The September ACCA exams are almost upon us. In the latest magazine, with the help of BPP, we take a look at the tips for the optional papers. Check them out on pages 32 & 33: https://issuu.com/pqpublishing/docs/pq_magazine_september_2025
And, as promised here are the rest of the September tips…
Performance Management (PM)
Section A will have 15 two-mark OTQs on a wide range of topics. Expect a mix of calculation and discussion-based questions, note that there are no marks for workings in this section. Good time management is essential as it is easy to get caught up in a tough calculation, which ultimately will only be worth 2 marks. Never be tempted to spend more than 5 minutes on any question in this section.
For section B there are three separate scenarios with five objective test questions on each scenario; each question is worth 2 marks. Questions are not dependant on each other and can be answered in any order. Each scenario could be a mix of topic areas or focused on one topic and will usually consist of two/three calculations and two/three narratives.
In section C there are two 20-mark questions, which could be from, but not limited to: budgetary systems, planning and operational variances, mix and yield variances, and evaluation of the company performance (either as a whole basis, or on a divisional basis).
Familiarity with the CBE software is important as you may be expected to use both a word processing and spreadsheet format for your answer. Learn standardised layouts for calculations such as variances, learning curves and limiting factors. This will save you time in the exam and mean that you are less likely to make mistakes.
The split of marks tends to be approximately 40% calculations and 60% discussion, so don’t neglect the written elements of this paper. Make sure that you always fully explain your ideas too. Interpretation and application are important skills that are tested in this paper so make sure you make full use of the scenarios that you are given in the exam.
Audit & Assurance (AA)
In section A there will be three mini-case style scenarios, each with five 2-mark questions based on the scenario (total 30 marks). Each mini-case question will test single topic areas of the syllabus and so will test syllabus areas A, B, C, D or E. Expect questions in section A to focus on areas A and E.
All three questions (one 30-mark and two 20-mark questions) in section B will be broken down into sub requirements and be scenario based. Most marks in each question will test syllabus areas B, C and/or D.
Areas expected to be tested in questions 16 to 18 include:
• Audit planning.
• Audit risk (identification and explanation of audit risks from a scenario and explanation of the auditor’s response to each risk).
• Internal audit.
• Internal controls (identification and explanation of deficiencies in internal control and the recommendation of suitable internal controls, and identification and explanation of direct controls and description of test of control).
- Corporate governance (identification and explanation of corporate governance deficiencies and recommendations to address the deficiencies).
• Audit procedures (substantive procedures and tests of controls).
General advice: Where questions are based on a scenario it is essential that you use the information in the scenario to score the identification marks and then develop this to score the explanation marks.
The exam often provides a table for you to complete your answer. For example, audit risk questions will have a table with two columns, one for ‘audit risk’ and one for ‘auditor’s response’ with each properly explained point being worth one mark. Using this tabular approach encourages you to answer both parts of the question, therefore maximising your marks.
Pay attention to the verbs used in question requirements as these indicate the number of marks available. For example, the verb “explain” requires a sentence and will score one mark if properly explained whereas the verb “list” simply requires you to list out information with no further explanation and this will score 0.5 mark per point.
Finally, it is essential you read the Examiner’s Reports which are issued twice a year after the June and December exam sittings. These are an invaluable source of advice and provide a sample section A OTQ case style question as well as three constructed response questions from the March/June and September/December sittings. Not only do they provide the example questions but these are accompanied by a commentary from the examining team, which gives guidance on interpreting the question requirements and common mistakes/areas of weakness noted during the marking process. These reports can be found on the ACCA website: https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/examiners-reports.htm.
Financial Management (FM)
Section A
15 objective test questions (OTQ) worth 2 marks each.
Questions often test your knowledge of key technical terms and will balance out the questions in Section B and C of the exam to make sure that all aspects of the syllabus are examined; so, questions will often test your understanding of financial management and objectives (including ratio analysis) as well as the economic and financial environment (financial markets, fiscal and monetary policies).
Section B
Three 10-mark mini case-studies each containing 5 OTQ questions.
Commonly examined areas are working capital management (e.g. the operating cycle, the impact of a change in credit period or accepting a factor’s offer), business or security valuations, and risk management (currency and interest rate risk).
Section C
Two 20-mark questions.
Questions will be broken down into discussion and numerical requirements based on a common scenario; marks will be split evenly between calculations and discussion.
These questions will focus mainly on syllabus sections C (working capital), D (investment appraisal) and E business finance. Whichever of these three topics does not feature in section C is more likely to be tested in section B of the exam.
Questions from syllabus section C (working capital) are likely to be broad ranging, so a good broad knowledge of this syllabus area is important. Candidates are sometimes caught out by section C questions in this area, so make sure you practice this type of question as part of your final revision.
Questions from syllabus section D (investment appraisal) are likely to feature NPV with inflation and tax, however it is important to also be able to answer questions that include risk, uncertainty, leasing, asset replacement and capital rationing.
Questions from syllabus section E (business finance) often test the calculation and analysis of a company’s cost of capital. Candidates often assume that business finance questions will always test this area, but questions also frequently test the evaluation of financing options (debt or equity) which sometimes catches candidates out – make sure you practice this type of question as part of your final revision.
Financial Reporting (FR)
Section A
Fifteen 2-mark objective test questions on a wide range of topics, including areas such as consolidation and interpretation of financial statements that will also be covered in detail in Section C.
Expect a question or two on non-core areas (e.g. sustainability following the issue of IFRS S1).
Read the scenario, requirement and answer options carefully and ensure you capture the correct information from the scenario to answer the requirement.
Don’t leave any questions unanswered – there is no negative marking so guess if you are unsure of the correct answer.
Section B
Three separate case-study scenarios with five objective test questions on each scenario; each question is worth 2 marks.
Each scenario could be a mix of topic areas (for example, revenue and receivables are often related, as are property, plant and equipment and leases) or focused on one topic and will usually consist of two/three calculations and two/three narratives.
Questions are not dependent on each other and can be answered in any order.
Don’t leave any questions unanswered – again guess if you are unsure of the correct answer.
Section C
Two 20 mark constructed response (long-form) questions, one covering the interpretation of financial statements and the other, the preparation of financial statements.
One question will be in the context of a single company and the other will be in the context of a group, so you could be faced with a single company interpretation question and a group accounts preparation question or vice versa.
Both questions will require knowledge from other areas of the syllabus, particularly the accounts preparation question which will have a range of adjustments covering various areas.
Accounts preparation questions may require full financial statements or extracts – read the requirement carefully. Candidates commonly expect questions on the statement of profit or loss and statement of financial position, but shouldn’t forget about other comprehensive income, the statement of changes in equity and the statement of cash flows.
A single entity accounts preparation question could be preparation from a trial balance or restatement of given financial statements with common adjustments being for depreciation, revaluation and current/deferred tax (including deferred tax on revaluations) plus a mixture of adjustments on other syllabus areas, e.g. leases, substance over form issues, financial instruments (change in fair value or amortised cost), share issues, government grants, inventory valuation, revenue recognition.
Group accounts preparation questions will provide the separate financial statements (or extracts thereof) of the parent and relevant subsidiary(ies) and associate. Candidates should be prepared to set out the standard workings for goodwill, non-controlling interest, movements in net assets, retained earnings as those are commonly examined. Other common adjustments are intra-group sales of goods, intra-group sales of assets, dividends and fair value adjustments.
ACCA has previously clarified that a consolidated financial statements preparation question could include up to two subsidiaries and one associate which allows additional scope for examining the disposal of a subsidiary (including as a discontinued operation). Be prepared for such a question.
Make sure that you use the ACCA’s Practice Platform to familiarise yourself with the spreadsheet tool you will need to use when answering accounts preparation questions. This can be found on the ACCA’s website.
Candidates continue to find the interpretations question challenging. In both single entity and group interpretation questions, candidates must avoid making generic statements about the movement in ratios and instead focus on using the information in the question to, for example: identify key changes in the period (eg change in sales mix, closed down an operation, purchased a new subsidiary); identify transactions that would cause inconsistencies between periods or between balances (eg revaluation of assets for the first time, particularly if the revaluation was at the end of the period); identify any changes in accounting policies or estimates, or classification (eg one company presents expenses as part of cost of sales whereas another presents as part of administrative expenses).
ACCA has previously clarified syllabus wording to emphasise the importance of the statement of cash flows in interpreting financial statements. Candidates should be prepared for such a question.
Taxation (TX)
Section A
15 Objective Test questions (OTQs).
It is important to remember that section A offers the TX examining team an opportunity to test THE WHOLE SYLLABUS so practising on ALL KINDS OF TX questions from the practice and revision kit will help build on and complement your existing knowledge.
You should expect at least a couple of these OTQs to be devoted to the administration of income tax and corporation tax. So, candidates should ensure they are comfortable with the following:
• Due dates for the payment of income tax (including payments on account).
• Due dates for the payment of corporation tax (including instalments for large companies).
• Filing dates for the income tax and corporation tax returns.
• Penalties and interest for late payments and returns.
Also likely to be tested in section A of the exam are the following topics:
• VAT rules on registration, impairment loss (bad debt) relief, and the SME schemes relating to cash accounting, annual accounting and flat-rate schemes.
• Inheritance tax due on lifetime transfers both in the donor’s life and on death.
• Statutory residence tests for individuals.
• Identification of groups of companies for corporation tax loss reliefs and gains.
• Trading loss reliefs for both companies and sole traders.
Section B
Three scenarios each with five OTQs.
In section B of the exam the questions will be like those of section A but there will be a longer scenario to deal with. This means a slightly different exam skill is necessary as you have more information to work through and each OTQ will require you to find the relevant information or data in that scenario. It is not a difficult skill, but we would hope you have had time to practice an extensive range of section B questions from the practice and revision kit before attempting the real exam.
Section C
Three constructed response questions; two worth 15 marks and one worth 10 marks. In section C you will face the longer, constructive response questions with scenarios and much more open requirements. Your answers will need not just sound technical knowledge, but also the application of that knowledge to the question you have been asked. Furthermore, your answer will have to be presented logically so the marker can follow your thought processes. At least 50% of your revision time should be spent answering the section C questions in the practice and revision kit to build up confidence and speed in a way that will also maximise marks.
1. Remember to learn your income tax and corporation tax pro formas.
2. Calculations which would require no more than two or three entries into a calculator can be included in the relevant cell of your pro formas (eg. time apportioning a salary). Calculations which are more complex (eg. company car benefits) need separate workings which are properly referenced (W1, W2 etc) and have a heading. Use the cell formulae to link the workings answer into your pro forma – then if you change the working the main body will automatically update.
3. Actually attempt the narrative parts of the requirement – aim for as many sentences as there are marks with each sentence containing something technical. Keep your paragraphs to no more than 3 sentences long.
4. Your exam will be in the CBE software and the spreadsheets have some difference to the software you may be accustomed to, so it is crucial you practise using the CBE software especially for Section C type questions.
5. Remember you cannot insert rows into the CBE spreadsheets. So, leave plenty of space on the page (especially when setting up pro-formas). You may need to add something in and you can always go back and move workings up the page. Show workings DOWN the page, rather than ACROSS the page as it makes them easier to mark. Well-spaced answers are also easier to mark – and you ALWAYS WANT TO KEEP YOUR MARKER HAPPY.
We know that the two longest questions will focus on income tax and corporation tax. These are likely to include the following:
• Employment benefits.
• Property income.
• Relief for pension contributions.
• Adjustments to profit to arrive at trading income for both companies and sole traders – in past sittings we have seen a number of questions whereby you have to correct errors in computations included in the scenario.
• Capital allowance computations.
• Chargeable gains calculations.
So, remember to cover the whole syllabus when using the practice and revision kit.
General advice: Finally, remember the pass mark is 50% so you don’t need to be perfect. If you don’t know something have a guess and move on. Sometimes you have to do that in order to get follow through marks in section C questions. If you make a mistake, but then use that incorrect figure later in a subsequent calculation, then that’s fine – you can only lose the mark once. In sections A and B never leave an OTQ unanswered − have a guess if you don’t know the answer. It might be right!
Strategic Business Reporting (SBR)
It is vital that you read the examiner’s approach article available on the ACCA website. ACCA has also published several exam technique and technical articles that you should read as part of your exam preparation. These are available in the SBR study support resources section of the ACCA website www.accaglobal.com.
If you are sitting the CBE, you should make every effort to attempt some questions using the ACCA Practice Platform. There are resources here relating to the CBE that you should access.
The exam – Section A
Section A will be 2 questions, worth 50 marks in total – both questions are compulsory.
Question 1 – 30 marks
Q1 will be based on group accounting. This question may test any aspect of group accounting, including consolidated statements of cash flows, foreign subsidiaries and associates and JVs.
It will include a pre-populated spreadsheet containing a consolidated statement which you will have to adjust for information given in the scenario. The requirement related to the spreadsheet will be worth between 10 and 14 marks.
Usually the spreadsheet will require adjustments for amounts you have calculated or explained earlier in the question, if this is the case, an efficient way of tackling the spreadsheet is to make the required adjustments as soon as you have calculated or explained the issue in that part of the question, rather than wait and do all the adjustments together.
In the spreadsheet, you should lay out your answer as clearly as possible. Using a separate column for each adjustment is a good idea. Rather than relying on formulas in the spreadsheet cells, it will be helpful to the marker if you type out any calculations separately so that they can easily follow what you have done and therefore award any ‘own figure’ marks available if you have made a mistake.
You also need to make it clear in the spreadsheet whether your adjustment should be added or subtracted, otherwise you will not be able to gain the marks for that adjustment. There are no marks available in the spreadsheet for a total column, so don’t waste your time adding the spreadsheet up.
Timekeeping is key to passing this question. A recent examiner report identified that students were spending too long writing detailed answers to the first parts of question 1 and then not attempting the later parts. The marker cannot award more than the allocated number of marks for each part of the question, so to maximise your marks, you must make sure you attempt each part of the question. Make sure you work out the time you have available for each question on the exam and then stick to your timings.
Question 2 – 20 marks, including 2 professional marks
Q2 will cover the reporting and ethical implications in a given scenario. Make sure you consider any threats to the fundamental principles of ACCA’s Code of Ethics and Conduct in your answer.
Two professional marks are available in this question and the examiner has stated that the question will make it clear what these marks will be awarded for.
The exam – Section B
Section B will be 2 questions, worth 25 marks each – both questions are compulsory.
Section B can deal with any area of the syllabus and may be based on a short scenario, a case study with several parts, or an essay.
Section B will always include a question or part-question involving the analysis or appraisal of information from the perspective of a stakeholder. Make sure you have a go at answering this question. There is no ‘right’ answer at this level – marks will be awarded for sensible points that have been applied to the scenario.
There are two professional marks available for the question that covers the stakeholder’s perspective. To gain these marks, you must discuss the issue from the perspective of the stakeholder – eg if asked for the investor’s perspective, you must answer from the investor’s perspective.
Current issues are usually examined in Section B as a part of a question (not a full question). However, current issues could be examined in either Section A or Section B of the exam. A question on current issues may require the application of existing accounting standards to a current accounting issue – for example, accounting for cryptocurrency, accounting for the effects of a natural disaster or global event.
General advice: Make sure you plan your time at the beginning of the exam (and stick to it) to ensure you don’t over-run on particular question – it is 1.95 minutes per mark (or 1.8 minutes per mark if you allocate 15 minutes to reading the exam at the beginning).
Generally, you will be awarded 1 mark for each relevant well-explained point in the SBR exam. Make sure you make enough points for the marks available – for example, if the requirement is worth 8 marks, you should aim to make 8 relevant, well-explained points.
It will be easier for the marker to award you marks if you lay out your answers clearly, leaving space between your points. You can use the spreadsheet (and spreadsheet functionality) to do calculations. If you do use the spreadsheet, make sure you cross reference to any narrative discussion, if appropriate. Some requirements state that you do not need to refer to an exhibit to answer that particular requirement. Where this is the case, then it is recommended that you follow that advice and stick to general discussion, rather than referring to the scenario.
Use the ‘cut’ and ‘paste’ tools wisely – eg, do not cut and paste into your answer large sections of the exhibits as the examiner has stated in a recent examiner’s report that this will be obvious to the marker, and will gain no marks. If you wish to use cut and paste, the examiner recommends just copying and pasting relevant parts of sentences and then adding your own comments.
Good luck!
Strategic Business Leader (SBL)
Strategic Business Leader (SBL) is ACCA’s case study exam at the Strategic Professional level. As with all other ACCA exams, SBL is examined as a closed book exam, and the pass mark is 50%.
SBL builds on the knowledge that you have gained at the ‘Applied Knowledge’ and ‘Applied Skills’ levels. However, it does also have its own distinct syllabus content.
Exam format in June 2025
The June 2025 exam will:
• Have a duration of 3 hours and 15 minutes, which includes reading and planning time.
• Include pre-seen information that will be issued by ACCA two weeks in advance of the exam.
• Comprise further exhibits/information, three question with two or three sub-requirements.
ACCA has indicated that the information in the pre-seen will not be examined directly, but will provide context and background for the exam questions (for example, the industry in question, the organisation’s history and background, board structure, KPIs, competitor information.) You need to be familiar with this information before you begin the exam.
You will receive the pre-seen through your MyACCA account two weeks before the exam, so make sure you have access to the account and check it regularly for notifications from ACCA in the time before the pre-seen is due to arrive.
The exam will focus on one main organisation (which has been introduced in the pre-seen information), and the question requirements will relate to that organisation. The exam will contain some additional exhibits (typically four or five) and the questions will be based on these new exhibits.
The questions in the exam are referred to as ‘tasks’. There will be three tasks in the exam, although these may include sub-tasks. All of the requirements (tasks; sub-tasks) in the exam are compulsory.
Question requirements in the exam could assess and link several subject areas across the syllabus and will test your ability to construct appropriate responses to practical problems an organisation is facing.
Every SBL exam will consist of 80 technical marks and 20 professional skills marks. Each professional skill will appear once per exam, for four marks.
General advice
The importance of effective time management: The SBL exam is demanding, and – as such – you need to give careful consideration to how you will manage your time to make the most effective use of it.
You are recommended to spend about 15 minutes reading the exhibits and starting to plan your answers (for example, identifying the exhibit, and information, which is most relevant to each task).
This then leaves you 3 hours (180 minutes) to tackle each task. Since there are only 80 technical marks, this works out at 2.25minutes per technical mark. So, if a task has 16 technical marks, and 4 professional skills marks, you should spend 36 minutes on it (16 × 2.25). You don’t need to specifically allocate time for professional skills marks. You earn the 20 professional skills marks by virtue of the way you answer the 80 technical marks.
It is important to note that you can spend longer than 15 minutes reading and planning your answer. Indeed the 15 minutes – 180 minutes split is just a recommendation. However, if you choose to spend longer on reading and planning then you will need to bear this in mind when you come to writing your answers, and adjust your time allocation for each task accordingly.
Regardless of the time allocation you choose, it is crucial that you stick closely to your planned timings, to ensure that you do not spend too long on one task to the detriment of those you are yet to attempt.
Planning your answer: Clearly, if you have gone to the trouble of preparing an answer plan it is important that you use it when writing up your answer. To get the most from your answer plan, it is therefore important that you include as much detail as you think will be helpful when the time comes to write up your answer.
Numerical analysis: Rarely question requirements may require you to conduct some numerical analysis. For example, you may be asked to analyse the performance of the organisation featured in the exam, or a potential investment it is considering. When doing numerical analysis, though, it is important that you focus only on performing any calculations that are going to support your answer and provide you with something to talk about. Producing lots of unnecessary calculations for the sake of it will not earn marks, and will only serve to waste time in the exam.
Using computer software: Ensure you practise timed exam questions using the ACCA CBE software. You need to be comfortable reading and highlighting the exhibits on the screen, as well as taking notes in the scratch pad. It will be easier if you plan your ideas and set up your answer structure in the response area in the software, in the form of headings.
The exam software comprises a word processor, a spreadsheet, and some presentation software. The word processor should be used for discursive answers (e.g. reports; memos; letters) and is likely to be used for answering most of the tasks. Any calculations you perform should be in an appendix in the spreadsheet software. Tasks requesting slides should be completed in the presentation software.
Appropriate use of theoretical models: To stand the best chance of passing the SBL exam, you will need to have a good understanding of the entire syllabus. However, it is important to remember that tasks in the SBL exam will not ask you to simply regurgitate your knowledge of a particular topic or theoretical model. The task requirements test your ability to apply your understanding of the topics covered in the SBL syllabus in the context of the question scenario (for example, in order to provide advice to the Board about how to respond to a particular situation or issue).
