ACCA Exam Tips

ACCA Exam Tips


ACCA exam tips, advice, videos and strategies. Expert sharing information knowledge from FTMSGlobal ACCA Subject Specialist to help you pass your exams.

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Business and Corporate Law, Singapore Variant


Question 1 (30 marks)

Focus on Company’s Tax
- deduction of expenses
- taxability of income such as rental income, royalties, interest income etc
- capital allowances/PIC allowances/approved donations

Practice all the questions on this tax computation for Company and score as many marks as possible.

Use at your own risk


Q1 Prepare consolidated statement of financial position and/or consolidated statement of profit or loss and other comprehensive income for single subsidiary and probably with an associate, covering the following adjustments:

- determine cost of investment in subsidiary and associate
- determine fair value (with depreciation) adjustment to subsidiary’s assets
- calculate goodwill
- eliminate unrealised profit adjustment on inventory or PPE
- eliminate intra-group balances and transactions
- calculate non-controlling interest
- calculate consolidated retained earnings and other reserves
- discuss issues relating to the preparation of group financial statements
- account for change in fair value of financial asset
- FRS110/FRS103/FRS28R/FRS39

F8 - Hot Topics for December 2013 exams (by Fung CK, FTMS)


Professional ethics – Will have a question this December on identifying ethical threats and safeguards/responses. (See June 2006 Q4, June 2007 Q1a, Pilot F8 Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4, June 2012 Q3b).

Acceptance of a new job (could be continue an existing job) – factors to consider before accepting/continuing with an engagement. Including communication with existing auditor before acceptance. See June 2010 Q4c.

With a new job, you will need engagement letter – Purpose and content of the letter (see Pilot paper Q2a, June 2011 Q2b) plus preconditions of audit (see Dec 2010 Q3a).


As always core areas of the syllabus that you can expect in the Dec 2013 examination include

  1. Investment appraisal. In addition to NPV consider other appraisal methods such as IRR and Payback period. Be able to conduct a sensitivity analysis.
  2. Sources of finance. Rights issues.
  3. Cost of capital calculation. Be able to discuss capital structure and dividend theories.
  4. Working capital management. Questions on WCM are never limited to one area. You may see stock management, debtors management (factoring, early settlement discounts) and cash management all on the same paper.

In addition to these ideas you must be able to calculate and analyze financial ratios for every F9 exam. Performance evaluation of some kind is highly likely.


Also make sure you can explain EMH and briefly describe Islamic finance.

 


Q1 Prepare consolidated financial statements with adjustments relating to multiple non-consolidation FRSs

  • Consolidated statement of cash flows with changes of parent’s interest in subsidiary WITH adjustments relating various FRSs (see below)
  • Consolidation of foreign subsidiary and/or foreign associate with changes of parent’s interest in subsidiary WITH adjustments relating various FRSs (see below)
  • Discuss conceptual/ethical issues


Q2/Q3 These questions will be scenario based which require you to advise on suitable accounting practices, include analysing and interpreting the financial position and performance of an entity. This may include the appraisal of ethical and professional issues in advising clients. The questions are likely to integrate many topics (FRSs) within a single question.


Q4 Likely to be an essay question which covers currently discussed issues (with application into mini-case question) such as:

  • FRS110 Consolidated Financial Statements
  • Conceptual Framework for Financial Reporting
  • Revenue from Contracts with Customers
  • FRS for SMEs


Important FRSs you should not miss for this coming exam:

FRS110, FRS28R, FRS103, FRS12, FRS16, FRS18, FRS21, FRS36, FRS37, FRS38, FRS32, IFRS9, FRS102

FRS24, FRS33,

ACCA P5 TIPS FOR DEC 2013 EXAMS BY ELIOTT BETTS

  1. Performance measurement. All areas of performance measurement have been tested and are tested regularly. The paper can feature performance measurement heavily and so you must ensure you cover all areas related to this core aspect of the paper. Possibilities for December 2013 include comparing performance of a profit seeking company vs a NPO, Performance Pyramid and problems associated with measuring performance (Gaming, myopia etc).
  2. Decision making. Appraisal methods such as NPV and MIRR, analysis of risk.
  3. Quality management.
  4. Budgeting and a comparison with a beyond budgeting philosophy
  5. Strategic planning models.

Central themes at P5 mean you must always be able to contrast traditional approaches to performance management with more modern ones, financial with non financial and internal vs external factors.

Also ensure you revise on information technologies and the various MIS available to companies today.

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