Aca Advanced Stage Syllabus 2011

ACA ADVANCED STAGE
SYLLABUS 2011
ACA Advanced Stage Syllabus 2011 - Final - Version 4 1

CONTENTS
ACA Overview .................................................................................................................................... 3

Advanced Stage ................................................................................................................................. 4
The Link to Work Experience .............................................................................................................. 6
Skills Progression through the ACA qualification ................................................................................. 8
Business Reporting ............................................................................................................................. 9
Business Change .............................................................................................................................. 11
Case Study ....................................................................................................................................... 14
Technical Knowledge Grids .............................................................................................................. 15
Assurance and Audit ......................................................................................................................... 16
Business Analysis ............................................................................................................................. 19
Ethics Codes and Standards ............................................................................................................. 23
Financial Reporting ........................................................................................................................... 24
Differences between IFRS and UK GAAP ......................................................................................... 26
Taxation ............................................................................................................................................ 38
APPENDIX A: Business Reporting ................................................................................................ 45
APPENDIX B: Business Change ................................................................................................... 49
APPENDIX C: Case Study ............................................................................................................ 54

ACA OVERVIEW
Aim
The ACA is regarded globally as one of the leading business and finance qualifications and is
recognised and valued in practice, industry, commerce and the public sector. The ACA
qualification aims to ensure that all newly qualified chartered accountants have the technical and
professional skills required to meet the professional challenges likely to be faced and to provide a
platform on which to build continuing professional development.
Structure
The syllabus has been designed to develop core technical, commercial, and ethical skills and
knowledge in a structured and rigorous manner. Progression through the ACA modules, in
combination with integrated and monitored work experience, will equip and prepare students for
the demanding multi-disciplinary case study. This final module assesses key skills of analysis,
synthesis and communication, commercial and ethical awareness and the application of
professional judgement.
The diagram above shows the twelve modules at the Professional Stage, where the focus is on the
acquisition and application of technical skills and knowledge, and the Advanced Stage which
comprises two technical integration modules and the Case Study.
Ethics is embedded throughout the qualification and there are specific learning outcomes included
in a number of the modules. The syllabus has been designed to ensure students understand the
fundamental principles of ethics, can apply relevant ethical guidance and are able to recommend
actions to resolve ethical issues.

ADVANCED STAGE
Aim
The Advanced Stage of the ACA qualification is designed to ensure that students are able to
integrate and apply their technical, professional and ethical skills in a variety of business
environments.
The Advanced Stage has been constructed to ensure that students:

• are able to identify and evaluate a broad range of business issues and communicate
appropriate advice
• provide relevant and correct technical advice, whilst ensuring that the business implications
of the advice given are understood
• apply the highest level of professional and ethical skills to business and technical issues
• maintain their awareness of important emerging business issues
• are provided with the platform to develop their skills within a continuing professional
development framework
Structure and progression

There are three Advanced Stage modules: the Case Study and two underpinning technical
integration modules. The two technical integration modules are Business Reporting and Business
Change.
The Professional Stage consists of knowledge modules and application modules. The Knowledge
modules introduce the core technical knowledge and skills required by a chartered accountant. The
application modules further develop and assess practical application of technical knowledge and
skills.

The technical knowledge acquired at the Professional Stage is developed to an advanced level
and integrated in a broader range of business scenarios in the Advanced Stage technical
integration modules. The application of technical knowledge in these modules requires an
appreciation of the typical issues and problems facing businesses and their relationship to
corporate reporting, assurance and taxation. A greater depth of business and financial analysis will
be required to understand the implications and risks arising from the business issues.
New technical topics are introduced in the technical integration modules, reflecting students’
greater financial and business awareness and their emerging proficiency and ability to integrate
knowledge and skills both within and across technical subjects. Students will be required to use
more complex financial instruments in business finance and risk management for example.
Students will also be required to apply professional skills in the technical integration modules.
These professional skills are then examined to a greater extent in the final ACA module: the Case
Study. This module requires higher level cognitive skills, analytical and evaluative skills and
emphasises the importance of communication and articulation skills.
The table on page 7 identifies the skills progression through the ACA qualification.
Syllabus
This document presents the high level learning outcomes for the two technical integration modules
and sets out the skills requirements for the Case Study. The appendix contains details of the
technical knowledge required for the Advanced Stage.
Assessment
The two technical integration modules will be examined using traditional paper based
assessments. Each paper based exam will be 3.5 hours in length. These exams will contain
questions requiring the integration of knowledge both within technical disciplines and across
technical disciplines. Questions integrated across all subject streams are an essential step towards
the Case Study but will have more structure and guidance than those at the Case Study.
The Case Study will continue in its present format of a 4 hour written exam with ‘advance
information’ provided to students ahead of the exam and ‘impact information’ issued in the exam,
containing the Case Study requirements.
Flexibility
There are no regulations stipulating the order in which students must attempt the technical
integration modules. The Case Study must be the final module attempted and can only be
attempted in the final year of a training contract.
There is no restriction on the number of attempts permitted at each Advanced Stage module.
Open Book Policy

Students may take any written or printed material into the exam hall subject to practical space
restrictions.

THE LINK TO WORK EXPERIENCE
The work experience requirements for students provide a framework to develop appropriate work
experience, completion of which is essential in order to qualify for membership. Work experience is
also an essential component for examination preparation.
The work experience framework is built around five key skills:
• Business awareness – being aware of the internal and external issues and pressure for
change facing an organisation and assessing an organisation’s performance.
• Technical and functional expertise – applying syllabus learning outcomes and where
appropriate, further technical knowledge to real situations.
• Ethics and professionalism – recognising issues, using knowledge and experience to assess
implications, making confident decisions and recommendations.
• Professional judgement – making recommendations and adding value with appropriate,
targeted and relevant solutions.
• Personal effectiveness – developing, maintaining and exercising skills and personal
attributes necessary for the role and responsibilities.
The examinations, and in particular the Advanced Stage, embrace all of these skills.
The link between work experience and the examinations is demonstrated by the skills development
grids produced by the examiners.
This will help students see that their practical knowledge and skills gained in the workplace feed
back into the exam room and vice-versa.

The message is clear – students should use the work experience framework and skills
development grids to ensure success in exam performance and success in their workplace
performance.
The appendix to this syllabus contains the following skills grids:
 Appendix A: Business Reporting

 Appendix B: Business Change
 Appendix C: Case Study
The grid below together with those in the appendix should be read in conjunction with the technical
syllabus for each subject. They set out the learning outcomes that are addressed under each of
the skills areas. In addition, for each skills area, there is a description of:
 The specific skills that are assessed

 How these skills are assessed
References where included in a learning outcomes column of a grid (e.g. 3c) are direct references
to learning outcomes set out in the technical syllabus.

SKILLS PROGRESSION THROUGH THE ACA QUALIFICATION
Assessed skills Professional Stage Advanced Stage
Knowledge modules Application modules Technical Integration Case Study
Assimilating and using information
Understanding the subject Specific issues Simple scenarios Complex scenarios Unstructured complex
matter and identifying issues business scenarios
Accessing, evaluating and Information/data as provided Single information source Multiple information sources Multiple information sources
managing information provided provided including own research
Using technical knowledge Highly structured application Structured application of non- Structured application of Unstructured application of
and professional experience of non-integrated knowledge integrated knowledge integrated and non-integrated integrated knowledge and
knowledge and experience experience
Structuring problems and solutions
Using analytical tools Specified tools Specified tools Tools inferred by nature of Unspecified tools
problem
Analysing and evaluating Highly specified tasks Specified non-integrated Specified integrated and non- Defined output but
problems problems integrated problems unspecified problems
Applying judgement
Assessing quality of Objective testing Specified in simple scenario Specified in complex scenario Underlying requirement within
information complex scenario
Assessing options and Options given Options included in simple Options included in complex Balanced judgement of
priorities including ethical scenario scenario priorities and risks in
issues unstructured scenario
Considering other Not assessed Possible alternative provided Alternative(s) provided Alternatives identified using
perspectives professional experience
Conclusions and recommendations and communication
Drawing conclusions and Not assessed Specified conclusions and Specified conclusions and Conclusions and
making recommendations recommendations in simple recommendations in complex recommendations supported
scenarios scenarios by own evidence
Presenting data and written Prescribed exam format Exam requirements, including Short written professional Professional report with
work some professional presentations appendices and executive
presentation summary

BUSINESS REPORTING
Module aim
To ensure that students can apply analysis techniques, technical knowledge and professional skills to
resolve real-life compliance issues faced by businesses.
Students may be put, for example, in the role of a preparer of financial statements, or other corporate
reports such as on sustainability and corporate responsibility, an advisor or in an assurance role
facing business issues where there are reporting implications. Compliance issues relating to taxation
will also feature in this module.
Students will be required to use professional judgement to identify and evaluate alternatives and
determine the appropriate solution(s) to compliance issues, giving due consideration to the
commercial impact of their recommendations.
Specification grid
This grid provides a general guide as to the subject matter within this module and assessment
coverage over a period of time.
Syllabus area Weighting (%)

Ethics and law 5 - 10
Taxation 20 - 30
Audit and assurance 30 - 40
Corporate reporting 30 - 40
Business analysis 0
Examples of Business scenarios

The business scenarios listed below provide an understanding of the likely context in which technical
knowledge and ethical awareness will be assessed. The scenarios relate to things that have
happened or are happening within a business and will be presented in individual, group and
international contexts.
1. Business and ethical issues including situations of business risk in the process of stakeholder
communication
2. Business and ethical issues in the process of tax compliance work including situations with
corporate reporting implications
3. Current taxation and corporate reporting issues for businesses
4. Undertaking controls and systems process assurance projects – including review and testing of
controls and reporting to management
5. Assessment of controls including IT and E-commerce controls
6. Breaches of laws and regulations that may require forensic accounting and investigation projects
to assess risk and provide management with information to decide upon appropriate actions
7. Issues of earnings management, creative accounting and aggressive earnings management
8. Businesses undertaking major projects and/or organisational or process transformation
9. Issues arising from raising finance, including issues of compilation of financial information,
production of prospective financial information and implications for corporate reporting
10. Issues arising from corporate transformations and group reorganisations
11. Issues arising from International corporate expansion including situations with taxation and
corporate reporting implications

12. Issues arising from use of complex financial instruments in business finance and risk
management
Integrated learning outcomes

On completion of this module students will be able to:
1. identify and explain ethical issues and recommend appropriate actions to solve ethical dilemmas
in a given business scenario
2. report objectively in a complex environment of business opportunities and threats within the legal,
regulatory and compliance environment when:
• preparing and presenting corporate reports - including preparing and presenting financial
statements, other information included in reports and interim financial reporting
• presenting corporate governance reports in accordance with the revised combined code
• presenting corporate responsibility, environment, sustainability and social reports
3. evaluate and apply appropriate corporate reporting treatments to given scenarios
4. evaluate and apply appropriate corporate reporting treatments, including corporate governance
reports and sustainability and/or corporate responsibility reports
5. evaluate and apply auditing, assurance and related services standards in complex scenarios
6. analyse and evaluate business risks and their implications for corporate reporting and audit
opinions
7. analyse and evaluate financial risks (Including financing, currency and interest rate risks) and
their implications for corporate reporting and audit opinions
8. analyse, evaluate and calculate the tax consequences of given scenarios, including
circumstances where overseas taxes affect national taxes
9. analyse, evaluate and assist entities in the adherence to regulations surrounding taxation
10. recognise opportunities to use alternative tax treatments arising from past events and
transactions
11. analyse and evaluate controls, including IT and E-commerce controls
12. analyse and evaluate appropriate management actions where laws and regulations have been
breached
13. recognise the implications for auditors of engagements in connection with investment circulars
14. evaluate and apply appropriate laws and regulations in situations of insolvency, administration,
liquidation and bankruptcy
15. evaluate and advise on appropriate corporate governance mechanisms
16. recognise money laundering transactions and related offences and the reporting responsibilities
for accountants and auditors (Including proceeds of Crime Act)
17. analyse and evaluate controls over financial reporting (including in the context of COSA and
S404(a) of the Sarbanes-Oxley Act)
18. analyse and evaluate strengths and weaknesses of corporate governance mechanisms and
processes
19. explain and communicate current issues in corporate reporting and assurance
20. undertake appropriate financial analysis to:
• develop an understanding of a business from financial and operational data and information,
provided in draft or published format.
• assess the quality of such information, by reference to its truth, fairness, credibility and
plausibility as a basis for a meaningful analysis of a business’s current position, future
prospects and risks.
• apply suitable financial analysis techniques to analyse financial and operational data to bring
out and explain a business’s position, prospects and risks.
• review the output of such analysis to identify key sensitivities and risks.
• communicate the results of such analysis, including any reservations regarding transparency
and objectivity of data and information.

BUSINESS CHANGE
Module aim
To ensure that students can provide technical advice in respect of issues arising in business
transformations, mergers, acquisitions, alliances and disposals.
Students will be required to analyse and interpret both external and internal financial and non-
financial data in order to plan for change and provide advice. In undertaking this analysis students will
be expected to evaluate the impact of stakeholder influences on the data, including the impact of
choice of reporting policies.
Taxation and practical business techniques are particularly important in this module, where business
techniques include aspects of business strategy, business finance, performance management and
costing. There will also be assurance, ethical and legal implications to be considered when
developing and assessing strategic and business plans.
Specification grid
This grid is a general guide as to the subject matter within this module and assessment coverage
over a period of time.
Syllabus area Weighting (%)

Ethics and law 5 -10
Taxation 25-35
Assurance 10-20
Corporate reporting 15-25
Business analysis 30-35
Examples of Business scenarios

The business scenarios listed below provide an understanding of the likely context in which technical
knowledge and ethical awareness will be assessed. The scenarios relate to future business
strategies and developments and will be presented in individual, group and international contexts.
1. Controls and systems process planning

2. Developing management and corporate governance mechanisms
3. Business risk management
4. Developing business and information strategies including E-commerce and E-business
5. Transfer pricing decisions
6. Business start-up planning
7. Business and asset valuations upon acquisitions and disposals for business and tax purposes
8. Due diligence investigations of information provided to investors including those concerning
risks related to sustainability and corporate responsibility
9. Raising finance
• Initial public offers
• Private equity arrangements
10. Developing performance management approaches
11. Developing remuneration and reward packages

12. Structuring of entities
• Incorporation
• Group re-organisation
• Outsourcing
• Joint ventures and alliances
• Acquisitions and mergers
• Demergers
• Franchising
• Divestment
• Management buy-out
• Management buy-in
13. Business recovery
14. Insolvency and bankruptcy
15. Developing international operations
16. Structuring of business finance
Integrated learning outcomes
On completion of this module students will be able to:
1. identify and explain ethical issues and recommend appropriate actions to solve ethical dilemmas
in a given business scenario
2. develop proposals and advise on corporate governance, corporate reporting, financial reporting,
taxation, and assurance issues in organisational planning, change and business strategy
implementation
3. develop business plans and proposals and advise on technical issues relating to business and
organisational plans, the risks involved and how those risks should be managed
4. develop plans to manage a business in distress to avoid insolvency or to evaluate and apply
5. assurance procedures to a business in distress
6. develop proposals and advise on taxation issues relating to decisions to cease trading,
7. including communicating alternative strategies
8. develop outline proposals and advise on outline requirements for IT applications and technology
to support business plans including E-commerce, E-business and virtual arrangements
9. advise on and develop proposals for organisational structuring and the financing of existing and
new businesses and projects
10. advise on and apply appropriate valuation methods for assets and businesses for the purposes of
acquisitions and disposals for business and taxation purposes
11. advise on and develop appropriate performance management approaches for businesses and
business units
12. advise on and develop appropriate remuneration and reward packages for staff and executives
13. assess, advise on and propose appropriate business strategies to meet stated objectives and
14. apply appropriate assurance procedures
15. assess, advise on and propose appropriate costing and pricing approaches for businesses
16. appraise and advise on appropriate measures of return and risk for assessing business projects
17. appraise and advise on appropriate methods to assess and manage financial risk in businesses
18. develop proposals and advise on taxation issues relating to business start-ups, including
19. evaluating choice of business structure
20. develop proposals and advise on taxation issues relating to personal and corporate business
transformations, including communicating alternative strategies
21. assess and advise on required corporate governance mechanisms
22. undertake appropriate financial and business analysis:
• develop an understanding of financial and operational data and information from
management information systems, drawing inferences relating to its completeness,

accuracy and credibility, as a basis for a meaningful analysis of the position, future
prospects and risks for a business
• apply suitable financial, strategic and operational analysis techniques to analyse financial
and operational data to bring out and explain business position, prospects and risks,
including the use of:
I. traditional financial measures of profit, returns, earnings per share, returns, cash flow,
gearing, liquidity and operations.
II. EBITDA and residual income
III. Balanced scorecard approach
IV. Use of financial and non-financial performance indicators for customers, employees
and other stakeholders
V. Business strategic analysis techniques for businesses their resources, processes and
environment
• communicate an explanation, including any reservations regarding transparency and
objectivity of data and information, of the position, prospects and risks of a business based
on analysis of financial and operational data and information.
• Assess and appraise the constituent elements of working capital and advise on the methods
by which working capital can be managed by an entity, including treasury management.

CASE STUDY
Module Aim
To ensure that students can provide advice in respect of complex business issues in the form of a
written report.
The objective of the Case Study is to assess students’ understanding of complex business issues
and the ability to analyse financial and non-financial data, exercise professional and ethical
judgement, and develop conclusions and recommendations. The limited class time available with a
tutor, even when supplemented by extensive home study, is insufficient for success in the Case
Study. Students must bring work experience into their preparation and development programme.
Success at the Case Study requires an integration of the technical knowledge and skills acquired
from all of the ACA modules, namely:
• the core technical knowledge and skills and practical application acquired at the Professional
Stage;
• the technical, analytical, evaluative and integration skills from the Business Change and
Business Reporting modules; and
• the advisory, judgemental and communication skills acquired through practical work experience
undertaken during the training contract.
All areas of the syllabus may be tested over time.
The Case Study is designed to reproduce a typical situation in which chartered accountants find
themselves. This will involve using information arising from meetings and communicated in
memoranda, letters or reports from a variety of business and professional advisors and stakeholders.
The situation will generally relate to a business plan or transaction and will require preparation for the
submission of a report.
The reality of such situations is that in drafting a report you would:
• receive some materials in advance

• carry out some work beforehand and make use of it in the report
• include additional analysis in appendices to the report
• develop additional lines of enquiry as you assemble the report
• expect to discuss and advise on relevant matters
The Case Study scenario may be based on any one of a variety of different organisational structures
or operations. Students will be provided with advance information on the organisation and its
business environment ahead of the exam.
This information will not give specific indication of the eventual requirements of the Case Study.
Students will be expected to familiarise themselves with the information provided about the
organisation and the industry in which it operates, undertaking some additional analysis and
research. Students may take the results of their work into the examination room.
The Case Study will not require the detailed computations needed for the Professional Stage or
Technical Integration modules at the Advanced Stage, but students will be required to undertake
financial and business analysis.
Requirements will be open in that there will be no predetermined correct answers to the Case Study.

TECHNICAL KNOWLEDGE GRIDS
Introduction
The tables contained in this section show the technical knowledge in the disciplines of financial
reporting, assurance, taxation and business analysis covered in the ACA syllabus by module.
For each individual topic / standard the level of knowledge required in the relevant Professional Stage
module and the Advanced Stage content is shown.
The knowledge levels are defined as follows:
Level D
An awareness of the scope of the subject matter.
Level C
A general knowledge with a basic understanding of the subject matter and training in the application
thereof sufficient to identify significant issues and evaluate their potential implications or impact.
Level B
A working knowledge with a broad understanding of the subject matter and a level of experience in
the application thereof sufficient to apply the subject matter in straightforward circumstances.
Level A
A thorough knowledge with a solid understanding of the subject matter and experience in the
application thereof sufficient to exercise reasonable professional judgement in the application of the
subject matter in those circumstances generally encountered by chartered accountants.
Key to other symbols:

→ the knowledge level reached at Professional Stage is assumed to be continued

ASSURANCE AND AUDIT
Professional
Stage
Advanced Stage
Assurance
Assurance
Audit and
Title
The International Auditing and Assurance Standards Board C

The Authority Attaching to Standards Issued by the International Auditing
A
and Assurance Standards Board
The Authority Attaching to Practice Statements Issued by the International
A
Auditing and Assurance Standards Board
Discussion Papers C
Working Procedures C
International Standards on Auditing (UK and Ireland)
200 Overall Objectives of the Independent Auditor and the Conduct of an B A →
Audit in Accordance with International Standards on Auditing
210 Agreeing the Terms of Audit Engagements B →
220 Quality Control for an Audit of Financial Statements B →
230 Audit Documentation B A
240 The Auditor’s Responsibilities Relating to Fraud in an Audit of B A
Financial Statements
250 A Consideration of Laws and Regulations in an Audit of Financial B A
Statements
250 B The Auditor’s Right and Duty to Report to Regulators in the
Financial Sector
260 Communication with Those Charged with Governance B A
265 Communicating Deficiencies in Internal Control to Those Charged B A
with Governance and Management
300 Planning an Audit of Financial Statements B A →
315 Identifying and Assessing the Risks of Material Misstatement through C A →
Understanding the Entity and its environment
320 Materiality in Planning and Performing an Audit C A →
330 The Auditor’s Responses to Assessed Risks B A
402 Audit Considerations Relating to an Entity Using a Service C C
Organisation
450 Evaluation of Misstatements Identified during the Audit C A
500 Audit Evidence B A →
501 Audit Evidence - Specific Considerations for Selected Items A →
505 External Confirmations B B A

Professional
Stage
Advanced Stage
Assurance
Assurance
Audit and
Title
510 Initial Audit Engagements - Opening Balances B A

520 Analytical Procedures C B A
530 Audit Sampling C C A

540 Auditing Accounting Estimates, Including Fair Value Accounting C B A
Estimates & Related Disclosures
550 Related Parties B A
560 Subsequent Events B A
570 Going Concern A →
580 Written Representations C B A
600 Special Considerations – Audits of Group Financial Statements C A
(including the Work of Component Auditors)
610 Using the Work of Internal Auditors C A
620 Using the Work of an Auditor’s Expert C A
700 The Auditor’s Report on Financial Statements B A →
705 Modifications to the Opinion in the Independent Auditor’s Report B →
706 Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in A →
the Independent Auditor’s Report
710 Comparative Information – Corresponding Figures and Comparative B A
Financial Statements
720 A The Auditor’s Responsibility in relation to Other Information in B A
Documents Containing Audited Financial Statements
720 B The Auditor’s Statutory Reporting Responsibility in Relation to
Directors’ Reports
800 Special Considerations – Audits of Financial Statements prepared in B
Accordance with Special Purpose Frameworks
805 Special Considerations – Audits of Single Financial Statements and B A
Specific Elements, Accounts or items of a Financial Statement
810 Engagements to Report on Summary Financial Statements B A
International Auditing Practice Statements (IAPSs)
1000 Inter-bank Confirmation Procedures D
1004 The Relationship Between Banking Supervisors and Banks’ External D
Auditors
1006 Audits of the Financial Statements of Banks D

Professional
Stage
Advanced Stage
Assurance
Assurance
Audit and
Title
1010 The Consideration of Environmental Matters in the Audit of Financial A

Statements
1012 Auditing Derivative Financial Instruments B
1013 Electronic Commerce: Effect on the Audit of Financial Statements A
International Standards on Review Engagements (ISREs)
2400 Engagements to Review Financial Statements C B
2410 Review of Interim Financial Information Performed by the B
Independent Auditor of the Entity
International Standards on Assurance Engagements (ISAEs)
3000R Assurance Engagements Other than Audits or Reviews of C B
Historical Financial Information
3400 The Examination of Prospective Financial Information C B
International Standards on Related Services (ISRSs)
4400 Engagements to Perform Agreed-upon Procedures Regarding B
Financial Information
4410 Engagements to Compile Financial Information B
IFAC Statements
ISQC1 Quality Control for Firms that Perform Audits and Reviews of C B
Financial Statements, and Other Assurance and Related Services
Engagements
APB Bulletins
2009/22 Audit Reports on Financial Statements in the UK C B

BUSINESS ANALYSIS
Professional Stage
Advanced Stage
Management
Management
Information
Business &
Business
Financial
Strategy
Finance
Topic
STRATEGIC ANALYSIS
Environmental and market analysis tools
PEST analysis C A →
Porter’s five forces C A →
Product life cycle C A →
Boston consulting group matrix C A →
Competitor analysis C A →
Positional and other analysis tools
Resource audit C A →
Resource-based strategy A →
Value chain analysis C A →
SWOT analysis C A →
Gap analysis C A →
Competitor analysis A →
Marketing analysis A →
Competitor advantage A →
Benchmarking A →
Directional policy matrix B
Business process analysis A B
Strategic risk analysis A →
Balanced scorecard C A →
STRATEGIC CHOICE
Strategy formulation, evaluation and choice C A →
Business risk management C A →
Financial analysis and data analysis A →
Stakeholder analysis A →
Objectives and stakeholders preferences C B
Corporate responsibility and sustainability C B
STRATEGIC IMPLEMENTATION

Professional Stage
Advanced Stage
Management
Management
Information
Business &
Business
Financial
Strategy
Finance
Topic
Business plans C B A
Organisational structure C B A
Information management C B A
Change management A →
Project management A
COST ANALYSIS FOR DECISION MAKING
Costing
Cost classification A →
Costing systems – direct, marginal, absorption B →
Activity based costing (ABC) C B
Break even analysis B → A
Multi-product break even analysis B
Budgeting and performance management B A
Pricing
Pricing decisions B A →
Transfer pricing B A →
BUSINESS AND SHAREHOLDER VALUE
Valuation Techniques
Income – dividend yield B A
Income – P/E B A
Income – discounted cash flow B A
Asset based measures B A
Options approach →
Shareholder value
Value based management (VBM) →
Value drivers B A
Shareholder value analysis (SVA) B A
Short and long term growth rates and terminal values A
Economic profit A
Cash flow return on investment (CFROI) A
Total shareholder return (TSR) A

Professional Stage
Advanced Stage
Management
Management
Information
Business &
Business
Financial
Strategy
Finance
Topic
Market value added (MVA) A

INVESTMENT APPRAISAL AND BASIC RISK ANALYSIS
Project appraisal
NPV B A →
IRR B A →
Payback B A →
Relevant cash flows A →
Tax and inflation A →
Replacement analysis A →
Capital Rationing A →
Adjusted present value (APV) A →
Assessing risk
Project appraisal and sensitivity analysis B A
Project appraisal and simulation B A
Expected values B A
Scenario planning A
Gap analysis B →
Continuous vs. event risk B →
FINANCIAL ANALYSIS
Cost of capital
Cost of equity B A
Cost of debt B A
Cost of preference shares B A
Cost of bank loans B A
Weighted average cost of capital (WACC) B A
Effective interest rates A
Splitting convertibles into equity and debt elements A
Public sector discount rates A
Portfolio theory and CAPM
Portfolio theory B A
CAPM B A

Professional Stage
Advanced Stage
Management
Management
Information
Business &
Business
Financial
Strategy
Finance
Topic
APT and MCPM A

CAPM and cost of capital B A
International cost of capital A
Bonds
Bond pricing using NPV A
Yields to maturity A
Duration and price volatility A
Convexity A
Term structure of interest rates A
Corporate borrowing and default risk A
SOURCES OF FINANCE AND FINANCING ARRANGEMENTS
Short, medium and long term sources of finance B A
Loan agreement conditions (warranties; covenants; B A
guarantees)
Raising capital B A
Gearing and capital structure A →
Loan agreements and covenants A →
Dividend policy A →
Financing reconstructions (eg: group reconstruction, spin B A
off, purchase of own shares, use of distributable profits)
Working capital management C A
FINANCIAL ENGINEERING
Futures, options and swaps
Options B A
Interest rate futures B A
Interest rate options B A
Interest forward rate agreements (FRAs) B A
Interest rate swaps B A
Foreign exchange
Currency forward contracts B A
Currency money market cover B A

Professional Stage
Advanced Stage
Management
Management
Information
Business &
Business
Financial
Strategy
Finance
Topic
Currency options B A
Currency swaps B A
Operational techniques for managing currency risk B A
Theoretical determinants of foreign exchange rates B A
Option value
Value of a call and put option C B
Black Scholes option pricing model B
Binomial Option Pricing Model B
Real options C B
ETHICS CODES AND STANDARDS
Ethics Codes and Standards Level Professional Stage modules
IFAC Code of Ethics for Professional Accountants A Assurance

(parts A, B and C) Business and Finance
Law
Principles of Taxation
ICAEW Code of Ethics A Audit and Assurance
(section 1.2 of the members handbook) Business Strategy
Financial Reporting
Taxation
APB Ethical Standards 1-5 (revised) A Assurance
Provisions Available to Small Entities (revised) Audit and Assurance

FINANCIAL REPORTING
Professional Stage
Advanced Stage
Accounting
Accounting
Reporting
Financial
Financial
Title
Preface to International Financial Reporting Standards A → →

Framework for Preparation and Presentation of Financial C A → →
Statements
IAS1 Presentation of Financial Statements B A → →
IAS2 Inventories A → →
IAS7 Statement of Cash Flows C B A →
IAS8 Accounting Policies, Changes in Accounting Estimates A → →
and Errors
IAS10 Events after the Reporting Period A → →
IAS11 Construction Contracts A →
IAS12 Income Taxes C A
IAS16 Property, Plant and Equipment A → →
IAS17 Leases A → →
IAS18 Revenue A → →
IAS19 Employee Benefits A
IAS20 Accounting for Government Grants and Disclosure of A →
Government Assistance
IAS21 The Effects of Changes in Foreign Exchange Rates A
IAS23 Borrowing Costs A →
IAS24 Related Party Disclosures A →
IAS26 Accounting and Reporting by Retirement Benefit Plans D
IAS27 Consolidated and Separate Financial Statements B A →
IAS28 Investments in Associates B A →
IAS29 Financial Reporting in Hyperinflationary Economies D
IAS31 Interests in Joint Ventures A →
IAS32 Financial Instruments: Presentation C A →
IAS33 Earnings per Share B A
IAS34 Interim Financial Reporting A
IAS36 Impairment of Assets B A →
IAS37 Provisions, Contingent Liabilities and Contingent Assets A → →
IAS38 Intangible Assets B A →

IAS39 Financial Instruments: Recognition and Measurement C B A
IAS40 Investment Property A →
IAS41 Agriculture D
IFRS1 First-Time Adoption of IFRS A
IFRS2 Share-based Payment A
IFRS3 Business Combinations C B A
IFRS4 Insurance Contracts D
IFRS5 Non-current Assets Held for Sale and Discontinued B A →
Operations
IFRS6 Exploration for and Evaluation of Mineral Resources D
IFRS7 Financial Instruments: Disclosures B A
IFRS8 Operating Segments A →
IFRS9 Financial Statements C
IFRS for SMEs C

DIFFERENCES BETWEEN IFRS AND UK GAAP
The following table identifies the scope of the differences examinable in the ACA qualification and where they will be introduced. In general, the
differences will become examinable where the relevant IFRS is set at knowledge level ‘A’. The differences may also be examined in subsequent
modules but only in a different context, for example at the Advanced Stage where knowledge of the differences forms part of an integrated question.
Where a general awareness only of an accounting standard is expected (knowledge level ‘D’) any differences will also be dealt with at this level.
Key: First Module

FR = Financial Reporting
AS = Advanced Stage
Module
First
Title Key examinable differences between IFRS and UK GAAP
Preface to International
Financial Reporting FR No examinable differences
Standards
ASB Statement of Principles for Financial Reporting

Framework for Preparation
and Presentation of FR • Includes chapters on the reporting entity, presentation and accounting for interests in other entities
Financial Statements where there is no direct equivalent in the IASB Framework
• Measurement chapter is more detailed with an emphasis on the ‘deprival value model’.
Companies Act
• Format 1 and 2 profit & loss account classifications of expenses are similar to IAS1. However,
IAS1 requires further detail, but not necessarily as individual line items in the statement of
comprehensive income.
• CA balance sheet formats are less flexible than IAS1 formats that allow a wider choice of
classification formats.
• Differences in terminology used, including a balance sheet which is described as a statement of
financial position under IAS 1.

Module
First
FRS3 Reporting Financial Performance
• Specifies certain ‘mezzanine’ exceptional items that must be presented on the face of the profit &
loss account after operating profit. IAS1 doesn’t specify items and doesn’t contain the strict
“concept” of exceptional items.
• Requires separate presentation of profit & loss account and STRGL. IAS1 allows a single
statement of comprehensive income which combines both.
• Requires a sub-total for operating profit which is not explicitly required by IAS1.
FRS18 Accounting Policies
IAS1 Presentation of • The disclosure requirements for estimation techniques are not as extensive. FRS18 only requires
Financial Statements FR a discussion of significant estimation techniques.
FRS28 Corresponding Amounts
• Does not specifically require comparative information for narrative and descriptive information to
be disclosed.
SSAP9 Stocks and Long Term Contracts

IAS2 Inventories FR
• No examinable differences.
FRS1 Cash Flow Statements
• Allows certain exemptions from preparing a cash flow statement for certain subsidiaries and small
companies. No exemptions in IAS7.
IAS7 Statement of Cash FR • The definition of cash is more restrictive and only includes cash and deposits repayable on
Flows demand (within 24 hours). IAS7 uses the wider terminology of “cash and cash equivalents”.
• Cash flows are classified under eight standard headings rather than three. There is less flexibility
Module
First
as to where certain cash flows, such as interest paid, are presented.
• Comparative financial information is restated where a fundamental prior period error has occurred
which is more restrictive than IAS 8 which requires restatement for material prior period errors.
IAS8 Accounting Policies,
Changes in Accounting FR FRS18 Accounting Policies
Estimates and Errors
• Impending changes to accounting policies are not required to be disclosed
FRS28 Corresponding Amounts
• No examinable differences
FRS21 Events After the Balance Sheet Date

IAS10 Events after the FR
Reporting Period • No examinable differences
SSAP9 Stocks and Long-Term Contracts
• Unlike IAS11, service contracts may fall within its scope.

IAS11 Construction FR • Requires the asset representing the gross amount due from customers for contract work to be split
Contracts between amounts recoverable on contracts (debtors) and long-term contract balances (stocks).
• Inequalities in profit generation from different stages of a contract should be considered in
determining the attributable profit. IAS11 is silent on this.
FRS19 Deferred tax
• Requires deferred taxation to be recognised on the basis of timing differences rather than IAS12’s
Module
First
temporary differences.
• May require deferred taxation to be recognised at a different rate than IAS12 for intra-group
IAS12 Income Taxes AS transactions eliminated on consolidation.
• FRS19 permits, but does not require, the discounting of deferred tax balances, whereas IAS12
prohibits this.
• FRS 19 does not normally recognise deferred taxation on the revaluation of assets
FRS15 Tangible Fixed Assets
• Where assets have been revalued FRS15 requires the use of existing use value (EUV) rather than
fair value.
• FRS15 specifies a maximum period of five years between full valuations and an interim valuation
every three years. IAS16 does not specify a maximum period and the timing of revaluations
depends on changes in market values.
IAS16 Property, Plant and FR • FRS15 requires impairment losses to be debited first against any revaluation surplus in respect of
Equipment the asset unless it reflects a consumption of economic benefits. IAS16 does not include such a
limitation.
• The residual values of assets are assessed at the date of acquisition and not adjusted for
expected future price changes. However, residual values should be reviewed at each balance
sheet date and revised if appropriate. IAS16 requires them to be reassessed at the end of each
reporting period taking into account current price changes. This may affect the depreciation
expense.
• Annual impairment reviews are required for all assets, which are either depreciated over a period
of more than 50 years or not depreciated. IAS16 does not include such a requirement.
SSAP21 Accounting For Leases and Hire Purchase Contracts
• SSAP21 contains the “90% test” rebuttable presumption for determining the classification of
finance and operating leases.
• IAS17 specifically requires leases of land and buildings to be split at inception as a separate lease
Module
First
IAS17 Leases FR of the land and a separate lease of the buildings. Under SSAP21 they are considered together.
• The net cash investment method is used for lessor accounting. IAS17 requires the net investment
method.
• UK GAAP requires operating lease rental incentives to be spread over the shorter of the lease
term and the period until the next rent review. IAS requires any incentives to be spread over the
whole lease term.
IAS18 Revenue FR There is no comprehensive UK accounting standard covering revenue. The main principles in FRS 5
Reporting the Substance of Transactions and IAS 18 are consistent.
FRS17 Retirement Benefits
• The scope of IAS19 is wider and covers different types of employee compensation.
• IAS19 allows a similar immediate recognition approach to actuarial gains and losses as FRS17.
IAS19 Employee Benefits AS However, it alternatively permits the deferral from recognition of actuarial gains and losses that
remain within a “10% corridor”.
• Deferred tax balances are netted off the net pension scheme asset\liability under FRS17. Under
IAS19 they must be shown separately.
IAS20 Accounting for Companies Act

Government Grants and FR
Disclosure of Government • There are no examinable differences
Assistance
FRS23 The Effects of Changes in Foreign Exchange Rates

IAS21 The Effects of AS
Change in Foreign • No examinable differences.
Module
First
Exchange Rates
FRS15 Tangible Fixed Assets
• FRS 15 allows the option for borrowing costs to be capitalised and this is a choice of accounting
policy. IAS 23 requires directly attributable costs, including borrowing costs, to form part of the
IAS23 Borrowing Costs FR cost of the asset.
• FRS 15 limits the capitalisation of borrowing costs to the finance costs incurred on the expenditure
incurred. IAS23 limits the amount to the borrowing costs on the total related funds raised less the
investment income from any temporary investment of those funds.
FRS8 Related Party Disclosures
• Unlike IAS24, parent company’s individual financial statements are exempt from providing
disclosures when consolidated financial statements are presented.
IAS24 Related Party • Unlike IAS24, wholly owned UK subsidiaries are exempt from disclosing transactions with the
Disclosures FR parent entity.
• Disclosure requirements differ. In general FRS8 requires the disclosure of the name of the related
party where a transaction has occurred whereas IAS24 does not.
• Management compensation disclosures are included in CA rather than FRS8 as well as
disclosures on loans and other transactions involving directors.
• IAS24 does not consider the materiality of related party transactions. FRS8 considers materiality
from the perspective of both the company and the related party.
IAS26 Accounting and

Reporting by Retirement AS No examinable differences.
Benefit Plans

Module
First
FRS2 Accounting for Subsidiary Undertakings
• Includes an exclusion of a subsidiary from consolidation on the grounds of severe long-term

restrictions. No exemption exists under IAS27. (FR)
• Under IAS27 the existence of potential voting rights should be considered in assessing control. No
IAS27 Consolidated and consideration is required under UK GAAP. (FR)
Separate Financial FR, AS • Requires the non-controlling interest to be presented separately from shareholders’ funds. IAS27
Statements requires it to be shown as a separate component of equity. (FR)
• IAS27 requires changes in a parent’s ownership interest in a subsidiary that do not result in the
loss of control are accounted for within equity. (AS)
• IAS27 requires any investment retained in the former subsidiary following a loss of control to be
measured at its fair value at the date when control is lost. FRS2 does not require this. (AS)
FRS9 Associates and Joint Ventures
• Prescribes detailed format for equity accounting. IAS 28 does not prescribe guidance for the
IAS28 Investments in statement of comprehensive income. However, IAS1 provides limited guidance which uses a pre-
Associates FR tax presentation of the associate’s income. FRS9 shows the components separately.
• Requires investors to recognise their share of any interest in net liabilities. IAS28 only requires this
where there is a legal or constructive obligation to make good those losses.
FRS24 Financial Reporting in Hyperinflationary Environments

IAS29 Financial Reporting
in Hyperinflationary AS • No examinable differences
Economies
FRS9 Associates and Joint Ventures
IAS31 Interests in Joint FR
Ventures • Requires the use of the gross equity method rather than proportionate consolidation or equity

Module
First
methods allowed by IAS31.

FRS25 Financial Instruments: Disclosure and Presentation
IAS32 Financial FR
Instruments: Presentation • No examinable differences.
FRS22 Earnings Per Share

IAS33 Earnings per Share FR
• No examinable differences.
No UK accounting standard on interim financial reporting. IAS34 is broadly comparable with the ASB
IAS34 Interim Financial AS statement on interim reports.
Reporting
FRS11 Impairment of fixed assets and goodwill
• Impairment losses on previously revalued assets are taken to the profit & loss account where they
relate to a consumption of economic benefits (see IAS16\FRS15 above)
• Impairment losses are allocated to goodwill, intangible assets and tangible assets in that order.
IAS36 allocates the losses to goodwill first and then on a pro-rata basis to intangible and tangible
IAS36 Impairment of Assets FR assets.
• FRS11 is more restrictive on the recognition of the reversal of intangible assets other than
goodwill.
• Unlike IAS36, where cash flows have been used to demonstrate the recoverable amount, FRS11
requires future cash flows to be monitored against those forecasts for the 5 subsequent years
(look back test).
FRS12 Provisions, Contingent Liabilities and Contingent Assets

IAS37 Provisions,
Contingent Liabilities and FR • No examinable differences
Contingent Assets

Module
First
SSAP13 Accounting for Research and Development

• The capitalisation of development expenditure is optional. IAS38 requires it to be capitalised
where it meets the recognition criteria.
• Development expenditure recognition criteria include a requirement to have a reasonable
expectation of future benefits. IAS38 is more stringent as the requirement is to demonstrate future
benefits.
FRS10 Goodwill and Intangible Assets
IAS38 Intangible Assets FR
• Only intangible assets that can be sold separately from the business are recognised under UK
GAAP. IAS38 allows non-separable assets to be recognised where they arise from contractual or
other legal rights.
• Allows amortisation of intangibles over economic life or no amortisation where an indefinite life is
assessed. Under IAS38 goodwill and indefinite life assets should not be amortised but instead
tested annually for impairment.
FRS26 Financial Instruments: Measurement

IAS39 Financial AS
Instruments: Recognition • No examinable differences
and Measurement
SSAP19 Accounting for Investment Properties
IAS40 Investment Property FR • Requires measurement at open market value. IAS40 allows a choice between cost and fair value.
• Investment gains and losses are taken to STRGL unless they represent a permanent deficit in fair
value. Under IAS40 all gains and losses are recognised in profit or loss.
IAS41 Agriculture AS No equivalent UK accounting standard.

Module
First
IFRS1 First-Time Adoption AS Not applicable – not relevant to UK GAAP

of IFRS
FRS20 Share-based Payment
IFRS2 Share-based AS
Payment • No examinable differences
IFRS3 Business FR, AS FRS6 Acquisitions and Mergers

Combinations
• Merger accounting is required when criteria are met. Not permitted under IFRS.
• Group reconstructions are merger accounted for (AS).
• Common control transactions are not within scope of IFRS3 (AS).
• IFRS3 contains explicit option (not in UK GAAP) to measure minority interest (or non-controlling
interest (NCI)) as fair value.
FRS7 Fair Values in Acquisition Accounting
• Provides specific guidance on fair value measurement. IFRS3 only offers brief guidance on fair
value measurement.
• Only requires separable intangible assets to be fair valued. Hence, more intangibles could be
recognised under IFRS3.
• Requires acquisition-related costs to be included in the cost of the investment. IFRS3 requires
them to be treated as period costs.
• Post-acquisition changes to the estimates of contingent consideration affect the amounts of
goodwill recognised. IFRS3 permits few subsequent changes to be reflected in goodwill.
FRS10 Goodwill and Intangible Assets
• Goodwill is often amortised over its estimated useful economic life. There is a rebuttable
presumption that it is not more than 20 years. IFRS3 prohibits amortisation and requires annual
impairment reviews.
• Negative goodwill is capitalised as a separate item within goodwill and amortised over the period
Module
First
over which any related losses are expected and as acquired non-monetary assets are realised.
IFRS3 requires immediate recognition as a gain in the profit & loss account.
Companies Act
IFRS4 Insurance Contracts AS • Contains specific requirements for insurance companies

Specific requirements in SORP and FRS27, Life Assurance
• Continuing and discontinued activities must be analysed. Unlike IFRS5 detailed analysis is shown
on face of P&L account.
• Discontinued classification will often be at a later date than IFRS5 as disposal must be completed
during the reporting period or before the earlier of the approval of the financial statements and
three months after year-end.
IFRS5 Non-current Assets
Held for Sale and FR FRS15 Tangible Fixed Assets
Discontinued
Operations • Classification and measurement of assets generally continues as normal without regard for the
disposal. This includes depreciation until the date of disposal. IFRS5 on the other hand requires
depreciation to cease while a non-current asset is held for sale.
FRS1 Cash flow Statements
• Encourages the separate disclosure of cash flows from discontinued operations. This is required
rather than encouraged by IFRS5.
IFRS6 Exploration for and AS SORP discusses the issues surrounding oil and gas exploration and production.
Evaluation of Mineral
Resources

Module
First
FRS29 Financial Instruments: Disclosures

IFRS7 Financial AS
Instruments: Disclosures • No examinable differences
SSAP25 Segmental Reporting
• Omission of segment information is allowed where disclosure may be seriously prejudicial to the
entity’s interests. No exemption exists under IFRS8.
• Requires disclosures for both geographic and business segments. IFRS8 requires disclosure
IFRS8 Operating Segments FR about the components of the entity that management uses to make decisions about operating
matters.
• Requires segment information to be prepared in accordance with accounting policies. IFRS8
requires the amounts reported to be on the same basis as for internal decision making.
• SSAP25 does not require unlisted subsidiaries of listed parents to disclose segment information
where the parent has prepared such information.
IFRS in individual company accounts.

Candidates may be required to discuss the key issues that need to be considered when considering whether UK companies should retain UK GAAP
for their individual company accounts or to move to IFRS. This is examinable in the Financial Reporting module.

TAXATION
Professional
Stage
Advanced Stage
Principles of
Title
Taxation
Taxation
Objectives of taxation C → →
Ethics A → →
HM Revenue & Customs B → →
Tax evasion and avoidance C B A
Business Tax
Administration
Administration B → →
Appeals C → →
Payments B A →
Penalties and interest B A →
Self assessment B A →
Chargeable gains
Chargeable assets C B →
Chargeable disposals C B →
Chargeable persons C B →
Chattels: wasting and non wasting B → →
Costs of acquisition and disposal C B →
Indexation B A →
Leases A
Nil gain/nil loss transfers A →
Part disposals B →
Pre 31 March 1982 assets A →
Qualifying corporate bonds A
Relief for capital losses B A →
Reorganisations and reconstructions A
Shares and securities (including bonus and rights issues) A →
Chargeable gains reliefs
Entrepreneurs’ relief A →
Gift relief A →
Incorporation relief A →
Roll-over relief A →

Professional
Stage
Advanced Stage
Principles of
Title
Taxation
Taxation
Substantial shareholding exemption A →
Trading profits
Adjustments to profits B A →
Badges of trade B A →
Capital allowances B A →
Foreign currency transactions A
Long periods of account C A →
Pension contributions B A
Royalty payments B →
Royalty receipts B →
Unincorporated businesses
Basis of assessment – current year basis B A →
Change of accounting date B →
Commencement and cessation of trade B A →
Overlap profits and treatment of opening year losses B A →
Partnerships B A →
Trading losses A →
Profits chargeable to corporation tax
Property income (including lease premiums) A →
Trading profits B A →
Loan relationships B A →
Intangible assets B A
Research and development expenditure B A
Research and development tax credits A
Miscellaneous income B A →
Chargeable gains B A →
Charges on income – gift aid B A →
Trading losses A →
Use of deficit on non-trading loan relationships A →
Corporation tax computation
Chargeable accounting periods C B A
Close companies A →

Professional
Stage
Advanced Stage
Principles of
Title
Taxation
Taxation
Corporation tax liability B A →
Corporate Venturing Scheme A
Distributions B →
Double tax relief (including underlying tax and withholding tax) B
Liquidation A
Onshore pooling provisions C
Provision of services through a company A
Rates of tax B A →
Residence C B →
Groups
Associated companies C B A
Capital gains groups A →
Changes in group structure A
Change in ownership B A
Consortium relief A
Controlled foreign companies A
Degrouping charges A
Group loss relief A →
Group relationships A →
Non-coterminous accounting periods A →
Overseas companies and branches A
Pre-acquisition gains and losses A
Roll-over relief A →
Transfer of assets A →
Transfer pricing A
Stamp Duty and Stamp Duty Land Tax
Basic principles B
Chargeable occasions B
Exemptions B
VAT
Appeals C → →

Professional
Stage
Advanced Stage
Principles of
Title
Taxation
Taxation
Capital goods scheme A
Group aspects A →
Input VAT A → →
Output VAT A → →
Overseas aspects A →
Partial exemption B →
Payments A → →
Penalties and interest A → →
Property transactions A →
Registration and deregistration A → →
Small business reliefs A → →
Taxable person A → →
Taxable supplies A → →
Transfer of a business as a going concern B →
VAT records and accounts A → →
Personal tax
Administration
Appeals C → →
PAYE B → →
Payments B A →
Penalties and interest B A →
Self assessment B A →
Employees
Allowable deductions against employment income A →
Employment income B A →
Share schemes A
Statutory Mileage Rates Scheme A →
Taxable and exempt benefits B A →
Termination payments B →
Other income
Dividends from UK companies B A →

Professional
Stage
Advanced Stage
Principles of
Title
Taxation
Taxation
Enterprise Investment Scheme B
Investment income B A →
ISAs B B →
Property income C A →
Lease premiums A →
Savings income B A →
Venture Capital Trusts B
Income tax computation
Exempt income B A →
Gift aid B A →
Income tax liable and payable B A →
Independent taxation and jointly owned assets B A
Married couples allowance B A →
Pension contributions
- Provisions for retirement B A
- Tax reliefs B A
Personal age allowance B A →
Personal allowance B A →
Rates of tax B A →
Taxable persons C A →
Capital gains tax
Annual exemption B A →
Chargeable assets C B →
Chargeable disposals C B →
Chargeable persons C B →
Chattels: wasting and non wasting B → →
Connected persons A →
Converted trading losses B →
Costs of acquisition and disposal C B →
Indexation A →
Leases A
Nil gain/nil loss transfers A →

Professional
Stage
Advanced Stage
Principles of
Title
Taxation
Taxation
Part disposals B →
Pre 31 March 1982 assets A →
Qualifying corporate bonds A
Rate of tax A →
Relief for capital losses B A →
Reorganisations and reconstructions A
Shares and securities (including bonus and rights issues) A →
Capital gains tax reliefs
Letting relief A →
Principal private residence relief A →
Reinvestment relief under EIS B
National insurance contributions
Administration C B →
Classes of NIC C B →
Directors B →
Maximum contributions C →
Taxable benefits B →
Basic principles of inheritance tax
Chargeable persons B →
Chargeable property B →
Excluded property B →
Inter-spouse transfers A →
Rates of tax A →
Related property B →
Seven year accumulation period A →
Inheritance tax on lifetime transfers
Discretionary trusts A →
Potentially exempt transfers A →
Inheritance tax on death
Death estate A →
Deeds of variation B →
Lifetime transfers A →

Professional
Stage
Advanced Stage
Principles of
Title
Taxation
Taxation
Reliefs & exemptions from inheritance tax
Agricultural property relief B →
Annual exemption B →
Business property relief A →
Gifts to charities and political parties A →
Gifts with reservation of benefit B →
Marriage exemption A →
Normal expenditure out of income A →
Quick succession relief B →
Small gifts exemption A →
Taper relief A →
Overseas aspects of personal taxation
Arising basis A
Deemed domicile for IHT A
Domicile A
Foreign assets income and gains A
Double tax relief A
Ordinary residence A
Remittance basis A
Residence A
Temporary absence A
UK taxation of non-domiciled individuals A

APPENDIX A: BUSINESS REPORTING
Learning outcomes Assessed skills How skills are assessed

1. identify and explain ethical  Understanding the subject Questions will contain both
dilemmas matter structured and unstructured
details in scenarios of varying
10. recognise opportunities to  Assessing, evaluating and complexity with technical
use alternative tax treatments managing information content and business context.
arising from past events and provided in multiple sources The scenarios will normally be
transactions based on historic events.
 Operating to a brief in
13. recognise the implications structured situations Information may need to be
for auditors of engagements in assimilated from various
connection with investment Explaining the nature of sources within the question.
circulars ethics and its significance Some issues may need to be
in the business deduced by inference or
16. recognise money environment and analysis.
laundering transactions and understanding the
related offences and the importance of ethical Questions will require
reporting responsibilities for behaviour in respect of the candidates to have a detailed
accountants and auditors public interest, the understanding of relevant
(Including Proceeds of Crime accounting profession, the regulations in tax, financial
Act) law and other value reporting, auditing, business
systems. analysis and ethics, which will
19. explain and communicate need to be related to practical
current issues in corporate and  Understanding the business scenarios and applied
financial reporting and importance of contributing to to any data provided. The data
assurance the profession and provided will be based largely
appreciating the ethos and on historic events and focus on
20. undertake appropriate culture of the accountancy technical compliance and
financial analysis to develop an profession understanding.
understanding of a business
from financial and operational  Understanding the public Candidates will be required to
data and information, provided interest and corporate respond to instructions from a
in draft or published format. responsibility line manager, a client request
or from other senior personnel.
The requests may be specific,
or they may be more general
requiring interpretation by the
candidate.
Candidates will be required to:

 assimilate information
provided by internal and
external sources
 evaluate inconsistencies in
information provided from
multiple sources
 use different sources of
evidence to confirm
financial
statement assertions

2. report objectively in a  Understanding data &

complex environment of information given: identifying Scenarios will be of two types:
business threats and & understanding issues
opportunities within the legal,  questions restricted to one
arising in given scenarios
regulatory and compliance technical area
environment when preparing  Using the data & information  integrated questions
corporate reports - including given: analysing data and covering more than one
financial statements, other information to support technical area
information included in reports requirement.
and interim financial reporting Examples of the elements that
 Drawing upon technical and candidates may be required to
6. analyse business risks and professional knowledge consider are:
their implications for corporate learnt to analyse issues
reporting and audit opinions  Applying knowledge from Audit and Assurance
 business risks in complex
different technical areas:
7. analyse financial risks analysing problems that scenarios
(Including financing, currency  the control environment
combine technical skills in a
and interest rate risks) and  tests of controls and
single disciplinary
their implications for corporate substantive procedures
environment
reporting and audit opinions  selective financial analysis
 Financial statement analysis:  risk in the context of IT or e-
8. analyse and calculate the tax performing the required business
consequences of given calculations; explaining or  professional scepticism
scenarios, including stating the issues
circumstances where overseas Ethics
taxes affect national taxes  Using new concepts:  ethical problems in complex
evaluating new ideas and scenarios
11. analyse controls, including concepts  ethical codes and structured
IT and E-commerce controls  Recognising ethical issues argument.
arising from situations likely
12. analyse appropriate Financial reporting
to be encountered by trainee
management actions where  unstructured information
chartered accountants;
laws and regulations have  a range of financial
been breached identifying possible courses
reporting treatments
of action to resolve them;  complex financial reporting
17. analyse controls over and appreciating the ethical information.
financial reporting (including in dimensions of situations,
the context of COSA and problems and proposals. Tax
S404(a) of the Sarbanes-Oxley  Identifying & explaining the  range of appropriate tax
Act) consequences of unethical treatments
 descriptive analysis and
behaviour
20. undertake appropriate explanations
financial analysis to:  Identifying & using relevant  integrate different taxes and
assess the quality of such up to date content of jurisdictions
information International & ICAEW Code  taxation impact of a
apply suitable financial of Ethics transaction
analysis techniques to
analyse financial and  Identifying and selecting
operational data to bring appropriate courses of action
out and explain a using an ethical framework
business’s position,
prospects and risks.

Applying judgement
3. evaluate and apply  Assessing arguments & Judgement will be applied in

appropriate financial reporting considering evidence the context of scenarios of
treatments to given scenarios against set criteria varying complexity, involving
calculations and the drawing of
4. evaluate and apply  Applying discrimination: inferences from information
appropriate corporate reporting filtering information provided provided.
treatments, including corporate to identify critical factors
governance reports and Examples of how candidates
corporate responsibility reports  Relating parts and wholes: may be required to apply their
discerning particular issues judgement include:
5. evaluate and apply auditing, within complex scenarios  selecting between technical
assurance and related services choices
standards in complex scenarios  Demonstrating an  filtering data to identify
understanding of critical elements
6. evaluate business risks and sensitivities to change  prioritising information,
their implications for corporate (sensitivity analysis): flexing issues or tasks
reporting and audit opinions a range of inputs and  identifying omissions in the
assessing the outcomes information
7. evaluate financial risks  evaluating inconsistencies
(Including financing, currency  Demonstrating an in information
and interest rate risks) and understanding of different  distinguishing between the
their implications for corporate perspectives analysing and various qualities of the data
reporting and audit opinions interpreting related provided
problems and situations  evaluating the impact of
8. evaluate the tax from alternative given economic and political
consequences of given stances factors
scenarios, including  evaluating the effects of
circumstances where overseas  Change management known events
taxes affect national taxes (appreciating the  evaluating the
impacts/effects of change): appropriateness of
9. analyse, evaluate and assist consider and evaluate the accounting policy choice
entities in the adherence to effects of given alternative  evaluating options
regulations surrounding scenarios  comparing the effects of a
taxation range of estimates,
11. evaluate controls, including  Appreciating when more outcomes or financial
IT and E-commerce controls expert help is required treatments
 assessing the materiality of
12. evaluate appropriate  Applying a sceptical and errors
management actions where critical approach  exercising own ethical
laws and regulations have judgement
been breached  Conducting critiques:  identifying key linkages
critically reviewing situations
14. evaluate and apply and problems
appropriate laws and
regulations in situations of  Seeking opportunities to
insolvency, administration, add value: thinking
liquidation and bankruptcy imaginatively in a business
(including a basic appreciation context
of Chapter 11)
 Prioritising key issues
17. evaluate controls over
financial reporting  Applying the concept of
materiality
18. analyse and evaluate
strengths and weaknesses of  Develop arguments, having
corporate governance first appreciated the
mechanisms and processes perspective of other parties
20. review the output of
financial analysis to identify key  Exercise ethical judgement
sensitivities and risks.
Drawing conclusions, making recommendations and communication
1. recommend appropriate  Using technical knowledge Examples of how candidates

actions to solve ethical and evidence to support may be required to draw
dilemmas reasoning and conclusions conclusions are:
 from data, facts,
2. report objectively within the  Assimilating data from calculations, judgements
legal, regulatory and different sources, data types and own analysis
compliance environment when: in making decisions  on complex assurance
 presenting corporate engagements
reports  Identifying the best  by identify weaknesses in
 presenting corporate explanation, solution or financial information
governance reports in steps against defined systems and their potential
accordance with the revised criteria considering risk. consequences
combined code  by distinguishing between
 presenting corporate  Identifying a range of the qualities of data
responsibility, environment, solutions based on analysis provided or other evidence
sustainability and social and developing generated
reports recommendations which  by developing risk
combine different technical management solutions
15. evaluate and advise on skills in a defined situation  by making strategic
appropriate corporate decisions
governance mechanisms  Formulating opinions,  by valuing a company or
advice, recommendations, investments.
20. communicate the results of plans, solutions, options and
financial analysis, including any reservations based on valid Examples of how candidates
reservations regarding evidence may be required to present
transparency and objectivity of their recommendations are:
data and information.  Presenting analysis and  a report/memorandum in
recommendations in response to a specific
accordance with instructions technical issue and in
accordance with client
 Providing specified requirements
responses to a specialist or  reasoned advice supported
non-specialist audience by calculations or analysis of
technical/business issues
identified
 justifying a specific
recommended action when
a variety of options are
available
Candidates may be required to
explain the limitations of their
conclusions or
recommendations.

APPENDIX B: BUSINESS CHANGE
Learning outcomes Assessed skills How skills are assessed
1. identify and explain ethical  Understanding the subject Questions will contain both
dilemmas matter structured and unstructured
details in scenarios of varying
18. undertake appropriate  Assessing, evaluating and complexity with technical
financial and business analysis managing information content and business context.
to develop an understanding of provided in multiple sources The scenarios will normally
financial and operational data consider the implications of
and information from  Operating to a brief in future events.
management information structured situations
systems Information may need to be
 Explaining the nature of assimilated from various
ethics and its significance in sources within the question.
the business environment Some issues may need to be
and understanding the deduced by inference or
importance of ethical analysis.
behaviour in respect of the
public interest, the Questions will require
accounting profession, the candidates to have a detailed
law and other value systems understanding of relevant
regulations in tax, financial
 Understanding the reporting, auditing, business
importance of ethical analysis and ethics, which will
behaviour to a professional need to be related to practical
accountant and the reasons business scenarios and applied
for the adoption of ethical to any data provided. The data
codes within practice, provided may include both
business contexts and the historic information and
regulatory structure of the projections/ forecasts.
profession.
Candidates will be required to
respond to instructions from a
 Understanding the line manager, a client request
importance of contributing to or from other senior personnel.
the profession and The requests may be specific,
appreciating the ethos and or they may be more general
culture of the accountancy requiring interpretation by the
profession candidate.
 Understanding the public Candidates will be required to:

 assimilate information
interest and corporate
responsibility provided by internal and
external sources
 evaluate inconsistencies in
 Understanding the role of
the professional accountant information provided from
within the public interest, multiple sources
 use different sources of
practice and business
contexts and the regulatory evidence to confirm financial
structure of the profession statement assertions
 extrapolate given
information into the future
based upon given or own
assumptions
2. develop proposals on  Understanding data & Scenarios will be integrated to

corporate governance, information given, clarifying cover more than one technical
corporate reporting, financial the information & identifying discipline, and will include one
reporting, tax, auditing and gaps case study style question.
assurance issues in Examples of the elements that
organisational planning,  Using the data & information candidates may be required to
change and business strategy given: analysing and consider are:
implementation evaluating requirements, Audit and Assurance
data, information, issues and  business risks in complex
3. develop business plans and situations scenarios
proposals on technical issues
 the control environment
relating to business and  Financial data analysis:
 tests of controls and
organisational plans, the risks prioritising and trading off
solutions to complex substantive procedures
involved and how those risks
 selective financial analysis
should be managed problems
 risk in the context of IT or e-
4. develop plans to manage a  Financial statement business
business in distress to avoid analysis: comparing and  professional scepticism
insolvency contrasting more than one Business analysis
element of financial  valuations where the
5. develop proposals on statements to inform information is incomplete,
taxation issues relating to decision making suspect or inadequate.
decisions to cease trading  key business and financial
 Analysing and evaluating risks
6. develop outline proposals for new and complex ideas  data from various sources
IT applications and technology within a defined situation  impact of a strategy
to support business plans
including E-commerce, E-  Identifying the relevant Ethics
business and virtual  ethical codes and structured
technical
arrangements knowledge/professional argument.
 ethical problems in complex
experience required
8. apply appropriate valuation scenarios
generating and validating
methods for assets and Financial reporting
solutions; identification of
businesses for the purposes of  unstructured information
risks and ethical issues
acquisitions and disposals for  a range of financial
within the scenario
business and tax purposes reporting treatments
 Recognising ethical issues  complex financial reporting
11. assess business strategies
arising from situations likely information
to meet stated objectives
to be encountered by trainee  impact of future events on
12.assess costing and pricing chartered accountants; financial statements as a
approaches for businesses identifying possible courses whole
of action to resolve them  delaying or modifying future
15. develop proposals on and appreciating the ethical decisions
taxation issues relating to dimensions of situations,  business position, prospects
business start-ups problems and proposals. and risks
Tax
16. develop proposals on  Approaching decision  range of appropriate tax
taxation issues relating to making using an ethical treatments
personal and corporate framework  descriptive analysis and
business transformations explanations
 Identifying and using  integrate different taxes and
18. undertake appropriate relevant up to date content
financial and business analysis jurisdictions
of the International and  taxation impact of a
by applying suitable financial, ICAEW Codes of Ethics
strategic and operational transaction
 delaying or modifying future
analysis techniques
decisions
Applying judgement
6. advise on outline  Assessing arguments & Judgement will be applied in

requirements for IT considering evidence the context of scenarios of
applications and technology to against set criteria varying complexity, involving
support business plans calculations and the drawing of
including E-commerce, E-  Applying discrimination: inferences from information
business and virtual filtering information to provided.
arrangements identify critical factors
Examples of how candidates
9. develop appropriate  Relating parts and wholes: may be required to apply their
performance management discerning particular issues judgement include:
approaches for businesses and within complex scenarios  selecting between technical
business units choices
 Demonstrating an
 filtering data to identify
understanding of
10. develop appropriate critical elements
sensitivities to change
remuneration and reward  prioritising information,
(sensitivity analysis): flexing
packages for staff and issues or tasks
a range of inputs and assess
executives  identifying omissions in the
the outcomes
information
11. propose appropriate  Demonstrating an  evaluating inconsistencies
business strategies to meet understanding of different in information
stated objectives perspectives, analysing and  distinguishing between the
interpreting related problems various qualities of the data
13. appraise measures of and situations from provided
return and risk for assessing alternative given stances  evaluating the impact of
business projects economic and political
 Change management factors
14. appraise methods to (appreciating the  evaluating the effects of
assess and manage financial impacts/effects of change): future events
risk in businesses consider and evaluate the  evaluating the
effects of given alternative appropriateness of
17. assess corporate future scenarios accounting policy choice
governance mechanisms  evaluating options
 Appreciating when more  comparing the effects of a
18. communicate an expert help is required range of estimates,
explanation, including any outcomes or financial
reservations regarding  Applying a sceptical and treatments
transparency and objectivity of critical approach  assessing the materiality of
data and information, of the errors
 Conducting critiques:
position, prospects and risks of  exercising own ethical
critically reviewing situations
a business based on analysis judgement
and problems
of financial and operational  identifying key linkages
data and information  Seeking opportunities to add
value: thinking imaginatively
in a business context
 Prioritising key issues
 Applying the concept of

materiality
 Develop arguments, having

first appreciated the
perspective of other parties
 Exercise ethical judgement

1. recommend appropriate  Using technical knowledge,

Examples of how candidates
actions to solve ethical evidence and analysis to
may be required to draw
dilemmas support reasoning and conclusions are:
conclusions  from data, facts,
2. advise on corporate calculations, judgements
governance, corporate  Assimilating data from and own analysis
reporting, financial reporting, different sources, data types  on complex assurance
tax, auditing and assurance in making decisions engagements
issues in organisational  by identify weaknesses in
planning, change and business  Identifying the best financial information
strategy implementation explanation, solution or systems and their potential
steps against defined criteria consequences
3. advise on technical issues considering risk.  by distinguishing between
relating to business and the qualities of data
organisational plans, the risks  Identifying a range of provided or other evidence
involved and how those risks solutions based on analysis generated
should be managed and developing  by developing risk
recommendations which management solutions
5. advise on taxation issues combine different technical  by making strategic
relating to decisions to cease skills in a defined situation decisions
trading  by valuing a company or
 Formulating opinions, investments.
7. advise on and develop advice, plans, options and
proposals for organisational reservations based on valid Examples of how candidates
structuring and the financing of evidence may be required to present their
existing and new businesses recommendations are:
and projects Presenting analysis and
recommendations in  a report/memorandum in
8. advise on appropriate accordance with instructions. response to a specific
valuation methods for assets technical issue and in
and businesses for the Providing specified responses accordance with client
purposes of acquisitions and to a specialist audience requirements
disposals for business and  reasoned advice supported
taxation purposes by calculations or analysis
of technical/business issues
9. advise on appropriate identified
performance management  justifying a specific
approaches recommended action when
a variety of options are
10. advise on appropriate available
remuneration and reward
packages for staff and Candidates may be required to
executives explain the limitations of their
conclusions or
11. advise on appropriate recommendations.
business strategies to meet
stated objectives
12. advise on appropriate

costing and pricing approaches
for businesses

measures of return and risk for
assessing business projects
methods to assess and
manage financial risk in
businesses
15. advise on tax issues re

business start-ups
16. advise on tax issues

relating to personal and
corporate business
transformations
17. advise on corporate

governance mechanisms

APPENDIX C: CASE STUDY
Assessed skills How skills are assessed
• Understanding the subject matter • Uses the Advance Information (AI), Exam
• Accessing, evaluating and managing data Paper (EP), knowledge of ethical codes
and information provided in multiple and professional experience to define the
sources (some pre-disclosed) and from specific issue / situation
independent research plans • Uses own understanding of context and
• Using technical knowledge & professional findings
experience to assess interaction of • Describes wider context
information from different sources • Identifies business issues
• Understanding an organisational - Understanding of business entity
framework: evaluating the strengths and - Position in industry sector
weaknesses of an organisation and - Appreciation of wider economy
comparing with benchmarks • Recognises where business is in its life
• Planning, controlling and evaluating cycle
operations in a global context
• Understanding the needs of customers
(internal and external)
• Demonstrating an understanding of the
significance of ethics in the business
environment and the importance of ethical
behaviour
• Using relevant content of the International
& ICAEW Codes of Ethics
• Demonstrating an understanding of the
regulatory structure of the profession, its
ethos, culture and role in corporate and
social responsibility
• Using the information given: analysing and • Identifies and uses key information
evaluating requirements, information, • Demonstrates technical knowledge
issues and business context • Uses professional experience
• Analysing, evaluating and synthesising • Uses relevant strategic analytical tools
new and complex ideas (SWOT, PEST, Porter’s 5 Forces)
• Displaying an enquiring and questioning • Performs relevant analysis
mind • Produces quality analysis
• Identifying faults in arguments and gaps in - Depth
evidence - Breadth
• Demonstrating an understanding the - Logic
pressures on professional ethical - Reasonableness
behaviour, including the interaction • Uses knowledge of ethical codes and
between professional ethics, the law and professional experience to perform
other value systems relevant analysis
• Financial data analysis: • Financial data analysis:

- analysing and evaluating data by • Uses appropriate analytical tools
selecting appropriate analytical and (valuations methodologies, sensitivity
technical tools and applying technical analysis)
knowledge and professional experience • Performs relevant analysis on

- demonstrating an understanding of - Numerical data
sensitivities to change: flexing a range - Other information
of inputs and evaluating potential • Integrates numbers and words
outcomes
- evaluating, prioritising and trading off • Financial statement analysis:
solutions to complex problems, • Uses appropriate analytical tools to
considering various perspectives, measure financial performance, identify
including competitive reaction and trends and make comparisons
internal reaction • Performs relevant analysis on
- Financial statements
• Financial statement analysis: - Other information
- analysing and evaluating financial • Integrates numbers and words
statements by selecting appropriate
analytical and technical tools and
applying technical knowledge &
professional experience
- linking all elements of financial
statements, evaluating & making
comparisons where there are complex
interactions
- evaluating financial statements in the
context of other business information
Applying judgement
• Using technical knowledge, & professional • Builds on implications of analysis

experience and evidence to support • Identifies and uses key financial
reasoning information
• Applying discrimination: filtering • Recognises linkages
information to identify critical factors • Evaluates key points
• Applying a sceptical and critical approach • Discusses output
• Interpreting information from a range of - Pros / cons
stances and developing arguments, • Demonstrates professional scepticism
having first appreciated the perspective of • Demonstrates objectivity / balance
other parties • Demonstrates an appreciation of more
• Conducting critiques: considering than one side / bias
alternative views in testing the validity of • Evaluates options
ideas in practice • Prioritises key points
• Considering and evaluating the effects of • Uses knowledge of ethical codes and
a range of alternative future scenarios professional experience to:
• Seeking opportunities to add value - build on implications of analysis
• Prioritising key issues - discuss output
• Applying the concept of materiality to - recognise linkages
interrelated situations - evaluate key points
• Appreciating the ethical dimensions of - evaluate options
situations, exercising ethical judgement
and explaining the consequence of
unethical behaviour
• Appreciating when more expert help is
required

• Generating solutions for complex • Draws conclusions linked to analysis and

problems using information from multiples judgement
sources • Makes practical commercial
• Using technical knowledge, professional recommendations
experience, evidence and analysis to
support conclusions
• Formulating opinions, advice, plans,
solutions, options and reservations, based
on valid and different technical skills
• Making decisions and recommendations
in unstructured situations with risks and
uncertainty
• Specifying the criteria for the most
appropriate proposal
• Assessing the costs and benefits that may
flow from a decision
• Approaching decision making using an
ethical framework
Integrative and multidisciplinary skills
• Time awareness: recognising time • Provides appropriate terms of reference

constraints and prioritising given tasks (purpose, scope, disclaimer)
• Preparing, describing, outlining the advice, • Provides an executive summary that is
report, notes required in a clear and concise consistent with the main report
• style • Demonstrates appropriate balance between
• Relating parts and wholes: discerning topics
interrelated issues as part of complex • Uses sufficient but not excessive sub-
• scenarios, employing a sense of perspectiv divisions
in over-viewing situations • Uses appropriate but not excessive use of
• Providing a report to specialist or non- notes and bullets
specialist audience • Uses correct style and language for audienc
with appropriate tact
• Contains appropriate appendices
- calculations easy to follow
- assumptions clearly set out
- no excessive text
• Provides a coherent answer to the question
- covers the major elements
- suitable use of numbers
- figures clearly derived
- structured discussion, not just a list of
facts

Aca Advanced Stage Syllabus 2011

Uploaded by

Document Information

Original Description:

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

Aca Advanced Stage Syllabus 2011

Uploaded by

Copyright:

Available Formats

ACA ADVANCED STAGE

ACA Advanced Stage Syllabus 2011 - Final - Version 4 1

ACA Overview .................................................................................................................................... 3

ACA Advanced Stage Syllabus 2011 - Final - Version 4 2

ACA Advanced Stage Syllabus 2011 - Final - Version 4 3

The Advanced Stage has been constructed to ensure that students:

Structure and progression

ACA Advanced Stage Syllabus 2011 - Final - Version 4 4

Open Book Policy

ACA Advanced Stage Syllabus 2011 - Final - Version 4 5

The work experience framework is built around five key skills:

ACA Advanced Stage Syllabus 2011 - Final - Version 4 6

The appendix to this syllabus contains the following skills grids:

 Appendix A: Business Reporting

 The specific skills that are assessed

ACA Advanced Stage Syllabus 2011 - Final - Version 4 7

ACA Advanced Stage Syllabus 2011 - Final - Version 4 8

Syllabus area Weighting (%)

Examples of Business scenarios

ACA Advanced Stage Syllabus 2011 - Final - Version 4 9

Integrated learning outcomes

ACA Advanced Stage Syllabus 2011 - Final - Version 4 10

Syllabus area Weighting (%)

Examples of Business scenarios

1. Controls and systems process planning

ACA Advanced Stage Syllabus 2011 - Final - Version 4 11

Integrated learning outcomes

On completion of this module students will be able to:

ACA Advanced Stage Syllabus 2011 - Final - Version 4 12

ACA Advanced Stage Syllabus 2011 - Final - Version 4 13

All areas of the syllabus may be tested over time.

The reality of such situations is that in drafting a report you would:

• receive some materials in advance

ACA Advanced Stage Syllabus 2011 - Final - Version 4 14

The knowledge levels are defined as follows:

Key to other symbols:

ACA Advanced Stage Syllabus 2011 - Final - Version 4 15

The International Auditing and Assurance Standards Board C

ACA Advanced Stage Syllabus 2011 - Final - Version 4 16

510 Initial Audit Engagements - Opening Balances B A

530 Audit Sampling C C A

ACA Advanced Stage Syllabus 2011 - Final - Version 4 17

1010 The Consideration of Environmental Matters in the Audit of Financial A

ACA Advanced Stage Syllabus 2011 - Final - Version 4 18

ACA Advanced Stage Syllabus 2011 - Final - Version 4 19

ACA Advanced Stage Syllabus 2011 - Final - Version 4 20

Market value added (MVA) A

ACA Advanced Stage Syllabus 2011 - Final - Version 4 21

APT and MCPM A

ACA Advanced Stage Syllabus 2011 - Final - Version 4 22

ETHICS CODES AND STANDARDS

Ethics Codes and Standards Level Professional Stage modules

IFAC Code of Ethics for Professional Accountants A Assurance

ACA Advanced Stage Syllabus 2011 - Final - Version 4 23

Preface to International Financial Reporting Standards A → →

ACA Advanced Stage Syllabus 2011 - Final - Version 4 24

ACA Advanced Stage Syllabus 2011 - Final - Version 4 25

Key: First Module

ASB Statement of Principles for Financial Reporting

ACA Advanced Stage Syllabus 2011 - Final - Version 4 26

FRS3 Reporting Financial Performance

FRS18 Accounting Policies

FRS28 Corresponding Amounts