APM FAE 2016/2017 PDF
Preview APM FAE 2016/2017
APM FAE 2016/2017 Day A - Strategy, Change Management & Stakeholders As organisations grow and develops the Chartered Accountant plays a key strategic and operational role in ensuring the ongoing success of the organisation. While the reasons organisations seek to expand are varied and complex, the Chartered Accountant needs to understand what drives a particular organisation in this direction and this session begins by examining the strategic reasons for international expansion. This session look at the various models that can be used to help the Chartered Accountant shape the direction the company takes in terms of analysing its current environment and identifying the route it should follow in terms of strategic direction. This session also looks at the impact of stakeholders on the organisation as well as identifying change management techniques that could be employed by the organisation in effecting change management programmes. 01.01 Models addressing section 1.1 of the competency statement Session 01.08 Models addressing section 1.8 of the competency statement Overview 01.09 Models addressing section 1.9 of the competency statement By the end of this session students should be able to understand the way organisations Learning can develop their strategy as well as how to deal with different stakeholder demands. Objectives Students should be familiar with two change management techniques that can be employed to successfully effect change in the organisation. 1.1 Analyse the reasons why businesses in Ireland would want to extend beyond national boundaries (to include theory of comparative advantage, imperfect markets theory, product cycle theory, Porter’s Diamond, Competency Porter’s Five Forces, Ansoff’s Matrix). Statement 1.8 Evaluate tools and methods for successfully implementing a change Reference programme 1.9 Discuss frameworks which help businesses deal with stakeholders conflicting demands with regards to a proposed strategy Copy of slides Flexi Tool question Required Advanced Performance Management – Eoin McGettigan, Corporate Strategy for Texts Irish Companies (2nd Edition) by Gerry Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Page 1 of 22 APM FAE 2016/2017 Date Date Student Activity Completed Revised Advanced Performance Management – Eoin McGettigan, Required Corporate Strategy for Irish Companies (2nd Edition) by Gerry Preparation Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Review material covered in class and attempt remaining After Class questions from Flexi Tool as self-study / Peer Based Learning Additional Keep up to date with the issues raised in business reading Resources generally, but specifically in the FT Lecturer’s Tip! When developing strategy, the key point in an exam context is that you will need to understand exactly what the particular circumstances of the organisation are. In addition, the student will need to focus on developing the strategy rather than describing the model. The models identified in this lecture are there to assist the student in developing the strategies; It is the output this that is key, not the actual model itself. Page 2 of 22 APM FAE 2016/2017 Day B - Strategy, Change Management & Stakeholders Day B is a continuation of the same themes as discussed in Day A in terms of Strategy. The Chartered Accountant needs to understand what drives a particular organisation in this direction and this session continues to look at the strategic methodologies organisations can employ. This session looks at additional models that can be used to help the Chartered Accountant shape the direction the company takes in terms of analysing its current environment and identifying the route it should follow in terms of strategic direction. Session 01.01 Questions covering section 1.1 of the competency statement Overview By the end of this session students should be able to understand the way organisations Learning can develop their strategy and apply this to dealing with the issues faced by Objectives organisations in respect of strategy development. Scientific calculators Past papers and solutions Past mock exam papers and solutions Required Relevant case studies Texts Advanced Performance Management – Eoin McGettigan, Corporate Strategy for Irish Companies (2nd Edition) by Gerry Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Date Date Student Activity Completed Revised Advanced Performance Management – Eoin McGettigan, Required Corporate Strategy for Irish Companies (2nd Edition) by Gerry Preparation Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Review material covered in class and attempt remaining After Class questions as self-study Additional Resources Lecturer’s Tip! The key point here is the use of the models to derive appropriate strategies for the organisation. The key focus here needs to be on using the models as opposed to explaining the models. Page 3 of 22 APM FAE 2016/2017 Session 1 - International Business-Strategy, Culture, Governance and Organisation When an organisation expands internationally, the Chartered Accountant plays a key strategic and operational role in ensuring such expansion is successful. The session examines the operational issues starting with the specific methods by which organisations can expand internationally and proceeds to explore the advantages and limitations of each method. This session also examines the Marketing Mix challenges (Structured around the 'Four P's' of Product, Price, Promotion & Place) associated with international expansion and also the options around organisational structures that will facilitate such expansion. 01.02 Questions covering section 1.2 of the competency statement Session 01.03 Questions covering section 1.3 of the competency statement Overview By the end of this session students should be able to understand the reasons and different ways organisations can expand internationally as well as understanding the Learning managerial and marketing opportunities and challenges that this poses for such Objectives organisations. Students will also have a clear appreciation of the different approaches to Corporate Governance internationally 1.2 Assess the management and marketing opportunities and challenges that Competency arise as the organisation evolves from being a purely domestic entity to a Statement global entity (including the promotion of domestic brands on the Reference international market) 1.3 Discuss alternative modes of doing business internationally Scientific calculators Past papers and solutions Past mock exam papers and solutions Required Relevant case studies Texts UK Corporate Governance Code (Plus Annex for ROI) Advanced Performance Management – Eoin McGettigan, Corporate Strategy for Irish Companies (2nd Edition) by Gerry Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Date Date Student Activity Completed Revised Advanced Performance Management – Eoin McGettigan, Required Corporate Strategy for Irish Companies (2nd Edition) by Gerry Preparation Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Review material covered in class and attempt remaining After Class questions as self-study Additional Resources Page 4 of 22 APM FAE 2016/2017 Lecturer’s Tip! When evaluating market entry strategies always use the headings of cost, risk and control as key headings in assessing the suitability of the chosen market entry strategy as this guides you towards some of the key, valid, relevant points you can make in an exam scenario. In addition, you will need to clearly understand the motivation for organisations to expand internationally as this will have a major bearing on the most appropriate market entry strategy. The specific circumstances of the organisation and what business they operate in is the key reference point for managing the marketing mix and identifying and dealing with the challenges this poses for the organisation. Students should never suggest any behaviour which is not consistent with the standards of ethics, legality or governance expected of a Chartered Accountant Page 5 of 22 APM FAE 2016/2017 Session 2 - International Business-Strategy, Culture, Governance and Organisation Operating internationally is not the same as operating domestically. Accordingly, the role of the Chartered Accountant must be more than just a 'number cruncher' in an internationally expanding organisation. The Chartered Accountant plays a role as a key strategic partner in any such expansion and their contribution must build on their numerical aptitude to encompass knowledgeable support in key non-financial areas. This session starts by looking at Corporate Governance and identifies best practise in this regard. In addition, the Chartered Accountant must be knowledgeable in areas such as Corporate Social Responsibility (CSR) as well as International Legal Systems and be prepared to advise on same. At an operational level, the Chartered Accountant must be aware of the operational challenges posed by International Expansion and how these challenges can be managed so as to mitigate strategic and operational risk. Students need to emerge from this session with a clear understanding of best practice in respect of Corporate Governance and the different legal systems that operate Learning internationally. Students need to have a detailed understanding of what constitutes Objectives appropriate Corporate Social Responsibility and a clear appreciation of the practical and operational challenges posed by international expansion. 1.4 Discuss patterns of corporate governance internationally, with particular reference to unitary and dual models of corporate governance, to include directors’ share dealings, conflicts of interest and remuneration committees 1.5 Analyse and discuss the operational and logistical issues likely to arise Competency when doing business in a multicultural environment Statement 1.6 Demonstrate an awareness of how the legal structure in a country impacts Reference on the responsibilities and status of the professional accountant (including consideration of bribery and corruption, and alternative insolvency processes) 1.7 Explain the particular corporate, environmental, social and ethical issues which may arise in the context of the specified geographic regions and analyse how these can impact on business strategy Scientific calculators Past exam papers and solutions Past mock exam papers and solutions Required Case studie. Texts Advanced Performance Management – Eoin McGettigan, Corporate Strategy for Irish Companies (2nd Edition) by Gerry Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Date Date Student Activity Completed Revised Advanced Performance Management – Eoin McGettigan, Required Corporate Strategy for Irish Companies (2nd Edition) by Gerry Preparation Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Review material covered in class and attempt any remaining After Class questions as self-study Page 6 of 22 APM FAE 2016/2017 Additional Resources Lecturer’s Tip! This section of the syllabus challenges students as it relates to non-numeric material, a lot of which may not have been covered in a typical undergraduate degree or in CAP 1 or CAP 2 and this will require some concentrated study to get up to speed. In particular, students should review prior year-exam papers in the areas of Corporate Governance, CSR and the practical issues in doing business internationally to get a better understanding of the standard required in addressing these requirements. Students should never suggest any behaviour which is not consistent with the standards of ethics, legality or governance expected of a Chartered Accountant. Page 7 of 22 APM FAE 2016/2017 Session 3 - The Impact of Economic Factors on International Business The economic environment that an organisation operates in will play a key role in the success or otherwise of an organisation. There are a significant number of economic variables at play in this regard and they are constantly changing. The role of the Chartered Accountant demands a clear understanding of what these economic factors are and how these factors can impact on an organisation that is operating internationally. Furthermore, the Chartered Accountant must become adept at explaining this impact as well as developing practical strategies to help mitigate the adverse impacts and take advantage of the favourable impacts of such factors on its international operation. 03.01 Questions covering section 2.1 of the competency statement 03.02 Questions covering section 2.2 of the competency statement 03.03 Questions covering section 2.3 of the competency statement Session 03.04 Questions covering section 2.4 of the competency statement Overview 03.05 Questions covering section 2.5 of the competency statement 03.06 Questions covering section 2.6 of the competency statement The student will need to gain an appreciation of the key economic factors that impact Learning on an organisation operating internationally and explain the impact of these on an Objectives individual organisation in the light of the particular circumstances of that organisation 2.1 Explain the general macro-economic factors that impact on financial goals and strategies of companies wishing to do business internationally (including interest rates, exchange rates, economic growth, inflation, competitiveness, employment) and assess the possible impacts 2.2 Demonstrate the application of theories underlying exchange rates, interest rates, inflation and their inter-relation (including Purchasing Competency Power Parity - PPP) and international Fisher effect Statement 2.3 Demonstrate an understanding of international trade and the flow of Reference capital 2.4 Explain Ireland’s economic position, including reference to the balance of payments, GDP, public sector borrowing, ratings agencies 2.5 Explain the role of international agencies in rating economies and/or influencing the global environment (world Bank, IMF, EU and ECB) 2.6 Demonstrate an understanding of the challenges of dealing with extreme economic conditions including hyperinflation and crises in banking systems Scientific calculators Past exam papers and solutions Past mock exam papers and solutions Required Texts Case Studies Advanced Performance Management – Eoin McGettigan, Corporate Strategy for Irish Companies (2nd Edition) by Gerry Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Date Date Student Activity Completed Revised Page 8 of 22 APM FAE 2016/2017 Advanced Performance Management – Eoin McGettigan, Required Corporate Strategy for Irish Companies (2nd Edition) by Gerry Preparation Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Review class material covered in class and attempt any After Class remaining questions as self-study Additional Resources Lecturer’s Tip! The Key word in this part of the Competency Statement is 'Impact'. It is not enough to know what each of the economic factors is at a theoretical level, rather the critical skill the student needs to develop is the ability to understand and advise on the particular impact of the economic factor(s) on a specific organisation in the specific circumstances that organisation finds itself in. The same economic factor may exist for two different organisations but the impact it has on each organisation may differ significantly depending on the particular circumstances of the organisation. Therefore in addressing any case in this area the student needs to start with the particular circumstances of the organisation and then address the impact the economic factor(s) will have on that organisation. Page 9 of 22 APM FAE 2016/2017 Session 4 - Decision Making in an International Context While strategic reasons may inform the initial drive to operate internationally, organisations will still place a significant emphasis on whether the international operation makes financial sense. The Chartered Accountant will need to play a leadership role in undertaking such analysis. Furthermore, as well as being adept at performing the detailed calculations, the Chartered Accountant must identify the risks in such analysis as well as the non-financial factors that are critical to the ultimate success or otherwise of such operations. 04.01 Questions covering section 3.1 of the competency statement Session 04.02 Questions covering section 3.2 of the competency statement Overview 04.03 Questions covering section 3.3 of the competency statement 04.04 Questions covering section 3.4 of the competency statement The student will need to develop an ability to assess international opportunities from Learning both a financial and non-financial perspective and the ability to communicate the Objectives findings in a coherent, well-structured and logical manner 3.1 Evaluate and assess international investment opportunities using financial option appraisal techniques, particularly discounted cash flow calculations and sensitivity analysis 3.2 Evaluate and assess international investment opportunities taking into account the many non-financial factors including dealing with foreign Competency legal and cultural differences, operational and logistical challenges and Statement country-specific environmental issues Reference 3.3 Demonstrate the ability to make a reasoned recommendation regarding a specific business opportunity including consideration of financial and non-financial factors, and an adequate assessment of project risk and risk mitigation 3.4 Demonstrate an understanding of the practical issues associated with implementing change in an international context, including assessment of relevant legal, cultural, logistical and human resources issues Scientific calculators Past exam papers and solutions past mock exam papers and solutions Required Advanced Performance Management – Eoin McGettigan, Corporate Strategy for Irish Texts Companies (2nd Edition) by Gerry Gallagher & Corporate Strategy Toolkit (2011 version) by Gerry Gallagher Case Studies Page 10 of 22
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