Offer & acceptance.
Intention to create legal relations.
Tort of passing off.
Articles of Association.
Maintenance and reduction of capital.
Agency position of partners.
Throughput accounting, possibly little theory from environmental accounting.
CVP analysis/Linear programming.
Types of budgets/flexible budgets.
Planning and operational variances, with some basic ones.
Performance analysis of a business over few periods involved.
Q1: Income tax computations for husband and wife.
- For a self employed person maybe involving adjustment of a profit.
- Employment income including the evaluation of benefits.
Q2: (a) Corporation tax computation - ddjustment of a trading loss and relief for the trading loss in the current chargeable accounting period and carry back for 12 months including capital allowances for plant and machinery.
(b)VAT - surcharges for paying the VAT late/group registration for VAT.
Q3: Capital gains tax for individual with shares including rights and bonus issues and incorporation relief.
Q4: Pensions and the new rules.
Q5: Implications of a person being UK domiciled for the purposes of IHT, or property business income for individuals.
Q1: CSFP or CIS with associates and contingent or deferred consideration; or CSFP plus CIS without Assoc.
Q2: Redrafting published accounts; or normal Published, both with 15 marks on standards.
Q3: Interpretation and/or cash flow, with 5 marks on standards.
Q4: Mixed standards and concepts, eg financial instruments, non-current assets, contracts, deferred tax, discontinued operations.
Q5: Mixed standards, eg substance, EPS, leasing, accounting policy changes, intangibles.
Substative procedures – inventory, share capital, reserves and director’s emoluments, opening balances and comparatives.
Internal controls – revenue and capital expenditures.
Planning issues – audit risk.
Ethics – fundamental ethics (dr PICCO) and threats and safeguards.
Audit reports & going concern.
Audit evidence – quality, quantity, reliability and relevance.
Investment appraisal with tax and inflation possibly a bit of sensitivity or lease or buy.
WACC computation possibly with a bit of Project specific cost of equity.
Working capital to include cash management eg miller-orr model or cash budgeting and financing working capital.
Business finance to include a bit of dividend policy and debt financing.
Valuation to include PE ratio method and dividend growth model.
Role of the chairman.
Audit committee and internal audit.
Group comprehensive income (or cash flow).
Financial instruments. Deferred tax. Pensions Non current assets.
The usual mix of standards in the mix question.
Joint arrangements, fair value or hedging as current issues.
Strategic analysis - including external analysis and management accounting as part of decision-making.
Financial analysis of a company.
Evaluation of a strategic option suggested by the examiner.
Application of the marketing mix.
Improvement of business processes (probably including use of e-business).
Process of managing change.
IHT with the death estate including BPR, APR and valuation rules. Transfer of unused nil rate band between spouses. Changing the will after a person is dead. Instalment option for paying IHT.
A big company question regarding a company selling its trade and assets.
Controlled foreign companies and transfer pricing.
Sole trader starting to trade with opening year rules, choice of accounting date, capital allowances and maybe trading losses at the beginning of the trading cycle.
Maybe Rules for personal service companies
Incorporation of a business including incorporation relief and the election to transfer plant and machinery at TWDV.
Self assessment for individuals, consequences of filing the tax return late and paying the balancing payment late.
Ethics and deliberate tax defaulters.