BPP Exam Tips
 
 
F5
  •   Q1–Q3: any syllabus area could be tested here – so study it all!
  •   Q4 & Q5: planning and operational variances.
  •   Mix and yield variances and evaluation of the company performance (either as a whole or on a divisional basis).
 
F6
Q1–Q4
  •   Property income.
  •   Pensions.
  •   A range of capital gains calculations – chattels, part- disposals, use of capital losses and business reliefs.
  •   Inheritance tax – death tax on lifetime gifts and/or death estate.
  •   VAT – small business schemes. Q5 & Q6
  •   Income tax – employment income and/or trading income.
  •   Corporation tax – capital allowances.
 
F7
Q1 & Q2
  •   Interpretation or statement of cash flows.
  •   Consolidation.
  •   Conceptual framework.
  •   Intangible/tangible assets and impairment.
  •   Provisions and contingencies.
  •   Revenue and grants.
  •   Financial instruments discounted operations/assets held for sale or earnings per share.
Q3
  •   Could be single entity or a consolidation – statement of profit or loss and other comprehensive income and/or statement of financial position.
 
F8
Q1–Q4
  •   Corporate governance and internal audit.
  •   Ethical threats and safeguards.
  •   Audit planning, materiality, audit procedures (substantive procedures), audit finalisation and audit reports.
Q5 & Q6
  •   Audit risk.
  •   Internal control.
  •   Audit procedures – both substantive procedures and tests of controls.
 
F9
Q1–Q3
  •   Working capital management – the impact of a change in credit period or accepting a factor’s offer.   Business or security valuations – assets method and earnings valuation.
  •   Financial risk management – currency risk or interest rate risk. Q4 & Q5
  •   Investment appraisal – likely to be NPV with inflation and tax.
  •   Working capital management and business finance – evaluation of financing options, interest coverage and gearing ratios, or a cost of capital calculation.
 
P1
  •   Use of stakeholder, ethical and other CRS theories – all applied to the scenarios.
  •   June tested the examiner’s technical article on CSR so ensure you are familiar with any new articles.
 
P2
  •   Q1: preparation of a group statement of profit of loss and other comprehensive income and/or statement of financial position or statement of cash flows. This may include a foreign subsidiary, discounted activities, disposal and/or acquisitions. You can add other complications such as financial instruments, pensions, share-based payment and impairments.
  •   Q2 & Q3: Tests a range of topics such as deferred tax, foreign currency transactions, financial instruments, pensions, share-based payment, non-current assets, borrowing costs, and the effect of accounting treatments on earnings per share or ratios. Standards such as accounting policies and the framework, leases, grants, IFRS for SMEs, reorganisations, provisions, events after the reporting period and related parties.
  •   Q4: Revision of the conceptual framework. Regulatory issues over adoption and consistent application of IFRSs.   Implementation issues. Revenue recognition. Management commentary. Application of the definition of control and significant influence – equity accounting. Improvements in performance measurement.  Classification in profit or loss vs OCI.  Integrated reporting.
 
P3
  •   Value chain.
  •   Critical success factors and KPIs.   Role of the corporate parent, including BCG matrix/Ashbridge.
  •   Managing strategic change – force field analysis.
 
P4
  •   Project appraisal – cost of capital calculations.
  •   Business valuation – also likely to include cost of capital calculations.   Risk management – hedging.
  •   Currency risk management.
  •   Business re-organisation.
  •   Real options.
 
P5
  •   Numerical techniques – KPIs, EVA, transfer pricing, ratios, quality related costs, and ABC.
  •   Building blocks model.
  •   Quality management.
  •   Information reporting – CSFs and KPIs.
  •   Application of strategic models – PEST, Porter’s 5 Forces, value chain.
  •   HR frameworks – reward and appraisal systems.
  •   Risk management.
  •   Environmental management accounting.
 
P6
  •   Groups of companies involving overseas aspects.
  •   Unincorporated business particularly loss relief or involving a partnership.
  •   Capital gains tax versus inheritance tax.
  •   Overseas aspects, particularly the new rules on residence.
  •   Personal service company.
  •   Company purchase of own shares.
  •   Enterprise investment schemes/venture capital trusts.
  •   Change in accounting date.
  •   Takeover.
  •   VAT partial exemption.
  •   Transfer of trade versus sale of subsidiary.
  •   Disincorporation relief. Pensions contributions.
  •   Patent box, research and development expenditure.
 
P7
  •   Q1: planning, risk assessment, evidence gathering and practice management issues – including financial statements extracts.
  •   Q2: non-audit engagement – PFI, due diligence, audit completion or consolidated groups.
  •   Audit evidence and financial reporting issues.
  •   Practice management including ethics.
  •   Quality control and reporting – completion and communication.
 
First Intuition's Tips
 
F5
  •  Target costing.
  •  Lifecycle costing.
  •  Cost volume profit analysis.
  •  Limiting factors.
  •  Risk.
  •  Flexed budget and budgeting discussion.
  •  Financial and non-financial performance.
 
F6
  •  Employment/self-employment.
  •  PAYE.
  •  Opening years and change of year end for sole traders.
  •  Capital allowances.
  •  VAT default surcharge and VAT invoice content and annual accounting.
  •  CGT: Principal private residence and entrepreneur’s relief, chattels.
  •  IHT lifetime and death transfers.
 
F7
  •  Extracts from single company accounts including non-current assets, taxation and IFRS 15.
  •  Interpretation of accounts including a statement of cash flows.
  •  Consolidated SFP and/or SPL with associate, PUP and fair value adjustments.
 
F8
  •  Ethics.
  •  Audit risk and auditor response (including ratio calculations).
  •  Internal control – deficiencies, implications and recommendations (revenue and receivables or payroll cycle).
  •  Audit evidence and substantive testing.
  •  Subsequent events, written representations and going concern
  •  Modified auditors reports.
 
F9
  •  Discussion of the economic environment and the impact on interest and exchange rates.
  •  Working capital management.
  •  Investment appraisal & cost of capital.
  •  Business valuations.
  •  Risk management.
 
P1
  •  50 mark scenario question, to include: ethics, Tuckers 5 questions, single v two tier board structures also corporate social responsibility.
  •  Optional questions to include: Importance of internal controls, governance committees and structure of directors remuneration, business risks, integrated reporting and environmental reporting.
 
P2
  •  Q1: Group question on foreign subsidiary. Will contain a variety of non-group topics too.
  •  Ethics.
  •  Revenue recognition or leases – current issue.
  •  Deferred tax.
  •  Share based payments.
  •  Pensions
 
P3
  • Section A
  •  Environmental analysis, people with financial analysis.
  • Section B
  •  Project management.
  •  Strategic action.
  •  Information technology – pricing strategy.
 
P4
  •  International investment appraisal techniques focusing on risk management tools such as value at risk.
  •  Impact on WACC following hedging of interest rate risk.
  •  Company valuation based scenario, possible MBO finance to structure.
  •  Adjusted present value with link to real options and Black Scholes option pricing model.
 
P5
  •  Critique an existing performance management system and the performance hierarchy.
  •  Transfer pricing.
  •  Quality costs and six sigma.
  •  Activity based principles.
  •  Budgeting.
  •  Performance management models (performance pyramid or building block model).
  •  Value based approaches to performance management.
 
P6
  •  Business Property Relief.
  •  Use of second spouse nil rate band.
  •  Related property.
  •  Groups of companies, trading and capital losses.
  •  Double tax relief for companies.
  •  De-grouping charges.
  •  Incorporation relief.
  •  Furnished holiday lets.
 VAT partial exemption.
 Appeals and the four track tribunal system.
 Benefits in kind or extra salary, income tax and national insurance implications.
 
P7
  •  Business risks in a scenario.
  •  Identifying ethical and other professional issues in a scenario.
  •  Matters to be considered and audit evidence for a couple of core accounting issues.
  •  Audit reports.
  •  Money laundering.
 
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