ACCA think ahead University of London MSc in Professional Accountancy Practice Exam

1. Corporate Governance and Business Ethics • Corporate Governance Framework o Definition and objectives of corporate governance o Key principles of corporate governance (e.g., accountability, transparency, fairness) o Role of the Board of Directors, management, and stakeholders o Corporate governance codes (e.g., UK Corporate Governance Code, OECD Principles) o Governance structures and their impact on organizational performance o Risk management and compliance in governance • Business Ethics o Introduction to ethical theories and principles o Ethical decision-making models in business o Corporate social responsibility (CSR) and sustainability o The role of business ethics in shaping corporate culture o Ethical dilemmas in accounting and finance o Professional ethical standards for accountants (e.g., ACCA Code of Ethics and Conduct) o Whistleblowing, anti-bribery, and anti-corruption policies 2. Financial Reporting and Analysis • International Financial Reporting Standards (IFRS) o Overview and objectives of IFRS o Key IFRS standards and their application in financial reporting o Differences between IFRS and local GAAPs o Financial statements preparation under IFRS o Key concepts in IFRS such as recognition, measurement, and disclosure • Financial Statement Analysis o Techniques for analyzing financial statements (e.g., ratio analysis, trend analysis) o Key performance indicators (KPIs) in financial analysis o Financial health assessment and benchmarking o Interpretation of income statements, balance sheets, and cash flow statements o Limitations and challenges in financial statement analysis • Consolidated Financial Statements o Group accounting and consolidation methods o Elimination of inter-company transactions and balances o Treatment of non-controlling interests o Consolidation adjustments and their implications o Case studies on consolidation scenarios 3. Management Accounting and Costing Techniques • Cost Classification and Behavior o Fixed, variable, and mixed costs o Contribution margin and break-even analysis o Relevant and irrelevant costs for decision-making o Absorption costing vs. variable costing • Costing Systems o Job order costing, process costing, and activity-based costing (ABC) o Overhead allocation and cost drivers o Standard costing and variance analysis o Target costing and life-cycle costing • Budgeting and Forecasting o Types of budgets (e.g., flexible, master, zero-based) o Cash flow forecasting and management o Budgetary control and variance analysis o Behavioral aspects of budgeting and management participation • Management Accounting for Decision-Making o Decision-making frameworks (e.g., make-or-buy, pricing decisions, product mix) o Capital budgeting techniques (e.g., NPV, IRR, payback period) o Risk analysis in decision-making o Strategic cost management 4. Financial Management and Strategy • Corporate Finance Fundamentals o Time value of money and its applications in finance o Financing decisions: debt vs. equity financing o Cost of capital and weighted average cost of capital (WACC) o Capital structure theory and implications o Dividend policy and its impact on firm value • Investment Appraisal and Project Evaluation o Techniques for evaluating investment projects (e.g., NPV, IRR, discounted payback period) o Risk assessment and sensitivity analysis in investment decisions o Real options analysis and its relevance to financial decisions • Working Capital Management o Importance and components of working capital o Strategies for managing receivables, payables, and inventory o Cash management and liquidity management techniques o Short-term financing options and their impacts on working capital • Mergers, Acquisitions, and Corporate Restructuring o Strategic rationale for mergers and acquisitions (M&A) o Valuation methods for M&A o Legal and regulatory issues in M&A o Post-merger integration strategies and challenges 5. Taxation and Compliance • Introduction to Taxation o Taxation principles and objectives o Overview of direct and indirect taxes o Role of tax in business strategy and decision-making o International taxation issues and transfer pricing • Corporate Taxation o Calculation of corporate income tax liabilities o Tax deductions, allowances, and exemptions o Tax planning for corporations o International tax treaties and their impact on cross-border transactions • Indirect Taxes o Value-added tax (VAT) and its implications for businesses o Goods and services tax (GST) and sales tax systems o Customs duties and excise taxes • Tax Compliance and Reporting o Tax filing requirements and deadlines o Documentation and record-keeping for tax purposes o Managing tax audits and investigations o Tax risk management and compliance monitoring 6. Auditing and Assurance • Audit Process and Methodology o Overview of the audit process and stages o Risk assessment in auditing o Audit planning and the use of audit evidence o Internal controls and their role in the audit • Audit Techniques and Tools o Sampling methods and statistical techniques in auditing o Use of computer-assisted audit tools and techniques (CAATs) o Auditing for fraud and error detection • Ethics in Auditing o Professional ethics for auditors (e.g., independence, objectivity, confidentiality) o Ethical dilemmas and issues in auditing o Regulatory framework for auditing (e.g., ISAs, national auditing standards) • Audit Reporting o Types of audit opinions and their implications o Management letters and audit findings o Reporting on internal controls and governance structures o Auditor’s report on financial statements 7. Advanced Performance Management • Strategic Performance Management o Strategic planning and performance measurement o Balanced scorecard and performance management systems o Key performance indicators (KPIs) for strategic alignment o Performance benchmarking and best practice analysis • Risk Management in Performance Measurement o Identification and assessment of business risks o Risk mitigation strategies and tools o Enterprise risk management (ERM) frameworks o Risk-adjusted performance measures • Behavioral Aspects of Performance Management o Motivation theories and their application in performance management o Reward systems and their impact on employee behavior o Ethical considerations in performance management • Advanced Management Control Systems o Performance measurement in multinational organizations o Transfer pricing policies and their impact on performance measurement o Advanced budgeting techniques (e.g., rolling forecasts, scenario planning) 8. Financial Strategy and Governance • Strategic Financial Management o Integration of financial strategy with business strategy o Financial forecasting and scenario planning o Capital budgeting and long-term investment strategies • Corporate Social Responsibility and Sustainability Reporting o Sustainability frameworks and their application in reporting o Triple bottom line reporting (economic, social, and environmental) o Corporate social responsibility (CSR) strategies o Integrated reporting (IR) standards and practices • Regulatory Frameworks and Compliance in Financial Strategy o Understanding the legal and regulatory environment for financial management o Compliance with corporate governance codes and financial reporting standards o The role of auditors and external bodies in ensuring financial governance 9. Research and Professional Skills • Research Methodology o Techniques for business and academic research o Quantitative and qualitative research methods o Research design and data collection o Data analysis and interpretation • Professional Skills Development o Communication skills for finance professionals o Leadership and management skills in finance roles o Teamwork and collaboration in professional settings o Continuing professional development (CPD) in accounting and finance