Paper F5
• Lifecycle costing with environmental accounting.
• Relevant costing/decision trees.
• Budgeting theory/flexed budgets. ? Mix and yield/sales mix and quantity variances.
• Divisional performance (ROI, RI).
Paper F6
• Q1: Capital gain tax question with shares including bonus/rights issue and chattel rules or maybe corporation tax with rollover and holdover relief.
• Q2: VAT – deregistration due date, surcharges, accounting for VAT, the annual accounting scheme and contents of a VAT invoice.
• Q3: Inheritance tax – including lifetime gifts into a trust, the diminution in value principle and the death estate.
• Q4: Property business profits/ losses or maybe a sole trader, with adjustment of the trading profits and opening or closing year rules.
• Q5: Income tax – computing income tax with employment income with car benefit, fuel benefit and accommodation benefit, interest income/dividend income.
• Q6: Calculating corporation tax possibly including a straddling CAP or maybe a long period of account with capital allowances and possibly adjustment of a trading loss with loss relief and group relief.
Paper F7
• Expect one of the 15 markers to be on ratios and interpretations with (possibly) adjustments to be reflected before a valid comparison.
• Expect the big 30-marker and the 15-marker to be on consolidations and published accounts with standards.
Paper F8
• Ethics, threats to independence.
• Confidentiality, when to breach.
• Audit risk and response, written scenario.
• Internal controls objectives/ procedures/tests on sales cycle.
• Inventory and stocktaking – controls and substantive tests.
• Substantive tests on receivables. ? Advise company on improving its governance.
• Role/benefits of audit committees. ? Roles of internal audit and comparison with external audit.
• Know your ISAs, especially 210, 250, 260, 450, 560, 570, 720.
Paper F9
• WACC, maybe with capital structure theory thrown in.
• Investment appraisal NPV with working capital and tax, possibly also asset replacement.
• Risk with forward market hedge and money market hedge and a bit of yield curves.
• Working capital management with inventory and cash, overtrading.
• Theory questions possibly on EMH, sources of finance (including Islamic finance), economics.
Paper P1
• Rules vs principles.
• Importance of stakeholders.
• Internal control disclosure.
• Risk diversification.
• AAA model.
Paper P2
• Q1: There are only three possibilities: p/l or b/s or cfs, so to ignore one seems foolish. However, given there was a p/l in September it does seem reasonable to focus less on that. Perhaps 20/40/40.
• Q2 & 3: There are subtle differences between these two. But essentially both require a discussion of key FR applied to a scenario. Expect the usual suspects – goodwill, groups, NCA, revenue, HFS, EARP, FI and so on.
• Q4: Only in the last question does tipping become meaningful. Here are some hot current issues: revenue, financial asset impairment, equity accounting, changes, SMEs.
Paper P3
• Strategic analysis.
• Strategic choice and financial implications of a strategic choice.
• Evaluating software and controls over IT.
• Project management.
Paper P4
• Investment appraisal using adjusted present values/net present values or capital rationing.
• Valuation of business using free cash flows and price-earnings ratio methods, defensive tactics or cash offer or share exchange.
• Cost of capital using principles of Modigliani & Miller prepositions or geared and ungeared betas.
• Hedging exchange rate risk using forward contract, futures contract and options contract.
• Capital reconstruction schemes – designing a capital reconstruction scheme or assessing the success of a given scheme.
• Real options – option to abandon, expand or delay using the Black- Schole option pricing model.
Paper P5
• Balanced scorecard.
• Non-financial indicators.
• Assessing impact upon performance management systems.
• Value management systems.
• Technology and the change of PM systems.
Paper P6
• IHT with the death estate including BPR and APR and lifetime gifts into a trust and gifts with reservation. Domicile including deemed domicile.
• Group question involving losses, group relief and consortium relief.
• Transfer pricing, overseas branch vs overseas subsidiary.
• Partnership with a partner joining/ leaving with opening year rules, choice of accounting date and conditions for a change of accounting date.
• Personal pension schemes versus occupational pension schemes.
• SEIS, EIS and VCT conditions and tax advantages.
• Capital gains tax including entrepreneurs’ relief, shares matching rules.
• SEIS reinvestment relief.
• Group registration for VAT and overseas aspects of VAT.
• Purchase of own shares.
• Share options schemes – tax implications.
• Ethics.
Paper P7
• Audit risk/risk of material misstatement.
• Matters and evidence (accounting issues and audit work on those issues).
• Audit report scenarios/ implications.
• Discussion of benefits of new style audit report.
• Assurance on prospective financial Info.
• If sitting International stream, audit of public sector performance information.
• Threats to independence.
• Advertising.
• Reliance on work of internal audit.
• Know your ISAs, especially more interesting ones such as 250, 402, 540, 550, 560, 600, 720.
• If sitting UK Stream, insolvency.
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