Syllabus CPA: A Career For Life

CPA - A Career for life
CPA Ireland 2016
Syllabus
The Institute of
Certified Public Accountants in Ireland
Disclaimer
No responsibility for loss occasioned to any person acting or refraining from
action as a result of material contained in this publication can be accepted by
CPA Ireland (CPA Ireland).
The copyright and other intellectual rights attaching to information or data
contained within this publication are held by CPA Ireland. Reproduction of all
or any of the contents of the publication, in any form is prohibited save with
the prior written authorisation of Institute.
TABLE OF CONTENTS
THE EXAMINATION SYSTEM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
FORMATION LEVEL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
STAGE: FORMATION 1 10
Management in Organisations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Economics and Business Planning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Business Law and Professional Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
STAGE: FORMATION 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Management Accounting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Financial Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Information Systems. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Taxation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
PROFESSIONAL LEVEL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
STAGE: PROFESSIONAL 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Managerial Finance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Corporate Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Corporate Laws and Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Auditing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
PROFESSIONAL 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
STAGE: PROFESSIONAL 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Strategy & Leadership. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Audit Practice & Assurance Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Advanced Corporate Reporting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Strategic Corporate Finance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Strategic Performance Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Advanced Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
EXAMINABLE MATERIAL DOCUMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . 71-76

CPA - Syllabus 2016
CPA IRELAND SYLLABUS

INTRODUCTION
The key attribute the marketplace now seeks in a professional
accountant is the ability to influence business at a strategic level. This
competency based syllabus is tailored to meet that need. It positions
newly qualified Certified Public Accountants (CPAs) as team players
with all the essential technical skills and capacity to operate at a
strategic level, capable of understanding and contributing towards
every facet of business including entrepreneurial activity, practice
and public service. The CPA Ireland Syllabus balances an appropriate
emphasis on strategy, ethics and governance with the fundamental
components of auditing, taxation, finance and performance reporting.
In recognition of the diverse range of rewarding and exciting career
opportunities available to professional accountants, this syllabus
provides students with options, in the final year of studies, to tailor the
CPA Ireland qualification to their chosen career paths. Selecting from
a number of pre-qualification specialisms, those students who intend
working in public practice can specialise in areas such as auditing
and tax while those with a preference for industry focus on strategic
performance management.
The CPA Ireland syllabus, a rigorous training process and a
commitment to life-long learning are all designed to ensure that CPAs
will retain and enhance their valued position in the market place and
continue to contribute to the development of business, society at large
and the accountancy profession both nationally and internationally.
Thank you for your interest in this syllabus. Should you require any
further information, the Institute shall be pleased to assist you.
Paul Heaney FCPA Director;

Education & Training,
CPA Ireland
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CPA - Syllabus 2016
THE EXAMINATION SYSTEM

Many of the competencies required of an entry level
CPA - CAREER MOVE WORTH MAKING accountant are assessed through the examination process.
Other competencies, by their nature, may be evaluated
The CPA Ireland qualification is competency-based. Both this
only in the work place through a supervised training regime.
Syllabus of Examination and the CPA Ireland education and training
These may include non-technical competencies such as
programme are underpinned by the CPA Ireland Competency Profile,
team working, leadership, effective communication skills and
which has resulted from the Institutes research into what will makes
problem solving capabilities.
accountants effective at strategic level in business and in practice. The
Profile specifies two dimensions: the range of knowledge/skills needed The development of professional values, ethics and attitudes
by CPAs and the depth of expertise required. It also defines the is an intrinsic and visible part of the education and training
personal attributes essential for the delivery of professional services processes.
to the highest international standards.
Prior to qualification, these are acquired by CPA Ireland students
through an examination syllabus and a defined training regime. Post- RECOGNITION
qualification, further development occurs through a mandatory
Continuing Professional Education (CPE) programme and exposure This syllabus complies with the examination requirements of the
to more complex work situations European Union governing the approval of persons responsible for
carrying out the statutory audits of accounting documents. The
This approach is of increased relevance because in the modern
CPA Ireland qualification is also included in the Mutual Recognition
business environment there are ever more demanding expectations of
what is required from a professional accountant. These arise, in part, Directive, giving CPAs access to the profession in other EU member
from the rapidly changing business landscape, business innovation, states subject to an aptitude test in local law, taxation and language.
advances in technology, greater exposure to ethical challenges, CPA Ireland is a founding member of the International Federation
complex regulation, increased volume and complexity of standards, of Accountants (IFAC) and the CPA Ireland syllabus supports the
globalisation, commitment to life-long learning and more diverse Educational Standards & Guidelines issued by IFAC.
education and learning opportunities. The Institute also has mutual recognition agreements with CPA
All Certified Public Accountants, regardless of when qualified, will Australia, CGA-Canada, the Institute of Chartered Accountants
be distinguishable by their ethical values, professionalism and ability India, the Institute of Chartered Accountants of Bangladesh and is
to work effectively with people. Such behavioural attributes fall into statutorily recognised as an approved body of auditors in New Zealand.
three categories: CPA Ireland also has signed Memorandums of Understanding with
CPA Rwanda, CPA Zimbabwe, the Lithuanian Chamber of Auditors,
1. Professionalism and Personal Ethical Standards (covering the
CPA Bulgaria, CPA Sri Lanka and the Association of National
areas of values and objectivity.)
Accountants of Nigeria (ANAN).
2. Sensitivity to Business Needs (covering how CPAs view and
interact with the business environment).
3. Inter-Personal Effectiveness (covering how CPAs work with
others to add value). ASSESSMENT METHODS
4. In summary, the effectiveness of Certified Public Accountants CPA Ireland students develop the required competencies through an
is achieved through the integration of a robust education and integrated process of practical training and education, both of which have
examination process with a rigorous, supervised training an assessment component. The adequate demonstration of competence
programme. on the job is formally attested to by training supervisors/mentors through
the sign-off requirement in the training regime. The education element is
assessed through computer based examinations at the Formation 1 Stage
INTEGRATION WITH THE TRAINING and written examinations at the subsequent stages. The Assessment
Strategy section within each syllabus details the examination approach,
PROCESS
examination format and marks allocation. Mini case studies are
The integration and interdependence of learning across subjects is introduced at the Formation 2 Stage. Questions are designed to examine
now more explicitly highlighted than heretofore. The syllabus for students performance with reference to real working environments.
each subject shows in a diagram how these linkages occur. Other
features of the education and training processess are:
The learning outcomes are specified in the syllabus for each
subject.
The Competency Profile details the competencies required
of an entry level Certified Public Accountant.
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CPA - Syllabus 2016
EXAMINATION STRUCTURE PROGRESSION THROUGH THE

EXAMINATION PROCESS
There are four stages of examinations:
Formation 1 (F1) The Institutes Examination Regulations are available for review and /
or download at www.cpaireland.ie . Some, but not all, of the key points
Formation 2 (F2)
relevant to each examination stage follow:
Professional 1 (P1), and
Professional 2 (P2).
The subjects at each stage are shown in Figure 1.
F1
Students at the F1 Stage have six diets of examinations in which to pass
OPEN BOOK EXAMS AT PROFESSIONAL each individual subject. All subjects at the F1 Stage must be passed
within three years before a student may progress to the F2 Stage.
2STAGE
At Professional 2 Stage, assessment is by open-book examinations of
3.5 hours duration. Case studies are unseen by students prior to the
examination. F2, P1 AND P2
Students are granted maximum of four consecutive examination
diets, within two years, to pass each examination stage, and
CHOICE If unsuccessful within the specified period, they may not
recommence that stage or progress to the next stage.
CPA Ireland students at P2 Stage tailor the qualification to their
Have eight years to successfully complete all their
chosen career path. In addition to two mandatory subjects shown in
examinations up to and including P2 from when they
Figure 1, Advanced Corporate Reporting and Strategy & Leadership,
commenced the F2 Stage.
they choose two from four elective subjects. Students wishing to
pursue a career in industry, in most instances, will elect for the Strategic
Performance Management and Strategic Corporate Finance subjects
in addition to the two mandatory subjects.
N.B. Students at P2 must sit and pass the 2 mandatory subjects plus any
2 of the elective subjects. However, a student intending to subsequently
qualify and apply for a practising certificate must sit and pass the Auditing
and Taxation elective subjects at P2 Stage, in addition to satisfying the
other criteria for obtaining a Practising Certificate. Further details of
the criteria that must be satisfied to obtain a Practising Certificate are
available on the CPA Ireland website www.cpaireland.ie.
Figure 1
STAGE SUBJECT STAGE SUBJECT
F1 Management in Organisation P1 Managerial Finance

Economics and Business Planning Corporate Reporting
Business Laws & Professional Ethics Corporate Laws and Governance
Auditing
F2 Management Accounting P2 Strategy & Leadership (Mandatory subject)

Financial Accounting Audit Practice and Assurance Services (Elective subject)
Information Systems Advanced Corporate Reporting (Mandatory subject)
Taxation Strategic Corporate Finance (Elective subject)
Strategic Performance Management (Elective subject)
Advanced Taxation (Elective subject)
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CPA - Syllabus 2016
GAP YEAR, F2 TO P2 COMPETENCY LEVELS

Students, subject to satisfying the Examination Regulations Each topic in each subject is assigned a competency level. Three levels
requirements, may take a gap year between examination stages. are defined and these are referenced to the intellectual skills listed in the
International Education Standard 3 issued by the International Federation of
Accountants (IFAC). Questions and case-study scenarios in the Professional
Stage examinations are framed so as to examine the learning outcomes
COMBINED EXAMINATION SITTINGS AT with reference to real working environments. Where appropriate the same
approach is adopted in the examinations in the Formation Stages.
THE F2 AND P1 STAGES
The three competency levels are grouped in ascending order:
Students, who upon registration as a student with the Institute, that 1. Knowledge and Understanding (Ability to locate and acquire
were granted an exemption from an examination in at least one subject knowledge).
at either the F2 or P1 Stage may elect to combine examinations at
2. Application and Analysis (The ability to apply knowledge
both of these stages in the same diet of examinations. The following
and understanding effectively to the analysis of complex and
rules apply to Combined F2 and P1 sittings:
unfamiliar situations).
1. A maximum of four subjects may be taken in any diet of
3. Synthesis and Evaluation (The ability to integrate knowledge
examinations. There is no lower limit.
with sound judgment in the critical evaluation of situations to
2. Once a subject has been sat, it must be passed within the four develop creative solutions).
available consecutive sittings, inclusive of the first sitting.
In general, Level 3 is the predominant level for subjects at P2 Stage,
3. The combined F2 and P1 Stage must be passed within eight with students having progressed through levels 1 and 2 in the previous
available consecutive sittings inclusive of the first sitting. stages of the syllabus. The balance shifts to higher levels as students
4. F2 Management Accounting must be passed or have had an progress through the syllabus. This is not an absolute, as higher level
exemption granted before a student may apply to sit the P1 competencies are also required for some topics in the earlier stages of
Managerial Finance examination. the syllabus and lower levels for some topics at the P2 Stage.
5. F2 Financial Accounting must be passed or have had an The above progression is reflected in the competency levels
exemption granted before a student may apply to sit the P1 demonstrated in the workplace and assessed through the training
Corporate Reporting examination. process. Students learn to apply their knowledge and skills through
The Examination Regulations published on the CPA Ireland a learning spiral which blends formal study with supervised training.
website www.cpaireland.ie provide the necessary information about This results in the demonstration of greater competency at work,
combining examinations at the F2 and P1 stages. leading to exposure to more complex tasks which develop critical
analysis and judgment skills.
MODULAR SYSTEM
BOOKLISTS AND STUDY MATERIALS
Students may sit examinations on a modular basis within each stage
and in any order. The F2 Stage examinations may only be attempted Suggested reading material is listed for each subject. A wide range of
once the F1 Stage examinations have been completed and passed. appropriate reading and web-based material available in all subjects has
Unless eligible to combine examinations at the F2 and P1 Stages, as been carefully considered. The list of learning resources will be updated
explained above, the P1 Stage examinations may only be attempted when necessary and students will be informed of such amendments.
once the F2 Stage examinations have been completed and passed. Students are advised to acquire the recommended books which will be
The P2 Stage examinations may only be attempted once the P1 invaluable during study and will form the basis of a personal library after
Stage examinations have been completed and passed. Students have qualification. The value of a wide reading of books, journals, web-based
a maximum of six consecutive sittings inclusive of the first sitting to research and Technical Standards as a further extension of knowledge is
pass the examinations at the F1 Stage. A maximum of four consecutive emphasised, as the learning resource list is not intended to be exhaustive.
sittings, inclusive of the first sitting, is available to students to pass It is important to obtain the latest editions, where recommended. At
each of the F2 to P2 stages. Professional examination stages there is a requirement to demonstrate
knowledge of relevant current developments. The syllabus does not
necessarily set the boundary of knowledge required, students are expected
to read widely from the financial press, periodicals, Accountancy Plus,
EXEMPTIONS (the official journal of the Institute), Student eBulletins, web based
resources and other professional journals.
Exemptions from some of the Institutes examinations may be granted Additionally, specific academic texts, current research papers and
to applicants who have already passed equivalent examinations. These learned journals are recommended to students preparing for the
are granted on a subject-for-subject basis. Details are available on the P2 Stage examinations. Details of these, including additions and/or
Institutes website www.cpaireland.ie. revisions, are posted to the Syllabus and Exams area of the Institues
website each October.
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CPA - Syllabus 2016
PAST EXAMINATION PAPERS AND CASE STUDIES

SUGGESTED SOLUTIONS. At the professional examination stages examiners test students in
their ability to:
The Institute publishes past examination papers and suggested
solutions on the CPA Ireland website. These are freely available for Present well structured written reports
download. Critically analyse problems and suggest appropriate solutions
Evaluate alternative courses of action and make
recommendations
NEW LEGISLATION - THE SIX MONTHS Integrate knowledge across different subject areas.
RULE Students may expect questions presented in case-study format to test
Questions involving the knowledge and application of new legislation these important skills.
are not asked within six months of enactment of the relevant
legislation. The same rule applies on the publication by the Institute
of technical pronouncements on accounting, auditing and taxation. AMENDMENTS TO THE SYLLABUS
The Institute reserves the right to decide on amendments to the
EXAMINABLE MATERIAL DOCUMENT syllabus between annual publication dates. Such amendments will be
The Examinable Material Document showing which technical published in AccountancyPlus (the official journal of the Institute)
standards are examinable at each level in Accounting and Auditing is and on the CPA Ireland website.
located on pages 71 to 76.
EXAMINATION REGULATIONS
SPECIAL TYPES OF ACCOUNTS The examination regulations for students are set out on the Institutes
Questions requiring specialised detailed knowledge are not set regarding the website www.cpaireland.ie. All students must read, understand and
accounts of insurance companies, shipping companies and building societies. abide by these. Clarification on any aspect of these regulations may be
obtained from the Institutes Examinations Executive.
CASE LAW
Students are expected to have an understanding of and the ability to
HOW THE INSTITUTE COMMUNICATES
apply, as appropriate, the decisions of case law in the relevant subjects. WITH STUDENTS
To help students achieve their full potential, the Institute operates
CALCULATORS, LOGARITHM TABLES an Open Door policy in dealing with queries and specific problems
encountered by students. Annually, a representative from the
AND TEMPLATES Institute visits students attending courses in the approved centres of
The use of calculators is permitted, provided they are not mains operated education. These visits give students an opportunity to communicate
or do not have a print out facility or do not store text. Mobile phones their views directly to the Institute. Post-examination feedback is
or smart watches may not be used as calculators. Logarithm tables are sought from students twice yearly, through the online examView
available on request. Use of templates for flow charting etc., is allowed. process and reviewed by the Education and Training Committee
before examination results are finalised.
OPEN BOOK EXAMS At the commencement of each academic year, the Institute
operates a process (the Educators Briefing process) through which
All the examinations at the P2 Stage are open book. Candidates
examiners give feedback to approved CPA Educators on examination
may bring to the examination any printed / written materials. The
performance issues and outline the education priorities for the coming
Examination Regulations contain more information on this.
year. A summary of these is then published on the CPA website. The
Institute believes that this is an important line of communication and
TAXATION an effective way to give direction and support to all educators.
Students are expected to demonstrate in papers, other than the An annual Educators Conference is also held. Approved CPA
stated taxation papers, the implications of taxation in such matters educators are invited to attend, along with examiners, moderators,
as investment appraisal, preparation of accounts etc. They are not members of the Institutes Education and Training Committee and
required to memorise the various taxation allowances, which are representatives from the Education and Training Department. The
provided (if necessary) at the examination. main purpose is to align the education and examination processes so
as to facilitate the development of the CPA Ireland student.
FINANCIAL ACCOUNTING PAPERS

In Financial Accounting examinations pro forma Statements of
Profit or Loss and other Comprehensive Income and Statements of
Financial Position are issued, where necessary.
8
Formation Level
There are two stages of examinations at this level:
Formation 1 (F1), and
Formation 2 (F2)
The Institute of
CPA Syllabus 2016: Management in Organisations
STAGE: FORMATION 1
SUBJECT TITLE:
MANAGEMENT IN ORGANISATIONS
EXAMINATION DURATION: 2 HOURS
AIM
The aim of this subject is to introduce students to the development of management theory and practice, with particular reference to concepts,
functions and the integration of activities. Students will learn about the environmental factors which influence the success of an organisation, and
explore the role of critical and creative thinking in problem solving and decision making. Current issues in management will be discussed, including
business ethics and corporate social responsibility.
MANAGEMENT IN ORGANISATIONS AS AN INTEGRAL PART OF THE SYLLABUS

The principles, concepts and practice provide forms the basis for the subsequent study of subjects such as Information Systems, Management
Accounting, Corporate Laws and Governance, Managerial Finance, Strategy and Leadership and Strategic Performance Management.
STAGE SUBJECT SUBJECT SUBJECT SUBJECT SUBJECT SUBJECT
P2 Strategic Strategic Advanced Strategy & Audit Practice Advanced

Corporate Performance Corporate Leadership and Assurance Taxation
Finance Management Reporting Services
P1 Managerial Corporate Corporate Laws Auditing

Finance Reporting and Governance
F2 Management Financial Information Taxation

Accounting Accounting Systems
F1 Management in Economics Business Law

Organisations and Business and Professional
Planning Ethics
The above table shows the linkages between Management in Organisations and the subjects highlighted.
10
LEARNING OUTCOMES Communication channels, including social media. 2
On successful completion of this subject, students should be able to: 4: HUMAN RESOURCE MANAGEMENT:
Explain the evolution of management theory in the context of WEIGHTING20%
recent developments, ethical principles and corporate social Evolution of human resource management. 2
responsibility.
Human resource management functions including 2
Identify the principles and practices of organisation design, staff recruitment, selection, training, development
structure and behaviour, and the implications for leadership and and appraisal.
employee morale.
Job design and job evaluation. 1
Explain the conditions and requirements necessary for effective
internal and external communication. Change management and employee morale. 1
Distinguish the role, functions and impact of human resource Discipline and grievance procedures. 2
management within an organisation.
Employer and employee representation. 1
Illustrate the nature and impact of environmental factors on an
Developing and supporting a learning culture. 1
organisation, and illustrate how critical and creative thinking
may be used in problem solving and decision making. 5: PROBLEM SOLVING AND DECISION
MAKING IN MANAGEMENT:
WEIGHTING25%
Approaches to managerial problems and decisions. 2
SYLLABUS
Critical and creative thinking definitions and 1
components.
1: DEVELOPMENT OF MANAGEMENT
THEORY AND PRACTICE: WEIGHTING 15% CL Qualities of critical and innovative thinkers. 1
Schools of management thought and their inter- 1 Socratic questioning, intellectual integrity, 2
relationship. objectivity and subjectivity within the thinking
process.
Economic, social, political and technological 1
factors which affect business and other Applications of critical and innovative approaches 2
organisations. to problem solving and decision making in
management.
Ethical principles and corporate social 2
responsibility in management practice. Current issues in management practice. 1
2: ORGANISATION STRUCTURES AND

BEHAVIOUR: WEIGHTING 20%
Purpose and nature of organisation structures. 2 ASSESSMENT STRATEGY
Organisation design and development. 2 EXAMINATION APPROACH
Organisational culture and change. 1 Students are required to demonstrate a knowledge and understanding of
Group dynamics. 1 the environmental factors which influence the success of an organisation,
and the role of critical and creative thinking in problem solving and
Integration of managerial roles and functions 1 decision making. Current issues in management will be assessed including
within an organisation. ethical considerations and corporate social responsibility.
Leadership and motivation. 1
EXAMINATION FORMAT
Personal effectiveness and selfdirection. 2 The examination is computer-based, closed-book and 2.0 hours in
duration. Students are presented with 50 questions, each of which
3: EFFECTIVE COMMUNICATION: WEIGHTING 20%
should be answered Marks Allocation Each question carries 2 marks
Principles of successful communication. 2 The total for the assessment is 100 marks, with a minimum of 50
marks required for the attainment of a pass standard.
Verbal and non-verbal communication. 2
Effective listening. 2
Cross-cultural aspects of communication. 2
Barriers to effective communication. 2
Roles and conduct at meetings. 2
Public relations. 1
* CL: Competency Level
11
LEARNING RESOURCES
CORE TEXTS
Tiernan, Morley and Foley / Modern Management, Theory &
Practice for Irish Students / 4th ed. 2013 / Gill and Macmillan /
ISBN-13: 978-0717156320
MANUALS
Griffith College CPA Skillnet Management in Organisations -
Latest edition
SUPPLEMENTARY TEXTS AND JOURNALS

Mullins / Management and Organisational Behaviour 10th
Edition/FT Publishing International/ISBN-13:978-0273792642.
Gunnigle G., Heraty N., Morley M., / Human Resource Management
in Ireland/ 4th Edition (2011) / Gill and Macmillan / ISBN-13: 978
0717149797.
Daft / New Era of Management, International 11th Edition /
Cengage 2012 / ISBN-13: 978-1285068770
AccountancyPlus.
CPA Students eBulletin.
USEFUL WEBSITES (as at date of publication)

www.cpaireland.ie - CPA Ireland.
www.strategy-business.com - Strategy + Business.
www.strategyanalytics.com - Strategy Analytics.
CPA Ireland Skillnet is funded by member companies and the Training Networks Programme, an initiative of Skillnets Ltd. funded from the National Training
Fund through the Department of Education and Skills.
12
CPA Syllabus 2016: Economics and the Business Environment
STAGE: FORMATION 1
SUBJECT TITLE:
ECONOMICS AND BUSINESS PLANNING

AIM
The aim of this subject is to introduce students to the nature and scope of economics and related business planning, with a focus on the practical
application of theoretical concepts. Students will examine how national and international factors impact upon wealth creation and business
development. The key objectives of economic policy will be considered, while the uses of analytical techniques and mathematical approaches for
business planning will also be explored.
ECONOMICS AND BUSINESS PLANNING AS AN INTEGRAL PART OF THE SYLLABUS

A knowledge of economics and business planning is an essential foundation for a career in accountancy and business. This subject will enable students
acquire knowledge and develop skills related to economic theory, business planning and associated applications across a range of environments.
The subject is particularly relevant for subsequent learning in Management Accounting, Managerial Finance, Strategic Performance Management,
Strategic Corporate Finance, and Strategy and, Leadership.




Planning Ethics
The above table shows the linkages between Economics and Business Planning and the subjects highlighted.
13
LEARNING OUTCOMES Fiscal and monetary policies and practices. 1

Servicing the national debt.
On successful completion of this subject, students should be able to:
Monetary systems and currencies. 1
Demonstrate a knowledge and understanding of micro and
macro economic theory and related applications. Exchange rates, interest rates, credit control and
availability. The role of Central Banks, the World
Compare different market structures and circumstances, and
Bank, IMF and other agencies.
describe the main features and implications of each.
Identify the external factors, issues and agencies which influence International trade and comparative advantage. 1
and help determine the outcome of economic and business Balance of trade and balance of payments. 1
policies.
EU economic institutions and policies. 1
Explain how marketing and sales activities contribute to the
attainment of strategic organisational objectives. Economic growth and welfare. 1
Illustrate how analytical techniques and mathematical Current macroeconomic issues. 1
approaches may be used in economic policy and business
decision making. 3: BUSINESS PLANNING AND ANALYSIS: 50%
Present, interpret and explain economic and business data. The growth and development of the organisation. 2
National and international business environments 2
Strategic and tactical planning 1
SYLLABUS Sources of finance for business development 1
1: NATURE AND SCOPE OF ECONOMICS: Decision making, profit maximisation and other 2
WEIGHTING25% CL* considerations.
Development of economic theory and practice. 1 Goal and target setting 1
Economic principles and concepts. 1 Marketing and sales concepts, roles and functions 1
Language of economics. 1 Market planning and analysis, 1
Supply, demand and price determination. 2 Influences on consumer behaviour. 1
Market systems and the allocation of scarce 2 The marketing mix 1

resources. Services marketing 1
Market structures, including - Perfect 2 Environmental, cultural and technological factors 1
Competition, Imperfect Competition, Oligopoly, in marketing and sales
Monopoly. Monopsony.
Quantitative and qualitative 1
Elasticities of supply and demand. 2
research
Concept of equilibrium. 1
Sales techniques and influences 1
Long-run and short-run cost factors. 1
Ethical behaviour in marketing and selling. 1
Economies and diseconomies of scale. 2
Analytical techniques 2
2: MACROECONOMIC THEORY AND Moving averages and regression analysis. 2

PRACTICE: Weighting 25% Measures of central tendency and dispersion. 2
The macroeconomic environment. 1 Mean, median, mode, and standard deviation.
Government policies, objectives and instruments 1 Probability, sampling, statistical inference and 2
hypothesis testing.
National Income Accounting. 2
Graphical and pictorial presentation of economic 2
Determination of GDP and GNP. and related data. The compilation, interpretation
National income multiplier and the accelerator 2 and use of bar charts, histograms, pie charts,
frequency distributions, graphs and tables.
Unemployment, inflation, recession and growth. 2
Keynesian theory and subsequent developments. 1
Aggregate demand and the circular flow of income. 2
14
USEFUL WEBSITES (AS AT DATE OF PUBLICATION)

ASSESSMENT STRATEGY
www.cpaireland.ie - CPA Ireland
EXAMINATION APPROACH www.centralbank.ie - Central Bank of Ireland
Students are required to demonstrate a knowledge and understanding www.finance.gov.ie - Department of Finance
of applied economics and the skills of analysis relevant to business www.cso.ie The Central Statistics Office
and other organisations in the context of the role of the professional www.esri.ie - Economics and Social Research Institute
accountant.
www.ecb.europa.eu/home - European Central Bank
EXAMINATION FORMAT www.europa.eu/ - European Union
The examination is computer- based, closed-book and 2.0 hours in www.imf.org International Monetary Fund
www.ibec.ie Irish Business and Employers Confederation
should be answered.
www.neweconomics.org/ - New Economics Forum
MARKS ALLOCATION
http://home.ubalt.edu/ntsbarsh/businessstat/opre504.htm -
Each question carries 2 marks The total for the examination is 100 Professor Hossein Arshams,(FOR, FRSS, FWIF), Statistical
marks, with a minimum of 50 marks required for the attainment of a Thinking for Managerial Decisions.
pass standard.
BOOKLIST
CORE TEXTS
Turley, Moloney and OToole / Principles of Economics /(Gill &
Macmillan 4th ed. 2011 / ISBN-13: 978-0717149889.
Francis / Business Mathematics and Statistics / Cengage 6th ed.
Revised/ ISBN-13: 9781844801282.
Brassington and Pettitt / Essentials of Marketing / Pearson / 3rd ed.
2012 / ISBN13: 978-0273727644.
MANUALS
Griffith College CPA Skillnet Economics and Business Planning -
Latest edition

David Begg / Economics for Business / (McGraw-Hill 2012) /
ISBN-13:978-0077139452.
McDowell, Thom, Frank & Bernanke. / Principles of Economics,
(European Edition) / McGraw-Hill 2012 3rd Edition / ISBN-13:
978-0077132736.
Oakshott / Essential Quantitative Methods for Business,
Management and Finance, 5th Edition / Palgrave (2012)/ ISBN-13:
978-0230302662
Jobber, Ellis-Chadwick/ Principles and Practice of Marketing /
McGraw-Hill 2012 7th ed. / ISBN_13:978-077140007
Kotler, Keller / Marketing Management / Global Edition (2015)
Pearson/ ISBN-13: 978-1292092621.
AccountancyPlus
CPA Students eBulletin
15
CPA Syllabus 2016: Business Law
STAGE: FORMATION 1
SUBJECT TITLE :
BUSINESS LAW AND PROFESSIONAL ETHICS

AIM
The aim of this subject is to enable students to become familiar with the principles and practice of business law and case law relating to the role
and work of an accountant. They will also explore the ethical standards necessary for a career in professional accountancy and develop the ability
to identify when the engagement of a legal expert is required.
BUSINESS LAW AND PROFESSIONAL ETHICS AS AN INTEGRAL PART OF THE SYLLABUS

A knowledge and understanding of legal and ethical principles and practice is relevant to students throughout the field of professional accountancy
studies. In particular, Business Law and Professional Ethics forms the basis for the study of Corporate Laws and Governance.
The content of the syllabus provides a firm foundation for subsequent study in the areas of Auditing, Audit Practice and Assurance Services,
Financial Accounting, Corporate Reporting, Advanced Corporate Reporting and Strategy and Leadership.




Planning Ethics
The above table shows the linkages between Business Law and Professional Ethics and the subjects highlighted.
16
LEARNING OUTCOMES Content of a contract what is a term, distinction 1

between terms and mere representations, sources
On successful completion of this subject students should be able to: of terms, the parol evidence rule, classification of
Distinguish between the sources of law, both domestic and EU. terms, exclusion clauses.
Explain the principles and applications of the law of torts and the Misrepresentation, mistake, illegality, duress, 1
sale of goods and supply of services legislation. undue influence, unconscionable bargains, capacity.
Interpret contract law including the law relating to the Performance, discharge and remedies for breach of 1
employment contract. contract.
Identify and describe aspects of law relating to negotiable
Employment contracts contract for / of services. 1
instruments.
Rights and duties of employers and employees.
Demonstrate the application of elements of company and
partnership law in relation to how business entities and 4:SALE OF GOODS AND SUPPLY OF
partnerships are formed and structured, and describe their SERVICES: WEIGHTING 10%
commercial relationships.
Defining and distinguishing sales contracts. 2
Explain the relevance of the CPA Code of Ethics for students,
members of the Institute and other stakeholders. Credit sales, hire purchase and lease. 1
Terms of the contract. 1
The duties of the parties. 1
SYLLABUS Remedies. 1
Product guarantees, after sales services and 1
1: INTRODUCTION: WEIGHTING 10% CL*
product liability.
The sources of law; common law and equity, 2
Passing of property. 1
judicial precedent and case law, statute law, the
Constitution and European Union (EU) law. Passing of risk. 1
The legal system in operation doctrine of 2 Title conflicts. 1

separation of powers, basic institutions of Contracts for the supply of services. 2
the State, the requirements of natural and
Relevant legislation. 2
Constitutional justice, structure ofthe courts,
civil and criminal divisions, solicitor/barrister
5: NEGOTIABLE INSTRUMENTS:
relationship, functions of the Attorney General
WEIGHTING 10%
and the Director of Public Prosecutions,
interpretation of statutes. Negotiable Instruments. 1
EU Law the treaties, institutions of the 1 Bills of Exchange. 1
Union. Regulations, directives, decisions, Cheques. 1
recommendations, opinions and competition law.
Promissory Notes. 1
2: LAW OF TORTS: WEIGHTING 10% Bank Drafts. 1
Principles. 2
6: COMPANY AND PARTNERSHIP LAW:
Types of tort defamation, nuisance, negligence, 1 WEIGHTING 15%
professional negligence, conversion, passing off,
data protection legislation, product liability and Introduction to companies and other forms 1
the defective products legislation. . of business organisation, the development of
company law in Ireland, Irish company law and
Remedies 1 EU law.
3: CONTRACT: WEIGHTING 30% Characteristics of companies - their classifications,. 1

how a company is formed, commencement of a
Formation of a contract agreement, including 1 business.
offer (versus invitation to treat) and acceptance,
intention to create legal relations, consideration, Formation of partnerships. Types of partners and 1
evidentiary requirements, third party rights, liability.
including privity of contract and assignment. Dissolution of partnerships and priority of debts 1
on dissolution.
17
7: PROFESSIONAL ETHICS: WEIGHTING 15% BOOKLIST

CPA Code of Ethics. 2
EXAMINATION FORMAT
APB Ethical Standards. 2 The examination is computer-based, closed-book and 2.0 hours in
Ethical Dilemmas CCAB Case Studies 2 duration. Students are presented with 50 questions, each of which
- Professional accountants in business should be answered.
Cases 1 to 3. CORE TEXTS
- Professional accountants in public practice Keenan / Essentials of Irish Business Law 6th edition 2012 / Gill and
Cases 2, 4 and 6. Macmillan / ISBN-13: 978-0717152612.
- Professional accountants working in the voluntary McDonnell, Vaeni/ An Introduction to Business Law/ 2nd edition/
sector Cases 1, 5 and 6. 2015 / ISBN-13: 978-1910374337
MANUALS
ASSESSMENT STRATEGY Griffith College CPA Skillnet Business Law and Professional Ethics
- Latest edition.
EXAMINATION APPROACH
SUPPLEMENTARY TEXTS
Students are required to demonstrate appropriate knowledge of legal
Byrne & McCutcheon / Irish Legal System, 6th edition / Tottel /
principles and concepts, case law, legislative provisions and the ethical
framework relevant to business and other organisations in the context ISBN-13:978-1780435008.
of the role of the professional accountant. Enright / Principles of Contract Law / Clarus Press 2007 / ISBN-13:
978-1905536108
EXAMINATION FORMAT
White / Commercial Law / Round Hall Press 2012 / ISBN-13:
The examination is computer-based, closed-book and 2.0 hours in
978-1858006325.
should be answered. Keane / Company Law, 5th Edition/ Bloomsbury Professional 2016 /
ISBN-13: 978-1780435428.
MARKS ALLOCATION An Introduction to Business Law / Mac Donnell / CAI 2015.
Each question carries 2 marks The total for the examination is 100
marks, with a minimum of 50 marks required for the attainment of a
CPA AccountancyPlus
pass standard.

www.irishstatutebook.ie - Irish Statute Book Office of the
Attorney General.
www.cro.ie - Companies Registration Office.
www.clrg.org - Company Law Review Group.
www.lawreform.ie - The Law Reform Commission.
www.courts.ie - Irish Courts Service.
www.consumerhelp.ie - Office of The Director of Consumer Affairs.
www.ifac.org The International Federation of Accountants.
www.ccab.org.uk/reports.php - CCAB (publications page).
18
CPA Syllabus 2016: Management Accounting
STAGE: FORMATION 2
SUBJECT TITLE:
MANAGEMENT ACCOUNTING
AIM
The aim of this subject is to ensure that students develop a knowledge and understanding of the various cost accounting principles, concepts and
techniques appropriate for planning, decision-making and control and the ability to apply these techniques in the generation of management
accounting reports
MANAGEMENT ACCOUNTING AS AN INTEGRAL PART OF THE SYLLABUS

This subject develops in students an understanding of how management accounting plays an integral part in the modern commercial environment,
supporting entrepreneurial activities in both growing and established entities. It provides an essential foundation in the study of cost and
management accounting and is a necessary prerequisite to the later studies in Managerial Finance, Strategic Performance Management, Strategic
Corporate Finance and Strategy & Leadership.




Planning Ethics
The above table shows the linkages between Business Management Accounting and the subjects highlighted. The capabilities developed will be built upon in the
study of the subjects highlighted above.
19
LEARNING OUTCOMES Process costing for single products and the use of 2
equivalent units calculations under both FIFO and
On successful completion of this subject students should be able to: Weighted Average accounting systems.
Explain the relative strengths and weaknesses of alternative cost
Process costing ledger accounts including normal 2
accumulation methods and discuss the value of management
and abnormal loss/gain.
accounting information.
The role of costing in nonmanufacturing sectors 2
Calculate unit costs, applying overhead using both absorption
(service costing).
costing and activity based costing principles.
Apportion and allocate costs to units of production in job, Marginal costing and the importance of 2
batch and process costing systems, for the purpose of inventory contribution for decision-making.
valuation and profit measurement. Comparison of marginal costing and absorption 2
Identify and explain cost behaviour patterns and apply cost- costing approaches.
volumeprofit analysis. 4: INFORMATION FOR DECISION MAKING
Define and use relevant costs in a range of decision-making
Cost behaviour patterns and identification of fixed/ 2
situations.
variable elements in a cost using High/Low method,
Prepare and present budgets for planning, control and decision scatter-graphs and regression analysis.
making.
Break-even analysis and the importance of 2
Compute, interpret and investigate variances.
contribution.
Demonstrate communication skills, including the ability to
present quantitative and qualitative information, together with Break-even chart preparation and interpretation. 2
analysis, argument and commentary, in a form appropriate to the Calculation of break-even point, margin of safety 2
intended audience. and target profit.
Limitations of Cost-Volume Profit Analysis. 2
Relevant costing principles, including committed, 2
SYLLABUS sunk and opportunity costs.
1:THE ROLE OF THE MANAGEMENT Relevant costs in decision making. 2

ACCOUNTANT CL* Decision making with a single limiting factor/ 2
The nature and scope of management accounting. 2 constraint.
The relationship between management accounting 2 Qualitative factors relevant to specific decisions. 2
and financial accounting. 5: INFORMATION FOR PLANNING AND
Cost classifications. 2 CONTROL
The role of the Management Accountant in a 2 The role of budgeting including alternative 1
modern business environment, including the budgeting systems (fixed, flexible, incremental and
recognition of possible ethical issues that may arise. zero based budgeting (ZBB)).
Behavioural and motivational issues in the 1
2: COST ACCUMULATION SYSTEMS budgetary process.
Accounting for materials: inventory valuation 2 Functional and subsidiary budgets. (Master budgets 2
approaches (FIFO; LIFO and AVCO); EOQ and are examinable at P1 Stage).
JIT concepts.
Standard costing: role and procedures for standard 2
Accounting for labour: remuneration methods; 2 setting including different types of standards.
incentive schemes; productivity, labour turnover
Variance analysis: the calculation and interpretation 2
and labour performance reports.
of basic sales/cost variances. Reconciliation reports.
Accounting for Overheads: absorption costing 1 The inter-relationship and possible causes of
and activity based costing (ABC) approaches to variances. (fixed overhead capacity and efficiency
overheads. variances are not examinable.)
The preparation of integrated accounts 2
3: COSTING METHODS
Job and batch costing. 2
20

ASSESSMENT STRATEGY:
www.cpaireland.ie - CPA Ireland
EXAMINATION APPROACH www.accountingeducation.com - Accountingeducation.com
Questions in this examination are structured to ensure that students Cost and Management Accounting (8th Edition) by Colin Drury -
may demonstrate their knowledge and understanding of the related website:
principles and techniques of cost and management accounting at www.cengagebrian.co.uk/shop/isbn/140809388X
an introductory level. Where appropriate, students are expected to Management Accounting by Burns, Quinn, Warren and Oliveira -
apply and integrate relevant learning from other syllabi with their related website:
learning from the Management Accounting syllabus. This is achieved www.burnsetal.com
through a blend of theoretical and numeric questions, often set in the
context of a scenario.
EXAMINATION FORMAT
The examination is unseen, closed book and 3 hours in duration. The paper
has 6 questions. Questions 1 and 2 are compulsory. Students are required
to answer 3 of the remaining 4 questions. Generally the examination
consists of 1 essay / memorandum-type question and 5 computational-
type questions. A multiple-choice question may be included as one of
the computational questions. Some of the computational questions may
require brief commentary on salient points related to the computations
carried out.
MARKS ALLOCATION MARKS

Question 1 25
Question 2 (Students have a choice, Part A or B must 15
be answered)
Choice of 3 questions out of 4 60 (20 marks are allocated 60
to each question).
Total 100
LEARNING RESOURCES
CORE TEXTS
Drury, C., Cost and Management Accounting An Introduction, 8th
ed. / Cengage 2015 / ISBN-13: 978-140893887
MANUALS
Griffith College CPA F2 Managment Accounting -Latest edition.
SUPPLEMENTARY TEXTS
Lucey, T., /Costing / 7th ed. 2009 / Cengage Learning / ISBN-13:
978-1844809431 / ISBN-10: 1844809439.
C. Drury / Management and Cost Accounting (9th edition) Cengage
2015 / ISBN-13: 9781408093948
Horngren, Foster & Datar/ Cost Accounting: A Managerial
Emphasis, Global Edition/ Pearson 15th ed 2015 ISBN-13: 978-
1292018225
Management Accounting by John Burns, Martin Quinn, Liz Warren,
Joao Oliveria, 2013 -McGraw Hill, ISBN-13: 978-0077121617
AccountancyPlus.
21
CPA Syllabus 2016: Financial Accounting
STAGE: FORMATION 2
SUBJECT TITLE:
FINANCIAL ACCOUNTING
EXAMINATION DURATION: 3.5 HOURS
AIM
The aim of this subject is to ensure that students understand the role, function and basic principles of financial accounting and master the rules
of double-entry bookkeeping. They also develop the ability to prepare, analyse and report on financial statements for basic reporting entities in
accordance with current Irish generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs).
FINANCIAL ACCOUNTING AS AN INTEGRAL PART OF THE SYLLABUS

The concepts and principles learnt in this subject are an essential foundation for the later studies of Corporate Reporting, Advanced Corporate
Reporting, Auditing and Audit Practice and Assurance Services.




Planning Ethics
The above table shows the linkages between Financial Accounting and the subjects highlighted. The capabilities developed will be built upon in the study of the
subjects highlighted above.
22
LEARNING OUTCOMES Allocation of expenditure and income between 3

capital and revenue, and the treatment of reserves,
On successful completion of this subject students should be able to: provisions, accrued expenditure and payments in
Identify the users of financial accounts and explain their advance.
requirements.
3: ACCOUNTING TREATMENT OF:
Discuss and explain accountancy concepts and principles.
Apply the principles and procedures of double entry Non-current assets - property, plant 2 and 2
bookkeeping. equipment and intangibles (excluding complex
revaluations).
Prepare and present financial statements for sole traders, limited
companies, partnerships and other organisations in accordance Current assets. 2
with current standards. Events after the reporting period. 2
Discuss, explain and apply the accounting treatment of non-
Contingencies. 2
current assets, current assets, events after the reporting period
and contingencies in accordance with IFRS. Inventories. 2
Discuss where local GAAP (UK & Ireland) FRS 100 - FRS 102 Changes in foreign exchange rates, 2 (for individual 2
may be applied. companies and transactions only).
Prepare and present statements of cash flow and interpret and Revenue recognition. 2
reconcile the movements in cash balances.
Analyse and interpret financial statements and prepare 4: PREPARING FINANCIAL STATEMENTS FOR
accounting information for management control and decision DIFFERENT FORMS OF BUSINESS ENTITIES
making. Limited companies in a form suitable for 2
publication or internal use
Unlimited companies
SYLLABUS
Sole Traders- including incomplete record
situations.
1: ACCOUNTING FRAMEWORK CL*
Partnerships
Terminology, concepts, conventions. The purpose
of accounting information and its communication. a) Law governing partnership formation and
dissolution, Partnership Act 1890. Partnership
The users of financial accounts, statements and
agreements, relations with third parties, powers
their requirements.
and duties of partners. Retirement of partners.
Nature, principles and scope of financial accounting 1 Relationship of partners with each other.
and its limitations. Dissolution of partnerships. Partnerships and
The accounting profession and the role of the 1 companies compared. Limited Partnership Act
accountant. 1907. Relevant case law.
The ethics and independence of the accounting 1 b) Partners capital and current accounts.
profession. Valuation of and accounting for goodwill.
Preparation of financial statements, accounting
The regulatory environment. 1
for incoming and outgoing partners, dissolution
The nature, role and significance of IASs, IFRSs 1 and amalgamation.
and IGAAP and local GAAP (UK & Ireland)
Companies 2
FRS100 - 102.
Allotments, issue of shares.
2: BOOK-KEEPING Preparation of limited company accounts to
Principles and procedures. 3 include statements of profit or loss and other
comprehensive income and statements of
Original entry, double-entry, supporting records, 3
financial position in accordance with standard
bank accounts and reconciliation statements. Cash
international accounting practice.
accounts, control accounts, trial balance, adjusting
journal entries. Preparation of accounts in relation to: 2
Clubs or Societies
Branch Accounts
23
Emphasis in this examination is placed on proper layout and

5: INTERPRETATION OF FINANCIAL
presentation as well as on numerical accuracy. Students must
STATEMENTS
demonstrate sound technical knowledge and presentation skills and
Statements of cash flow (for single entities only). 1 the ability to integrate learning from different parts of this and other
Construction, interpretation and reconciliation of syllabi, as appropriate.
movements in cash balances in accordance with
IAS 7. EXAMINATION FORMAT
The examination is unseen, closed book and 3.5 hours in duration.
Analysis and interpretation of inancial statements 1
Students are required to answer 4 questions out of 5. Question 1 is
and drafting reports thereon. Preparation of
compulsory and carries 40 marks. Students are required to answer 3 of
accounting information for management control
the remaining 4 questions.
and decision-making.
Compulsory question 40
INTERNATIONAL FINANCIAL Choice of 3 questions out of 4 (20 marks allocated 60

to each question)
REPORTING STANDARDS:
Total 100
See Examinable Material Document on pages 71 to 76 for details of
the International Financial Reporting Standards etc. applicable to this
examination.
LEARNING RESOURCES
CORE TEXTS
COMPANIES ACT: Wood F and Sangster A / Business Accounting Vols 1 and 2 13th
Revised Edition / Pearson 2015 / ISBN-13: 978-1292084664
See Examinable Material Document on pages 71 to 76 for details of the
ISBN-13: 978-1292085050
Companies Act applicable to this examination.
Connolly / International Financial Accounting and Reporting 5th ed.
/ CAI 2015 / ISBN-13: 978-1910374290
A new era for Irish & UK GAAP - A quick reference guide to FRS102
ASSESSMENT STRATEGY Robert J. Kirk
www.cpaireland.ie/docs/defaultsource/Members/Publications/a-
EXAMINATION APPROACH new-era-forirish-amp-uk-gaap---a-quick-reference-guide-tofrs102.
This examination seeks to test the students knowledge and pdf?sfvrsn=0
understanding of the application of accounting concepts and principles. MANUALS
Question 1 is compulsory and usually involves the preparation and
Griffith College CPA F2 Financial Accounting Latest edition
presentation of financial statements for sole traders, limited companies,
partnerships and other organisations in accordance with current Supplementary Texts and Journals
standards and guidelines. Other questions provide the opportunity AccountancyPlus
for students to demonstrate their understanding of the role, function CPA Students eBulletin
and basic principles, (including double entry bookkeeping), of financial
accounting.

www.iaasa.ie/ - Irish Auditing and Accounting Supervisory Authority.
www.ifac.org/ - The International Federation of Accountants.
www.ifrs.org/ - The International Financial Reporting Standards Foundation.
www.iasplus.com - Deloitte Touche Tohmatsu. Summaries of International Financial Reporting Standards (IFRS).
www.frc.org.uk/ - The Financial Reporting Council.
www.frc.org.uk/About-the-FRC/FRCstructure/Audit-and-Assurance-Council.aspx, FRC - Audit and Assurance Council
www.frc.org.uk/About-the-FRC/FRCstructure/Accounting-Council.aspx, FRC Accounting Council
www.frc.org.uk/About-the-FRC/FRCstructure/Conduct-Committee.aspx, FRC-Conduct Committee
www.accountingnet.ie/ - Irish Accounting and Business Portal.
www.ec.europa.eu/internal_market/accounting/ ia s/index_en.htm
24
CPA Syllabus 2016: Information Systems
STAGE: FORMATION 2
SUBJECT TITLE:
INFORMATION SYSTEMS
AIM
The aim of this subject is to enable students to develop an understanding of the role and application of Information Systems (IS) and Information
Technology (IT) in the management and control of organisations. It provides the basis for the further development of students for the roles of
manager, advisor, assurance provider and designer of IS and IT.
INFORMATION SYSTEMS AS AN INTEGRAL PART OF THE SYLLABUS

This is an essential subject for the later study of Auditing, Audit Practice & Assurance Services and Strategy & Leadership. Students will develop
their understanding of selecting and advising on the implementation of appropriate systems, processes, controls and solutions in a business
environment.




Planning Ethics
The above table shows the linkages between Information Systems and the subjects highlighted. The capabilities developed will be built upon in
the study of the subjects highlighted above.
25
LEARNING OUTCOMES The role of information systems in todays 2

competitive business environment.
On successful completion of this subject students should be able to:
The impact of the Internet and Internet 2
Discuss the role of information systems in todays competitive
technology on business and government.
business environment.
Defining an information system from both 2
Appraise and discuss the major management challenges to
a technical and business perspective and
building and using information systems in organisations.
distinguishing between computer literacy and
Recognise and discuss ethical, social, and legal issues in the design information systems literacy.
and use of information systems.
The major management challenges to building and 2
Analyse how information systems support various business
using information systems in organisations.
strategies for competitive advantage.
Analyse and discuss the challenges posed by strategic information 2: INFORMATION SYSTEMS IN BUSINESS
systems and management solutions.
How information systems support the major
Examine the role of Internet technology in facilitating
business functions: sales and marketing,
management and coordination of internal and interorganisational manufacturing and production, finance and
business processes. accounting, and human resources.
Assess the challenges posed and opportunities offered by
The relationship between organisations,
electronic business and electronic commerce and management
information systems, and business processes.
solutions.
The main classifications of information systems in
Identify the challenges posed and opportunities offered by data
business: executive support systems management
resource management and management solutions.
information systems, decision support systems,
Evaluate the challenges of managing IT infrastructure and knowledge management systems, transaction
management solutions. processing systems and office Information systems.
Discuss alternative methods for building information systems and
alternative methodologies for modelling systems. 3: FUNCTIONS OF INFORMATION SYSTEMS
Discuss eXtensible Business Reporting Language (XBRL) The functions of Information Systems. 2
and how it improves the reliability and ease of communicating
complex financial information among internal and external users. Relationships between different information 2
systems and where information systems are used
Critically analyse Information Technology-based case studies,
within the firm.
thus incorporating their strategic and practical knowledge of
Information Systems to real-life business situations. Information systems support for business strategies 2
towards competitive advantage.
The challenges posed by strategic information 2
systems and management solutions.
SYLLABUS
4: ELECTRONIC BUSINESS & MOBILE
1: THE DIGITAL FIRM CL* COMMERCE
Describe and discuss why information systems 2 The Internet: new information technology 2
should be employed. infrastructure for the Digital Firm.
Approaches to Information Systems. 2 Internet platforms. 2
The wider role of information systems. 2 The use of electronic business and electronic 2
commerce.
The role of information systems in business 2
strategy. Technologies used for electronic business and 2
electronic business models.
Information systems support in the decision 2
making process. Internal and external applications of electronic 2
business and electronic commerce.
Information systems and management issues. 2
Management issues associated with electronic 2
Ethical, social, and political issues of information 2
business.
systems.
The impact of Internet Technology on value 2
The impact of contemporary information systems 2
propositions and business models.
and the Internet on the protection of individual
privacy and intellectual property. The impact of electronic commerce on consumer 2
retailing and businessto-business transactions.
26
Payment systems for electronic commerce. 2 5.4 DATABASE AND INFORMATION STORAGE
The role of Internet Technology in facilitating 2 The file organisation approach. 1
management and coordination of internal and
The database management systems (DBMS) 1
interorganisational business processes.
approach.
The challenges posed by electronic business and 2
Types of databases. 1
electronic commerce and management solutions.
Database purchase issues. 1
Wireless transmission media and devices, cellular 2
network standards and generations, and standards Database design & maintenance issues. 1
for mobile Web access. Database design principles. 1
M-commerce in business and m-commerce 2 Database warehousing. 1
applications.
Data and information storage trends. 1
Wireless applications in business. 2
Managing data resources and management 1
solutions.
5: INFORMATION TECHNOLOGY
5.5 CLOUD COMPUTING
5.1 COMPUTER HARDWARE
Infrastructure, platform and application (software 2
The Internet: new information technology 1
service) layers of the cloud pyramid
infrastructure for the Digital Firm.
Private and Public Clouds 2
The components of a computer system. 1
Service Level Agreements (SLAs) for Cloud-based 2
The stages of IT infrastructure evolution. 1
IT Resources
The technology drivers of IT infrastructure 1
Characteristics of cloud computing 2
evolution.
Contemporary computer hardware platform 1 6: ORGANISATIONAL SUPPORT SYSTEMS
trends.
6.1 ENTERPRISE APPLICATIONS
Computer processing, storage, input and output 1
Applications that support the major business
technology.
functions, including Enterprise Resource Planning,
Types and classifications of computer systems. 1 Supply Chain Management and Customer
Managing hardware assets. 1 Relationship Management systems
Managing IT infrastructure and management 1 6.2 KNOWLEDGE BASED SYSTEMS

solutions. Knowledge-based Systems. 2
5.2 COMPUTER SOFTWARE The flow of Knowledge Management. 2
Operating systems. 1 The control of Knowledge Management. 2
Application software packages. 1 6.3 MANAGEMENT DECISION SUPPORT
Programming languages. 1 TOOLS
Managing software assets. 1 Decision Support Systems. 2
Contemporary software trends. 1 Group Decision Support Systems. 2
eXtensible Business Reporting Language (XBRL). 2 Executive Support Systems. 2
Collaborative and social software 2 Knowledge Working 2
5.3 TELECOMMUNICATIONS AND Business intelligence solutions and 2 analytics 2

NETWORKS
7: INFORMATION SYSTEM DEVELOPMENT
Components and functions of telecommunications 1
systems. The System Development Life Cycle (SDLC). 1
Communication networks. 1 Alternatives to SDLC including Prototyping and 1

Rapid Application Development.
eBusiness and eCommerce technologies. 1
System development and 2 management 2
Networking/telecommunications platforms. 1
considerations.
Consulting and system integration services. 2
27
appropriate solutions.
The impact of building new systems on 2
organisational change. Question 2 is compulsory. This question facilitates the examination of
a range of topics across different syllabus areas.
Developing information systems that support an 2
Questions 3 to 6 have, as their major element, one of the main topic
organisations business plan.
areas from the syllabus. Students are expected to demonstrate sufficient
The core activities in the systems 1 development 1 knowledge relating to technology and developments to effectively
process. contribute to the formulation of an information technology strategy.
Alternative methods for building 1 information 1
EXAMINATION FORMAT
systems and alternative methodologies for
The examination is unseen, closed book and 3 hours in duration. It is
modelling systems.
divided into two sections. Section A is compulsory and consists of an
The challenges of building 2 information systems 2 unseen mini - case-study for 25 marks and a second 15-mark question.
and management solutions. Section B has four 20-mark questions. Students are required to
answer 3 questions out of 4 from this section.
8: FEASIBILITY STUDY & BUSINESS VALUE
OF SYSTEMS MARKS ALLOCATION MARKS
Aims, objectives, problem 2 identification, 2 Section A

responsibilities, planning, management and
Compulsory Question (Mini - case-study) 25
lifecycle.
Question 2 15
Cost-benefit analysis and final outputs. 2
Models for understanding the business value of 2 Section B
information systems. Choice of 3 questions out of 4 (20 marks each) 60
Change management requirements for building 2
Total 100
successful systems.
9: SYSTEM SECURITY AND CONTROL LEARNING RESOURCES

The need for special protection from destruction, 2 CORE TEXTS
error, and abuse of information systems. Laudon and Laudon, Management Information Systems - Global
The business value of security and control. 2 edition, Pearson 2015 / ISBN-13: 978-1292094007 14th edition.
Data Protection Commissioners, General Information Pack.
Organisational and managerial frameworks for 2
security and control. SUPPLEMENTARY TEXTS AND JOURNALS
System vulnerability and abuse. 2 Data Protection Act 1988, Government Publications.
Preventative maintenance techniques and security 2 Data Protection (Amendment) Act 2003, Government Publications.
controls. OBrien, Marakas, Management Information Systems/ McGraw Hill
10th Ed 2011/ISBN-13: 9780073376813
Disaster recovery planning. 2
AccountancyPlus.
Quality control and quality assurance. 2
Tools and technologies for safeguarding 2
information resources. USEFUL WEBSITES (AS AT DATE OF PUBLICATION)
Identify the challenges posed by information 2 www.cpaireland.ie - CPA Ireland.
systems security and control and management www.taoiseach.gov.ie/eng/Work_Of_The_Departmen t/Information_
solutions. Society_Commission/Information_Soci ety_Commission/
Data Protection Act 1988 and Data Protection 2 Information_Society_Commission_ Reports.html - Information
(Amendment) Act 2003 Society Commission www.isaca.org - Information Systems Audit and
Control Association (ISACA).
www.bbc.co.uk/click - BBCs Technology Programme.
ASSESSMENT STRATEGY www.iia.ie Irish Internet Association.
www.ics.ie Irish Computer Society.
www.thedigitalhub.com - The Digital Hub Development Agency.
The examination seeks to test students knowledge and understanding
www.revenue.ie/en/online/ROS/IXBRL/FAQS.html - Revenue:
of the role and application, analysis and evaluation of Information
IXBRL FAQs.
Systems and Information Technology.
www.clickz.com/stats/ - The Click Z Network.
Question 1 is a case-study set within a real-life business context. This
assesses the ability to transfer strategic and practical knowledge of www.dataprotection.ie/ - The (Irish) Data Protection Commissioner
Information Systems to a business situation. It also tests the ability www.itbusinessedge.com/ - IT Business Edge
to assimilate information, identify problems / issues and recommend www.enterpriseappstoday.com/ - Enterprise Apps Today
28
CPA Syllabus 2016: Taxation
STAGE: FORMATION 2
SUBJECT TITLE:
TAXATION
AIM
The aim of this subject is to ensure that students develop a knowledge and understanding of the workings of the tax system under the specified tax
heads. This knowledge is applied in the calculation of tax liabilities and the identification of basic tax-saving measures.
TAXATION AS AN INTEGRAL PART OF THE SYLLABUS

Taxation is an essential component for the later study of Advanced Taxation. Knowledge gained from this subject will also be relevant in the further
study of Auditing, Audit Practice and Assurance Services, Managerial Finance and Strategic Corporate Finance.


F2 Management Financial Information

Taxation

Planning Ethics
The above table shows the linkages between Taxation and the subjects highlighted. The capabilities developed will be built upon in the study of
the subjects highlighted above.
29
LEARNING OUTCOMES 3: SCHEDULES D CASES I AND II
On successful completion of this subject, students should be able to: Determination of income assessable under each 2
Case.
Classify and correctly assess income under the appropriate tax
head and schedule. Distinguish between capital and revenue, income 2
Prepare income tax computations and returns, (including tax and expenditure.
payable under Schedules D to F).
Basis periods. 2
Prepare capital gains tax computations and returns.
Adjusting accounting results for tax purposes. 2
Prepare corporation tax computations and returns.
Describe the operation of VAT and prepare VAT returns. Rules of Commencement and Cessation including 2
Taxpayer and Revenue revisions.
Describe the requirements of a Revenue Audit and explain the
powers of the Revenue Commissioners in this regard. Partnership, assessment of partners. 2
Explain the principles underpinning double taxation, with
Taxation of farmers, income averaging. 2
particular emphasis on the Ireland / UK Tax Treaty.
Describe and apply the relevant tax legislation with respect to Relief for losses and years available. 2
subcontractors, including the operation of Relevant Contracts Capital allowances. 2
Tax (RCT).
Badges of Trade. 2
Research the appropriate tax legislation and apply it, as
appropriate, to basic tax problems and scenarios. PRSI 2
Demonstrate they have developed a sound basis for further tax
Universal Social Charge 2
studies.
4: SCHEDULES D CASES III TO V
Determination of income assessable under Cases

SYLLABUS III to V, including:
Interest, DIRT, annuities, withholding tax.
1: PURPOSE AND ADMINISTRATION OF
TAXATION CL* Securities bearing interest.
Income from foreign securities.
Tax legislation. 1
Shares received in lieu of cash dividends.
Tax administration; Direct and Indirect taxation. 1 Royalties not chargeable under other Cases.
Registration and collection, of various taxes, 1 Distributions by companies out of capital profits.
assessments and appeals. Rental Income.
Residence and Domicile. 1
5: SCHEDULE E
The role of the accountant: position as tax agent 1
including rights to attend appeal hearings; duties to Determination of assessable income 2 including 2
the client, the profession and the State. taxable benefits.
Relief for personal expenses. 2

2: INCOME TAX
Termination and lump sum payments calculation, 2
Charge to income tax, Residence and Domicile 2 exemptions and relief.
Taxation of individuals and partnerships. 2 Universal Social Charge 2
System of Self Assessment. 2 PAYE and PRSI 2
Tax bands, tax credits and relief. 2
6: SCHEDULE F
Tax treatment of single, widowed, married, 2
separated and divorced persons. Income assessable, basis of 2 assessment. 2
Distinguish employed vs. self-employed. 2 Dividend Withholding Tax -2 calculation, 2

payment, refund of tax credits to individual.
Retirement annuity contracts including PRSAs 1
and AVCs.
High income earner restriction. 2
30
7: SUBCONTRACTORS ASSESSMENT STRATEGY

Legislative requirements, definitions. 2 EXAMINATION APPROACH
Students are required to display a knowledge of the system of
Operation of Relevant Contracts tax, 2 administration of the various taxes, including requirements for
administrative procedures. compliance and corresponding penalties with regard to submissions
and payment of taxes. Questions are mainly scenario based and
8: VAT
students are expected to demonstrate the correct application of the
Legislative requirements and procedures. 2 practical aspects of the subject matter being examined.
Descriptive answers are also required to some questions to indicate an
Cash and invoice basis. 2
understanding of the relevant law and administrative procedure. It is
Two-thirds and package rule. 2 necessary to demonstrate an ability to answer questions in a logical and
coherent fashion.
Zero and exempt. 2
EXAMINATION FORMAT
Non-deductible inputs. 2
The assessment is by unseen, closed book examination of 3 hours in
E.U. intra community trade 2 duration. The paper is divided into two sections and all questions
carry equal marks. In Section A students are required to answer 3
Imports and exports. 2
compulsory questions. In Section B students are required to answer 2
out of 3 questions. Questions 1 and 2 each mainly, but not necessarily
9: DOUBLE TAXATION
exclusively, address one of the main taxes or tax heads on the syllabus.
A basic knowledge is required insofar as it relates to 1 Question 3 addresses several areas. Questions 4, 5 and 6 may each focus
an individuals Investment income, with particular on two or more areas.
emphasis on the Irish/UK Tax Treaty.
10: CORPORATION TAXATION Section A
Basic principles and administration. 2 Question 1 (Compulsory) 20
Computations including capital allowances, capital 2
Question 2 (Compulsory) 20
gains, treatment of distributions.
Losses excluding terminal loss relief. 2 Question 3 (Compulsory) 20
Section B
11: CAPITAL GAINS TAX
Questions 4 to 6 (Choice of any 2 out of 3, 20 marks each) 40
Principles and scope. 2
Basis of Assessment. 2 Total 100
Exemptions and reliefs to include; PPR, Transfer 2

of business to company, retirement.
LEARNING RESOURCES
Chattels and marginal relief. 2 CORE TEXTS
Irish Taxation: Law & Practice 2015-2016 / Irish Taxation Institute
Basic computations of gains and losses, including 2 2015
indexation.
MANUALS
Share transactions to include bonus and rights issues. 2 Griffith College Dublin CPA F2 Taxation - Latest edition
Part disposals. 2 SUPPLEMENTARY TEXTS AND JOURNALS
Development land gains, losses, indexation. 2 Tom Conlan / Students Taxation Handbook 2015th edition
/ McKeon Murray / Elm House, Leopardstown Office Park,
12: REVENUE AUDIT Dublin18. Tel: 353 1 2959090
Revenue powers. 2 Irish Taxation: Law and Practice 2014/15 Volumes 1 and 2 / Irish
Taxation Institute
Revenue offences. 2
AccountancyPlus
Understanding and meeting the requirements of a 2 CPA Students eBulletin
Revenue Audit. USEFUL WEBSITES (AS AT DATE OF PUBLICATION)
Tax geared penalties and interest. 2 www.cpaireland.ie - CPA Ireland.
Charter of Rights. 1 www.revenue.ie - The Revenue Commissioners
www.taxinstitute.ie - Irish Tax Institute
Mandatory disclosure. 1
31
Professional Level
There are two stages of examinations at this level:
Professional 1 (P1)
Professional 2 (P2)
The Institute of
CPA Syllabus 2016: Managerial Finance
STAGE: PROFESSIONAL 1
SUBJECT TITLE:
MANAGERIAL FINANCE
AIM
The aim of this subject is to ensure that students develop a critical understanding of the nature and scope of financial management. They should
be able to assess funding requirements, calculate the cost of the available sources of finance, and advise on the optimum financing structure for an
entity. Students should be able to evaluate the role and application of corporate planning and budgetary control theory and techniques. They are
also expected to demonstrate excellent written communication skills and the ability to integrate learning of this and other subjects.
MANAGERIAL FINANCE AS AN INTEGRAL PART OF THE SYLLABUS

Managerial Finance develops students knowledge and skills with respect of the financial management of organisations and builds on the Formation
2 Stage Management Accounting syllabus. This subject is an essential underpinning for Strategic Corporate Finance, Strategic Performance
Management and Strategy & Leadership at Professional 2 Stage.




Planning Ethics
The above table shows the linkages between Managerial Finance and the subjects highlighted. The capabilities developed will be built upon in the
33
LEARNING OUTCOMES Currency Risk Management 2

Translation Risk
Transaction Risk including internal hedging
Interpret and critically appraise corporate objectives (including
methods and forward market, money market
shareholder value, stakeholder value, value creation, investment
and currency option hedges.
policy and long and short-term financing).
Analyse and evaluate the main financial management decisions of 3: INVESTMENT APPRAISAL
a company/organisation (including capital budgeting, investment
appraisal, working capital management, capital structure and Time Value of Money, present values of cash flows, 3
dividend decisions). use of Present Value and Annuity Tables.
Appraise foreign currency risk and recommend appropriate risk Identification of relevant cash flows. 3
management strategies. Non-financial factors relevant to investment 2
Appraise the relationship between risk and return and decisions.
demonstrate its application to portfolio theory and the Capital
Investment appraisal techniques including: 3
Asset Pricing Model (CAPM).
Net Present Value
Apply, evaluate and compare common business valuation models.
Evaluate the role of corporate planning and budgetary control as Adjusted Present Value
key elements in managerial finance, including the preparation and Internal Rate of Return
utilisation of performance measurement statements.
Payback.
Prepare and present quantitative and qualitative information for
management decision making integrating analysis, argument, and Lease or buy decisions. 3
commentary in a form appropriate to the intended audience. The effects of inflation, taxation and 2 capital 2
rationing on the investment decision.
4: WORKING CAPITAL MANAGEMENT

SYLLABUS
Effective working capital management strategies 2
1: FINANCIAL ENVIRONMENT CL* and corporate survival.
Aims and objectives of profit seeking and non- 2 Cash budgets/cashflow forecasts (linked to syllabus 3
profit seeking organisations. area 7 below).
The operating cycle. 2
The inter-relationship between financial 3
management, management accounting and Debtor and creditor management techniques 2
financial accounting. including: credit evaluation, terms of credit,
settlement discounts, debt collection techniques,
Interests and influence of key stakeholder groups. 3 factoring and invoice discounting.
Ethics and corporate governance issues in 2 Inventory management techniques, including EOQ 2
Managerial Finance. and JIT.
Overtrading - symptoms, causes and remedies. 2
2: SOURCES OF FINANCE
Equity / debt financing and associated risks. 2
5: COST OF CAPITAL
Short, medium and long term finance. 2
Cost of equity, cividend growth and Capital Asset 2
The nature and importance of internally generated 2 Pricing Model (CAPM). irredeemable debt.
funds.
Cost of redeemable and WACC Calculation, 2
Determinants of capital structure. 2
application and interpretation.
The nature and role of capital markets, - types of 2
Systematic and unsystematic risk. 2
share capital including: rights issues, convertibles,
warrants, etc. Portfolio diversification. 2
Sources of government finance, including: grants, 2 Portfolio theory and its application 2 in practical 2
national aid schemes, tax incentives etc. financial management.
Venture capital financing; nature, benefits and risks. 2
Dividend decisions. 2
34
Calculate and interpret the risk and 2 return of a 2 Impact on stakeholder groups including:
two asset portfolio. customers, employees, investors, suppliers and
society.
6: BUSINESS VALUATIONS
Methods of valuing a business, including: 2

ASSESSMENT STRATEGY
Asset bases.
Earnings bases. EXAMINATION APPROACH

Some questions may be entirely discursive, while others will be
Discounted cash flow.
both discursive and computational. Skills examined will include
Dividend yield. comprehension, detailed application, analysis, evaluation, synthesis,
and effective communication skills in relation to the production of
Dividend growth.
reports and memoranda for internal use. Managerial Finance is a core
subject, and this is reflected by the limited choice in both sections of
7: BUDGETARY PLANNING AND CONTROL
the examination paper. Students are expected to integrate and apply
Budgetary planning and control. 3 learning from this and other syllabi, as appropriate.
Incremental, zero-based and activity-based 3

approaches to budget formulation.
Functional budgets, including cash flow (linked 3

EXAMINATION FORMAT
to syllabus area 4), projected statements of profit The assessment is by an unseen, closed-book examination of 3 hours
or loss and other comprehensive income and duration. The paper is divided into two sections. In Section A students
statements of financial position. are required to answer 3 questions, question 1 a compulsory 25-mark
Behavioural aspects of budgeting. 3 question, question 2 a compulsory 20-mark question and question 3
a compulsory 15-mark question. Students have a choice of answering
Part A or Part B of question 3. In Section B students are required to
8: MANAGEMENT ACCOUNTING IN
DECISION SUPPORT answer 2 questions from 3. In summary, students are required to answer
a total of 5 questions out of 6.
Variance calculation and analysis including fixed 2
overhead capacity and efficiency variances. MARKS ALLOCATION MARKS
Modern Management Accounting including; 2 Section A

Activity Based Management, Total Quality Question 1 25
Management, Balanced Scorecard.
Question 2 20
Target costing. uestion 3 (Students have a choice, Part A or B
Q 15
Relevant costs in decision making. must be answered)
Pricing decisions: Section B

Question 4 20
Price / demand relationships.
uestion 5 (Students have a choice, Part A or B
Q 20
Cost plus pricing.
must be answered)
Market driven pricing. Total 100
Limiting factors (including linear programming-
with two decision variables. Application of the
graphical and simultaneous equation approaches).
Make or buy decisions.
Qualitative factors relevant to specific decisions:
Internal
H.R. / Motivational
External
Competitor Activity
Social and environmental considerations.
35
LEARNING RESOURCES
CORE TEXTS
Arnold / Corporate Financial Management 5th Edition/ Pearson 2012
/ ISBN-13: 9780273758839
Drury / Management & Cost Accounting 9th ed / (Cengage) / 2015 /
ISBN-13: 978140893944
MANUALS
Griffith College CPA P1 Managerial Finance Latest edition.
SUPPLEMENTARY TEXTS & JOURNALS

Power, Walsh and O Meara 3rd ed / Financial Management / An Irish
Text, Gill & Macmillan / 2009 / ISBN-13: 978-0717145546
Anne Marie Ward 3rd ed / Theory and Practice/ ICAI 2014 /
ISBN-13: 978-1908199485
Accountancy Plus. CPA Students eBulletin. Financial Director.
Investment International. Accounting and Business. Accountancy
Ireland.
USEFUL WEBSITES (AS OF DATE OF PUBLICATION)

www.ise.ie - The Irish Stock Exchange.
www.centralbank.ie/regulation/Pages/home.aspx - Financial
Regulator
www.cfo.com -CFO.com
www.ifac.org/ - International Federation of Accountants.
www.ft.com - Financial Times.
www.wsj.com - The Wall Street Journal online.
www.investmentinternational.com Investment International.
36
CPA Syllabus 2016: Corporate Reporting
SUBJECT TITLE:
CORPORATE REPORTING
EXAMINATION DURATION: 3.5 HOURS
AIM
The aim of this subject is to ensure that students have the technical knowledge and critical understanding of how to account for transactions and
prepare financial statements for both single entities and groups, in accordance with international financial reporting standards and Irish GAAP.
CORPORATE REPORTING AS AN INTEGRAL PART OF THE SYLLABUS

Corporate Reporting develops the concepts covered in Financial Accounting and provides students with the appropriate context to develop their
technical skills. It is an essential underpinning for the later study of Advanced Corporate Reporting and Audit Practice & Assurance Services.




Planning Ethics
The above table shows the linkages between Corporate Reporting and the subjects highlighted. The capabilities developed will be built upon in the study of the
subjects highlighted above.
37
LEARNING OUTCOMES Takeover of partnership and sole traders. 3
On successful completion of this subject, students should be able to: Treatment of goodwill at acquisition N.B Sub- 3
subsidiaries are not included.
Prepare the financial statements of companies and groups of
companies in accordance with current international financial
4: INTERPRETATION OF FINANCIAL
reporting standards and national and EU legislation, including: STATEMENTS
Statements of Profit or Loss and other Comprehensive
Ratio analysis, cash flow analysis, interpretation, 3
Income,
and the preparation of reports thereon.
Statements of Financial Position
Statements of Changes in Equity, and INTERNATIONAL FINANCIAL
REPORTING STANDARDS:
Statements of Cash flow. See Examinable Material Document on pages 71 to 76 for details of
Discuss the circumstances under which organisations may, the International Financial Reporting Standards etc. applicable to
or must, apply IFRS and / or local UK and Irish GAAP this examination.
demonstrating an understanding of the key accounting and
COMPANIES ACT:
presentation differences between them if Local GAAP was
applied.
the Companies Act applicable to this examination.
Prepare notes to financial statements in accordance with current
international financial reporting standards and national and E.U.
legislation.
ASSESSMENT STRATEGY
Appraise and apply the methods of accounting for business
combinations; and
Interpret financial statements and prepare reports tailored to Students are required to demonstrate a detailed understanding of
each user groups technical knowledge and understanding of such accounting principles and the ability to apply these to practical
statements. situations. A peripheral knowledge does not suffice. In addition to
testing technical competence the examination requires students to
demonstrate effective communication skills, particularly in relation
to the production of both internal memoranda and external financial
SYLLABUS reports for a wide variety of user groups. Students are expected
to integrate and apply learning from this and other syllabi, as
1: COMPANY ACCOUNTS CL* appropriate.
Preparation and presentation of financial 2 EXAMINATION FORMAT
statements to comply with the Companies Act The examination is unseen, closed-book and 3.5 hours in duration.
2014, and standard international accounting
Students are required to answer questions 1 to 3, and either question 4 or 5.
practice.
One of the compulsory questions is multiple choice, with 8 sections
based mainly on International Financial Reporting Standards and the
2: LOCAL GAAP
preparation of limited company and group accounts in accordance
FRS 100 the differences between FRS 100 1 with those standards. The other two compulsory questions are mainly
and IFRS with particular reference to: scope; computational. Students are required to answer one of the remaining
terminology used; and format of accounts. two questions.
FRS 101 the differences between FRS 101 and 1
IFRS with particular to the scope of this standard
FRS 102 the key differences between accounting 1
treatments examinable at the P1 stage under IFRS
and the equivalent elements of FRS 102. (Sections
12, 31 and 34 are excluded).
3: GROUP ACCOUNTS AND BUSINESS

COMBINATIONS
Consolidated statements of financial position, 3
consolidated statements of profit or loss and
other comprehensive income, including reserve
reconciliations, consolidated statements of cash flow,
acquisition and disposal of subsidiaries and associates
(both domestic and overseas) during the year.
38

Questions 1 and 2, compulsory, both computational 60
questions (30 Marks each)
www.ifac.org/ - The International Federation of Accountants.
Question 3 Multiple Choice question 20
www.ifrs.org/ - The International Financial Reporting Standards
Questions 4 and 5, answer either, but not both 20 Foundation.
Total 100 www.fasb.org - Financial Accounting Standards Board (USA).
www.iasplus.com - Deloitte Touche Tohmatsu. Summaries of
International Financial Reporting Standards (IFRS).
LEARNING RESOURCES www.frc.org.uk/ - The Financial Reporting Council.
www.frc.org.uk/About-the-FRC/FRCstructure/Audit-and-
CORE TEXTS Assurance-Council.aspx, FRC - Audit and Assurance Council
Connolly / International Financial Accounting and Reporting 5th ed. www.frc.org.uk/About-the-FRC/FRCstructure/Accounting-Council.
/ CAI 2015 / ISBN-13: 978-1910374290 aspx, FRC Accounting Council
Elliott and Elliott, Financial Accounting and Reporting, 2015 Pearson www.frc.org.uk/About-the-FRC/FRCstructure/Conduct-
(17th edition) ISBN-13: 978-1292080505 Committee.aspx, FRC-Conduct Committee
A new era for Irish & UK GAAP - A quick reference guide to FRS102 www.accountingnet.ie/ - Irish Accounting and Business Portal.
Robert J. Kirk
http://www.cpaireland.ie/docs/defaultsource/Members/Publications/
a-new-era-forirish-amp-uk-gaap---a-quick-reference-guide-tofrs102.
pdf?sfvrsn=0
MANUALS
Griffith College CPA P1 Corporate Reporting Latest edition.

Cotter / Advanced Financial Reporting; A Complete Guide to IFRS/
2012/ ISBN-13: 978-0273732358
A Step-by-step Approach by Paul Mahony and Niall MacLochlainn/
2nd ed ISBN-13: 978-1908199478
Collins, McKeith / Financial Accounting and Reporting / McGraw-
Hill 2013 / ISBN-13: 9780077138363
Kothari, Barone / Advanced Financial Accounting An International
Approach / 2012 / FT Press / ISBN-13: 978-0273712749
AccountancyPlus
39
CPA Syllabus 2016: Corporate Laws and Governance
SUBJECT TITLE:
CORPORATE LAWS AND GOVERNANCE

AIM
This subject aims to ensure that students understand the theory and application of key aspects of business and commercial law to business
organisations and recognise issues that require the advice of a legal professional. In addition, they must comprehend, apply and advise on the
regulatory and governance requirements applicable to business organisations.
CORPORATE LAWS AND GOVERNANCE AS AN INTEGRAL PART OF THE SYLLABUS.

The legal principles learnt in this subject will be relevant to students throughout their professional accountancy studies. In particular this syllabus
is an essential component for the study of Corporate Reporting, Managerial Finance, Auditing, Advanced Corporate Reporting, Advanced
Corporate Finance and Audit Practice & Assurance Services.




Planning Ethics
The above table shows the linkages between Corporate Laws and Governance and the subjects highlighted. The capabilities developed will be built upon in the
40
LEARNING OUTCOMES Corporate Finance
On successful completion of this subject, students should be able to: Floation of a public limited company, application 2
for and allotment of shares, the capital of the
Interpret, discuss and apply aspects of the law relating to
a company types of capital and shares, the
the structuring of business entities and their commercial
maintenance of capital, the alteration and reduction
relationships.
of capital.
Discuss the role of company officers, including directors, the
Nature of a share, rights of the shareholder, duties 2
auditor and the company secretary, and appreciate the various
of the shareholder, different classes of shares,
classifications of company capital and the rules governing its
variation of rights of classes of shareholders, share
maintenance.
certificates and warrants.
Comprehend the nature of corporate offences and their santions
Calls, liens, forfeiture and surrender of shares. 2
Discuss the appointment, rights and duties of receivers,
liquidators and examiners and outline the effects of receiverships, Transfer and transmission of shares. 2
liquidations or examinerships on key stakeholders including; Shareholder agreements.
shareholders, directors, employees and creditors.
Membership of the company Becoming a 2
Distinguish between the different types of credit and security,
Member, Capacity to be a Member, Register of
their legal consquences and the formalities applicable to these.
Members, Disclosure of interests in shares.
Advise on and lead best practice in governance.
Dividends and distribution of profits. 2
Outline and discuss the law of agency, and distinguish between
principal and agent and their rights and duties. Borrowing by the company borrowing powers 2
Discuss and apply the main aspects of employment law and be of companies, debentures and floating charges,
able to refer to and interpret relevant sources. registration crystallistion and invalidity of charges.
Identify, if and when more specialist knowledge is required and Company Officers
the source of such expertise. Formalities; types of directors appointment, 2
removal, eligibility, resignation
Directors Duties; under the Companies Act 2014 2
SYLLABUS
Corporate Offences; fraudulent trading, reckless 2
1: COMPANY LAW CL* trading, insider dealing and money laundering
Introduction 2 Liability; restriction and disqualification orders 2
Companies and other forms of business Company Secretary; qualifications appointment, 2

organisation, the development of company law in powers and duties. Internal Management of
Ireland, Irish company law and E.U. law. Companies
Company Formation 2 Company Auditor; appointment, removal powers 2

and duties - the role of IAASA
Review of the various classifications of companies, 2
including a company limited by shares, a designated Internal Management of Companies
activity company, a public limited company, Meetings of the Company 2
guarantee companies and unlimited companies.
Majority and minority rights, the rule in Foss v. 2
How a company is formed, the Constitutional 2
Harbottle and its exceptions, Oppression and the
Document - its contents and how it can be altered, Companies Act 2014.
the legal effect of the Constitutional.
Investigation of a companys affairs liability arising 2
Document, the promoters and preincorporation 2
from investigations.
contracts.
Separate legal personality of the company, lifting 2 2: EXAMINERSHIP, RECEIVERSHIP AND
the veil of incorporation, the ultra vires rule and LIQUIDATIONS
designated activity and public limited companies, Charges and crystallisation of charges 2
liability of a company in respect to unauthorised or
irregular transactions in both tort and criminal law, Protection of investors and creditors. 2
the doctrine of ostensible or apparent authority and Appointment, rights and duties and powers of an 2
the rule in Royal British Bank v. Turquand. Examiner.
41
Examinership process, report, schemes of 2 Office of the Director of Corporate

arrangement. Enforcement (ODCE)
Appointment, rights, duties and powers of a Receiver. 2 Irish Stock Exchange (ISE)
Appointment, rights and duties of a Liquidator. 2 The Financial Regulator
Types of winding up, compulsory winding up, 2 Irish Auditing and Accounting Supervisory
voluntary winding up the distinction between Authority (IAASA).
members and creditors voluntary liquidations.
UK Corporate Governance Code and related FRC/ 2
Effects of examinerships, receiverships or 2 ISE guidness.
liquidations on shareholders, directors and Risk Management - Steps in developing a risk
employees - as well as potential liability. management strategy, Governance Code guidance,
Order of payment of debts and charges on 2 risk management activities.
liquidation. Sarbanes Oxley Act objectives, provisions and 2
Accounts of an Examiner, Receiver and Liquidator. 2 requirements and impact.
Emerging issues and developments in Corporate 2
3: COMMERCIAL CREDIT AND SECURITY Governance
Types of credit vendor credit, lender credit, fixed 2
term and revolving credit. 5: LAW OF AGENCY
Types of security real security, possessory 2 Introduction nature and consequences of 2

security interests, pledges, liens, non-possessory agency, identifying agents, types of agent, agency
security interests, mortgages, charges, personal distinguished.
security, guarantees, indemnities, letters of credit, Authority and power of company officers under the 2
performance guarantees, letters of comfort, quasi- Law of agency.
security, retention of title, bills of exchange, set-off
agreements, use of assets as quasi-security. Principal and agent relations. 2
Formalities and registration of security interests, 2 6: LAW OF EMPLOYMENT

Bills of Sale Acts, Companies Acts.
Contract of employment, contract of service and 2
4: CORPORATE GOVERNANCE contract for services.
Definition(s) of Corporate Governance 2 Formation of the contract. 2
Agency Theory potential conflicts of interest. 2 Terms of the contract. 2
The role of the board board structures, holding 2 Rights and duties of the employee. 2
board meetings, importance of agendas and Duties and rights of the employer. 2
meetings, accountability of boards. Directors
Termination, unfair, constructive and wrongful 2
responsibility for Internal Control.
dismissal, redundancy.
Remuneration, transparency and accountability 2
Maternity leave, Paternity leave, Adoptive leave, 2
the design of incentive compatible contracts,
Parental leave, Force majeure leave rights and
management incentives, role of remuneration
entitlements
committees, legal and stock exchange requirements,
recognition and remuneration systems, disclosure COMPANIES ACT
requirements. See Examinable Material Document on pages 71 to 76 for details of the
Developing and supporting a compliance culture 2 Companies Act applicable to this examination.
directors compliance statements, role of the audit
committee, role of non-executive board members.
Corporate Regulation in Ireland, the objectives and 2
functions of:
The Companies Registration Office (CRO)
Administration of the company the
directors, the secretary, the annual return,
accounts and audit, mergers, arrangements,
reconstructions and takeovers.
42
ie/publications/companylawguidance /informationbooks.aspx
ASSESSMENT STRATEGY
UK Corporate Governance Code 2012, free to download from
https://frc.org.uk/OurWork/Publications/Corporate-Governance/
UK-Corporate-Governance-Code-September2012.pdf
Students are expected to demonstrate a detailed critical understanding
Regan / Employement Law in Ireland 2nd ed/ Bloomsbury/ 2015 /
of, and the ablitity to apply, the legal and governance principles and
ISBN-13: 9781847663764
concepts studied. They are required to analyse practical situations and
apply the correct legal and governance principles, supporting their Forde / Employment Law / Thomson Round Hall 2009 / 3rd ed/
answers with relevant case law, statutory provisions or best practice ISBN-13: 978-1858005522.
guidelines, as appropriate. Students are also expected to demonstrate Solomon / Corporate Governance & Accountability / Wiley
clear logical thinking, excellent written communication skills and the Publishers, 4th edition 2014 / ISBN-13: 978-1118449103
ability to integrate learning from this and other syllabi. Monks and Minow / Corporate Governance / Wiley / 5th. Edition /
2011 / ISBN-13: 978-0470972595
EXAMINATION FORMAT
Christine Mallin / Corporate Governance / Oxford University Press/
The assessment is by an unseen, closed book examination of 3 hours 4th ed/ 2012 / ISBN-13: 9780199644667
duration. The paper is divided into two sections. In Section A
FRC Governance Guidance on Audit Committees: www.frc.org.
students are required to answer 2 compulsory 25mark questions and
uk/OurWork/Publications/Corporate-Governance/uk-Corporate-
one question from the other two 20-mark questions. In Section B
Governance-Code-2014.pdf
(Corporate Governance) students are required to answer one question
Guidance on Risk Management, Internal Control and Related
from two. In summary, students are required to answer a total of 4
Financial and Business Reporting: www.frc.org.uk/Our-Work/
questions out of 6.
Publications/Corporate-Governance/Guidance-on-Risk-
Management,-Internal-Control.pdf
MARKS ALLOCATION MARKS B. Tricker / Corporate Governance: Principles, Policies, Practices,
Section A 2nd edition / (2012) Oxford University Press/ ISBN-13: 978-
0199607969
Questions 1 and 2, compulsory, (25 Marks each) 50
CPA Students ebulletin. An Introduction to Business Law / Mac
Questions 3 and 4, answer either, but not both 20 Donnell / CAI 2015
Section B AccountancyPlus. CPA Students eBulletin.
Questions 5 and 6, answer either, but not both 30 USEFUL WEBSITES (AS OF DATE OF PUBLICATION)
Total 100 www.ise.ie - Irish Stock Exchange.
www.irishstatutebook.ie - Irish Statute Book Office of the Attorney
LEARNING RESOURCES General.
www.cro.ie - Companies Registration Office.
CORE TEXTS
www.odce.ie - Office of the Director of Corporate Enforcement.
Keane / Company Law, 5th revised edition / Bloomsbury 2016 /
www.clrg.org - Company Law Review Group.
ISBN-13: 978-1780435428.
www.lawreform.ie - The Law Reform Commission.
Courtney / Guide to the Companies Act 2014, 1st ed/ Bloomsbury
www.courts.ie - Irish Courts Service.
Professional / ISBN-13: 978-1780438344 /
White / Commercial Law / Wiley and Sons 2nd ed 2012 / www.cpaireland.ie - CPA Ireland.
ISBN-13: 978-1858006321. www.frc.org.uk - Financial Reporting Council.
Forde / Commercial Law, 3rd edition / Tottel 2005/ www.frc.org.uk/About-the-FRC/FRCstructure/Former-FRC-structure/
ISBN-10: 1845922034. ProfessionalOversight-Board.aspx - Professional Oversight Board
MacDonnell / An Introduction to Business Law / CAI 2015 / www.ifac.org/ - International Federation of Accountants.
Governance Risk and Ethics / BPP Manual ACCA P1 / www.iaasa.ie - Irish Auditing & Accounting Supervisory Authority
ISBN-13: 978-1472726797 www.auditcommitteeinstitute.ie - Audit Committee Institute Ireland
Shareholders Rights and Remedies / Karole Cuddily /Bloomsbury www.smurfitschool.ie/researchandfaculty/resea rchcentres/
Professional 2016 1st ed / ISBN-13: 978-1780430188 centreforcorporategovernance/ Institute of Directors Centre for
Companies Act 2014 / Thomas Courtney and Lyndon McCann / Corporate Governance.
Bloomsbury Professional 2015 / ISBN-13: 978-1780438559 www.sec.gov/about/laws/soa2002.pdf Sarbanes-Oxley Act of 2002
www.ifsra.ie - The Irish Financial Services Regulatory Authority
MANUALS www.irishtakeoverpanel.ie - The Irish Takeover Panel
Griffith College CPA P1 Corporate Laws & Governance - Latest www.iodireland.ie/ - The Institute of Directors in Ireland
edition. www.iaim.ie - Irish Association of Investment Managers
SUPPLEMENTARY TEXTS AND JOURNALS www.icsacharteredsecretaries.ie/ - The Institute of Chartered
Office of the Director of Corporate Enforcement / Books 1 to 7 (setting Secretaries & Administrators
out the principal duties and powers of companies, company directors, www.oecd.org/daf/ca/corporategovernancepri nciples/31557724.pdf -
company secretaries, members and shareholders, auditors, creditors, OECD Principles of Corporate Governance
liquidators, receivers and examiners), free to download from: www.odce.
43
CPA Syllabus 2016: Auditing
SUBJECT TITLE:
AUDITING
AIM
The aim of this subject is to introduce students to the concepts and principles of the audit process and to develop their understanding of its
application in the context of the legal, regulatory and ethical framework of the profession.
AUDITING AS AN INTEGRAL PART OF THE SYLLABUS

Auditing is an essential foundation subject for the subsequent study of Audit Practice and Assurance Services at Professional 2 Stage. It is also an
essential component for the study of Advanced Corporate Reporting at Professional 2 Stage.
In carrying out the audit of an entitys financial statements there is a critical need to identify the source, and test the treatment of financial
statement items (period transactions and year-end balances) and disclosures, to ensure compliance with Irish GAAP. The subjects: Financial
Accounting and Corporate Reporting will provide students with this necessary knowledge. Business Laws, Corporate Laws and Governance,
Taxation and Information Systems will increase students awareness of other matters that an auditor must consider in the audit process.

P1 Managerial Corporate Corporate Laws

Auditing


Planning Ethics
The above table shows the linkages between Auditing and the subjects highlighted. The capabilities developed will be built upon in the study of
the subjects highlighted above.
44
LEARNING OUTCOMES Public interest, expectations, 2 interrelationships 2

between auditor, directors (management)
On successful completion of this subject, students should be able to: and shareholders and other users of financial
Interpret and discuss the legal, regulatory and ethical framework statements, including their respective roles and the
within which the auditor operates. auditors duties to these parties.
Appraise the respective responsibilities of directors and auditors. The Irish audit profession and the 2 CPA Institute: 2
Discuss the nature, purpose and scope of an audit and defend the organisation and regulation.
role of the auditor. International Standards on Auditing 2 (ISAs) and 2
Apply and explain the process relating to the acceptance and other technical pronouncements issued by APB:
retention of professional appointments, to include the purpose nature, formulation, issuance and compliance
and content of engagement letters. enforcement.
Devise an overall audit strategy and develop an audit plan. The audit implications of 2 International 2
Supervise and review the various stages of the audit process. Accounting Standards (IFRS/IAS): understanding
Outline the nature of internal controls and the procedures and basis for application.
required to evaluate control risk relating to specific accounting Directors responsibilities versus 2 auditors 2
systems, in order to identify internal controls and weakness within responsibilities for financial statements and internal
the systems. controls; distinction between external and internal
Distinguish between Tests of Control and Substantive audit.
Procedures.
Corporate governance. 2
Design and apply the appropriate audit tests to include in the
The audit exemption threshold for Companies, and 2
audit programme.
the procedure to become audit exempt
Carry out analytical procedures and assess the implications of the
outcome. 2: AUDITORS LEGAL, ETHICAL AND
Appraise the significance, purpose and content of management PROFESSIONAL RESPONSIBILITIES
letters and management representations. Professional ethical responsibilities: 2
Discuss the distinction between an internal and external audit.
CPA Code of Ethics.
Apply and discuss audit sampling.
IFAC Code of Ethics.
Demonstrate the outcome and implications of subsequent event
reviews. APB Ethical Standards.
Plan and describe the audit of computer information systems. Statutory responsibilities and rights: 2
Draw appropriate conclusions leading to the formulation of the Companies Acts 1963 to (see E.M.D.): audit
auditors opinion. conduct, appointment, termination, removal,
Apply and explain the basic component elements of the auditors access.
report. Company Law Enforcement Act (2001):
Identify and appraise matters that impact on the wording of indictable offence, reporting to ODCE in
Modified Reports, differentiating between matters that do the event of indictable offences (lack of
not affect the auditors opinion, and matters that do affect the proper books of accounts, improper director
auditors opinion. transactions).
Recognise ethical issues, discuss, escalate or resolve these Criminal Justice Acts: money laundering
as appropriate within the Institutes ethical framework, offences (including Money Laundering and
demonstrating integrity, objectivity, independence and Terrorist Financing 2010 Act), reporting to
professional scepticism. Revenue Commissioners and Gardai in the
event of breaches.
Other relevant laws: EU Directives.
SYLLABUS Key responsibilities derived from 2 International 2
Standards on Auditing (ISAs).
1: THE AUDITOR AND THE AUDIT CL*
Auditors responsibility in relation to 2 fraud 2
ENVIRONMENT
and for the entitys compliance with laws and
The Statutory Audit: need, objective, 2 focus, 2 regulations.
nature and structure.
Auditors responsibilities defined by 2 case 2
law arising from alleged negligence (financial
statements misstated) and related exposure and
consequences
45
Pre-appointment procedures: client 2 assessment 2 5: AUDIT EXECUTION: FINANCIAL

(including management integrity) and completion STATEMENT ITEMS SUBSTANTIVE
of engagement letter. PROCEDURES.
Application of specific substantive 2 procedures to 2
3: AUDIT PLANNING AND SUPERVISION test the following categories of assertions:
Materiality: nature (quantitative and 2 qualitative), 2 Assertions relating to classes of transactions
determination, impact and use throughout different and events;
phases of the audit.
Assertions relating to account balances;
Audit risk and its components (inherent, control 2
and detection risks): interrelationships, evolution as Assertions relating to presentation and
audit progresses and impact on nature, timing and disclosure.
extent of audit work. Audit of statements of financial 2 position, 2
Audit strategies (risk-based auditing, tests of 2 validation procedures, applied in audit of:
control, substantive procedures, combined Tangible fixed assets.
procedures, audit around and through
Inventory.
computerised systems) and their impact on the
conduct of the audit. Accounts receivable, prepayments & sundry
debtors.
Knowledge of the entity and its environment: 2
business, risks, management, and accounting Investments and market securities.
systems. Bank and cash balances.
Nature, extent and timing of audit procedures in 2 Accounts Payable, accruals & sundry creditors,
response to assessed risks of material misstatement, provisions for liabilities.
sufficient and appropriate audit evidence, types of
audit evidence, general audit techniques (enquiry, Debenture loans and bank borrowings.
observation, inspection, analysis, computation, Capital and Reserves, Equity.
confirmation).
Audit of statements of profit or loss and other 2
Audit planning memo, audit programmes and 2 comprehensive Income account , validation
working papers. procedures, applied in audit of:
Audit supervision and review. 2 Revenues and expenses.
Sales/purchases.
4: AUDIT EXECUTION: INTERNAL
CONTROL, ASSESSING CONTROL RISK AND Wages and salaries.
TESTS OF CONTROL
Other statements of profit or loss and other
Entitys control environment and control 2 comprehensive income account items.
procedures, objectives, limitations, attributes.
Understanding of IFRS/IAS 1 concerning above
Auditors and management respective 2 items.
responsibilities.
Misstatements / aggregation / 2 assessment /
Internal control descriptions (flowcharts, narrative 2 impact on audit reporting.
descriptions, walkthroughs) and internal control
assessments (ICEs/ICEQs). 6: AUDIT EXECUTION: OTHER
CONSIDERATIONS
Broad approach to internal controls, components 2
of internal controls, limitations of internal control Sampling methods: decision to use, judgemental 2
versus statistical (MUS) sampling methods for
Assessing the Risk of Material Misstatement, 2
controls and financial statement items, sample
Internal Controls assessment and Tests of Control
selection and assessment.
for the following major systems: sales, purchases,
payroll, cash receipts and disbursements, inventory. Analytical review: nature and use (financial 2
statements/data) throughout audit.
Audit Programmes for Tests of Control. 2
Going concern and its impact throughout the 2
Final Assessment of Control Risk. 2
different phases of the audit.
Management letter reporting and assessment of 2
Subsequent events. 2
impact on audit strategy.
Accounting estimates. 2
Commitments and contingencies. 2
46
FINANCIAL REPORTING AND AUDITING STANDARDS:

Management representation letters. 2
Use of experts. 2 the Financial Reporting and Auditing Standards etc. applicable to this
examination. It is important to note that the International Standards in
7: AUDIT EXECUTION: COMPUTER Auditing (ISAs) and the International Financial Reporting Standards
INFORMATION SYSTEMS (CIS) AUDITING (IFRs) are examinable at this stage.
Entitys computer systems and controls: 2
COMPANIES ACT:
Computer systems: general applications of See Examinable Material Document on pages 71 to 76 for details of the
e-commerce and impact on control and audit Companies Act applicable to this examination.
work, key computer processes, including data
organisation and access, network and electronic
transfers and transaction processing modes.
Key computer system hardware and software, ASSESSMENT STRATEGY
including xbrl.
Key computer system general controls: design
and implementation, data integrity, privacy and The skills examined include comprehension, detailed application,
security, system program changes, system access synthesis, evaluation, effective communication, the analysis of audit
and disaster recovery plans. issues and the ability to propose appropriate solutions thereto. All
questions are scenario-based. The compulsory questions examine
Key computer system application controls: the students competence over a range of issues and they are asked to
transactions input, processing and output, show how elements of the syllabus interact and overlap. The remaining
masterfile changes. questions seek to ascertain the students knowledge of the practical
Computer Assisted Audit 2 Techniques (CAATS): 2 application of the theoretical concepts studied.
Nature (computer software including expert Students are also required to demonstrate, in the context of the
systems and test data), scenario presented, the ability to exercise professional judgment
(including appropriate professional scepticism and consideration of
Purpose (testing, administration), legal and ethical issues) in drawing conclusions.
Application and related audit concerns
EXAMINATION FORMAT
(integrity and security of CAATs, audit
planning considerations) The examination is by an unseen, closed-book examination of 3 hours
duration. The examination paper consists of 7 questions divided
between Section A and Section B. There are 3 compulsory questions
8: AUDIT REPORTING
in Section A. Students are required to answer 2 of the 4 questions in
Reporting on Audited Financial 2 Statements. 2 Section B.
Key concepts: opinion, true and fair 2 view, 2 All questions carry equal marks, split between practical application
materiality, statutory requirements. and theory.
Basic elements of the Auditors 2 Report. 2 MARKS ALLOCATION MARKS
Modified Reports, differentiating 2 between 2 Section A
Matters that do not affect the auditors opinion, and Question 1 (Compulsory) 20
Matters that do affect the auditors opinion. Question 2 (Compulsory) 20
Circumstances giving rise to 2 Modified Reports: 2 Question 3 (Compulsory) 20
Limitations on Scope. Section B
Disagreements with management. uestions 4 to 7 (Choice of any 2 out of 4, 20
Q 40
Auditors responsibility before and 2 after the date 2 marks each)
of the Auditors Report. Total 100
Auditors responsibility for other 2 information in 2
documents (e.g. Annual Report) containing audited
financial statements.
47
USEFUL WEBSITES (AT DATE OF PUBLICATION)

LEARNING RESOURCES
www.cpaireland.ie CPA Ireland.
CORE TEXTS: www.iaasa.ie/ - Irish Auditing and Accounting Supervisory Authority.
External Auditing and Assurance: An Irish Textbook 2nd Editionby www.ifac.org/auditing-assurance/ - International Auditing &
Martin Nolan and Christine Nangle/ICAI/ ISBN-13: 9781908199461 Assurance Standards Board
Guide to Using International Standards on Auditing in the Audits of www.frc.org.uk/About-the-FRC/FRCstructure/Former-FRC-
Small- and Medium-Sized Entities /3rd Edition 2011 / IFAC / ISBN1- structure/AuditingPractices-Board.aspx - Auditing Practices Board
13: 978-1608150991 Published in two volumes freely available for www.ifac.org The International Federation of Accountants.
download from: www.ifrs.org/ - The International Financial Reporting Standards
VOLUME 1: Foundation.
http://ifac.org/sites/default/files/publications /files/SMP-ISA-Audit- www.frc.org.uk/ - The Financial Reporting Council.
Guide-Volume-1-3e.pdf www.frc.org.uk/About-the-FRC/FRCstructure/Audit-and-
Assurance-Council.aspx, FRC - Audit and Assurance Council
VOLUME 2:
www.frc.org.uk/About-the-FRC/FRCstructure/Accounting-Council.
http://ifac.org/sites/default/files/publications /files/SMP-ISA-Audit-
aspx, FRC Accounting Council
Guide-Volume-2-3e.pdf
www.frc.org.uk/About-the-FRC/FRCstructure/Conduct-
TECHNICAL MATERIAL: Committee.aspx, FRC-Conduct Committee
1. AUDITING AND QUALITY CONTROL STANDARDS www.accountingnet.ie/ - Irish Accounting and Business Portal
International Standards on Auditing (UK and Ireland)
(ISAs)
International Standard on Quality Control (UK and Ireland)
(ISQC 1)
These are available from the Auditing Practices Board (APB) web
site at www.frc.org.uk/apb
2. FINANCIAL ACCOUNTING AND REPORTING

STANDARDS
International Financial Reporting Standards (IFRSs) EU Endorsed
are available from the European Commision on http://ec.europa.eu/
internal_market/accounti ng/ias/index_en.htm
The International Auditing Standards (IASs) are available from the
International Accounting Standards Board website at www.iasb.org
3. ETHICAL STANDARDS
APB Ethical Standards (ESs) are available from the Auditing
Practices Board website www.frc.org.uk/apb
CPA Code of Ethics, available from the CPA website at www.
cpaireland.ie
4. EXAMINABLE MATERIAL DOCUMENT

See pages 71 to 76

Principles of External Auditing 4th ed / Porter, Hatherly, Simon /
Wiley 2008 / ISBN-13: 9780470974452
The Audit Process, Principles, Practice & Cases 6th ed/Gray and
Manson / Cengage 2015 / ISBN-13: 978-1408081709
AccountancyPlus
48
CPA Syllabus 2016
PROFESSIONAL 2
P2 EXAMINATIONS
Having completed and passed the P1 Stage syllabus P2 Stage students:
Must sit and pass the 2 mandatory subjects (ACR, and S&L), see Table 1 below.
Must sit and pass 2 of the 4 elective subjects, see Table 1 below.
Students who intend to pursue a career in practice must sit and pass, in addition to
the 2 mandatory subjects:
The 2 elective subjects AP&AS and AT, which are marked with an asterisk below.
In order to obtain a Practising Certificate there are other criteria that must also
be satisfied. Further details on these are available from the CPA website: www.
cpaireland.ie
Students who will not wish to apply for Practising Certificate must sit and pass,
in addition to the two mandatory subjects, any 2 of the 4 elective subjects listed in
Table 1 below.
Table 1
SUBJECT NAME MANDATORY
Advanced Corporate Reporting (ACR) Mandatory
Strategy & Leadership (S&L) Mandatory
Audit Practice & Assurance Services (AP&AS) Elective*
Advanced Taxation (AT) Elective*
Strategic Performance Management (SPF) Elective
Strategic Corporate Finance (SCF) Elective
49
CPA Syllabus 2016: Strategy & Leadership
SUBJECT TITLE:
STRATEGY & LEADERSHIP

EXAMINATION DURATION: 3.5 HOURS (OPEN BOOK)
AIM
The aim of this subject is to development students ability to contribute effectively to the strategic management of enterprises through the
objective analysis of business situations, the critical evaluation of strategic options and the implementation of change programmes.
STRATEGY & LEADERSHIP AS AN INTEGRAL PART OF THE SYLLABUS

Strategy & Leadership integrates and expands the knowledge and skills acquired in many of the subjects at the earlier examination stages. This
subject provides a framework for future leaders to analyse, develop and implement strategies for entrepreneurial activities in both growing and
established entities.
P2 Strategic Strategic Advanced Audit Practice Advanced

Strategy & and Assurance
Corporate Performance Corporate Taxation
Leadership Services
Finance Management Reporting



Planning Ethics
Strategy & Leadership further integrates and builds on, as appropriate, the capabilities developed in the earlier subjects, as highlighted in the
table above.
50
LEARNING OUTCOMES Assessing resources.
On successful completion of this subject, students should be able to: Identifying core competencies.
Display a detailed understanding of strategic development, Benchmarking.

marketing and market place strategy. Assessing strengths and weaknesses.
Integrate and apply effectively theories and concepts from
Measuring Stakeholder Expectations: 3 3
strategic management and related disciplines to solve business
problems in complex and diverse situations. Corporate governance.
Devise, develop and lead appropriate business strategies, in Stakeholder analysis.
support of entrepreneurial activities and existing organisations.
Identifying stakeholder expectations.
Evaluate the importance of knowledge management in
Business ethics.
strategy implementation, and advise on the implementation of
appropriate systems, processes and solutions. Cultural considerations.
Develop and promote a business case.
3: STRATEGIC CHOICES
Initiate and lead complex projects successfully.
Communicate effectively to a variety of audiences. Corporate Level: 3
The role of the corporate centre:
Portfolio manager.
SYLLABUS Corporate core competencies.
Manager.
1: THE STRATEGY PROCESS CL*
Restructurer.
The Concept of Strategy: 2
Synergy manager.
Levels of strategy and planning.
Parental developer.
Setting mission, aims, goals & objectives.
The Corporate Portfolio.
Matching strategy and structure.
The Growth/Share Matrix.
The competitive environment.
The Directional Policy Matrix.
Ethical, political & social considerations.
The Relatedness Matrix.
Strategic Management and Operational 2
Management. Corporate Diversification.
Perspectives on Strategy: 2 Business Level: 3
Deliberate and emergent strategy. Bases of competitive advantage (Price,
differentiation, etc.).
The Marketing Dimension: 2
Sustaining competitive advantage.
Marketing management concepts.
Game theory.
Analysing marketing opportunities.
Competition and collaboration.
Market segmentation.
Value Innovation.
The marketing mix.
Business ecosystems.
Strategic planning and marketing management.
Business case development.
Market place models.
Supporting the entrepreneur & new venture
2: THE STRATEGIC POSITION creation.
Environmental Analysis: 3 Strategy Development: 3
The macro environment. Directions.
Industry/Sector analysis. Market analysis. Methods.
Opportunities & threats. Success criteria.
Assessing Strategic Capability: 3
Critical success factors.
51
4: STRATEGY IMPLEMENTATION ASSESSMENT STRATEGY

Structure and Processes: 2
Organisation structure.
Strategic management is the main focus of the paper. Students are
Planning & control systems (incl. ERP, expected to demonstrate a thorough understanding of the processes
Balanced Scorecard). involved in reviewing competitiveness and evaluating long-term
options and the relevant marketing strategies. Individual related
Market mechanisms.
business topics are selected for detailed assessment on a planned basis
Social/cultural process. each year, throughout a cycle of examinations (typically three years).
Managing Key Enablers: 2 Students are expected to demonstrate strategic thinking and creativity
through their ability to analyse business scenarios critically, carry out
People:
SWOT analyses and identify/justify innovative strategic options. In
H.R. Management. addition to understanding business in an Irish context, students should
Organisational behaviour. display a global outlook and an awareness of the importance of business
ethics and social responsibility in organisations.
Leadership:
A thorough understanding of currently recognised theories and
Culture change. concepts relevant to the above areas and the ability to apply appropriate
Knowledge creation. analysis techniques and business models effectively is essential. Equally
Theories of Leadership. important is the capacity for synthesis, demonstrated particularly by
integrating areas such as marketing, knowledge management, project
Knowledge management.
management, financial control and organisation behaviour. The ability
Leadership Syles. to communicate clearly and succinctly is an overriding requirement.
Power and influence. The marking scheme strongly favours the demonstration of critical
Motivation and engagement. analysis, judgment and innovation, rather than the mere identification
of concepts and models or descriptive writing about these.
Information and Technology:
EXAMINATION FORMAT
Managing the Change Process. 2
Assessment is by an open-book examination of 3.5 hours duration.
Change management: This examination uses a case-study approach to test students ability
Analysing the change situation. to apply critical analysis, demonstrate synthesis and decision-making.
It consists of one compulsory question, based on a major casestudy
The nature of change.
(worth 50% of the marks for the examination) plus a choice of two
Changing organisational culture. out of three optional questions, each worth 25% of the marks for the
Organisational communications. examination. The optional questions may also refer to material in the
major case-study.
Project management.
In October each year students will be advised of the business sector
Project objective and scope. within which the organisation upon which the main case-study for each
Project teams, sponsors and responsibilities. of the following years examinations will be based. It will be essential for
students to undertake their own environmental analysis and research
Critical path analysis. on this sector in preparation for the examinations. The case studies,
Project reporting procedures. from 2011 onwards, will not have the same amount of background
information as was provided in previous examinations. Given this is an
Project evaluation.
open-book examination students will be allowed to bring their analysis
and research with them into the examination centre for reference, as
appropriate, in their answers to the questions.

Section A
Compulsory Question (Case Study) 50
Choice of 2 questions out of 3 (25 marks each) 50
Total 100
52
LEARNING RESOURCES
CORE TEXTS
Gerry Johnson, Richard Whittington, Kevan Scholes, Duncan
Angwin, Patrick Regnr, Exploring Strategy Text Only/ Pearson 10th
edition/ 2013/ ISBN-13: 978-1292002552
Daft / New Era of Management, International, 11th ed / Cengage
2014 / ISBN-13: 978-1285068657
Gregory G Dess, Alan Eisner, G T (Tom) Lumpkin, Gerry
McNamara, Strategic Management: Creating Competitive
Advantages, McGraw-Hill Education - Europe McGraw Hill Higher
Education 2013 / ISBN-13: 9780077636081
Kotler Philip, Kevin Lane Keller, Marketing Management with
MyMarketingLab; Global edition/15th ed Pearson 2016,
ISBN-13: 978-1292092621
Gunnigle G., Heraty N., Morley M., Human Resource Management in
Ireland, 4th. Edition (2011), Gill and Macmillan, ISBN-13: 978-0717149797
Laurie J Mullins, Management and Organisational Behaviour, 10th ed
/ Pearson 2013 / ISBN-13: 978 027379264
MANUALS
Griffith College CPA P2 Strategy & Leadership Latest edition
Supplementary Texts and Journals
Dalkir, Kimiz / Knowledge Management in Theory and Practice/
MIT Press 2nd edition 2005 / ISBN-13: 978-0262015080
Gallagher / Corporate Strategies for Irish Companies 2nd edition
2011 / CAI / ISBN-13: 978-1907214653 Brassington F., & Pettitt S. /
Principles of Marketing / 4th. Edition, (2006) / Pearson Education /
ISBN-13: 978-0273695592
AccountancyPlus

www.marketingteacher.com - Marketing Teacher 2000 2007.
www.strategy-business.com - Strategy + Business.
www.strategyanalytics.com - Strategy Analytics.
53
CPA Syllabus 2016: Audit Practice & Assurance Services
SUBJECT TITLE:
AUDIT PRACTICE & ASSURANCE SERVICES

AIM
The aim of this subject is to prepare students to demonstrate the knowledge, skills and competencies necessary to carry out the audit of an entity
and undertake assurance engagements, having due regard to the Institutes and professions ethical standards in a changing and complex business
environment.
AUDIT PRACTICE AND ASSURANCE SERVICES AS AN INTEGRAL PART OF THE

SYLLABUS
In carrying out the audit of an entitys financial statements it is essential to understand fully the application of the relevant International Standards
in Auditing (ISAs), International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs). Many issues that face
auditors frequently arise from the accounting treatment of certain financial transactions in the financial statements of the entity.
The study of the subject Auditing at Professional 1 Stage is an essential foundation for the study of Audit Practice and Assurance Services at
Professional 2 Stage. Financial Accounting and Information Systems (at Formation 2 Stage) and Corporate Reporting and Corporate Laws and
Governance (at Professional 1 Stage) are also essential prerequisites for the study of Audit Practice and Assurance Services.




Planning Ethics
Audit Practice and Assurance Services integrates and builds on, as appropriate, the capabilities developed in the earlier subjects as
highlighted in the table above.
54
LEARNING OUTCOMES An in-depth knowledge of other legal liabilities 2

affecting auditors and accountants in providing
Upon successful completion of this subject, students should be able to: audit and assurance services.
Appraise and apply the legal, regulatory and ethical framework to
the role of the auditor. 2: ETHICS
Access audit risks, and describe the procedures undertaken at the Application of the CPA Code of Ethics. 3
planning stage to meet the objectives of the audit.
The fundamental principles of professional ethics. 3
Design, evaluate and report on internal control and financial
reporting systems, and identify and communicate control risks, Threats and safeguards. 3
applying these skills to practical situations in both manual and Responsibilities to clients and colleagues. 3
computerised environments.
Other responsibilities and practices including: 3
Discuss the application of computer assisted auditing techniques.
Changes in professional appointments.
Design, plan and apply audit testing techniques and procedures
in the practical application of International Standards on Use of lien in fee disputes.
Auditing (ISAs) (UK and Ireland), International Standards on Advertising and publicity.
Quality Control (ISQCs) (UK and Ireland) and other technical
pronouncements related to auditing and assurance situations. Use of professional designations.
Evaluate the role of internal audit, including a comparison with Conflicts of interests. 3
the role of the external auditor. Code of confidentiality. 3
Draw conclusions, having applied appropriate professional skill,
Professional liability and indemnity. 3
scepticism and judgement.
Report to shareholders, management and other relevant parties in Misconduct and negligence. 3
the course of providing audit and assurance services. APB published Ethical Standards for Auditors. 3
Plan and perform the necessary work and report on other
assurance engagements in the context of agreed terms of 3: INTERNAL CONTROLS AND FINANCIAL
reference and the legal, regulatory and ethical framework. SYSTEMS
Undertake audit and assurance engagements with reference to the The definition of the control environment and 3
best practices and developments in Corporate Governance and control procedures.
their application to clients processes. Effective internal controls. 3
Appraise issues and developments relating to auditing, including
The limitations on the effectiveness of internal 3
audit expectations and developments in the regulation of audits.
controls.
Demonstrate an ability to work within a professional and ethical
framework. Ascertaining and understanding internal control 3
systems: narrative notes, flowcharts, checklists,
internal control questionnaires, walk through tests.
Evaluation and assessment of accounting systems 3
SYLLABUS
and internal control systems and subsequent impact
on audit work.
1: LEGAL AND REGULATORY ENVIRONMENT CL*
Reliance on internal controls and internal audit. 3
An in-depth knowledge of the Companies Act/ 3
Orders and relevant EU directives and other The principles and control procedures in a 2
company law legislation affecting the auditor. computer environment, including system analysis
and design considerations.
Responsibilities imposed on auditors 2 of Irish 2
Stock Exchange (ISEQ) and London Stock The use of computer assisted audit techniques. 2
Exchange listed companies and legal responsibilities
to shareholders. 4: RISK ASSESSMENT & AUDIT PROCESS
An in-depth knowledge of standards 3 and other 3 New engagements. 3

technical pronouncements issued by the IASB, The strategic design and planning of an audit and 3
IAASB and the APB. knowledge of the clients business.
A detailed awarness of case law 2 decisions and their 2 The review of financial statements to include 3
implications for the auditing process. analysis and critical assessment.
Quality control and recording of the audit. 3
The evaluation and testing of control procedures 3
and audit evidence.
55
The design and carrying out of tests of substance on 3 Other types of audits: value for money/operational, 2
specific audit areas. social and environmental, health and safety, forensic
(fraud identification, analysis and assessment).
Consideration of materiality, audit risk, reliance on 3
other specialists, events after the reporting period,
7: CORPORATE GOVERNANCE
contingencies, related parties.
The Code of Best Practice (based on Cadbury 3
Use of experts. 3
Report)
Characteristics of fraud and the responsibility of 3
Audit Committees structures, roles, benefits and 3
auditors for detecting material misstatement due
drawbacks.
to fraud.
Roles and effectiveness of Non-Executive 3
5: REPORTING Directors.
Reporting on Audited Financial Statements. 3 Anti-Money Laundering Procedures. 2
Key concepts: opinion, true and fair view, 3 The Combined Code (of the Committee on 2
materiality, statutory requirements. Corporate Governance)
Basic elements of the Auditors Report. 3 UK Corporate Governance Code. 2
Modified Reports, differentiating between 3
8: CURRENT ISSUES
Matters that do not affect the auditors opinion,
The current issues and developments relating 2
and
to auditing, including audit expectations and
Matters that do affect the auditors opinion. developments in the regulation of audits.
Circumstances giving rise to Modified Reports. 3
FINANCIAL REPORTING AND AUDITING STANDARDS:
Limitations on scope. See Examinable Material Document on pages 71 to 76 for details of
Disagreements with management. the Financial Reporting and Auditing Standards etc. applicable to this
examination.
Auditors responsibility before and after the date of 3
the Auditors Report. COMPANIES ACT:
Auditors responsibility for other information in 3
documents (e.g. Annual Report) containing audited
financial statements.
6: SPECIAL AUDITS AND OTHER ASSURANCE ASSESSMENT STRATEGY

ENGAGEMENTS
Relevant audit planning, execution (including internal 2 EXAMINATION APPROACH
control implications), reporting and professional The subject should be approached on the basis that it is a final
practice considerations concerning: professional stage examination. It builds on the knowledge gained at
Group audits, small business audits (including small 2 Professional 1 Stage in relation to the core auditing issues. The 50-mark
business exemption), not-for-profit audits, first case-study question presents opportunities for students to display
time audits. logical and analytical thinking and critical analysis. Questions require
students to write reports, which must be tailored to the technical
Prospectuses and other offering documents 2
knowledge of the target audience. Students are also presented with
(investment circulars): historical year-end financial
the opportunity to demonstrate professional judgement and ethical
statements, interim financial statements, and future
sensitivity.
oriented information.
Particular attention must be paid to the interaction between the
Other types of historical financial assurance 2 various elements of the syllabus and other subjects studied. Students
engagements: financial statements review are expected to select and integrate relevant syllabus material
engagement (Accountants Report), financial from Audit Practice and Assurance Services and other subjects as
statements compilation engagements (Compilation appropriate. They must also be able to appraise and defend the audit
Report), audit or review of specific financial function and its impact on financial statements.
information (e.g. sales figures for retail park leases),
compliance with agreements (e.g. loan covenants),
agreed-upon procedures.
Assurance on internal controls in service 2
organisations (eg: data processing company).
56
EXAMINATION FORMAT TECHNICAL MATERIAL:

Assessment is by an open-book examination of 3.5 hours duration. 1.ASSURANCE AND QUALITY CONTROL STANDARDS
The examination consists of Section A, with one compulsory question, International Standards on Auditing (UK and Ireland) (ISAs).
based on a case-study (worth 50% of the marks for the examination) International Standards on Assurance Engagements (ISAEs).
and Section B, with a choice of two out of three optional questions, International Standards on Review Engagements (ISREs).
which may refer also to material in the major case-study and / or be
International Standards on Quality Control (UK and Ireland).
based on minor case studies, each worth 25% of the marks for the
(ISQC 1) which are available from Auditing Practices Board.
examination.
(APB) web site at www.frc.org.uk/apb.
2. FINANCIAL ACCOUNTING AND REPORTING
Section A STANDARDS
Compulsory Question (Case Study) 50 International Financial Reporting Standards (IFRSs) EU Endorsed
are available from the European Commision on http://ec.europa.eu/
Section B internal_market/accounting/ias /index_en.htm
Choice of 2 questions out of 3 (25 marks each) 50 The International Auditing Standards (IASs) are available from the
Total 100 International Accounting Standards Board website at www.iasb.org
3. ETHICAL STANDARDS
APB Ethical Standards (ESs) are available from the Auditing
LEARNING RESOURCES Practices Board website www.frc.org.uk/apb
CPA Code of Ethics, available from the CPA website at www.
CORE TEXTS; cpaireland.ie
The Audit Process, Principles, Practice & Cases 6th edition/Gray
4. EXAMINABLE MATERIAL DOCUMENT
and Manson / Cengage 2015 / ISBN-13: 978-1408081709
See pages 71 to 76
Guide to Using International Standards on Auditing in the Audits
of Small- and Medium-Sized Entities /3rd Edition 2011 / IFAC / SUPPLEMENTARY TEXTS AND JOURNAL
ISBN-13: 978-1608150991 Published in two volumes freely available Principles of External Auditing 4th ed / Porter, Hatherly, Simon /
for download from: Wiley 2012 / ISBN-13: 9780470974452
VOLUME 1: Cosserat / Modern Auditing / Wiley / 3rd Edition 2009 /

ISBN-13: 978-0470319734
www.ifac.org/sites/default/files/publications/files /SMP-ISA-Audit-
Guide-Volume-1-3e.pdf External Auditing and Assurance: An Irish Textbook 2nd Edition by
Martin Nolan and Christine Nangle/ICAI/ ISBN-13: 9781908199461
VOLUME 2:
AccountancyPlus CPA Students eBulletin
http://ifac.org/sites/default/files/publications/files /SMP-ISA-Audit
Guide-Volume-2-3e.pdf
USEFUL WEBSITES (AT DATE OF PUBLICATION)

www.cpaireland.ie CPA Ireland.
www.frc.org.uk/About-the-FRC/FRCstructure/Former-FRC-structure/AuditingPractices-Board.aspx - Auditing Practices Board
www.ifac.org/auditing-assurance - International Auditing & Assurance Standards Board
www.ifac.org The International Federation of Accountants.
www.ifrs.org/ - The International Financial Reporting Standards Foundation.
www.frc.org.uk/About-the-FRC/FRCstructure/Audit-and-Assurance-Council.aspx, FRC - Audit and Assurance Council
frc.org.uk/About-the-FRC/FRCstructure/Accounting-Council.aspx, FRC Accounting Council
www.frc.org.uk/About-the-FRC/FRCstructure/Conduct-Committee.aspx, FRC-Conduct Committee
www.accountingnet.ie/ - Irish Accounting and Business Portal.
57
CPA Syllabus 2016: Advanced Corporate Reporting
SUBJECT TITLE:
ADVANCED CORPORATE REPORTING

AIM
The aim of this subject is to ensure that students apply the appropriate judgement and technical ability in the preparation and interpretation
of financial statements for complex business entities. Students must also be able to evaluate and communicate the impact of current issues and
developments in corporate reporting to those who may not have such theoretical and technical expertise.
ADVANCED CORPORATE REPORTING AS AN INTEGRAL PART OF THE SYLLABUS

By using a case-study approach Advanced Corporate Reporting develops the knowledge and technical skills acquired in Financial Accounting and
Corporate Reporting to ensure that students can view financial reporting in its broadest context.




Planning Ethics
Advanced Corporate Reporting integrates and builds on and integrates, as appropriate, the capabilities developed in the earlier subjects as
highlighted in the table above.
58
LEARNING OUTCOMES 3: PREPARATION OF FINANCIAL

On successful completion of this subject, students should be able to: STATEMENTS (INCLUDING CONSOLIDATED
Prepare the financial statements of companies, groups FINANCIAL STATEMENTS)
and associated undertakings, including overseas subsidiary Statutory financial statements for 3
undertakings, in accordance with International Financial incorporated entities,
Reporting Standards (IFRS), company law and E.U. law. These
Consolidated financial statements. 3
include:
Statements of Profit or Loss and other Comprehensive 4: INTERNATIONAL FINANCIAL REPORTING
Income,
An in-depth critical understanding of all technical 3
Statements of Financial Position,
pronouncements currently in issue, with particular
Statements of Changes in Equity, and reference to their application to practical situations,
Cash flow Statements. (a full list of the relevant technical pronouncements
Discuss the circumstances under which organisations may, is contained in the Examinable Material Document
or must, apply IFRS and / or local UK and Irish GAAP on pages 71 to 76 of this syllabus).
demonstrating an understanding of the key accounting and Current issues in Corporate Reporting. 2
presentation differences between them if Local GAAP was
applied. 5: ANALYSIS, EVALUATION AND
Appraise and apply the acquisition method of accounting and INTERPRETATION OF FINANCIAL
related disclosure requirements in financial statements and notes. STATEMENTS
Interpret and apply international financial reporting standards Ratio analysis and cash flow analysis. 3
and interpretations adopted by the IASB, selecting the Critical appraisal of financial statements. 3
appropriate accounting treatment for transactions and events.
Interpretation of financial statements and 3
Analyse and evaluate financial statements.
preparation of reports thereon.
Write detailed reports, tailored to the technical understanding of
the different user groups. INTERNATIONAL FINANCIAL REPORTING STANDARDS:
Critically evaluate the main accounting issues currently facing the See Examinable Material Document on pages 71 to 76 for details of
the International Financial Reporting Standards etc. applicable to this
professional accountant in the field of corporate reporting.
examination.
Demonstrate appropriate professional judgement and ethical
sensitivity. COMPANIES ACT:
SYLLABUS ASSESSMENT STRATEGY

Examination Approach This examination paper, which uses a case-
study format, is the final test of students ability to understand
1: LEGISLATION CL* and apply the theory of financial reporting to a number of practical
Company Law relating to the preparation of 3 accounting issues. The case-study is designed to test students ability
financial statements, including Group Accounts to digest a considerable amount of detailed information about the
affairs of a single company or group of companies. From that data,
3 students are required to prepare a number of primary statements i.e.
published or consolidated financial statements. A substantial narrative
2: LOCAL GAAP element is included requiring students to prepare both internal and
external reports.
FRS 100 and IFRS with particular reference to: 2
The assessment is designed to weight the marks mainly towards the
scope; terminology used; and format of accounts. presentational element of both the narrative and computational
FRS 100 the differences between 2 parts of the case-study. There is a considerable portion of marks
available for the display of sound technical judgement. The case-
FRS 101 the differences between FRS 101 and 2 study includes a range of current technical issues requiring, in many
IFRS with particular to the scope of this standard situations, substantial adjustments to the draft figures provided in
FRS 102 the key differences between accounting 2 the question. Students are required to demonstrate a strong technical
understanding of how to solve external financial reporting issues and
treatments examinable under IFRS and the
display sound professional judgement and ethical sensitivity. They are
equivalent elements of FRS 102. (Sections 12, 31 also required to write reports or memoranda tailored to the technical
and 34 are excluded). skills and understanding of various user groups in order to assess their
presentation and communication skills.
EXAMINATION FORMAT
The examination is open book and of 3.5 hours duration. The paper
consists of one case study.
59
MARKS ALLOCATION USEFUL WEBSITES (AS AT DATE OF PUBLICATION)

The total for the paper is 100 marks. The case-study requirement www.cpaireland.ie - CPA Ireland.
is generally broken down into four or five separate sections with www.iaasa.ie/ - Irish Auditing and Accounting Supervisory Authority.
approximately 50% of the marks for technical ability. The balance www.ifac.org/ - The International Federation of Accountants.
of the marks is awarded for the ability to: interpret financial www.ifrs.org/ - The International Financial Reporting Standards
statements; appraise, apply and communicate the theoretical concepts Foundation.
underpinning technical adjustments; and ethical and current issues in
www.iasplus.com - Deloitte Touche Tohmatsu. Summaries of
financial accounting.
International Financial Reporting Standards (IFRS).
www.fee.be/ - The European Federation of Accountants.
www.efrag.org/ - The European Financial Reporting Advisory Group.
www.frc.org.uk/ - The Financial Reporting Council.
LEARNING RESOURCES www.frc.org.uk/About-the-FRC/FRCstructure/Audit-and-
Assurance-Council.aspx - FRC - Audit and Assurance Council
CORE TEXTS frc.org.uk/About-the-FRC/FRCstructure/Accounting-Council.aspx,
Connolly / International Financial Accounting and Reporting 5th ed. FRC Accounting Council
/ CAI 2015 / ISBN-13: 978-1910374290 www.frc.org.uk/About-the-FRC/FRCstructure/Conduct-
Elliott and Elliott, Financial Accounting and Reporting, 2015 Pearson Committee.aspx - FRC-Conduct Committee
17th ed ISBN-13: 978-1292080505 www.accountingnet.ie/ - Irish Accounting and Business Portal.
A new era for Irish & UK GAAP - A quick reference guide to FRS102
Robert J. Kirk www.cpaireland.ie/docs/defaultsource/Members/
Publications/a-new-era-for-irishamp-uk-gaap---a-quick-reference-
guide-tofrs102.pdf?sfvrsn=0
MANUALS
Griffith College, CPA P2 Advanced Corporate Reporting - Latest
edition
Cotter / Advanced Financial Reporting; A Complete Guide to IFRS/
2012/ ISBN-13: 978-0273732358
Collins, McKeith / Financial Accounting and Reporting / McGraw-
Hill 2009 / ISBN 978-0077114527
Kothari, Barone / Advanced Financial Accounting An International
Approach / 2011/ FT Press / ISBN-13: 978-0273712749
AccountancyPlus.
60
CPA Syllabus 2016: Strategic Corporate Finance
SUBJECT TITLE:
STRATEGIC CORPORATE FINANCE

AIM
The aim of this subject is to develop students critical understanding of the key responsibilities and financing decisions facing todays strategic
financial manager. Students should be able to develop detailed business plans, to assess potential financial risks, and to advise on suitable risk
management strategies for entrepreneurial activities and established organisations.
STRATEGIC CORPORATE FINANCE AS AN INTEGRAL PART OF THE SYLLABUS

Strategic Corporate Finance develops the financial management knowledge and skills acquired by students in Managerial Finance (P1) and other
disciplines acquired in the earlier examination stages. Strategic Corporate Finance requires students to integrate and expand that knowledge so as
to provide a framework for strategic financial management analysis and decisions.




Planning Ethics
Strategic Corporate Finance further integrates and builds on, as appropriate, the capabilities developed in the earlier subjects, as highlighted in the table above.
61
LEARNING OUTCOMES 2: MERGERS AND ACQUISITIONS
On successful completion of this subject, students should be able to: Organic and acquisitive corporate growth. 3
Evaluate the financial objectives of an organisation, explain Mergers and acquisitions, the arguments for and 3
how they are determined and interrelate with the non-financial against.
objectives and stakeholder interests. Procedures to be complied with during an 3
Discuss the legal regulations, and the professional and ethical acquisition.
considerations facing financial managers.
Valuation of an organisation in the context of a 3
Value shares / businesses in the context of a proposed merger, potential takeover, using both the earnings and
acquisition or management buyout. assets-based methodologies.
Analyse reasons for and advise on actions to prevent corporate
The significance of Value Gaps and the information 3
failure.
efficiency of capital markets.
Evaluate and advise as to the optimum capital gearing structure,
Methods of financing mergers and takeovers, 3
term structure and dividend policy for an organisation.
including cash, debt, equity and hybrids.
Advise as to appropriate exchange risk and interest rate risk
management strategies, and discuss the use of derivatives in long- Defence tactics used during a hostile takeover. 3
term risk management. The role of legal and financial due diligence during 3
Discuss the relevance of portfolio theory and the Capital Asset a merger/acquisition.
Pricing Model to financial managers. The attractions and risks associated with 3
Prepare a business plan for an organisation given prescribed Management Buy-outs (MBOs).
information.
Sources of finance for MBOs. 3
Evaluate the financial management of an organisation over a
period of time and/or relative to competitors / industry norms. The advantages and disadvantages of management 3
buy-ins.
The arguments for and against a quoted company 3
going private.
SYLLABUS
3: CORPORATE FAILURE
1: FINANCIAL ENVIRONMENT CL*
The symptoms and causes of corporate failure. 3
Determining financial objectives within the 3
strategic planning process. Avoidance of corporate failure. 3
Identify key stakeholders of organisations and the 3 The nature, scope and elements of working capital 3
interests of each stakeholder group. and the importance of effective working capital
management to corporate survival.
Corporate Social Responsibility, its relationship to 3
the objective of maximising shareholder wealth. Overtrading- symptoms, causes and remedies. 3
Agency theory and its relevance to financial 3

managers. 4: SOURCES OF FINANCE
The professional, regulatory and legal framework 3 Equity and debt financing. The attractions and risks 3
relevant to financial management including: City associated with each.
Code and stock exchange requirements, money
laundering, directors responsibilities. Short, medium and long-term funding. 3
Monetary regulation in the US and EU and its 3 Optimising the gearing structure of an organisation. 3
effect on Capital Markets.
Modigliani and Millers theory of corporate 3
The key activities undertaken by treasury 3
financing in perfect capital markets
managers.
Centralised treasury management and the 3
arguments for and against.
The efficient market hypothesis. 3
62
Relaxation of the perfect capital market 3 6: COST OF CAPITAL

assumption; the optimum capital structure of a The relationship between risk and return 3
firm.
Weighted Average Cost of Capital (WACC) -
Dividend Policy - Miller and Modiglians theory of 3
calculate and discuss uses and limitations.
dividend policy in perfect capital market
3 Portfolio diversification, estimate the risk and 3
The Signalling and the clientele approaches to
return of a portfolio.
dividend policy
3 The relevance of portfolio theory to practical 3
The influence o ftaxation on dividend policy
financial management.
Dividend policy - key considerations. Including 3
theories of Mogdalini & Miller and Myers Pecking The Capital Asset Pricing Model (CAPM) 3
Order Hypothesis. application and limitations.
Advise on dividend policy. 3

7: FINANCIAL ANALYSIS AND BUSINESS
PLANNING
5: FINANCIAL RISK MANAGEMENT
Preparation of long-term business plans from 3
The key financial risks facing an organisation. 2 prescribed information.
Currency risk - transaction, translation and 2 Appraise capital investment options using NPV, 3
economic exposure. IRR and Payback criteria.
The workings of the foreign exchange markets. 2 Evaluation of a business plan from the perspective 3
of an equity investor or provider of debt funding.
The relationship between foreign exchange rates 2
and interest rates in different countries. Assessment of an organisations current financial 3
position.
Forward Exchange Contract and Money Market 2
hedges. Comparison and evaluation of the financial 3
management of an organisation with that of
Other forms of exchange rate risk management 2
competitors and industry norms.
including, netting, leading and lagging, currency
swaps, currency futures and currency options. Preparation, evaluation and discussion of key 3
financial management indicators based on the
Exchange risk management strategies. 2
published financial statements of an organisation.
Interest rate options, swaps, forwards, futures and 2
Benchmarking of selected financial KPIs against 3
swaptions.
companies in the same industry sector.
Interest rate risk management strategy.
Recongnition and management of long-term term 2
operating exposure to foreign currency risk.
ASSESSMENT STRATEGY
Examination Approach This examination uses a case-study approach
to test students ability to apply technical skills, critical analysis,
and demonstrate synthesis and decision-making. It also tests
communication skills and familiarity with contemporary business
issues. Questions require students to write reports, which must be
tailored to the technical knowledge of the target audience. Students
are also presented with the opportunity to demonstrate professional
judgement and ethical sensitivity.
EXAMINATION FORMAT
Assessment is by an open-book examination of 3.5 hours duration. It
consists of one compulsory question, based on a case-study (worth
50% of the marks for the examination) plus a choice of two out of three
optional questions, which may refer also to material in the major case-
study and / or be based on mini case studies, each worth 25% of the
marks for the examination.
63

The total for the paper is 100 marks.
www.ise.ie - The Irish Stock Exchange.
Question 1 Case Study (Compulsory) 50 www.ifsra.ie - The Financial Regulator.
Questions 2 to 4 50 www.cfo.com -CFO.com
(Answer any two, each carries 25 marks) www.ifac.org/ - International Federation of Accountants.
Total 100 www.ft.com - Financial Times.
www.wsj.com - The Wall Street Journal online.
www.investmentinternational.com - Investment International.
LEARNING RESOURCES
CORE TEXTS
Arnold / Corporate Financial Management 5th Edition/ Pearson 2012
/ ISBN-13: 9780273758839
MANUALS
Griffith College, CPA P2 Strategic Corporate Finance - Latest edition

Power, Walsh and O Meara 3rd ed / Financial Management / An Irish
Text, Gill & Mc Millan / 2009 / ISBN-13: 978-0717145546
Pilbeam / Finance and Financial Markets / 3rd edition McMillan 2010
/ ISBN-13: 978-0230233218
CPA Students eBulletin Recommended Journals Financial Director.
Harvard Business Review. Investment International. Accounting and
Business. Accountancy Plus.
64
CPA Syllabus 2016: Strategic Performance Management
SUBJECT TITLE:
STRATEGIC PERFORMANCE MANAGEMENT

AIM
The aim of this subject is to ensure that students have the necessary expertise and competence to conduct a critical, strategic analysis of unfamiliar
business situations. This includes the ability to select, integrate and apply the appropriate techniques and approaches in order to identify problems,
opportunities and recommended strategies in specific situations.
STRATEGIC PERFORMANCE MANAGEMENT AS AN INTEGRAL PART OF THE SYLLABUS

This subject builds on the technical knowledge of Managerial Finance, Management Accounting, and other disciplines acquired in the earlier
examination stages. Strategic Performance Management requires students to integrate and expand that knowledge so as to provide a framework
for strategic analysis of business issues.




Planning Ethics
Strategic Performance Management further integrates and builds on, as appropriate, the capabilities developed in the earlier subjects as highlighted in the table
above.
65
LEARNING OUTCOMES Theory of constraints, throughput and backflush 3

accounting.
Activity-based analysis for decision making. 3
Select, integrate, and apply strategic performance management
techniques appropriate to the particular context of specific (but Measuring and managing uncertainty (including 3
novel and possibly unstructured) business situations described in risk appraisal, expected values, maximax/maximin
a case-study, through the application of critical strategic thinking, and sensitivity analysis).
appropriate professional scepticism and ethical judgement. Decision making with multiple limiting factors 3
Justify a portfolio of strategic performance management including the formulation of problems and
techniques selected by reference to the particular illustrative interpretation of results using linear programming
context of a case-study situation (and not merely by repetition of and the simplex algorithm.
abstract or textbook knowledge) and:
Assessment of mutually exclusive projects, projects 3
Predict the strategic advantages for the organisation of with unequal lives.
applying the proposed techniques in the particular situation;
Predict any possible adverse side-effects and propose means 2: PLANNING AND CONTROL
of minimising such effects. The purpose of budgetary control systems. 3
Critically evaluate existing and proposed strategic performance
Alternative approaches to budgeting, including 3
management structures as described in a particular case study,
incremental budgeting, zero-based budgeting,
and:
activity-based budgeting, rolling budgets, and
Construct an improved set of strategic performance beyond budgeting approaches.
management structures which builds on any identified
strengths of existing structures while implementing any new Budgetary control of engineered, committed and 3
structures identified as necessary; discretionary costs.
Justify the improved set of strategic performance Advanced variance analysis (including sales mix 3
management structures in its totality (as opposed to justifying and yield; materials mix and yield; planning &
only specific elements in a disconnected fashion). operational; market size and market share).
Assess the likely effects of existing and proposed strategic Critical appraisal of standard costing and variance 3
performance management structures on intraorganisational analysis in modern manufacturing environments.
behaviours, work practices, and group norms (in the context of
Advantages and disadvantages of forecasting 3
the business situation of an entity described in a case-study) and:
techniques including; time series, trend analysis,
Propose means of ameliorating any adverse effects. smoothing techniques and seasonal variances.
Propose means of maximising the extent and strategic
advantage of any favourable effects. 3: PERFORMANCE EVALUATION
Evaluate the implications for particular organisations strategic Divisional profitability: Return on investment and 3
performance management systems of emerging developments residual income.
in the fields of information technology (including e-commerce),
The distinction between economic and managerial 3
business process re-engineering, benchmarking, and corporate
performance evaluation.
governance.
Propose changes to the strategic performance management Economic value added . 3
systems of a specific organisation described in a case study in Value-based management. 3
the light of such emerging developments.
Transfer pricing (including cost-plus, market, 3
negotiated and dual prices).
Interaction of transfer pricing and taxation. 3
SYLLABUS
4: PERFORMANCE MEASUREMENT SYSTEMS
1: ADVANCED DECISION-MAKING CL*
Mission statements, objectives, strategies and goals. 3
Pricing decisions (including strategic 3
considerations, revenue management, profit Performance measurement in modern 3
maximisation, services pricing, and product manufacturing environments including JIT, TQM,
bundling). world class manufacturing, and supply chain
management issues.
Target costing and Lifecycle costing. 3
Scenario planning what if analysis. 3
Product and segment profitability analysis.
Alternative competitive strategies. 3
Customer profitability analysis. 3
66
to answer a number of questions. The number of questions will not be

Monitoring of the external environment (including 3
exactly the same every year, because it is important that the examiner
competitor accounting).
should have the flexibility to ask questions in the manner most
Financial and non-financial performance 3 appropriate to the case.
measurement.
Performance measurement models, including the 3
balanced scorecard. The total for the paper is 100 marks.
Incentive schemes. 3 Case Study - A number of questions up to a maximum of: 100
5: CURRENT DEVELOPMENTS IN STRATEGIC

PERFORMANCE MANAGEMENT
LEARNING RESOURCES
Benchmarking. 2
Impact of developments in information technology 2 CORE TEXTS
and e-commerce. W. Seal, R. H. Garrison & E. W. Noreen / Management Accounting /
Business process re-engineering. 2 McGraw-Hill 4th ed 2011 / ISBN-13: 978-0077129897
Corporate governance. 2 Drury / Management & Cost Accounting 9th ed / Cengage 2015 /
ISBN-13: 9781408093948
C. T. Horngren / A. Bhimani, S. M. Datar & M. Rajan / Management
and Costing Accounting / 6th ed 2015 Pearson/ ISBN-13:
ASSESSMENT STRATEGY 9781292063461
MANUALS
EXAMINATION APPROACH Griffith College, CPA P2 Strategic Performance Management -
Students should approach the examination of this subject in Latest edition
the knowledge that it requires an ability to demonstrate a high
level of intellectual, technical, organisational, managerial and SUPPLEMENTARY TEXTS AND JOURNALS
communications skills. A single case-study scenario is presented to Z. Hoque / Strategic Management Accounting / Pearson 2nd Edition
students. Skills assessed include the ability to perform critical analysis 2006 / ISBN-13: 9780733984457
of relatively unstructured problems, to analyse available qualitative Bohill / Business Planning and Control : Integrating Accounting,
and quantitative information, to think strategically, and to exercise Strategy, and People / Wiley 2008 / ISBN-13: 978-0470061770
professional judgment, including appropriate professional scepticism
R. N. Anthony & V. Govindarajan / Management Control Systems /
and consideration of ethical issues in arriving at recommended
McGraw Hill / 1st European edition 2014 /
solutions to business problems.
ISBN-13: 978-0077133269
Students are expected to select and integrate relevant syllabus material
from Strategic Performance Management and other subjects where this is A. A. De Waal / Strategic Performance Management: A Managerial
appropriate to the analysis and solution of the casestudy. The case-study and Behavioural Approach / Palgrave 2nd ed. 2013 / ISBN-13: 978-
questions will indicate, in broad terms, what issues need to be addressed 0230273856
and analysed, but in many instances students will be expected to determine Stevenson / Operations Management / McGraw Hill 12th ed 2015 /
for themselves what specific form that analysis should take and to justify ISBN-13: 9780078024108.
their chosen form of analysis in the specific case. Management Accounting by John Burns, Martin Quinn, Liz Warren,
Joao Oliveria, 2013 -McGraw Hill, ISBN-13: 978-0077121617
EXAMINATION FORMAT
AccountancyPlus.
Assessment is by an open-book examination of 3.5 hours duration
based on a single case-study scenario, on which students are required CPA Students eBulletin.

www.ifac.org/ - International Federation of Accountants.
www.investmentinternational.com - Investor International.
www.accountingeducation.com - Accounting Education.com.
www.hoovers.com - Hoovers.com.
Companion websites to core and supplementary texts see texts for addresses and passwords.
67
CPA Syllabus 2016: Advanced Taxation
SUBJECT TITLE:
ADVANCED TAXATION
AIM
The aim of this subject is to ensure that students understand and can apply the principles and practice of advanced taxation, and are able to identify
and resolve practical taxation problems. Students are expected to interpret and apply relevant case law and to advise on the most tax efficient
structures.
ADVANCED TAXATION AS AN INTEGRAL PART OF THE SYLLABUS

Advanced Taxation develops the students knowledge and competence in tax acquired in Taxation (F2). There are also linkages to, Advanced
Corporate Reporting, Audit Practice and Assurance Services, Strategy & Leadership, Strategic Corporate Finance, and Strategic Performance
Management (all at P2).
P2 Strategic Strategic Advanced Strategy & Audit Practice

Advanced
Corporate Performance Corporate Leadership and Assurance
Services Taxation
Finance Management Reporting



Planning Ethics
Advanced Taxation further integrates and builds on, as appropriate, the capabilities developed in Taxation (F2).
68
LEARNING OUTCOMES Income Tax position of trustees and beneficiaries of 2

Irish trusts
Research and Development credit surrender for key 2
Apply the computational rules for Income Tax in the preparation
employees
of Income Tax returns and advise on appropriate tax planning
measures, including the use of available reliefs and allowances.
2: CORPORATION TAX
Apply the computational rules for Corporation Tax in
Adjustments to the accounting profits for tax 3
the preparation of Corporation Tax returns and advise on
purposes, claiming capital allowances, and the
appropriate tax planning measures including the use of available
impact of changes to accounting periods
reliefs.
Apply the computational rules for Capital Gains Tax in Close companies, including definitions, meaning 3
the preparation of Capital Gains Tax returns and advise on of participator and effect of close company status.
appropriate tax planning measures including the use of available Distributions, including meaning of distribution,
reliefs. classes of distribution and their calculation and
dividend withholding tax.
Advise on the requirements of a Revenue Audit so as to enable
client / employer compliance. Groups, including annual payments and losses for 3
Advise clients and or management on the operation of the VAT Groups / Consortia.
system and provide appropriate tax planning advice with respect Utilisation of losses, including Cases I, III, IV, V 3
to VAT. losses, terminal losses and capital losses.
Advise clients and or management on the operation of the Capital Corporation Tax Reliefs, including tax incentives,
Acquisition Tax (CAT) system and provide appropriate tax R&D Tax Credits, Holding Company Regime.
planning advice with respect to CAT Company Residence, Double Taxation Relief, and
Discuss the principles of Stamp Duties and calculate any duty tax treatment of branches.
payable having optimised the use of any available reliefs. Exemption for start-up companies.
Integrate their learning across the various (examinable) tax heads
Anti-avoidance. 2
in the appraisal of complex tax issues so as to provide clients and
or management with optimum tax planning advice that is within 3: CAPITAL GAINS TAX
the legal and ethical frameworks.
Computation of Capital Gains Tax liabilities for 3
both individuals and companies.
SYLLABUS Share Valuations 3

The scope of Capital Gains Tax Retirement Relief. 3
1: INCOME TAX CL*
Transfer of business to company. 3
Residence and domicile. 3
Development land. 3
Cases I, II, III, IV and V of Schedule D. 3
Wasting Assets. 3
Schedule E. 3
Interaction with CAT. 3
Schedule F. 3
Acquisition by a company of its own shares. 3
Tax Based Incentives. 3
Principal Private Residence Relief. 3
Withholding Taxes. 3
Paper for paper relief. 3
Charges. 3
Group Transfers. 3
Exemptions. 3
Reconstruction relief. 3
Anti-Avoidance. 3
Clearance Certificates/Withholding tax. 3
Employment and Investment Incentive Scheme, 3
Anti-avoidance. 2
Film Relief and Seed Capital Relief.
Capital Gains Tax and trusts 2
Employee incentive schemes including profit 2
sharing schemes, ESOTS and Save As You Earn Negligible value claims 2
Schemes.
4: REVENUE AUDITS
Special Assignee relief programme 1
The Code of Practice for Revenue Audit; the 3
Foreign Earinings deduction 3
Customer Service Charter; the role of Special
Double taxation relief availible to individuals 2 Investigations
69
to provide the optimal tax planning guidance within the legal and
Mandatory disclosure 3
ethical frameworks. Overall, students are expected to demonstrate a
Revenue powers. 3 high level of intellectual, technical, personal and communications skills
Prosecution policy within the 3 including analytical, numeracy, ethical sensitivity, and report writing
competencies.
Revenue. 3
EXAMINATION FORMAT
Penalties and Interest. 3
The examination is open book and 3.5 hours duration. It consists of
one compulsory 40-mark case-study, and four questions of 20 marks
5: VAT
each, three of which must be answered.
General principles of VAT. 3
MARKS ALLOCATION Marks
Supplies of goods. 3
Question 1 case-study (Compulsory) 40
Supplies of services. 3
Questions 2 to 5 (Answer any three) 60
Exemptions. 3
Total 100
Amount on which tax is chargeable. 3
VAT rates, self supplies. 3
VAT on property. 2
LEARNING RESOURCES
EU VAT legislation/regulations. 2
International Transactions. 2 CORE TEXTS
Corporate and Individual Tax Planning (RoI) 2015-2016 / CAI / 2015
Anti-avoidance. 2
Business Decisions and Transaction Taxes (RoI) 20152016 / CAI /
6: CAPITAL ACQUISITIONS TAX 2015
Principles of CAT including territorial scope. 3 SUPPLEMENTARY TEXTS

General exemptions including significant buildings 3 Martyn and Reck / Taxation Summary Finance (No.2) Act 2014 /
and works of art. Irish Taxation Institute.
Tax Guide 2015; A Guide to Irish Law / Bloomsbury 2015 / ISBN-13:
Agricultural Relief. 3
978-1780437002
Business Property Relief. 3 Tom Conlan / Students Tax Handbook 2015 ed / McKeon Murray /
The use and taxing of Discretionary Trusts. 2 Elm House, Leopardstown Office Park, Dublin 18. Tel: 353 1 2959090
Anti-avoidance. 2 Revenue Statements of Practice & Tax Briefings.
Herlihy, Moore, OSullivan / Corporation Tax Finance Act 2010 /
7: STAMP DUTY Irish Taxation Institute / ISBN-13: 978-1842602201
Stamp Duty including transfers between associated 1 OHanlon, McLeane/ The Taxation of Capital Gains Finance Act
companies andreconstruction / amalgamation 2014 / Irish Taxation Institute
relief. Whelan & Williams / The Taxation of Gifts & Inheritance, Finance
Stamp Duty with respect to propertytransactions. 1 Act 2012/ Irish Tax Institute
Brodie and Dillion / Value Added Tax Finance (no:2) Act 2013 / Irish
Anti-avoidance. 1
Tax Institute
Stamp duty on transfers to young trained farmers. 1 Power, Scully / The Law and Practice of Irish Stamp Duty Finance
Act 2013 / Irish Taxation Institute AccountancyPlus. CPA Students
eBulletin.
ASSESSMENT STRATEGY
This subject should be approached on the basis that it is the final subject
www.revenue.ie - The Revenue Commissioners website.
in taxation and is mandatory for those students wishing to satisfy the
requirements to obtain a practising certificate, post qualification. The www.taxworld.ie/ - Taxworld.
examination paper is equally balanced between tax planning and tax www.taxinstitute.ie - Irish Tax Insitute
computation. Marks are awarded for structured and rationally based
conclusions. Students are expected to select and integrate relevant
syllabus material from Advanced Taxation and other subjects where
this is appropriate to the analysis and solution of the case-study.
Students are required to analyse complex tax issues and integrate their
learning across different tax heads. They should apply that learning
70
CPA Syllabus 2016: Examinable Material Document
INTERNATIONAL FINANCIAL
REPORTING STANDARDS
ADVANCED AUDIT
FINANCIAL CORPORATE
CORPORATE AUDITING PRACTICE &
ACCOUNTING REPORTING
REPORTING A.S.
COMPETENCY LEVEL
CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 1 2 3 2 3
IAS 1 Presentation of Financial Statements 1 2 3 2 2
IAS 2 Inventories 2 2 3 2 2
IAS 7 Statement of Cash Flows 1(i) 2 3 n/a 1
IAS 8 Accounting Policies, Changes in Accounting Estimates and 1 2 3 2 2

Errors
IAS 10 Events After the Reporting Period 2 2 3 2 2
IAS 11 Construction Contracts n/a 2 3 2 2
IAS 12 Income Taxes n/a 2 (ii) 3 n/a 2
IAS 16 Property, Plant and Equipment 2 2 3 2 3
IAS 17 Leases n/a 2 3 n/a 2
IAS 18 Revenue 2 2 3 2 2
IAS 19 Employee Benefits n/a n/a 2 n/a n/a
IAS 20 Accounting for Government Grants and Disclosure of 2 2 3 2 2

Government Assistance
IAS 21 The Effects of Changes in Foreign Exchange Rates 2(iii) 2(iv) 3 n/a 2
IAS 23 Borrowing Costs n/a 2 3 2 2
IAS 24 Related Party Disclosures n/a n/a 3 n/a 2
IAS 27 Separate Financial Statements n/a 2(iv), (v) 3 n/a 2
IAS 32 Financial Instruments: Presentation n/a 1 2 n/a 1
IAS 33 Earnings per Share n/a 2(vi) 3 n/a 2
IAS 34 Interim Financial Reporting n/a 1 1 n/a 2
IAS 36 Impairment of Assets n/a 1 3 1 2
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 2 2 3 1 2
IAS 38 Intangible Assets 2 2 3 2 2
IAS 39 Financial Instruments: Recognition and Measurement n/a 1 2 n/a 1
IAS 40 Investment Property n/a 2 3 1 2
IAS 41 Agriculture n/a 1 1 n/a n/a
IFRS 1 First-time Adoption of International Financial Reporting n/a 2 3 2 2

Standards
IFRS 2 Share-based Payment n/a n/a 2 n/a n/a
IFRS 3 Business Combinations n/a 2 3 2 1
IFRS 5 Non-current Assets Held for Sale and Discontinued n/a 2 3 n/a 2
Operations
IFRS 7 Financial Instruments: Disclosures n/a 1 2 n/a 1
71
ADVANCED AUDIT
FINANCIAL CORPORATE
CORPORATE AUDITING PRACTICE &
ACCOUNTING REPORTING
REPORTING A.S.
COMPETENCY LEVEL
CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 1 2 3 2 3
IFRS 8 Operating Segments n/a 2 2 n/a 2
IFRS 9 Financial Instruments n/a 1 2 n/a 1
IFRS 10 Consolidated Financial Statements n/a 2(iv),(v) 3 n/a 2
IFRS 11 Joint Arrangements n/a 1 3 1 2
IFRS 12 Disclosure of Interests in Other Entities n/a 1 2 n/a 2
IFRS 13 Fair Value Measurement n/a 2 3 n/a 2
FRS 100 Application of Financial Reporting Requirements 1 1 2 n/a n/a
FRS 101 Reduced Disclosure Framework 1 1 2 n/a n/a
FRS 102 Financial Reporting Standard Applicable in the UK and 1 1 2 n/a n/a
ROI
NOTES:
(i) Cash flow statements for groups will be examined at P1 and P2 only.
(ii) Deferrred tax not included.
(iii) Examinable for Individual transactions.
(iv) Closing rate method of foreign currency consolidation only examinable.
(v) Piecemeal acquisition or disposal and sub subsidiaries not included.
(vi) Basic earnings per share only examinable.
(vii) The examinable standards are those in issue at 31 August 2015.
ADVANCED
AUDIT PRACTICE
IFRS PRACTICE STATEMENT CORPORATE
& A.S.
REPORTING
MANAGEMENT COMMENTARY (DEC 2010) 2 1
ADVANCED
AUDIT PRACTICE
MISCELLANEOUS TECHNICAL STATEMENTS CORPORATE
& A.S.
REPORTING
COMPETENCY LEVEL
M9 Accounting for goods sold subject to reservation of title 2 2
M13 Accountants reports on profit forecasts 2 2
M14 Compiling and reporting on Financial Statements not subject to Audit (Revised May N/A 2
2009)
M21 Directors Obligations under Section 40 of the Companies (Amendment) Act 1983 N/A 2
(RoI)
M22 Credit Unions-Republic of Ireland N/A 1
M31 Accounting for the redemption and purchase of own shares by companies in the 1 N/A
Republic of Ireland
M32 Related Party Disclosures 2 2
M33 Guidance For Reporting Accountants On Reporting to Revenue Commissioners in 1 N/A

relation to IFSC Certificate Condition 3(d)
72
ADVANCED
AUDIT PRACTICE
MISCELLANEOUS TECHNICAL STATEMENTS CORPORATE
& A.S.
REPORTING
COMPETENCY LEVEL
M39 Reporting to third parties 2 N/A
M45 Grant Claims N/A 2
M46 Reporting to the Financial Regulator under the Central Bank and Financial Services N/A 1
Authority of Ireland Act 2004
M47 Guidance for reporting in accordance with the Client Money Requirements issued by N/A 1
the Financial Regulator in February 2004
RESEARCH PAPERS AND LEARNED JOURNALS

Details of current Research Papers and Learned Journals examinable at the Professional 2 stage are published in the Syllabus and Exam area of the
Institutes website, www.cpaireland.ie (available for each subject at this stage).
ADVANCED CORPORATE
STATEMENTS OF INSOLVENCY PRACTICE
REPORTING
COMPETENCY LEVEL
SIP1 A receivers responsibility for the company records 1
SIP2 A liquidators investigations into the affairs of an insolvent company 1
SIP7 Preparation of insolvency officeholders receipts and payments accounts 1
SIP8 Conduct at meeting of creditors 1
SIP9 Remuneration of insolvency officeholders in Ireland 1
SIP10 Proxy forms 1
SIP11 The handling of funds in formal insolvency appointments 1
SIP13 Acquisition of assets of insolvent companies by directors 1
SIP14 A receivers responsibility to preferential creditors 1
SIP15 Dealing with employee claims 1
SIP16 Taxation matters of practice 1
SIP17 Guidance for members of the committee of inspection in court and in creditors voluntary 1
liquidations
SIP18B Reporting by liquidators to the Director of Corporate Enforcement 1
SIP19B Appointment as examiner under the Companies (Amendment) Act, 1990 (Revised June 2010) 1
73
AUDIT PRACTICE
AUDITING GUIDELINES & PRACTICE NOTES AUDITING
& A.S.
COMPETENCY LEVEL
A301 Charities (ROI) N/A 1
A308 Guidance for Internal Auditors 1 1
PN25 Attendance at Stocktaking Feb-2011 2 3
PN26 (Revised) Guidance on Smaller Entity Audit 1 2

Documentation
AUDIT PRACTICE
ETHICS AUDITING
& A.S.
COMPETENCY LEVEL
CPA - Code Ethics Jun-2011 2 3
APB Ethical Standards 2 3
- ES 1 (Revised) - Integrity, objectivity and independence Dec-2011 2 3
- ES 2 (Revised) - Financial, business, employment and personal Dec-2010 2 3

relationships
- ES 3 (Revised) - Long association with the audit engagement Oct-2009 2 3
- ES 4 (Revised) - Fees, remuneration and evaluation policies, Dec-2010 2 3

litigation, gifts and hospitality
- ES 5 (Revised) - Non-audit services provided to audit clients Dec-2011 2 3
- Glossary Dec-2010 2 3
- ES Provisions Available for Small Entities (Revised) Dec-2010 2 3
- Ethical Standard for Reporting Accountants (ESRA) Oct-2006 2 3
74
INTERNATIONAL STANDARDS ON AUDITING

(UK AND IRELAND)
ISSUED / AUDIT
AUDITING
REVISED PRACTICE & A.S.
Competency Level
International Standard on Quality Control (UK and Oct-2009 2 3

Ireland) 1
200 Overall objectives of the independent auditor and the Oct-2009 2 3

conduct of an audit in accordance with International
Standards on Auditing (UK and Ireland)
210 Agreeing the terms of audit engagements Oct-2009 2 3
220 Quality control for an audit of financial statements Oct-2009 2 3
230 Audit Documentation Oct-2009 2 3
240 The auditors responsibilities relating to fraud in an Oct-2009 2 3

audit of financial statements
250A Consideration of laws and regulations in an audit of Oct-2009 2 3

financial statements
250B The auditors right and duty to report to regulators in Oct-2009 2 3

the financial sector
260 Communication with those charged with governance Oct-2012 2 3
265 Communicating deficiencies in internal control to Oct-2009 2 3

those charged with governance and management
300 Planning an audit of financial statements Oct-2009 2 3
315 Identifying and assessing risks of material misstatement Jun-2013 2 3

through understanding the entity and its environment
320 Materiality in planning and performing an audit Oct-2009 2 3
330 The auditors responses to assessed risks Oct-2009 2 3
402 Audit considerations relating to an entity using a Oct-2009 2 3

service organisation
450 Evaluation of misstatements identified during the Oct-2009 2 3

audit
500 Audit evidence Oct-2009 2 3
501 Audit evidence - specific considerations for selected Oct-2009 2 3

items
505 External confirmations Oct-2009 2 3
510 Initial audit engagements - opening balances Oct-2009 2 3
520 Analytical procedures Oct-2009 2 3
530 Audit sampling Oct-2009 2 3
540 Auditing, accounting estimates, including fair value Sep-2009 2 3

accounting estimates, and related disclosures
550 Related parties Oct-2009 2 3
560 Subsequent events Oct-2009 2 3
570 Going concern Oct-2009 2 3
75
INTERNATIONAL STANDARDS ON AUDITING

(UK AND IRELAND)
ISSUED / AUDIT
AUDITING
REVISED PRACTICE & A.S.
580 Written representations Oct-2009 2 3
600 Special considerations - audits of group financial Feb-2012 2 3

statements (including the work of component
auditors)
610 Using the work of internal auditors Jun-2013 2 3
620 Using the work of an auditors expert Oct-2009 2 3
700 The auditors report on financial statements Sep-2014 2 3
705 Modifications to the opinion in the independent Oct-2012 2 3

auditors report
706 Emphasis of matter paragraphs and other matter Oct-2012 2 3

paragraphs in the independent auditors report
710 Comparative information - corresponding figures and Oct-2009 2 3

comparative financial statements
720A The auditors responsibilities relating to other Oct-2012 2 3

information in documents containing audited financial
statements
720B The auditors statutory reporting responsibility in Oct-2009 2 3

relation to directors reports
COMPANIES ACT
COMPANIES ACT 2014

Investment Funds, Companies and Miscellaneous Provision Acts, 2005 and 2006.
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
N.B. IT IS ESSENTIAL TO CHECK THE INSTITUTES WEBSITE WWW.CPAIRELAND.IE FOR THE MOST RECENT
EXAMINABLE MATERIAL DOCUMENT (EMD). AN UPDATED EMD IS PUBLISHED EACH NOVEMBER FOR THE
FOLLOWING YEARS EXAMINATIONS.
76
Institute of Certified Public Accountants in Ireland (CPA Ireland)
The Institute of Certified Public Accountants in Ireland (CPA Ireland) is one of the main Irish accountancy
bodies representing 5,000 members and students. The CPA designation is the most commonly used designation
worldwide for professional accountants and the Institutes qualification enjoys wide international recognition.
Its current membership operates in public practice, industry, financial services and the public sector and CPAs
work in over 40 countries around the world.
CPA Ireland is active in the profession at national and international level participating in the Consultative
Committee of Accountancy Bodies Ireland CCAB (I) and together with other leading accountancy
bodies the Institute was a founding member of the International Federation of Accountants (IFAC) the
worldwide body. CPA Ireland is also a member of the Federation des Experts Comptables Europeens (FEE),
the representative body for the main accountancy bodies in 36 European countries.
The Institute fulfils its statutory role as a recognised body by overseeing the professional activities of its members
in practice, and ensuring that education and training standards are maintained. As the first accountancy body
to introduce a mandatory regime of Continuing Professional Education, the Institute ensures that all CPAs
remain at the leading edge throughout their careers. The Institute provides a quality service to its Members
and Students, which has been recognised through the award and maintenance of ISO 9001:2008. For further
information visit www.cpaireland.ie
The Institute of Certified Phone: 01 425 1000

Public Accountants in Ireland Fax: 01 425 1001
17 Harcourt Street, Email: cpa@cpaireland.ie
Dublin 2, D02 W963 Web: www.cpaireland.ie
Ireland
The Institute of Certified Phone: +44 (0)28 305 50000

Public Accountants in Ireland Web: www.cpaireland.ie
Unit 3, The Old Gasworks,
Kilmorey Street, Newry, Co. Down,
Northern Ireland, BT34 2DH

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CPA - A Career for life

CPA Ireland 2016

EXAMINABLE MATERIAL DOCUMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . 71-76

CPA IRELAND SYLLABUS

Paul Heaney FCPA Director;

THE EXAMINATION SYSTEM

EXAMINATION STRUCTURE PROGRESSION THROUGH THE

STAGE SUBJECT STAGE SUBJECT

F1 Management in Organisation P1 Managerial Finance

F2 Management Accounting P2 Strategy & Leadership (Mandatory subject)

GAP YEAR, F2 TO P2 COMPETENCY LEVELS

PAST EXAMINATION PAPERS AND CASE STUDIES

FINANCIAL ACCOUNTING PAPERS

MANAGEMENT IN ORGANISATIONS AS AN INTEGRAL PART OF THE SYLLABUS

STAGE SUBJECT SUBJECT SUBJECT SUBJECT SUBJECT SUBJECT

P2 Strategic Strategic Advanced Strategy & Audit Practice Advanced

P1 Managerial Corporate Corporate Laws Auditing

F2 Management Financial Information Taxation

F1 Management in Economics Business Law

LEARNING OUTCOMES Communication channels, including social media. 2

2: ORGANISATION STRUCTURES AND

* CL: Competency Level

SUPPLEMENTARY TEXTS AND JOURNALS

USEFUL WEBSITES (as at date of publication)

ECONOMICS AND BUSINESS PLANNING

ECONOMICS AND BUSINESS PLANNING AS AN INTEGRAL PART OF THE SYLLABUS

STAGE SUBJECT SUBJECT SUBJECT SUBJECT SUBJECT SUBJECT

P2 Strategic Strategic Advanced Strategy & Audit Practice Advanced

P1 Managerial Corporate Corporate Laws Auditing

F2 Management Financial Information Taxation

F1 Management in Economics Business Law

LEARNING OUTCOMES Fiscal and monetary policies and practices. 1

Development of economic theory and practice. 1 Goal and target setting 1

Language of economics. 1 Market planning and analysis, 1

Supply, demand and price determination. 2 Influences on consumer behaviour. 1

Market systems and the allocation of scarce 2 The marketing mix 1

2: MACROECONOMIC THEORY AND Moving averages and regression analysis. 2

* CL: Competency Level

USEFUL WEBSITES (AS AT DATE OF PUBLICATION)

SUPPLEMENTARY TEXTS AND JOURNALS

BUSINESS LAW AND PROFESSIONAL ETHICS

BUSINESS LAW AND PROFESSIONAL ETHICS AS AN INTEGRAL PART OF THE SYLLABUS

STAGE SUBJECT SUBJECT SUBJECT SUBJECT SUBJECT SUBJECT

P2 Strategic Strategic Advanced Strategy & Audit Practice Advanced

P1 Managerial Corporate Corporate Laws Auditing

F2 Management Financial Information Taxation

F1 Management in Economics Business Law

LEARNING OUTCOMES Content of a contract what is a term, distinction 1

The legal system in operation doctrine of 2 Title conflicts. 1

3: CONTRACT: WEIGHTING 30% Characteristics of companies - their classifications,. 1

* CL: Competency Level

7: PROFESSIONAL ETHICS: WEIGHTING 15% BOOKLIST

USEFUL WEBSITES (AS AT DATE OF PUBLICATION)

MANAGEMENT ACCOUNTING AS AN INTEGRAL PART OF THE SYLLABUS

STAGE SUBJECT SUBJECT SUBJECT SUBJECT SUBJECT SUBJECT

P2 Strategic Strategic Advanced Strategy & Audit Practice Advanced

P1 Managerial Corporate Corporate Laws Auditing

F2 Management Financial Information Taxation

F1 Management in Economics Business Law

Earnings bases. EXAMINATION APPROACH