Final Examination – June 2014 Session

List of Special Topics

The following topics have been designated as special topics. This means that at least 70% of the
Final Examination will be based on the topics below. These topics will be integrated so that
candidates are exposed to practical issues faced by professional accountants in practice.

Module A: Financial Reporting

 Powers, duties and obligations of directors and company secretaries
 Investment property
 Financial assets, financial liabilities and equity instruments
 Income taxes
 The effects of changes in foreign exchange rates
 Financial statement disclosure requirements
 Principles of consolidation
 Business combinations

Module B: Corporate Financing

 Performance control
 Long term financial management
 Risk identification and management
 Company valuations, mergers and acquisitions and disposals
 Regulation of takeovers and merger
 Regulatory environment
 Public to private (delisting)

Module C: Business Assurance

 Code of Ethics
 Legal and regulatory framework governing the profession
 Planning and risk assessment
 Audit procedures
 Completion procedures
 Key issues relating to corporate governance including directors’ remuneration, board
composition, audit committee and non-controlling interests
 Management's responsibilities to comply with corporate governance requirements
 Key features of a computerised business system

Module D: Taxation
 Assessments, additional assessments and provisional assessments
 Objections and appeals
 Field audit and tax investigation
 Salaries tax expenses and deductions*
 Source of business profits
 Anti-avoidance provisions in the Inland Revenue Ordinance
 Advance ruling
 Double taxation relief

Hong Kong Institute of CPAs

Issued: 26 March 2014
Revised: 10 April 2014 (*)