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Learning Unboxed

FTMS Blended Learning Programme for ACCA/FIA powered by BPP UK

BLP

Hey everyone! FTMSGlobal is proud to introduce to you the all-new FTMS Blended Learning Programme for ACCA/FIA powered by BPP UK

2018 will be the year of success & a time to take a new direction.

Give yourself the gift of blended learning. Study with us for Jan 2018 Intake!

Find out more about the new BPP Enhanced Classroom: http://www.ftmsglobal.edu.sg/bpp

 

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Accounting, Budgeting and Controls for Non-Finance Professionals

accounting
 
Accounting and Finance knowledge is necessary for any business. As a business owner or a manager, it’s important to recognize that the best practices as it is essential for success in any size of the business; familiarity with transactions and savvy record-keeping are keys to monitoring the company’s expenses and discovering new avenues of growth.
 
This November, FTMSGlobal Academy delivers two Exclusive Workshops that will provide non-finance trained professionals with an understanding of basics of Accounting and Finance + Budgeting and Controls fundamentals. Having a better understanding of underlying financial and accounting data, concepts and terminology allow for more confident and informed business decisions.
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ACCA-X scoops its 6th Award at The Association Excellence Awards at a ceremony in London

congratulations

ACCA-X: the ACCA’s (the Association of Chartered Certified Accountants) innovative online learning platform has won in the "Best Training Initiative" category held in London on 31 March 2017, making a name for itself as the go-to digital learning programme for those seeking to enhance their financial literacy skills

"We are delighted with this very prestigious award for ACCA-X. We are confident that time will demonstrate just how much ACCA-X has been needed by learners around the world." commended by Reza Ali, director of new ventures, ACCA.

ACCA-X is supported by online tutors who guide students through exciting and interactive content. ACCA-X has over 175,000 registered users from 232 countries and territories.

For more details, please visit these links:
http://www.accaglobal.com/my/en/news/2017/april/assocation-award.html?from=XX
http://www.acca-x.com/global/en/blog/story-so-far.html

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* CTO / photo credits from ACCA-X *

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ACCA-X online wins Study Resource of the Year @ PQ Awards 2017

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Good News everyone!

ACCA-X, FTMSGlobal's partner in delivering innovative online learning platform with blended learning programme to students wins Study Resource of the Year at PQ Awards! 

What a way to kick off the year! Congratulations!

Check out these news links and share:

http://www.pqaccountant.com/best-of-the-pq-awards-2017.html

http://www.accaglobal.com/my/en/news/2017/february/pqawards-accax.html

https://twitter.com/acca_x/status/834773644828168193/photo/1

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* CTO photo credits from ACCA-X *

 

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ACCA P7 - Hot Topics for March 2017 Exams (by Mr CK Fung, FTMSGlobal Subject Specialist)

P7 MARCH 2017

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT YOUR OWN RISKS!

(compiled by Mr Fung Chee Kong, FTMSGlobal Subject Specialist)

Likely to have a question on identifying business risks. (see Dec 2014 Q1a, Dec 2012 Q1a, Dec 2010 Q1a, June 2009 Q1a) Must learn to link business risks to FS risks of MM (see June 2008 Q1, June 2014 Q4a theory) Dec 2014 Q1b).

Be prepared for risk of material misstatements (previously known as FS risks). Practice Dec 2008 Q1a, Dec 2009 Q1c, Dec 2010 Q1b, June 2011 Q1ai and June 2012 Q1aii, June 2013 Q1a, June 2014 Q1a. For identifying risk of MM, see Dec 2012 Q1b, Dec 2010 Q1a, June 2009 Q1a. See also Dec 2008 Q1a and Dec 2009 Q1c.

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ACCA F8 - Hot Topics for March 2017 Exams (by Mr CK Fung, FTMSGlobal Subject Specialist)

F8 MARCH 2017

Professional ethics – May have a question on identifying ethical threats and safeguards/responses. (See June 2006 Q4, June 2007 Q1a, Pilot Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4c, June 2012 Q3b, Dec 2013 Q4c, New Pilot Q1a, June 2015 Q1, Dec 2015 Q1).

If the above ethics case study is not here, take note of confidentiality and what are the exceptions to this principle. (See Dec 2011 Q4c) Plus conflict of interests (June 2011 Q4a, June 2014 Q3c).

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Tips for March 2017 ACCA F7 Exam by Tom Clendon

F7 MARCH 2017

To pass F7 you must practice under time pressure the MCQs as these form the back bone of the exam. As such the paper is very difficult to tip. However recent exams show that ratios are regularly examined and the examiner's reports are that this is an area that candidates can improve. A good working knowledge of the accounting standard are required. Please use up to date materials.

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Tips for March 2017 ACCA P2 Exam by Tom Clendon

P2 MARCH 2017

Q1 should either be the examiner's favourite a group statement of financial position, and if so expect control to control transactions. Alternatively it could be group cash flow (the statement of comprehensive income came up last time so do not get caught out by putting all your eggs in the group statement of financial position). Each paragraph in the p2 exam group statement of financial position questions should be capable of being addressed in isolation. Always clearly reference your workings. Read the examiners reports. Ethics of course will always be there so please have a go and by that I mean apply the ethical principles not just write them out cold. See my article.

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ACCA P7 - Hot topics for the coming December 2016 exam

P7 DEC 2016

ACCA P7 - Hot topics for the coming December 2016 exam

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT
YOUR OWN RISKS! (Compiled by Fung Chee Kong (CK), FTMSGlobal in Singapore)

Likely to have a question on identifying business risks. (see Dec 2014 Q1a, Dec 2012 Q1a, Dec 2010 Q1a, June 2009 Q1a) Must learn to link business risks to FS risks of MM (see June 2008 Q1, June 2014 Q4a theory) Dec 2014 Q1b). Since we are learning risk of MM, the points here can also be used as audit risk points.

Be prepared for risk of material misstatements (previously known as FS risks). Practice Dec 2008 Q1a, Dec 2009 Q1c, Dec 2010 Q1b, June 2011 Q1ai and June 2012 Q1aii, June 2013 Q1a, June 2014 Q1a. For identifying risk of MM, see Dec 2012 Q1b, Dec 2010 Q1a, June 2009 Q1a. See also Dec 2008 Q1a and Dec 2009 Q1c.

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F8 - Hot Topics for December 2016 exams

F8 DEC 2016

F8 - Hot Topics for December 2016 exams

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT
YOUR OWN RISKS! (Compiled by Fung Chee Kong (CK), FTMSGlobal in Singapore)

Professional ethics – May have a question on identifying ethical threats and safeguards/responses. (See June 2006 Q4, June 2007 Q1a, Pilot Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4c, June 2012 Q3b, Dec 2013 Q4c, New Pilot Q1a, June 2015 Q1, Dec
2015 Q1).

If the above ethics case study is not here, take note of confidentiality and what are the exceptions to this principle. (See Dec 2011 Q4c) Plus conflict of interests (June 2011 Q4a, June 2014 Q3c).

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ACCA P2 - Hot topics for the coming December 2016 exam

P2 DEC 2016

ACCA P2 - Hot topics for the coming December 2016 exam

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT
YOUR OWN RISKS! (Compiled by Thomas Henry John Clendon (Tom), FTMSGlobal in Singapore)

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The Risk Conversation at Board Level

RISK

By Professor Andrew Chambers

Andrew Chambers is Academic Director of FTMSGlobal. He chairs FEE’s Corporate Governance and Company Law Working Party. FEE (www.fee.be) is Fédération des Experts-comptables Européens – (Federation of European Accountants). Professionally qualified accountants frequently chair and are members of audit committees of boards and attend audit committee meetings in their capacities as external auditors, chief financial officers, internal auditors, compliance officers and risk managers. The views below are those of Professor Chambers based on his remarks at an ecoDa/FERMA/AIG conference in Brussels.


Abstract:
Risk management is about systematically identifying events and situations that may threaten the entity and positioning the entity to be able to exploit potential opportunities that may arise in the future.

Much has been written on approaches to risk management but much less on how the oversight of risk should be dealt with at the level of the board of directors. A common failure is that the board accepts management’s assessment of risks with too little robust challenge. Another is that oversight of risk is handled almost exclusively at board committee level without in-depth discussion and challenge by the board itself. Handling the interface between the board risk and audit committees is another issue.

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ACCA F8 - Hot Topics For September 2016 Exam by CK Fung

ACCA F8 SEPT 2016 EXAM TIPS

(Compiled by Mr Fung Chee Kong (CK), Subject Specialist Lecturer at FTMSGlobal in Singapore)

Professional ethics – May have a question on identifying ethical threats and safeguards/responses. (See June 2006 Q4, June 2007 Q1a, Pilot Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4c, June 2012 Q3b, Dec 2013 Q4c, New Pilot Q1a, June 2015 Q1, Dec 2015 Q1).

If the above ethics case study is not here, take note of confidentiality and what are the exceptions to this principle. (See Dec 2011 Q4c) Plus conflict of interests (June 2011 Q4a, June 2014 Q3c).

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ACCA P7 - Hot Topics For September 2016 Exam by CK Fung

ACCA P7 SEPT 2016 EXAM TIPS

 THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT YOUR OWN RISKS!

(Compiled by Mr Fung Chee Kong (CK), Subject Specialist Lecturer at FTMSGlobal in Singapore)

Likely to have a question on identifying business risks. (see Dec 2014 Q1a, Dec 2012 Q1a, Dec 2010 Q1a, June 2009 Q1a) Must learn to link business risks to FS risks of MM (see June 2008 Q1, June 2014 Q4a theory) Dec 2014 Q1b). Since we are learning risk of MM, the points here can also be used as audit risk points.

Be prepared for risk of material misstatements (previously known as FS risks). Practice Dec 2008 Q1a, Dec 2009 Q1c, Dec 2010 Q1b, June 2011 Q1ai and June 2012 Q1aii, June 2013 Q1a, June 2014 Q1a. For identifying risk of MM, see Dec 2012 Q1b, Dec 2010 Q1a, June 2009 Q1a. See also Dec 2008 Q1a and Dec 2009 Q1c.

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ACCA F6 Tips for Sept 2016 Exams by Gabriel Chua

ACCAF6 SEPT 2016 EXAM TIPS

 Tips for Section A MCQ

MCQ are tested widely and specifically. Therefore do not skip any material of the F6 syllabus. Questions set in this section are very tricky therefore do not select an answer almost immediately. To score well in this section, you need to be familiar with the nitty-gritty of the tax laws. For example, the specific conditions that must be met for certain type of deductions to be taken.

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ACCA P2 Tips for Sept 2016 Exams by Tom Clendon

ACCA P2 SEPT 2016 EXAM TIPS

 In terms of the P2 September 2016 exam and the tips. After June's tips being spot on I have had to think of some more! Well this time I cannot see Q1 being a cash flow again and would have to favour group statement of financial position to be more likely over the profit or loss. Control to control issues. Maybe foreign currency. You must clearly show your workings. You just must. Errors are made. Markers are looking at your method. Certainly there will be an ethical issue, and this is an area where too many candidates drop marks. Please please prepare for the ethical question. See my article on ACCA web site.

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F5 Hot Tips for June 2016 Exams

ACCA F5 JUNE 2016 EXAM TIPS

The following should be the main focus areas for the 5 questions in Section B:

1) Costing
- Activity Based costing
- Theory of Constraints

2) Decision making
- Linear programming
- Break-even Analysis
- Relevant costing
- Decision Rules

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ACCA P7: Hot Topics for the Coming June 2016 Exam

ACCA P7 JUNE 2016 EXAM TIPS

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT YOUR OWN RISKS! 

Likely to have a question on identifying business risks. (see Dec 2014 Q1a, Dec 2012 Q1a, Dec 2010 Q1a, June 2009 Q1a) Must learn to link business risks to FS risks of MM (see June 2008 Q1, June 2014 Q4a theory) Dec 2014 Q1b). Since we are learning risk of MM, the points here can also be used as audit risk points.


Be prepared for risk of material misstatements (previously known as FS risks). Practice Dec 2008 Q1a, Dec 2009 Q1c, Dec 2010 Q1b, June 2011 Q1ai and June 2012 Q1aii, June 2013 Q1a, June 2014 Q1a. For identifying risk of MM, see Dec 2012 Q1b, Dec 2010 Q1a, June 2009 Q1a. See also Dec 2008 Q1a and Dec 2009 Q1c.

Be prepared for a group audit question. This topic has been appearing every exam since June 2012 (7 exams in a row!). Need to review these 7 questions on group audit (usually in Q1 but some are in Q2 or Q5). Could be identify audit risks/risk of MM for a group?! (June 2012 Q1, Dec 2013 Q1, June 2014 Q1).

Roles of audit committee (= Functions of AC) and impact of AC on external audit. See June 2010 Q2d.

Internal auditing – Outsourcing IA issues to consider (from audit firm’s point of view, from company’s point of view), advantages and disadvantages of outsourcing IA to external audit firm. See Dec 2006 Q2 and June 2010 Q2. Using the work of IA – See Dec 2013 Q1c.

Accounting problems/issues (Many past exam questions on these) Read up and focus on the recent 3 years for this type of question - Important areas include audit of provision (including warranty and decommissioning provision), deferred tax, share-based payments, leases, investment property, change in policy/estimate. You should be aware of the things to cover when question asked for “matters to consider”, then the principal audit procedures.

Use of analytical procedures – Factors to consider when deciding the extent of use and reliance on analytical procedures in testing Dec 2009 Q1a). Although just tested in June 2013 Q1a, plus previously in Dec 2011 Q1a and Dec 2009 Q1a (theory), better to review these 3 questions in case we need to use ratios to get the audit risks. Review June 2006 Q1c and Dec 2006 Q1b too.

Ethical issues facing the auditor – practice lots of the ethics questions. Take note of confidentiality. (Identify circumstances in which the disclosure is permitted or required and discuss the factors, which may justify disclosure under public interest). Providing non-audit services (Valuation, IT services, Internal Audit service = Dec 2012 Q3b) and referral fees.

QC is important – can be linked to ethical issues above and how ethical conflicts can affect quality of work. Read up QC cases like June 2015 Q4, June 2014 Q3, June 2013 Q2a, June 2011 Q1c, Dec 2009 Q2b, Dec 2007 Q1c.

Assurance engagement – A possible question like factors to consider when accepting assurance services (see June 2011 Q3a, Dec 2010 Q2, June 2009 Q2). Need to review how to audit PFI – See Dec 2007 Q2, Dec 2008 Q1, June 2012 Q2 and Dec 2013 Q5b.

Almost certainly a question on audit reporting – Emphasis of matter (June 2010 Q5), adverse and except for opinion. Read a new article (taken from Nov 2013) on proposed new standard of audit report (a current issue), know the proposed new format and new para to be included.

Subsequent events – See Dec 2009 Q5 and review Dec 2010 Q3c.

Compliance with laws and regulations (see Dec 2006 Q4a and Dec 2011 Q2c). Auditor’s responsibility, procedures and reporting duties. See new article in August 2015. This topic could be linked to money laundering. Have to study money laundering – see the same August 2015 article. See Pilot Paper Q5, Dec 2007 Q4, Dec 2009 Q2 and June 2012 Q3, June 2014 Q2b.

Related party – See Dec 2011 Q2aiii, June 2011 Q1b.

Audit of opening balance – See June 2011 Q3b and Dec 2011 Q5c.

Insurance for auditors – two types, advantages and disadvantages of buying insurance.

Remember the key to this paper is practice lots and lots of past exam papers.

And lastly, look out for any relevant P7 article(s).

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ACCA F8: Hot Topics for June 2016 Exams

ACCA F8 JUNE 2016 EXAM TIPS

Professional ethics – May have a question on identifying ethical threats and safeguards / responses. (See June 2006 Q4, June 2007 Q1a, Pilot Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4c, June 2012 Q3b, Dec 2013 Q4c, New Pilot Q1a, June 2015 Q1, Dec 2015 Q1).


If the above ethics case study is not here, take note of confidentiality and what are the exceptions to this principle. (See Dec 2011 Q4c) Plus conflict of interests (June 2011 Q4a, June 2014 Q3c).

Compliance with laws and regulations (See Dec 2011 Q1c)

Acceptance decisions – factors to consider before accepting an engagement. See June 2010 Q4, including preconditions for audit and content of engagement (See Dec 2010 Q3a, Dec 2013 Q4).

Theory of evidence – Factors affecting sufficiency of evidence (see June 2008 Q2a). Identify the assertions for account balance and class of transactions (see June 2009 Q2b, Dec 2009 Q2a and Q5a, new Pilot Q4a).

Internal audit (IA) is important and very likely it will be appearing in this exam. Reliance on IA by EA – what are the factors to consider (see Dec 2011 Q1e, Dec 2009 Q4b, try and understand June 2009 Q3b). Read up Dec 2007 Q3a too, a good question on IA independence. Read up functions of IA (June 2013 Q4b), IA vs EA (see new Pilot Q1b), factors to consider when setting up IA department (Dec 2012 Q3c).

Planning is important, using June 2009 Q1a and Dec 2009 Q1a (Strategy vs Plan). See also Dec 2006 Q1a for risk assessment procedures (RAP).

Must read up on audit risk and responses to risk (see June 2010 Q1a, Dec 2010 Q3, June 2011 Q3, Dec 2011 Q3, Dec 2012 Q3 and June 2013 Q3b, Dec 2013 Q1, June 2014 Q3, Pilot Q5a, Dec 2014 Q2, June 2015 Q5b, Dec 2015 Q4). Almost every exam will have this topic except June 2012 exam. Examiner may set it again!

The control objectives and internal control you would expect to find in the sales and cash receipt system (see June 2010 Q3 and June 2012 Q1a). Identify weaknesses and recommend improvements. Perform test of controls (see June 2011 Q1a and June 2012 Q1aiii for sample) for SALES system. Must have a backup question – do PURCHASE system (See June 2015 Q4, New Pilot Q6, June 2013 Q1, Dec 2010 Q1, Dec 2009 Q5).

The substantive tests used to gather audit evidence in respect of major assertions (completeness, existence, valuation and allocation, accuracy, cutoff), especially in relation to receivables, inventory (Stocktake, NRV test) payables and bank balance (see June 2009 Q1, June 2011 Q1b, Dec 2012 Q4b and all past Q&A related to these balances).

Define true and fair – See Dec 2010 Q2a.

Corporate governance is important. Identify weaknesses and recommend improvements on CG (See Dec 2011 Q4, June 2014 Q4b).


Audit of non-profit organization – Characteristics of non-profit organization, the risks and how these risks affect the audit approach. (Dec 2006 Q4, Dec 2008 Q4).

Subsequent event is important. Definition, responsibility and procedures (see June 2013 Q5b, Dec 2011 Q5, Dec 2008 Q5 and Dec 2005 Q4).

5 elements of assurance engagement (See June 2010 Q2a).

Computer audit is important. Use of CAATs (audit software, test data) by auditors to perform the audit. Adv and disadv of using CAATs. (See Dec 2012 Q1c).

Audit of accounting estimates – See Dec 2010 Q5a, see audit of depreciation & provision (New Pilot 2014 Q2).

Sampling – See June 2012 Q2b and Dec 2006 Q5.

Management representation letter – Purposes (Dec 2012 Q5a), content and actions if mgt refuse to sign. (Dec 2010 Q5b, June 2005 Q2).

Other topics – Purposes/benefits of audit, limitations of audit (Dec 2012 Q2c) and rights of auditor (Dec 2012 Q2a).

Look out for any new article on topics relevant to F8 in the Student Accountant magazine.

The above topics are just my GUESSES. Use at own risk!

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ACCA P2 JUNE 2016 EXAM TIPS

ACCA P2 JUNE 2016 EXAM TIPS

ACCA P2 Exam Tips for June 2016 

Q1 should either be a group cash flow which is now overdue, or the examiner's favourite a group statement of financial position, and if the later expect control to control transactions. Each paragraph in the p2 exam group statement of financial position questions should be capable of being addressed in isolation. Always clearly reference your workings. Ethics of course will always be there so please have a go and by that I mean apply the ethical principles not just write them out cold.


Q2/3 The range of accounting standards addressed in Q2 & Q3 is breath taking and makes tipping topics pointless really. Technical standards like Pensions, financial instruments, share based payments get examined along side provisions & intangibles that we remember (or should remember) from previous studies. Think about starting with a definition but please do go on to apply your knowledge. One mark per relevant point so please leave gaps between your mini paragraphs. He may set a theme style question – perhaps loosely based around a company in trouble or maybe deferred tax

Q4 I like q4. It will be original, critical, and often based on a single topic. The framework is often the key here. Leasing is the hot tip here but let's see. If you do not like you do not have to do it - but boy if you do know the topic and can apply yourself happy days!. IFRS 3 has been reviewed lately and could feature.

Time management is key. Weaker students over run on Q1 and end up not answering enough of the paper.

Good luck everyone!

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