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UPSR 2011
UPSR Ujian Bertulis 13, 14 & 15 September 2011 (3 hari)


PMR 2011
Ujian Bertulis 4-6 Oktober 2011,10 - 11 Oktober 2011 (5 hari)


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Ujian Bertulis 14 November - 14 Disember 2011 (16 hari)


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LISAN 20 - 22 Sept & 27 - 29 Sept 2011
BERTULIS 21 November 2011 - 15 Disember 2011

                                           Ken Lee

Wednesday, November 26, 2008

KAPLAN FINANCIAL NEWSLETTER

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Examiner’s Approach Interview: F1 - Accountant in Business




F8 Audit and Assurance

Tips for F8 Audit and Assurance (int) Dec 2008

Question 1 (30m)

1. Confirm audit procedures (note: understand the differences between Test of Control TOC & Substantive procedure/testing).

2. Audit procedure relating to assertions on :

  • Non-current asset
  • Bank & cash

3. Audit sampling (5m approx)

4. Combine with IT or CAAT.

Question 2 (10m)

1. there’s 3 ISA that revised or redrafted compared to the last semester:

  • ISA 230 Audit documentation (redrafted) - more info in August 2008 SA magazine pg 54 by Brian Pine
  • ISA 560 Subsequent Events (redrafted)
  • ISA 720 (Redrafted) The auditor’s Responsibility in Relation to Other Information in Documents Containing Audited FS

2. Again, these are only areas to focus.

3. Since it’s 10m and the syllabus is very wide, not possible to spot.

Question 3 - Risk & Audit Approach (20m)

1. Planning & audit risk - More in May 2008 SA magazine pg 43 by Brian Pine

2. Independence - Pilot

3. Work of others - experts

Question 4 - Specialised audit areas (20m)

1. Internal Audit & Corporate Governance

2. Internal audit assignments - procurement(purchase), marketing, treasury & Human resources.

3. Payroll - Pilot

Question 5 - Collection of audit evidence, closedown, reporting (20m)

1. Subsequent event - Pilot & Dec 2005 Q4 OilRakers

2. combine with auditor’s responsibility

3. Audit report

.

Relevant Articles by Alan Lewin F8 examiner

1. Oct 2008 - Ready to sit for F8?

2. April 2008 - Auditing Fundamentals

.

Note: Above area are forecast by Mr Han.

of course, the best tip for all exams is STUDYING EVERYTHING IN THE SYLLABUS & STUDY GUIDE at least 3 times

Resources : Past year questions, Pilot paper, Student accountant magazine, examiner’s approach & lots of judgement & estimates.


ACCA DEC 2008 EXAM TIPS

FTC Tips for Dec 2008 ACCA Examination

F4 – Corporate & Business Law (English variant)
English legal system
• Delegated legislation/interpretation of statutes
Obligations
• Formation and terms of a contract. Duty of care in tort or professional negligence
Employment
• Dismissal
Company law
• Incorporation procedure or articles
• Maintenance of capital
• Termination of directors office and directors powers
• Types of meetings and resolutions
• Fraudulent behaviour - Money Laundering

F5 – Performance Management
• Budgeting
• Learning curves
• Variances, possibly including mix and yield
• Performance measurement including financial and non financial performance indicators
• Transfer pricing or ROCE/ RI
• Throughput accounting

F6 – Taxation (UK)
Question 1 [25 or 30 marks]
• Income Tax
• Income from employment [in particular, the assessable income, benefits and allowable
deductions.]
• Income from self employment [in particular, the basis of assessment, allowable
expenditure, assessable profits on commencement and cessation, capital allowances
and relief for trading losses.]
• Property and investment income [in particular, property business profits, savings
income and dividend income.]
• The computation of taxable income and income tax liability
• The self assessment system [in particular, the time limit for submission of information,
claims and payment of tax.]

Question 2 [25 or 30 marks]
• Corporation tax
• Profits chargeable to corporation tax [in particular, the allowable expenditure in
calculating the tax adjusted trading profit, capital allowances, property business profits,
and relief for trading losses.]
• Computation of corporation tax liability
• Gains group aspect
Question 1 or 2 might include a small element of chargeable gains.
Value Added Tax [10 marks]
A minimum of 10 marks will always be allocated to VAT which will be examined either as part
of Question 1 or 2.
The VAT element will be self contained and so can be answered on its own.
• The computation of VAT liabilities [in particular, the tax point, valuation of supplies,
non deductible input VAT, relief for impairment losses on trade debts]
• Default Surcharge
• The annual accounting scheme.

Question 3 [20 marks]
Capital Gains Tax
• Computation of capital gains
• Computation of the amount of allowable expenditure for a part disposal
• Computation of a chargeable gain on disposal of a chattel
• Computation of exemption when PPR is disposed
• Share identification rules - Individuals
• Exemptions and reliefs [in particular rollover and holdover relief]
• Computation of capital gains tax payable by Individuals [in particular the calculation of
taper relief.]

Question 4 [15 marks]
Some aspect of Income Tax or Corporation Tax not examined within question 1
Question 5 [10 marks]
Some aspect of Corporation Tax or Income Tax not examined within question 2
Partnerships [with explanation of loss relief]
Corporation tax loss relief
Change of accounting date
National Insurance contributions - will not be examined as a separate question, but may
be examined in any question involving income tax or corporation tax.

F7 UK – Financial Reporting (UK variant)
Question 1
Consolidation possibly 3 company B/S or 2 company P/L and B/S
FV adjustments to both purchase consideration and subsidiaries net assets, inter-co loan and PURP.

Question 2
Preparation of published accounts from TB to include P/L, STRGL and B/S - possible transactions, depreciation, revaluation, income tax and deferred tax, lease, development costs.

Question 3
Possible mixed interpretation question to include calculation of a basic cash flow statement and a report to include calculation of ratios and interpretation of the accounts using the cash flow and ratio results.

Question 4 and 5
Long-term contracts, ASB Statement of Principles (elements or qualitative characteristics), Impairment or Provisions.

FTC Exam Tips for F8 Audit and Assurance DEC 2008
Tips include:
Identify and explain / address risks in a scenario
Substantive tests on debtors/receivables, stock/inventory
Weaknesses in internal controls and recommendations (sales, payroll)
Types of assurance assignments
Completion – overall review
Confidentiality and conflicts of interest
Role of internal audit, reliance by external auditors

F9 – Financial Management
• Investment appraisal - NPV/IRR with tax, inflation and working capital is a favourite topic of the examiner, although areas not examined to date include payback, replacement analysis, capital rationing and lease v buy.
• Working Capital Management - receivables are traditionally the most popular topic but payables and cash are due a turn.
• Cost of Capital – given recent articles CAPM, its advantages and disadvantages, and its use in calculating a cost of equity and a risk-adjusted WACC must be expected.
• Risk Management - hedging foreign exchange risk
• Business Finance - gearing/capital structure calculations and comment
• Valuations - asset and cash flow based values

P1 – Professional Accountant
Section A: Compulsory
• always covers range of syllabus areas
• some element of ethics in this question
Section B: 2 from 3
• one question solely on governance
• one question with significant ethics element
Key topics – in section A or B:
• internal audit: independence or appointment (possibly via audit committee)
• remuneration committee
• directors induction and / or appraisal
• ethical decisions: AAA or Tucker
• stakeholder categorisation
• normative / instrumental views of stakeholders
• board structure: family / insider or unitary / two tier
• Corporate Social Responsibility (CSR)
• sound internal controls

P2 INT – Corporate Reporting (International variant)
Compulsory group question within part A could be:
• Cashflow (not examined under the new syllabus, but in the pilot paper)
• Group income statement which will examine aspects of IFRS 3 revised (goodwill and NCI at fair value)
• Accounting for changed shareholdings in group structure
Within the compulsory question, there may also be some explanation and application of ethics and/or a written element which includes IFRS 3 revised.
Multi-topic question to include aspects of:
• Impairments
• Share-based payment
• Financial instruments
• Retirement benefits
• Discontinued and held-for-sale
• Deferred tax
• Provisions and events after the b/s date
Current issues:
• Retirement benefits – Discussion Paper within examinable documents
• Financial Instruments – Discussion Paper within examinable documents
• IFRS 3 Revised
• Harmonisation of international standards

P3 – Business Analysis
Section A
• Question 1 will still focus mainly on the strategic planning process. Key areas may be:
? SWOT
? Ansoff
? Acquisition
• Also expect an implementation issue such as culture or change management
Section B
• If culture and/or change management do not appear in the compulsory question then they may appear in the option questions
• Other areas may be:
? TQM
? Supply chain management
? Choosing & evaluating an IT system

P4 – Advanced Financial Management
Section A
• Business valuation (various methods, with pros and cons)
• Option pricing – Black Scholes model
Section B
• Interest rate hedging (futures and options), bond pricing and credit spreads
• Stakeholders and conflict of objectives
• Investment appraisal – with foreign currency

P5 – Advanced Performance Management
• Corporate failure as per recent article (July 08)
• Pricing (transfer pricing)
• Strategic planning and gap analysis
• Performance measures for both private and public sector
• Environmental management accounting

P6 – Advanced Taxation
- IHT vs CGT for lifetime gifts
- Sole trader/partnership cessation (IT, NICs, CGT and VAT), possibly with incorporation
- Lease versus buy for assets
- Employed versus self-employed (IT and NICs)
- Badges of trade (IT vs CGT)
- Trusts (not a whole question)
- Corporation tax – possible areas:
-R&D
-SSE
-Expansion overseas/CFCs
-Group reorganisations
-Liquidations
- Overseas aspects of personal tax
- VAT group registration
- Ethics (up to 5 marks)

P7 – Advanced Audit & Assurance (UK & INT variant)
Core areas of the syllabus expected to be examined in every sitting:
• Engagement planning and risk (audit risk likely this sitting);
• Gathering evidence;
• Ethics/professional issues; and
• Engagement reporting (particularly audit qualifications).
Subject of recent articles:
• Forensic investigations and audit (September 2008). (Likely to include elements of planning
and/or gathering evidence similar to question 2 of pilot paper).
‘Peripheral topics’ from exam approach article yet to be covered:
• Regulatory framework;
• Obtaining professional work; and
• Corporate governance.

ACCA DEC 2008 EXAM TIPS

ACCA dec 2008 [ Audio Tips ]

ACCA Exam Tips for Paper F4 from FBT

ACCA Exam Tips for Paper F5 from FBT

ACCA Exam Tips for Paper F6 from FBT

ACCA Exam Tips for Paper F7 from FBT

ACCA Exam Tips for Paper P1 from FBT

ACCA Exam Tips for Paper P2 from FBT

ACCA Exam Tips for Paper P3 from FBT

USEFUL INFORMATION FOR EST SPM 2008







P/S : TO PELAJAR KEN , LOG IN EST BAHAGIAN PELAJAR KEN FOR MORE TIPS AND LATEST INFORMATIONS



HOW TO PASS P1, P2, P3 ACCA DEC 2008

ACCA exams

P1, P2, P3 - your final test. How do you jump those hurdles?

HOW TO PASS P1
Read a good newspaper There are so many 'real world' situations of corporate failures and scandals that relate to the topics on the syllabus. Understanding the issues from practical examples will give students a solid foundation for answering questions.
Understand how the topics are inter-related The compulsory question will be based on a case study and will cover several distinct tasks from more than one area of the syllabus, so understand how all areas are interconnected and that the paper is about having an understanding of how accounting contributes to and is underpinned by governance and ethics.
Corporate governance (part A) focuses on responsibility and accountability and how best practice governance recommends responsibility for risk management and internal control. Sound systems of internal control and risk management underpin all effective governance systems (parts B, C and D) and ethical assumptions underpin any profession and system of governance (part E).
Gain the professional marks (4-6 marks) These marks are not for the content of an answer but for how well the answer is presented in terms of structure, style, layout and logical flow. In the June paper these were awarded for layout, logical flow and persuasiveness of the statement.
How to pass P2
There are three key areas for passing P2 – groups, standards and current issues. A lot of the basics for groups come from F7. With a solid knowledge of the foundations of groups it's a much smaller step up to P2 group questions. Practising F7 group questions before you start your P2 studies is great preparation. Then it's practise, practise, practise!
The list of examinable standards is comprehensive and the thought of learning all those standards is not inviting. So rather than trying to 'rote learn' them you should gain the application knowledge that you need by practising questions. Again, basic F7 standards can start you off but you need to move to P2 past questions as quickly as possible. Quoting what the standard says is not enough on P2 – you need to apply and justify the treatment you are recommending for the transaction or event in question, linking this to the conceptual framework. As the examiner has stated: "There will be an increasing emphasis on the framework."
The first question is going to be a mix of these two key areas, so they warrant a lot of attention. The examiner expects all P2 students to be aware of current issues so it is essential that you read the accountancy press (Accountancy, Accounting and Business, PQ magazine) and review websites (ASB/IASB, FASB and ACCA, PQ magazine, etc).
How to pass P3
Understand the syllabus The December sitting will be the third exam for this new syllabus and, as a result, you must consider any new models that the examiner expects you to apply that have never been examined before. For example, you may be required to undertake a TOWS analysis (this is not a SWOT in reverse!) or apply the public sector portfolio matrix or the Ashridge Portfolio Display matrix. There are a number of 'new models' on this syllabus that you must be familiar with. It is also worth studying the V-Model, CMMI and the Cultural Web for the December exam. 'Old models' should also be considered that have not yet been examined on this new syllabus, such as Porter's National Diamond and Mendelow's matrix.
Manage your time Time management is a major problem for students with this paper, especially question 1. The length of the scenario's in section A and B are longer, on average, than the old 3.5 exam questions. There is no substitute for question practice and I would recommend that you attend a question-based revision course with a training provider who will set appropriate exam style questions examining the new models. To guarantee a pass, you must practise answering questions under exam conditions – without looking at the answer as you go along!
Planning your answers There are two approaches to answer planning: contents planning and structure planning. Structure planning your answer is crucial for ensuring that the contents you use from the scenario actually answer the question. Part of structure planning also requires you to consider the mark distribution for the question and ensure that the amount you write (and quality) relates to the marks allocated by the examiner. Make sure that your lecturers read some of your answers and give you appropriate feedback – or if you are on home study, appropriate feedback from your home-study provider.


source: pq magazine

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