ACCA

This is a subject very unique and only available in ACCA. Other professional bodies has included law of their very own nation. Such as ICAEW has a subject on Business law which only focuses on UK. Other members of ICAEW such as ICAB follows law of their own nation (Bangladesh). But it is ACCA which provides a Business Law which is deals with laws operated Globally. Student of "F4 Global" will come to know the global business laws, law enforcing organisations, foreing affairs rules, formation of company and their winding up and the rights of foreign creditors. However now lets jump to the syllabus and outline of the chapters included in F4.

Syllabus

Now lets see the Syllabus in detail:

A Essential elements of legal systems

1. Economic, Political and Legal Systems

2. Different legal systems

3. International trade, international legal regulation and conflict of laws

4. Alternative Dispute Resolution mechanisms and the UNCITRAL Model Law on International Commercial Arbitration

B International business transactions

1. Introduction to the United Nations Convention on Contract for the International Sale of Goods and ICC Incoterms

2. Formation of contract

3. Obligations of the seller

4. Obligations of the buyer

5. Provisions common to both the seller and the buyer, the passage of risk

6. Transportation documents

7. Means of payment

C International business forms
1. Agency
2. Partnerships

D The formation and constitution of joint stock companies
1. Corporations and legal personality
2. The formation of the company
3. The constitution of the company

E Capital and the financing of companies
1. Share capital
2. Loan capital
3. Capital maintenance and dividend law

F Management, administration and regulation of companies
1. Company directors
2. Other company officers
3. Company meetings and resolutions

G Legal implications relating to companies in difficulty or in crisis
1. Insolvency
2. Alternatives to winding up

H Governance and ethical issues relating to business
1. Corporate governance
2. Fraudulent behaviour

You Can Download the Entire Syllabus for Here.

Exam Question Format

In exam, there will be all together 10 questions of hundred marks to be solved with in 3 hours with an extra 15 minutes at the beginning for scheming .

Education Approach

Here we have going to adopt an easier approach to study F4. We shall learn by solving questions. This approach will lead us to understand the topic in the way the examiner desires. This means, this approach will make us use to with how to write exam answers.

So, we have divided the entire Syllabus into 13 chapters. Each chapters shall have many sections. Every answer will have two aspects, one in points format and other in detail.

Lets Start....

Chapter-1: "Essential elements of Legal systems"

Question 1. Describe the difference between market, planned and mixed economies?

[Points: Each of the elements of economics are described in four grounds:

i. allocation of resources

ii. decisions about production

iii. the working of price mechanism

iv. the distribution of wealth ]

Answer: The are three types of economies mentioned in the question i.e. Market, Planned and Mixed, are different from each other in the following four aspects:

i. allocation of resources
ii. decisions about production
iii. the working of price mechanism
iv. the distribution of wealth

Market Economy:
In market economy, the allocation of resources such as plant, labour, finance and entrepreneurship, is left up to the forces of supply and demand. The market forces dictates the quantity of production and consumption and the price. Wealth is held individually rather than collectively.

Planned Economy:
It is one where central government makes all decision about resource allocation. The distribution of production output is decided centrally therefore

price does not effect the level of supply and demand
although prices are put on both input of resources and output of production. Individual may own personal possessions but most real wealth is held collectively by central and regional government.

Mixed Economy:

It is the most usual model found which incorporates both market and planned economies. Resource allocation is determined by a mixture of decisions of both Government and private sector. Most prices are determined by the forces of supply and demand but many are affected by taxation and subsidies or are distorted by Government demand. Total wealth is split between the individual and government.

ACCA Pages

F8: Audit and Assurance

F4: Corporate and Business Law (Global)

ACCA Exam Date: June, 2011 Session