ACCA Strategic Professional study guide
Every chapter of all four papers, broken into 883 topics. Each topic shows the concept, a step-by-step way to solve questions, the quickest method for the exam, the mistakes students make and worked examples.
Paper SBL: Strategic Business Leader
Subjective, written · 33 chaptersGovernance scope and approaches
- Definition and Scope of Corporate Governance
- Agency Theory and the Agency Problem
- Stakeholder Theory and Stakeholder Influence
- Rules-Based vs Principles-Based Governance Approaches
- Governance Codes and the OECD Principles
- Governance Failures, Scandals and Their Causes
- Public Sector and Not-for-Profit Governance
Concepts of strategy
- What is Strategy? Levels and Strategic Management
- Mintzberg's Deliberate and Emergent Strategy
- Strategic Planning Models: Rational vs Incremental Approaches
- Johnson, Scholes and Whittington Strategy Lenses
- Strategic Position, Choices and Action (Johnson, Scholes)
- Vision, Mission, Objectives and Stakeholder Influence
- Competitive Advantage and Strategic Capability
Environmental issues
- PESTEL Analysis of the Macro-Environment
- Porter's Five Forces and Industry Structure
- Industry Life Cycle and Competitor Analysis
- Porter's Diamond and National Competitive Advantage
- Opportunities and Threats: Scenario Planning and Uncertainty
- Stakeholder Analysis and Mendelow's Matrix
- Sustainability, Environmental Impact and Social Responsibility
Strategic choices
- Porter's Generic Strategies and Competitive Advantage
- Ansoff's Matrix and Product-Market Strategies
- Methods of Strategy Development: Organic, Acquisition, Alliance
- Corporate Parenting and Portfolio Models (BCG, GE)
- International and Global Strategy Choices
- Evaluating Strategic Options: Suitability, Acceptability, Feasibility
- Business Model Strategy and Innovation
Managing, monitoring and mitigating risk
- Risk Management Process and Risk Assessment
- Risk Responses: TARA Framework
- Types of Risk Faced by Organisations
- Risk Culture, Roles and Responsibilities
- Monitoring Risk and Internal Control Systems
- Frameworks and Standards for Risk Management
- Risk Mitigation Through Business Continuity and Crisis Planning
Management and internal control systems
- Management Control Systems and Control Frameworks
- Internal Control Systems and Their Components
- Internal Control Weaknesses and Recommendations
- Internal Audit Function and Its Role
- Outsourcing and In-house Internal Audit
- External Audit and Audit Committees
- Systems of Control: Fraud, Compliance and Whistleblowing
Audit and compliance
- Purpose and Role of Internal Audit
- Internal Audit vs External Audit
- Internal Audit Function: Outsourcing and In-House Options
- Audit Committee and Corporate Governance
- Internal Control Systems and Reviewing Their Effectiveness
- Internal Audit Types: Operational, Value for Money and Fraud
- Compliance, Laws and Regulation
- Auditor Independence, Ethics and Whistleblowing
Enabling success: organising
- Organisational Structure and Mintzberg's Configurations
- Organisational Forms: Functional, Divisional, Matrix and Network
- Centralisation, Decentralisation and Span of Control
- Organisational Culture and the Cultural Web
- Organisational Life Cycle and Growth Stages
- Process Organisation, Shared Services and Outsourcing
- Organisational Knowledge, Learning and Flexible Working
Enabling success: performance excellence
- Performance Excellence and Organisational Performance
- Performance Measurement Frameworks and the Balanced Scorecard
- Critical Success Factors and Key Performance Indicators
- Financial and Non-Financial Performance Indicators
- Performance in Not-for-Profit and Public Sector Organisations
- Benchmarking and Continuous Improvement
- Governance, Risk and Ethics in Achieving Performance
Paper SBR: Strategic Business Reporting (International)
Subjective, written · 18 chaptersRevenue
- IFRS 15 Five-Step Revenue Model
- Identifying Performance Obligations and Distinct Goods
- Transaction Price: Variable Consideration and Financing
- Allocating Transaction Price Using Standalone Selling Prices
- Recognition Over Time vs Point in Time
- Principal vs Agent, Licences and Repurchase Arrangements
- Contract Costs, Contract Modifications and Presentation
Financial instruments
- Financial Instruments Definitions and Classification
- Compound Financial Instruments and Split Accounting
- Initial and Subsequent Measurement and the Effective Interest Rate
- Impairment of Financial Assets: Expected Credit Loss Model
- Derecognition of Financial Assets and Liabilities
- Hedge Accounting
- Derivatives and Embedded Derivatives
- IFRS 7 Financial Instruments Disclosures
Employee benefits
- IAS 19 Scope and Short-term Employee Benefits
- Defined Contribution vs Defined Benefit Plans
- Defined Benefit Plans: Measurement and Net Liability
- Defined Benefit Costs: P&L and OCI Recognition
- Past Service Cost, Curtailments and Settlements
- Other Long-term Benefits and Termination Benefits
- Disclosure and Ethical Issues in Employee Benefits
Presentation and disclosure in financial statements
- IAS 1 Presentation of Financial Statements
- IFRS 18 Presentation and Disclosure in Financial Statements
- IAS 8 Accounting Policies, Estimates and Errors
- IAS 10 Events After the Reporting Period
- IFRS 5 Discontinued Operations and Held for Sale
- IAS 33 Earnings Per Share
- IFRS 8 Operating Segments
- IAS 24 Related Party Disclosures
Group accounting including statements of cash flows
- Subsidiaries and Consolidated Statement of Financial Position
- Consolidated Statement of Profit or Loss and OCI
- Associates and Joint Arrangements
- Step Acquisitions and Disposals of Subsidiaries
- Foreign Subsidiaries and IAS 21 in Groups
- Complex Group Structures
- Consolidated Statement of Cash Flows
- Group Reporting Issues and Ethical Considerations
Foreign transactions and entities
- IAS 21 Functional and Presentation Currency
- Foreign Currency Transactions in Individual Entities
- Translation of Foreign Operations into Presentation Currency
- Goodwill and Fair Value Adjustments of Foreign Operations
- Disposal of a Foreign Operation and Net Investment
- Hedging Foreign Currency Exposures and Hyperinflation
Analysis and interpretation of financial and non-financial information and measurement of performance
- Stakeholder Information Needs and Performance Analysis
- Ratio Analysis and Interpretation of Financial Statements
- Limitations of Financial Statements and Accounting Policy Effects
- Alternative Performance Measures (APMs)
- Segment Reporting and Performance Measurement (IFRS 8)
- Earnings per Share (IAS 33) and Investor Measures
- Integrated Reporting and Non-Financial Information
- Sustainability, ESG and Environmental Reporting
Discussion of issues in financial reporting
- Conceptual Framework for Financial Reporting
- Standard Setting and Regulatory Framework
- Principles vs Rules and Professional Judgement in Reporting
- Exposure Drafts and Proposed Changes to IFRS Standards
- Current Issues: Alternative Performance Measures and Management Commentary
- Accounting Policies, Estimates and Changes in Regulation
Paper AFM: Advanced Financial Management
Subjective, written · 20 chaptersFinancial strategy formulation
- Role of the Senior Financial Adviser
- Financial Objectives and Shareholder Wealth Maximisation
- Stakeholder Objectives and Conflicts
- Not-for-Profit Organisations and Value for Money
- Financial Strategy, Dividend Policy and Capital Structure
- Financial Planning, Constraints and Capital Rationing
- Financial Strategy in Context: Ethics, Governance and Risk
Strategic business and financial planning for multinational organisations
- Role of the Senior Financial Adviser in a Multinational
- Financial Objectives and Shareholder Wealth Maximisation
- Stakeholder Conflicts and Agency Theory
- Corporate Governance and Ethical Issues in Financial Strategy
- Impact of Environmental and Economic Factors on Strategy
- Financial Strategy Formulation and Policy Choices
- Financial Planning, Performance Measures and Not-for-Profit Objectives
International investment and financing decisions
- Multinational Investment Appraisal and Foreign Projects
- Adjusted Present Value for International Projects
- Foreign Exchange Rate Forecasting and Parity Theories
- Political, Country and Foreign Investment Risk
- Cost of Capital and Discount Rates for Overseas Projects
- International Financing Decisions and Sources of Finance
Valuation for acquisitions and mergers
- Acquisition Valuation Overview and Synergies
- Asset-Based Valuation Methods
- Market-Based Valuation: P/E and Earnings Yield
- Dividend Valuation Model and Growth
- Cash Flow Based Valuation: DCF and Free Cash Flow
- Valuing Intangibles and Real Options in Acquisitions
- Impact of Acquisition on Acquirer: EPS, Share Price and Gearing
Financing acquisitions and mergers
- Methods of Financing Acquisitions: Cash vs Share Exchange
- Share Exchange Offers and Valuation of Combined Entity
- Cash Offers and Funding via Debt or Rights Issue
- Convertible Bonds, Vendor Placing and Other Hybrid Offers
- Impact of Financing on Shareholders: EPS, Gearing and Control
- Financing Choice, Market Reaction and Bid Evaluation
Paper AM: Advanced Performance Management
Subjective, written · 12 chaptersFinancial performance measurement
- Financial Performance Measures and Ratio Analysis
- Limitations of Financial Performance Measures
- Divisional Performance: ROI, Residual Income and EVA
- Shareholder Value Measures: MVA, TSR and Value-Based Management
- Cash-Based Measures: Cash Flow ROI and Free Cash Flow
- Public Sector and Not-for-Profit Financial Measures
Performance improvement models and techniques
- Business Process Re-engineering and Process Improvement
- Lean, Six Sigma and Total Quality Management
- Benchmarking and Best Practice
- Value Chain Analysis and Activity-Based Management
- Target Costing, Kaizen Costing and Life Cycle Costing
- Throughput Accounting and Theory of Constraints
- Performance Improvement in Different Sectors and Contexts
Performance optimisation in specific contexts
- Performance Management in Not-for-Profit Organisations
- Value for Money and the 3Es Framework
- Performance Management in Service Organisations
- Performance Management in Divisionalised and Multinational Firms
- Performance Management in Private Sector and Other Contexts
- Stakeholder Conflicts and Performance Targets in Context
Paper ATX: Advanced Taxation (UK)
Subjective, written · 38 chaptersIncome tax: income from employment
- Employment vs Self-Employment Status
- Taxable Earnings and Employment Income Basis
- Benefits in Kind and the Official Rate of Interest
- Class 1 and Class 1A National Insurance Contributions
- Share Schemes: Approved and Unapproved
- Termination Payments and Redundancy
- Pension Contributions and the Annual Allowance
- Tax-Efficient Remuneration Planning
Income tax: income from self-employment
- Adjustment of Profits for Sole Traders and Partners
- Capital Allowances and Structures and Buildings Allowance
- Basis Periods and Opening and Closing Year Rules
- Trading Losses and Relief Options
- Partnerships and Limited Liability Partnerships
- National Insurance for the Self-Employed
- Pension Contributions and Reliefs for Traders
- Business Reliefs: Incorporation, Cessation and Disposal
Income tax: property and investment income
- UK Property Business Income: Computation and Losses
- Capital Allowances on Plant, Machinery and Structures
- Rent-a-Room Relief and Furnished Holiday Lettings
- Savings and Dividend Income: Rates, Nil Rate Bands and Allowances
- Tax-Efficient Investments: ISAs, Pensions and Reliefs Cap
- Interest on Tax, Penalties and Stamp Taxes on Investments
Income tax: the comprehensive computation of taxable income and the income tax liability
- Income Tax Computation Format and Types of Income
- Personal Allowance, Restrictions and Reliefs
- Income Tax Rates, Bands and Nil Rate Bands
- Cap on Income Tax Reliefs
- Pension Contributions and Relief in the Computation
- Payment of Income Tax, Interest and Penalties
- Tax Planning and Comprehensive Income Tax Scenarios
Capital gains tax and trusts
- CGT Rates, Annual Exempt Amount and Computation Basics
- Business Asset Disposal Relief and Investors' Relief
- Gift Holdover Relief and Rollover Relief
- Share Disposals, Reorganisations and Share Matching
- Capital Gains Tax, Capital Allowances and Stamp Taxes Links
- Trusts: Types, Creation and CGT on Transfers
- Trusts: Income Tax, Interest and Inheritance Tax
Capital gains tax: gains and losses on the disposal of movable and immovable property
- CGT Rates, Annual Exempt Amount and Computation of Gains
- Chattels, Wasting Assets and Part Disposals
- Business Asset Disposal Relief and Investors' Relief
- Gift Holdover Relief, Rollover Relief and Incorporation Relief
- Disposal of Shares, Share Reorganisations and Matching Rules
- Residential Property, Private Residence Relief and Reporting
- Capital Allowances, Stamp Taxes and IHT Interaction on Property
Capital gains tax: gains and losses on the disposal of shares and securities
- Share Disposals by Individuals: Matching Rules and Pooling
- Bonus Issues, Rights Issues and Share Reorganisations
- Takeovers, Reconstructions and Share-for-Share Exchanges
- CGT Rates, Annual Exempt Amount and Business Asset Disposal Relief
- Investors' Relief and Share Loss Relief
- Gift Relief, Reliefs on Shares and Stamp Duty on Shares
Capital gains tax: the use of exemptions and reliefs in deferring and minimising tax liabilities
- CGT Rates, Annual Exempt Amount and Loss Planning
- Business Asset Disposal Relief and Investors' Relief
- Gift Holdover Relief and Rollover Relief
- Incorporation Relief and Share Reorganisations
- Reinvestment Reliefs: EIS and SEIS Deferral
- Exemptions: Principal Private Residence, Chattels and Gifts to Charity
- CGT Administration, Interest and Payment Deadlines
Inheritance tax: the liabilities arising on chargeable lifetime transfers and on death
- IHT Scope, Transfers of Value and Domicile
- Lifetime Exemptions and Reliefs
- Chargeable Lifetime Transfers and PETs
- Death Estate and Residence Nil Rate Band
- Additional Tax on Death and Taper Relief
- Business and Agricultural Property Reliefs
- Valuation Rules, Related Property and Quick Succession Relief
- IHT Payment, Interest, Liability and Tax Planning
Corporation tax: the scope of corporation tax, including close companies and investment companies
- Scope of Corporation Tax and Chargeable Accounting Periods
- Corporation Tax Rates, Marginal Relief and Instalments
- Trading Profits and Capital Allowances for Companies
- Close Companies and Close Investment-Holding Companies
- Investment Companies and Property Income
- Interest Rates, Late Payment and Related Tax Interest
Corporation tax: chargeable gains for companies
- Computing Company Chargeable Gains and Indexation
- Substantial Shareholding Exemption
- Share Pooling and Matching Rules for Companies
- Rollover Relief for Companies
- Capital Losses and Chargeable Gains Group Relief
- Chargeable Gains Groups and Degrouping Charges
- Reorganisations, Reconstructions and Share-for-Share Exchanges
Corporation tax: the comprehensive calculation of the corporation tax liability, including overseas aspects
- Corporation Tax Rates, Marginal Relief and Instalments
- Computing Taxable Total Profits
- Loss Relief for Companies
- Chargeable Gains for Companies and Reinvestment Relief
- Groups: Group Relief, Gains Groups and Stamp Taxes
- Overseas Aspects: Residence, Double Tax Relief and Branches
- Transfer Pricing, CFCs and Anti-Avoidance
- Administration, Interest and Payment of Corporation Tax
Corporation tax: the use of exemptions and reliefs in deferring and minimising corporation tax liabilities
- Corporation Tax Rates, Marginal Relief and Instalments
- Trading Losses: Carry Forward, Carry Back and Terminal Relief
- Group Relief and Capital Gains Group Reliefs
- Chargeable Gains for Companies: Rollover and Substantial Shareholding
- Intangible Assets, Research and Development and Patent Box
- Share Schemes, Pension Contributions and Employer Deductions
- Choice of Business Structure and Extraction of Profits
- Close Companies, Anti-Avoidance and Related Tax Reliefs
Tax administration and the UK tax system
- Scope of the UK Tax System and Examinable Documents
- Income Tax Rates, Bands and the Cap on Reliefs
- Corporation Tax Rates, Marginal Relief and Instalments
- CGT and IHT Rates, Allowances and Reliefs
- VAT Registration, Rates and Late Payment Penalties
- Stamp Taxes: SDLT on Non-Residential Property and Stamp Duty
- Interest on Underpaid and Overpaid Tax and the Official Rate
Alternative ways of achieving personal or business outcomes and their tax consequences
- Incorporation vs Remaining Unincorporated: Tax Comparison
- Extracting Profits: Salary, Dividends, Pensions and Benefits
- Incorporation Relief, Gift Relief and Business Asset Disposal Relief
- Share Sale vs Asset Sale and Business Exit Routes
- Inheritance Tax Planning: Lifetime Gifts and Wills
- Property Transactions: SDLT, Stamp Duty and VAT Considerations
- Financing Choices and Interest, Penalties and Instalments
Taxation effects of the financial decisions made by businesses and individuals
- Tax Effects of Raising Finance for Companies
- Extracting Profits from Owner-Managed Companies
- Choice of Business Structure and Incorporation
- Tax Implications of Acquiring and Disposing of Assets
- Tax Effects of Share Schemes and Employee Rewards
- Tax-Efficient Investment and Disposal Planning for Individuals
- Tax Implications of Corporate Restructuring and Group Decisions
- Cash Flow, Payment Dates and Compliance Impact of Decisions
Tax advantages and disadvantages of alternative courses of action
- Income Tax Rates, Bands and Cap on Reliefs
- Corporation Tax Rates, Marginal Relief and Instalments
- Capital Gains Tax Rates, Annual Exempt Amount and BADR
- Inheritance Tax: Nil Rate Bands, Rates and Taper Relief
- VAT Registration, Deregistration and Penalties
- Stamp Taxes: SDLT on Non-Residential Property and Stamp Duty
- Interest Rates: Official Rate and Late or Overpaid Tax
Statutory obligations, time limits and the implications of non-compliance
- Tax Compliance Obligations and Record Keeping
- Penalties for Late Filing, Late Payment and Errors
- VAT Registration, Deregistration and Late Payment Penalties
- Stamp Duty Land Tax and Stamp Duty Filing Deadlines
- Statutory Residence Test and Reporting Implications
- Pension Scheme Limits and Annual Allowance Charge Reporting
- HMRC Enquiries, Assessments and Time Limits
Investment and other expenditure that reduces tax liabilities
- Capital Allowances for Plant and Machinery
- Tax-Efficient Investments: ISAs and Rent-a-Room Relief
- Cap on Income Tax Reliefs
- Tax Rates, Bands and Allowances for Planning
- Business Asset Disposal Relief and Investors' Relief
- Inheritance Tax Planning: Nil Rate Bands, Rates and Taper Relief
- Stamp Taxes, VAT and Interest and Penalty Rules
Legitimate tax planning measures
- Tax Avoidance, Tax Evasion and Tax Planning Principles
- Income Tax Planning: Rates, Bands and Reliefs Cap
- Capital Gains Tax Planning and Business Asset Disposal Relief
- Inheritance Tax Planning: Lifetime Gifts and Nil Rate Bands
- Corporate Tax Planning: Rates, Marginal Relief and Instalments
- VAT Planning: Registration, Deregistration and Penalties
- Stamp Taxes Planning: SDLT and Stamp Duty
- Interest on Tax and Cash Flow Planning
Mitigation of tax by numerical analysis and reasoned argument
- Quantifying Tax Savings Using Numerical Analysis
- Income Tax Planning: Rates, Bands and Dividend Rates
- Corporation Tax Planning: Rates, Marginal Relief and Instalments
- Capital Gains Tax and Inheritance Tax Planning Measures
- Stamp Taxes and VAT Planning Considerations
- Interest, Penalties and Cash Flow Effects of Deferral
- Reasoned Argument and Presenting Tax Planning Advice
Paper AAA: Advanced Audit and Assurance (International)
Subjective, written · 26 chaptersInternational regulatory frameworks for audit and assurance services
- IAASB, IFAC and the Regulatory Framework for Auditors
- International Standards on Auditing and the Clarity Structure
- Statutory Audit Regulation and Auditor Oversight
- Ethical Requirements and Auditor Independence
- Quality Management Standards (ISQM 1, ISQM 2 and ISA 220)
- Professional Scepticism, Laws, Regulations and Money Laundering
Code of Ethics for Professional Accountants
- IESBA Code of Ethics: Fundamental Principles
- Threats and Safeguards under the Conceptual Framework
- Auditor Independence and Non-Assurance Services
- Confidentiality, Conflicts of Interest and Client Acceptance
- NOCLAR, Whistleblowing and Money Laundering
- Ethical Conflict Resolution and Professional Ethics in Practice
Evidence and testing considerations
- Audit Evidence: Sufficiency and Appropriateness (ISA 500)
- Audit Sampling and Selecting Items for Testing (ISA 530)
- Auditing Accounting Estimates and Fair Values (ISA 540)
- Specific Evidence: Inventory, Confirmations, Related Parties and Laws
- Using Others' Work and Specialist Evidence (ISA 610, 620, 600)
- Data Analytics, Automated Tools and Analytical Procedures (ISA 520)
Audit procedures and obtaining evidence
- Audit Evidence and Sufficient Appropriate Evidence (ISA 500)
- Audit Procedures and Assertions
- Analytical Procedures (ISA 520)
- Audit Sampling (ISA 530)
- External Confirmations, Inventory Counts and Specific Evidence
- Auditing Estimates, Fair Values and Related Parties (ISA 540, 550)
- Using Experts, Management Representations and Documentation
- Automated Tools, Data Analytics and Computer-Assisted Audit Techniques
Group audits
- Group Audit Framework and ISA 600 (Revised)
- Acceptance and Understanding the Group and Its Components
- Component Materiality and Scoping of Components
- Using Component Auditors and Group Auditor Involvement
- Consolidation Process and Group Audit Evidence
- Group Audit Issues: Joint Auditors, Overseas Components and Reporting
Professional and ethical developments
- IESBA Code of Ethics: Fundamental Principles and Threats
- Auditor Independence, Non-Assurance Services and Fees
- Recent IESBA Changes: NOCLAR, Technology and Fees
- Professional Skepticism, Judgement and Quality Management (ISQM)
- Audit Firm Governance, Regulation and Public Interest
- Sustainability, Fraud and Going Concern Developments in Assurance