IBF ACCA Exam Tips June 2016 for F4,F5,F6,F7,F8,F9

F4- Corporate & Business Law

English legal system

Court structure

Exclusion clauses

Intention to create legal relations

Breach of contract


Privity of contract

Terms of the contract

Intention to create legal relations

Duty of care, breach of duty of care & Causes & defences

Professional negligence

Employees v self employed workers


Liability of agents & partners

Termination of partnership

lifting the veil

private v public company

Loan capital/charges

Appointment/removal/disqualification of directors

Directors authority & duties


Company secretary

corporate governance

Money laundering

Bribery, Fraudulent and wrongful trading

F5- Performance Management

-Throughput Accounting & environmental management accounting

-Linear programming (or Decision making under uncertainty, with a small decision tree) & Pricing

-Mix & Yield Variances, market size & share variances

-Performance measurement – financial, non-financial, and divisionalised

-Budgeting / Learning curves


Question 1: Income Tax

Husband and wife (joint income)

Employment income (with detailed statutory millage)


Self Assessment (Administration) = (detailed interest +penalties)

Question no 2: CORPORATION TAX

Straddling accounting period (within FA11 AND FA 12)

Trading profit (detailed capital allowances)

One or two adjustments of property income.

Comparison of oversieas branch / subsidacy (with election for exemption of branch).

Administration= (Quarterly payments in detail) as in zoom plc(KAPLAN KIT)

QUESTION NO 3: Capital Gains


Entrepreneur’s relief



Rollover Relief



Calculation of TRANSFER OF VALUE

Life time transfer followed by death.

Income text losses

Partnership (with change in partnership)

VAT:Registration issues (with De- registrations)

VAT Return(Computing input +output)

Group VAT Registrations.

F7- Financial Reporting

– Share exchange, current accounts, impairment, revaluation, fair value adjustment, Inflation, discontinued

– operations deferred tax, leases, intangible assets, government grants or financial instruments

– Depreciation, convertible loan, share issue. Impaired asset, loan interest

– Cash flows

– Finance leases, intangible assets, events after the reporting date, earnings per share.

– Consolidated statement of profit or loss and other comprehensive income and/or consolidated statement of financial position

F8- Audit & Assurance

-Corporate governance

-Audit planning; accepting new business

-Assertions and evidence to support the assertions

-Planning and Risk: Audit risk including analytical procedures Internal Control: Cash / purchases system (including tests of control)

-Audit Evidence: Purchases / payables; bank and cash; review engagements

-Professional clearance

-Audit strategy/plan (ISA 300)

-Risk assessment procedures (ISA 315)

-Materiality (ISA 320)

-Audit Framework: confidentiality / conflicts of interest / audit committees

-Internal Audit: Role and function

-Planning and Risk: Audit risk including analytical procedures

-Internal Control: Cash / purchases system (including tests of control)

-Audit Evidence: Purchases / payables; bank and cash; review engagements

-Completion & reporting : Subsequent events (ISA 560) Auditor’s reports

-Specific standards/topics:

-Elements of internal control: Control Environment (recent article) (ISA 315)

F9- Financial Management

– Capital rationing calculation, discussions on lease / buy & NPV

– WACC calculation, CAPM, discussion on theories of gearing & P/E Ration & Business valuation

– Inventory & cash management, funding of working capital, foreign exchange risk management

– Business valuation, discussion on dividend policy, Sources of Finance (Ratios & interpretation)

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