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CIMA Managerial Level. FINANCIAL ACCOUNTING AND TAX PRINCIPLES - Paper P7 Jan 2006. Paper P6 Management Accounting Business Strategy. Paper P3 Management Accounting Risk & Control Strategy. Paper P9 Management Accounting Financial Strategy. Business Management Pillar.

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cima managerial level
CIMA Managerial Level

FINANCIAL ACCOUNTING AND TAX PRINCIPLES - Paper P7Jan 2006

slide2

Paper P6

Management Accounting

Business Strategy

Paper P3

Management Accounting

Risk & Control Strategy

Paper P9

Management Accounting

Financial Strategy

Business Management Pillar

Management Accounting Pillar

Financial Management Pillar

CIMA SYLLABUS 2006

TOPCIMA

Test of Professional Competence in Management Accounting

STRATEGIC LEVEL

Paper P5

Integrated Management

Paper P2

Management Accounting

Decision Management

Paper P8

Financial Analysis

MANAGERIAL LEVEL

Paper P4

Organisational Management & Information Systems

Paper P1

Management Accounting Performance Evaluation

Paper P7

Financial Accounting & Tax Principles

(Click Here)

slide3

CIMA SYLLABUS 2006

Paper P7

Financial Accounting & Tax Principles

(Click Here)

cima paper p7 financial accounting and tax principles

CIMAPaper P7FINANCIAL ACCOUNTING AND TAX PRINCIPLES

Examination Structure -

Section A - 50 marks

• Variety of objective test questions: multiple choice questions; complete the

sentence; calculate a value; definition in a fixed number of words; list

• Each question worth between 2 and 4 marks

Section B – 30 marks

• Six compulsory questions worth 5 marks each

• A short scenario may be used which could relate to several questions

Section C – 20 marks

• A choice of one question from two

• Mainly numerical questions

• At least one will be preparation of financial statements

(Click Here)

paper 7 financial accounting tax principles

Principles of Business Taxation

(20%)

Managing Short Term Finance

(25%)

Paper 7

Financial Accounting &

Tax Principles

Principles of Regulation of

Financial Reporting

(10%)

Single Company Financial Accounts

(45%)

(Click Here)

slide6

IAS 12 accounting and disclosure

requirements

Record keeping, deadlines and payments

Indirect taxes collected by the company

Direct taxes on company profits and gains

Sources of tax rules

Tax concepts

Employee taxation

International taxation

Principles of Business Taxation

(20%)

Tax avoidance and tax evasion

(Click Here)

slide7

Working capital ratios & working capital cycle

Managing Short Term Finance

(25%)

Working capital characteristics

Baumol & Miller-Orr models

Export finance

Payment terms and settlement discounts

The credit cycle and the payment cycle

Age analyses of balances and establishing

collection targets

Purchasing and stock control; EOQ

Short-term finance & principles of short-term

investment

Cash-flow forecasts and changing variables

(Click Here)

slide8

Single Company Financial Accounts

(45%)

Inventories IAS 2.

• Related parties, IAS 24.

Reporting performance; IASs 1; 8, 14, 18 & 35

Preparation of cash flow statements

Construction contracts IAS 11 and IAS 23.

•Post balance sheet events IAS 10.

•Provisions & contingencies IAS 37 •Leases

(lessee only) IAS 17

Preparation of financial statements of a single

company, including statement of changes in

equity

Tangible non-current assets, IAS 16.

• Intangible non-current assets IAS 38.

• Impairment of assets IAS 36

Issue and redemption of shares, IAS 32 and IAS 39

(Click Here)

slide9

GAAP based on prescriptive v principles

based standards

Process of developing an IAS

Role and structure of IASB and IOSCO

Elements in a regulatory framework

External audit

IASB’s Framework

Ways in which IASs are used

Principles of Regulation of

Financial Reporting

(10%)

Need for regulation of accounts

(Click Here)