PQ June 2016

PQ magazine
June 2016
www.pqmagazine.co.uk / www.pqjobs.co.uk
All the top tips you need for the

ACCA June exam sitting as our
experts tell it as it is
PwC trainee accountant with gambling addiction died of shame

Trainee accountant Joshua Jones (pictured), who
jumped to his death last summer from the ninth
floor of PwCs London offices, died of shame
after being overwhelmed by his gambling
addiction, his father told the recent inquest.
His heartbroken father, Martin Jones,
explained that his son, who was just 23, had led
a double life. He revealed that when he went to
Sussex University Josh blew all his student
loans on gambling, and at the time of his death
owed up to 40,000 to banks, loan firms,

friends and family.
He told the coroner Shanta
Deonarine: Josh begged us not
to tell PwC about his
gambling. With his hockey and
music friends he was life and
soul of the party. We and some
close friends knew the truth.
PwCs Chris Butter said: Josh was
a wonderful young man bright and diligent,

Those colleagues who were fortunate to have
worked alongside him feel a great loss.
His father felt that more needed to be
done to put pressure on the gambling
industry to help addicts. In particular, he
wants to see a shake-up of the online
gambling industry so addicts can be
permanently excluded from sites.
The Coroner recorded a verdict of suicide.
AAT CLARIFIES RULES

ON NEW RESIT LIMITS
The AAT unveiled the final version of its

new-look AQ2016 at the Training Providers
conference in Birmingham recently. And
there is generally good news, although
there is one small sting in the tail.
The resit rules for 16 to 19 year olds have
been changed. Now in any 24-month period (it
was 12) these AAT students will have just two
attempts to pass an AAT assessment. This new
rule does not, however, apply to overseas or
Scottish students! The main reason for this
change is the fact that the AATs Foundation and
Advanced qualifications (level 2 and 3) are now
approved for Key Stage 5 delivery and will be
listed on the performance tables from 2018.
All those AATs over 19 years old will be
pleased to hear that the Department of
Education (DfE) rules do not apply to them and
therefore there will be no resit limits at all.
Another change is with employer engagement
plans. Centres will have to show AAT that they
are involving employers in a meaningful way.
AAT will be monitoring this for all those providers
with 16-19 year old students in England, but
good centres should, of course, be doing this
already.
Percentage marks for each assessment will
also be given to students under AQ2016. This
will be welcome news and the AAT has shown it
is listening. Students will find these published in
their statement of achievement on MyAAT.
AATs Suzie Webb

Feedback will still be provided, showing the
areas where candidates did well and the areas
they need to work on.
PQ magazine was also able to establish what
mark you will need to get a pass, merit and
distinction. Remembering the pass mark of AAT
assessments is 70%, it is hardly surprising that
a pass is 70%. A merit will be 80% and a

distinction 90%. Students will need to take a
look at the weightings, for example at Level 4 the
new synoptic assessment counts for 35% of the
grade.
When it comes to the synoptic assessment the
AAT has also worked delivery out here too now.
So for Level 2 the test will be on average
available every three out of four weeks. When it
comes to the Level 3 and 4 synoptic test there
will be windows six times a year. The AATs
Director of Education, Suzie Webb, explained
that AAT will keep an open mind about the
placement of these windows and re-evaluate
how this is working on annual basis.
One thing AAT PQs will have to get used to is
the wait for results. The synoptics all have
elements of human marking, more depending
on the level of assessment, so results will take
six weeks to process. Webb stressed that the
synoptic assessments reflect the growing
importance for the accountancy profession at all
levels to be able to write coherently and
effectively as well as deal with technical
elements of accountancy.
The plan is for the AAT to put lots more online
to support PQs. On top of the popular Green Light
Tests it plans to introduce a Lucky Dip Green
Light Test, which will randomly select areas from
across a level. This will be an invaluable revision
tool for those sitting synoptic tests.
Without the ULE from

Kaplan, I would not have
achieved such a high
score in my exams.
Adam Sibley
ACCA Prizewinner
F7, June 2015
Boost your chances of passing by up to 70%

with the Ultimate Learning Experience
Get exam confident for the September exams by studying with the Ultimate Learning Experience (ULE),
our recommended combination of Tuition, Revision and Question Based Day courses.
Classroom courses
Exam sitting
Live Online courses
Come to a classroom for a structured programme

with maximum expert tutor support.
SEPT
Available for maximum flexiblity, our interactive

lectures are delivered online by an expert tutor.
ULE available in London, Bristol and Birmingham

Revision courses available in other selected locations
2016
Enrol today and Save 70 off ULE

01908 540 068
www.kaplanfinancial.co.uk/pqule
Based on an average pass mark across all Kaplan UK classroom centres and Live Online students sitting P7 in the June 2015 exams,
comparing the pass rates of Kaplan students who sat the Ultimate Learning Experience (Tuition, Revision & Question Based Day) vs Tuition only.
Only available with ULE. T&Cs apply. Visit www.kaplanfinancial.co.uk for details.
Flexibility to study online from anywhere

Lesson recordings to catch up at any time
comment PQ
CONTENTS
News
08ACCA optional papers PQs
terrified of final optional exams
10CIMA exams Latest pass rates
are consistent and fair
12CIMA pricing changes
Institute to introduce tiered
pricing based on world regions
13ACCA P7 exam Students must
work harder, says the examiner
Features, etc
06Mind your Ps&Qs ACCA P5
my five attempts; why CBE exams
are unfair to distance learners;
and misgivings over CIMA tie-up
14Ethics Learning the lessons of
the Panama Papers
17ACCA tips Weve two pages of
the hottest tips especially for you
19ACCA examiners reports
What the examiners had to say

about the feared optional papers
21Lets get technical We take a

look at forecasting cashflows
22SMEs and LSBU How London
June 2016
26CIMA P1 We focus on Section
A with some test questions

28CIPFA round-up Conference
and other news from CIPFA
29Careers #1 How to deal with a
counter job offer; and meet an
ACCA award-winning student
30Careers #2 Life at PwC; plus
the best of social media
34Fun time Accountancys lighter
side; and more great giveaways
The columnists
Robert Bruce Why accountants
need to communicate better
8
Prem Sikka Weakening the taxman
is a false economy
10
Carl Lygo New salary data shows
that some things never change 12
Subscribe to PQ magazine
Its FREE see page 33 or go to
www.pqmagazine.co.uk
ABC July 2014 June 2015
32,233
South Bank University is

supporting small businesses;
plus A quick look at dealing
with risk
24ICAEW spotlight Top tips
from lecturers attending the

Partner in Learning conference
25CIMA E1 paper How to
manage the finance function,

with particular reference to
managing conflict
Publishers statement: We send a

digital issue of the magazine to an
additional 8,613 requested readers
Free to all accountancy students
Annual subscription: 35 (50 overseas)
Gambling with lives

The sad story of Joshua Jones is a stark reminder of the way
addiction can take over your life. The PwC trainee really did
lead a double life, and for anyone who has known a problem
gambler wont be surprised to see how quickly Josh got into financial
trouble. I have personal experience of this terrible addiction, and know
someone who got hooked on what is called the crack cocaine of
gambling fruit machines. He managed to turn his life back around
with help and regular visits to GA! For Joshua the shame became too
much and he jumped from the ninth floor of PwCs offices
I noticed that The Times Rich List had a new group of high flyers, the
online gambling site millionaires. And it is here that I, like Joshuas
heartbroken father, have real concerns. Who is monitoring these sites?
Betting firms need to have the option of permanent exclusion from their
websites. They must also all be working together so if you become
excluded from one site then that ban applies to all sites.
Gambling addition has to be taken very seriously. The Gambling
Commission needs to be seen to be doing more. They did recently make
Coral pay back nearly 850,000 to the victims of a problem gambler
who had lost a fortune. The betting industry regulator criticised the
bookies anti-money laundering procedures and safeguards against
problem gamblers. But this is just the tip of the iceberg.
First with the news
Our lead story this month takes a look at the AATs new-look AQ2016
and its going to mean a big change for many students. It all seems
pretty positive to me. The actual marks are so much better than just
saying competent. Students will also be awarded a pass, merit or
distinction, along with their mark. At the recent LATDG meeting the
other professional bodies were not convinced about the merits of this
system. Will employers deem you a failure if you dont get a distinction?
Will students keep taking the same test until they get one too?
Graham Hambly, PQ magazine editor graham@pqaccountant.com
Have you tried

CIMAstudy yet?
CIMAstudy is the only online learning resource
developed by CIMA and offers one of the most
flexible ways to study.
Weve recently made some improvements to our
courses, so its even easier to study on the move.
Tablet friendly
layout
Easier
navigation
Faster
load times
Why not try CIMAstudy for yourself with our

NEW free demo, visit our website for details.
Working in partnership with Kaplan our
approved study materials provider.
www.cimastudy.com
ACCA
JUNE EXAM
PREPARATION
TO HELP YOU MAKE THINGS
EASIER
WEVE DESIGNED THE PERFECT
REVISION COURSES
JUST FOR YOU
Our courses are led

by award-winning
tutors who will recap
key ACCA syllabus
areas and use past
exam questions
to focus on the
techniques required
to maximise your
exam score.
You can choose

from Weekend
(an intensive 2-day
course) and Extended
weekend (a 3-4
day revision course,
available from SatTue). Classes start
21 May.
For last-minute
preparation we are
offering a 1 day
Question Based
mock exam to help
you hone skills before
your exams. Available
on weekdays from 25
May 4 June.
BOOK ONLINE AT
www.LSBF.org.uk/SHOP | 020 3535 1111
PQ have your say
email graham@pqaccountant.com
Try, try and try again
I have finally passed my ACCA P5
exam with a mark of 70 after failing
five times (marks in 40s) and am
now an Affiliate.
Theres been many times
throughout my ACCA journey that I
have wanted to give up I felt
incapable of passing P5 due to not
understanding the requirements in
the questions. I feel that the March
exam had a combination of Alex
Watts confusing style and a more
understandable style.
I decided to study differently for
this last exam. For previous sittings
I had revised for such long periods

of time and gone through past
exams papers (which I found soul
destroying) and found that I

was exhausted the week
before the exam and having
to force myself to revise. This
time I left my revision until 10
days before the exam I
didnt do any past papers
and felt more refreshed and
able to tackle the exam on
the day. This approach is not
recommended to anyone who
hasnt failed as many times
as myself!
When youve sat the exam
this many times its
impossible not to know the syllabus,
its just about being able to think
clearly on the day and apply that
knowledge in the exam hall.

I have loved reading PQ
magazine, and seeing other
peoples comments regarding this
exam gave me the belief that I was
capable and that I wasnt the only
person feeling this pain. Id like to
say a great big thank-you to PQ
magazine for helping me get
through this and I now look forward
to reading NQ magazine.
Thanks again.
Wendy Watkins, by email
The editor says: Thanks Wendy,
glad we could be of service and
share the pain and joy! It is really
interesting how you turned it all
around.
The writer of the star letter each month wins a fantastic PQ memory stick!
Online prejudice
I have just read the story on the

front cover of PQ magazine
headlined ACCA to phase in new
CBE exams (PQ, May 2016). Why
are BPP and Kaplan the only
colleges being allowed to offer
tuition for the CBE exams in
London?
I am also told by the ACCA
website that I cannot study on my
own and then opt to sit the CBE
exams come September. It seems
strange that the ACCA is taking its
exams online but isnt allowing
those who study online to take the
test! That all seems a bit the wrong
way round to me. I dont live
anywhere near any big city, so even
NEW
LSBF
Why no vote for us?
ONLINE
SHOP
I note that CIMAs Andrew Harding

says that the creation of a new
association will mean us students
are the main beneficiaries, yet we
still have no vote in what could be
Book your Professional courses online in a few simple steps.
Andrew
Harding
Filter courses by date, subject & study mode

Select papers that suit your schedule
Buy your papers online
straight away
I am terrified!
when more centres are allowed to

offer CBE tuition in December I
wont be able to attend. Surely the
ACCA needs to approve online
learning as one of the options
during the phased approach.
Name and address supplied
seem unable to change it. I hope

when I qualify I wont forget those I
left behind!
Name and address supplied
Thanks you for tweeting out the

March results. However, it does
make me terrified about what lies
ahead.
The optional papers, which we
sit after passing all the key papers,
seem to be an incredible stumbling
block for so many PQs. I read the
Open Tuition noticeboards regularly
and there seems so much
negativity and frustration from
people who just dont seem to be
SHOP ONLINE AT
www.LSBF.org.uk/shop
020 3535 1111
able to pass these final two papers.

With just one in three PQs passing
these papers at most sittings I am
surprised there isnt more of an
outcry.
I saw that some students are
calling for a petition (PQ magazine,
May 2016, page 12). I guess this
will quickly be forgotten as they
move on to the June sitting, which
is just a month away.
The exam cycle just means we
get sucked into the system and
a massive change for CIMA and

our future. The two bodies, CIMA
and the AICPA, also seem very
different, and I personally cant see
the synergies between the two.
Arent the AICPA more audit
focused? CIMA also can lay claim
to being the more truly global body.
I think they get more from us than
we do from them.
John Williamson, by email
DUE TO LACK OF SPACE

OUR SOCIAL MEDIA
UPDATES HAVE BEEN
MOVED TO PAGE 30
PQ Magazine Fourth floor, Central House, 142 Central Street, London EC1V 8AR | Phone: 020 7216 6444 | Email: graham@pqaccountant.com
Website: www.pqmagazine.co.uk | Editor/publisher: Graham Hambly graham@pqaccountant.com | Advertising manager: Polly Thrasivoulou polly@pqaccountant.com
Associate editor: Adam Riches | Art editor: Tim Parker | Subscriptions: dom@pqaccountant.com | Contributors: Robert Bruce, Prem Sikka, Carl Lygo,
Tony Kelly, Phil Gammon, Jo Daley | Origination and print services by Classified Central Media
If you have any problems with delivery, or if you want to change your delivery address, please email dom@pqaccountant.com
Published by PQ Publishing PQ Publishing 2016
53% more likely

to pass with BPP
You can be confident when you choose to study with BPP

Professional Education as our latest pass rates prove you
are 53%* more likely to pass your first CIMA exam with
BPP Professional Education.
Plus in the February 2016 Integrated Case Study exam sitting four of our CIMA
students were recognised as Prizewinners:
Operational
Level 1st in World via our award winning
Online Classroom Live
Management
Level - 3rd in World In Centre Classroom
at BPP London
Management
Level 1st in World In Centre Classroom
at BPP Liverpool
Strategic
Level 3rd in World In Centre Classroom
at BPP Milton Keynes
The Achievement Ladder was very positive and

ensured that self-study was used effectively. The
gradual build up helped me prepare for the exam.
Evelyn Smith,
CIMA Prize Winner in the March 2015 ICS Exam
Book your programme today
03331 307 288

bpp.com/cima
*53% based on BPP uplift of students sitting P2 Integrated Case Study exam in the February 2016
sitting compared with CIMA Institute Pass Rates to 31/03/16 for the first time.
PQ news
ROBERT
BRUCE
Why it
pays to
explain
Accountants always seem to skip the

important stuff. They are so steeped in
information and process that they fail
to think about how they could tell the
world about what they have done.
Take a recent report from EY. They
conducted a review of 100 annual
reports and accounts and found that
42% of them hadnt bothered to
explain how it had made its money.
Doubtless a good accountant could
skim through the figures and reach a
sensible conclusion about where the
profits had come from. But that isnt
much use to anyone else. The same
review found that only 9% of the firms
had shown any link between strategy,
KPIs, principal risks and pay. Again,
an informed accountant could take a
view, but no one else.
It is no wonder that there is a huge
disconnect between what companies
think is a sensible level of
remuneration, for example, and what
the public thinks. This is not just a
complaint about how accountants
need to be better communicators. It is
about the way accountants see their
work. They are not just, as auditors,
the providers of assurance. They are
supposed to be the explainers, and
that requires them to stand back and
think themselves into other peoples
mindsets. It is simple. Like the
instructions that come with flatpack
furniture, if they were critiqued by
ordinary customers none of us would
be sitting there on a Saturday
afternoon with only half a shelf unit
standing up. It is the same with
annual reports. Explain things, simply.
n Robert Bruce is an
award-winning writer on
accountancy for The Times
ACCAs are terrified

of the optional test
Terrifying is how many students
see the prospect of sitting the
ACCAs final optional papers. With
just one in three candidates passing
the March P5 sitting some PQs are
wondering if the ACCA is making
the exams unnecessarily difficult to
pass.
One PQ who passed his final
paper took one look at the March
pass rates and simply said: Wow
they are getting lower.
In fact, the first-ever March sitting
was a mixed bag. The pass rates of
six papers rose when compared
with the December sitting, five
dropped and one stayed the same.
The F7 examiner was
pleased with the 51% pass
rate. Some 50% of those
who sat P1 in March also
passed. In fact, all core
P papers held steady.
It was not such good
news for P7 sitters. The
examiner has said in her report that
ACCA EXAM RESULTS MARCH 2016 WORLDWIDE

Mar 16
Dec 15
41%
F5 Performance Management
39%
F6 Taxation
44%
53%
F7 Financial Reporting
51%
45%
F8 Audit & Assurance
41%
46%
F9 Financial Managemt
41%
45%
P1 Professional Accountant
50%
47%
P2 Corporate Reporting
47%
47%
P3 Business Analysis
48%
47%
P4 Adv Financial Managemt
38%
35%
P5 Adv Performance Managemt
33%
29%
P6 Adv Taxation
44%
42%
P7 Adv Audit & Assurance
30%
39%
overall performance was poor, and

stressed: There was a clear lack of
both auditing and financial
reporting knowledge.
Many PQs resitting the
exam had claimed that
the March test was
much harder than
December, and the 30%
pass rate backs up their
case!
Sep 15
39%
47%
44%
42%
35%
48%
44%
45%
36%
30%
45%
29%
Dr Mary Bishop (pictured),

ACCAs Director of Learning, said:
Pass rates in most exams have at
least remained steady and were
pleased to see improvements in
almost all of the Professional level
exams.
She felt it was clear that students
are still adapting to the rigour of the
combined breadth and depth of the
skills exam format.
Dont ask, dont get!

Male accountants are more likely to push for a pay rise
than their female colleagues, and are more likely to get
one, says new research from the AAT.
More than one in four men working in finance (26%)
had asked for a pay rise in the last year, compared with
less than one in five women. Conversely, three in five
women (61%) have never asked for a pay rise.
And it was a question of dont ask dont get, as
nearly half of men surveyed (47%) had received a pay
rise during the last year. This compares to 40% of
women.
The AATs chief HR officer, Olivia Hill, said: These
latest figures suggested men working in finance are far
more positive about their worth and value in the
workplace, and subsequently are more confident of
asking for a pay rise, which many are receiving.
The Association of Taxation Technicians (ATT) recently

reached 8,000 members a new record. The 8,000th
member is Elizabeth Ashcroft, of Hartley Wintney,
Hampshire, who works for Ashcroft Design &
Construction
In brief
Take more care!
ACCA F9 candidates must
take greater care when presenting
answers to numerical questions in
section B, says the examiner. It is
also good exam technique to show
all workings, but these need to be
labelled. Remember, by showing
your workings you can gain marks
because you applied the right
method even when numerical
errors have been made. For our
take on what the optional paper
examiners said about the March
sitting turn to page 17.
8
Dont be 50 and in practice!

ICAS has got into hot water
over an ageist letter it sent to its
members in practice. The letter,
headed The only constant is
change, explains that there is a
tsunami forming on the horizon,
which will hit the UK accountancy
professional within the next five
years. Auto-enrolment, FRS102,
and quarterly reporting will have a
profound effect on how practices
operate. The letter says that for
some these challenges, especially
the 58% of practitioners who are
over 50, it may all be too much!

These members are told: It may
be the impetus to handing on to
the next generation.
GAAPweb offers placement
GAAPweb, the UKs top job
site for accountancy and finance
professionals (and part of the
Trinity Mirror Digital Recruitment),
have launched a competition to
help kick-start the career of one
undergraduate by offering a twoweek work experience placement
in their finance team. The
competition is open to all degree

students studying accountancy/
finance. Students need to submit
their CV and complete a short
online application form. Deadline
for entries is 30 May.
Record entry for tax exam
Record numbers of students
have applied to sit the CIOTs
Advanced Diploma in International
Taxation. Some 784 students have
entered for the June exams, a big
jump from the first sitting when 30
students sat the exams in 2004.
PQ Magazine June 2016
In par tnership with
Where
professionals
become
international
business leaders
GGSB MBA / GGSB Master in International Business (MIB)
/ Executive Education / Language programmes
Scholarships are available
for January 2017 intake
enquire today to find out more.
Programmes delivered in English by the triple-accredited Grenoble Graduate School of Business (GGSB)
18 month post-study work permit in Germany*
Careers Centre support
T + 4 9 ( 5 11) 5 4 6 0 9 2 7 / E I N F O @ G I S M A . C O M
*Available for MBA and Masters graduates in Germany.
PQ news
PREM
SIKKA
Weakening
the taxman
is a false
economy
The leak of the papers of Panama law
firm Mossack Fonseca provides
insights into organised tax avoidance.
The Panama Papers consist of 11.5
million documents relating to 300,000
companies. Behind a wall of secrecy
provided by anonymous shell
companies and trusts, and with the aid
of accountants and lawyers, wealthy
elites were busy constructing complex
transactions to avoid taxes.
The chances of mounting effective
action by HMRC are low. Investigating
tax avoidance/evasion is a labour and
resource intensive task. HMRC has
been deprived of these. Staff levels
have fallen from 100,000 in 2004 to
56,000 now, with more cuts planned.
The result is all too predictable.
Despite considerable coverage, no
test cases have been brought against
Google, Amazon, Starbucks or other
multinationals. In 2010, a whistleblower gave HMRC documents
showing 3,600 wealthy individuals
and arms dealers may be dodging
taxes through HSBCs Swiss
operations. Just one prosecution
followed. Since 2010, there have been
only 11 prosecutions in relation to
offshore tax evasion. HMRC told the
Public Accounts Committee that it has
the capacity to investigate only 35
wealthy individuals for each year.
A poorly resourced HMRC cant
investigate tax avoidance/evasion or
prosecute and thus cant send out a
strong deterrent message. The loss of
revenues means prolonged austerity
and higher bills for those unable to
hire the so-called experts.
n Prem Sikka is professor
of accountancy at the
University of Essex
CIMA latest pass rates

are consistent and fair
There are no surprises and no

shocks in the latest set of CIMA
pass rates, says the institute. It
believes these latest results show
qualifying with CIMA is achievable,
fair and consistent.
CIMA OT pass rates
Overall
First time Total
E1
87%
79%
76%
P1
65%
45%
42%
F1
83%
74%
71%
E2
92%
84%
82%
P2
68%
46%
42%
F2
69%
47%
45%
E3
77%
62%
59%
P3
72%
51%
48%
F3
71%
50%
44%
Steve Flatman, CIMA CASE STUDY EXAMS 2015

the exams chief,
Feb 16
Nov 15 Aug 15
May 15
was pleased to
Operational
62%
61%
34%
67%
see all the OT
Management
64%
78%
77%
62%
pass rates were
Strategic
56%
62%
67%
70%
going in the right
direction. Only one first-time pass
P2 pass rates are creeping up. For
rate has fallen E2. This was a
the future, Flatman is predicting
healthy 85% and is now just 84%!
that P1 wont necessarily have the
Flatman told PQ magazine in an
lowest pass rate. He also believes
exclusive interview that pass rates
OTs are really driving learning of
can also continue to rise and
the whole syllabus.
revealed current data is showing
Turning to the case study results,
the rates are still going up. We are
Flatman revealed a slight drop in
really encouraged with the way
the Strategic Level to 56%. He felt
students are getting to grips with
this reflected the fact that it was a
the syllabus and exam platforms,
fairly small cohort in February with
he said. Even the dreaded P1 and
many resitting.
Women top the ICAEW prize list
Women dominate the ACA

Professional level results again,
winning four of the five prizes up
for grabs in March.
PwCs Ahmad Ali Qasim was the
sole male prize winner for his
performance in the Audit and
Assurance paper. His firm also
picked up four out of the five
prizes, with only Alliotts Lisa Chen,
who took first place in the tax
compliance paper, managing to
prevent a clean sweep by the firm.
The other March prize winners
were Susan Aryee, Catherine Overy
and Heather Brown.
ICAEW PROFESSIONAL EXAM RESULTS

Mar 16 Dec 15
Audit & Assurance
80.9% 74.9%
FA & Reporting
87.4% 74.2%
Tax Compliance
82.8% 73.4%
Business Planning Tax 76.2% 77.3%
Business Strategy
90.3% 88.4%
Financial Management 84.9% 78.8%
Top pass rate this time was

Business Strategy at 90.3%, closely
followed by Financial Accounting
and Reporting with a 87.4% pass
rate. The toughest paper was
Business Planning: Tax with a pass
rate of 76.2%.
Generation Z are savviest online
Generation Z (16-24 year olds) job hunters have

become the savviest when it comes to controlling their
online identity, according to new research from CVlibrary.
Some four out of five (83%) of this group are more
careful about the pictures they post on social media, in
Top women employers

The Big 4 accountancy firms all made it
into The Times Top 50 Employers for
Women 2016 list. PwC was one of the first
organisations to publish its gender pay gap
(in 2014). It has strengthened its inclusion
strategy and work with the UNs HeforShe. KPMG says it
works to equip all its leaders to be inclusive and has set
targets at all levels. The firm also focuses on its male
colleagues to engage around gender parity. It too is involved
in the HeforShe campaign and hopes this will be a catalyst for further change. EY
says 95% of its partners have taken its inclusive leadership programme and it has
reached its female partner target. It led the pledge for parity on International
Womens Day. Deloitte said it was proud of its return to work programme, report on
the gender pay gap and programme for putting 1,500 leaders through inclusive
workshops. Other employers on the list include the Home Office, Procter & Gamble,
Unilever, Microsoft and EDF Energy.
10
case they are found by an employer (the national

average is 71%).
Three quarters of Generation Zs also expect to be
goggled by a potential employer.
Interestingly, they are less concerned when it comes
to the use of their picture in the recruitment process.
Some 32% felt it was fine to use a picture on a CV or
application form.
ACCA-X is one year old
The ACCAs innovative online learning programme, ACCA-X,

is close to signing up 100,000 students as its first-year
anniversary approaches.
ACCA-X offers digital courses to help open access to the
accountancy profession. Its two free courses Introduction &
Intermediate Financial and Management Accounting have
had 92,000 enrolments. Both these courses form part of the
ACCAs Diploma in Accounting and Business.
There are now five ACCA-X courses that run four times a
year. The paid-for courses are Accountant in Business,
Management Accounting and Financial Accounting.
ACCA-X recently picked up the Best eLearning and Online
Education award at the International and European
Association awards night in Berlin.
PQ news
CARL
LYGO
Salary data
shows some
things never
change
The rich get richer and equal pay for
women is still not a reality. These are
the two conclusions I drew from new
ground-breaking research on graduate
salaries. The Institute for Fiscal
Studies (IFS) has issued a study of UK
graduate salaries 10 years on from
graduation, based on student loan
records of 260,000 individuals over a
10-year period. Student loans were
first introduced in 1999-2000 in the
UK and the repayment history of those
first graduates is now producing some
interesting data. The headlines
focused on the fact that graduates
from the London School of Economics
earn more than those from any other
UK university. Medicine and
economics degrees deliver the
highest average salaries 10 years out
for graduates. Beneath these
headlines was the revelation that
students from the richest 20% of
homes earn more in the workplace
than the other 80% of students, with
an average earnings gap 10 years
after graduation of 8,000 a year for
men and 5,300 for women.
The data also clearly showed the
large pay divide between men and
women. Ten years after graduation
male medical students earned a
median wage of 55,000 compared
with 45,000 for women.
In fact, in the top 10 most lucrative
degrees to study, only in European
languages and literature degrees did
the average womens salary exceed or
match the average male salary
(women earned 26,400 compared to
men 25,000).
n Professor Carl Lygo is
chief executive of BPP
New tier pricing

for CIMA exams
CIMA is introducing a tiered pricing

system for its exams, based on
three new regions.
A spokesman told PQ magazine
that the purchasing power of some
currencies in Africa have fallen by
50%, and CIMA had became
concerned that if it did not act
students would no longer be able to
study with the accountancy body.
The world according to CIMA has
been split into three: Western
Europe, Rest of the World and
Africa. The Western Europe region
includes Turkey, Australia,
Singapore, the US and Canada.
CIMA has said that for students
in Western Europe regions the cost
of exams will go up on average

5.5% (or 6.20).
The institute promised the
changes, which take effect on 1
July 2016, were net neutral for
CIMA. Any student who has already
booked an exam after this date
wont be asked for more money.
However, if you now book an exam
after 1 July you will pay the tiered
price.
The spokesman stressed that
CIMA wants to help businesses
succeed everywhere, and to do this
it needed to reflect exchange rate
anomalies. The move means
students fees in sub-Saharan Africa
will go down by 1617%.
As part of a broad review CIMA

also revealed students will soon be
able to pay CIMA via PayPal. The
institute apparently still receives
bank drafts from some students,
which have a big hidden cost for
these PQs. We have to make
CIMA easier to do business with,
explained the spokesman, and this
is one way of doing this.
Helping higher education students
One way to helping university

students learn the valuable skill of
managing their finances would be
to introduce monthly maintenance
payments, says ACCAs CEO Helen
Brand (pictured).
She felt that this would be better
than paying one-third of the annual
amount at the beginning of each
term, as is currently the case.
This already happens in
Scotland, she explained, and
mirrors how payment is received in
the working world much more

closely.
Another initiative she would like
to see is the introduction of a

savings account with incentives.
The government could offer under18s a match savings account
based on an ISA incentive. So, if
the student saves 1,000 the
government would match this
amount once the person enters
further/higher education.
Brand pointed out that some
40% of students leave education
with an overdraft, the average debt
being 894.
IASB amends IFRS 15 revenue standard

The International accounting
Standards Board (IASB) has issued
amendments to IFRS 15 Revenue
from Contracts with Customers, to
help clarify some requirements and
provide more transitional relief.
The amendments should clarify
how to identify a performance
obligation (the promise to transfer a

good/service to a customer) in a
contract. They should also help the
understanding of when a company
is a principal (the provider of a
good/service) or an agent
(arranging for good/service to be
provided).
Finally, the changes proposed

will help determine whether the
revenue from granting a license
should be recognised at a point in
time or over time.
The amendments have the same
effective date as the standard 1
January 2018.
In brief
Specimen papers released
CIMA has released specimen case study
answers, using a real student script, to show
what a pass looks like. PQ magazine, along with
many leading tutors, has been campaigning for
the institute to publish students papers so PQs
can understand the standard expected. CIMAs
scripts will be anonymous and should show a
student who achieved a mark of around 95.
CIMAs Peter Stewart explained that this should
become an invaluable resource to all students
studying the case study.
Parking fines not tax deductible
Security firm G4S cannot set its parking
12
were a business expense and so could be used

to reduce its profits for tax purposes.
fines against its tax bill, the tax tribunal has

ruled. G4S Cash Solutions aimed to reduce its
corporation tax bill by around 580,000, but
the first-tier tribunal has ruled in HMRCs favour
in rejecting the bid. G4S incurred parking fines
usually while delivering consignments of cash
over the pavement. The firm claimed these
CIPFA student conference date

CIPFA students need to put Wednesday 13
July in their diary, the date of the annual CIPFA
student conference. Part of CIPFAs annual
conference, which takes place in Manchester,
PQs can dip in and out of the main conference
too, all for no charge! Its a great chance to
network and understand the dynamics of
change in the profession. The CIPFA Student
Network will also be out in force, explaining
what it has planned for the year ahead. To sign
up go to www.cipfaannualconference.org.uk
news PQ
On the buses: how to succeed

when your fail maths GCSE
Are you working hard enough?

P7 examiner doesnt think so!
ACCA P7 March sitters have come

under fire for being unprepared for
the exam and simply not putting in
enough effort into learning many of
the basics. This assessment of the
March sitting comes from the P7
examiner who is not a happy woman.
With a 30% pass rate this time
around, the examiner said that the
overall performance of sitters is poor.
She said many candidates were not
properly prepared for this wideranging exam and were unable to
adequately apply their knowledge to
answer the questions set. The
examiner felt too many students
focus on the minutiae of a point and
produce a list of everything they knew
about a topic. This is irrespective of
whether it is relevant or not. Another
worry is the clear lack of both

auditing and financial reporting
knowledge, which isnt helpful if you
are sitting an advanced audit and
assurance paper!
Another concern for the examiner
was the candidates inability to
differentiate between business risk
and audit risk in Question 1. There
was also confusion between
outsourcing and the use of an audit
expert. So, do you know your Type 1
or Type 2 reports as detailed in ISA
402 Audit Considerations Relating to
an Entity Using a Service
Organisation?
See page 19 for more on the P7
examiners report, and to find out
what the other optional examiners
had to say.
Billionaire transport
tycoon Brian Souter is
living proof you can be
successful and an
accountant without a
maths O-level! The son
of a bus driver had
wanted to be an
accountant but couldnt
go to university at first because he
didnt have that maths O-level.
So Souter went to Dundee
College and studied for a diploma
in economics and accounts, before
eventually getting in to university.
All through higher education he
worked as a bus conductor and in
the week he sat his exams he
reportedly worked 77
hours on the buses!
He qualified just as Mrs
Thatcher became Prime
Minster and thats when
he saw a gap when coach
routes were deregulated.
Investing his savings of
some 12,000, he went
into business with his sister, a
nurse, who put her house up as
collateral, and 25,000 from their
dad. Stagecoach was born when
they bought two second-hand
buses, offering routes from Dundee
to London and Aberdeen to
Glasgow. The company now has
14,000 buses and sales of 3.2bn.
ICAEW bans digital watchs from exams

The ICAEW has confirmed that
digital watches will not be
permitted in any ICAEW exam
from June 2016. This includes
the certificate, professional and
advanced level exams. This
action has been taken in order
to protect the integrity of the
exam, said a spokesman. He
believed it will also prevent the

accidental breach of the ICAEW
assessment regulations by
individuals wearing smart
watches as their normal
timepiece. Analogue watches
will still be permitted in the
exam hall, but may be subject
to inspection.
YOULL BE AVOIDED
AT DINNER PARTIES.
If youre struggling with your current accountancy body exams, or are just tired
of being treated like a number, there is an alternative. As an accountancy body
committed to customer service, we can personally help you through every step
in the process of becoming an accountant. We believe that if you want to be
an accountant, you should - even if that means less enjoyable dinner parties.
Call 0191 493 0262 Visit aiaworldwide.com
We believe you should count.
13
PQ ethics
Lessons of the
Panama Papers
Accountants need to remember to take an ethical approach, says Neil Arnott
ets start with a little quiz. Here

goes: Who or what is
Mossack Fonseca? Is it:
A. A rather pleasant Chilean white wine?
B. A Uruguayan centre-forward who
plays for Barcelona?
C. A Panamanian legal firm at the heart
of a leak which indicates it was involved
in activities facilitating money laundering
and tax evasion on a global scale?
The answer is, of course, C although
you would have been forgiven for never
having heard of it until a few weeks ago,
when over 11 million documents from
the company were leaked (the Panama
Papers). These papers reveal, among
other things, vast numbers of individuals
and companies using off-shore
companies, many of which are based in
UK crown dependencies and overseas
territories such as the Cayman Islands
and the British Virgin Islands.
Mossack Fonseca deny they have
done anything wrong, and claim their
activities have been misrepresented. So
lets have a look at the key issues in a
story that is likely to run and run.
Big corporations and wealthy
individuals generally like to minimise the
amount of tax they pay and there is
nothing wrong with avoiding tax. Tax
avoidance means the use of legal tax
planning to reduce a tax liability a
simple example is the use of an
individuals annual investment allowance
in an ISA. This is simply sensible tax
planning it is perfectly legal and makes
sound financial sense.
Tax evasion, on the other hand, is the
illegal avoidance of tax; it could be by
understating income, overstating
expenses or simply not declaring income
that would otherwise be taxed. These
activities are, of course, both unethical
and illegal.
14
Perhaps its
not a Panama
hat day
However, there is a huge area which

falls somewhere between tax avoidance
and tax evasion. The release of the
Panama Papers probably only confirmed
what most people have known for a long
time that the bigger the corporation or
the wealthier the individual, the murkier
their finances become.
It is not illegal to form, or be a director
or shareholder of an offshore company
one that has its base in one of the socalled tax havens. It has been estimated
that $7.6 trillion (a trillion is a 1 followed
by twelve zeroes!) or 8% of the worlds
wealth is safely tucked away in tax
havens, with extremely low (or zero) tax
rates. The effect of this is that around
$200 billion a year of tax revenue is
potentially lost. To put this into context,
this is approximately the same as the
gross domestic product (GDP) of South
Africa!
By hiding the true nature of business
structures, by ensuring that profits are

only made in countries with low tax rates
while losses are recorded where the tax
relief is highest, and by investing
personal wealth in shell companies that
operate under a veil of secrecy, the
wealthy are able to avoid paying tax but
this of course relies on having access to
expert advice on how to establish these
extremely complex arrangements. This is
where specialists such as Mossack
Fonseca come in, and in addition to
solicitors there are also accountants who
offer such advice and support.
While there is nothing wrong legally
or ethically with helping clients avoid
tax, there is perhaps a greater issue here.
It has emerged that many of Mossack
Fonsecas clients were of dubious
integrity, including individuals against
whom economic sanctions were already
in place. One of these was Alaa Mubarek,
the son of former Egyptian president
Hosni Mubarek. In 2011, the EU had
imposed economic sanctions on both
father and son, freezing all their assets.
Yet in 2013, just two years later, Mossack
Fonseca incorporated a company by the
name of Pan World Investments the
beneficial owner of which was none other
than Alaa Mubarek.
Mossack Fonseca claim that they
undertake client due diligence (CDD) on
all new clients, yet this was clearly
lacking in rigour as they either failed to
identify Mubarek as the beneficial owner
or conveniently ignored the fact.
Remember, the main purpose of CDD is
to investigate the true nature of a
potential client to identify if there are any
ethical or other reasons not to accept
them as a client. There are a number of
examples of this process failing that have
emerged from the leaked records.
There are a number of clear messages
that the Mossack Fonseca case highlights
for accountants with regard to their
professional ethics. We all study
professional ethics and are subject to
our professional bodys code of ethics
yet here is a real-life situation where they
appear to have been ignored and it has
taken an anonymous whistleblower to
bring them to light.
Anyway, enough of such unethical
behaviour... did someone mention a nice
glass of Chilean white wine? PQ
Neil Arnott is a course tutor at
Premier Training
BA (Hons) Accounting and Finance

FdA Foundation Degree: Accounting
Top-up BA (Hons) Accounting and
Entrepreneurship
AAT level 3 will guarantee direct
entry into undergraduate year 1
AAT level 4 will guarantee direct
entry into undergraduate year 2
No 1 London Modern University

for graduate starting salaries
(Sunday Times University Guide 2016)
No 1 London University for Teaching

Quality and Student Experience in
the area of Accounting and Finance
(Guardian league table 2016)
Guaranteed halls accommodation during

your first year*
Free gym membership
Free Microsoft Office 365 and SPSS
software
BA (Hons) Accounting and

Finance
ACCA, ICAEW and CIMA
Accredited
Two year completion route
for AAT Level 4 or ACCA
F1-F3 holders
Central London Location
*Southwark Campus only. Conditions apply, check

online
Bring it on.
www.lsbu.ac.uk/pq
Up to 9 paper exemptions for some professional accreditations once graduated.*
*9 for ACCA, 7 for ICAEW and 5 for CIMA
London South Bank University

103 Borough Road,
London, SE1 0AA
0800 923 88 88 | Course.enquiry@lsbu.ac.uk
I am an award winning
certied bookkeeper
Student of the year LUCA Awards 2011
I am grateful for ICBs help and support

in starting my own practice. Having started
3 years ago, I have come a long way and
enjoy the freedom and fullment of being
self-employed. I manage a large portfolio
of clients and plan to continue expanding.
Moolchand Dubey MICB CB.Dip PM.Dip
To nd out if you could become a bookkeeper call
0845 060 2345

www.bookkeepers.org.uk/PQ
The Institute of
Certied Bookkeepers
ACCA exam tips PQ
The exams are coming

thick and fast, so here are
our tips for Junes papers
First Intuition.
F5
MCQs on the whole syllabus.
ABC.
Environmental accounting.
Limiting factors.
Relevant costing.
Flexed budget and budgeting
discussion.
Transfer pricing.
Mix and yield variances.
F6
Employment benefits.
Basis periods.
Partnerships.
Pensions.
Loss relief for individuals and
companies.
Groups of companies.
PAYE.
Administration of tax.
VAT small company schemes.
CGT: Entrepreneurs relief, PPR,
share disposals.
F7
Interpretation of accounts,
including ratio calculations and
written analysis.
Preparation of consolidated SFP
and/or SPL with associate, PUP and
fair value adjustments.
Preparation of single company
accounts including tangible noncurrent assets, intangible assets,
taxation and IFRS 15. Possible
written element or EPS calculation.
F8
Ethics.
Audit risk and auditor response.
Internal control deficiencies,
implications and recommendations.
Audit evidence and substantive
testing.
Subsequent events, written
representations and going concern.
Modified auditors reports.
F9
Discussion of the economic
environment and the impact on
interest and exchange rates.
Working capital management
receivables and payables plus
operating cycle.
Investment appraisal & cost of
capital.
Business valuations.
Risk management (currency risk
calculations).
P1
50-mark scenario question, to
include ethics, governance and risk
management.
P2
Q1: Group question on disposals
or cash flows.
Ethics.
Revenue recognition.
Leases current issue.
Deferred tax.
Share based payments.
Pensions.
P3
Section A
Environmental analysis, people
with financial analysis.
Section B
Project management.
Strategic action.
Information technology pricing
strategy.
P4
International investment appraisal
techniques focusing on risk
management tools such as value at
risk.
Impact on WACC following
hedging of interest rate risk.
Capital structure; traditional debt
finance and Islamic finance
Sukuk Bonds.
Financial restructuring.
P5
Critique an existing performance
management system and the
performance hierarchy.
Quality as a critical success
factor.
Value based approaches to
performance management.
Effective use of information
systems.
Environmental performance/
analysis.
Balanced scorecard or
Performance Prism.
P6
Group relief and consortium relief
for companies.
Incorporation relief.
IHT planning.
Patent box.
Share schemes.
P7
Business risks in a scenario.
Identifying ethical and other
professional issues in a scenario.
Matters to be considered and
audit evidence for a couple of core
accounting issues.
Money laundering.
Insolvency issues.
Discussion on audit reports.
BPP.
F5
Q1-3: All areas of the syllabus.
Q4: Planning and operational
variances, mix and yield variances,
and evaluation of company
performance.
F6
Employment benefits.
Property income.
Relief for pension contributions.
Adjustments to profit to arrive at
trading income for both companies
and sole traders.
Capital allowance computations.
Likely 10-mark questions on VAT,
IHT and CGT.
F7
Q1-2
Interpretation or statement of
cash flows.
Consolidation (if Q3 is not a
consolidation).
Other possibilities conceptual
framework, intangible/tangible
assets and impairment, provisions
and contingencies, revenue and
grants, financial instruments,
discontinued operations/assets held
for sale, or earnings per share.
Q3
Financial statement preparation
(30-marker).
Single entity or a consolidation
(statement of profit or loss and

other comprehensive income or/and
statement of financial position).
Statement of changes in equity,
statement of cash flows extract,
earnings per share calculation or
linked written topic.
Consolidation including one
subsidiary and often an associate,
with adjustments, eg fair values,
deferred/contingent consideration,
PUP on inventories/PPE, intragroup
trading and balances, goods/cash in
transit.
Single entity preparation from a
trail balance or restatement of given
financial statement with usual
adjustments for depreciation,
revaluation and current/deferred
tax.
F8
Q1-4
Ethical threats and safeguards.
Corporate governance and
internal audit.
Audit planning, materiality, audit
procedures (especially substantive
procedures), audit finalisation and
audit reports.
Q5-6
Audit risk.
Internal controls
Audit procedures substantive
procedures and tests of control.
F9
Calculations on improvements to
receivable management early
settlement discounts and factoring.
Weighted average cost of capital
calculations components.
Ratio analysis to support financing
decisions.
NPV calculations, possibly
correcting an incorrect NPV given
by the examiner, which includes
incorrect tax and inflation
calculations.
P1
Read any new articles recently
published by the examiner.
Use of stakeholder.
Ethical and other CSR theories
applied to scenarios
Use of risk and governance
board directors, remuneration and
reporting.
P2
Section A
Preparation of a statement of
financial position and/or a group
statement of profit of loss, and other
comprehensive income or
statement of cash flows.
Accounting adjustment and
social/ethical/moral aspects of
corporate reporting.
Section B, Q2-3
Deferred tax, foreign currency
transactions, financial instruments,
pensions, share-based payment,
non-current assets (recognition
Continued on page 18
17
PQ ACCA exam tips

Continued from page 17
and/or impairment of tangible and
intangible assets), borrowing costs,
the effect of accounting treatments
on earnings per share or ratios.
Industry-based testing range of
standards such as accounting
policies and the framework, leases,
grants, IFRS for SMEs,
reorganisations, provisions, events
after reporting period and related
parties.
Q4
Current development in corporate
reporting and problems with existing
standards revision of the
conceptual framework, regulatory
issues over adoption and consistent
application of IFRSs,
implementation issues, application
of the definition of control and
significant influence (equity
accounting), improvement in
performance measurement,
classification in profit or loss vs OCI,
integrated reporting, revenue
recognition.
Group accounting.
P3
Integrated reporting will
increasingly feature in P3.
Project management.
Times series, relevant costing,
decision trees and decision making
techniques.
Role of corporate parent,
including BCG matric/Ashridge.
Business process change,
including the POPIT model and
Harmons process-strategy matrix.
E-business, e-marketing, and the
impact of Big Data on areas like the
7Ps and CRM.
P4
Q1
Project appraisal domestic and
overseas.
Business valuations cost of
capital calculations.
Risk management (hedging).
Q2-4
Risk management currency or
interest rate.
Business re-organisation.
Real options.
Ethics and general financing
issues dividend policy.
P5
Q1
Numerical techniques KPIs,
18
EVA, transfer pricing, financial

reporting measures, analysis of
quality related costs, ABC.
Performance management
frameworks building blocks model
or balanced scorecard.
Know the difference between
evaluating a performance report
and evaluating the underlying
performance of the organisation.
Q2-4
Quality management Six Sigma.
Information reporting CSFs and
KPIs, non-financial performance
indicators.
HR frameworks reward and
appraisal systems.
Risk management and
environmental management
accounting.
Performance management
frameworks building blocks,
performance pyramid, balanced
scorecard.
P6
Groups of companies with
overseas aspects.
Unincorporated business
particularly loss relief or involving a
partnership.
Capital gains tax versus
inheritance tax.
Overseas aspects particularly the
new rules on residence.
Personal service company.
Company purchase of own
shares.
Enterprise investment
schemes/venture capital trusts.
Change in accounting date.
Takeover.
VAT partial exemption.
Transfer of trade versus sale of
subsidiary.
Disincorporation relief.
Pension contributions.
Patent box, research and
development expenditure.
P7
Section A
Planning, risk assessment,
evidence gathering and practice
management issues.
Non-audit engagement, with the
prospective financial information
(PFI) or due diligence.
Audit completion or consolidated
groups.
Section B
Audit evidence and financial
HEALTH
WARNING
These tips should

only be used in conjunction
with proper study. We cannot
guarantee that these topics
will appear in the actual
exam as we have not seen
the exam papers. Examiners
are not predictable so it is
vital that all core syllabus
areas are revised fully.
reporting issues.
Practice management, including
ethics and quality control.
Reporting issues, including
completion and communication.
LSBF.
F5
Section B
ABC and target costing.
Relevant costing.
Budgeting theory with flexed
budgets.
All advanced variances.
Divisional performance and
transfer pricing.
F6
Chargeable gains company
making disposals with rollover and
holdover relief.
IHT calculating IHT on lifetime
gifts into a trust when the donor is
still alive.
VAT due date for registration,
calculation of VAT payable.
Income tax adjustment of profit
for a sole trader/partnership,
including capital allowances, for a
sole trader in the beginning or
middle of the trading cycle.
Corporation tax calculating
corporation tax, large company and
instalment payments.
F7
Section A: MCQs can cover any
topic in the syllabus, but at least
half will be on standards.
Section B: Consolidations/
published accounts will be a 15/30
marker, or vice versa; the remaining
15 marker will probably be on
interpretation with adjustments
needed beforehand.
If you are registered for the exam
and feel reasonably prepared give it
a go: September sees the biggest
expansion to the F7 syllabus for at
least 15 years.
P2
Q1: CFS or BS or PL, in that
order.
Q2/3: Usual suspects drawn
widely from the syllabus.
Q4: Maybe financial asset
impairment, equity accounting,
SMEs, sustainability, leases.
P3
Strategic analysis.
Strategic choice.
Management accounting
techniques to support decision
making (possibly close or continue).
Process re-engineering and the
need for IT controls.
Project management.
P4
Hedging interest rate risk using
forward rate agreement, interest
rate futures, options on interest rate
futures and collars.
Real options to abandon,
expand or delay using the BlackScholes option pricing model.
Investment appraisal using
adjusted present values, modified
internal rate of return and internal
rate of return.
Cost of capital using the principles
of Modigliani and Miller prepositions
or geared and ungeared betas.
Calculation of project specific
WACC or WACC of combined
activities.
Valuation of business using free
cash flows and price-earnings ratio
methods. Best mode of payment
cash offer or share exchange.
P5
EVA.
Appraising performance metrics.
Balanced scorecard.
Impact on performance
management.
PQ
Corporate failure.
Go to pqmagazine.co.uk for F8
and P6 tips from LSBF and
loads more great study advice
ACCA exams PQ
NOTHINGOPTIONAL
We take a look at the

examiners reports for the
March sitting of the dreaded
ACCA optional papers
P4
.
Students should understand that this is
an advanced level paper that builds on
the knowledge and skills examined in F9.
The examiner wants you to take on the
role of a senior financial professional who
is able to recommend and make financial
management decisions that are likely to
affect the entire business. You also have
to be able to demonstrate your ability to
read and digest quickly comprehensive
and detailed questions. The important
word here is quickly! As a senior
manager you need to be able to work
under scheduled deadlines and the
examiner believes that to be successful
in this exam you need to be able to
demonstrate the ability to prioritise and
manage your time. Business reports and
proposals are expected to be succinct,
professionally written and easy to read
with clear headings and conclusion. That
is what you need to produce in the exam.
Sustained study over a long period of
time (we arent told how long here) is
also a key to success in this paper.
Q1 looked at how exchange rate
fluctuations are influenced by inflation.
Students were then asked to look at the
impact of a capital investment project on
the value of the company and look at its
effect on dividends.
Q2 asked candidates to apply the
adjusted present value technique to a
proposed investment project.
For Q3 sitters had to demonstrate their
understanding of a partnership merger
and how such mergers can be valued.
Q4 wanted to test how knowledge of
real options strategy using the Black
Scholes pricing model can add to
investment appraisal decisions. Risk
factors in option theory was also there,
along with government funding.
P5
.
The examiner is worried that no one is
reading the reports, as previous advice
seems to have been ignored. The March
report reiterates that good candidates
distinguish themselves by being aware
that if they come to this exam expecting
to repeat memorised material they will
probably only score between 20-30%.
PQs also need to ensure they have
filled in the gaps in basic knowledge
(models and techniques), and this might
actually mean they need to refresh your

F5 knowledge.
Q1 started by asking students to
explain the performance pyramid. It then
went on to the evaluation of operational
performance indicators and their
reliability. Then we moved to activitybased budgeting and an evaluation of
two budgeting methods.
The Building Block model was key to
Q2. Sitters were then asked to provide
the benefits of a real-time unified
database.
Q3 was all about decision-making
under risk and uncertainty.
Q4 looked at performance
measurements in the public sector. The
3Es structure helped in part (a).
P6 (UK)
.
The examiner felt the standard at the
March exam was fairly satisfactory.
When you go into this exam you need to
spend sufficient time carefully reading
the question and thinking before you
start writing. Another key to success in
P6 is to answer every part of the four
questions. Finally, you need good
knowledge of the tax rules, particularly
some of the more fundamental rules
brought forward from the F6 syllabus.
Q1 looked at the acquisition of
overseas businesses as branches or
subsidiaries. You also had to consider the
VAT treatment of purchasing goods and
services. Finally, you were required to
explain the tax implications of a transfer
of trade and assets.
Q2 required you to correct a number
of errors relating to income tax, CGT and
IHT liabilities for a married couple.
HMRCs penalty regime also came into
play and the action you would need to
take before becoming their tax adviser.
Q3 was on CGT implication of two
disposals, the IHT reliefs on the death of
a taxpayer and application of IR35.
Q4 concerned the tax treatment of an
individual shareholder of the sale of

shares back to the company, with
corporation tax and VAT thrown in.
Q5 was about business partnerships
and calculation of income tax liability for
a tax year, including a redundancy
package.
P7
.
The overall performance in this sitting
was poor, with it being fairly obvious that
many candidates had not properly
prepared for this wide-ranging exam. Too
many candidates focused on the
minutiae of a point and missed the wider
implications of the issue in hand. There
was also a clear lack of both auditing and
financial reporting knowledge.
Q1 centred on business risk. The
examiner is worried that many candidates
were unable to differentiate between
business and audit risk. Candidates
needed to identify and discuss four risks
of material misstatement. The examiner
felt this should have been straightforward
stuff.
Sitters were then required to consider
how outsourcing the credit control
function should be audited. Here there
was confusion between outsourcing and
using an audit expert. Students need to
know their IAS 402.
Q2 looked at three financial reporting
issues. Candidates needed to provide
exam procedures in relation to
prospective financial information. You
were faced here with a deferred tax, a
convertible bond and an operating lease.
Q3 was not a popular option. This
looked at the risk of fraud in revenue
recognition.
Q4 was the most popular optional
question and focused on ethics and
practice management.
Q5 set out four potential audit
adjustments and required candidates to
consider their impact on the audit
report. PQ
19
Enhance your reputation

The CTA qualification is held in high regard by employers and their clients
and it contributes to career progression. It enhances reputation and value
and ensures credibility of the individual and the employer.
Tax is Held in High Regard

Find out more about how the CTA can help your career and to register as a
student at: www.tax.org.uk/workingintax
ACCOUNTING AND FINANCE COURSES

DESIGNED TO TAKE YOUR CAREER TO THE
NEXT LEVEL FULL TIME, PART TIME AND
ANYTIME (ONLINE).
APPLY NOW FOR SEPTEMBER 2016!
TOPDOG
ABERDEEN BUSINESS SCHOOL

www.rgu.ac.uk/topdog
AAT exams PQ
LETS GET TECHNICAL
love the festive season and even

though it is still only May I am
already looking forward to my
favourite meal of the year: Christmas
dinner with all the trimmings. Among my
many talents I am pretty handy in the
kitchen so I tend to take control of the
cooking on the big day. Something that in
the past I was never quite sure about was
exactly how to cook the turkey there
seemed to be as many different ways as
there are cooks. But what I have learned
in recent years is that while there is
indeed more than one way to cook a
turkey they all taste great with cranberry
sauce and sprouts mmm!
A few months ago I wrote an article on
cashflow forecasting (see
www.firstintuition.co.uk/pq-article-oncash-flow-forecasting/), a key topic in the
level 4 cash management paper and also
a critical part of running a successful
(and solvent) business. That article
focused on what is sometimes known as
the receipts and payments method of
forecasting cashflows. This method
involves:
Identifying the various cash receipts the
business expects: cash from customers,
proceeds from asset disposals, issues of
shares, etc.
Identifying the various cash payments
the business will need to make:
payments to suppliers, wages and
salaries, rent payments, etc.
Comparing receipts to the payments in
each month to predict whether the cash
balance will increase or decrease
However, there is more than one way
to cook a turkey! Another important way
that we can forecast cashflow is the
statement of profit or loss account and
balance sheet method. In this method
(as the name may suggest) we use
information contained in the P&L and
balance sheet to predict the overall
cashflow in a period.
The starting point

If we have a forecast statement of profit
or loss we can identify the expected
operating profit for the period we are
forecasting. This operating profit figure is
a good starting point as it will include all
of the transactions for the period (such as
sales, purchases and other expenses).
However, we will need to make a few
adjustments.
Dealing with non-cash items that are
included in operating profit
The first thing that we need to recognise
is that the operating profit figure includes
certain transactions that are not actual
cashflows. A good example would be
depreciation. Depreciation is an
Gareth John serves up some

mouth-watering advice on
forecasting cashflows
accounting journal that recognises an
expense in the period (so reducing
operating profit), but there is no actual
payment of cash (so cash doesnt
actually fall). This means that simply
using operating profit would understate
the actual cash position of the business.
To remove the impact of depreciation we
need to add the expense back to
operating profit to restate it to a more
accurate cash profit.
Another non-cash item that would
need to be adjusted for is any profit or
loss on disposal of non-current assets as
these affect operating profit but arent
actual cash movements. To remove their
impact on operating profit we would:
Add back any loss on disposal.
Deduct any profit on disposal.
Dealing with cash items that are not
included in operating profit
As well as adjusting for non-cash items
that are included in operating profit, we
also need to adjust for cash items that
are not included in operating profit. This
tends to relate to items on the balance
sheet but would also include payments
for tax (as operating profit is the profit
before tax is dealt with). One thing to
watch for with tax is that we must deduct
the tax actually paid in the period which
may not be the same as the tax charge in
the P&L for the period.
Movements in balance sheet items
The other significant adjustments
required are for movements in balances
of assets and liabilities on the balance
sheet.
Consider a simple example: imagine
that we made one sale for 100 in the
period and that there was no cost of
making the sale. This would give a profit
figure of 100. But does this mean that
the cash balance would have increased

by the same 100? Well, what if the sale
was on credit and the customer has not
paid us yet? This would mean that trade
receivables had increased by 100 and
that there was no increase in cash at all.
The profit earned on the sale has been
soaked up by the increase in trade
receivables.
Another way to think about this is that
an increase in trade receivables is bad
for cash as it means we havent been
paid yet so we would deduct the increase
from our operating profit when
reconciling to actual cashflow. If trade
receivables were to decrease in a period
this is good for cash as it means credit
customers are paying faster so we add
the decrease to operating profit.
Similarly:
We deduct increases in inventory as
these are bad for cash as we have to
pay for the stock.
We add increases in trade payables as
this is good for cash as we are paying
suppliers slower and keeping the money.
We deduct increases in non-current
assets (when we have made acquisitions)
as this is bad for cash.
We add any proceeds from asset
disposals as this is good for cash.
So we end up with a reconciliation that
might look something like:
Operating profit (our starting point)

50,000
Add back depreciation
+4,000
Deduct profit on disposal of NCAs
(2,000)
Deduct tax paid
(12,000)
Deduct increase in trade receivables
(3,500)
Add decrease in inventories
+1,000
Add increase in trade payables
+4,000
Deduct acquisition of NCAs
(6,500)
Add proceeds from disposals of NCAs
+5,000
Net change in cash position
+40,000
PQ
Gareth John is a tutor/director with

First Intuition and helps to manage
their AAT distance learning programme.
He was PQs Accountancy Lecturer of
the Year in 2011
21
PQ small business
SMEs stealing a march

London South Bank University
School of Business has won the
prestigious Small Business Charter
Award. So why is this sector of the
economy important for PQs?
mall businesses accounted for 99.3% of

all private sector businesses at the start
of 2015 and 99.9% were small or
medium-sized (SMEs). Total employment in
SMEs was 15.6 million; 60% of all private sector
employment in the UK. And SMEs combined
annual turnover of 1.8 trillion represents 47%
of all private sector turnover in the UK.
This sector is thriving and with a record 5.4
million private sector businesses at the start of
2015, an increase of 146,000 since 2014 and
1.9 million more since 2000, there is a massive
opportunity for accountants to work to support
the exciting growth in this area.
However, to be effective players within this
sector accountancy training needs to be applied
and focused as much on mind-set and the
development of attributes such as resilience and
risk taking as it is on the application of UK
GAAP and other guidance published by the UKs
Financial Reporting Council (FRC). At London
South Bank University (LSBU) this is exactly
whats happening.
Having been presented with the Bronze Award
in recognition of support for SMEs by the Small
Business Charter, London South Bank University
joins an elite group of top business schools
countrywide.
LSBU and its School of Business are located
in a dynamic, diverse and rising area of London
just south of the Thames. Recognising and
embracing the fact that the majority of
undergraduates supplement student loans by
working enables close contact with many local
SMEs. LSBU helps its students to see this as a
great opportunity to design personalised futures,
mutually beneficial to all parties while creating

links with the local community.
Anne Kiem, Interim Executive Director of the
Small Business Charter (SBC) and Chief
Executive of the Chartered Association of
Business Schools, said: It is fantastic to see
that the business school has helped many local
businesses grow and have a focus on how they
can help SMEs. LSBU has demonstrated high
quality business support, engagement and
research and the enterprise linking support to
students particularly stands out.
Over the past academic year, LSBU has
supported 53 student and graduate start-ups
and 130 business ideas. LSBUs
Entrepreneurship and Innovation Institute also
offers students start-up schemes, workshops,
competitions and internship placements at a
number of SMEs.
Receiving the SBC award Professor Mike
Molan, Dean of LSBUs School of Business,
commented: At LSBU our philosophy is very
much to use the expertise in the School of
Business to support the enterprise aspirations of
our students as well as the growth and
expansion of start-ups and SMEs in our local
A QUICK LOOK AT...

Risk analysis in capital investments is one of the
most controversial areas in finance. There are
several methods available to access the risk of a
project such as sensitivity analysis and simulation
analysis. Sensitivity analysis (what-if analysis)
examines such questions as what if sales are
20% lower than predicted for the project. Various
permutations and combinations can be easily
examined using spreadsheets. Simulation
analysis, as applied to risk in capital investment
projects, attempts to generate a simulated
probability distribution of the net present value or
other significant criterion. It is considered to be a
flexible and versatile tool for examining risk in
capital projects.
Neither sensitivity analysis nor simulation
provide a clear-cut decision rule on whether or not
22
community. This award

recognises our efforts to bring
businesses, students and
entrepreneurs together, to
drive local economic growth.
More than 70 SME tenants
are based within LSBUs
Clarence Centre for Enterprise
and Innovation, and hotdesking is also provided for
students and graduates
receiving support through the
SPARK, ROCKET and
Graduate Entrepreneur
Scheme (GES)
entrepreneurship
programmes. LSBU places
emphasis on stimulating,
augmenting and developing future business
based talents.
To enhance social mobility, networking
opportunities, work experience and mentoring
programmes for students LSBU works closely
with a number of external bodies such as the
Institute of Financial Accountants (IFA). Of the
association with the IFA, the SBC Assessors
said: The area of work with the IFA is an area of
best practice. The Institute itself comprises
mainly sole traders and SME operators; it was
apparent how much they value the relationship
with the school. Another strong relationship the
LSBU School of Business has is with the
Institute of Directors (IoD): The close
relationship with the IoD is a model for other
business schools. The endowment is substantial
and of great symbolic value, said the SBC
Assessor recently.
Potential employer, prospective student or
those simply intrigued can find out more about
enterprise opportunities at LSBU at
http://www.lsbu.ac.uk/student-life/studententerprise. PQ
Danusia Wysocki and Sarah Moore-Williams,
LSBU School of Business
Dealing with risk in capital

investment appraisals
a particular project should be undertaken,

although they provide a rich seam of information
which may be applied to the decision.
On the other hand, assuming that information
about the risk characteristics of a project are
available various methods exist which are
specifically designed to help decide if the project
should be accepted or rejected.
Under the risk profile method the probability
distribution of the net present value (which is an
absolute measure) is converted into the probability
distribution of a profitability index (which is a
relative measure) and is then compared with the
maximum risk profile acceptable to the
management for the expected profitability index of
the project.
A simpler method is to use a risk-adjusted
discount rate to access the project in other

words, to use a higher discount rate if the project
is considered more risky. The difficulty is, of
course, to decide how much higher the discount
rate needs to be depending on the
circumstances.
Another option is to use the certainty equivalent
method under which the expected cash flows are
transformed into their certainty equivalent by
applying suitable equivalent coefficients. The
resulting cash flows are then discounted at the
risk-free rate of interest.
Gerard Long is an AIA Achieve e-tutor. The AIA
Achieve team is producing a series of A Quick
Look at. articles and more can be found on
the AIA website: www.aiaworldwide.com/
a-quick-look-at.
Afreshapproachto
accountancytraining
FirstIntuitionisPQMagazine'sPrivateCollegeoftheYear2016.
Wefocusonahighlevelofstudysupporttohelpyoupassyourexams
firsttime.
WhychooseFirstIntuition?
Flexiblelearningsolutions
Smallclassestohelpusgettoknowyou
Unrestrictedtutorsupportbyphoneandemail
...andfreshcoffeetokeepyougoing
www.fi.co.uk
"There is no question they

are the best in their
league. Excellent service,
premises and staff"
ACCA F5 student
London
02073 239636
Birmingham
01212 313050
Bristol
01173 540190
Cambridge
01223 360405
Chelmsford
01245 209900
Leeds
01134 677770
Luton
01582 733900
Maidstone
01622 755100
Manchester
01612 286564
Reading
01189 504173
PQ ICAEW spotlight
Top tips from
TOP TUTORS
ACA tutors and examiners attended this years ICAEW Partner in Learning
ACA conference. 2016 was the biggest conference so far, with over 185
delegates at the two-day event. Here are the top exam tips from the event
Advanced level
.
Case study: You must undertake your
own research and analysis of the
Advance Information (AI), and be able to
explain it in your own words. You wont
have time to refer to large volumes of
additional information in the exam you
must have a thorough understanding of
the business described in the AI before
the exam.
Number your pages correctly (1, 2, 3,
etc) and use headings and sub-headings.
Consider whether youre writing an
internal or external report and always use
language that is appropriate for the
audience.
Ethical issues may occur in any of the
three requirements.
Be careful about trying to predict what
the requirements will be. This creates the
risk of using pre-prepared material which
does not address the question in the
exam, particularly for Requirement 3.
Watch the time: equal marks are
available for each requirement.
Strategic Business Management
Apply professional scepticism.
Apply realism what would you advise
in the real world?
Answer requirements in order.
Corporate Reporting
Why and because are important words
when answering a question. If you find
yourself not explaining why or writing
because, you may not be accessing the
higher level marks.
If you are asked for the key audit risks
or financial reporting matter you need to
select the most significant issues. So not
setting out generic points or procedures
only those relating to the scenario.
The application of knowledge is
important rather than copying large
sections of definitions from the
standards. Sometimes it can be helpful
to identify the accounting standard and
to write out definitions, but this should be
done in an applied manner.
If you are asked to adjust the financial
statements before performing financial
statement analysis, it is so your analysis
can tell a more interesting story.
24
Professional level
.
Business Strategy
Think beyond legality, transparency,
effect and fairness.
Use given performance measures in
written analysis, as well as calculations
made.
Widen your scope to other ethical
principles: honesty, integrity and
accountability.
Use methodical approach to
implication of data.
Financial Management
Leave a note next to your answer if you
recognise it is wrong and do not have
time to amend it.
Examiners will award follow through
marks and these are easier to gain if a
note is written for the examiner.
Being able to do calculations in reverse
is a good test of your understanding.
Refer to industry averages and show
industry average calculations whilst
relating it to the company you have
mentioned in your answer.
Make sure you explain what the
numbers mean when the question asks
you to.
Tax Compliance
During the exam, all the information you
need is in the question. For example, if
the question doesnt state whether an
individual is married then you should
assume they are single.
When you are answering a question on
inheritance tax, you should show
workings that relate to nil rate bands.
Show the starting nil rate band and the
amount used up.
Business Planning: Banking

This is not a general banking exam. The
focus is on ICAEW chartered accountants
in the banking industry or working in
audit and assurance for banking clients.
It is useful for candidates to review the
annual reports of different banks before
the exam. In particular, the management
report located at the beginning of the
annual report is helpful as it provides
information on the banks performance,
risk analysis and strategy. It is also useful
to read the extended auditors report
which identifies key risks affecting the
audit strategy.
Financial Accounting and Reporting

As a guide, if there are, say, more than
three figures in a working, a separate
working should be produced rather than
including a bracketed working on the
face of the pro forma financial
statements.
Always read the requirement, if it says
prepare or calculate then no
explanation is required and no marks are
available for any such explanation given
it simply wastes time.
Only prepare proformas and workings
needed for the questions specific
requirements rather than all proformas
that you have learned for that topic area.
Tailor your answer to the question.
Label workings, show totals and carry
totals through to proforma financial
statements if appropriate (eg, PPE
workings) provide a clear audit trail.
Complete extracts or financial
statements including showing correct
inflows/(outflows) for a statement of cash
flows one-sided brackets gain no
marks.
Business Planning: Insurance

This is not a general insurance exam.
The focus is on ICAEW chartered
accountants who work in the insurance
industry.
Exam questions can be set around key
sectors of the insurance industry.
Questions are likely to focus on audit and
assurance engagements, business
planning and risk management.
It is useful to review the annual reports
of different insurance firms. In particular,
the management report and the
extended audit report, paying particular
attention to the auditors areas of
concern and responses.
Audit and Assurance

As organisations are developing
techniques to examine large volumes of
data, you are expected to have an
understanding of data.
You need to be aware of the role of the
FRC, including both the regulation and
research aspects.
If a scenario has been given, ensure
your answer explains the requirement in
the context of the scenario.
In the exam, read the requirement
carefully to ensure you have captured
everything and have answered all
requirements.
Thanks to the ICAEW for this article
Business Planning: Taxation

A good, brief plan often shows in a well
worked answer.
Credit is given for applying knowledge
to the facts/scenario in the question and
for demonstrating skills, such as drawing
conclusions and providing
recommendations.
For exam
resources,
webinars, study
articles, past
papers, mark
schemes and
examiners tips
visit icaew.com/
examresources
CIMA E1 paper PQ
CONFLICTRESOLUTION
Rebecca Evans on how conflict can arise within the finance function, and why this may be both good and bad
anaging the finance function makes

up 15% of the CIMA E1 syllabus
with two lead learning outcomes.
B1
.
Discuss the purpose of the finance function
and its relationship with other parts of the
organisation.
Demonstrate the contribution the finance
function makes to the sustainable delivery of the
organisations strategies in a range of contexts.
Analyse the components of the finance
function.
Discuss the potential for conflict within the role
of the finance function.
B2
.
Explain how the finance function supports the
organisations strategies and operations.
Explain the activities fundamental to the role of
the finance function.
Explain the contemporary transformation of the
finance function.
Not only is an understanding of this syllabus
area important for E1, but its also key for the
operational case study. Managing the finance
function has been examined twice in recent
exam diets, firstly in Variant 2 May 2015, where
students were asked to discuss the contents and
benefits of a SLA, and secondly in November
Variant 4, in the context of considering the
impact a new customer would have on the
finance function.
At the CIMA conference, managing the
finance function was identified by the CIMA
examinations team as the area where students
demonstrate the weakest level of performance.
This is often because trainee accountants think
they can answer the questions using their
experience from the workplace and as a result
dont give it the attention it needs when they are
studying.
Unfortunately for them, although much of the
syllabus does cover content that PQs would pick
up from their everyday work life, there are areas
that could, and clearly are, catching students
out. One such area is the potential for conflict
within the finance function.
Conflict within the finance function
Conflict is a disagreement between people or
groups with opposing opinions, views or
principles. Within organisations conflict can take
two forms: destructive conflict that is harmful to
an organisation or individual, that can often lead
to individuals or groups becoming alienated and
demoralised; and constructive conflict, which
can be viewed more positively as it encourages
change and innovation alongside bringing
problems to the surface so they can be
identified and addressed.
In the E1 syllabus we are asked to consider
conflict arising as result of three key factors:
Interdependencies and independence.

Short term versus long term.
Capital versus revenue expenditure.
Interdependencies occur as individuals,
groups or departments rely on others. In the
context of the finance function this could be a
reliance on information or resources, for
example. A member of the finance team may
rely on another person (either within, or external
to, the finance function) for information to be
able to complete a task. For the accountant, this
is a high priority and they need the information
now, but the person providing the information
may have different priorities and as a result is
slow to respond to the request. This difference
in priorities and the dependence the accountant
has on the work of another member of the
organisation could cause conflict. The conflict
would be exacerbated if the delay had
consequences such as on the achievement of
the accountants objectives or remuneration.
Independence is not relying on others for aid
or support; not depending upon something else
for existence or operation. Within the finance
functions different individuals or groups may
operate independently and as a result create
conflict. For example, management accountants
produce information with a focus on internal
stakeholders, with few rules in terms of how it is
presented or the method of calculation.
Financial accountants, however, produce
information mainly for external stakeholders, in
accordance with accounting standards and
company law. In many cases, the information
produced by the two teams doesnt reconcile as
a result of it being produced in two separate
ways. Conflict could well arise over the validity of
each departments figures.
Equally, independence could create conflict
between finance and another department. In
order for the internal auditors to remain impartial
and objective they must remain independent

that is not influenced or controlled by others.
However, this can make the auditors appear
detached, so when they carry out the audit they
can be perceived as interfering or as overly
monitoring other functions. This can
understandably create tension and conflict
particularly when it comes to reporting
anomalies or potential fraud.
Conflict could be as a result of different time
horizons. For example, a research and
development team will have a long-term focus as
it may take many years for their ideas to result in
value for shareholders. The finance team, when
having to meet short-term profit targets, may
propose a cut in the R&D budget to save money.
This inevitably creates conflict short-term
profits or long-term potential value.
Capital versus revenue expenditure decisions
can also be a source of conflict. For example,
whether to invest in a new machine which is
more efficient or whether to continue spending
high levels on maintaining old, potentially
inefficient machines. Different stakeholders will
have differing views which could lead to
disagreement.
Equally, there may be conflict over how to
treat expenditure. When applying accounting
standards, the financial accountant may
conclude that a particular transaction is revenue
based, whereas the management accountant
may view the transaction as being capital based.
Conflict is a problem for all organisations. As
finance professionals we can help avoid
destructive conflict by identifying the potential
sources of such conflict and using our
communication skills to explain an alternative
interpretation or put forward a different
perspective. PQ
Rebecca Evans, Head of ACCA and CIMA,
Kaplan Financial
25
PQ CIMA P1
PAINTING A PICTURE
Kate Williams focuses on section A of the P1 paper, setting you some questions to test your knowledge
s accountants the only art we can achieve is painting by numbers

right? And if we use CIMA P1 pass rates I am afraid the picture
is not a pretty one! But fear not, your P1 pass is within your
reach: just follow my three top tips:
1. It is not enough to crunch the numbers. A fair student can number
crunch but an excellent student will understand why we are doing so.
2. Your exam technique must be on point. Time management, good use of
shorthand proformas, confidence in your own ability.
3. Question practice is extremely important. However, this must be
teamed with complete syllabus coverage. You must break down each and
every syllabus area and learning outcome within your question practice.
Section A: Proficiency
.
This article focuses on ensuring you are proficient at Section A: Cost
Accounting Systems. This area covers 30% of your exam and on the day
you will face 18 questions. These will cover the concepts of absorption
and marginal costing, merits and use of activity based costing, the realms
of variances and their interpretations, also looking at quality costing and
environmental costing. Bear in mind that half of these are likely to be
theory based questions.
I am sure youll agree that this sections syllabus is extremely wide and
varied and this is where question focus and strong syllabus coverage is
key. It would be all too easy to stick to one area of revision here; think
Leonardo de Vinci, who clearly loved painting hair but was not so keen on
smiles hence the Mona Lisa.
Below you will find six questions that look at different areas of Section A.
You can get the answers by emailing james.taylor@htftpartnership.co.uk.
I have also prepared six questions on Section B: Budgeting. Again,
these can be obtained by email.
THE QUESTIONS
1. Which of the following would be considered an appraisal cost under
Environmental Accounting principles:
A: Medical costs of local people following health concerns.
B: Site survey costs pre and post production.
C: Compensation payments to employees following illness caused by
work process.
D: Staff health and safety training costs.
2. A company produces three products and has the following information
available.
Selling Price
Variable Cost
Overhead Cos
Profit/(loss)
A
40
20
24
(4)
B
50
16
22
12
C
70
40
14
16
3. Identify which of the following statements refer to absorption costing,

marginal costing, both techniques or neither technique (you may use
each option more than once):
Fixed costs are charged in period incurred
Closing inventory is based on a value of direct materials only
Closing inventory reduces over the period and leads to a higher profit
Overhead absorption rate is used
Options:
Absorption Marginal
Neither marginal
costing
costing nor absorption costing
Both marginal and

absorption costing
4. Which of the following statements would justify a favourable labour

rate variance? Select ALL apply.
1: An increase in the hourly labour rate due to imposed minimum wage
limits by the government.
2: Improved processing methods meant that the actual number of hours
per unit was less than planned.
3: The labour used was as a lower grade than standard.
4: A decision to reduce the number of faulty goods produced, led to a
higher grade of staff being used whose hourly rate was $3 per hour
more than the standard labour hourly rate.
5. A company has identified the following details for its production of
product F.
Material A
6kg
$12
Material B
4kg
$16
The actual number of units produced were 1,000 which used 5,900kg of
material A and 4,200kg of material B.
Identify the Adverse Mix variance to the nearest whole $
6. A company has identified the following details for its production of
product F.
Material A
6kg
$12
Material B
4kg
$16
The actual number of units produced were 1,000 which used 5,900kg of
material A and 4,200kg of material B.
Identify the Adverse Yield variance to the nearest whole $
Kate Williams is a tutor at HTFT Partnership and is CIMAs Ask a
Tutor for the Management Integrated Case Study, May 2016. Next
month she will focus on Section C, with extra Section D questions
The company has now switched from absorption costing to activity based
costing and has identified overheads costs to be allocated as $4, $16,
$40.
Which of the following statement is correct?
A:
B:
C:
D:
26
Selling price for product C is currently set too high.

Activity based costing reduces the overall overhead cost.
Product A is profit making using activity based costing.
Product B is indifferent to the costing technique used.
MAKE REJECTION A THING OF THE PAST

WITH PRACTICAL TRAINING AND
GUARANTEED WORK PLACEMENT
Practical Training Courses:
Sage Line 50
Sage Payroll
Excel Spreadsheet
Value Added Tax (VAT)
Management Accounts
and others
Daytime, Evening and Distance Courses:

AAT Level 2 Certificate in Accounts
AAT Level 3 Diploma in Accounts
AAT Level 4 Diploma in Accounts
FREE Apprenticeships:
Accounting
Business Admin
Customer Service
Age
16-23?
To Register Today
Call: 020 7252 9331
Visit: www.thetrainingplace.org
Email: admin@thetrainingplace.org
Apply Now
For AAT
May/June
Start Dates
PQ CIPFA round-up
NEW RE-SIT EXAMS FOR PQs IN 2016
Following the introduction of CIPFAs flexible

online examinations, the Institute has
announced a new exam sitting in September
this year.
The additional sitting is designed so that
students can re-sit their June exams and will
help alleviate pressure for those students not
achieving a pass.
All UK and international online exams will
be offered with exception of strategic stage
exams, which will be available in June and
November 2016 only. The re-sits run from
5 9 September.
CIPFA has reminded students that they
should continue to take scheduled exams in
June or November 2016 as originally
assumed.
Full tuition is not available for the
September re-sit exams, although revision
packages are under development.
Further information is available at
www.cipfa.org or direct from CIPFA by email
customerservices@cipfa.org. Or telephone
020 7543 5600.
Popular CIPFA Accountancy

Apprenticeships programme
recruiting for the third year
CIPFA 2016 Student

Conference set for
Manchester in July
After three years in London, CIPFAs Annual Student Conference and

Exhibition will be held in Manchester from 13 to 14 July.
As the sector heads into the seventh year of fiscal consolidation, now
under a majority Conservative government, attention is turning to the
future of the finance profession.
Students are invited to join the event on Wednesday 13 July to access
expert industry insight on how public services are evolving to ensure
long-term growth and regeneration.
The dedicated student conference is free to attend for CIPFA student
members.
A special offer two-day conference ticket for students is also available
for 90 + VAT. The discounted ticket allows students to benefit from the
full conference experience with recommendations from CIPFA on key
sessions of interest to students. Visit www.cipfaannualconference.org.uk
for further information and book your ticket.
CIPFAs scheme to nurture top

talent in the public sector through
accountancy apprenticeships
continues to build momentum after
its launch two years ago.
The CIPFA programme offers on
the job training in financial
management for those individuals
qualified to AAT Level 3 or
equivalent, through its
apprenticeships in public service
organisations and global
accountancy firms.
During a one-year placement
apprentices work with CIPFAs
partner employers while studying
the AAT level 4 Diploma one day a
week.
The scheme aims to make a real

difference to the employment
opportunities of talented young
people in local communities. The
programme is ideal for those who
are looking for an alternative route
into a career in finance without
being saddled with the long-term
debt of a university degree. Its also
open to mature applicants who may
be looking for a new opportunity or
change in career.
CIPFAs next apprenticeship
intake starts in October 2016. More
details about the scheme, entry
requirements and current
vacancies can be found at
cipfa.org/apprenticeships.
This month Kaplan is giving lucky PQ readers the chance to win free tuition for an
ACCA module of their choice (either Knowledge, Skills, Essentials or Options), plus
three runners-up prizes for a paper of their choice*! As ACCAs chosen Approved
Content & Platinum Tuition Provider we work closely with ACCA to deliver some
of the best courses on the market. Enter now for your chance to experience them
for yourself at www.kaplan.co.uk/accacomp
(*Choose from Knowledge, Skills, Essentials or Options Live Online
tuition courses only. Terms & Conditions apply. See website for details.)
28
careers PQ
fter your job applications, interviews and

then the excitement of accepting a new
job offer, you will of course need to
approach your employer and hand in your
notice. It is at this point that your employer may
make you a counter-offer to try to change your
mind and get you to stay. This could take many
forms: a straight increase in basic salary,
additional company benefits, a sought-after
promotion or new job title, additional
responsibility, a change in role, more
involvement in projects that interest you or any
combination of these, and it may catch you off
guard. It can be a difficult dilemma and upset
the plans you have in place when you hand your
notice in, but it doesnt need to be.
Heres how to handle a counter-offer.
How to deal with

that counter offer
Its a nice position to be
in, but how do you deal
with it, asks Karen Young
Be clear in your resignation letter: Firstly, try to

avoid being put in the position of having to deal
with the awkward situation of a counter-offer. Be
clear in the detail of your resignation letter and
that you are intent on leaving, and not interested
in receiving any counter-offer scenario.
Dont act in haste: Next, if you receive a
counter-offer, dont accept in haste in a moment
of flattery. If you have planned to leave and are
confronted with something that could upset your
plans, dont let anyone persuade you into doing
something you really dont want to do.
Be honest with yourself: Be honest with
yourself about your reason for leaving your job.
Think about the reasons that you wanted to
leave in the first place and why you started a
new job search. Our research, the Hays UK
Salary & Recruiting Trends 2016 report, found
that the top reason stated by finance
professionals for leaving their current role (29%)
was a lack of future opportunities. Therefore,
think carefully if a change in benefits or
increased salary will truly satisfy you in the long

term.
Consider the longer term impact: Consider how
accepting a counter-offer will make you appear
to your employer and organisation. Once youve
stated your intentions to leave your loyalty will
always be in question. Youve made it clear that
you dont necessarily see your long-term career
progressing within this organisation, so youve
got to think about whether this will affect your
employers decision-making when considering

future promotions.
Will you still want to stay? If you are tempted to

consider a counter-offer, will you get itchy feet to
leave again shortly? It is telling that the Hays UK
Salary & Recruiting Trends 2016 research found
that 58% of employers said they counter-offered
employees, but that only half of these employees
were still with their organisation a year after
receiving the counter offer.
Do the job you want to do: We all spend a
significant part of our day and lives in the
office, so make sure that you are happy doing
the job that you want to do. Do not let an
unexpected counter-offer stop you in your
tracks. Thank your employer for the opportunity
and politely reaffirm your intention to leave,
unless the counter-offer sufficiently meets your
desires.
If you receive a counter offer you will need to
consider your original reasons for leaving if the
cons still outweigh the pros your decision to
resign was right. Being absolutely sure you are
doing the right thing for your own career is
crucial.
Compare your salary and benefits with the
Hays UK Salary & Recruiting Trends 2016 report
at salaryguide.hays.co.uk PQ
Karen Young, Director, Hays Accountancy
and Finance
award winner PQ
Top tips from a record breaker

Meet top ACCA studier Himani
Singla, a record-breaking distance
learning PQ with First Intuition
If you have a bit of dedication and a strong will

you too can become a prizewinner. I managed to
earn a rank in almost every paper and I am sure
you too can do the same if you put the work in.
imani Singla, now a NQ, has an exam

record that is hard to beat. She came
first in India for her F5, F6, F7, F8,
P1, P2, P3 and P6 exams. What went wrong
with F9 and the other optional paper is all we
have to say! We asked Singla some questions
that might help you in your journey:
What was it like studying with First Intuition?

Initially I was scared of this whole online
concept, especially as these were professional
exams, but the whole experience enabled me to
understand that we dont always need a
classroom. Online tutors are very helpful and
ready to answer your queries, but you too should
take the initiative and mail them on a regular
basis. You dont want a big list of things you
dont know piling up!
How did you prepare for your ACCA exams?

Proper planning, hard work and time
management enabled me to succeed in my
ACCA exams. My primary focus was to
understand the concept and then practice as
many questions I could to make myself
comfortable with the topic.
In your opinion, what is the secret to becoming
an ACCA prizewinner?
How will your ACCA qualification help you in

your career?
I work for KPMG and studying ACCA helped me
understand a lot of concepts that were just a
term to me earlier. ACCA will, I am sure, be a
gateway of global opportunities, enabling me to
prosper in my career in future. PQ
29
PQ careers
social media
ROUND-UP
We have just launched a new LinkedIn
Group just for ACCA PQs everywhere
its called ACCA Study Zone. With so
many changes on the horizon in 2016
for ACCA PQs we thought the time was
right to create a truly independent and
authoritative forum where students and
tutors can talk freely. So please do join
the group and help us get the message
out there about the ACCA Study Zone.
You will also see PQ magazine getting

more involved on social media, and on
Facebook in particular. Someone
recently moaned to us that we have all
this great insight and we werent letting
everyone know about it. We will make
sure that we disseminate what we have
everywhere to give you the inside track.
But remember it is here in the
magazine too, and its totally free to all
PQs worldwide. The e-magazine can be
read anywhere!
Whats more, we will soon be rolling
out the CIMA Study Zone and AAT Study
Zone, too.
We have been tweeting away to our
2,850 followers. They were the first to
see the ACCA and CIMA pass rates.
ACCA students were shocked by the
March pass rates as one student said:
Only 1 in 3 candidates pass P5 paper,
so terrifying. Another PQ wanted to
know: Is this being looked at by ACCA,
exams unnecessarily difficult to pass,
takes an hour to read the paper
properly. On seeing the pass rates Jae
Lambert said: Oh gosh! F5 didnt look
too good! Then there was: P7 30%
JEEEE???? and lots of emojis in
evidence.
It was great to read how AAT PQs are
using us as a reward. Mel Scrivin
tweeted: Revision for @YourAAT L4
BDGT going
well.
Rewarding
myself with a
breakand
reading
@PQMagazine !
:/ @StudyAAT.
There was also
an interesting
tweet recently from Richard Clarke in
answer to a moan about MCQs. well
mcqs are always tough but not helped
by them being set by a team and not
the examiner #noconsistency.
30
Life at PwC
Shabbir Merali, 24, has worked as a Senior Associate in Banking & Capital Markets in
London for two-and-a-half years. An ACA studier, he studied economics at University
College London. He scored the highest mark in the world at the ICAEW Advanced Level
What time does your alarm
clock go off on a working
day? First alarm goes off at
6.45am. But that promptly gets
snoozed a few times before I
actually get out of bed at about
7.10am.
Whats the first thing you do
when you get to your desk?
Check my emails.
Whats on your desk? We have
a hot-desking system so nothing.
Whats the best thing about
where you work? The people
weve got a strong team at the
client site and I joined with a great
bunch of people in my intake.
Wheres your favourite place
to go for lunch? Assenheims 56.
What (or who) can you see
when you sit at your desk?
I sit with my team so can usually

see a bunch of smiling faces
Which websites are your
favourites and why? BBC
Sport, Netflix and The Economist
Which websites do you use
for work? The FT for wider
industry research and Companies
House/HMRC to search for
regulatory questions.
How many
hours a week
do you spend
in meetings?
Probably about
1015.
What time do
you leave the office? It varies
depending on time of year, but on
average 7pm.
How do you relax? Playing
sports, especially football.

How often do you take work
home with you? I try to stay late
at the office rather take work
home when Im busy, so not that
frequently.
What is your favourite TV
show? House of Cards.
Summer or winter? Summer.
Who is your hero?
Nassim Taleb.
If you had a time
machine, where
would you go?
The Renaissance
period.
If you hadnt chosen
accountancy, where might
you be right now? Probably still
in finance, or perhaps banking. Or
starting my own business.
level roles to mid and senior level

professionals.
tenure of the UKs top bosses is

five years and three months.
You can go all the way

If your goal is to become a
CEO at a FTSE 100 company
then getting an accountancy
qualification is still the best way
of getting there, according to new
figures. Almost one in four (23%)
of CEOs are a qualified chartered
accountant. The research also
discovered that the average
Bonus not big enough?

New research has suggested
young professionals are set to
turn their backs on the financial
sector because the bonuses
arent big enough. The Big 4
firms were included in the study,
which discovered 83% of people
with one to two years experience
were dissatisfied with their bonus.
In brief
SMEs are driving growth
Despite a degree of
uncertainty in the financial
markets the latest job index from
Robert Walters shows vacancies
for accounting and finance
professionals rose by 24% in the
first quarter. In particular, it has
been small to medium sized
businesses that are looking to
recruit. The worry is there has
been a move away from demand
for more junior, newly qualified
The PQ Book Club: books you should read

The Little Black Book of Change
by Paul Adams and Mike Straw
(Capstone, 12.99)
This book is subtitled The 7
fundamentals for change
management that delivers,
which rather neatly sums it all
up. With this tome the authors
both with more than 20 years
experience of senior
management in blue chip
corporations want to change
the stat that says 60-70% of
organisation change projects are
doomed to failure. Their
magnificent seven shifts are:
Letting go of the past;
Developing breakthrough
ambition; Creating a bold new
vision of the future; Engaging
the players in the bold new
future; Cutting through the
DNA; Keeping the organisational
future-focused; and Gaining

energy from setbacks. These,
the authors say, will enable
leaders to predictably and
consistently make extraordinary
things happen by design.
Adams and Straw highlight
the myriad impediments to
change, then suggest ways
these hurdles can be overcome;
for example organisational
culture, self-limiting beliefs and
even fear of change itself.
One of the many strengths of
this book is that these hurdles
to organisation change are
clearly and concisely explained,
illustrated with helpful case
studies. The solution is then
outlined, also using real-life
examples, and at the end of
each chapter is a neat box
containing Key takeaway
practices the key points the
reader should take

away from that
particular chapter.
The budding
accountant can
learn a lot from
these pages. The book is just
144 pages long, and easily read
in an afternoon. Once digested,
an interesting exercise is to
gauge how many of the issues
outlined by the author you
recognise. This will help you
gauge the culture within your
firm.
Transformation is key to the
success of any organisation. As
the authors say: Its fun! Its a
creative journey. where you
continually adapt and carve your
way through unchartered
territory.
PQ rating 5/5 Theres much
wisdom in these short chapters
investing
in people
Business Analyst
Assistant Accountant
Entertainment, Berkshire
Manufacturing, Middlesex
Salary on application
25,000
Part-qualified accountant.
A career defining move for an ambitious, dynamic and
intelligent individual to join a global video games developer
and publisher responsible for many AAA titles.
Providing detailed and insightful analysis to the upper
management team including the Director of Business
Analysis.
Assisting in preparing regular budget processes and
monthly rolling forecasts, which will include the creation of
physical and digital forecasts for new releases.
Variance analysis and commentary of product sales
performance.
Developing insightful reports and analysis of market trends.
Contribution to the price protection and allowances
provisions process.
Part-qualified accountant.
A fantastic opportunity for a driven individual to join an
internationally recognized manufacturer with progression
opportunities.
To assist/support the Financial Controller in preparing all
monthly, corporate and adhoc reporting.
To assist the Financial Accountant with month end tasks to
ensure that all local and key European corporate financial
reporting deadlines are met.
Preparing and reconciling with the Financial Accountant all
inter-company and European accounts.
Assisting the Financial Accountant with all aspects of the
balance sheet.
Administering the UK-wide treasury cash pool.
Experience with SAP and multi currency preferable.
redefining financial recruitment

T +44 (0)20 8408 9999 E info@walkerdendle.co.uk www.walkerdendle.co.uk
MANAGEMENT ACCOUNTANT
Salary: 24,328
Location: Macclesfield
Champions students to shape the future of education and create a better world
As the Management Accountant you will support the preparation of financial information for departments and nations and improving collaboration
across the business in order to provide financial expertise and business partnering to the wider business.
Ideally you will be working towards your CIMA/ACCA qualification and able to produce monthly management reporting packs supporting the Commercial
Accountants with their analysis and able to work to tight deadlines with excellent attention to detail. You will need to be someone who is a proactive
thinker and be a confident user of excel, and have the ability to identify errors and coach and support non-financial colleagues with their understanding
of financial awareness and analysis.
This role offers a competitive salary and generous benefits package, which includes:
l 27 days holiday (plus 1 extra day each year to a maximum of 30) plus 4 days over the Christmas period as well as public holidays
l Childcare voucher scheme with a further childcare allowance to support parents
l Flexible working options
l An individual health cash plan
l Employee assistance scheme including a GP advice line, virtual doctor, counselling, medical information and legal advice
l A generous pension scheme (employer matched up to a maximum of 6% of basic salary)
l Access to learning and development opportunities
For more information and to apply for the role please go to http://www.nus.org.uk/jobs
Deadline for applications is 31st May 2016 at 5pm
NUS is committed to being an inclusive employer and having a diverse workforce. We particularly welcome and encourage applications from Black,
Asian and minority ethnic backgrounds.
Sorted, thanks to
pqjobs.co.uk
PQ jobs pqjobs.co.uk
TAKE OWNERSHIP
OF YOUR CAREER
Shouting about your successes and career ambitions
can feel uncomfortable for many people, but this skill
is important if you want to get ahead in your career.
According to our Hays Global Gender Diversity Report 2016,
both men (32%) and women (44%) do not feel they have
the opportunity to communicate their ambition and
self-promote in the workplace.
Making sure other people know what your goals are will
help make sure youre considered for future opportunities,
and give you greater control of your career path.
To find out how we can help you get ahead in your
finance career, email karen.young@hays.com or call
07834 260029. Alternatively, you can visit us online.
hays.co.uk/pq
PQ magazine
About you
Title......................................................
First name............................................
Surname ..............................................
Company name ..................................
............................................................
Department..........................................
Full postal address
Home
Work
............................................................
The easiest way to get your free monthly copy is to go online at

www.pqmagazine.co.uk, or you can fill in the form below and send it to:
PQ Magazine, 4th Floor, Central House, 142 Central Street, London, EC1V 8AR
Study please tick a box in 1A or 1B
1A Please indicate accountancy body you belong to and tick the box of the next set of exams
you are hoping to sit
ACCA
CAT
CIMA
Certificate
F1-3
CIPFA
Certificate
Diploma
ICAEW
CFAB
Professional
Advanced
ICAS
TC
TPS
TPE
Tax
ATT
CTA
AAT
Level 2
Level 3
Operations
F4-F9
Management
T4
Strategic
Level 4
1B Studying for an accountancy degree/MBA/MSc

Do you work in accountancy and finance
P Papers
Strategic
Year 1
Yes
Year 2
Member
Year 3
No
If yes, what is your job title? ..........................................................................................................
............................................................
* How do you want to receive your PQ magazine?
............................................................
Please tick your preferred mode of delivery for your free monthly magazine.
Postcode ............................................
Phone ..................................................
* Email ................................................
............................................................
Online (please supply email address)
Sign below
By post (UK only)
to receive your monthly
PQ magazine totally
free
Sign here ............................................................................Date...........................................................

Please tick here if you do not wish to receive direct marketing promotions from other companies.
PQ magazine reserves the right to refuse a free copy of the magazine if the applicant does not comply with the terms and
conditions of circulation.We will use your details to send you a copy of the magazine and any further information we feel
would be of use.
PQ got a story, funny or serious, you want to share? Email graham@pqaccountant.com
WHICH EXAMS ARE

THE HARDEST?
The London Accountants Training
Discussion Group (LATDG) recently
held a great Institute Question Time,
where all the bodies answered
questions from the training providers.
The AAT, ACCA, CIMA, CIPFA,
ICAEW and ICAS all turned out.
PQ magazines Graham Hambly
asked the first question on the
night: Which accountancy
body has the hardest exams?
After much discussion about
learning outcomes, CIPFAs
Daniel Cutts said: Ours! But as
the discussion continued in the
bar afterwards it was perhaps
felt the right answer to the
question is: The ones I took!
FORTUNE
CREEPY OCCUPATIONS YOU ARENT ONE!
Accountants can breath a sigh of relief they are not on
the latest creepiness ratings of occupations. The recently
published list has clowns and taxidermists at one and two
respectively. Then comes sex shop owners, funeral
directors and taxi drivers. And the least creepy? Apparently
it is meteorologists and teachers.
SWINGING
ACCOUNTANTS
SHOW ME YOUR SHOES
Accountant Roy Maggs hit the headlines recently

after he decided to sue a swingers festival that had
refused him entry. Apparently Maggs did not provide
the two references and photos needed to attend
Swingfields, a three-day event held each year at a
secret location. Maggs wanted his money back (the
127.85 he paid for an Earlybird Gentlemans ticket)
but was refused, so he took his case to court.
Unfortunately he lost, although Swingfields owners
have suggested with his new-found references he will
be allowed to attend the next event.
NOT THE WHOLE BOOK, PLEASE

University students cant read whole books any more
because they find them too challenging, academics have
claimed. Due to shorter attention spans and an inability to
concentrate on nuanced arguments professors felt many
of their students found the thought of reading books to the
end too daunting. The worry is that just using the internet
wont allow students to make more considered arguments
and controversies in their coursework and exams.
W E V E
ICAS members get a top magazine called

CA. It has some great adverts too for
high-end watches from the likes of Patek
Philippe and Christopher Ward. But you
can never get away from the fact the
readers are accountants because there
are also ads for work shoes that cost just
32.50 a pair (we ordered ourselves a
pair of penny loafers).
EVERYONE NEEDS A
CHARTERED ACCOUNTANT
There was a great story from Victoria

Woods accountant David Gill in The
Times after her untimely death. In 1970
he was rung by Wood, who wanted to see
him because I believe I need a
chartered accountant. What
she really wanted was tax
relief for her grand piano.
And she once told Gill she
was a apprehensive about
going on tour with Jasper
Carrott. Dont worry, he told her
one day youll be bigger than him. It
made her laugh!
IN THE
STARS
The Sunday Times
Rich List was
published
recently. Top of
the pile were
property and
internet gurus
David and Simon
Reuben worth
13.1bn. Born in
Mumbai, they
came to Britain in
the 1950s and
went to state
schools. We
always like to see
the star signs of
the richest 1,000.
Top of the Rich
List by some way
are Geminis,
followed by Leos
and those born
under the
Sagittarius
sign. And
bottom?
Well, again
by some
distance is
Scorpio,
followed by Libra
and Cancer.
GOT THE L OT
THE EUROS EXPLAINED
Exams exams everywhere, what is there to look forward to?

Well, for football fans there are the Euro 2016 championship
in France, of course! Some 24 teams will be competing for
the big prize, with England, Wales, Northern Ireland and the
Republic of Ireland to cheer on. And we have three copies of
the official tournament manual to give away.
Email graham@pqaccountant.com along with your name
and address to be in with a chance of this giveaway. Head
up your email the euros.
LUCKY NUMBERS
Heres your chance to win an ICAEW calculator a
Casio FX83 GT PLUS, perfect to help you study
towards an upcoming ACA Certificate Level exam.
This is the actual calculator that you will be provided
with on exam day and we have five to give away.
To be in with a chance of winning this great
giveaway send your name and address to
graham@pqaccountant.com. Head up your email
Calculator.
Terms and conditions: One entry per giveaway please. You must send your name and address to be entered for the draw. All giveaway entries must be
received by Friday 27 May. The main draw will take place on Tuesday 31 May 2016.
TO ENTER THESE GIVEAWAYS EMAIL GRAHAM@PQACCOUNTANT.COM

34
EXECUTIVE EDUCATION
COURSES IN NEW YORK
London School of Business & Finance (LSBF) has now joined forces with
Manhattan Institute of Management (MIM), giving you the opportunity
to study LSBFs Executive Education courses in the heart of New York.
Postgraduate Certificate in Accounting and Financial Management
Postgraduate Certificate in Global Marketing
Postgraduate Certificate in Project Management
Postgraduate Certificate in Consulting Management
miniMBA
Internship opportunities available in New York.

Find out more: www.LSBF.org.uk/pq-new-york | 020 3005 6236
Now theres nothing

standing in your way
At De Broc School of Business you can
expect leading-edge practical business education
with a focus on your employability.
This year you could be eligible for a UK government loan
of up to 10,000, as well as a range of other funding options.
Choose from postgraduate courses in:
Finance | Marketing | Management | Human Resources
T: 0800 107 6766

E: admissions@debroc.ac.uk
W: debroc.ac.uk

PQ June 2016

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

PQ June 2016

Uploaded by

Copyright:

Available Formats

PQ magazine

All the top tips you need for the

PwC trainee accountant with gambling addiction died of shame

owed up to 40,000 to banks, loan firms,

a wonderful young man bright and diligent,

AAT CLARIFIES RULES

The AAT unveiled the final version of its

AATs Suzie Webb

a pass is 70%. A merit will be 80% and a

Without the ULE from

Boost your chances of passing by up to 70%

Live Online courses

Come to a classroom for a structured programme

Available for maximum flexiblity, our interactive

ULE available in London, Bristol and Birmingham

Enrol today and Save 70 off ULE

Flexibility to study online from anywhere

19ACCA examiners reports

What the examiners had to say

21Lets get technical We take a

22SMEs and LSBU How London

A with some test questions

South Bank University is

24ICAEW spotlight Top tips

from lecturers attending the

25CIMA E1 paper How to

manage the finance function,

Publishers statement: We send a

Gambling with lives

Have you tried

Why not try CIMAstudy for yourself with our

TO HELP YOU MAKE THINGS

WEVE DESIGNED THE PERFECT

JUST FOR YOU

Our courses are led

You can choose

www.LSBF.org.uk/SHOP | 020 3535 1111

PQ have your say

I had revised for such long periods

destroying) and found that I

knowledge in the exam hall.

I have just read the story on the

Why no vote for us?

I note that CIMAs Andrew Harding

Book your Professional courses online in a few simple steps.

Filter courses by date, subject & study mode

when more centres are allowed to

seem unable to change it. I hope

Thanks you for tweeting out the

able to pass these final two papers.

a massive change for CIMA and

DUE TO LACK OF SPACE

Published by PQ Publishing PQ Publishing 2016

53% more likely

You can be confident when you choose to study with BPP

The Achievement Ladder was very positive and

Book your programme today

03331 307 288

Accountants always seem to skip the

ACCAs are terrified

ACCA EXAM RESULTS MARCH 2016 WORLDWIDE

overall performance was poor, and

Dr Mary Bishop (pictured),