ACCA tips for dec 2007 exam(P1-P7)

P1 – Professional Accountant

Director Remuneration Packages
Roles / Problems with NEDs
Unitary v 2-Tier Boards
Criticism of a company's current Governance
How/whether companies should deal with stakeholders
Board - Performance Evaluation
Role of internal Audit + Audit Committees
Different Ethics Models in business
Identification + Management of risks in a company

P2 – Corporate Reporting

Group accounts - foreign currency or cash flow
Accounting standards set in a case study environment including - impairment, financial instruments, pension, retirement benefits
Discussion - conceptual framework

P3 – Business Analysis

A fundamental appreciation of the key activities associated with strategic analysis, choice and implementation will always be required in interpreting the scenario.
The relevance of ethics and corporate governance to strategic decision making
Issues related to globalization and international business management
Be able to comment in general on how things like HR and IT can help underpin a strategic plan
Also review the pilot paper and make sure you know what CMMI is

P4 – Advanced Financial Management

Business Valuation through acquisitions
Foreign exchange hedging
Investment Appraisal and risk
Cost of capital and sources of finance
Advantages and disadvantages of listing and corporate objectives

P5 – Advanced Performance Management

Corporate failure.
Performance improvement strategies.
Value based management approaches.
Environmental management accounting.
The changing role of the management account in today's business environment

P6 – Advanced Taxation

Corporation tax including IBA, loss relief (S393A), group and consortium relief, group gains and VAT.
Overseas aspects of corporation tax including controlled foreign companies and transfer pricing.
CGT vs IHT for lifetime gifts
Employed vs self-employed (IT and NICs)
Badges of trade (IT vs CGT)
Employee vs partner (IT and NICs)
Sole trader/partnership vs company (IT, NICs and Corp. Tax)
Extraction of funds from company: salary vs dividend (IT, NICs, Corp. Tax)
Incorporation (IT, NICs, VAT, CGT), perhaps with incorporation relief vs gift relief
Comparison of employment packages and benefits (eg. cash vs car, share options vs bonus)
Corporation tax – disposal of business: sale of shares vs sale of assets
Property business profits including conditions for FHL and the advantages.
Close companies - maybe a letter on this.
VAT – cash accounting scheme, annual accounting scheme, due date for registration, partial exemption for VAT
Financial planning – sources of finance, lease versus buy, investments including EIS vs VCT, the Financial Services and Markets Act 2000, pensions
Ethics

P7 – Advanced Audit and Assurance

Audit Risk Assessment and Management
Matters and evidence
Professional conduct and ethics
Reporting
Assurance Services - CDD