explaining the rationale for its use, and

　　identifying its benefits and deficiencies.[2]

　　SUMMARY OF CHANGES TO P4

　　There are changes to the syllabus to reflect the latest business and educational developments affecting this

　　paper. These are summarised in the table below.

　　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.

　　Section and subject area Syllabus content

　　New A5b） added b） Assess and advise on the impact of investment

　　and financing strategies and decisions on the

　　organisations' stakeholders, from an integrated

　　reporting and governance perspective

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