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Hi,
I have completed my fundamental Papers in March and now I would like to start considering preparing my RAP for May 2018 session. How can a topic be chosen? Should that be chosen with a mentor? Is there a list available of topics?
thank you for your help
Kind regards
Salvatore
@dubemfrank said:
Hi Salvatore,
I had the same problem. I initiated the Professional ethics module on 18 April 2017 and went through all the sections except for section 10 which was not available. The module was inaccessible all through yesterday 19 April 2017, but I have been able to complete it this morning, 20 April 2017. Currently there is no indication on Myacca portal that I have completed the module and the Advanced diploma on Accounting and Business is still not available for printing. I will give them some hours to make the necessary updates and then I will follow up with an email later today.
Pls inform me later today on your progress.
Regards.Hi,
I have received an email this morning that my advanced diploma was available in my acca profile and there it was. However yesterday I had written an email to ACCA and they told me that it might take up to 72 hrs to see the certificate available online. So maybe wait until tomorrow evening…
Cheers and congratulations
S.Hi,
I completed the module now. Thank you. How long does it take to be awarded the Advanced Diploma?
thanks a lot
Regards,
Salvatore
ACCA published the pass rates. For F9, March 2017 is 40%. Lower it has been only in Sept.2015 in the last couple of years, 35%.
Pass with 66%. I found the paper quite tricky but now I am super happy.
Thank you John Moffat, your lectures were very useful 🙂@yentam said:
I thought the answer could be both executive remuneration and separation of control and management. Can someone please explain why it is not one of these?The question, if I remember correctly, asked what is the BEST way to describe corporate governance. I think that too high remuneration risk is only a consequence of separation of management and control, not the best way to describe corporate governance.
@twistedheat said:
In my opinion, the declared dividends thingy is just like cash vs accruals basis argument.I think, if I remember the question correctly, the declared dividends were for the year that was in the same time period as the capital growth but paid the next year, where as the paid dividends belonged to the period before but were paid in the same year as the capital growth.
So if you believe that Total Shareholder Return is calculated on cash basis, you would have answered with the dividend received and if you think it should be calculated on accruals basis then you calculate with the declared dividend.
Exactly but this topic apparently was put in the exam without being accurately explained in the study material…
On dividend paid or declared this is how much I found written in the BPP’s F9 book. It says about dividend paid or received and not declared.
‘The wealth of the shareholders in a company comes from:
– Dividends received
– Market value of the shares
A shareholder’s return on investment is obtained in the form of:
– Dividends received
-Capital gains from increases in the market value of his or her shares
If a company’s shares are traded on a stock market, the wealth of shareholders is increased when the
share price goes up. The price of a company’s shares will go up when the company makes attractive
profits, which it pays out as dividends or re-invests in the business to achieve future profit growth and
dividend growth. However, to increase the share price the company should achieve its attractive profits
without taking business risks and financial risks which worry shareholders.
If there is an increase in earnings and dividends, management can hope for an increase in the share price
too, so that shareholders benefit from both higher revenue (dividends) and also capital gains (higher
share prices). Total shareholder return is a measure which combines the increase in share price and
dividends paid and can be calculated as:
(P1 -Po + D1) /P0
Where P0 is the share price at the beginning of the period
P1 is the share price at the end of period
D1 is the dividend paid
Management should set targets for factors which they can influence directly, such as profits and dividend
growth. A financial objective might be expressed as the aim of increasing profits, earnings per share and
dividend per share by, say, 10% a year for each of the next five years.’@twistedheat said:
I don’t know if this is Mike or John (or anyone affiliated with Opentuition) but they do have the username “Opentuition Team” but they answered that the dividends declared are included in the TSR, at this link:I will be curious to know what the correct answer is going to be. I have checked online and got different versions on this topic.
I am reading a bit everywhere that dividend must be paid in the period taken into consideration
@nadine757 said:
Did anyone get 22% for shareholder’s returnI did. (0,70 gain on capital+0.25 paid dividend)/4.3 share price
@adlupu said:
Net asset value – I choosed only B, NCAIt is NCA + net current assets less liabilities.
@adlupu said:
I got the same. Now I realize that was it was not necessarly to calculate quick ratio, but I did.How did you get at the overdraft @ end of Jan? I started with the overdraft at the beginning, I substracted 70% of payables, the operational expenses, the interest, and I’ve added 40% sales from november and 60% sales from december
Yes something like that, I don’t remember everything I did 🙂 my head now is just spinning
@twistedheat said:
What did people write for question 31 last part, about the receivables management.Think the was 5 ways to manage receivables?
I wrote about factors that could determine a management policy… credit checks, follow up, use of factors… hope those were relevant
@tomlloyd393 said:
I got 2.5 years and 25%The same here 2,5 years and 25%
@delamanisp said:
@Salvatore
I am not entirely sure about the validity of my choice. I saw that it was financed solely by debt. I read that WACC is best used when you are financing a project from a pool of funds. Since the funds came from debt and only debt, I came to the conlcusion that I should use the cost of debt. No equity was issued whatsoever. Regarding the marks, (if I am correct) I would assume 1-2 max. I think that 3 would be too much…Well actually if we think about it, an investment should be done to maximise the wealth of shareholders. Gearing increases only the expected return due to increase in risk and therefore the WACC should be used. WACC only becomes higher due to taking on debt.
@harshil said:
I thought you would use WACC, doesnt matter how the project is financed as company has pool of funds and it uses to over cost which is WACC. I used that logic and therefore came to conclusion that WACC should be used.Well actually if we think about it, an investment should be done to maximise the wealth of shareholders. Gearing increases only the expected return due to increase in risk and therefore the WACC should be used. WACC only becomes higher due to taking on debt.
@delamanisp said:
For Q32, I think we had to take the cost of debt. The project would be financed solely by loan notes, meaning that WACC would not be a sufficient method, since no equity finance was used. I got around 2.3m NPV.I completely missed the part that was only financed by debt… how many marks missed do you think? A couple?
@harshil said:
Q32 WACC is used 10% (the nominal one). What did everyone else use?The same!
@pinkyjovin123 said:
I think for 1..Executive remuneration..because first option was separation of ownership and control provide conflicts instead of prevent..3..It’s c
Not sure if it’s right..
What about Limitations of valuation??Is it 2 and 3…
Not sure about interpretation of answer A. I thought that being ownership and control separated may push the directors to run the business for their own sake rather for the sake of the owners. Corporate governance regulate this agency problem with need of Non-executive directors and so on.
Hi,
to calculate the current market value I think you need to use the pre-tax rate.
When you calculate the 2 NPVs to be used in the IRR formula ( to calculate cost of debt) then interest rate should be post-tax, so for example if you have 8% loan notes and corporation tax of 30%, use 8% x 70%= 5.6%.
I hope this helps
S.