浙江省考生注意：2020年ACCA考试，科目要这么选！

发布时间：2020-01-10

ACCA考试一共有13门考试科目，这对于一个刚学习ACCA的考生来说，多少有点难以下手的感觉。按照以往考霸学习经验，ACCA考试13门科目如何搭配比较合理呢?今天51题库考试学习网就给大家介绍一下吧!当然，51题库考试学习网推荐大家的报名顺序不一定是适用于每一个人的，仅供大家参考哟~大家一定要根据自己的学习能力和进度来调整报考顺序，毕竟适合自己的才是最好的。

ACCA考试科目共13科，分为四个大模块：知识模块(ACCA考试科目AB-FA)、技能模块(ACCA考试科目LW-FM)、核心模块(ACCA考试科目SBL&SBR)、选修模块(ACCA考试科目AFM-AAA)。学员只需要通过11门必修科目及2门选修科目共13门课程即可通过考试。

不过，总体来说，ACCA考试科目有两个部分：基础阶段和专业阶段。他们各自有哪些特点呢?

第一部分为基础阶段，主要分为知识课程和技能课程两个部分。知识课程主要涉及财务会计和管理会计方面的核心知识，也为接下去进行技能阶段的详细学习搭建了一个平台。技能课程共有六门课程，广泛的涵盖了一名会计师所涉及的知识领域及必须掌握的技能。

第二部分为专业阶段，主要分为核心课程和选修(四选二)课程。该阶段的课程相当于硕士阶段的课程难度，是对第一部分课程的引申和发展。该阶段课程引入了作为未来的高级会计师所必须的更高级的职业技能和知识技能。选修课程为从事高级管理咨询或顾问职业的学员，设计了解决更高级和更复杂的问题的技能。

对于ACCA考生来说，这必考的13门科目必须按模块顺序来报考，即知识模块-技能模块-核心模块-选修模块。必须按照这个顺序来报考，但是各个模块内部的科目是可以打乱顺序考的。例如：F1-F3，可以先考F3，再考F2，再考F1，后面的依此类推。

当然，ACCA每一次考试最多可以报满4科，那么可以把前面模块的都报上，报完以后还有剩余科目可以给后面模块的再报上后面模块的科目。

例如，可以一次把F1、F2、F3、F4都报上，考试结束后，F4、F3、F2都通过了，F1没通过，那么下次报F678等科目时，必须先把F1报上，如果考完了F4-F9的科目，F1还是没通过，报P阶段时，F1也必须先报上。就是说前一个模块没有考完的科目，必须在下一次报考下一个模块考试时都带上继续报考，直到通过。后面的依此类推。

F阶段的考试相对比较简单，P阶段考试科目是专业的阶段课程，相对于前面二部分是有难度的，对综合应用英语的能力和专业知识部分提出了新的挑战。ACCA考试科目P2、P4、P5偏向于计算，ACCA考试科目P1和P3的计算量较少。所以想一次性报考的话，ACCA考试科目P2、P4、P5偏向于计算，ACCA考试科目P1和P3的计算量较少，建议交叉考试分配，在告诉大家分配考试顺序之前，温馨提示一下大家：这里的可以随机顺序报考，指的是阶段内部的报考，譬如F阶段里面F1-F9你可以任意顺序报考，而硬性规定的一点就是F阶段的全部通过之后，才可以报考P阶段的考试。

这里给出的组合建议是：

1.毅力有精力有可以F6+F7+F9，然后F8+P1+P2,若是求稳，应该选择F6+F9，然后F7+F8

2.学习 F9 P2

3.学习 P1 P3

4.学习 P4 P5

为梦想孤注一掷，让努力苦尽甘来。以上信息希望可以帮助到你，最后51题库考试学习网祝你考试成功

下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

Moonstar Co is a property development company which is planning to undertake a $200 million commercial property development. Moonstar Co has had some difficulties over the last few years, with some developments not generating the expected returns and the company has at times struggled to pay its finance costs. As a result Moonstar Co’s credit rating has been lowered, affecting the terms it can obtain for bank finance. Although Moonstar Co is listed on its local stock exchange, 75% of the share capital is held by members of the family who founded the company. The family members who are shareholders do not wish to subscribe for a rights issue and are unwilling to dilute their control over the company by authorising a new issue of equity shares. Moonstar Co’s board is therefore considering other methods of financing the development, which the directors believe will generate higher returns than other recent investments, as the country where Moonstar Co is based appears to be emerging from recession.

Securitisation proposals

One of the non-executive directors of Moonstar Co has proposed that it should raise funds by means of a securitisation process, transferring the rights to the rental income from the commercial property development to a special purpose vehicle. Her proposals assume that the leases will generate an income of 11% per annum to Moonstar Co over a ten-year period. She proposes that Moonstar Co should use 90% of the value of the investment for a collateralised loan obligation which should be structured as follows:

– 60% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 150 basis points

– 15% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 12%

– 15% of the collateral value to support a tranche of C-rated fixed rate loan notes offering investors 13%

– 10% of the collateral value to support a tranche as subordinated certificates, with the return being the excess of receipts over payments from the securitisation process

The non-executive director believes that there will be sufficient demand for all tranches of the loan notes from investors. Investors will expect that the income stream from the development to be low risk, as they will expect the property market to improve with the recession coming to an end and enough potential lessees to be attracted by the new development.

The non-executive director predicts that there would be annual costs of $200,000 in administering the loan. She acknowledges that there would be interest rate risks associated with the proposal, and proposes a fixed for variable interest rate swap on the A-rated floating rate notes, exchanging LIBOR for 9·5%.

However the finance director believes that the prediction of the income from the development that the non-executive director has made is over-optimistic. He believes that it is most likely that the total value of the rental income will be 5% lower than the non-executive director has forecast. He believes that there is some risk that the returns could be so low as to jeopardise the income for the C-rated fixed rate loan note holders.

Islamic finance

Moonstar Co’s chief executive has wondered whether Sukuk finance would be a better way of funding the development than the securitisation.

Moonstar Co’s chairman has pointed out that a major bank in the country where Moonstar Co is located has begun to offer a range of Islamic financial products. The chairman has suggested that a Mudaraba contract would be the most appropriate method of providing the funds required for the investment.

Required:

(a) Calculate the amounts in $ which each of the tranches can expect to receive from the securitisation arrangement proposed by the non-executive director and discuss how the variability in rental income affects the returns from the securitisation. (11 marks)

(b) Discuss the benefits and risks for Moonstar Co associated with the securitisation arrangement that the non-executive director has proposed. (6 marks)

(c) (i) Discuss the suitability of Sukuk finance to fund the investment, including an assessment of its appeal to potential investors. (4 marks)

(ii) Discuss whether a Mudaraba contract would be an appropriate method of financing the investment and discuss why the bank may have concerns about providing finance by this method. (4 marks)

正确答案：

(a) An annual cash flow account compares the estimated cash flows receivable from the property against the liabilities within the securitisation process. The swap introduces leverage into the arrangement.

The holders of the certificates are expected to receive $3·17million on $18 million, giving them a return of 17·6%. If the cash flows are 5% lower than the non-executive director has predicted, annual revenue received will fall to $20·90 million, reducing the balance available for the subordinated certificates to $2·07 million, giving a return of 11·5% on the subordinated certificates, which is below the returns offered on the B and C-rated loan notes. The point at which the holders of the certificates will receive nothing and below which the holders of the C-rated loan notes will not receive their full income will be an annual income of $18·83 million (a return of 9·4%), which is 14·4% less than the income that the non-executive director has forecast.

(b) Benefits

The finance costs of the securitisation may be lower than the finance costs of ordinary loan capital. The cash flows from the commercial property development may be regarded as lower risk than Moonstar Co’s other revenue streams. This will impact upon the rates that Moonstar Co is able to offer borrowers.

The securitisation matches the assets of the future cash flows to the liabilities to loan note holders. The non-executive director is assuming a steady stream of lease income over the next 10 years, with the development probably being close to being fully occupied over that period.

The securitisation means that Moonstar Co is no longer concerned with the risk that the level of earnings from the properties will be insufficient to pay the finance costs. Risks have effectively been transferred to the loan note holders.

Risks

Not all of the tranches may appeal to investors. The risk-return relationship on the subordinated certificates does not look very appealing, with the return quite likely to be below what is received on the C-rated loan notes. Even the C-rated loan note holders may question the relationship between the risk and return if there is continued uncertainty in the property sector.

If Moonstar Co seeks funding from other sources for other developments, transferring out a lower risk income stream means that the residual risks associated with the rest of Moonstar Co’s portfolio will be higher. This may affect the availability and terms of other borrowing.

It appears that the size of the securitisation should be large enough for the costs to be bearable. However Moonstar Co may face unforeseen costs, possibly unexpected management or legal expenses.

(c) (i) Sukuk finance could be appropriate for the securitisation of the leasing portfolio. An asset-backed Sukuk would be the same kind of arrangement as the securitisation, where assets are transferred to a special purpose vehicle and the returns and repayments are directly financed by the income from the assets. The Sukuk holders would bear the risks and returns of the relationship.

The other type of Sukuk would be more like a sale and leaseback of the development. Here the Sukuk holders would be guaranteed a rental, so it would seem less appropriate for Moonstar Co if there is significant uncertainty about the returns from the development.

The main issue with the asset-backed Sukuk finance is whether it would be as appealing as certainly the A-tranche of the securitisation arrangement which the non-executive director has proposed. The safer income that the securitisation offers A-tranche investors may be more appealing to investors than a marginally better return from the Sukuk. There will also be costs involved in establishing and gaining approval for the Sukuk, although these costs may be less than for the securitisation arrangement described above.

(ii) A Mudaraba contract would involve the bank providing capital for Moonstar Co to invest in the development. Moonstar Co would manage the investment which the capital funded. Profits from the investment would be shared with the bank, but losses would be solely borne by the bank. A Mudaraba contract is essentially an equity partnership, so Moonstar Co might not face the threat to its credit rating which it would if it obtained ordinary loan finance for the development. A Mudaraba contract would also represent a diversification of sources of finance. It would not require the commitment to pay interest that loan finance would involve.

Moonstar Co would maintain control over the running of the project. A Mudaraba contract would offer a method of obtaining equity funding without the dilution of control which an issue of shares to external shareholders would bring. This is likely to make it appealing to Moonstar Co’s directors, given their desire to maintain a dominant influence over the business.

The bank would be concerned about the uncertainties regarding the rental income from the development. Although the lack of involvement by the bank might appeal to Moonstar Co's directors, the bank might not find it so attractive. The bank might be concerned about information asymmetry – that Moonstar Co’s management might be reluctant to supply the bank with the information it needs to judge how well its investment is performing.

5 The International Accounting Standards Board (IASB) is currently in a joint project with the Accounting Standards

Board (ASB) in the UK and the Financial Accounting Standards Board (FASB) in the USA in the area of reporting

financial performance/comprehensive income. The main focus of the project is the development of a single statement

of comprehensive income to replace the income statement and statement of changes in equity. The objective is to

analyse all income and expenses and categorise them in a way that increases users’ understanding of the results of

an entity and assists in forming expectations of future income and expenditure. There seems to be some consensus

that the performance statement should be divided into three components being the results of operating activities,

financing and treasury activities, and other gains and losses.

Required:

(a) Describe the reasons why the three accounting standards boards have decided to cooperate and produce a

single statement of financial performance. (8 marks)

正确答案：
(a) The main reasons why the three accounting standards boards have decided to come together in a joint project regarding a
single performance statement are as follows:
(i) there are many different formats and classifications used for financial statements and different time periods used for
comparative data in different countries.
(ii) there are no common definitions as regards the key elements of financial performance and no agreement on the standard
definitions of the key ratios which would then determine the nature of the information that financial statements should
provide. There has been an increase in the reporting of alternative and often inconsistent financial performance
measures that has led to confusion and often has misled users.
(iii) there has been an increase in the use of pro-forma reporting which would tend to suggest that the existing totals and
sub totals in financial statements are not being used or relied upon as much as in the past.
(iv) there are benefits in separating transactions and events that are recorded at historical cost from those recorded at fair
value. Also, the differentiation between trading and holding gains gives useful information. This ‘mixed attribute’ model
is causing concern over the effects on reported performance.
(v) there is often insufficient disaggregation of data which prevents effective financial analysis of performance.
(vi) there has been an inconsistency in the use of ‘recycling ‘in financial statements of different jurisdictions which has led
to issues of reporting gains and losses twice.
(vii) the reporting of gains and losses on financial instruments required consideration. The gains and losses may currently be
reported under several headings dependent upon the nature of the instrument.
(viii) there are many relevant items excluded from the performance statements and inappropriate items included. For example
the reporting of foreign currency gains/losses on the retranslation of the net investment in foreign operations is normally
recognised in equity in many countries and dividends proposed shown on the face of the income statement when it does
not meet the definition of a liability and is a transaction with the owners of the business and not third parties.
(ix) Information is inconsistently classified within and outside totals and subtotals.

(b) (i) Advise Alasdair of the tax implications and relative financial risks attached to the following property

investments:

(1) buy to let residential property;

(2) commercial property; and

(3) shares in a property investment company/unit trust. (9 marks)

正确答案：
(b) (i) Income tax:
Direct investment in residential or commercial property
The income will be taxed under Schedule A for both residential and commercial property investment. Expenses can be
offset against income under the normal trading rules. These will include interest charges incurred in borrowing funds to
acquire the properties. Schedule A losses are restricted to use against future Schedule A profits, with the earliest profits
being relieved first.
When acquiring commercial properties, it may be possible to claim capital allowances on the fixtures and plant held in
the building. In addition, industrial buildings allowances (IBA) may also be available if the property qualifies as an
industrial building.
Capital allowances are not normally available for fixtures and fittings included in a residential property. Instead, a wear
and tear allowance can be claimed if the property is furnished. This is equal to 10% of the rental income after any
tenants cost (for example, council tax) paid by the landlord.
Income tax is levied at the normal tax rates (10/22/40%) as appropriate.
Collective investment (shares in a property investment company/unit trust)
With collective investments, the investor either buys shares (in an investment company) or units (in an equity unit trust).
The income tax treatment of both is the same in that the investor receives dividends. These are taxed at 10% and 32·5%
respectively (for basic and higher rate taxpayers).
Investors are not able to claim income tax relief on either interest costs (of borrowing) or any other expenses.
Capital gains tax (CGT):
The normal rules apply for CGT purposes in all situations. Property investments do not normally qualify for business
rates of taper relief unless they are furnished holiday lets or in certain circumstances, commercial property. Investments
in unit trusts or property investment companies will never qualify for business taper rates.
It is possible to use an individual savings account (ISA) to make collective investments. If this is done, income and
capital gains will be exempt from tax.
Other taxes:
New commercial property is subject to value added tax (VAT) at the standard rate, but new residential property is subject
to VAT at the zero rate. If a commercial building is acquired second hand as an investment, VAT may be payable if a
previous owner has opted to tax the property. If this is the case, VAT at the standard rate will be payable on the purchase
price, and rental charges to tenants will also be subject to VAT, again at the standard rate.
The acquisition of shares is not subject ot VAT.
Stamp duty land tax (SDLT) will be payable broadly on the direct acquisition of any property. The rates vary from 0 to
4% depending on the value of the land and building and its nature (whether residential or non-residential). Stamp duty
is payable at a rate of 0·5% on the acquisition of shares.
Investment risks/benefits
Direct investment
Investing directly in property represents a long term investment, and unless this is the case, investment risks are high.
Substantial initial costs (such as SDLT, VAT and transactions costs) are incurred, and ongoing running costs (such as
letting agents’ fees and vacant periods) can be significant. The investments are illiquid, particularly commercial
properties which can take months to sell.
All types of properties are dependent on a cyclical market, and the values of property investments can vary significantly
as a result. However, residential property has (on a long term basis) proven to be a good hedge against inflation.
Collective investments
The nature of collective investments is that the investor’s risk is reduced by the investment being spread over a large
portfolio as opposed to one or a few properties. In addition, investors can take advantage of the higher levels of liquidity
afforded by such vehicles.

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