Final Examination – December 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

 Revenue
 Financial assets, financial liabilities and equity instruments
 Income taxes
 The effects of changes in foreign exchange rates
 Financial statement disclosure requirements
 Hedge accounting
 Non-current assets held for sale and discontinued operations
 Business combinations

Module B: Corporate Financing

 Project appraisal techniques and process
 Cost of capital
 Dividend decisions
 Raising finance
 Risk identification and management
 Company valuations, mergers and acquisitions and disposals

Module C: Business Assurance

 Code of Ethics
 Planning and risk assessment
 Other assurance engagement requirements
 Quality control considerations
 Audit procedures
 Internal audit
 Completion procedures
 Management's responsibilities to comply with corporate governance requirements

Module D: Taxation
 Scope of salaries tax charge
 Salaries tax expenses and deductions
 Source of business profits
 General deductions and specific deductions for business
 Distinction between capital and revenue items
 Depreciation allowances for plant and machinery
 Anti-avoidance provisions in the Inland Revenue Ordinance

Hong Kong Institute of CPAs

Issued: 3 October 2014