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Top tips for the June exam

First Intuition provides its tips for the June exam

First Intuition's June 2016 exam tips

MCQ’s on the whole syllabus.
Environmental accounting.
Limiting factors.
Relevant costing.
Flexed budget and budgeting discussion.
Transfer pricing.
Mix and yield variances.

Employment benefits.
Basis periods.
Loss relief for individuals and companies.
Groups of companies.
Administration of tax.
VAT small company schemes.
CGT: Entrepreneur’s relief, PPR, share disposals.

MCQs on the whole syllabus.
Interpretation of accounts including ratio calculations and written analysis
Preparation of consolidated SFP and / or SPL with associate, PUP and fair value adjustments.
Preparation of single company accounts including tangible non-current assets, intangible assets, taxation and IFRS 15. Possible written element or EPS calculation.

MCQs on the whole syllabus.
Audit risk and auditor response.
Internal control - deficiencies, implications and recommendations.
Audit evidence and substantive testing.
Subsequent events, written representations and going concern.
Modified auditor’s reports.

Discussion of the economic environment and the impact on interest and exchange rates.
Working Capital Management – receivables and payables plus operating cycle.
Investment appraisal & cost of capital.
Business valuations.
Risk management (currency risk calculations).

50 mark scenario question, to include: ethics, governance and risk management. Optional questions to include: Importance of internal controls, directors remuneration, business risks and their mitigation, integrated reporting and one v two tier board structures.

Q1: Group question on disposals or cash flows.
Revenue recognition.
Leases – current issue.
Deferred tax.
Share based payments.

Section A
• Environmental analysis, people with financial analysis.
Section B
• Project management.
• Strategic action.
• Information technology – pricing strategy.

International investment appraisal techniques focusing on risk management tools such as Value at risk.
Impact on WACC following hedging of interest rate risk.
Capital structure; traditional debt finance & Islamic Finance – Sukuk Bonds.
Financial restructuring.

Critique an existing performance management system and the performance hierarchy.
Quality as a critical success factor.
Value based approaches to performance management.
Effective use of information systems.
Environmental performance/analysis.
Balanced scorecard or Performance Prism.

Group relief and consortium relief for companies.
Incorporation relief.
IHT planning.
Patent box.
Share schemes.

Business risks in a scenario.
Identifying ethical and other professional issues in a scenario.
Matters to be considered and audit evidence for a couple of core accounting issues.
Money laundering.
Insolvency issues.
Discussion on audit reports.

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