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i share your pain. Guess what? i took me 6 good years to pass p5. i failed because i honestly did not understand the paper but when i did, i passed it. I focused on solving past questions and there i go to know why i had failed all these while.Don’t give up yet.
Never say die until the bones are rotten.sorry to hear this.I like your mentality. Never give up. i would suggest you focus on the past questions.Better luck next time.
sorry to hear your sad news but don’t give up yet. Put the text book somewhere and focus your time on the past questions. That’s the key to passing this paper. It took me such a long time to finally understand this paper and when i did, i passed after 6 years struggling. Better luck next time.
Sorry to hear you didn’t pass but don’t give up. I have been in your shoes before.It took me 6 years to finally pass P5.
I would suggest you spend a lot of time solving past questions in order to familiarize yourself on how the theories were applied in the answers to the past questions. Better luck next time.Hi Bro, i share your pain. i would suggest you concentrate on solving only past questions going forward. You already know the theory but what you probably not getting is the techniques. I am talking from personal experience.
I struggled to pass my final paper to become ACCA affiliate for about 6 and a half years.My average mark was about 38 marks. It took me a long time to start to question why i am not passing. Meanwhile my friends i started ACCA with had complete and some are even partners, finance directors in some private firms and big corporations. I was very frustrate and so i began to look for solutions as to why i am stuck with the final paper and i am not making any headway. I realized that i focus on the notes too much and spend less time solving past questions. I most of the time spend just a week to go through a couple of past questions which hasn’t been helpful.
I changed that and focused on solving all the past questions from 2010 till date. It was through solving past questions that i discovered what i was doing wrong all this while. I got the tricks and i passed.
The solving past questions will teach you how to apply the knowledge to questions.
Don’t give up and never say die until the bones are rotten.Take charge of your books and start all over again.Focus on solving only past questions.Solving past questions will open your eyes to see the techniques.
After six and half years trying to pass p5, i finally pass it this time around. I am over the moon.
Now i can move on with my life.To God be the glory.don’t quit and don’t give up.It took me six and a half years to be able to pass p5. focus more on the past questions and solve as many as you can.
How did the examiner got the following Pv@12.5%?
2010 $ 179,516
2011 $ 292,169
2012 $ 303,626
Please help.no they are not out of the syllabus.The only topic i know that is not part of p5 was Ansoff model.You can cross check for yourself.
1.Performance Pyramid
calculations and evaluation , non financial indicators
ABC costing
strength and weakness of incremental and ABC Budgeting
assess using Fritzgerald and Moon measures, improvement using real time data, external data integration
Stakeholders analysis, risk , project option, expected values and risk evaluation of stakeholders.
i got this information after the p5 exam was written.Kaplan ACCA Exam Tips June 2016 Papers
also see ACCA Exam Tips June 2013 by ACCASUPPORT.COMF4
English legal systemTypes of law
Court structure
Court vs tribunal
Interpretation of statute
Human Rights Act
Tribunals
Contract lawExclusion clauses
Offer and acceptance
Consideration/privity of contract
Express and implied terms
Intention to create legal relations
Tort of negligenceDuty of care
Breach of duty
Professional misstatement
Employment lawCommon law duties
Remedies
Redundancy
Agency/partnershipHow agency relationship arises
Liability of agents & partners
Termination of partnership
Company lawSeparate personality/lifting the veil
Articles of association
Statutory books
Choice of business structure/private v public company
Treasury shares
Class rights
Loan capital/charges
Kaplan Financial June 2013
Appointment/removal/disqualification of directors
Directors authority
Directors’ duties
Meeings
Auditors
Company secretary
Corporate governance
Fraudulent behaviourMoney laundering
Market abuse
Bribery
Fraudulent and wrongful trading
F5
Environmental Management Accounting
Throughput accounting and TOC
Learning curves
Variances: Sales Variances, Market size and market share
Decision Trees
Pricing Equations and Pricing strategies
Activity based budgeting
Non Financial Performance Indicators
F6
Income tax– Husband and wife
– Joint investment income
– Some exempt income
– Adjustment of profits
– Residence
– Mileage allowance
– Loss reliefs against gains
– National insurance
– Self assessment
– Interest/penalty – explanation/calculation
Corporation tax
– Possibly a straddling and/or short period of account
– Definition of a CAP
– Property income
– Chargeable gains to calculate, with rollover relief
– Capital gains group – transfers, elections and group rollover relief
– Single company losses and / or group loss relief – with some tax planning
– Overseas branches
– Penalties for late filing of return
– Quarterly instalment payments
– Interest on late payment of corporation tax
Capital gains tax
– Husband and wife making disposals
– Transfer between spouses
– Wasting assets or chattels
– Exempt assets
– PPR, gift and entrepreneurs’ relief
VAT
– Separate part of question 1 or 2 or whole question 4/5
– VAT registration – futures test
– Invoices
– VAT return – including some discounts and impaired debts relief
– Pre-registration input VAT
– Deregistration
– Default surcharges and errors
– Payment dates
Sundry topics for questions 4 and 5
– Partnerships
– IHT (full question)
– Comparative scenario or other new style question
– Self assessment
F7
Q1Consolidated statement of financial position (with possible statement of profit or loss). Adjustments to
include: PURP, share exchange, current accounts, impairment, revaluation, fair value adjustment
Q2
Published accounts to include statement of profit or loss, statement of financial position and statement of changes in equity from trial balance. Possible adjustments to include: revenue recognition, depreciation, revaluation, tax & deferred tax, convertible loan, share issue.
Q3
Statement of cash flows with interpretation element.
Q4/Q5
Qualitative characteristics, finance leases, intangible assets, events after the reporting date, earnings per share.
F8
Audit Framework: confidentiality / conflicts of interest / audit committeesInternal Audit: Role and function
Planning and Risk: Audit risk including analytical procedures
Internal Control: Cash / purchases system (including tests of control)
Audit Evidence: Purchases / payables; bank and cash; review engagements
Completion & reporting : Subsequent events (ISA 560) Auditor’s reports
Specific standards/topics:
? Elements of internal control: Control Environment (recent article) (ISA 315)
? Elements of assurance
? Expectation gap
? Professional clearance
? Audit strategy/plan (ISA 300)
? Risk assessment procedures (ISA 315)
? Materiality (ISA 320)
F9
Investment appraisalThis is a key topic which is highly likely to be examined every time. The most common technique assessed is NPV with inflation and taxation although be prepared for a twist, possibly involving some of the more basic methods of the applications of NPV such as replacement analysis or lease v buy. It is also worth bearing in mind that IRR has not been tested for three years so may pop up in some form.
Working Capital Management
Another key topic which is likely to examined every time. Exams to date have covered much of this topic but it’s been a while since we’ve seen the more numerical aspects surrounding cash management. A discussion about funding strategies is a key discursive element.
Valuations
This has been examined in virtually every F9 exam to date. Cash flow based values have yet to be examined although the PE ratio and dividend valuation methods still appear to be the more examinable areas. There are often high scoring discursive elements in this area of the syllabus for being able to discuss the implications of something on the value of the business or perhaps the relative methods of the valuation methods.
Business Finance
This topic has been heavily examined recently and in particular the impact of financing on ratios is an area the examiner likes. Make sure you’re able to discuss the impact that different policies may have on a company by being able to both calculate and interpret financial ratios.
Cost of Capital
This topic features in virtually every exam to a greater or lesser extent. Good coverage of all of the syllabus areas is therefore essential to ensure you can handle any eventuality on the day.
Candidates should feel confident when calculating the overall cost of capital (WACC) and going on to discuss the impact of the cost of capital on investments. It’s been a while since we’ve seen CAPM based calculations.
Risk Management
Within this section of the syllabus, foreign exchange risk has been examined more often than interest rate risk. However, both are fairly under-examined areas of the syllabus as a whole and so this is a topic worth being on top of.
The Financial Management Function and the impact of the economic environment upon it
We can probably expect one specific topic from these syllabus areas to feature as a tag on discursive element within one question on the exam. This part of the question can provide some easier knowledge-based marks and therefore is worth some focus.
P1
TARA
Teleological and deontological approaches to ethics
Kohlberg’s moral development
Gray, Owen and Adams contents of a corporate code of ethics insider trading audit committees internal control statements internal controls – systems separation of roles of Chairman and CEO ‘transparency’ in the context of corporate governance directors’ remuneration influence of and intervention by institutional investors normative and instrumental view of stakeholders direct and indirect environmental reporting
P2
Q1 Groups and ethicsA SOFP has been examined for in the last 4 examinations (both exams in 2011 and 2012) – perhaps it is time for a GSOCI (QBD) or a statement of cash flows (revision mock) group accounting question. In either event, it is likely to include a change in group structure (acquisition and/or disposal of subsidiary in the year). Accounting issues possibly examined within this question include:
– Financial instruments
– Joint arrangements
– Foreign currency
The ethical issue will normally focus upon an incorrect or inappropriate accounting treatment in the group accounts question. As IFRS 10/11/12 are relatively new, it could focus upon determination of whether one entity has control over another, and whether an appropriate accounting treatment has been applied.
Q2 and Q3
Possibly a focus upon P2-only reporting standards, and those which require the exercise of judgement.
Accounting issues possibly examined here include:
– IAS 19 Employee benefits – in revision mock
– IFRS 2 Share-based payment – in revision mock
– IFRS 9 & IAS 39 Financial instruments – including hedging – in QBD
– Entity reconstructions including accounting issues – in the revision mock as not yet examined since it was included in the syllabus in 2011.
Q4 – Essay-style question
This is difficult to call. I was going to include a question in the revision mock or QBD dealing with current developments in hedging, but at the Examiners’ Conference, in answer to a question about how likely or detailed such a question could be in an exam, it was described as “horrific” and ,my only attract a small number of marks within a bigger question.
Instead, the focus is perhaps more likely to be on current standards which may be lacking or deficient in some way – hence drafting a question for QBD dealing with revenue recognition and leasing in one question.
Although this is unlikely to be the format of such a question, it does represent “hedging bets” by covering two topics in the same question. The essay-style question in the revision mock deals with clutter in company accounts – something the Examiner made specific reference to at the Conference.
P3
Project management
Benefits management
Supply chain management
Business process change
Stakeholder analysis
Decision making techniques
P4
Net Present Value – including foreign currency cash flows
Risk adjusted WACC
Discussion of financing options
Interest rate hedging – options, futures and FRAs
P5
Divisional performance
BCG matrix and link to CSFs, KPIs
Public sector NFP – link between mission and CSFs, KPIs
Evaluate PM system
Evaluate format and content of a PM report
EMA
Building Block Model
Risk – maximax, etc
P6
Corporation tax– Group relief / consortium relief
– Capital gains groups: NGNL and rollover relief
– Overseas aspects: branch vs sub / CFCs / transfer pricing
– Acquisition of subsid /pre entry capital losses and trading losses
– R&D
– Close companies
Capital gains
– Reliefs: Rollover, holdover, gift, incorporation, PPR and letting
– Overseas aspects
Inheritance tax
– Lifetime gifts
– Valuation of shares / related property
– Deed of variation
– New IHT rate for charitable legacies
– Death estate computation
– Business property relief
Income tax
– Sole traders closing year rules
– Income tax comps at marginal rates
– Benefits: car, accommodation
– Share incentive plans
– Overseas aspects
Personal financial planning
– EIS / seed EIS
VAT
– Partial exemption
– Land and buildings
– Group VAT registration
Scenarios
– Lease vs. buy assets: net cost
– Incorporation
– Company purchase of own shares
– Personal service companies
– IHT vs CGT for gifts
Stamp duty and SDLT
Ethics
P7
Core areas (as per examiner’s approach article) likely to be examined in every paper:• Engagement planning and risk assessment (audit risk);
• Engagement procedures (i.e. evidence);
• Ethics and professional issues;
• Completion (matters to consider/evidence on file) and engagement reporting;
Subjects of recent articles:
• Planning (October 2012)
Significant topics not examined for at least 18 months:
• Subsequent Events (ISA 560)
• Due diligence
• Auditor’s responsibilities regarding fraud
• Limiting liability
• Changing auditors
Current topics:
• Competition in the statutory audit market
• Improving the audit report.
Please note: the UK variant is also very likely to include an aspect of Insolvency (wrongful & fraudulent trading?).
Please be aware that the whole syllabus is examinable. Whilst the above topics are likely to be examined in forthcoming sittings this does not mean candidates should avoid other areas of the syllabus in their exam preparation.
Sharing is Caring
Kaplan ACCA Exam Tips June 2016 Papers
also see ACCA Exam Tips June 2013 by ACCASUPPORT.COMF4
English legal systemTypes of law
Court structure
Court vs tribunal
Interpretation of statute
Human Rights Act
Tribunals
Contract lawExclusion clauses
Offer and acceptance
Consideration/privity of contract
Express and implied terms
Intention to create legal relations
Tort of negligenceDuty of care
Breach of duty
Professional misstatement
Employment lawCommon law duties
Remedies
Redundancy
Agency/partnershipHow agency relationship arises
Liability of agents & partners
Termination of partnership
Company lawSeparate personality/lifting the veil
Articles of association
Statutory books
Choice of business structure/private v public company
Treasury shares
Class rights
Loan capital/charges
Kaplan Financial June 2013
Appointment/removal/disqualification of directors
Directors authority
Directors’ duties
Meeings
Auditors
Company secretary
Corporate governance
Fraudulent behaviourMoney laundering
Market abuse
Bribery
Fraudulent and wrongful trading
F5
Environmental Management Accounting
Throughput accounting and TOC
Learning curves
Variances: Sales Variances, Market size and market share
Decision Trees
Pricing Equations and Pricing strategies
Activity based budgeting
Non Financial Performance Indicators
F6
Income tax– Husband and wife
– Joint investment income
– Some exempt income
– Adjustment of profits
– Residence
– Mileage allowance
– Loss reliefs against gains
– National insurance
– Self assessment
– Interest/penalty – explanation/calculation
Corporation tax
– Possibly a straddling and/or short period of account
– Definition of a CAP
– Property income
– Chargeable gains to calculate, with rollover relief
– Capital gains group – transfers, elections and group rollover relief
– Single company losses and / or group loss relief – with some tax planning
– Overseas branches
– Penalties for late filing of return
– Quarterly instalment payments
– Interest on late payment of corporation tax
Capital gains tax
– Husband and wife making disposals
– Transfer between spouses
– Wasting assets or chattels
– Exempt assets
– PPR, gift and entrepreneurs’ relief
VAT
– Separate part of question 1 or 2 or whole question 4/5
– VAT registration – futures test
– Invoices
– VAT return – including some discounts and impaired debts relief
– Pre-registration input VAT
– Deregistration
– Default surcharges and errors
– Payment dates
Sundry topics for questions 4 and 5
– Partnerships
– IHT (full question)
– Comparative scenario or other new style question
– Self assessment
F7
Q1Consolidated statement of financial position (with possible statement of profit or loss). Adjustments to
include: PURP, share exchange, current accounts, impairment, revaluation, fair value adjustment
Q2
Published accounts to include statement of profit or loss, statement of financial position and statement of changes in equity from trial balance. Possible adjustments to include: revenue recognition, depreciation, revaluation, tax & deferred tax, convertible loan, share issue.
Q3
Statement of cash flows with interpretation element.
Q4/Q5
Qualitative characteristics, finance leases, intangible assets, events after the reporting date, earnings per share.
F8
Audit Framework: confidentiality / conflicts of interest / audit committeesInternal Audit: Role and function
Planning and Risk: Audit risk including analytical procedures
Internal Control: Cash / purchases system (including tests of control)
Audit Evidence: Purchases / payables; bank and cash; review engagements
Completion & reporting : Subsequent events (ISA 560) Auditor’s reports
Specific standards/topics:
? Elements of internal control: Control Environment (recent article) (ISA 315)
? Elements of assurance
? Expectation gap
? Professional clearance
? Audit strategy/plan (ISA 300)
? Risk assessment procedures (ISA 315)
? Materiality (ISA 320)
F9
Investment appraisalThis is a key topic which is highly likely to be examined every time. The most common technique assessed is NPV with inflation and taxation although be prepared for a twist, possibly involving some of the more basic methods of the applications of NPV such as replacement analysis or lease v buy. It is also worth bearing in mind that IRR has not been tested for three years so may pop up in some form.
Working Capital Management
Another key topic which is likely to examined every time. Exams to date have covered much of this topic but it’s been a while since we’ve seen the more numerical aspects surrounding cash management. A discussion about funding strategies is a key discursive element.
Valuations
This has been examined in virtually every F9 exam to date. Cash flow based values have yet to be examined although the PE ratio and dividend valuation methods still appear to be the more examinable areas. There are often high scoring discursive elements in this area of the syllabus for being able to discuss the implications of something on the value of the business or perhaps the relative methods of the valuation methods.
Business Finance
This topic has been heavily examined recently and in particular the impact of financing on ratios is an area the examiner likes. Make sure you’re able to discuss the impact that different policies may have on a company by being able to both calculate and interpret financial ratios.
Cost of Capital
This topic features in virtually every exam to a greater or lesser extent. Good coverage of all of the syllabus areas is therefore essential to ensure you can handle any eventuality on the day.
Candidates should feel confident when calculating the overall cost of capital (WACC) and going on to discuss the impact of the cost of capital on investments. It’s been a while since we’ve seen CAPM based calculations.
Risk Management
Within this section of the syllabus, foreign exchange risk has been examined more often than interest rate risk. However, both are fairly under-examined areas of the syllabus as a whole and so this is a topic worth being on top of.
The Financial Management Function and the impact of the economic environment upon it
We can probably expect one specific topic from these syllabus areas to feature as a tag on discursive element within one question on the exam. This part of the question can provide some easier knowledge-based marks and therefore is worth some focus.
P1
TARA
Teleological and deontological approaches to ethics
Kohlberg’s moral development
Gray, Owen and Adams contents of a corporate code of ethics insider trading audit committees internal control statements internal controls – systems separation of roles of Chairman and CEO ‘transparency’ in the context of corporate governance directors’ remuneration influence of and intervention by institutional investors normative and instrumental view of stakeholders direct and indirect environmental reporting
P2
Q1 Groups and ethicsA SOFP has been examined for in the last 4 examinations (both exams in 2011 and 2012) – perhaps it is time for a GSOCI (QBD) or a statement of cash flows (revision mock) group accounting question. In either event, it is likely to include a change in group structure (acquisition and/or disposal of subsidiary in the year). Accounting issues possibly examined within this question include:
– Financial instruments
– Joint arrangements
– Foreign currency
The ethical issue will normally focus upon an incorrect or inappropriate accounting treatment in the group accounts question. As IFRS 10/11/12 are relatively new, it could focus upon determination of whether one entity has control over another, and whether an appropriate accounting treatment has been applied.
Q2 and Q3
Possibly a focus upon P2-only reporting standards, and those which require the exercise of judgement.
Accounting issues possibly examined here include:
– IAS 19 Employee benefits – in revision mock
– IFRS 2 Share-based payment – in revision mock
– IFRS 9 & IAS 39 Financial instruments – including hedging – in QBD
– Entity reconstructions including accounting issues – in the revision mock as not yet examined since it was included in the syllabus in 2011.
Q4 – Essay-style question
This is difficult to call. I was going to include a question in the revision mock or QBD dealing with current developments in hedging, but at the Examiners’ Conference, in answer to a question about how likely or detailed such a question could be in an exam, it was described as “horrific” and ,my only attract a small number of marks within a bigger question.
Instead, the focus is perhaps more likely to be on current standards which may be lacking or deficient in some way – hence drafting a question for QBD dealing with revenue recognition and leasing in one question.
Although this is unlikely to be the format of such a question, it does represent “hedging bets” by covering two topics in the same question. The essay-style question in the revision mock deals with clutter in company accounts – something the Examiner made specific reference to at the Conference.
P3
Project management
Benefits management
Supply chain management
Business process change
Stakeholder analysis
Decision making techniques
P4
Net Present Value – including foreign currency cash flows
Risk adjusted WACC
Discussion of financing options
Interest rate hedging – options, futures and FRAs
P5
Divisional performance
BCG matrix and link to CSFs, KPIs
Public sector NFP – link between mission and CSFs, KPIs
Evaluate PM system
Evaluate format and content of a PM report
EMA
Building Block Model
Risk – maximax, etc
P6
Corporation tax– Group relief / consortium relief
– Capital gains groups: NGNL and rollover relief
– Overseas aspects: branch vs sub / CFCs / transfer pricing
– Acquisition of subsid /pre entry capital losses and trading losses
– R&D
– Close companies
Capital gains
– Reliefs: Rollover, holdover, gift, incorporation, PPR and letting
– Overseas aspects
Inheritance tax
– Lifetime gifts
– Valuation of shares / related property
– Deed of variation
– New IHT rate for charitable legacies
– Death estate computation
– Business property relief
Income tax
– Sole traders closing year rules
– Income tax comps at marginal rates
– Benefits: car, accommodation
– Share incentive plans
– Overseas aspects
Personal financial planning
– EIS / seed EIS
VAT
– Partial exemption
– Land and buildings
– Group VAT registration
Scenarios
– Lease vs. buy assets: net cost
– Incorporation
– Company purchase of own shares
– Personal service companies
– IHT vs CGT for gifts
Stamp duty and SDLT
Ethics
P7
Core areas (as per examiner’s approach article) likely to be examined in every paper:• Engagement planning and risk assessment (audit risk);
• Engagement procedures (i.e. evidence);
• Ethics and professional issues;
• Completion (matters to consider/evidence on file) and engagement reporting;
Subjects of recent articles:
• Planning (October 2012)
Significant topics not examined for at least 18 months:
• Subsequent Events (ISA 560)
• Due diligence
• Auditor’s responsibilities regarding fraud
• Limiting liability
• Changing auditors
Current topics:
• Competition in the statutory audit market
• Improving the audit report.
Please note: the UK variant is also very likely to include an aspect of Insolvency (wrongful & fraudulent trading?).
Please be aware that the whole syllabus is examinable. Whilst the above topics are likely to be examined in forthcoming sittings this does not mean candidates should avoid other areas of the syllabus in their exam preparation.
Sharing is Caring
This paper has been a torn on my flesh. Can you imagine i have been writing this paper since i can remember.The closest i got to was 46% when i was 100% sure that was my last sitting. Here i am once again reading the same material all over just to take the exam again in June.This paper has really frustrated me. But i am confident i will pass in June.I am pretty sure come after the june 2016 results, i will be singing a new song.I know i have taken this paper more than 6 times but i am not giving up. Guys let do it! Never say die until the bones are rotten. This June 2016, P5 will fall heavily.
Enjoy your week.failed 46% on my 7th attempt. This is a vast improvement from the other 6. Never say die until the bones are rotten.
Well I failed again upon my second attempt. Like an old soldier never say die until the bones are rotten. I will prepare very well for the next sitting. Meanwhile I congratulate all of you who made it. Go to the world and brighten the corner wherever you found yourself. Shalom peace!
please send me dannet23@gmail.com
i have been wondering same too.i think OT as a matter of urgency to try and upload the lectures to cover advance risk.i am totally confused about that topic.i live in usa and there is no tuition so OT is a blessing to me.i am left with only p4.i need to get it this time around.
i dont understand why i never took advantage of such an opportunity last sitting.kindly include me.i failed this paper last time because i did not understand it at all.i think i am now getting the understanding.kindly include me as part of the study buddy.i live in ny.unfortunately i have to study on my own.this my final paper.
