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Hi,
Don’t follow how the example you’ve given is a discounted cash flow, dcfs pertain to sums payable in the future translated into money terms as of today?
Answering your query as follows:-
B/S
Dr PPE
Cr Creditors
Cr Tax liabilityIS
Dr depreciation expense
Cr provision of depreciation in B/SCF
Increase creditors within working capital in Operating activities.Tax reconciliation with balancing figure shown in Operating activities
Ppe reconciliation with balancing figure shown in Investing activities.
Hi Jennie,
The new members ceremony I went to also had the awards ceremony you talk about, the people that came to that were formally dressed as photographs were taken as well as meeting representatives.
They’ll probably say smart casual as they did for new members ceremony but everyone turned up in suits & gowns, it is a formal event after all so not really great to rock up in jeans.
Hi
I went to the new members ceremony last November at the Hilton in London, it was a formal affair with suits & evening dresses.
Given its a formal ceremony I presume it will be the same dress code however check with ACCA, they may allow smart casual but I’m sure most will arrive in formal dress.
Hi,
As mentioned you need to strengthen your basic tax knowledge to stand any chance of attempting ATX questions.
Revisit the basics first, work through examples, the ATX textbook covers this to make sure you’re happy with it.
I went to face to face classes even though I knew enough to do on my own as I liked the reassurance it gave me, we went through topic by topic so you might want to do the same, i.e start off with Corp tax, then iht then income tax.
I can tell you that a IHT is always tested in ATX compared to TX exam, as with me as a whole question as well as part of another question, students tend to struggle with this part of the syllabus hence why tested so make sure you comfortable with this.
In conclusion learn the basics, cover the syllabus, you don’t need to know every little thing, practice plenty of questions that cover the syllabus & you should be fine.
Read the examiner’s report from this Tuesday”s exam once available on the website to understand the highs & lows of the exam.
In the exam start with your best question to build confidence & go from there.
Good luck.
Hi,
Given the tax thresholds change every year it wouldn’t be wise to refer to past ACCA published papers as confusion will set in with the differing thresholds.
Kaplan or any of the other ALPs exam kit questions is sufficient as these are past questions adapted to the current finance act so thresholds will be relevant for the exam you’ll be sitting.
Cover most of the questions in the exam kit & you’ll have a good coverage not only of the syllabus but of the style of questions set.
I would reiterate if your basic tax knowledge is weak then you need to remedy this by revisiting otherwise it’ll be a uphill struggle.
There is a lot to cover so 8 hours a week might not be enough time to cover syllabus & the questions.
Best of luck.
Hi Rajr,
Unfortunately this site doesn’t provide study resources for ATX, I uses the Kaplan study text which whilst a massive textbook is 50% F6 TX content.
Start off by refreshing your F6 TX basic tax knowledge as ATX underpins this, without knowing the basic rules you’ll struggle.
Understand the basic income , tax adj trading profits, capital allows proforma but remember you won’t be asked to reproduce one, you’ll be expected to perform snapshot, marginal calculations.
Once you got the basics, you need to learn the new stuff in ATX such as SEIS, share options, etc.
The key to success is precision & application of the tax rules so a good understanding of the rules is crucial.
Remember there are always easy marks to be had in every paper, there are at least 20 in ATX, 5 ethics, 5 NICs , 5 vat, 4 prof marks.
Best of luck.
Hi Richard,
Yes apv will be different in most cases as cost different to that of wacc.
Wacc is used when a company’s capital structure either remains unchanged or insignificantly changes.
Wacc is also a collective average of the cost of debt & equity together.
Therefore it wouldn’t be appropriate to use it when the structure changes significantly or if equity & debt are valued separately which is the assumption with apv.
Which one to use depends on the company’s capital structure, apv is used particularly when a subsidised loan exists.
For appraising standard low risk projects wacc can be be used but for risky projects where a greater proportion of debt is used, risk adj wacc or apv would be suitable.
Best of luck.
Hi zainab
Your mark confirms that exam technique alone was what let you down.
You already have a good grasp of the syllabus so it’s all about securing the easy marks especially in p4 as time pressure to complete the paper is immense.
Scan the paper & start with your best question that you feel you can score reasonably well in, this can be wholly written part or parts of calcs.
It’s all about targeting those easy marks which are in every acca paper.
Stay strong & focus on what you can do & have a stab at the hard bits at the end.
Best of luck
Hi
P4 whilst small is technically demanding whereas p5 is more practical.
As you already have the p5 knowledge you should stick with this.
It all as everyone says but it’s the truth comes down to exam technique, understanding the question particularly in p5 & tailoring your answer on top of managing your time.
I would review past questions & answers to see if understand & are touching the points covered in the model answer.
If finances allow, buy a revision mock & marking package so your technique can be reviewed independently to identify where you might be going wrong.
Best of luck.
Hi Kerri,
Once your PER is approved by your workplace supervisor & all your exams are complete you can either wait for ACCA to formally invite you or the quickest way is to formally apply yourself through your myacca login.
Once applied you will receive confirmation once ACCA have completed all their checks of your admission.
You can track the progress of your application on your account, the whole process from application to transfer to membership can take like mine did, about a fortnight however ACCA reserve the right to conduct random audits which may increase this timeframe, they will notify you of this.
Once transferred to membership your certificate is sealed at the next Council meeting which are held quarterly, unfortunately receipt of this certificate can take significantly longer by up to 3 months which is something I’ve never understood.
Don’t forget to look out for your invitation to the new members ceremony around November time, make sure you’re not inadvertently missed like I was & had to get a place at the last minute.
A good night of networking, two course meal, dance & photography session which for me was at the glitzy Hilton.
Welcome to the club & best of luck in your future career.
Hi sparklegirl,
I work in specialised tax hence why I chose CTA as you can choose the route & specific taxes to go into.
As with any professional qualification you always need practical work experience to be able to work in specialised areas, theory alone is not sufficient.
I think acca p6 or adv tax as it’s now called is more than sufficient for your purpose of filing tax returns & general advice.
Best of luck.
Hi,
I’m currently doing CTA having qualified with ACCA, you only need to do 4 papers if passed P6.
It’s a big step up from P6 & is predominantly written, if you have plans to work in specialised areas of tax then it’s good to have.
As with ACCA you need to have the work experience to gain the CTA qualification.
It sounds like you are only intending to do general tax which is more than covered by P6, CTA is more geared to tax planning opportunities & advice for complex tax circumstances.
Best of luck.
Hi Siyaj,
There isn’t a point you should be at as such however I would leave at least six weeks for question practice.
You’ll find with P4 that the questions are repetitive, so by constantly practising you’ll become adept to the style & approach to answering them.
By far futures & options are frequently tested therefore if you follow the standard approach, you can’t go wrong, the acronym or pop group from back in the day to remember is ten cc – type of contract, expiry of contract, no. of contracts, close out contract & convert at spot rate.
I found the David Evans book invaluable, it walks you through financial management from the basics to the complex stuff.
Remember you won’t get most of it right first time, but over time it’ll make sense, you won’t get the right answer but credit will always be given for the correct working.
P4 questions also take a broader scope so text book regurgitation alone will not help you, read widely & make well informed, professional judgements if the company in the scenarios were yours.
So long as you cover the syllabus, in particular Npv, forex(risk management) & business valuations practice plenty of past questions such as tisa, makonis, keshi, etc & you’ll be fine.
Best of luck.
Hi,
I think as there are some topical links between F papers it would make sense to follow this approach.
F8 links in part with F7 & F5 with F9 with F6 a standalone paper.
Best of luck.
Hi
Depends on how comfortable you were with the fundamental equivalent papers.
Given you’ve just sat F9, if AFM formerly P4 is one of your optional choices I would go for that first as this builds on from F9 & requires firm knowledge of this.
If not then as the other optional papers remain relatively unchanged I would go for two of those based on how comfortable you were with the equivalent fundamental paper.
As nothing in terms of the new papers is known yet, it would be unchartered territory.
SBL they recommend should be given at least 6 months study preparation so a September attempt would be a push at this stage.
Best of luck.
Hi
P6 is the largest of all the syllabi, I chose to do this on its own as alongside another paper would be brain overload.
Given also the differences in accounting treatment with financial reporting & taxation there is a greater likelihood of mixing up the two if done together.
Concentrate on F7, build on to SBR & AAA, SBL & then ATX.
Best of luck.
Hi
As p6 is based on application of learnt rules, it’s equally important to have tuition to gain the vital knowledge.
Whilst revision is key to success also, this is not possible without the basics in place.
I would give it another go whilst fresh in your mind, If your result was marginal, between 45-49 then your exam technique is the obstacle.
For P6 focus on the key tax areas, CGT, IHT CT, VAT, as well as ethics, the differences on sole trader vs company rules – particularly basis periods & loss relief rules & when attempting a question, don’t just dive right into it, take some time to think about it, particularly if there’s a quicker way of calculating an answer, ie marginal tax saving rather than a full tax computation, etc.
Best of luck.
Hi
Do you mind writing out figures for that part of the question & I can help you.
Thanks.
Hi
She is a higher rate taxpayer, that is her total employment income is above £33,500 so her dividends are taxed at the higher rate of 32.5%.
In 17/18 individuals get a £5,000 annual tax free allowance, the £1,500 other div income received annually eats into this annual allowance.
This then leaves £3,500 of the tax free allowance available to absorb other dividend income, so their £20,000 employer dividend uses up the remaining allowance.
The remaining £16,500 is then taxed at the higher rate.
I hope this helps.