2015年ACCA考試大綱發(fā)布，根據(jù)簡章獲悉，2015年 F9 財(cái)務(wù)管理考試大綱出現(xiàn)了哪些小變化？針對這些變化，高頓網(wǎng)校小編為您進(jìn)行詳細(xì)解讀分析。
　　? ACCA 2014 All rights reserved.
　　1
　　Financial Management
　　（F9）
　　December 2014 to June
　　2015
　　This syllabus and study guide is designed to help
　　This syllabus and study guide is designed to help
　　with planning study and to provide detailed
　　information on what could be assessed in
　　any examination session.
　　THE STRUCTURE OF THE SYLLABUS AND
　　STUDY GUIDE
　　Relational diagram of paper with other papers
　　This diagram shows direct and indirect links
　　between this paper and other papers preceding or
　　following it. Some papers are directly underpinned
　　by other papers such as Advanced Performance
　　Management by Performance Management. These
　　links are shown as solid line arrows. Other papers
　　only have indirect relationships with each other
　　such as links existing between the accounting and
　　auditing papers. The links between these are shown
　　as dotted line arrows. This diagram indicates where
　　you are expected to have underpinning knowledge
　　and where it would be useful to review previous
　　learning before undertaking study.
　　Overall aim of the syllabus
　　This explains briefly the overall objective of the
　　paper and indicates in the broadest sense the
　　capabilities to be developed within the paper.
　　Main capabilities
　　This paper’s aim is broken down into several main
　　capabilities which divide the syllabus and study
　　guide into discrete sections.
　　Relational diagram of the main capabilities
　　This diagram illustrates the flows and links between
　　the main capabilities （sections） of the syllabus and
　　should be used as an aid to planning teaching and
　　learning in a structured way.
　　Syllabus rationale
　　This is a narrative explaining how the syllabus is
　　structured and how the main capabilities are linked.
　　The rationale also explains in further detail what the
　　examination intends to assess and why.
　　Detailed syllabus
　　This shows the breakdown of the main capabilities
　　（sections） of the syllabus into subject areas. This is
　　the blueprint for the detailed study guide.
　　Approach to examining the syllabus
　　This section briefly explains the structure of the
　　examination and how it is assessed.
　　Study Guide
　　This is the main document that students, learning
　　and content providers should use as the basis of
　　their studies, instruction and materials.
　　Examinations will be based on the detail of the
　　study guide which comprehensively identifies what
　　could be assessed in any examination session.
　　The study guide is a precise reflection and
　　breakdown of the syllabus. It is divided into sections
　　based on the main capabilities identified in the
　　syllabus. These sections are divided into subject
　　areas which relate to the sub-capabilities included
　　in the detailed syllabus. Subject areas are broken
　　down into sub-headings which describe the detailed
　　outcomes that could be assessed in examinations.
　　These outcomes are described using verbs
　　indicating what exams may require students to
　　demonstrate, and the broad intellectual level at
　　which these may need to be demonstrated
　　（*see intellectual levels below）。
　　INTELLECTUAL LEVELS
　　The syllabus is designed to progressively broaden
　　and deepen the knowledge, skills and professional
　　values demonstrated by the student on their way
　　through the qualification.
　　The specific capabilities within the detailed
　　syllabuses and study guides are assessed at one of
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　　2
　　three intellectual or cognitive levels:
　　LevelⅠ: Knowledge and comprehension
　　LevelⅡ: Application and analysis
　　LevelⅢ: Synthesis and *uation
　　Very broadly, these intellectual levels relate to the
　　three cognitive levels at which the Knowledge
　　module, the Skills module and the Professional level
　　are assessed.
　　Each subject area in the detailed study guide
　　included in this document is given a 1, 2, or
　　3 superscript, denoting intellectual level, marked at
　　the end of each relevant line. This gives an
　　indication of the intellectual depth at which an area
　　could be assessed within the examination. However,
　　while level 1 broadly equates with the Knowledge
　　module, level 2 equates to the Skills module and
　　level 3 to the Professional level, some lower level
　　skills can continue to be assessed as the student
　　progresses through each module and level. This
　　reflects that at each stage of study there will be a
　　requirement to broaden, as well as deepen
　　capabilities. It is also possible that occasionally
　　some higher level capabilities may be assessed at
　　lower levels.
　　LEARNING HOURS AND EDUCATION
　　RECOGNITION
　　The ACCA qualification does not prescribe or
　　recommend any particular number of learning hours
　　for examinations because study and learning
　　patterns and styles vary greatly between people and
　　organisations. This also recognises the wide
　　diversity of personal, professional and educational
　　circumstances in which ACCA students find
　　themselves.
　　As a member of the International Federation of
　　Accountants, ACCA seeks to enhance the education
　　recognition of its qualification on both national and
　　international education frameworks, and with
　　educational authorities and partners globally. In
　　doing so, ACCA aims to ensure that its qualifications
　　are recognized and valued by governments,
　　regulatory authorities and employers across all
　　sectors. To this end, ACCA qualifications are
　　currently recognized on the education frameworks in
　　several countries. Please refer to your national
　　education framework regulator for further
　　information.
　　Each syllabus contains between 23 and 35 main
　　subject area headings depending on the nature of
　　the subject and how these areas have been broken
　　down.
　　GUIDE TO EXAM STRUCTURE
　　The structure of examinations varies within and
　　between modules and levels.
　　The Fundamentals level examinations contain
　　100% compulsory questions to encourage
　　candidates to study across the breadth of each
　　syllabus.
　　The Knowledge module is assessed by equivalent
　　two-hour paper based and computer based
　　examinations.
　　The Skills module examinations F5-F9 are all paper
　　based three-hour papers containing a mix of
　　objective and longer type questions. The Corporate
　　and Business Law （F4） paper is a two- hour
　　computer based objective test examination which is
　　also available as a paper based version from the
　　December 2014 examination session.
　　The Professional level papers are all three-hour
　　paper based examinations, all containing two
　　sections. Section A is compulsory, but there will be
　　some choice offered in Section B.
　　For all three hour examination papers, ACCA has
　　introduced 15 minutes reading and planning time.
　　This additional time is allowed at the beginning of
　　each three-hour examination to allow candidates to
　　read the questions and to begin planning their
　　answers before they start writing in their answer
　　books. This time should be used to ensure that all
　　the information and exam requirements are properly
　　read and understood.
　　During reading and planning time candidates may
　　only annotate their question paper. They may not
　　write anything in their answer booklets until told to
　　do so by the invigilator.
　　The Essentials module papers all have a Section A
　　containing a major case study question with all
　　requirements totalling 50 marks relating to this
　　case. Section B gives students a choice of two from
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　　3
　　three 25 mark questions.
　　Section A of both the P4 and P5 Options papers
　　contain one 50 mark compulsory question, and
　　Section B will offer a choice of two from three
　　questions each worth 25 marks each.
　　Section A of each of the P6 and P7 Options papers
　　contains 60 compulsory marks from two questions;
　　question 1 attracting 35 marks, and question 2
　　attracting 25 marks. Section B of both these
　　Options papers will offer a choice of two from three
　　questions, with each question attracting 20 marks.
　　All Professional level exams contain four
　　professional marks.
　　The pass mark for all ACCA Qualification
　　examination papers is 50%.
　　GUIDE TO EXAMINATION ASSESSMENT
　　ACCA reserves the right to examine anything
　　contained within the study guide at any examination
　　session. This includes knowledge, techniques,
　　principles, theories, and concepts as specified.
　　For the financial accounting, audit and assurance,
　　law and tax papers except where indicated
　　otherwise, ACCA will publish examinable
　　documents once a year to indicate exactly
　　what regulations and legislation could potentially be
　　assessed within identified examination sessions
　　For paper based examinations regulation issued or
　　legislation passed on or before 31st August annually,
　　will be examinable from 1st September of the
　　following year to 31st August t of the year after that.
　　Please refer to the examinable documents for the
　　paper （where relevant） for further information.
　　Regulation issued or legislation passed in
　　accordance with the above dates may be
　　examinable even if the effective date is in the future.
　　The term issued or passed relates to when
　　regulation or legislation has been formally approved.
　　The term effective relates to when regulation or
　　legislation must be applied to an entity transactions
　　and business practices.
　　The study guide offers more detailed guidance on
　　the depth and level at which the examinable
　　documents will be examined. The study guide
　　should therefore be read in conjunction with the
　　examinable documents list.
　　? ACCA 2014 All rights reserved.
　　4
　　Syllabus
　　AIM
　　To develop the knowledge and skills expected of a
　　finance manager, in relation to investment,
　　financing, and dividend policy decisions.
　　MAIN CAPABILITIES
　　On successful completion of this paper candidates
　　should be able to:
　　A Discuss the role and purpose of the financial
　　management function
　　B Assess and discuss the impact of the
　　economic environment on financial
　　management
　　C Discuss and apply working capital
　　management techniques
　　D Carry out effective investment appraisal
　　E Identify and *uate alternative sources of
　　business finance
　　F Discuss and apply principles of business
　　and asset valuations
　　G Explain and apply risk management
　　techniques in business.
　　RELATIONAL DIAGRAM OF MAIN CAPABILITIES
　　FM （F9）
　　AFM （P4）
　　MA （F2）
　　Business
　　finance （E）
　　Investment appraisal
　?。―）
　　Business valuations （F）
　　Risk management （G）
　　Financial management environment （B）
　　Financial
　　management function
　　（A）
　　Working capital
　　management （C）
　　? ACCA 2014 All rights reserved.
　　5
　　RATIONALE
　　The syllabus for Paper F9, Financial Management,
　　is designed to equip candidates with the skills that
　　would be expected from a finance manager
　　responsible for the finance function of a business. It
　　prepares candidates for more advanced and
　　specialist study in Paper P4, Advanced Financial
　　Management
　　The paper, therefore, starts by introducing the role
　　and purpose of the financial management function
　　within a business. Before looking at the three key
　　financial management decisions of investing,
　　financing, and dividend policy, the syllabus explores
　　the economic environment in which such decisions
　　are made.
　　The next section of the syllabus is the introduction
　　of investing decisions. This is done in two stages -
　　investment in （and the management of） working
　　capital and the appraisal of long-term investments.
　　The next area introduced is financing decisions. This
　　section of the syllabus starts by examining the
　　various sources of business finance, including
　　dividend policy and how much finance can be
　　raised from within the business. It also looks at the
　　cost of capital and other factors that influence the
　　choice of the type of capital a business will raise.
　　The principles underlying the valuation of business
　　and financial assets, including the impact of cost of
　　capital on the value of business, is covered next.
　　The syllabus finishes with an introduction to, and
　　examination of, risk and the main techniques
　　employed in the management of such risk.
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　　6
　　DETAILED SYLLABUS
　　A Financial management function
　　1. The nature and purpose of financial
　　management
　　2. Financial objectives and relationship with
　　corporate strategy
　　3. Stakeholders and impact on corporate
　　objectives
　　4. Financial and other objectives in not-for-profit
　　organisations
　　B Financial management environment
　　1. The economic environment for business
　　2. The nature and role of financial markets and
　　institutions
　　3. The nature and role of money market
　　C Working capital management
　　1. The nature, elements and importance of
　　working capital
　　2. Management of inventories, accounts
　　receivable, accounts payable and cash
　　3. Determining working capital needs and funding
　　strategies
　　D Investment appraisal
　　1. Investment appraisal techniques
　　2. Allowing for inflation and taxation in
　　investment appraisal
　　3. Adjusting for risk and uncertainty in investment
　　appraisal
　　4. Specific investment decisions （lease or buy;
　　asset replacement, capital rationing）
　　E Business finance
　　1. Sources of, and raising business finances
　　2. Estimating the cost of capital
　　3. Sources of finance and their relative costs
　　4. Capital structure theories and practical
　　considerations
　　5. Finance for small and medium sized entities
　　F Business valuations
　　1. Nature and purpose of the valuation of
　　business and financial assets
　　2. Models for the valuation of shares
　　3. The valuation of debt and other financial assets
　　4. Efficient market hypothesis （EMH） and
　　practical considerations in the valuation of
　　shares
　　G Risk management
　　1. The nature and types of risk and approaches to
　　risk management
　　2. Causes of exchange rate differences and
　　interest rate fluctuations
　　3. Hedging techniques for foreign currency risk
　　4. Hedging techniques for interest rate risk
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　　7
　　APPROACH TO EXAMINING THE SYLLABUS
　　The syllabus is assessed by a three-hour paperbased
　　examination.
　　All questions are compulsory. It will contain both
　　computational and discursive elements.
　　Some questions will adopt a scenario/case study
　　approach.
　　Section A of the exam comprises 20 multiple choice
　　questions of 2 marks each.
　　Section B of the exam comprises three 10 mark
　　questions and two 15 mark questions.
　　The two 15 mark questions will come from working
　　capital management, investment appraisal and
　　business finance areas of the syllabus. The section
　　A questions and the other questions in section B
　　can cover any areas of the syllabus.
　　Candidates are provided with a formulae sheet and
　　tables of discount and annuity factors
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　　8
　　Study Guide
　　A FINANCIAL MANAGEMENT FUNCTION
　　1. The nature and purpose of financial
　　management
　　a） Explain the nature and purpose of financial
　　management.[1]
　　b） Explain the relationship between financial
　　management and financial and management
　　accounting.[1]
　　2. Financial objectives and the relationship with
　　corporate strategy
　　a） Discuss the relationship between financial
　　objectives, corporate objectives and corporate
　　strategy.[2]
　　b） Identify and describe a variety of financial
　　objectives, including: [2]
　　i） shareholder wealth maximisation
　　ii） profit maximisation
　　iii） earnings per share growth
　　3. Stakeholders and impact on corporate
　　objectives
　　a） Identify the range of stakeholders and their
　　objectives [2]
　　b） Discuss the possible conflict between
　　stakeholder objectives [2]
　　c） Discuss the role of management in meeting
　　stakeholder objectives, including the
　　application of agency theory.[2]
　　d） Describe and apply ways of measuring
　　achievement of corporate objectives
　　including: [2]
　　i） ratio analysis, using appropriate ratios such
　　as return on capital employed, return on
　　equity, earnings per share and dividend per
　　share
　　ii） changes in dividends and share prices as
　　part of total shareholder return
　　e） Explain ways to encourage the achievement of
　　stakeholder objectives, including: [2]
　　i） managerial reward schemes such as share
　　options and performance-related pay
　　ii） regulatory requirements such as corporate
　　governance codes of best practice and stock
　　exchange listing regulations
　　4. Financial and other objectives in not-for-profit
　　organisations
　　a） Discuss the impact of not-for-profit status on
　　financial and other objectives.[2]
　　b） Discuss the nature and importance of Value for
　　Money as an objective in not-for-profit
　　organisations.[2]
　　c） Discuss ways of measuring the achievement of
　　objectives in not-for-profit organisations.[2]
　　B FINANCIAL MANAGEMENT ENVIRONMENT
　　1. The economic environment for business
　　a） Identify and explain the main macroeconomic
　　policy targets.[1]
　　b） Define and discuss the role of fiscal, monetary,
　　interest rate and exchange rate policies in
　　achieving macroeconomic policy targets.[1]
　　c） Explain how government economic policy
　　interacts with planning and decision-making in
　　business.[2]
　　d） Explain the need for, and the interaction with,
　　planning and decision-making in business of: [1]
　　i） competition policy
　　ii） government assistance for business
　　iii） green policies
　　iv） corporate governance regulation.[2]
　　2. The nature and role of financial markets and
　　institutions
　　a） Identify the nature and role of money and
　　capital markets, both nationally and
　　internationally.[2]
　　b） Explain the role of financial intermediaries.[1]
　　c） Explain the functions of a stock market and a
　　corporate bond market.[2]
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　　9
　　d） Explain the nature and features of different
　　securities in relation to the risk/return tradeoff.[
　　2]
　　3. The nature and role of money market
　　a） Describe the role of the money markets in:[1]
　　i） Providing short-term liquidity to industry
　　and the public sector
　　ii） Providing short-term trade finance
　　iii） Allowing an organisation to manage its
　　exposure to foreign currency risk and
　　interest rate risk.
　　b） Explain the role of banks and other financial
　　institutions in the operation of the money
　　markets.[2]
　　c） Explain the characteristics and role of the
　　principal money market instruments:[2]
　　i） Interest-bearing instruments
　　ii） Discount instruments
　　iii） Derivative products.
　　C WORKING CAPITAL MANAGEMENT
　　1. The nature, elements and importance of
　　working capital
　　a） Describe the nature of working capital and
　　identify its elements.[1]
　　b） Identify the objectives of working capital
　　management in terms of liquidity and
　　profitability, and discuss the conflict between
　　them.[2]
　　c） Discuss the central role of working capital
　　management in financial management.[2]
　　2. Management of inventories, accounts
　　receivable, accounts payable and cash
　　a） Explain the cash operating cycle and the role of
　　accounts payable and accounts receivable.[2]
　　b） Explain and apply relevant accounting ratios,
　　including: [2]
　　i） current ratio and quick ratio
　　ii） inventory turnover ratio, average collection
　　period and average payable period
　　iii） sales revenue/net working capital ratio
　　c） Discuss, apply and *uate the use of relevant
　　techniques in managing inventory, including
　　the Economic Order Quantity model and Justin-
　　Time techniques.[2]
　　d） Discuss, apply and *uate the use of relevant
　　techniques in managing accounts receivable,
　　including:
　　i） assessing creditworthiness [1]
　　ii） managing accounts receivable [1]
　　iii） collecting amounts owing [1]
　　iv） offering early settlement discounts [2]
　　v） using factoring and invoice discounting [2]
　　vi） managing foreign accounts receivable [2]
　　e） Discuss and apply the use of relevant
　　techniques in managing accounts payable,
　　including:
　　i） using trade credit effectively [1]
　　ii） *uating the benefits of discounts for early
　　settlement and bulk purchase [2]
　　iii） managing foreign accounts payable [1]
　　f） Explain the various reasons for holding cash,
　　and discuss and apply the use of relevant
　　techniques in managing cash, including:[2]
　　i） preparing cash flow forecasts to determine
　　future cash flows and cash balances
　　ii） assessing the benefits of centralised
　　treasury management and cash control
　　iii） cash management models, such as the
　　Baumol model and the Miller-Orr model
　　iv） investing short-term
　　3. Determining working capital needs and funding
　　strategies
　　a） Calculate the level of working capital
　　investment in current assets and discuss the
　　key factors determining this level, including:[2]
　　i） the length of the working capital cycle and
　　terms of trade
　　ii） an organisation’s policy on the level of
　　investment in current assets
　　iii） the industry in which the organisation
　　operates
　　b） Describe and discuss the key factors in
　　determining working capital funding strategies,
　　including:[2]
　　i） the distinction between permanent and
　　fluctuating current assets
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　　10
　　ii） the relative cost and risk of short-term and
　　long-term finance
　　iii） the matching principle
　　iv） the relative costs and benefits of
　　aggressive, conservative and matching
　　funding policies
　　v） management attitudes to risk, previous
　　funding decisions and organisation size [1]
　　D INVESTMENT APPRAISAL
　　1. Investment appraisal techniques
　　a） Identify and calculate relevant cash flows for
　　investment projects.[2]
　　b） Calculate payback period and discuss the
　　usefulness of payback as an investment
　　appraisal method.[2]
　　c） Calculate discounted payback and discuss its
　　usefulness as an investment appraisal
　　method.[2]
　　d） Calculate return on capital employed
　?。╝ccounting rate of return） and discuss its
　　usefulness as an investment appraisal
　　method.[2]
　　e） Calculate net present value and discuss its
　　usefulness as an investment appraisal
　　method.[2]
　　f） Calculate internal rate of return and discuss its
　　usefulness as an investment appraisal
　　method.[2]
　　g） Discuss the superiority of discounted cash flow
　　（DCF） methods over non-DCF methods.[2]
　　h） Discuss the relative merits of NPV and IRR.[2]
　　2. Allowing for inflation and taxation in DCF
　　a） Apply and discuss the real-terms and nominalterms
　　approaches to investment appraisal.[2]
　　b） Calculate the taxation effects of relevant cash
　　flows, including the tax benefits of capital
　　allowances and the tax liabilities of taxable
　　profit.[2]
　　c） Calculate and apply before- and after-tax
　　discount rates.[2]
　　3. Adjusting for risk and uncertainty in investment
　　appraisal
　　a） Describe and discuss the difference between
　　risk and uncertainty in relation to probabilities
　　and increasing project life.[2]
　　b） Apply sensitivity analysis to investment projects
　　and discuss the usefulness of sensitivity
　　analysis in assisting investment decisions.[2]
　　c） Apply probability analysis to investment
　　projects and discuss the usefulness of
　　probability analysis in assisting investment
　　decisions.[2]
　　d） Apply and discuss other techniques of
　　adjusting for risk and uncertainty in investment
　　appraisal, including:
　　i） simulation [1]
　　ii） adjusted payback [1]
　　iii） risk-adjusted discount rates [2]
　　4. Specific investment decisions （Lease or buy;
　　asset replacement; capital rationing）
　　a） Evaluate leasing and borrowing to buy using
　　the before-and after-tax costs of debt.[2]
　　b） Evaluate asset replacement decisions using
　　equivalent annual cost.[2]
　　c） Evaluate investment decisions under singleperiod
　　capital rationing, including:[2]
　　i） the calculation of profitability indexes for
　　divisible investment projects
　　ii） the calculation of the NPV of combinations
　　of non-divisible investment projects
　　iii） a discussion of the reasons for capital
　　rationing
　　E BUSINESS FINANCE
　　1. Sources of and raising business finance
　　a） Identify and discuss the range of short-term
　　sources of finance available to businesses,
　　including: [2]
　　i） overdraft
　　ii） short-term loan
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　　11
　　iii） trade credit
　　iv） lease finance
　　b） Identify and discuss the range of long-term
　　sources of finance available to businesses,
　　including: [2]
　　i） equity finance
　　ii） debt finance
　　iii） lease finance
　　iv） venture capital
　　c） Identify and discuss methods of raising equity
　　finance, including: [2]
　　i） rights issue
　　ii） placing
　　iii） public offer
　　iv） stock exchange listing
　　d） Identify and discuss methods of raising short
　　and long term Islamic finance including[1]
　　i） major difference between Islamic finance
　　and the other forms of business finance.
　　ii） The concept of riba （interest） and
　　how returns are made by Islamic financial
　　securities.
　　iii） Islamic financial instruments
　　available to businesses including
　　i） murabaha （trade credit）
　　ii） Ijara （lease finance）
　　iii） mudaraba （equity finance）
　　iv） sukuk （debt finance）
　　v） musharaka （venture capital）
　　（note: calculations are not required）
　　e） Identify and discuss internal sources of finance,
　　including:[2]
　　i） retained earnings
　　ii） increasing working capital management
　　efficiency
　　iii） the relationship between dividend policy
　　and the financing decision
　　iv） the theoretical approaches to, and the
　　practical influences on, the dividend
　　decision, including legal constraints,
　　liquidity, shareholding expectations and
　　alternatives to cash dividends
　　2. Estimating the cost of capital
　　a） Estimate the cost of equity including.[2]
　　i） Application of the dividend growth model
　　and discussion of its weaknesses.
　　ii） Explaination and discussion of systematic
　　and unsystematic risk.
　　iii） Relationship between portfolio theory and
　　the capital asset pricing model （CAPM）
　　iv） Application of the CAPM, its assumptions,
　　advantages and disadvantages its
　　b） Estimating the cost of debt
　　i） irredeemable debt
　　ii） redeemable debt
　　iii） convertible debt
　　iv） preference shares
　　v） bank debt
　　c） Estimating the overall cost of capital
　　including.[2]:
　　i） Distinguishing between average and
　　marginal cost of capital
　　ii） Calculating the weighted average cost of
　　capital （WACC） using book value and
　　market value weightings
　　3. Sources of finance and their relative costs
　　a） Describe the relative risk-return relationship
　　and the relative costs of equity and debt.[2]
　　b） Describe the creditor hierarchy and its
　　connection with the relative costs of sources of
　　finance.[2]
　　c） Identify and discuss the problem of high levels
　　of gearing [2]
　　d） Assess the impact of sources of finance on
　　financial position, financial risk and
　　shareholder wealth using appropriate
　　measures, including[2]:
　　i） ratio analysis using statement of financial
　　position gearing, operational and financial
　　gearing, interest coverage ratio and other
　　relevant ratios
　　ii） cash flow forecasting
　　iii） leasing or borrowing to buy
　　e） Impact of cost of capital on investments
　　including.[2]
　　i） the relationship between company value
　　and cost of capital.
　　ii） the circumstances under which WACC can
　　be used in investment appraisal
　　iii） the advantages of the CAPM over WACC in
　　determining a project-specific cost of capital
　　? ACCA 2014 All rights reserved.
　　12
　　the advantages of the CAPM over WACC in
　　determining a project-specific cost of capital
　　iv） Application of CAPM in calculating a
　　project-specific discount rate.
　　4. Capital structure theories and practical
　　considerations
　　a） Describe the traditional view of capital
　　structure and its assumptions.[2]
　　b） Describe the views of Miller and Modigliani on
　　capital structure, both without and with
　　corporate taxation, and their assumptions.[2]
　　c） Identify a range of capital market imperfections
　　and describe their impact on the views of
　　Miller and Modigliani on capital structure.[2]
　　d） Explain the relevance of pecking order theory to
　　the selection of sources of finance.[1]
　　5. Finance for small and medium sized entities
　?。⊿MEs）
　　a） Describe the financing needs of small
　　businesses.[2]
　　b） Describe the nature of the financing problem
　　for small businesses in terms of the funding
　　gap, the maturity gap and inadequate
　　security.[2]
　　c） Explain measures that may be taken to ease
　　the financing problems of SMEs, including the
　　responses of government departments and
　　financial institutions.[1]
　　d） Identify appropriate sources of finance for
　　SMEs and *uate the financial impact of
　　different sources of finance on SMEs.[2]
　　F BUSINESS VALUATIONS
　　1. Nature and purpose of the valuation of
　　business and financial assets
　　a） Identify and discuss reasons for valuing
　　businesses and financial assets.[2]
　　b） Identify information requirements for valuation
　　and discuss the limitations of different types of
　　information.[2]
　　2. Models for the valuation of shares
　　a） Asset-based valuation models, including:[2]
　　i） net book value （statement of financial
　　position basis）。
　　ii） net realisable value basis.
　　iii） net replacement cost basis.
　　b） Income-based valuation models, including:[2]
　　i） price/earnings ratio method.
　　ii） earnings yield method.
　　c） Cash flow-based valuation models, including:[2]
　　i） dividend valuation model and the dividend
　　growth model.
　　ii） discounted cash flow basis.
　　3. The valuation of debt and other financial assets
　　a） Apply appropriate valuation methods to:[2]
　　i） irredeemable debt
　　ii） redeemable debt
　　iii） convertible debt
　　iv） preference shares
　　4. Efficient Market Hypothesis （EMH） and
　　practical considerations in the valuation of
　　shares
　　a） Distinguish between and discuss weak form
　　efficiency, semi-strong form efficiency and
　　strong form efficiency [2]
　　b） Discuss practical considerations in the
　　valuation of shares and businesses,
　　including:[2]
　　i） marketability and liquidity of shares
　　ii） availability and sources of information
　　iii） market imperfections and pricing
　　anomalies
　　iv） market capitalisation
　　c） Describe the significance of investor
　　speculation and the explanations of investor
　　decisions offered by *al finance [1]
　　? ACCA 2014 All rights reserved.
　　13
　　G RISK MANAGEMENT
　　1. The nature and types of risk and approaches to
　　risk management
　　a） Describe and discuss different types of foreign
　　currency risk:[2]
　　i） translation risk
　　ii） transaction risk
　　iii） economic risk
　　b） Describe and discuss different types of interest
　　rate risk:[1]
　　i） gap exposure
　　ii） basis risk
　　2. Causes of exchange rate differences and
　　interest rate fluctuations
　　a） Describe the causes of exchange rate
　　fluctuations, including:
　　i） balance of payments [1]
　　ii） purchasing power parity theory [2]
　　iii） interest rate parity theory [2]
　　iv） four-way equivalence [2]
　　b） Forecast exchange rates using:[2]
　　i） purchasing power parity
　　ii） interest rate parity
　　c） Describe the causes of interest rate
　　fluctuations, including: [2]
　　i） structure of interest rates and yield curves
　　ii） expectations theory
　　iii） liquidity preference theory
　　iv） market segmentation
　　3. Hedging techniques for foreign currency risk
　　a） Discuss and apply traditional and basic
　　methods of foreign currency risk management,
　　including:
　　i） currency of invoice [1]
　　ii） netting and matching [2]
　　iii） leading and lagging [2]
　　iv） forward exchange contracts [2]
　　v） money market hedging [2]
　　vi） asset and liability management [1]
　　b） Compare and *uate traditional methods of
　　foreign currency risk management.[2]
　　c） Identify the main types of foreign currency
　　derivates used to hedge foreign currency risk
　　and explain how they are used in hedging.[1]
　?。∟o numerical questions will be set on this
　　topic）
　　4. Hedging techniques for interest rate risk
　　a） Discuss and apply traditional and basic
　　methods of interest rate risk management,
　　including:
　　i） matching and smoothing [1]
　　ii） asset and liability management [1]
　　ii） forward rate agreements [2]
　　b） Identify the main types of interest rate
　　derivates used to hedge interest rate risk and
　　explain how they are used in hedging.[1]
　?。∟o numerical questions will be set on this
　　topic）
　　? ACCA 2014 All rights reserved.
　　14
　　SUMMARY OF CHANGES TO F9
　　ACCA periodically reviews its qualification
　　syllabuses so that they fully meet the needs of
　　stakeholders such as employers, students,
　　regulatory and advisory bodies and learning
　　providers.
　　There are no changes to the syllabus except rearrangement of syllabus sections. Section on cost of capital is now
　　part of business finance section.