ACCA Exam Tips December 2009 (P4)

Catagories

Paper P4 (PQ Magazine)

Corporate failure.

WACC/financing.

Business Valuation.

Black Scholes.

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Paper P4 (BPP)

Role and responsibility towards stakeholders: ethical issues continue to appear regularly as an optional discussion question. This is an important area to develop as a strength, since the discussion question is normally one of the easier optional questions.

Advanced investment appraisal: real options and adjusted present value are popular themes and were not tested in the last two sittings. Cost of capital calculations are regularly tested, make sure that you are comfortable adjusting betas for differences in gearing.

Acquisitions and mergers: this exam normally contains a question involving valuations which the examiner sees as a crucial part of the syllabus, and this area was not examined in June. To give this a topical twist you might be valuing a company that is splitting itself up or selling off a division.
Corporate reconstruction: this is a topical area; a question could also ask you to evaluate a capital reconstruction e.g. a business that is considering offering its creditors shares in order to enable it to survive.

Advanced risk management: foreign currency derivatives are due to be tested numerically.
Emerging issues: the January 2009 article by the examiner on ‘toxic assets’ indicates that this area may well be examined as a part of a question.

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Source:-
PQ Magazine
BPP

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