| Fundamentals |
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Paper F1
Accountant in Business (AB) |
- Business organization structure, governance, and management: business organization and its structure; formal and informal business organization; organizational culture in business; stakeholders of business organizations; information technology and information systems in business; committees in the business organization; business ethics and ethical behavior; governance and social responsibility in business.
- Key environmental influences and constraints on business and accounting: political and legal factors; macroeconomic factors; social and demographic factors; technological factors; competitive factors.
- History and role of accounting in business: the history and function of accounting in business; law and regulation governing accounting; financial systems, procedures, and IT applications; the relationship between accounting and other business functions.
- Specific functions of accounting and internal financial control: accounting and finance functions within business; internal and external auditing and their functions; internal financial control and security within business organizations; fraud and fraudulent behavior and their prevention in business.
- Leading and managing individuals and teams: leadership, management, and supervision; individual and group behavior in business organizations; team formation, development, and management; motivating individuals and groups.
- Recruiting and developing effective employees: recruitment and selection, managing diversity, and equal opportunity; techniques for improving personal effectiveness at work and their benefits; features of effective communication; training, development, and learning in the maintenance and improvement of business performance; review and appraisal of individual performance.
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Paper F2
Management Accounting (MA) |
- The nature and purpose of cost and management accounting: accounting for management; cost and management accounting versus financial accounting.
- Cost classification, behavior, and purpose: production and non-production costs; direct and indirect costs; fixed and variable costs.
- Business mathematics and computer spreadsheets: dealing with uncertainty; statistics for business; use of computer spreadsheets.
- Cost accounting techniques: accounting for materials; accounting for labor; accounting for overheads; marginal and absorption costing; job and batch costing; process costing; service / operation costing.
- Budgeting and standard costing: nature and purpose of budgeting; functional budgets; flexible budgets and standard costing; basic variance analysis under absorption and marginal costing; reconciliation of budgeted profit to actual profit.
- Short-term decision-making technique: cost-volume-profit analysis; relevant costing; limiting factors.
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Paper F3
Financial Accounting (FA) |
- The context and purpose of financial reporting: the reasons for, and objectives of, financial reporting; users’ and stakeholders’ needs; the main elements of financial reports; the regulatory framework.
- The qualitative characteristics of financial information and the fundamental bases of accounting: the qualitative characteristics of financial reporting; alternative bases used in the preparation of financial information.
- The use of double-entry and accounting systems: double-entry book-keeping principles including the maintenance of accounting records and sources of information; ledger accounts, books of prime entry, and journals; accounting systems and the impact of information technology on financial reporting.
- Recording transactions and events: sales and purchases; cash; inventory; tangible non-current assets; depreciation; intangible non-current assets and amortization; accruals and prepayments; receivables and payables; provisions and contingencies; capital structure and finance costs.
- Preparing a trial balance: trial balance; correction of errors; control accounts and reconciliations; bank reconciliations; suspense accounts.
- Preparing basic financial statements: balance sheets; income statements; events after the balance sheet date; accounting for partnerships; cash flow statements (excluding partnerships); incomplete records.
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Paper F4
Corporate and Business Law (Russian)
(CL) |
- Essential elements of legal systems: sources of law, court structure, constitutional rights.
- The law of obligations: formation of contract, content of contracts, means of securing obligations, breach of contract and consequences, non-contractual obligations.
- Employment law: labor agreements, dismissal, and redundancy.
- The formation and constitution of business organizations: partnerships, companies and legal personality, company formation, voluntary representation.
- Capital and the financing of companies: share capital, loan capital, capital maintenance, and dividend law.
- Company management and administration: company directors, other management bodies, company meetings, and decision making.
- Legal implications relating to companies in difficulty or in crisis: insolvency.
- Governance and ethical issues relating to business: corporate governance, fraudulent behavior.
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Paper F5
Performance Management (PM) |
- Specialist cost and management accounting techniques: activity-based costing; target costing; life-cycle costing; back-flush accounting; throughput accounting.
- Decision-making techniques: multi-limiting factors and the use of linear programming and shadow pricing; pricing decisions; make-or-buy and other short-term decisions; dealing with risk and uncertainty in decision- making.
- Budgeting: objectives; budgetary systems; types of budget; quantitative analysis in budgeting; behavioral aspects of budgeting.
- Standard costing and variances analysis: budgeting and standard costing; basic variances and operating statements; material mix and yield variances; planning and operational variances; behavioral aspects of standard costing.
- Performance measurement and control: the scope of performance measurement; divisional performance and transfer pricing; performance analysis in not-for-profit organizations and the public sector; external considerations and behavioral aspects.
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Paper F6
Taxation Russia (TX) |
- The Russian tax system: the overall function and purpose of taxation in a modern economy, different types of taxes, the tax regulatory framework.
- Income tax liabilities: the scope of individual income tax, income from employment, income earned by individual entrepreneurs, dividend and other income, the comprehensive computation of taxable income and individual income tax liability, the use of exemptions and deductions in minimizing individual income tax liabilities.
- Corporate profits tax liabilities: the scope of corporate profits tax, taxable income for corporate profits tax, deductible expenses and tax allowances in deferring and minimizing corporate profits tax liabilities, the comprehensive computation of corporate profits tax liability, tax accounting for corporate profits tax.
- Value added tax (VAT): the scope of value added tax (VAT), the computation of VAT liabilities, VAT payment and reporting.
- Unified social tax (UST): the scope of unified social tax (UST), contributions made by employers for employed persons, contributions made by individual entrepreneurs.
- Corporate property tax: the scope of corporate property tax, the computation of corporate property tax liabilities, payments and reporting requirements.
- Tax planning, administration and control: the obligations of the taxpayer and/or their agents, the procedures relating to tax audit, appeals.
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Paper F7
Financial Reporting (FR) |
- A conceptual framework for financial reporting: the need for a conceptual framework; understandability, relevance, reliability and comparability; recognition and measurement; the legal versus the commercial view of accounting; alternative models and practices; the concept of “faithful representation” (“true and fair view”).
- A regulatory framework for financial reporting: reasons for the existence of a regulatory framework; the standard setting process; specialized, not-for-profit, and public sector entities.
- Financial statements: cash flow statements; tangible non-current assets; intangible assets; inventory; financial assets and financial liabilities; leases; provisions, contingent liabilities, and contingent assets; impairment of assets; taxation; regulatory requirements relating to the preparation of financial statements; reporting financial performance.
- Business combinations: the concept and principles of a group; the concept of consolidated financial statements; preparation of consolidated financial statements including an associate.
- Analyzing and interpreting financial statements: limitations of financial statements; calculation and interpretation of accounting ratios and trends to address users’ and stakeholders’ needs 3. Limitations of interpretation techniques; specialized, not-for-profit, and public sector entities.
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Paper F8
Audit and Assurance (AA) |
- Audit framework and regulation: the concept of audit and other assurance engagements; statutory audits; the regulatory environment and corporate governance; professional ethics and ACCA’s Code of Ethics and Conduct.
- Internal audit: internal audit and corporate governance; differences between external and internal audit; the scope of the internal audit function; outsourcing the internal audit department; internal audit assignments.
- Planning and risk assessment: objective and general principles; understanding the entity and knowledge of the business; assessing the risks of material misstatement and fraud; analytical procedures; planning an audit; audit documentation; the work of others.
- Internal control: internal control systems; the use of internal control systems by auditors; transaction cycles; tests of control; the evaluation of internal control components; communication on internal control.
- Audit evidence: the use of assertions by auditors; audit procedures; the audit of specific items; audit sampling and other means of testing; computer-assisted audit techniques; not-for-profit organizations.
- Review: subsequent events; going concern; management representations; audit finalization and the final review.
- Reporting: audit reports; reports to management; internal audit reports.
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Paper F9
Financial Management (FM) |
- Financial management function: the nature and purpose of financial management, financial objectives and relationship with corporate strategy; stakeholders and impact on corporate objectives; financial and other objectives in not-for-profit organizations.
- Financial management environment: the economic environment for business; the nature and role of financial markets and institutions.
- Working capital management: the nature, elements and importance of working capital; management of inventories, accounts receivable, accounts payable and cash; determining working capital needs and funding strategies.
- Investment appraisal: the nature of investment decisions and the appraisal process; non-discounted cash flow techniques; discounted cash flow (DCF) techniques; allowing for inflation and taxation in DCF; adjusting for risk and uncertainty in investment appraisal; specific investment decisions (lease or buy; asset replacement, capital rationing).
- Business finance: sources of, and raising short-term finance; sources of, and raising long-term finance; internal sources of finance and dividend policy; gearing and capital structure considerations ; finance for Small and Medium-size Entities (SMEs).
- Cost of capital: Sources of finance and their relative costs; Estimating the cost of equity; Estimating the cost of debt and other capital instruments; Estimating the overall cost of capital; Capital structure theories and practical considerations; Impact of cost of capital on investments.
- Business valuations: nature and purpose of the valuation of business and financial assets; models for the valuation of shares; the valuation of debt and other financial assets; efficient market hypothesis (EMH) and practical considerations in the valuation of shares.
- Risk management: the nature and types of risk and approaches to risk management; causes of exchange rate differences and interest rate fluctuations; hedging techniques for foreign currency risk; hedging techniques for interest rate risk.
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| Professional (Essentials) |
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Paper P1
Professional Accountant (PA) |
- Governance and responsibility: the scope of governance; agency relationships and theories; the board of directors; board committees; directors’ remuneration; different approaches to corporate governance; corporate governance and corporate social responsibility; governance: reporting and disclosure.
- Internal control and review: management control systems in corporate governance; internal control, audit and compliance in corporate governance; internal control and reporting; management information in audit and internal control.
- Identifying and assessing risk: risk and the risk management process; categories of risk; identification, assessment and measurement of risk.
- Controlling risk: targeting and monitoring risk; methods of controlling and reducing risk; risk avoidance, retention and modeling.
- Professional values and ethics: ethical theories; different approaches to ethics and social responsibility; professions and the public interest; professional practice and codes of ethics; conflicts of interest and the consequences of unethical behavior; ethical characteristics of professionalism.
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Paper P2
Corporate Reporting (CR) |
- The professional and ethical duty of the accountant: professional behavior and compliance with accounting standards; ethical requirements of corporate reporting and the consequences of unethical behavior; social responsibility.
- The financial reporting framework: the contribution and limitations of financial statements in meeting the needs of users’ and capital markets; the applications, strengths and weaknesses of an accounting framework; critical evaluation of principles and practices.
- Reporting the financial performance of entities: performance reporting; non-current assets; financial instruments; leases; segment reporting; employee benefits; income taxes; provisions, contingencies and events after the balance sheet date; related parties; share-based payment.
- Financial statements of groups of entities: group accounting including cash flow statement; continuing and discontinued interests; changes in group structures; foreign transactions and entities.
- Specialized entities: greporting in specialized, not-for-profit and public sector entities; reporting requirements of small and medium sized entities (SMEs).
Implications of changes in accounting regulation on financial reporting; the effect of changes in accounting standards on accounting systems; proposed changes to accounting standards.
- The appraisal of financial performance and position of entities: the creation of suitable accounting policies; analysis and interpretation of financial information and measurement of performance.
- Current developments: environmental and social reporting; convergence between national and international reporting standards; comparison of national reporting requirements; current reporting issues.
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Paper P3
Business Analysis (BA) |
- IStrategic position: : the need for, and purpose of, strategic and business analysis; environmental issues affecting the strategic position of an organization; competitive forces affecting an organization; marketing and the value of goods and services; the internal resources, capabilities and competences of an organization; the expectations of stakeholders and the influence of ethics and culture.
- Strategic choice: the influence of corporate strategy on an organization; alternative approaches to achieving competitive advantage; alternative directions and methods of development; strategic action.
- Organizing and enabling success: : principles of e-business; e-business application: upstream supply chain management; e-business application: downstream supply chain management; e-business application: customer relationship management.
- Information technology: managing strategic change; understanding strategy development; business process change; the role of process and process change initiatives; improving the processes of the organization; software solutions.
- Quality issues: quality control, quality assurance, and quality management systems; quality in the information systems development lifecycle; quality initiatives: Six-Sigma.
- Project management: identifying and initiating projects; managing and leading projects; monitoring, controlling and concluding projects.
- Financial analysis: the link between strategy and finance; finance decisions to formulate and support business strategy; financial implications of making strategic choices and of implementing strategic actions.
- People: strategy and people: leadership; strategy and people: performance management; strategy and people: reward management; strategy and people: job design; strategy and people: staff development.
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Paper P4
Advanced Financial Management (AFM) |
- Role and responsibility towards stakeholders: conflicting stakeholder interests; the role and responsibility of senior financial executive/advisor; impact of environmental issues on corporate objectives and on governance; financial strategy formulation; ethical issues in financial management.
- Advanced investment appraisal: discounted cash flow techniques and the use of free cash flows; impact of financing on investment decisions and adjusted present values; application of option pricing theory in investment decisions; international investment and financing decisions; impact of capital investment on financial reporting.
- Acquisitions and mergers: acquisitions and mergers versus other growth strategies; valuation for acquisitions and mergers; regulatory framework and processes; financing acquisitions and mergers.
- Corporate reconstruction and re-organization: predicting corporate failure; financial reconstruction; business re-organization.
- Treasury and advanced risk management techniques: the role of the treasury function in multinationals; the use of financial derivatives to hedge against forex risk; the use of financial derivatives to hedge against interest rate risk; other forms of risk; dividend policy in multinationals and transfer pricing.
- Economic environment for multinationals: management of international trade and finance; strategic business and financial planning for multinationals.
- Emerging issues in finance and financial management: developments in world financial markets; financial engineering and emerging derivative products; developments in international trade and finance.
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Paper P5
Advanced Performance Management (APM) |
- Strategic planning and control: introduction to strategic management accounting; appraisal of alternative approaches to budgeting for control; changes in business structure and management accounting; effect of Information Technology (IT) on modern management accounting.
- Economic, fiscal and environmental factors: impact of world economic and market trends; impact of national fiscal and monetary policy on performance; other environmental and ethical issues.
- Performance measurement systems and design: management accounting and information systems; internal sources of management information; external sources of management information; recording and processing methods; management reports.
- Strategic performance measurement: : performance hierarchy; scope of strategic performance measures in private sector; strategic performance issues in complex business structures; divisional performance and transfer pricing issues; scope of strategic performance measures in not-for-profit organizations; behavioral aspects of performance measurement.
- Performance evaluation and corporate failure: alternative views of performance measurement; non-financial performance indicators; predicting and preventing corporate failure.
- Current developments and emerging issues in management accounting and performance management: current developments in management accounting techniques; current issues and trends in performance management.
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Paper P7
Advanced Audit and Assurance (AAA) |
- Regulatory environment: international regulatory frameworks for audit and assurance services; money laundering; laws and regulations.
- Professional and Ethical Considerations:Code of Ethics for professional accountants; fraud and error; professional liability.
- Practice management: quality control; advertising, publicity, obtaining professional work and fees; tendering; professional appointments.
- Assignments: : the audit of historical financial information including; planning, materiality and assessing the risk of misstatement; evidence; evaluation and review; group audits; audit-related services; assurance services; prospective financial information; forensic audits; internal audit; outsourcing.
- Reporting: : auditor’s reports; reports to management; other reports.
- Current issues and developments: professional, ethical and corporate governance; information technology; transnational audits; social and environmental auditing; other current issues.
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