P阶段TIPS 2009 june question, Business, planning, strategic, management

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P3 – Business Analysis

Section A

? Question 1 will still focus mainly on the strategic planning process. Key areas may be:

? SWOT
? Ansoff
? Acquisition

? Also expect an implementation issue such as culture or change management

Section B

? If culture and/or change management do not appear in the compulsory question then they may appear in the option questions

? Other areas may be:

? TQM
? Supply chain management
? Choosing & evaluating an IT system

P4 – Advanced Financial Management

Section A

? Business valuation (various methods, with pros and cons)
? Option pricing – Black Scholes model


Section B

? Interest rate hedging (futures and options), bond pricing and credit spreads
? Stakeholders and conflict of objectives
? Investment appraisal – with foreign currency

P5 – Advanced Performance Management

? Corporate failure as per recent article (July 08)
? Pricing (transfer pricing)
? Strategic planning and gap analysis
? Performance measures for both private and public sector
? Environmental management accounting

P6 – Advanced Taxation

- IHT vs CGT for lifetime gifts
- Sole trader/partnership cessation (IT, NICs, CGT and VAT), possibly with incorporation
- Lease versus buy for assets
- Employed versus self-employed (IT and NICs)
- Badges of trade (IT vs CGT)
- Trusts (not a whole question)
- Corporation tax – possible areas:

-R&D

-SSE

-Expansion overseas/CFCs

-Group reorganisations

-Liquidations

- Overseas aspects of personal tax

- VAT group registration

- Ethics (up to 5 marks)

P7 – Advanced Audit & Assurance (UK & INT variant)

Core areas of the syllabus expected to be examined in every sitting:
? Engagement planning and risk (audit risk likely this sitting);
? Gathering evidence;
? Ethics/professional issues; and
? Engagement reporting (particularly audit qualifications).

Subject of recent articles:
? Forensic investigations and audit (September 2008). (Likely to include elements of planning and/or gathering evidence similar to question 2 of pilot paper).

‘Peripheral topics’ from exam approach article yet to be covered:
? Regulatory framework;
? Obtaining professional work; and
? Corporate governance.

hyhq

P1 – Professional Accountant

Section A: Compulsory

? always covers range of syllabus areas
? some element of ethics in this question
Section B: 2 from 3

? one question solely on governance
? one question with significant ethics element

Key topics – in section A or B:

? internal audit: independence or appointment (possibly via audit committee)
? remuneration committee
? directors induction and / or appraisal
? ethical decisions: AAA or Tucker
? stakeholder categorisation
? normative / instrumental views of stakeholders
? board structure: family / insider or unitary / two tier
? Corporate Social Responsibility (CSR)
? sound internal controls

P2 INT – Corporate Reporting (International variant)

Compulsory group question within part A could be:

? Cashflow (not examined under the new syllabus, but in the pilot paper)
? Group income statement which will examine aspects of IFRS 3 revised (goodwill and NCI at fair value)
? Accounting for changed shareholdings in group structure

Within the compulsory question, there may also be some explanation and application of ethics and/or a written element which includes IFRS 3 revised.

Multi-topic question to include aspects of:

? Impairments
? Share-based payment
? Financial instruments
? Retirement benefits
? Discontinued and held-for-sale
? Deferred tax
? Provisions and events after the b/s date

Current issues:

? Retirement benefits – Discussion Paper within examinable documents
? Financial Instruments – Discussion Paper within examinable documents
? IFRS 3 Revised
? Harmonisation of international standards

P2 UK – Corporate Reporting (UK variant)

Compulsory group question within part A could be:

? Cashflow (not examined under the new syllabus, but in the pilot paper)
? Group income statement - accounting for changed shareholdings in group structure during the year
? Some explanation and application of ethics

Multi-topic question to include aspects of:

? Impairments
? Share-based payment
? Financial instruments
? Retirement benefits
? Discontinued and held-for-sale
? Deferred tax
? Provisions and events after the b/s date

Current issues:

? Retirement benefits proposed changes to UK and international standards - i.e. harmonisation

? Financial Instruments – proposed changes to UK and international standards:

1. ASB issues Amendment to FRS 25 'Financial Instruments: Presentation'
14 August 2008 @ 10:00
http://www.frc.org.uk/asb/press/pub1676.html  

2. ASB to issue Amendments to Permit Reclassification of Financial Instruments
16 October 2008 @ 17:00
http://www.frc.org.uk/asb/press/pub1739.html  

3. Possible revisions to reporting business combinations per IFRS 3 Revised to harmonise UK and IFRS

4. Harmonisation of financial reporting standards generally - i.e. UK FRS, IFRS and US GAAP

It may be a little too soon for a question on problems re fair values which, although this is a problem in the real world at the moment, in the context of when the examiner probably wrote and had the paper checked for quality control is more likely to be examined next time. Therefore, the first improvement standard is less likely to be examined than the topics above.

lalamei

dd

pupu

谢谢

深隐涵茵

THANKS!