The Institute of Chartered Accountants in England and Wales

BUSINESS ANALYSIS
Advanced Stage

For exams in 2013

Study Guide

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Contents

1 2 3 4 5 6

Introduction Aim of the papers and specification grid Study guide Skills assessment guide Technical knowledge Key resources

1 3 4 17 20 25

1 Introduction
1.1 What is the Advanced Stage?
Structure and progression
The Advanced Stage of the ACA qualification is designed to ensure that candidates are able to integrate and apply their technical, professional and ethical skills in a variety of business environments. The diagram below shows the five modules which form the basis of the Advanced Stage. The Advanced Stage is comprised of two technical integration modules and the Case Study. The two technical integration modules will be examined in a business scenario context which draws together a number of different areas of technical knowledge.

The Professional Stage consists of knowledge modules and application modules. The knowledge modules introduce the core technical knowledge and skills required by a chartered accountant. The application modules further develop and assess practical application of technical knowledge and skills. The technical knowledge acquired at the Professional Stage is developed to an advanced level and integrated in a broader range of business scenarios in the Advanced Stage technical integration modules. The application of technical knowledge in these modules requires an appreciation of the typical issues and problems facing businesses and their relationship to corporate reporting, assurance and taxation. A greater depth of business and financial analysis will be required to understand the implications and risks arising from the business issues. New technical topics are introduced in the technical integration modules, that are not dealt with elsewhere in the syllabus. A deeper level of technical ability is expected of candidates across the entire ACA syllabus to reflect the greater financial and business awareness needs of trainee chartered accountants approaching qualification. This is reflected particularly in assessing candidates proficiency and ability to integrate knowledge and skills both within and across technical subjects in a range of complex business scenarios. Candidates will also be required to apply professional knowledge using more advanced skills in the technical integration modules. These professional skills are then examined to a greater extent in the final

Study guide

ACA module: the Case Study. This module requires higher level cognitive skills, analytical and evaluative skills and emphasises the importance of communication and articulation skills.

Assessment
The two technical integration modules will be examined using traditional paper based assessments. Each paper based exam will be 3.5 hours in length. These exams will contain questions requiring the integration of knowledge both within technical disciplines and across technical disciplines. Questions integrated across all subject streams are an essential step towards the Case Study but will generally have more structure and guidance than those at the Case Study. The Case Study will continue in its present format of a four hour written exam with advance information provided to candidates ahead of the exam and impact information issued in the exam, containing the Case Study requirements.

Flexibility
There are no regulations stipulating the order in which candidates must attempt the technical integration modules. The Case Study must be the final module attempted and can only be attempted in the final year of a training contract. There is no restriction on the number of attempts permitted at each advanced stage module.

Open Book Policy

Candidates may take any written or printed material into the exam hall subject to practical space restrictions.

Business Analysis

2 Aim of the papers and specification grid

2.1 Module aim
The aim of the Business Reporting paper is: To ensure that candidates can apply analysis techniques, technical knowledge and professional skills to resolve real-life compliance issues faced by businesses. Candidates may be put, for example, in the role of a preparer of financial statements, or other corporate reports such as on sustainability and corporate responsibility, an advisor or in an assurance role facing business issues where there are reporting implications. Compliance issues relating to taxation will also feature in this module. Candidates will be required to use professional judgement to identify and evaluate alternatives and determine the appropriate solution(s) to compliance issues, giving due consideration to the commercial impact of their recommendations. The aim of the Business Change paper is: To ensure that candidates can provide technical advice in respect of issues arising in business transformations, mergers, acquisitions, alliances and disposals. Candidates will be required to analyse and interpret both external and internal financial and nonfinancial data in order to plan for change and provide advice. In undertaking this analysis candidates will be expected to evaluate the impact of stakeholder influences on the data, including the impact of choice of reporting policies. Taxation and practical business techniques are particularly important in this module, where business techniques include aspects of business strategy, business finance, performance management and costing. There will also be financial reporting, assurance, ethical and legal implications to be considered when developing and assessing strategic and business plans.

2.2

Specification grid
This grid is a general guide as to the subject matter within this module and assessment coverage over a period of time. BR Weighting (%) 5 10 20 30 30 40 30 40 0 BC Weighting (%) 5 10 25 35 10 20 15 25 30 35

Ethics and law Taxation Audit and assurance Corporate reporting Business analysis

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3 Study guide
3.1 Help yourself study for your ACA exams
The right approach
1 Develop the right attitude Believe in yourself Remember why you're doing it Yes, there is a lot to learn. But thousands have succeeded before and you can too. You are studying for a good reason: to advance your career.

Focus on the exam Read through the Syllabus in this guide This tells you what you are expected to know.

The right method See the whole picture Keeping in mind how all the detail you need to know fits into the whole picture will help you understand it better. The Practical significance and Working context to each chapter in the study guide put the material into context. The Learning objectives and Section overviews in the Study Manual show you what you need to grasp.

Use your own words

To absorb the information (and to practise your written communication skills), you need to put it into your own words. Take notes. Answer the questions in each chapter. Draw mindmaps. Try 'teaching' a subject to a colleague or friend.

Give yourself cues to jog your memory

The Study Manual uses bold to highlight key points. Try colour coding with a highlighter pen. Write key points on cards.

The right recap Review, review, review Regularly reviewing a topic in summary form can fix it in your memory. The Study Manual helps you review in many ways. Each Chapter Summary will help you to recall that study session. The Self-test actively tests your grasp of the essentials. Go through the Examples in each chapter a second or third time.

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3.2

Study cycle
The best way to approach the Study Manual is to tackle the chapters in order. We will look in detail at how to approach each chapter below but as a general guide, taking into account your individual learning style, you could follow this sequence for each chapter. Key study steps Step 1 Topic list Step 2 Introduction Activity This topic list is shown in the contents for each chapter and helps you navigate each part of the book; each numbered topic is a numbered section in the chapter. The practical significance and working context sections for each chapter set out in this study guide give you the big picture in terms of the context of the chapter. The Examination context guidance shows what the examiners are looking for and tells you why the topics covered in the chapter need to be studied. Section overviews give you a quick summary of the content of each of the main chapter sections. They can also be used at the end of each chapter to help you review each chapter quickly. Proceed methodically through each chapter, particularly focusing on areas highlighted as significant in the chapter introduction or study guide. Take brief notes, if you wish. Don't copy out too much. Remember that being able to record something yourself is a sign of being able to understand it. Your notes can be in whatever format you find most helpful lists, diagrams, mindmaps. Work through the examples very carefully as they illustrate key knowledge and techniques. Check yours against the suggested solutions, and make sure you understand any discrepancies. Review it carefully, to make sure you have grasped the significance of all the important points in the chapter. Use the Self-test to check how much you have remembered of the topics covered. Ensure you have ticked off the Learning objectives.

Step 3 Section overviews Step 4 Explanations Step 5 Note taking Step 6 Examples Step 7 Answers Step 8 Chapter summary Step 9 Self-test Step 10 Learning objectives

Moving on...
When you are ready to start revising, you should still refer back to the Study Manual. As a source of reference (you should find the index particularly helpful for this). As a way to review (the Section Overviews, Examination Context, Chapter Summaries and Self-test questions help you here).

Remember to keep careful hold of the Study Manual you will find it invaluable in your work.

Study guide

Business Analysis

Study Period Working context Approach Syllabus links and essential points

Practical significance

Due Date

Syllabus links

A business can demonstrate its corporate responsibility credentials by undergoing a social or environmental audit. These audits are covered in Chapter 8 of the Audit and Assurance Study Manual.
Essential points

Business decisions do not exist in isolation. In reality, before any decision is made whether financial, marketing or strategic the impact on other parts of the organisation must be assessed to ensure it is not conflicting with other strategies. Dealing with complex scenarios is a fact of business life it is imperative that you become familiar with how different analysis tools can be used and understand the significance of financial strategy on business decisions.

Chapter 1 reviews the main analysis tools covered at the Professional stage. Work through Interactive Questions 1 and 2 before moving onto Section 5 on how to apply the tools in a complex scenario. Follow through the worked example case study, making sure you understand how the tools are applied, before attempting Interactive Question 3 and the self test questions.

The application of different tools to a complex scenario

Stop and think

You may be asked to analyse the financial implications of different strategic decisions and explain their significance to non-financial managers. For example, if expansion is part of the long-term strategy, how will this impact on the firm's financial ratios, depending on the financing method chosen? You may also have to consider the impact of any proposed financial decisions on the wider strategies of the organisation. For example, how will the decision to cut production staff costs affect product quality and positioning in the market place?

What are the most significant barriers to change in organisations?

How much do businesses need to worry about whether they are seen as being socially responsible or sustainable?

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Study Period Working context Approach Syllabus links and essential points

Practical significance

Due Date

Most working environments now have some form of risk management system. You may be required to carry out tests of such systems or advise on how these systems could be improved. You may even be involved in the design of a risk management system from scratch within your own organisation. Section 2 looks at the important area of Enterprise risk management. Sections 3 11 explore the different stages of the risk management process. Section 12 considers the issue of risk monitoring and control and evaluates the limitations of risk management plans. Once you have completed all the interactive questions, try the self-test questions at the end of the chapter.
Essential points

Chapter 2 starts with a review of risk management issues covered at the Professional stage. Pay close attention to the case studies in Section 1 as they show how risk management is applied in practice.

Syllabus links

This chapter links to the business risk model discussed in Chapter 4 Planning and risk assessment in the Audit and Assurance Study Manual. Using this model ensures auditors consider wider business risks, rather than focusing too heavily on certain areas of the financial accounts.

Enterprise risk management Practical application of risk management process

Risk is one of the penalties we pay for being in business. Every organisation be it a multinational company or a small sole trader faces risk every day. In a world where risk and its effects on corporate objectives are viewed with increasing concern, organisations need to have an effective risk management programme in place to alleviate some of the more serious effects. Although millions of pounds can be spent on such programmes, this may be wasted if the proper groundwork is not done. It is essential to understand the processes that make up a risk management system for such a system to assist in the fulfilment of corporate objectives.

Stop and think

How difficult is it for directors to assess their risk appetite?

On what bases should a business decide which risks to avoid and which risks to reduce?

Business Analysis

Study Period Working context Approach Syllabus links and essential points

Practical significance

Due Date

Syllabus links

Again this chapter covers areas that will impact significantly on auditor consideration of key business processes and risks, covered in Chapter 4 of the Audit and Assurance Study Manual.
Essential points

Costing techniques are very important for planning, decision making and control purposes. A change in technique for example, using ABC rather than absorption costing can lead to different decisions being made, as projects appear to be either more or less feasible.

In a working environment you may be faced with making decisions regarding allocation of scarce resources or the best ways of reducing costs. The contents of this chapter, together with previous knowledge gained in earlier studies, will be invaluable in such situations. Chapter 3 looks at cost analysis from a strategic viewpoint. After briefly reviewing traditional techniques, move onto techniques that can be used for cost reduction. Ensure your understanding of these techniques by following the worked examples and attempting the interactive and self-test questions.

In a business climate where cost reduction has increasingly become the norm, it is essential to appreciate the issues surrounding how, when and why to reduce costs and how cost reduction programmes interact with existing strategies, product and service quality, and marketing. Being too ruthless with cutting costs can be as damaging as not dealing with unnecessary costs at all. Therefore knowledge of the relationship between cost reduction and sustaining added value activities that contribute to long term corporate value is crucial.

Cost reduction using such techniques as supply chain and business process re-engineering

Stop and think

How helpful in practice is a technique like business process reengineering?

Study guide

Study Period Working context Approach Syllabus links and essential points

Practical significance

Due Date

What activities should businesses never outsource?

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Business Analysis

Study Period Working context Approach Syllabus links and essential points

Practical significance

Due Date

In a working environment you are likely to have to assess the feasibility of domestic and international projects. Real options are closely linked to this task and you may be required to value options to expand, abandon, delay or redeploy.
Essential points

Syllabus links

Project appraisal may be important in a financial reporting context for example, in considering impairment of a cash generating unit under IAS 36. Translation and other currency risks for a foreign operation are also linked to IAS 21.

Investment is the lifeblood of any organisation's growth. With so many investment opportunities available and limited resources to spend on them organisations must have knowledge of how to evaluate such projects to determine which ones will increase shareholders' wealth while at the same time complementing the overall business strategy. Real options

With increased globalisation, companies need to evaluate international investment opportunities. They must appreciate that international investment appraisal involves not just the evaluation of the usual revenues and operating costs, but also the consideration of the various risks involved in undertaking overseas investments. Without such analysis process, multi-million pound investments can quickly go wrong, resulting in major losses, both monetary and of reputation.

Chapter 4 is quite a practical chapter. Make sure you review investment appraisal techniques in Section 1 and attempt the interactive questions to test your knowledge. Later sections are more complex read and review them several times to ensure you understand the topics. Work through the interactive and self-test questions and be prepared to apply all the techniques covered in this chapter to complex scenarios in the exam.

International investment appraisal

Stop and think

How can you value an option to delay if delay may give competitors

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Study Period Working context Approach Syllabus links and essential points

Practical significance

Due Date

the chance to exploit a business opportunity first?

Is an expected value calculation ever a useful measure?

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Business Analysis

Study Period Working context Approach Syllabus links and essential points

Practical significance

Due Date

There are many reasons for valuing companies, or components of companies. Acquisitions, mergers, probate and tax purposes are just some of the reasons for doing so. Although valuations are essentially subjective and affected by many factors, understanding the various available techniques and how to apply them to different situations is an important skill. Chapter 5 covers some quite complex techniques. A key skill is to choose the most appropriate techniques to use in different circumstances. Read through all the sections carefully to make sure you understand the techniques and where their use may be appropriate. The worked examples, interactive and self-test questions will test your knowledge and understanding.

Whether you work in financial accounting, treasury or tax you may become involved in the valuation of an entire company or some of its components (debt, equity or financial instruments). You should therefore be aware of when different techniques should be used and what to look out for when choosing between available valuation measures.

Syllabus links

Stop and think

This chapter should be read in conjunction with Chapter 16 Financial statement analysis from the Corporate Reporting Study Manual in order to understand more fully the information that can be used in the determination of a businesss value. The question Puller plc in the question bank provides an example of an exam standard question that brings together those Business Analysis and Corporate Reporting issues in a valuation context.
Essential points

Use of appropriate equity valuation techniques Valuing debt Valuing shareholdings for different purposes

Which method(s) of valuation are more appropriate for valuing a small holding of shares, which method(s) are more appropriate for valuing the entire share capital of a company?

How do you value a company that has made losses recently?

How do you value a company that has never made any profits?

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Study Period Working context Approach Syllabus links and essential points

Practical significance

Due Date

Syllabus links

Depending on where you work, you may become involved in research for the best method of financing for a particular project, or may be asked to assist in a financial reconstruction. Chapter 6 looks at cost of capital and financial structure. This is a large chapter with some complex techniques, so read the sections several times if necessary to ensure your understanding. Question practice is particularly important, so attempt all the interactive and selftest questions.

The taxation implications of raising finance are covered in Chapter 2 of the Taxation Study Manual. The financing of small businesses will obviously be of particular concern to their auditors, and Chapter 13 of the Audit and Assurance Study Manual covers the main issues involved in the audit of small companies.
Essential points

Without financing, businesses would not exist. Therefore a finance professional must have detailed knowledge of the various ways in which different methods of financing can help individual organisations. Not everyone works in a large multinational smalland medium-sized enterprises face their own challenges when seeking finance. Those involved in such organisations require indepth knowledge of the various methods of financing available. Financial restructuring Small company finance

Stop and think

If a business has surplus cash, should this cash always be its first choice source of finance for a new project?

Working capital management

In what circumstances should businesses not aim to minimise working capital?

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Business Analysis

Study Period Working context Approach Syllabus links and essential points

Practical significance

Due Date

Financial instruments are not used in isolation. It would be very rare for a company to make use of one type of financial instrument without considering the wider effects of its use on the overall financial strategy of the organisation. In reality, companies use a number of instruments for different purposes, including risk management and speculation. What is important is being able to evaluate the effects that the financial instruments are likely to have on financial strategy. If you are working in treasury or corporate finance you may be required to evaluate different combinations of financial instruments and their effects on strategy. You should be able to identify the various instruments that are available for risk management purposes and determine which instruments are most appropriate in different circumstances. Chapter 7 covers financial engineering the use of different financial products to protect against such risks as interest rate and foreign currency movements. When reading through the sections, pay particular attention to the situations where different products might be used, and how they might be used collectively as part of overall financial strategy. Attempt interactive and self-test questions.

Syllabus links

Stop and think

IAS 39 Financial instruments: Recognition and measurement established principles for how financial assets and liabilities, including derivatives, should be recognised and measured. Organisations must determine what derivatives are worth in order that appropriate disclosure, recognition and measurement can be made. Chapters 5 to 7 of the Corporate Reporting Study Manual cover the accounting standards that relate to financial instruments and Chapter 12 of the Audit and Assurance Study Manual discusses their audit. IFRS 2, covered in Chapter 9 of the Corporate Reporting Study Manual, requires an option pricing model to be used to estimate option fair value.
Essential points

At what point do companies hedging activities become so complex that they need to employ treasury expertise?

How much impact will there be on lease vs buy decisions if companies have to account for leases currently classified as operating leases on their statements of financial position?

Deciding which products to use in different scenarios Combining products as part of an overall strategy

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Study Period Working context Approach Syllabus links and essential points

Practical significance

Due Date

Syllabus links

In a working environment you may have to assess the suitability of various methods of finance to particular international transactions such as exports or setting up a subsidiary. Remember to treat each case on its own merits do not assume that the same method of finance will be suitable even if the transactions appear to be similar. Chapter 8 covers international financial management issues. Ensure you understand how financial management techniques can be applied to international scenarios and make sure you appreciate the issues that are unique to international trade and running international operations. Attempt interactive and self-test questions.

Chapter 5 of the Taxation Study Manual International expansion discusses the taxation consequences of foreign trading and operations. Chapter 11 of the Corporate Reporting Study Manual deals with the financial accounting implications of reporting overseas activities. Chapter 14 of the Audit and Assurance Study Manual Business structures and global enterprises discusses the audit of overseas subsidiaries, and the risk and control issues affecting worldwide businesses that will particularly concern auditors.
Essential points

Many companies have to consider the international aspects of the business, whether it be selling to overseas customers or setting up operations in other countries. With international involvement come unique problems, whether it is dealing with exchange rate movements or deciding how to finance an overseas operation. As with most areas of finance, making mistakes can be very costly, both in monetary terms and in terms of reputation. It is therefore essential to understand the various issues surrounding international operations and trade and the numerous options available to finance them Financing overseas projects

Stop and think

What are the most important additional risks facing a business that is investing overseas as opposed to investing in its home market?

International trade and associated issues.

How does a business decide what form its overseas investment should take?

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Business Analysis

4
4.1

Skills assessment guide

Introduction
As a Chartered Accountant in the business world, you will require the knowledge and skills to interpret financial and other numerical and business data, and communicate the underlying issues to your clients. In a similar way to the required knowledge, the ACA syllabus has been designed to develop your professional skills in a progressive manner. These skills are broadly categorised as: Assimilating and using information Structuring problems and solutions Applying judgement Drawing conclusions and making recommendations

4.2

Assessing your professional skills

The work experience requirements for students provide a framework to develop appropriate work experience, completion of which is essential in order to qualify for membership. Work experience is also an essential component for examination preparation. The work experience framework is built around five key skills: Business awareness being aware of the internal and external issues and pressure for change facing an organisation and assessing an organisations performance. Technical and functional expertise applying syllabus learning outcomes and where appropriate, further technical knowledge to real situations. Ethics and professionalism recognising issues, using knowledge and experience to assess implications, making confident decisions and recommendations. Professional judgement making recommendations and adding value with appropriate, targeted and relevant solutions. Personal effectiveness developing, maintaining and exercising skills and personal attributes necessary for the role and responsibilities.

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The examinations, and in particular the Advanced Stage, embrace all of these skills. The link between work experience and the examinations is demonstrated by the skills development grids produced by the examiners. This will help students see that their practical knowledge and skills gained in the workplace feed back into the exam room and vice-versa.

4.3

Assessment grids
The following pages set out the learning outcomes for Business Analysis that are addressed under each of the four skills areas. In addition, for each skills area, there is a description of: The specific skills that are assessed How these skills are assessed

Using these grids will enable you to determine how the examination paper will be structured and to consider whether your knowledge of Corporate Reporting is sufficiently strong to enable you to apply it in the required manner.

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Business Analysis

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Technical knowledge
The tables contained in this section show the technical knowledge covered in the ACA Syllabus by module. For each individual standard the level of knowledge required in the relevant Professional Stage module and at the Advanced Stage is shown. The knowledge levels are defined as follows: Level D An awareness of the scope of the standard. Level C A general knowledge with a basic understanding of the subject matter and training in its application thereof sufficient to identify significant issues and evaluate their potential implications or impact. Level B A working knowledge with a broad understanding of the subject matter and a level of experience in the application thereof sufficient to apply the subject matter in straightforward circumstances. Level A A thorough knowledge with a solid understanding of the subject matter and experience in the application thereof sufficient to exercise reasonable professional judgement in the application of the subject matter in those circumstances generally encountered by Chartered Accountants. Key to other symbols: the knowledge level reached is assumed to be continued

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Business Analysis

BUSINESS ANALYSIS
Management Information Financial Management
Advanced Stage B A A A A A A B A B A A A A A 21

Professional Stage Business & Finance Business Strategy

A A A A A A A A A A A A A B A A A A A A B B B B B A A A
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Topic

STRATEGIC ANALYSIS Environmental and market analysis tools PESTEL analysis Porters five forces Product life cycle Boston consulting group matrix Competitor analysis Positional and other analysis tools Resource audit Resource-based strategy Value chain analysis SWOT analysis Gap analysis Marketing analysis Competitive advantage Benchmarking Directional policy matrix Business process analysis Strategic risk analysis Balanced scorecard STRATEGIC CHOICE Strategy formulation, evaluation and choice Business risk management Financial analysis and data analysis Stakeholder analysis Objectives and stakeholders preferences Corporate responsibility and sustainability STRATEGIC IMPLEMENTATION Business plans Organisational structure Information management Change management Project management COST ANALYSIS FOR DECISION MAKING Costing Cost classification Costing systems direct, marginal, absorption Activity based costing (ABC) Break even analysis Multi-product break even analysis Budgeting and performance management Pricing Pricing decisions Transfer pricing BUSINESS AND SHAREHOLDER VALUE Valuation Techniques Income dividend yield Income P/E Income discounted cash flow Asset based measures

C B B B B C C B C C B C C

C C C B C C C C C

A B C B B B B

B B B B

Management Information

Financial Management

Topic

Options approach Shareholder value Value based management (VBM) Value drivers Shareholder value analysis (SVA) Short and long term growth rates and terminal values Economic profit Cash flow return on investment (CFROI) Total shareholder return (TSR) Market value added (MVA) INVESTMENT APPRAISAL AND BASIC RISK ANALYSIS Project appraisal NPV IRR Payback Relevant cash flows Tax and inflation Replacement Analysis Capital rationing Adjusted present value (APV) Assessing risk Project appraisal and sensitivity analysis Project appraisal and simulation Expected values Scenario planning Gap analysis Continuous vs. event risk FINANCIAL ANALYSIS Cost of capital Cost of equity Cost of debt Cost of preference shares Cost of bank loans Weighted average cost of capital (WACC) Effective interest rates Splitting convertibles into equity and debt elements Public sector discount rates Portfolio theory and CAPM Portfolio theory CAPM APT and MCPM CAPM and cost of capital International cost of capital Bonds Bond pricing using NPV Yields to maturity Duration and price volatility Convexity Term structure of interest rates Corporate borrowing and default risk SOURCES OF FINANCE AND FINANCING ARRANGEMENTS

A A A A A A A

B B

B B B

A A A A A A A A B B B B B

A A A A

B B B B B

A A A A A A A A A A A A A A A A A A A

B B B

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Advanced Stage

Professional Stage Business & Finance Business Strategy

Management Information

Financial Management

Topic

Short, medium and long term sources of finance Loan agreement conditions (warranties; covenants; guarantees) Raising capital Gearing and capital structure Loan agreements and covenants Dividend policy Financing reconstructions (eg: group reconstruction, spin off, purchase of own shares, use of distributable profits) Working capital management FINANCIAL ENGINEERING Futures, options and swaps Options Interest rate futures Interest rate options Interest forward rate agreements (FRAs) Interest rate swaps Foreign exchange Currency forward contracts Currency money market cover Currency options Currency swaps Operational techniques for managing currency risk Theoretical determinants of foreign exchange rates Option value Value of a call and put option Black Scholes option pricing model Binomial Option Pricing Model Real options

B B B A A A B C

A A A A A

B B B B B B B B B B B C

A A A A A A A A A A A

B B B

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Advanced Stage

Professional Stage Business & Finance Business Strategy

Ethics Codes and Standards

Ethics Codes and Standards IFAC Code of Ethics for Professional Accountants (parts A, B and C and Definitions) Level A Professional Stage modules Assurance Business and Finance Law Principles of Taxation Audit and Assurance Business Strategy Financial Reporting Taxation Assurance Audit and Assurance

ICAEW Code of Ethics

APB Ethical Standards 1-5 (revised) Provisions Available to Small Entities (revised)

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Business Analysis

6 Key Resources
STUDENT SUPPORT TEAM T +44 (0)1908 248 250 E studentsupport@icaew.com STUDENT WEBSITE icaew.com/students student homepage icaew.com/exams exam applications, deadlines, regulations and more icaew.com/cpl credit for prior learn/exemptions icaew.com/examresources examiner's comments, syllabus, past papers, study guides and more icaew.com/examresults exam results TUITION If you are receiving structured tuition, make sure you know how and when you can contact your tutors for extra help. If you arent receiving structured tuition and are interested in classroom, online or distance learning tuition, take a look at our tuition providers in your area on icaew.com/exams ONLINE STUDENT COMMUNITY The online student community allows you to ask questions, gain study and exam advice from fellow ACA and CFAB students and access our free webinars. There are also regular Ask an Expert and Ask a Tutor sessions to help you with key technical topics and exam papers. Access the community at icaew.com/studentcommunity THE LIBRARY & INFORMATION SERVICE (LIS) The Library & Information Service (LIS) is ICAEW's world-leading accountancy and business library. You have access to a range of resources free of charge via the library website, including the catalogue, LibCat. icaew.com/library

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Business Analysis