ACCA2011年6月份考试大纲(P4)(16)

　　随着ACCA2010年12月份考试的结束，考生正式进入ACCA2011年6月份的考试备考当中，为帮助广大考生迅速掌握考试要点，定位好备考重点，正保会计网校本着服务广大考生、努力让广大考生的复习、备考事半功倍的宗旨，将陆续公布2011年6月份ACCA考试大纲和学习指南，以飨考生！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)