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F1 – Accountant in Business explained

AIMS AND OBJECTIVES

To introduce knowledge and understanding of the business and its environment and the influence this has on how organisations are structured and on the role of the accounting and other key business functions in contributing to the efficient, effective and ethical management and development of an organisation and its people and systems.

On successful completion of this paper, candidates should be able to:

  • Explain how the organisation is structured, governed and managed by – and on behalf of its external, connected and internal stakeholders

  • Identify and describe the key environmental influences and constraints on how the business operates in general and how these affect the accounting function in particular

  • Describe the history, purpose, and position of accounting in the organisation and the roles of other functional areas

  • Identify and explain the functions of accounting systems and internal controls in planning, monitoring and reviewing performance and in preventing fraud and business failure

  • Recognise the principles of authority and leadership and how teams and individuals behave and are managed, disciplined and motivated in pursuit of wider departmental and organisational aims and objectives

  • Recruit and develop effective employees, using appropriate methods and procedures, while developing constructive relationships through effective communication and interpersonal skills 

F2 – Management Accounting explained

AIMS AND OBJECTIVES

To develop knowledge and understanding of how to prepare and process basic cost and quantitative information to support management in planning and decision-making in a variety of business contexts. 

F3 - Financial Accounting explained

AIMS AND OBJECTIVES

To develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statement.

On successful completion of this paper, candidates should be able to:

  • Explain the context and purpose of financial reporting

  • Define the qualitative characteristics of financial information and the fundamental bases of accounting

  • Demonstrate the use of double- entry and accounting systems Record transactions and events

  • Prepare a trial balance (including identifying and correcting errors)

  • Prepare basic financial statements for incorporated and unincorporated entities.

F4 – Corporate and Business Law explained

AIMS AND OBJECTIVES

To develop knowledge and skills in the understanding of the general legal framework, and of specific legal areas relating to business, recognising the need to seek further specialist legal advice where necessary.

On successful completion of this paper candidates should be able to:

  • Identify the essential elements of the legal system including the main sources of law

  • Recognise and apply the appropriate legal rules relating to the law of obligations

  • Explain and apply the law relating to employment relationships

  • Distinguish between alternative forms and constitutions of business organizations

  • Recognise and compare types of capital and the financing of companies

  • Describe and explain how companies are managed, administered and regulated

  • Recognise the legal implications relating to companies in difficulty or in crisis

  • Demonstrate an understanding of governance and ethical issues relating to business

F5 - Performance Management Explained

AIMS AND OBJECTIVES:

To develop knowledge and skills in the application of management accounting techniques to quantitative and qualitative information for planning, decision-making, performance evaluation, and control.

On successful completion of this paper, candidates should be able to:

  • Explain and apply cost accounting techniques

  • Select and appropriately apply decision-making techniques  to facilitate business decisions and promote efficient and effective use of scarce business resources, appreciating the risks and uncertainty inherent in business and controlling those risks

  • Identify and apply appropriate budgeting techniques and methods for planning and control

  • Use standard costing systems to measure and control business performance and to identify remedial action

  • Assess the performance of a business from both a financial and non-financial viewpoint, appreciating the problems of controlling divisionalised businesses  and the importance of allowing for external aspects

F6 – Taxation explained

AIMS AND OBJECTIVES

To develop knowledge and skills relating to the Irish tax system as applicable to individuals, single companies and groups of companies.

On completion of this examination paper students should be able to:

  • Explain the operation and scope of the Irish tax system 

  • Explain and compute the income tax liabilities of individuals

  • Explain and compute the corporation tax liabilities of individual companies and groups of companies

  • Explain and compute the chargeable gains arising on companies and individuals 

  • Explain and compute the effect of social insurance and health contributions on employees, employers and the self employed

  • Explain and compute the effects of value added tax on incorporated and unincorporated businesses

  • Identify and explain the obligations of tax payers and/or their agents and the implications of non-compliance.

F7 – Financial Reporting explained

AIMS AND OBJECTIVES

To develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyse and interpret those financial statements.

F8 - Audit and Assurance explained

AIMS AND OBJECTIVES

To develop knowledge and understanding of the process of carrying out the assurance engagement, and its application in the context of the professional regulatory framework.

On successful completion of this paper candidates should be able to:

  • Explain the nature, purpose and scope of assurance engagements including the role of the external audit and its regulatory and ethnical framework

  • Explain the nature of internal audit and describing its role as part of overall performance management and its relationship with the external audit

  • Demonstrate how the auditor obtains an understanding of the entity and its environment, assesses the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of financial statements

  • Describe and evaluate information systems and internal control risks and their potential consequences, making appropriate recommendations

  • Identify and describe the work and evidence required to meet the objectives of audit engagements and the application of the International Standards on Auditing (UK and Ireland)

  • Evaluate findings and modify the audit plan as necessary

  • Explain how the conclusions from audit work are reflected in different types of audit report, explaining the elements of each type of report

F9 - Financial Management Explained

AIMS AND OBJECTIVES:

To develop the knowledge and skills expected of a finance manager, in relation to investment, financing, and dividend policy decisions.

On successful completion of this paper candidates should be able to: 

  • Discuss the role and purpose of the financial management function 

  • Assess and discuss the impact of the economic environment on financial management 

  • Discuss and apply working capital management techniques 

  • Carry out effective investment appraisal 

  • Identify and evaluate alternative sources of business finance 

  • Explain and calculate the cost of capital and the factors which affect it 

  • Discuss and apply principles of business and asset valuations 

  • Explain and apply risk management techniques in business.

P1 - Governance, Risk & Ethics explained 

AIMS AND OBJECTIVES

To apply relevant knowledge, skills and exercise professional judgement in carrying out the role of the accountant relating to governance, internal control, compliance and the management of risk within an organisation, in the context of an overall ethnical framework.

On successful completion of this paper candidates should be able to:

  • Define governance and explain its function in the effective management and control of organisations and of the resources for which they are accountable

  • Evaluate the professional accountant’s role in internal control, review and compliance

  • Explain the role of the accountant in identifying and assessing risk

  • Explain and evaluate the role of the accountant in controlling  and mitigating risk

  • Demonstrate the application of professional value and judgment though an ethical framework that is in the best interests of society and the profession, in compliance with relevant professional codes, laws and regulations.

P2 – Corporate Reporting explained

AIMS AND OBJECTIVES

To introduce knowledge and understanding of the business and its environment and the influence this has on how organisations are structured and on the role of the accounting and other key business functions in contributing to the efficient, effective and ethical management and development of an organisation and its people and systems.

On successful completion of this paper, candidates should be able to:

  • Explain how the organisation is structured, governed and managed by – and on behalf of – its external, connected and internal stakeholders

  • Identify and describe the key environmental influences and constraints on how the business operates in general and how these affect the accounting function in particular

  • Describe the history, purpose, and position of accounting in the organisation and the roles of other functional areas

  • Identify and explain the functions of accounting systems and internal controls in planning, monitoring and reviewing performance and in preventing fraud and business failure

  • Recognise the principles of authority and leadership and how teams and individuals behave and are managed, disciplined and motivated in pursuit of wider departmental and organisational aims and objectives

  • Recruit and develop effective employees, using appropriate methods and procedures, while developing constructive relationships through effective communication and interpersonal skills

P3 – Business Analysis explained

AIMS AND OBJECTIVES

To apply relevant knowledge, skills, and exercise professional judgment in assessing strategic position, determining strategic choice, and implementing strategic action through beneficial business process and structural change; coordinating knowledge systems and information technology and by effectively managing quality processes, projects, and people within financial and other resource constraints.

On successful completion of this paper candidates should be able to:

Assess the strategic position of an organisation

  • Evaluate the strategic choices available to an organisation

  • Discuss how an organisation might go about its strategic implementation

  • Evaluate and redesign business processes and structures to implement and support the organisation’s strategy taking account of customer and other major stakeholder requirements

  • Integrate appropriate information technology solutions to support the organisation’s strategy

  • Apply appropriate quality initiatives to implement and support the organisation’s strategy

P4 - Advanced Financial Management Explained

AIMS AND OBJECTIVES

To apply relevant knowledge, skills and exercise professional judgement as expected of a senior financial executive or advisor, in taking or recommending decisions relating to the financial management of an organisation.

On successful completion of this paper, candidates should be able to:

  • Explain and evaluate the role and responsibility of the senior financial executive or advisor in meeting conflicting needs of stakeholders 

  • Evaluate the impact of macro economics and recognise the role of international financial institutions in the financial management of multinationals 

  • Evaluate potential investment decisions and assessing their financial and strategic consequences, both domestically and internationally 

  • Assess and plan acquisitions and mergers as an alternative growth strategy 

  • Evaluate and advise on alternative corporate re-organisation strategies 

  • Apply and evaluate alternative advanced treasury and risk management techniques 

  • Identify and assess the potential impact of emerging issues in finance and financial management.

P5 – Advanced Performance Management explained  

AIMS AND OBJECTIVES

To apply relevant knowledge, skills and exercise professional judgement in selecting and applying strategic management accounting techniques in different business contexts and to contribute to the evaluation of the performance of an organisation and its strategic development.

On successful completion of this paper candidates should be able to:

  • Use strategic planning and control models to plan and monitor organisational performance 

  • Assess and identify relevant macroeconomic, fiscal and market factors and key external influences on organisational performance 

  • Identify and evaluate the design features of effective performance management information and monitoring systems 

  • Apply appropriate strategic performance measurement techniques in evaluating and improving organisational performance 

  • Advise clients and senior management on strategic business performance evaluation and on recognising vulnerability to corporate failure 

  • Identify and assess the impact of current developments in management accounting and performance management on measuring, evaluating and improving organisational performance

P6 – Advanced Taxation explained

AIMS AND OBJECTIVES

To apply relevant knowledge, skills and exercise professional judgement in providing relevant information and advice to individuals and business on the impact of the major taxes on financial decisions and situations. 

After completing this examinations paper students should be able to:

  • Apply further knowledge and understanding of the Irish tax system through the study of further capital taxes, together with more advanced topics within the taxes studies previously 

  • Evaluate and explain the importance of taxation to personal and corporate financial management 

  • Identify and evaluate the impact of relevant taxes on various situations and courses of action, including the interaction of taxes 

  • Provide advice on minimising and/or deferring tax liabilities by the use of standard tax planning measures. 

  • Communicate with clients, the Revenue Commissioners and other professionals in a appropriate manner

P7 – Advanced Audit and Assurance explained

AIMS AND OBJECTIVES


To analyse, evaluate and conclude on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.

On successful completion of this paper, candidates should be able to:

  • Recognise the legal and regulatory environment and its impact on audit and assurance practice 

  • Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework 

  • Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor's position in relation to the acceptance and retention of professional appointments 

  • Identify and formulate the work required to meet the objectives of audit and non-audit assignments and apply the International Standards on Auditing (UK and Ireland)

  • Evaluate findings and the results of work performed and draft suitable reports on assignments 

  • Understand the current issues and developments relating to the provision of audit- related and assurance services