Paper 1.1 Preparing Financial Statements
Cash flow – were not tested in December 2004, so these could be a likely topic.
Company accounts.
Partnerships – have not appeared since June 2003 and there was an examiner's article in May's Student Accountant.
Ratios.
Accounting concepts – as a discursive question.
Fixed assets – acquisitions and disposals have not appeared as a long question since 2003.

Paper 1.2 Financial Information for Management
Pricing policy – you can pick up marks in discussion section.
Fixed overhead variance.
Regression.
Overheads TAC v MC.
Absortion costing – wasn't tested in terms of P&L/comparison to marginal costing in the last paper.
Standard costing – slant towards overhead variances.

Paper 1.3 Managing People
Recruitment and selection process, importance.
Learning styles and learning organisation.
Conflict, grievance and discipline.
Teams and groups.
Formal/informal organisation.

Paper 2.1 Information Systems
Feasibility study.
Implementation of systems.
Packages v bespoke systems.
Protyping and case tools.
Programme testing.

Paper 2.2 Corporate & Business Law
Methods of resolving civil disputes.
Contract – consideration (including Pinnel's case); expressed & implied terms; discharge by performance; breach.
Duties of employer and employee.
Authority of partners.
Liability of incoming & outgoing partners.
Company law - veil of incorporation; types of company; promotion & registration; types of share; dividends; reductions of capital.


Paper 2.3 Business Taxation
Long period of account, with capital allowances and IBAs.
IT computations for both husband and wife, one being employed, the other self employed.
VAT – special schemes, cash and annual accounting plus penalties.
Personal computation with benefits and pension provision.
CGT reliefs – gift and business asset taper.
Partnerships, corporation or income tax losses.
Groups.

Paper 2.4 Financial Management & Control
Investment appraisal – to include inflation, tax, relevant cost. Maybe lease vs buy, possibly capital rationing.
Working capital, inclucing cash budget, stock and debtors.
Miller Orr formula has 'appeared' on the formula sheet – so think cash management.
Ratios – part of working capital, or more focused on general evaluation of a company, long-term finance.
Budgeting – regression forecasting.
Divisional performance evaluation, may include index numbers to appraise performance.

Paper 2.5 Financial Reporting
Consolidated income statement, profit and loss account or balance sheet with one subsidiary.
Accounts preparation or restatement I/S, B/S, SOCIE/SORIE P&L. May include EPS calculation.
Non-current assets – IASs 16, 36 38, FRS 10, 11, 15.
Interpretation and cash flow – why related party or discount operations disclosures are useful.
First-time adoption of FRS5 and IFRS 1.

Paper 2.6 Audit & Internal Review
Ethics – conflict of interests.
Audit reporting.
Internal audit and corporate governance – as per examiner's article.
Substantive testing of balance sheet areas – stock/inventory
Test of controls – possibly sales.
Planning – assessing audit risks.

Paper 3.1 Audit & Assurance Services
Audit risk/business risk (perhaps in a planning scenario incorporating materiality and/or fraud).
Group audits – audit work on fair values.
Control suggestion/evaluation.
Non-audit assurance scenario – FS review, VRM audit.
Practice management.
Accounting issues – EPS, borrowing costs
Auditors' reports.
Rules of professional conduct.
Money laundering (read examiner's article)

Paper 3.2 Advanced Taxation
Transitional core topic, including overseas tax and trusts.
Inheritance tax and capital gains tax relief.
Basic scenario mixed tax question including VAT and NICs.
Corporation tax group or overseas question.
Business tax question -letter comparing scenarios.
Financial planning – investment advice.

Paper 3.3 Performance Management
Performance measures.
Activity based techniques.
Budgeting – the profit gap and strategies.
Environmental management accounting.
Management information systems.
Just-in-time and backflush accounting.
Relevant costs.

Paper 3.4 Business Information Management
Professor Earl's legs.
Change management.
Global strategies.
Knowledge management.
BCG.

Paper 3.5 Strategic Business Planning
Business strategy – positioning and repositioning.
International business and marketing.
New product development and innovation.
Structure, culture, change.
HRM.
Ethics – its big.

Paper 3.6 Advanced Corporate Reporting
Consolidation balance sheet – complex group structure.
Accounting treatment including deferred taxation, revaluation/impairment and post balance sheet events.
Share-based payment could form a single-issue question.
Foreign exchange including latest FREDs.
Communication with stakeholders including non-financial information.
Interpretation including EPS.

Paper 3.7 Strategic Financial Management
Acquisition decision/MBO.
Foreign exchange risk.
Capital structure.
Investment appraisal/FDI.
Interest rate collars.