The aim of the F1 paper is to introduce knowledge and understanding of the business and its environment, and the influence this has on how organisations are structured, and on the role of the accounting and other key business functions in contributing to an efficient, effective and ethical management and development of an organisation and its people and systems.

• Business organisation structure, governance and management
• Key environmental influences and constraints on business and accounting
• History and role of accounting in business
• Specific functions of accounting and internal financial control
• Leading and managing individuals and teams
• Recruiting and developing effective employees.

The aim of the syllabus is to develop knowledge and understanding of how to prepare and process basic cost and quantitative information to support management in planning and decision-making in a variety of business contexts.
No prior knowledge is required before commencing study for Paper F2. Some understanding of the accounting principles and practices from Paper F3 Financial Accounting and a basic competence in numeracy are assumed.

• The nature and purpose of cost and management accounting
• Cost classification, behaviour and purpose
• Business mathematics and computer spreadsheets
• Cost accounting techniques
• Budgeting and standard costing
• Short-term decision making techniques.

The aim of this paper is to develop knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting and technical proficiency in the use of double-entry accounting techniques, including the preparation of basic financial statements.

• The context and purpose of financial reporting
• The qualitative characteristics of financial information and the fundamental bases of accounting
• The use of double entry and accounting systems
• Recording transactions and events
• Preparing a trial balance
• Preparing basic financial statements.

The aim of the paper is to develop knowledge and understanding of the general legal framework within which an accountant operates; to develop an awareness of and ability to understand both common law and statute in relation to specific legal areas of central importance to business.
Law is the basis of financial accounting, auditing, taxation and the various business vehicles (i.e. the sole trader, the partnership, the company). Not only is knowledge of the law central to your work, it constantly impinges on your personal life too. Not surprisingly, ACCA wants to ensure that you have a basic understanding of the law. A professional person must have an understanding of the legal framework within which he or she works.

• Essential elements of the legal system
• The law of obligations (contract and tort)
• Employment law
• The formation and constitution of business organisations
• Capital and the financing of companies
• Legal implications relating to companies in difficulty or in crisis
• Governance and ethical issues relation to business.

F5 seeks to examine candidates’ understanding of how to manage the performance of a business. This paper builds on the knowledge acquired in Paper F2, developing knowledge and skills in the application of management accounting techniques to quantitative and qualitative information, for planning, decision making, performance evaluation and control.

• Specialist cost and management accounting techniques
• Decision-making techniques
• Budgeting
• Standard costing and variances analysis
• Performance measurement and control.

The aim of the paper is to develop knowledge and understanding in the core areas of tax related to business and their employees.
Candidates will be expected to have a basic knowledge of financial accounting and an appreciation that a profit and loss account is prepared by business entities for accounting purposes using various accounting concepts and rules.
Candidates will also be expected to have an understanding of the formats of accounts used for sole traders, partnerships and companies. Knowledge from Paper F3 Financial Accounting is assumed. There is no substantial integration with other papers in the Skills module.

• The UK tax system
• Income tax liabilities
• Corporation tax liabilities
• Chargeable gains
• National insurance contributions
• VAT
• The obligation of the tax payer and/or their agents.

The aim of the paper is to develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups, and how to analyse and interpret those financial statements.

• A conceptual framework for financial reporting
• A regulatory framework for financial reporting
• Preparation and presentation of financial statements which conform with International Accounting Standards
• Accounting for business combinations in accordance with International Accounting Standards
• Analysis and interpretation of financial statements.

The aim of the paper is to develop knowledge and understanding of the process of carrying out assurance engagement and its application in the context of the professional regulatory framework.

• Audit framework and regulation
• Internal audit
• Planning and risk assessment
• Internal control
• Audit evidence
• Review
• Reporting.

The aim of this paper is to develop the knowledge and skills expected of a financial manager responsible for the finance function of a business, relating to issues affecting investment, financing and dividend policy decisions.

• Financial management function
• Financial management environment
• Working capital management
• Investment appraisal
• Business finance
• Cost of capital
• Business valuations
• Risk management