ACCA2011年6月份考试大纲(P4)(13)

　　随着ACCA2010年12月份考试的结束，考生正式进入ACCA2011年6月份的考试备考当中，为帮助广大考生迅速掌握考试要点，定位好备考重点，正保会计网校本着服务广大考生、努力让广大考生的复习、备考事半功倍的宗旨，将陆续公布2011年6月份ACCA考试大纲和学习指南，以飨考生！该大纲和学习指南旨在帮助考生规划学习，并为每一部分的考点提供详细的信息。

　　F TREASURY AND ADVANCED RISK MANAGEMENT TECHNIQUES

　　1.The role of the treasury function in multinationals

　　a)Describe the role of the money markets in:^[1]

　　i)Providing short-term liquidity to industry and the public sector

　　ii)Providing short-term trade finance

　　iii)Allowing a multinational company to manage its exposure to FOREX and interest rate risk.

　　b)Explain the role of the banks and other financial institutions in the operation of the money markets.^[2]

　　c)Explain the characteristics and role of the principal money market instruments:^[2]

　　i)Coupon bearing

　　ii)Discount instruments

　　iii)Derivative products.

　　d)Discuss the operations of the derivatives market,including:^[3]

　　i)The relative advantages and disadvantages of exchange traded versus OTC agreements

　　ii)Key features,such as standard contracts,tick sizes,margin requirements and margin trading

　　iii)The source of basis risk and how it can be minimised.

　　iv)Risks such as delta,gamma,vega,rho and theta,and how these can be managed.

　　e)Explain the role of the treasury management function within:^[2]

　　i)The short term management of the company's financial resources

　　ii)The longer term maximisation of shareholder value

　　iii)The management of risk exposure.

　　2.The use of financial derivatives to hedge against forex risk

　　a)Assess the impact on a company to exposure in translation,transaction and economic risks and how these can be managed.^[2]

　　b)Evaluate,for a given hedging requirement,which of the following is the most appropriate strategy,given the nature of the underlying position and the risk exposure:^[3]

　　i)The use of the forward exchange market and the creation of a money market hedge

　　ii)Synthetic foreign exchange agreements(SAFE's)

　　iii)Exchange-traded currency futures contracts

　　iv)Currency swaps

　　v)FOREX swaps

　　vi)Currency options.

　　c)Advise on the use of bilateral and multilateral netting and matching as tools for minimising FOREX transactions costs and the management of market barriers to the free movement of capital and other remittances.^[3]

　　3.The use of financial derivatives to hedge against interest rate risk

　　a)Evaluate,for a given hedging requirement,which of the following is the most appropriate given the nature of the underlying position and the risk exposure:^[3]

　　i)Forward Rate Agreements

　　ii)Interest Rate Futures

　　iii)Interest rate swaps

　　iv)Options on FRA's(caps and collars),Interest rate futures and interest rate swaps.

　　4.Dividend policy in multinationals and transfer pricing

　　a)Determine a company's dividend capacity and its policy given:^[3]

　　i)The company's short-and long-term reinvestment strategy

　　ii)The impact of any other capital reconstruction programmes on free cash flow to equity such as share repurchase agreements and new capital issues

　　iii)The availability and timing of central remittances

　　iv)The corporate tax regime within the host jurisdiction

　　b)Develop company policy on the transfer pricing of goods and services across international borders and be able to determine the most appropriate transfer pricing strategy in a given situation reflecting local regulations and tax regimes.^[3]