ACCA Relded - LSBF Exam Tips DEC-2013 F4 Statutory...

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LSBF Exam Tips DEC-2013

F4
Statutory interpretation
Offer & acceptance
Exclusion clauses
Breach of contract
Neighbourhood principle
Dismissal
Authority of agents (particularly directors)
Company names
Loan capital
Issue of shares
Promoters
Meetings
Auditors
Fraudulent & wrongful trading
F5
1. Throughput accounting and abc
2. Linear programming
3. Flexible budget and learning curve
4. Mix and yield variances, planning and operational variances.
5. Divisional performance or performance in services
F6
Question 1 Income tax and national insurance computations for someone employed and
someone self-employed, possibility of introducing a partner into the partnership
Question 2
(a) Corporation tax computation
Adjustment of a trading loss and relief for the trading loss in the current chargeable accounting
period and carry back for 12 months.
Overseas aspects of corporation tax
(b) VAT or maybe a separate question
Due date for VAT registration
Accounting for VAT and the due date for paying it.
Question 3 Capital gains tax for individual with a mixture of disposals and a company disposing of
shares.
Question 4
Overseas aspects including the advantages and disadvantages of making the election to exempt
the profits of the overseas branch from UK corporation tax or maybe VAT as a separate question.
Question 5
IHT

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F7
Q1: Consolidated P/L with Associates or CSFP + CPLA. Discounting & unwinding, Contingent
consideration.
Q2: Published Accounts with at least 15 marks on Standards such as Contracts, Leasing, Financial
Instruments, SOCIE, Revaluation & Depreciation, Tax, Substance, Revenue Recognition, etc
Q3: Interpretation and / or Statement of Cash Flow, with 5 marks on Standards
Q4 & Q5: Mixed Standards covering Provisions, EPS, Intangibles, Impairment, etc (see Q2 above) remember obscure topics such as Investment Properties and Capitalisation of Borrowing Costs
have produced full questions recently, so no topic is safe to leave out.
F8
Threats to Objectivity and Conflicts of Interest
Corporate Governance Code overview of contents
Audit Risk/Response scenario
Payroll Controls, including test data
Substantive Tests on Payroll, Inventory
Subsequent Events
Other Information
Audit Report scenarios
Pros and Cons of outsourcing Internal Audit
ISA 210, 250, 402, 610
F9
Investment appraisals:
NPV, lease or buy decision, capital rationing/asset replacement.
Cost of capital:
WACC: calculating cost of equity using CAPM, cost of redeemable debt and bank loan/preference
shares.
discussion of capital structure theory (traditional, both theories on M$M, and pecking order
theory).
Working capital management:
working capital policies relating to working capital financing/investment, factoring, EOQ or
probably a cash budget.
Business valuation
valuation of equity using; DVM, P/E ratio and asset basis. Valuation of convertible debt and
calculation of conversion premium. explanation of weak/semi-strong and strong form of efficient
market.
Sources of finance
factors to consider in raising short/long-term capital or equity/debt capital.
right issues and calculation of TERP and effect on shareholders wealth.
Effect of raising debt/equity capital on some key ratios like EPS, Debt/equity ratio and interest
cover.
Risk management
A discussion question on interest rate risk.

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1. Evaluate Governance Failures
2. Responsibilities and Roles of the Board of Directors
3. Role of the Chairman / Importance of the Chairman's Statement
4. Legal Obligations or Reasons for a director leaving the company
5. AGM and Proxy Voting
6. Reasons for Institutional Investor Intervention
7. Governance in a Charity
8. Global Governance Standards
9. Scope of a CSR Policy
10. Stakeholder Classifications
Internal Control
1. The Role of Internal Auditors or criticism of their approach
2. Mandatory vs Voluntary Disclosure and Content of Disclosure
Risk Management
1. Role of a Risk Manager
2. Static and Dynamic Risk
3. TARA
4. Risk Audit
Ethics
1. Absolute and Relative Ethics
2. Normative and Instrumental Ethics
3. Grey, Owen and Adams
4. Kohlberg
5. Professional and Public Interest
6. IFAC Code of Ethics
7. Sustainability and Environmental Audit
P2
Q1 p/l or cfs perhaps
Q2&3 mix
Q4 equity or integrated reporting perhaps
P3
Strategic Analysis - maybe value chain
Strategic Choice
Marketing Mix / e-marketing
Software selection
Strategic aspects to Pricing
P4
cost of capital using the principles of Modigliani and Miller prepositions or geared and ungeared
betas.
- International investment appraisal with adjusted present values or net present values.
- Mergers and acquisitions - valuation using free cash flows, defensive tactics and regulations of
takeovers
- capital reconstruction schemes - designing a capital reconstruction scheme or assessing the
success of a given scheme
- option pricing theory. Real options, example, option to abandon, expand and delay. Valuation of

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- Islamic finance
P5
Divisional performance measurement using both profit based and value based measures (EVA,
ROI, RI and other profit measures).
Assessing the different performance measurement systems used in organisations including the
performance pyramid, the building blocks models and the BCG matrix.
Corporate failure and Environmental management accounting.
Difficulty in assessing performance and budgeting in non for profit making organisations.
Quality issues including costs and models such as TQM, Kaizen and Six Sigma.
HRM and Reward systems.
P6
Corporation tax including groups, overseas aspects, controlled foreign companies and transfer
pricing
Partnership including a partner joining or leaving including loss relief
Incorporation of a business
Personal service companies
Investment in EIS and SEIS and the tax implications
Partial exemption for VAT.
P7
Risk of Material Misstatement in Group Audit scenario
Threats to Objectivity
Money Laundering
Advertising
Matters and Evidence re IFRS2, IAS38, IAS37, IAS16
Subsequent Events
Due Diligence
Social and Environmental Reporting KPIs and Evidence
Audit Reports scenarios plus comment on proposed changes to standard Report structure
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