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Part 3
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3.1
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- Risk Appraisal, Risk Management and Audit Strategy
- Assurance Services - PFI and Performance Measurement
- Matters and Evidence - usual GAAP favourites - Intangibles, Provisions, Impairment etc.
- Audit Reports - ISAs 570 & 720
- Ethics/Professional Conduct/Practice Management
- Current Issues - 'Yesterday's News'
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3.2
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- IHT including lifetime and death gifts and the extended definition of domicile for IHT.DTR and gift with reservation.
- Trusts – Uses of different types of trust and the tax implications of trustees disposing of chargeable assets held in the trust.
- CGT – Chattel rules, shares involving bonus and right issues,rollover and holdover relief, gift relief, PPR exemption and letting exemption.
- Income tax computation including property business profits, employment income
- Calculation of benefits – car, fuel, mileage, accommodation etc.
- Employed versus self employed
- Overseas aspects (including overseas aspects definitions of residency and ordinary residency) and DTR
- Income tax, capital gains tax implications for international travellers maybe a letter on this.
- Conditions for FHLA and the advantages.
- National Insurance
- Income tax – trading losses for a partnership on
- Commencement/cessation of a business and SELF-ASSESSMENT.
- Financial planning – sources of finance, lease versus buy, investments including ISAs the Financial Services and Markets Act 2000.
- Protection products such as life assurance, critical illness insurance, heath insurance, keyperson insurance, intervivos insurance.
- Close companies maybe a letter on this.
- Corporation tax including IBA, loss relief and group and consortium relief.
- Overseas aspects of corporation tax including controlled foreign companies and transfer pricing.
- Group registration for VAT, due date for VAT registration.
- Stamp duty land tax
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3.3
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- Contribution based decision-making – possibly involving expected values, maximax, maximin & minimax regret.
- Practical aspects of pricing policy
- Performance evaluation – ROI/RI and the conflict between performance evaluation and investment appraisal.
- The strategic framework – specifically a question based around the examiner’s recent article on “Business Strategy and Performance Models” (Student Accountant – April 2006). This is likely to focus on Porter’s 5 Forces and/or Ansoff’s matrix
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3.4
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- Porters five forces
- Macfarlan/Peppard
- Earls 3 leg
-
PEST
EIS
- Data management and data mining
- Soft systems methodology
- Impacts of the use of ecommerce
- Software selection – web site design
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3.5
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- Corporate appraisal
- Ethics
- Corporate governance
- CSR
- Globalisation issues
- Marketing
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3.6 GBR & IAS
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Section A
This compulsory question will be on the preparation of consolidated accounts and the preparation of a group accounts with a foreign subsidiary is due, as is cash flow statements!
Section B
- Share based payments
- Deferred tax
- Financial instruments.
- Developments in group accounts
- Management Commentary / the OFR
- Reporting of non financial performance e.g. Corporate Social Responsibility, sustainability reporting
- Measurement issues
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3.7
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Section A
- Overseas NPV: Ability to perform a basic overseas NPV/FCF calculation. Including one off cash flows, annuities and perpetuity calculations and the knowledge of the specific issues that relate to foreign direct investment.
- Company Valuation within the context of Merger and Acquisitions: A possible question that requires a valuation under various methods like NAV, DVM, P/E Ratio and FCFs. (maybe within the context of Going Private.) Also review the share for share exchange style questions.
- WACC - Risk adjusted WACC – APV calculations within the context of a standard investment appraisal question. However risk adjusted WACC could also be examined within the context of traditional gearing.
- Risk management: Interest rate risk / Currency Risk
Section B:
- Economic Value Added – EVA
- Portfolio Theory and CAPM - summary and alpha tables
- Dividend Policy
- Term Structure of Interest rate
- International economics – I.M.F., Treasury Management. Balance of payments deficits and Forecasting exchange rates.
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