BPP Blog

Still reflecting on how you did in the the December 2011 ACCA Options Module exams? Why not compare your experience with our subject experts’ views on each paper and share your thoughts in the comments below.

ACCA PAPER P4: ADVANCED FINANCIAL MANAGEMENT

Overall, this was a fair paper with some challenging elements:

• Question 1: An overseas investment appraisal question using an adjusted present value approach.
• Question 2: An interest rate hedging question featuring options, collars, and futures.
• Question 3: Evaluation and discussion of the credit risk of bonds.
• Question 4: Calculation and discussion of the financing of a MBO.
• Question 5: Discussion of triple bottom line reporting.

The exam still remains very time pressured for the majority of students, but this is considered part of the test.Candidates needed to be aware that in this exam the compulsory questions accounted for 64% of the marks (instead of the normal 60%) and needed more time as a result of this, notably in question 1 which accounted for 39 marks.

To see what our experts thought of each question download the full BPP ACCA P4 review.

ACCA PAPER P5: ADVANCED PERFORMANCE MANAGEMENT

Overall this was a paper which covered many P5 syllabus areas and confirmed the examiner’s focus on qualitative not quantitative areas which is to be expected from a high level paper.

Notable for its absence this diet was EVA and ROI an the Risk and Uncertainty compulsory question may have caught some candidates out, but the content was well within syllabus and a candidate who had used the BPP Practice and Revision Kit would have had ample opportunity to refine the skills needed to perform well in this paper.

To see what our experts thought of each question download the full BPP ACCA P5 review.

ACCA PAPER P6: ADVANCED TAXATION (UK)

The paper was in the same style and format as previous papers.

• Question 1: Acquisition of company by individual or individual’s 100% owned company, associated companies, de-grouping charge, loss and group relief, corporation tax liability and payment of tax
• Question 2: Overseas aspects of income tax and capital gains tax; principal private residence relief, income tax trading losses, VAT implications of ceasing trade; associated operations and gift with reservation of benefit rules
• Question 3: SAYE share option schemes, medical care scheme and payment to employees for using car for business purposes
• Question 4: Tax implications of creating a discretionary trust and inheritance tax arising on individual’s death
• Question 5: Advising group on ways to minimise the corporation tax liability in respect of a gain, tax relief on loan interest and group registration for VAT.

ACCA PAPER P7: ADVANCED AUDIT AND ASSURANCE

Following on from the evolutionary changes in June, this paper was more of the same and should have been greeted with a degree of cautious optimism.

Paper P7 exams are never easy, but neither are they ever unfair and this exam was again one that tested the syllabus thoroughly and evenly with good opportunities for candidates to display their knowledge of both auditing and accounting standards and how to apply it in a variety of scenarios.

To see what our experts thought of each question download the full BPP ACCA P7 review.

How did you find the ACCA December 2011 exams? Do you agree with our subject experts? Share your thoughts in the comments below. For personalised support with your exam results, join our ACCA Exam Results webinar on 16 February 2012.