- Understanding of the central economic problem and the nature of economics
- Supply and demand principles including market price
- Market responsiveness and market adjustment
- Costs, revenues and profit maximization
- Market environments
- Theory of the whole economy including national income, aggregate supply and demand,
- Short-term fluctuations and economic growth
- Inflation and the balance of payments
- Global economy including international trade
- The context and purpose of financial reporting.
- The scope and purpose of financial statements for external reporting.
- Users and stakeholders needs.
- The main elements of financial reports.
- The use of double entry and accounting systems.
- The accounting equation.
- Double entry book-keeping principles including the maintenance of accounting records and sources of accounting information.
- Ledger accounts, books of prime entry and journals.
- Recording transactions and events.
- Sales and purchases.
- Cash Inventory Tangible non-current assets – depreciation & revaluation.
- Accruals and prepayments.
- Receivables and payables.
- Irrecoverable debts and allowances for doubtful debts.
- Capital structure and finance costs.
- Preparing a trial balance.
- Trial balance.
- Correction of errors.
- Control accounts and reconciliation thereof.
- Bank reconciliations.
- Suspense accounts.
- Preparing basic financial statements.
- Statements of financial position and income statements for sole traders, companies and partnerships.
- Statements of cash flows for companies.
- Revision of basic mathematic skills: indices, algebra, transposition of formulae, solving simultaneous equations and substitution.
- Linear functions, solutions, application of simultaneous equations to points of intersection.
- Non-linear functions: quadratics and the quadratic formula, polynomials, exponents, exponentials, logarithmic functions (preceded by revision of common and natural logarithms.
- The various rules of differentiation.
- Partial derivatives.
- The mathematics of finance: time value of money, simple and compound interest and investment growth, application of the exponential to growth formulae and continuous compounding, discounting, present valuing, investment appraisal, annuities and perpetuities, geometric series and their application to the dividend discount model.
- Revision of basic statistics and presentation formats (graphs).
- Introduction to probability and the related distributions.
- The chi-squared distribution, sampling error and estimation.
- Correlation and regression.
Professional Practices for Accountants
- Commercial Awareness.
- Lifelong Learning.
- Presenting with Confidence.
- Student and Graduate Insights.
The Business Environment
- The Business Environment
- Business Ownership & Entrepreneurship
- Commercial Awareness
- Management & Organisation
- Human Resources
- Finance & Investment
Computer Aided Accounting Practices
- The functions and purposes of accounting software: Financial Accounting Systems and Management Information Systems (MIS)
- Financial accounting software.
- VAT: background, rates, basic regulations and accounting.
- Accounting for payroll: PAYE income tax, employers’ and employees’ National Insurance (NI).
- The imprest system.
- The Chart of Accounts.
- Coding: key considerations.
- Setting up a new company in Sage: setting-up product, supplier, customer and bank details.
- Processing transactions using Sage: sales and purchase orders, invoices and credit notes, bank payments and receipts, petty cash, wages, period-end adjustments.
- The Fixed Asset Register.
- Audit/control considerations: internal controls, reconciliations, data validation, suspense accounts and mispostings.
- The correction of errors in Sage.
- Incorporation of budget figures.
- Producing standard reports: Nominal Activity, Audit Trail, Trial Balance, Income Statement , Balance Sheet.
- Financial Modelling.
- Introduction to flexible modelling.
- Spreadsheet modelling best practice.
- Building a spreadsheet model: key considerations.
- Navigation and shortcuts using Excel.
- Enhancing spreadsheet models using the inbuilt features of Excel: Intermediate and more advanced features.
- Modelling mountain approach.
- Expanded models with debt, depreciation and dividends.
- Dealing with negative bank balances using IF functions.
- AVERAGE, MAX and MIN commands
- Circularities and iterations
- Testing the reliability of a model
Fundamentals of Finance
- Goals and governance of the firm
- Financial markets and institutions
- Time value of money
- Valuing bonds
- Valuing stocks
- Net present value and other investment criteria
- Introduction to risk, return and capital budgeting
- Cost of capital
- Financial Options
Management Accounting for Planning, Decision Making and Control
- Introduction to management accounting and the classification of costs
- Cost volume profit analysis
- Full costing
- Other costing approaches
- Progress test one
- Budgeting continued
- Variance analysis
- Making capital investment decisions
- Managing working capital
Audit and Assurance
The concept, process and need for assurance
Gathering evidence on an assurance engagement
Define the assurance process
Evaluation of results of assurance work
Plan and perform assurance engagements
Define the concept of reasonable assurance.
- INTERNAL CONTROLS
Effective systems of control;
Fundamental principles of effective control systems;
The components of internal control in both manual and IT environments
- Preventative and detective controls;
Identify and compare the different methods of obtaining evidence
- Strengths and weaknesses of the different methods of obtaining evidence;
Compare the reliability of different types of assurance evidence;
Select appropriate methods of obtaining evidence from tests of control and from substantive procedures for a given business scenario
- PROFESSIONAL ETHICS
The role of ethical codes and their importance to the profession;
Rules based ethical code and one based upon a set of principles;
Identify the key features of the system of professional ethics adopted by IFAC (International Federation of Accountants)
- The fundamental principles underlying the IFAC and the ICAEW code of ethics;
integrity and objectivity to professional accountants, identifying situations that may impair or threaten integrity and objectivity;
The importance of
- Threats to the fundamental ethical principles and the independence of assurance providers:
Safeguards to eliminate or reduce threats
- Introduction to equity markets Arnold
- Risk versus Return
- The Capital Asset Pricing Model and Factor Models
- The time value of money
- Dividend discount model and the market
- Valuation of bonds
Capital Structure and the weighted average cost of capital
- Valuation and Investment Decision Rules
- Dividend Policy
- Market Efficiency
- FX markets, risk, hedging using forward, futures, trading and hedging
- Equity options, fx options
- Hedging using fx options
Financial Reporting 1
- The regulatory structure of the International Accounting Standards Board (IASB);
- Preface to IFRS IASB conceptual framework for financial reporting;
- Presentation of Financial Statements
- Property, Plant and Equipment
- Impairment of Assets
- IFRS5 Non Current Assets held for sale and discontinued operations (excluding disposal groups);
- Provisions, contingent liabilities, and contingent assets
- Events after the Reporting Period
- Construction Contracts
- Accounting Policies, changes in accounting estimates and errors
- Income tax (current tax adjustments only);
- Accounting for Government grants and disclosure of government assistance;
- Effects of foreign exchange rates (individual companies only);
- Financial Instruments (basic concepts);
- Statement of Cash Flows;
- Earnings Per Share (excluding diluted EPS).
Ethical Practices in Accounting
- Business ethics and theoretical perspectives
- Business ethics theories, including stakeholder and stockholder theory;
- Small business ethics: examples of ethical decision making in context
- International business ethics: global examples
- Ethical issues and functional areas: challenges and practices
- The ethical organisation: organisational ethics;
- Introduction to English Law, the English legal system and European Law
- Elements of contract law, including formation considerations and electronic contracts
- Terms and conditions of contracts
- Breach of contract and remedies for breach
- The law of agency and an introduction to the tort of professional negligence
- Employment law, including unfair dismissal and redundancy considerations
- Business organisations, including partnerships, limited liability partnerships and the different types of company
- The formation, administration and regulation of companies, and in particular the duties of directors;
- The different types of company capital and finance;
- Insolvency, the different types of insolvency and the remedies available in the event of insolvency;
- The company and the criminal law, including considerations of fraud, money-laundering, bribery and whistle-blowing, and the regulation of personal data
- Process costing systems
- Activity-based costing (ABC)
- Financial information for pricing decisions
- Dealing with risk and uncertainty in decision-making
- Scarce resources and use of linear programming techniques
- The use of ‘relevant costs’ for decision-making
- Budgeting processes and purposes, an introduction to behavioural aspects, andalternative budgeting techniques
- Further standard costing and variance analysis (including fixed overhead variances, and mix and yield/quantity variances)
- Divisional financial performance measurement and transfer pricing
- Ethics and law
- Capital gains tax
- Income tax
- Inheritance tax
- National insurance contributions
- Corporation tax
- VAT and stamp taxes
Theoretical Aspects of Accounting
- Bond & stock valuation; term structure of interest rates; raising finance
- Capital budgeting and risk; theory and empirical evidence
- Capital structure and dividend policy: theories and empirical evidences
- Fundamentals of portfolio risk and return
- Asset pricing (CAPM and APT) – theories and empirical evidence
- Portfolio management and performance evaluation
- Leasing Contracts; mergers and acquisitions
- Understanding and Valuing Options
- Application of Options
- Introducing strategy
- The environment
- Strategic capabilities
- Strategic purpose
- Business level strategy
- Corporate strategy and diversification
- Mergers, acquisitions and alliances
- Managing risk
- Evaluating strategies
- Leadership and changes
Financial Reporting 2
- IAS17 Leases (lease accounting only but including sale and leaseback)
- IAS 23 Borrowing Costs
- IAS 24 Related Party Disclosures
- IFRS 10 Consolidated Financial Statements (replaces IAS 27)
- IAS 28 Investments in Associates
- IFRS 11 Joint Arrangements (replaces IAS 31)
- IAS 36 Impairment of Assets (emphasis on intangibles)
- IAS 38 Intangible Assets
- IFRS 3 Business Combinations
- IFRS 12 Disclosure of Interests in Other Entities
- IFRS 13 Fair Value Measurement
Financial Risk Management
- Introduction to Risk Management
- Measuring Risk
- Interest Rate Risk I
- Interest Rate Risk II
- Market Risk I
- Market Risk II
- Credit Risk I
- Credit Risk II
- Liquidity Risk
- Sovereign Risk
- Capital Adequacy
- The nature and purpose of the audit function
- Auditing postulates
- Positive auditing theory
- The auditor and the law
- Auditing standards
- The approach to audit work & audit planning
- Internal controls
- Auditing procedures and audit evidence
- Audit reports
- Other audit procedures required by ISAs
- Ethics and independence
- Communication Skills
- Taxation of Business and Corporate Entities
- International Aspects of Corporate Entities
- Taxation of Business and Corporate Entities
- International Aspects of Corporate Taxation
- Financing and Investing
- Employment Income abd /r/emuneration Packages
- Personal Taxation and Overseas Taxation
- Ethics and Law
- Tax Planning
Corporate Financial Reporting
- Analysing and interpreting financial statements
- Limitations of financial statements and interpretation technique;
- IFRS 8 Operating Segments
- IAS 33 Earnings Per Share (including diluted EPS);
- Advanced Group Accounting to include:
- IAS 12 Income Taxes (Deferred Tax);
- IAS 19 Employee Benefits;
- IFRS 2 Share Based Payments;
- Current Issues in Corporate Reporting
- Management Accounting Control Systems – Development, control types and effectiveness
- Management Accounting Control Systems – Effective incentives + rewards
- Performance Management – traditional approaches
- Performance Management – Balanced perspectives
- Introduction to the assignment
- Strategic Management Accounting – Activity based environments
- Strategic Management Accounting – Investing for future capabilities
- Strategic Management Accounting – Managing a total quality approach
- Strategic Management Accounting – approaches to pricing
- S&TI in PM – Behavioural + ethical issues , social responsibility + sustainability
- Future Role of Management Accounting Control Systems