ACCA Syllabus

Paper F1 – Accountant in Business

Providing a thorough introduction to the foundations of effective management, this paper will help you understand the contemporary business environment and its influence on the operation of accountants and organisations. It also sheds light on the accountant's role within this structure, demonstrating how they can contribute to the development of an effective and ethical organisation.

The main elements of this paper are as follows:

• Business organisation structure, governance, and management
• Key environmental influences and constraints on business and accounting
• History and role of accounting in business
• Specific functions of accounting and internal financial control
• Leading and managing individuals and teams
• Recruiting and developing effective employees

Paper F2 – Management Accounting

This paper will teach you how to prepare and process basic quantitative information, with the aim of supporting management decision-making processes through a range of functions.

The main elements of this paper are as follows:

• The nature and purpose of cost and management accounting
• Cost classification, behaviour, and purpose
• Business mathematics and computer spreadsheets
• Cost accounting techniques
• Budgeting and standard costing
• Short-term decision-making techniques

Paper F3 – Financial Accounting

You will learn the underlying concepts, core principles, and regulations of financial accounting and acquire technical proficiency in double-entry accounting techniques, including the preparation and interpretation of basic financial statements.

The main elements of this paper are as follows:

• Context and purpose of financial reporting
• Qualitative characteristics of financial information and fundamental bases of accounting
• Use of double-entry accounting systems
• Recording transactions and events
• Preparing a trial balance
• Preparing basic financial statements

Paper F4 – Corporate and Business Law

This paper enhances your understanding of the wider legal framework and introduces specific legal issues relating to business, while identifying situations where specialist legal advice must be taken.

The main elements of this paper are as follows:

• Essential elements of the legal system
• The law of obligations
• Employment law
• The formation and constitution of business organisations
• Capital and the financing of companies
• Management, administration and the regulation of companies
• Legal implications for companies in difficulty or crisis
• Governance and ethical issues relating to business

Paper F5 – Performance Management

The objective of this paper is to develop your skills in management accounting techniques. You will learn how to apply this knowledge to quantitative and qualitative data for the purposes of planning, decision-making, and evaluating performance.

The main elements of this paper are as follows:

• Cost accounting techniques
• Decision-making
• Budgeting and forecasting
• Standard costing and variance analysis
• Performance measurement

Paper F6 – Taxation

Gain a more thorough understanding of the business taxation system and its impact on individuals, companies, and groups of businesses.

The main elements of this paper are as follows:

• Trading profits
• Capital allowances
• Employment income
• Property business profits
• Investment income
• Personal tax computations
• National insurance
• Corporation tax
• Capital gains tax
• Value added tax
• Self assessment

Paper F7 – Financial Reporting

This module develops your understanding of accounting standards and financial reporting. You will also study the theoretical principles behind the creation of financial statements, with particular focus on financial statement analysis and interpretation.

The main elements of this paper are as follows:

• Conceptual framework
• Regulatory framework
• Preparation of financial statements
• Business combinations
• Analysing and interpreting

Paper F8 – Audit and Assurance

This paper introduces the knowledge and competencies used by financial managers in the areas of financing, investment, and dividend policy decision-making.

The main elements of this paper are as follows:

• Financial management function
• Financial management environment
• Working capital management
• Investment appraisal
• Business finance
• Cost of capital
• Business valuation
• Risk management

Paper P1 – Governance, Risk and Ethics

You will gain the knowledge and skills required to exercise competent professional judgment with regards to governance, compliance, internal control, and risk management – with particular emphasis on the wider ethical framework.

The main elements of this paper are as follows:

• Governance and responsibility
• Internal control and review
• Identifying, assessing, and controlling risk
• Professional values and ethics

Paper P2 – Corporate Reporting

Learn how to make sound professional judgments in the application and evaluation of financial reporting principles, in a variety of business contexts.

The main elements of this paper are as follows:

• Financial reporting framework
• Reporting financial performance
• Financial statements for groups
• Specialised entities
• Changes in regulation
• Appraisal of performance and position
• Current developments

Paper P3 – Business Analysis

This paper develops students' abilities to formulate business strategy and make sound professional judgments in relation to business processes and organisational changes, which may involve the implementation of new IT and knowledge systems. You will also learn how to manage quality processes, projects, and employees.

The main elements of this paper are as follows:

• Strategic position
• Strategic choices
• Strategic action
• Business process change
• Information technology
• Quality issues
• Project management
• Financial analysis

Paper P4 – Advanced Financial Management

You will develop in-depth knowledge of the world of finance and gain the theoretical skills required of senior financial advisors and executives.

The main elements of this paper are as follows:

• Role and responsibility towards stakeholders
• Advanced investment appraisal
• Acquisitions and mergers
• Corporate reconstruction and re-organisation
• Treasury and advanced risk management techniques
• Economic environment for multinationals
• Emerging issues in finance and financial management

Paper P5 – Advanced Performance Management

Developing advanced management accounting techniques, you will learn to accurately assess the performance and strategic development of global organisations, taking into account economic as well as external factors.

The main elements of this paper are as follows:

• Strategic planning and control
• Economic factors
• Performance systems and design
• Strategic performance measurement
• Performance evaluation
• Current developments

Paper P6 – Advanced Taxation

You will acquire the knowledge needed to offer well informed advice on how large-scale taxation affects financial decision-making.

The main elements of this paper are as follows:

• Advanced facets of the UK tax system
• The impact of taxes and tax interaction
• Tax planning measures
• Communicating with clients, HM Revenue and customs, and professionals

Paper P7 – Advanced Audit and Assurance

P7 will teach you how to analyse, evaluate, and report on assurance engagements, as well as other issues in audit and assurance, within the context of current financial developments and best practice.

It is strongly recommended that before taking paper P7 you have completed, or at least attempted, papers F8 and P2.

The main elements of this paper are as follows:

• Conceptual framework
• Regulatory framework
• Preparation of financial statements
• Business combinations
• Analysing and interpreting