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Changes in syllabus

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FM Exams › Changes in syllabus

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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  • November 11, 2015 at 6:12 pm #281783
    sky1407
    Member
    • Topics: 10
    • Replies: 8
    • ☆

    Hi sir is there any change in syllabus compared to June 2015? Sir I don’t understand how to do PYQ June 2015 Q4a on the redemption of loan note. I don’t understand the answers provided, can u explain?Thanks

    November 12, 2015 at 6:13 am #281853
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    Have you looked at the syllabus on the ACCA website (because they always list any changes at the end of the syllabus).
    For F9 the change is minimal – really just a slight change in the wording – and so nothing to worry about.

    With regard to the June 2015 question, I am not sure which part of the answer is puzzling you.
    I assume that you are happy calculating the theoretical ex-rights price per share (this is very standard and if you are not sure then you should watch our free lectures on this).
    However, the TERP is ignoring what the company is doing with the money raised.
    In this question they are repaying the loan notes and will therefore pay less interest, and this will affect the EPS. Assuming that the PE ratio does not change (we have no choice but to assume this) then can calculate what will happen to the share price as a result of repaying the loan notes.

    The effect on the shareholders is then the difference between the share price is they repay the loan notes, and the TERP.

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