Investment decision
Build dated cash flows, calculate present value and support an accept/reject or lease/buy recommendation.
RY STUDIES · ACCA FM
ACCA FMFinancial Management
Build the calculation, explain its assumptions and make the financing or investment decision. FM practice should improve both the spreadsheet and the conclusion.
The syllabus, connected
What FM asks you to do.
What the exam looks like
Three hours. Sections A and B total 60 marks in objective questions and cases. Section C has two 20-mark written/calculation questions from working capital, investment appraisal and business finance. Practise the calculation and the advice together.
Working-capital policy
Compare the costs and benefits of a credit-policy or factoring proposal and explain the liquidity effect.
Financing choice
Calculate the cost of finance and discuss whether a funding source fits the business.
Syllabus updates and the 2027 transition
No additions, deletions or amendments for September 2026–June 2027, according to ACCA. Existing material still needs correct exam technique and current delivery checks.
Learn from examiner observations
Turn exam feedback into a preparation habit.
March/June 2026
Depreciation is not a cash flow
- For lease versus buy, build separate dated cash-flow schedules. Explain excluded costs, compound annual increases correctly and place advance payments at time zero. Spreadsheet NPV excludes the initial flow, so add it separately.
September/December 2025
show all their workings
- Settlement discounts apply to eligible credit sales, not the receivables balance. Financing savings apply to the reduction in receivables. Keep either a cost-benefit comparison or a before-and-after comparison consistent throughout.
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- Put cash flows on a timeline. Separate the initial investment, payments in advance, tax relief and disposal proceeds before discounting. Depreciation affects tax; it is not a cash payment.
- Evaluate a discount from the right side. For the seller, compare discount cost on eligible sales with financing savings on receivables. For the buyer, compare the effective cost of refusing the discount with borrowing cost.
- Make the recommendation follow the numbers. Use a consistent before-and-after basis for factoring and credit policies, then explain the relevant service, liquidity and bad-debt trade-offs.
Official ACCA sources used for this guide
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A–B · Objectives and financial environment
Connect stakeholder objectives, economic policy and financial markets to finance decisions.
C · Working capital
Manage cash tied up in inventory and receivables while considering liquidity and profitability.
D · Investment appraisal
Turn relevant cash flows, timing, tax and risk into an investment recommendation.
E · Finance and cost of capital
Compare funding sources, capital structure and the return required by providers of finance.
F–G · Valuation and financial risk
Value businesses and securities; understand currency and interest-rate exposures and hedging.
H · Digital exam skills
Make workings visible and use spreadsheet functions with the right time periods.