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2011年6月ACCA《P4高级财务管理》大纲(10)

考试吧整理了2011年6月ACCA《P4高级财务管理》大纲汇总,该大纲和学习指南旨在帮助考生规划学习,并为每一部分的考点提供详细的信息。

  NOTE OF SIGNIFICANT CHANGES TO P4

  RATIONALE FOR CHANGES

  ACCA periodically reviews its qualification syllabuses so that they fully meet the needs of stakeholders such as employers,students,regulatory and advisory bodies and learning providers.As a result of the latest review,ACCA is making changes to the ACCA Qualification,effective from June 2011.With each syllabus is included a specific rationale for these changes as far as each examination syllabus and study guide is concerned.

  The P4 syllabus has been changed as a result of a periodic qualification review process and to take into account a clearer mapping of the two syllabuses and to achieve appropriate progression from F9.

  Areas that did not align well with the theme of the paper,or where there were overlaps with other papers,have been removed

  There have not been any significant new areas added to the syllabus,but rather a re-arrangement of the syllabus and a grouping/splitting of items in the study guide to make it clearer.For example,some deleted sections or subsections have been reworded and moved to other areas in the syllabus,but these have been noted as additions below.

  The main changes to the syllabus are as shown in Tables 1 and 2 below:

  Table 1-Additions to P4

  Section where additions arise Subject areas where additions are proposed

  A2-Financial Strategy formulation a)Assess corporate performance using methods such as ratios,trends,EVA and MVA

  d)Explain the theoretical and practical rationale for the management of risk

  e)Assess the firm’s exposure to business and financial risk including operational,reputational,political,economic,

  regulatory and fiscal risk.[3]

  (note:some of this is from the old section)

  f)This includes the following:'demonstrate risk diversification through the application of portfolio theory.[3]

  C1-Discounted cash flow techniques and use of cash flow a)(iv)Probability analysis and sensitivity analysis when adjusting for risk and uncertainty in investment appraisal.

  C2-Application of option pricing theory in investment decisions and valuation d)Apply the BSOP model to estimate the value of equity of a firm and discuss the implications of the change in value.[3]

  C3-Impact of financing on investment decisions and adjusted present values Assess the appropriateness and price of the range of sources of finance available to a firm including equity,debt,hybrids,lease finance,venture capital,business angel finance,private equity,asset securitisation and sale.[3]

  Assess a firm’s debt exposure to interest rate changes using the simple Macaulay duration method.[3]

  F1-The role of treasury function in multinational d)(iv)Risks such as delta,gamma,vega,rho and theta,and how these can be managed.

  F2.The use of financial derivatives to hedge against forex risk a)Assess the impact on a firm to exposure in translation,transaction and economic risks and how these can be managed.[2]

  G1-Emerging issues This has included the impact of the recent financial crisis,and growth and impact of dark pool trading

  Additional reading:

  Arnold,G.,Corporate Financial Management,FT Prentice Hall

  Damodaran,A.,Investment Valuation:Tools and Techniques for Determining the Value of Any Asset,Wiley

  Hull,J.,Fundamentals of Futures and Options Markets,Pearson

  Smithson,C.,Managing Financial Risk:A guide to Derivative Products,Irwin

  Table 2-Deletions to P4

  Section where deletions arise Subject areas where deletions are proposed

  A2-the role and responsibility of senior financial executive f)Prepare advice on personal finance to individual as well as groups of investors covering areas such as investment and

  financing

  D1-Predicting corporate failure a)Assess the risk of corporate failure within the short to medium term using a range of appropriate financial evaluation methods

  (this will require an ability to use multivariate techniques such as the Z and Zeta score models).[3]

  b)Advise on the application of financial distress models to firms in emerging markets given local regulatory and financial market conditions.[3]

  G2 Financial engineering and emerging derivatives Financial engineering and emerging derivatives (the whole area)

  相关推荐:

  2010年12月分ACCA考试成绩查询时间及方式通知

  2011年度全国ACCA考试时间:预计6月初举行

  2010年12月ACCA考试(国际注册会计师)真题汇总

  2011年6月份ACCA考试各科大纲汇总

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