We have the results on the instant poll:
Are you taking any ACCA exams in March 2016?
Below is a breakdown by country (where OpenTuition gets most students from)
I currently reside in Birmingham, United Kingdom. I work full-time in an accountancy firm as an Accounts Assistant.
On average I spend 15 – 20 hrs on each subject per week. In December session I appeared for two exams F8 and P1 and I prepared for them in two months. [Read more…]
I live in Dublin, Ireland and work in the Department of Communications, Energy and Natural Resources.
I attended a 3 hour class each week and I made this time really count. I took about 5 days study leave from my work. With work and family commitments it’s quality rather than quantity. [Read more…]
A: Hello everyone! My name is Bhagat Singh and I am from Malaysia. I am currently pursuing the second semester of my ACCA exams (F7, F8, F9) by studying full time at Sunway University. I scored 91% on the F4-Corporate and Business Law paper (Malaysian variant) for the December 2015 exam sitting. I was also the World Prize Winner for the FAU June 2015 exam sitting (CAT). Before commenting any further, I’d like to thank Opentutuion for giving me this wonderful opportunity to share my insight on studying for the ACCA exams. [Read more…]
Hi, my name is Samir and I live in Leicester, England. I work as a management accountant for a company called Thomson Hayes.
I try to do an 1 hour a day on average but it does tend to increase in the last week/10 days where I spend on average 6-8 Hours a day. [Read more…]
I live in Cyprus and currently work as a customer support representative. Before starting F3 i had no accounting experience at all!
I tried to study for an hour a day so around 7 hours a week. Close to the exam i did a little more, but due to work and my daughter my time was pretty limited. [Read more…]
Hi, my name is Aleksey and I am from St Petersburg, Russia. I am an associate in a deal advisory department at a large international firm.
Historically, I was mainly focusing on the financial due diligence engagements. As far as you may know, buy-side due diligence is about evaluation of the risks associated with a potential target for an acquisition and advising on the ways how to mitigate these risks. There are, however, some additional country-specific issues. For example, many small- and medium-sized companies in Russia neither prepare consolidated financial statements nor keep IFRS accounts. Since their financials are not fully comparable with those of the companies in the mature market, it may be difficult for an international investor to make an investment decision on the basis of such information. [Read more…]
My name is Mark Roberts and I live in Wales, UK, and currently work as a Management Accountant at Boots Hearingcare
I tend to break my studies into three phases and the time spent studying each week varies depending on which stage I am in. I typically start the tuition phase around 3 months before the exam date, where I usually spend 8 hours per week studying. Revision is the next stage, which starts around 6 weeks before the exam date, here I up my time studying to 12 hours a week. Finally the question practice phase, about 3 weeks before the exam. Here I would typically spend up to 30 hours a week working on my exam technique and areas of the syllabus which require work. [Read more…]
I’m from the island of Malta and I work in the strategy department of Malta’s only airport.
For F2 and F3 I studied on average an hour each week. However this was in conjunction with lessons I attended, which average another 4 hours per week. [Read more…]
I live in Viet Nam and work as Deputy Finance Manager in a conglomerate operating in real estate development, hospitality, hydropower and construction.
I usually start studying 3-4 months before the exam date. For P4, I spent 1 hour per day studying, 1 month before exam date I studied all weekend and took 5 days before the exam date off work to fully focus on revision. [Read more…]
I live in the Isle of Man, a small island in the middle of the Irish sea. I work for a local accountancy firm, Crowe Morgan, in our audit department.
I would usually spend 18 hours a week on average depending on what else was going on in my life. This would be for two courses at a time. [Read more…]
My name is Beda Thibaut Atome I am from Ivory Coast But I live and work in Ghana as the Assistant Manager – Internal Audit at EPP Books Services a Publishing and Books selling company in Ghana.
I took approximately 40 days of work to prepare for the exam but before then I used to read the open tuition note during break time at work so as to familiarize myself with the paper [Read more…]
ACCA P1 September Exam Results
ACCA P2 September Exam Results
ACCA P3 September Exam Results
ACCA P4 September Exam Results
ACCA P5 September Exam Results
ACCA P6 September Exam Results
ACCA P7 September Exam Results
• 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).
• Property income.
• 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.
Q1 & Q2
• Interpretation or statement of cash flows.
• 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.
• Could be single entity or a consolidation – statement of profit or loss and other comprehensive income and/or statement of financial position.
• 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.
• 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.
• 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.
• 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.
• Value chain.
• Critical success factors and KPIs. • Role of the corporate parent, including BCG matrix/Ashbridge.
• Managing strategic change – force field analysis.
• 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.
• 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.
• 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.
• VAT partial exemption.
• Transfer of trade versus sale of subsidiary.
• Disincorporation relief. Pensions contributions.
• Patent box, research and development expenditure.
• 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.
• Consolidation issues.
• Revenue recognition.
• Substance vs form.
• Convertible instruments (IFRS 9).
• Accounting for taxation, as part of final accounts question.
• Provisions and contingencies.
• Audit risk.
• Auditor’s report.
• Read the examiner’s/exam team’s articles – capital asset pricing model, myopic management, equivalent annual costs and benefits, business valuation, advanced investment appraisal, foreign exchange risk and its management, and introduction to Islamic finance.
• Bond valuation.
• Dividend policy.
• Corporate governance (CG) concepts, underlying fundamentals and arrangements.
• CG in other organisations
(e.g. public sector, NGOs).
• Types and forms of CG (e.g. rules based, principles based, insider, outsider systems, UK Corporate Governance Code, SoX).
• Agency theory, stakeholders, Mendelow.
• Board structures, CEO/chairman, directors, non-executive directors, committees.
• Internal control and business risk, Turnbull.
• Ethical theories and business codes – Kohlberg, Gray, Owen and Adams, Tucker, AAA.
• Professions and the public HEALTH interest. WARNING • Corporate social responsibility, corporate citizen, footprints and sustainability.
• Integrated reporting, social and environmental auditing.
• Consolidations in Q1.
• Disposals and complex groups
(last examined June 2010).
• Disposals (December 2009).
• Step acquisitions (December 2011).
• Cash flow (Dec 2013).
• Foreign Sub (June 2010).
• Complex group (Dec 2012 and June 2013).
• Consolidated profit or loss was examined for the first time in over three years in the June 2014 paper.
• Foreign subsidiaries have not been examined for a few exams.
• Financial Instruments (IFRS 9) to include hedge accounting, (questions on this topic tend to appear in most exams).
• Employee benefits (IAS 19).
• Leases (IAS 17).
• Share-based payments (IFRS 2).
• Impairment of assets (IAS 36).
• Deferred tax (IAS 12).
• Financial performance indicators such as NPV and MIRR.
• Activity based management.
• Fitzgerald and Moon building block model.
• Six Sigma.
• New audits, tendering.
• Planning, materiality, sampling, analytical review.
• Audit, business or material misstatement risk.
• Group audits, goodwill, joint audit, joint ventures.
• Assurance services, PFI, KPI, due diligence, forensic audit, reviews, insolvency (UK and Ireland students only).
• Ethics, practice management and other professional issues.
• Any audit matter covering IFRS (IAS 1 to 40 and IFRS 1 to 15 – see P2 syllabus).
• Close down procedures, opening balances, comparatives, other infor- mation, going concern, subsequent events, representation letter, emphasis of matter, audit reports.
• Outsourcing, service providers, use of an expert.
• Corporate governance, internal audit (relating to ethics, outsourcing), audit committees.
• Current issues (e.g. quality control and professional scepticism) including integrated reporting.
• Independence threats.
• Audit risk/response with analytical procedures.
• Control procedures/tests for payroll, inventory.
• Substantive procedures for payroll, inventory, provisions.
• Audit report scenarios.
• Reliance on internal audit by external audit.
• Corporate governance advice to company.
• ISA 250, 260, 560, 570, 720.
• Unitary/two tier (last examined June 2012).
• Chair role/CEO chair split
(Dec ’09, Dec ’11).
• Reward systems (December ’13). • AGM/insider dealing (June ’11).
• Comply and explain or rules versus principle (Dec ’12).
• COSO failures (Dec ’12).
• Board responsibility for control (Dec ’12).
• Disclosure/information (Dec ’10, Dec ’12).
• Risk committee or risk manager (June ’12, June ’09).
• Strategic/operational risk (Dec ’12).
• Static and dynamic risk (June ’11)
• Risk diversification or ALARP (June ’13).
• Absolute/relative (Dec ’10).
• AAA model (June ’12).
• Tucker’s model (Dec ’12).
• Strategic analysis (perhaps with one of the less-used models such Ashridge).
• Strategic choice with numbers (perhaps close or continue or a decision tree).
• IT controls.
• Integrated reporting.
• Improving business processes.
• Investment appraisal using adjusted present values or capital rationing.
• Cost of capital using the principles of Modigliani and Miller, prepositions or geared and ungeared betas.
• Mergers and acquisitions – valuation using free cash flows/P/E ratio method, cash offer or share exchange and regulations of takeovers.
• Assessing the success of a given capital reconstruction scheme.
• Hedging exchange rate or interest rate risk using futures, options and swaps.
• Option pricing theory. Real options, example, option to abandon, expand and delay.
• Valuation of company using the Black-Schole option pricing model.
• Choice of suitable performance metrics for a specific organisation (perhaps EVA/Fitzgerald and Moon).
• Impact of the external environment (perhaps how to collect relevant information about changes).
• Modern management accounting techniques (perhaps TQM/JIT/ environmental management accounting).
• Analysis of performance of SBU’s (perhaps BCG matrix).
• Business risk and risk of material misstatement.
• Matters and Evidence for IAS 23, 24, 37, 38, IFRS 15.
• Ethics/professional issues including money laundering.
• Audit reports scenarios.
• New format audit reports.
• Due diligence and forecasts.
• ISA 250, 260, 550, 560, 610.
• Audit of group acquisition/disposal.
* Target costing.
* Lifecycle costing.
* Cost volume profit analysis.
* Limiting factors.
* Flexed budget and budgeting discussion.
* Financial and non-financial performance.
* 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.
* 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.
* 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.
* 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.
* 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.
* Q1: Group question on foreign subsidiary. Will contain a variety of non-group topics too.
* Revenue recognition or leases – current issue.
* Deferred tax.
* Share based payments.
* Environmental analysis, people with financial analysis.
* Project management.
* Strategic action.
* Information technology – pricing strategy.
* 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.
* Critique an existing performance management system and the performance hierarchy.
* Transfer pricing.
* Quality costs and six sigma.
* Activity based principles.
* Performance management models (performance pyramid or building block model).
* Value based approaches to performance management.
* 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.
* 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.