ACCA Fundamentals - Applied Skills

This ACCA Fundamentals Applied Skills qualification has been designed to build on your existing knowledge to further develop your practical finance skills. To achieve the full ACCA membership qualification you will need to complete the exams for modules included in this course, the ACCA Fundamentals Applied Knowledge modules, and the Strategic Professional modules, as well as three years' work experience and an ethics module. This course is made up of the following six modules which you can also study on their own:

• ACCA LW F4 Corporate and Business Law
• ACCA PM F5 Performance Management
• ACCA TX F6 Taxation
• ACCA FR F7 Financial Reporting
• ACCA AA F8 Audit and Assurance
• ACCA FM F9 Financial Management

Read our guide to the ACCA course and modules.

Course Content

ACCA Audit and Assurance Module – ACCA AA F8

Section A Audit framework and regulation

• The concept of audit and other assurance engagements
• External audits
• Corporate governance
• Professional ethics and ACCA's Code of Ethics and Conduct

Section B Planning and risk assessment

• Obtaining, accepting, and continuing audit engagements
• Objective and general principles
• Assessing audit risks
• Understanding the entity, its environment, and the applicable financial reporting framework
• Fraud, laws, and regulation
• Audit planning and documentation

Section C Internal control

• Internal control systems
• The use and evaluation of systems of internal control by auditors
• Tests of controls
• Communication on internal control
• Internal audit and governance and the differences between external audit and internal audit
• The scope of the internal audit function, outsourcing, and internal audit assignments

Section D Audit evidence

• Assertions and audit evidence
• Audit procedures
• Audit sampling and other means of testing
• The audit of specific items
• Automated tools and techniques
• The work of others
• Not-for-profit organisations

Section E Review and reporting

• Subsequent events
• Going concern
• Written representations
• Audit finalisation and the final review
• The Independent Auditor's Report

Section F Employability and technology skills

• Use computer technology to efficiently access and manipulate relevant information
• Work on relevant response options, using available functions and technology as would be required in the workplace
• Navigate windows and computer screens to create and amend responses to exam requirements, using the appropriate tools
• Present data and information effectively, using the appropriate tools

ACCA Corporate and Business Law Module – ACCA LW F4

Section A Essential elements of the legal system

• Law and the legal system
• Source of law

Section B The law of obligations

• Formation of contract
• Content of contracts
• Breach of contract and remedies
• The law of torts and professional negligence

Section C Employment law

• Contract of employment
• Dismissal and redundancy

Section D The formation and constitution of business organisations

• Agency law
• Partnerships
• Corporations and legal personality
• The formation and constitution of a company

Section E Capital and the financing of companies

• Share capital
• Loan capital
• Capital maintenance and dividend law

Section F Management, administration, and the regulation of companies

• Company directors
• Other company officers
• Company meetings and resolutions

Section G Insolvency law

• Insolvency and administration

Section H Corporate fraudulent and criminal behaviour

• Fraudulent and criminal behaviour

ACCA Financial Management Module – ACCA FM F9

Section A Financial management function

• The nature and purpose of financial management
• Financial objectives and relationship with corporate strategy
• Stakeholders and impact on corporate objectives
• Financial and other objectives in not-for-profit organisations

Section B Financial management environment

• The economic environment for business
• The nature and role of financial markets
• The nature and role of money markets

Section C Working capital management

• The nature, elements, and importance of working capital
• Management of inventories, accounts receivable, accounts payable, and cash
• Determining working capital needs and funding strategies

Section D Investment appraisal

• Investment appraisal techniques
• Allowing for inflation and taxation in DCF
• Adjusting for risk and uncertainty in investment appraisal
• Specific investment decisions (lease or buy, asset replacement, capital rationing)

Section E Business finance

• Sources of, and raising, business finance
• Estimating the cost of capital
• Sources of finance and their relative costs
• Capital structure theories and practical considerations
• Finance for small- and medium-sized entities (SMEs)

Section F Business valuations

• Nature and purpose of the valuation of business and financial assets
• Models for the valuation of shares
• The valuation of debt and other financial assets
• Efficient market hypothesis (EMH) and practical considerations in the valuation of shares

Section G Risk management

• The nature and types of risk and approaches to risk management
• Causes of exchange rate differences and interest rate fluctuations
• Hedging techniques for interest rate risk

Section H Employability and technology skills

• Use computer technology to efficiently access and manipulate relevant information
• Work on relevant response options, using available functions and technology, as would be required in the workplace
• Navigate windows and computer screens to create and amend responses to exam requirements, using the appropriate tools
• Present data and information effectively, using the appropriate tools

ACCA Financial Reporting Module – ACCA FR F7

Section A The conceptual and regulatory framework for financial reporting

• The need for a conceptual framework and the characteristics of useful information
• Recognition and measurement
• Regulatory framework
• The concepts and principles of groups and consolidated financial statements

Section B Accounting for transactions in financial statements

• Tangible non-current assets
• Intangible assets
• Impairment of assets
• Inventory and biological assets
• Finaicla instruments
• Leasing
• Provisions and events after the reporting period
• Taxation
• Reporting financial performance
• Revenue
• Government grants
• Foreign currency transactions

Section C Analysing and interpreting the financial statements of single entities and groups

• Limitations of financial statements
• Calculation and interpretation of accounting ratios and trends to address users' and stakeholders' needs
• Limitations of interpretation techniques
• Specialised, not-for-profit, and public sector entities

Section D Preparation of financial statements

• Preparation of single entity financial statements
• Preparation of consolidated financial statements including an associate

Section E Employability and technology skills

• Use computer technology to efficiently access and manipulate relevant information
• Work on relevant response options, using available functions and technology, as would be required in the workplace
• Navigate windows and computer screens to create and amend responses to exam requirements, using the appropriate tools
• Present data and information effectively, using the appropriate tools

ACCA Performance Management Module – ACCA PM F5

Section A Information, technologies, and systems for organisational performance

• Managing information
• Sources of information
• Information systems and data analytics

Section B Specialist cost and management accounting techniques

• Activity-based costing
• Target costing
• Life-cycle costing
• Throughput accounting
• Environmental accounting

Section C Decision-making techniques

• Relevant cost analysis
• Cost volume profit analysis
• Limiting factors
• Pricing decisions
• Make-or-buy and other short-term decisions
• Dealing with risk and uncertainty in decision-making

Section D Budgeting and control

• Budgetary systems and types of budget
• Quantitative techniques
• Standard costing
• Material mix and yield variances
• Sales mix and quantity variances
• Planning and operational variances
• Performance analysis

Section E Performance measurement and control

• Performance analysis in private sector organisations
• Divisional performance and transfer pricing
• Performance analysis in not-for-profit organisations and the public sector
• External considerations and the impact on performance

Section F Employability and technology skills

• Use computer technology to efficiently access and manipulate relevant information
• Work on relevant response options, using available functions and technology, as would be required in the workplace
• Navigate windows and computer screens to create and amend responses to exam requirements, using the appropriate tools
• Present data and information effectively, using the appropriate tools

ACCA Taxation Module – ACCA TX F6

Section A The UK tax system and its administration

• the overall function and purpose of taxation in a modern economy
• Principal sources of revenue law and practice
• The systems for self-assessment and the making of returns
• The time limits for the submission of information, claims, and payment of tax, including payments on account
• The procedures relating to compliance checks, appeals, and disputes
• Penalties for non-compliance

Section B Income tax and NIC liabilities

• The scope of income tax
• Income from employment
• Income from self-employment
• Property and investment income
• The comprehensive computation of taxable income tax liability
• National insurance contributions for employed and self-employed persons
• The use of exemptions and reliefs in deferring and minimising income tax liabilities

Section C Chargeable gains for individuals

• The scope of the taxation of capital gains
• The basic principles of computing gains and losses
• Gains and losses on the disposal of movable and immovable property
• Gains and losses on the disposal of shares and securities
• The computation of capital gains tax
• The use of exemptions and reliefs in deferring and minimising tax liabilities arising on the disposal of capital assets

Section D Inheritance tax

• The basic principles of computing transfers of vlaue
• The liabilities arising on chargeable lifetime transfers and on the death of an individual
• The use of exemptions in deferring and minimising inheritance tax liabilities
• Payment of inheritance tax

Section E Corporation tax liabilities

• The scope of corporation tax
• Taxable total profits
• Chargeable gains for companies
• The comprehensive computation of corporation tax liability
• The effect of a group corporate structure for corporation tax purposes
• The use of exemptions and reliefs in deferring and minimising corporation tax liabilities

Section F Value added tax (VAT)

• The VAT registration requirements
• The computation of VAT liabilities
• The effect of special schemes

Section G Employability and technology skills

• Use computer technology to efficiently access and manipulate relevant information
• Work on relevant response options, using available functions and technology, as would be required in the workplace
• Navigate windows and computer screens to create and amend repsonses to exam requirements, using the appropriate tools
• Present data and information effectively using the appropriate tools