Financial Management (FM)

FINANCIAL MANAGEMENT (FM)

Syllabus and
study guide
SEPTEMBER 2025 TO JUNE 2026

Designed to help with planning study and to

provide detailed information on what could be
assessed in any examination session

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 Financial Management (FM)

Contents
1. Introduction to the syllabus................................................................................................ 3
2. Main capabilities ............................................................................................................... 4
3. Intellectual levels............................................................................................................... 5
4. The syllabus ...................................................................................................................... 6
5. Detailed study guide.......................................................................................................... 8
6. Summary of changes to Financial Management (FM) ..................................................... 15
7. Approach to examining the syllabus ................................................................................ 15
8. Relational diagram linking Financial Management (FM) with other exams ...................... 16
9. Guide to ACCA examination structure and delivery mode ............................................... 16
10. The structure of ACCA qualification .............................................................................. 18
11. Guide to ACCA examination assessment ...................................................................... 18
12. Learning hours and education recognition ..................................................................... 19

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 Financial Management (FM)

1. Introduction to the syllabus

The aim of the syllabus is to develop the knowledge and skills expected of a finance
manager, in relation to investment, financing, and dividend policy decisions.

The syllabus for Financial Management (FM) is designed to equip candidates with the skills
that would be expected from a finance manager responsible for the finance function of a
business. It prepares candidates for more advanced and specialist study in Advanced
Financial Management (AFM).

The syllabus, therefore, starts by introducing the role and purpose of the financial
management function within a business. Before looking at the three key financial
management decisions of investing, financing, and dividend policy, the syllabus explores the
economic environment in which such decisions are made.

The next section of the syllabus is the introduction of investing decisions. This is done in two
stages - investment in (and the management of) working capital and the appraisal of long-
term investments.

The next area introduced is financing decisions. This section of the syllabus starts by
examining the various sources of business finance, including dividend policy and how much
finance can be raised from within the business. It also looks at the cost of capital and other
factors that influence the choice of the type of capital a business will raise. The principles
underlying the valuation of business and financial assets, including the impact of cost of
capital on the value of business, is covered next.

The syllabus then covers an introduction to, and examination of, risk and the main
techniques employed in managing such risk.

Section H of the syllabus contains outcomes relating to the demonstration of appropriate

digital and employability skills in preparing for and taking the FM examination. This includes
being able to interact with different question item types, manage information presented in
digital format and being able to use the relevant functionality and technology to prepare and
present response options in a professional manner. These skills are specifically developed
by practicing and preparing for the FM exam, using the learning support content for
computer-based exams available via the practice platform and the ACCA website and will
need to be demonstrated during the live exam.

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 Financial Management (FM)

2. Main capabilities

On successful completion of this exam, candidates should be able to:

A Discuss the role and purpose of the financial management function

B Assess and discuss the impact of the economic environment on financial management

C Discuss and apply working capital management techniques

D Carry out effective investment appraisal

E Identify and evaluate alternative sources of business finance

F Discuss and apply principles of business and asset valuations

G Explain and apply risk management techniques in business

H Demonstrate employability and technology skills

This diagram illustrates the flows and links between the main capabilities of the syllabus and
should be used as an aid to planning teaching and learning in a structured way.

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 Financial Management (FM)

3. Intellectual levels

The syllabus is designed to progressively broaden and deepen the knowledge, skills and
professional values demonstrated by the student on their way through the qualification.

The specific capabilities within the detailed syllabuses and study guides are assessed at one
of three intellectual or cognitive levels:

Level 1: Knowledge and comprehension

Level 2: Application and analysis
Level 3: Synthesis and evaluation

Very broadly, these intellectual levels relate to the three cognitive levels at which the Applied
Knowledge, the Applied Skills and the Strategic Professional exams are assessed.

Each subject area in the detailed study guide included in this document is given a 1, 2, or 3
superscript, denoting intellectual level, marked at the end of each relevant learning outcome.
This gives an indication of the intellectual depth at which an area could be assessed within
the examination. However, while level 1 broadly equates with Applied Knowledge, level 2
equates to Applied Skills and level 3 to Strategic Professional, some lower-level skills can
continue to be assessed as the student progresses through each level. This reflects that at
each stage of study there will be a requirement to broaden, as well as deepen capabilities. It
is also possible that occasionally some higher-level capabilities may be assessed at lower
levels.

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 Financial Management (FM)

4. The syllabus E Business finance

1. Sources of, and raising, business

A Financial management function finance

1. The nature and purpose of financial 2. Estimating the cost of capital

management
3. Sources of finance and their relative
2. Financial objectives and relationship with costs
corporate strategy
4. Capital structure theories and practical
3. Stakeholders and impact on corporate considerations
objectives
5. Finance for small- and medium-sized
4. Financial and other objectives in not-for- entities (SMEs)
profit organisations
F Business valuations
B Financial management environment
1. Nature and purpose of the valuation of
1. The economic environment for business business and financial assets

2. The nature and role of financial markets 2. Models for the valuation of shares
and institutions
3. The valuation of debt and other financial
3. The nature and role of money markets assets

C Working capital management 4. Efficient market hypothesis (EMH) and

practical considerations in the valuation
1. The nature, elements and importance of of shares
working capital
G Risk management
2. Management of inventories, accounts
receivable, accounts payable and cash 1. The nature and types of risk and
approaches to risk management
3. Determining working capital needs and
funding strategies 2. Causes of exchange rate differences
and interest rate fluctuations
D Investment appraisal
3. Hedging techniques for foreign currency
1. Investment appraisal techniques risk

2. Allowing for inflation and taxation in 4. Hedging techniques for interest rate risk
DCF
H Employability and technology skills
3. Adjusting for risk and uncertainty in
investment appraisal 1. Use computer technology to efficiently
access and manipulate relevant
4. Specific investment decisions (lease or information
buy, asset replacement, capital
rationing) 2. Work on relevant response options,
using available functions and
technology, as would be required in the
workplace

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 Financial Management (FM)

3. Navigate windows and computer

screens to create and amend responses
to exam requirements, using the
appropriate tools

4. Present data and information effectively,

using the appropriate tools

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 Financial Management (FM)

ii) changes in dividends and share

5. Detailed study guide prices as part of total shareholder
return.
A Financial management e) Explain ways to encourage the
function achievement of stakeholder objectives,
including:[2]
1. The nature and purpose of financial i) managerial reward schemes such as
management share options and performance-
related pay.
a) Explain the nature and purpose of ii) regulatory requirements such as
financial management.[1] corporate governance codes of
best practice and stock
exchange listing regulations.
b) Explain the relationship between
financial management and financial and 4. Financial and other objectives in not-
management accounting.[1] for-profit organisations

2. Financial objectives and the a) Discuss the impact of not-for-profit status

relationship with corporate strategy on financial and other objectives.[2]

a) Discuss the relationship between b) Discuss the nature and importance of

financial objectives, corporate objectives Value for Money as an objective in not-
and corporate strategy.[2] for-profit organisations.[2]

b) Identify and describe a variety of c) Discuss ways of measuring the

financial objectives, including:[2] achievement of objectives in not-for-
profit organisations.[2]
i) shareholder wealth maximisation
ii) profit maximisation B Financial management
iii) earnings per share growth. environment
3. Stakeholders and impact on 1. The economic environment for
corporate objectives business

a) Identify the range of stakeholders and a) Identify and explain the main
their objectives.[2] macroeconomic policy targets.[1]

b) Discuss the possible conflict between b) Define and discuss the role of fiscal,
stakeholder objectives.[2] monetary, interest rate and exchange
rate policies in achieving
c) Discuss the role of management in macroeconomic policy targets.[1]
meeting stakeholder objectives,
including the application of agency c) Explain how government economic
theory.[2] policy interacts with planning and
decision-making in business.[2]
d) Describe and apply ways of measuring
achievement of corporate objectives d) Explain the need for, and the interaction
including:[2] with, planning and decision-making in
i) ratio analysis, using appropriate business of:
ratios such as return on capital i) competition policy [1]
employed, return on equity, earnings ii) government assistance for
per share and dividend per share business [1]
iii) green policies and sustainability [1]

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 Financial Management (FM)

iv) corporate governance a) Describe the nature of working capital

regulation.[2] and identify its elements.[1]

2. The nature and role of financial b) Identify the objectives of working capital
markets and institutions management in terms of liquidity and
profitability, and discuss the conflict
a) Identify the nature and role of money between them.[2]
and capital markets, both nationally and
internationally.[2] c) Discuss the central role of working
capital management in financial
b) Explain the role of financial management.[2]
intermediaries.[1]
2. Management of inventories, accounts
c) Explain the functions of a stock market receivable, accounts payable and
and a corporate bond market.[2] cash

d) Explain the nature and features of a) Explain the cash operating cycle and the
different securities in relation to the role of accounts payable and accounts
risk/return trade-off.[2] receivable.[2]

e) Explain the impact of Fintech in b) Explain and apply relevant accounting

changing the nature and role of financial ratios, including:[2]
markets and institutions.[1] i) current ratio and quick ratio
ii) inventory turnover ratio, average
3. The nature and role of money markets collection period and average
payable period
a) Describe the role of the money markets
iii) sales revenue/net working capital
in:[1]
ratio.
i) providing short-term liquidity to c) Discuss, apply and evaluate the use of
the private sector and the public relevant techniques in managing
sector inventory, including the Economic Order
ii) providing short-term trade finance Quantity model and Just-in-Time
iii) allowing an organisation to techniques.[2]
manage its exposure to foreign
currency risk and interest rate d) Discuss, apply and evaluate the use of
risk. relevant techniques in managing
accounts receivable, including:
b) Explain the role of banks and other
i) assessing creditworthiness [1]
financial institutions in the operation of
ii) managing accounts receivable [1]
the money markets.[2]
iii) collecting amounts owing [1]
c) Explain and apply the characteristics and iv) offering early settlement
role of the principal money market discounts [2]
instruments:[2] v) using factoring and invoice
i) interest-bearing instruments discounting [2]
ii) discount instruments vi) managing foreign accounts
iii) derivative products. receivable.[2]

e) Discuss and apply the use of relevant

C Working capital management techniques in managing accounts
payable, including:
1. The nature, elements and importance i) using trade credit effectively [1]
of working capital ii) evaluating the benefits of early
settlement and bulk purchase
discounts [2]

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 Financial Management (FM)

iii) managing foreign accounts D Investment appraisal

payable.[1]
1. Investment appraisal techniques
f) Explain the various reasons for holding
cash, and discuss and apply the use of a) Identify and calculate relevant cash
relevant techniques in managing cash, flows for investment projects.[2]
including:[2]
i) preparing cash flow forecasts to b) Calculate payback period and discuss
determine future cash flows and its usefulness as an investment
cash balances appraisal method.[2]
ii) assessing the benefits of
centralised treasury management c) Calculate discounted payback and
and cash control discuss its usefulness as an
iii) cash management models, such investment appraisal method.[2]
as the Baumol model and the
Miller-Orr model d) Calculate return on capital
iv) investing short-term. employed (accounting rate of return)
and discuss its usefulness as an
3. Determining working capital needs investment appraisal method.[2]
and funding strategies
e) Calculate net present value and discuss
a) Calculate the level of working capital its usefulness as an investment
investment in current assets and discuss appraisal method.[2]
the key factors determining this level,
including:[2] f) Calculate internal rate of return and
discuss its usefulness as an
i) the length of the working capital investment appraisal method.[2]
cycle and terms of trade
ii) an organisation’s policy on the g) Discuss the superiority of discounted
level of investment in current assets cash flow (DCF) methods over non-DCF
iii) the industry in which the methods.[2]
organisation operates.
h) Discuss the relative merits of NPV
b) Evaluate and discuss the key factors in and IRR.[2]
determining working capital funding
strategies, including: 2. Allowing for inflation and
i) the distinction between taxation in DCF
permanent and fluctuating current
assets [2] a) Apply and discuss the real-terms
ii) the relative cost and risk of short- and nominal-terms approaches to
term and long-term finance [2] investment appraisal.[2]
iii) the matching principle [2]
iv) the relative costs and benefits of b) Calculate the taxation effects of
aggressive, conservative and relevant cash flows, including the
matching funding policies [2] tax benefits of tax-allowable
v) management attitudes to risk, depreciation and the tax liabilities of
previous funding decisions and taxable profit.[2]
organisation size.[1]
c) Calculate and apply before- and
after-tax discount rates.[2]

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 Financial Management (FM)

3. Adjusting for risk and uncertainty E Business finance

in investment appraisal
1. Sources of, and raising, business
a) Describe and discuss the difference finance
between risk and uncertainty in relation
to probabilities and increasing project a) Identify and discuss the range of
life.[2] short-term sources of finance
available to businesses, including:[2]
b) Apply sensitivity analysis to i) overdraft
investment projects and discuss the ii) short-term loan
usefulness of sensitivity analysis in iii) trade credit
assisting investment decisions.[2] iv) lease finance.
c) Apply probability analysis to b) Identify and discuss the range of
investment projects and discuss the long-term sources of finance
usefulness of probability analysis in available to businesses, including:[2]
assisting investment decisions.[2] i) equity finance
ii) debt finance
d) Apply and discuss other techniques iii) lease finance
of adjusting for risk and uncertainty iv) venture capital.
in investment appraisal, including:
i) simulation [1] c) Identify and discuss methods of
ii) adjusted payback [1] raising equity finance, including:[2]
iii) risk-adjusted discount rates.[2] i) rights issue
ii) placing
4. Specific investment decisions
iii) public offer
(Lease or buy, asset replacement,
iv) stock exchange listing.
capital rationing)
d) Identify and discuss methods of raising
a) Evaluate leasing and borrowing to
short- and long-term Islamic finance,
buy using the before- and after-tax
including:[1]
costs of debt.[2]
i) major differences between Islamic
b) Evaluate asset replacement
finance and the other forms of
decisions using equivalent annual
business finance.
cost and equivalent annual
ii) the concept of riba (interest) and
benefit.[2]
how returns are made by
Islamic financial securities.
c) Evaluate investment decisions under
iii) Islamic financial instruments
single-period capital rationing,
available to businesses
including:[2]
including:
i) murabaha (trade credit)
i) the calculation of profitability
ii) ijara (lease finance)
indexes for divisible investment
iii) mudaraba (equity
projects
finance)
ii) the calculation of the NPV of
iv) sukuk (debt finance)
combinations of non-divisible
v) musharaka (venture
investment projects
capital).
iii) a discussion of the reasons for
(note: calculations are not required)
capital rationing.

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 Financial Management (FM)

e) Identify and discuss internal sources of b) Describe the creditor hierarchy and
finance, including:[2] its connection with the relative costs
i) retained earnings of sources of finance.[2]
ii) increasing working capital
management efficiency c) Identify and discuss the problem of
iii) the relationship between dividend high levels of gearing.[2]
policy and the financing decision
iv) the theoretical approaches to, and d) Assess the impact of sources of finance
the practical influences on, the on financial position, financial risk and
dividend decision, including legal shareholder wealth using appropriate
constraints, liquidity, shareholder measures, including:[2]
expectations and alternatives to cash i) ratio analysis using statement of
dividends. financial position gearing,
operational and financial gearing,
2. Estimating the cost of capital interest coverage ratio and other
relevant ratios
a) Estimate the cost of equity ii) cash flow forecasting
including:[2] iii) leasing or borrowing to buy.
i) application of the dividend
growth model, its e) Impact of cost of capital on
assumptions, advantages and investments including:[2]
disadvantages. i) the relationship between
ii) explanation and discussion of company value and cost of
systematic and unsystematic capital.
risk ii) the circumstances under which
iii) relationship between portfolio theory WACC can be used in
and the capital asset pricing model investment appraisal
(CAPM) iii) the advantages of the CAPM
iv) application of the CAPM, its over WACC in determining a
assumptions, advantages and project-specific cost of capital.
disadvantages. iv) the application of the CAPM in
calculating a project-specific
b) Estimating the cost of debt:[2] discount rate.
i) irredeemable debt
ii) redeemable debt 4. Capital structure theories and
iii) convertible debt practical considerations
iv) preference shares
v) bank debt. a) Describe the traditional view of capital
structure and its assumptions.[2]
c) Estimating the overall cost of capital
including:[2] b) Describe the views of Miller and
i) distinguishing between average Modigliani on capital structure, both
and marginal cost of capital without and with corporate taxation, and
ii) calculating the weighted average their assumptions.[2]
cost of capital (WACC) using
book value and market value c) Identify a range of capital market
weightings. imperfections and describe their impact
on the views of Miller and Modigliani on
3. Sources of finance and their relative capital structure.[2]
costs
d) Explain the relevance of pecking order
a) Describe the relative risk-return theory to the selection of sources of
relationship and the relative costs of finance.[1]
equity and debt.[2]

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 Financial Management (FM)

5. Finance for small and medium sized c) Discuss and apply cash flow-based
entities (SMEs) valuation models, including:[2]
i) dividend valuation model and the
a) Describe the financing needs of small dividend growth model
businesses.[2] ii) discounted cash flow basis.

b) Describe the nature of the financing 3. The valuation of debt and other
problem for small businesses in terms of financial assets
the funding gap, the maturity gap and
inadequate security.[2] a) Discuss and apply appropriate valuation
methods to:[2]
c) Explain measures that may be taken to i) irredeemable debt
ease the financing problems of SMEs, ii) redeemable debt
including the responses of government iii) convertible debt
departments and financial institutions.[1] iv) preference shares.

d) Identify and evaluate the financial impact 4. Efficient Market Hypothesis (EMH)
of sources of finance for SMEs, including and practical considerations in the
sources already referred to in syllabus valuation of shares
section E1 and also [2]
i) Business angel financing a) Distinguish between and discuss weak
ii) Government assistance form efficiency, semi-strong form
iii) Supply chain financing efficiency and strong form efficiency.[2]
iv) Crowdfunding / peer-to-peer
funding. b) Discuss practical considerations in the
valuation of shares and businesses,
including:[2]
F Business valuations i) marketability and liquidity of shares
ii) availability and sources of
1. Nature and purpose of the valuation
information
of business and financial assets
iii) market imperfections and pricing
anomalies
a) Identify and discuss reasons for valuing
iv) market capitalisation.
businesses and financial assets.[2]
c) Describe the significance of investor
b) Identify information requirements for
speculation and the explanations of
valuation and discuss the limitations of
investor decisions offered by behavioural
different types of information.[2]
finance.[1]
2. Models for the valuation of shares
G Risk Management
a) Discuss and apply asset-based valuation
models, including:[2] 1. The nature and types of risk and
i) net book value (statement of approaches to risk management
financial position) basis
ii) net realisable value basis a) Describe and discuss different types of
iii) net replacement cost basis. foreign currency risk:[2]
i) translation risk
b) Discuss and apply income-based ii) transaction risk
valuation models, including:[2] iii) economic risk.
i) price/earnings ratio method
ii) earnings yield method. b) Describe and discuss different types of
interest rate risk:[1]
i) gap exposure
ii) basis risk.

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 Financial Management (FM)

2. Causes of exchange rate differences 4. Hedging techniques for interest rate

and interest rate fluctuations risk

a) Describe the causes of exchange rate a) Discuss and apply traditional and basic
fluctuations, including: methods of interest rate risk
i) balance of payments [1] management, including:
ii) purchasing power parity theory [2] i) matching and smoothing [1]
iii) interest rate parity theory [2] ii) asset and liability management [1]
iv) four-way equivalence.[2] iii) forward rate agreements.[2]

b) Forecast exchange rates using:[2] b) Identify the main types of interest rate
i) purchasing power parity derivatives used to hedge interest rate
ii) interest rate parity. risk and explain how they are used in
hedging.[1]
c) Describe the causes of interest rate
fluctuations, including:[2] (No numerical questions will be set on
i) structure of interest rates and this topic)
yield curves
ii) expectations theory H Employability and technology
iii) liquidity preference theory
iv) market segmentation.
skills

3. Hedging techniques for foreign 1. Use computer technology to

currency risk efficiently access and manipulate
relevant information
a) Discuss and apply traditional and basic
methods of foreign currency risk 2. Work on relevant response options,
management, including: using available functions and
i) currency of invoice [1] technology, as would be required in
ii) netting and matching [2] the workplace
iii) leading and lagging [2]
iv) forward exchange contracts [2] 3. Navigate windows and computer
v) money market hedging [2] screens to create and amend
vi) asset and liability management.[1] responses to exam requirements,
using the appropriate tools
b) Compare and evaluate traditional
methods of foreign currency risk 4. Present data and information
management.[2] effectively, using the appropriate
tools
c) Identify the main types of foreign
currency derivatives used to hedge
foreign currency risk and explain how
they are used in hedging.[1]

(No numerical questions will be set on

this topic)

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 Financial Management (FM)

6. Summary of changes to Financial Management (FM)

ACCA periodically reviews its qualification syllabuses so that they fully meet the needs of
stakeholders such as employers, students, regulatory and advisory bodies and learning
providers.

There have been no additions to, or deletions from, the syllabus.

7. Approach to examining the syllabus

The syllabus is assessed by a three-hour computer based examination. All questions are
compulsory. The exam will contain both computational and discursive elements. Some
questions will adopt a scenario/case study approach.

Prior to the start of the exam candidates are given an extra 10 minutes to read the exam
instructions.

Candidates are provided with a formulae sheet and tables of discount and annuity factors.

Section A of the computer-based exam comprises 15 objective test questions of 2 marks

each.

Section B of the computer-based exam comprises three questions each containing five
objective test questions.

Section C of the exam comprises two 20-mark constructed response questions. The two 20-
mark questions will mainly come from the working capital management, investment appraisal
and business finance areas of the syllabus. The section A and section B questions can cover
any areas of the syllabus.

Total 100 marks

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 Financial Management (FM)

8. Relational diagram linking Financial Management (FM)

with other exams

This diagram shows links between this exam and other exams preceding or following it.
Some exams are directly underpinned by other exams such as Advanced Financial
Management with Financial Management. This diagram indicates where students are
expected to have underpinning knowledge and where it would be useful to review previous
learning before undertaking study.

9. Guide to ACCA examination structure and delivery mode

The pass mark for all ACCA Qualification examinations is 50%.

The structure and delivery mode of examinations varies.

Applied Knowledge
The Applied Knowledge examinations contain 100% compulsory questions to encourage
candidates to study across the breadth of each syllabus. These are assessed by a two-hour
computer-based examination.

Applied Skills
The Corporate and Business Law exam is a two-hour computer-based objective test
examination for English and Global.

For the format and structure of the Corporate and Business Law or Taxation variant exams,
refer to the ‘Approach to examining the syllabus’ section of the relevant syllabus and study
guide.

The other Applied Skills examinations (PM, TX-UK, FR, AA, and FM) contain a mix of
objective and longer type questions with a duration of three hours for 100 marks. These are
assessed by a three-hour computer-based exam. Prior to the start of each exam there will
be time allocated for students to be informed of the exam instructions.

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 Financial Management (FM)

The longer (constructed response) question types used in the Applied Skills exams
(excluding Corporate and Business Law) require students to effectively mimic what they do
in the workplace. Students will need to use a range of digital skills and demonstrate their
ability to use spreadsheets and word processing tools in producing their answers, just as
they would use these tools in the workplace. These assessment methods allow ACCA to
focus on testing students’ technical and application skills, rather than, for example, their
ability to perform simple calculations.

Strategic Professional
Essentials:
Strategic Business Leader is ACCA’s case study examination at Strategic Professional and
is examined as a closed book exam of 3 hours and 15 minutes, including reading, planning
and reflection time which can be used flexibly within the examination.

Pre-seen information for the Strategic Business Leader exam will be released two weeks
before the exam sitting. The pre-seen information contains background and contextual
details in order for students to familiarise themselves with the fictitious organisation that they
will be examined on and the industry in which it operates.

The Strategic Business Leader exam will contain new information in the form of exhibits and
students are required to complete several tasks. All questions are compulsory and each
examination will contain a total of 80 technical marks and 20 professional skills marks.

As this is a closed book exam, the pre-seen information is also available within the
examination.

Strategic Business Reporting is a three-hour 15 minutes exam. It contains two sections and
all questions are compulsory. This exam contains four professional marks.

Options:
The Strategic Professional Options are all three hours and 15 minutes computer-based
exams. All contain two sections and all questions are compulsory.

All option exams contain a total of 80 technical marks and 20 professional skills marks.

The question types used at Strategic Professional require students to effectively mimic what
they would do in the workplace.

These exams offer ACCA the opportunity to focus on the application of knowledge to
scenarios, using a range of tools including word processor, spreadsheets and presentation
slides - not only enabling students to demonstrate their technical and professional skills but
also their use of the technology available to today’s accountants.

Time management
ACCA encourages students to take time to read questions carefully and to plan answers but
once the exam time has started, there are no additional restrictions as to when students may
start producing their answer.

Students should ensure that all the information and exam requirements are properly read
and understood.

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 Financial Management (FM)

10. The structure of ACCA qualification

11. Guide to ACCA examination assessment

ACCA reserves the right to examine any learning outcome contained within the study guide.
This includes knowledge, techniques, principles, theories, and concepts as specified. For the
financial accounting, audit and assurance, law and tax exams except where indicated
otherwise, ACCA will publish examinable documents once a year to indicate exactly what
regulations and legislation could potentially be assessed within identified examination
sessions.

For most examinations (not tax), regulations issued or legislation passed on or before 31
August annually, will be examinable from 1 September of the following year to 31 August of

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 Financial Management (FM)

the year after that. Please refer to the examinable documents for the exam (where relevant)
for further information.

Regulations issued or legislation passed in accordance with the above dates will not be
examinable if the effective date is in the future, unless explicitly stated otherwise in this
syllabus and study guide or examinable documents.

The term issued or passed relates to when regulation or legislation has been formally
approved.

The term effective relates to when regulation or legislation must be applied to an entity’s
transactions and business practices.

The study guide offers more detailed guidance on the depth and level at which the
examinable documents will be examined. The study guide should therefore be read in
conjunction with the examinable documents list.

For UK tax exams, examinations falling within the period 1 June to 31 March will generally
examine the Finance Act which was passed in the previous year. Therefore, exams falling in
the period 1 June 2025 to 31 March 2026 will examine the Finance Act 2024 and any
examinable legislation which is passed outside of the Finance Act before 31 May 2024.

For additional guidance on the examinability of specific tax rules and the depth in which they
are likely to be examined, reference should be made to the relevant Finance Act article
written by the examining team and published on the ACCA website.

None of the current or impending devolved taxes for Scotland, Wales, and Northern Ireland
is, or will be, examinable.

12. Learning hours and education recognition

The ACCA qualification does not prescribe or recommend any particular number of learning
hours for examinations because study and learning patterns and styles vary greatly between
people and organisations. This also recognises the wide diversity of personal, professional
and educational circumstances in which ACCA students find themselves.

As a member of the International Federation of Accountants, ACCA seeks to enhance the

education recognition of its qualification on both national and international education
frameworks, and with educational authorities and partners globally. In doing so, ACCA aims
to ensure that its qualification is recognised and valued by governments, regulatory
authorities and employers across all sectors. To this end, the ACCA qualification is currently
recognised on the education frameworks in several countries. Please refer to your national
education framework regulator for further information.

Each syllabus is organised into main subject area headings which are further broken down
to provide greater detail on each area.

ACCA’s content partners are BPP Learning Media and Kaplan Publishing. They create their
own learning materials. For more information about the types of materials offered, please
visit their websites and contact them directly.

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