[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-38919-en":3,"doc-seo-38919-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},38919,549758146520,"Patrick","https://ap-avatar.wpscdn.com/avatar/80002397d8c0411e94?_k=1775819394049821470",4,"Exam","AFM Study Text 2025-2026 ACCA Advanced Financial Management","ACCA Advanced Financial Management (AFM) Study Text covering key strategic finance topics for exam preparation across September 2025, December 2025, March 2026 and June 2026. The contents span investment appraisal, international operations and investment appraisal, financing and dividend decisions, WACC and risk-adjusted valuation, option pricing, risk management, and hedging foreign exchange and interest rate risks. Additional coverage includes strategic acquisitions, business valuation, corporate failure and reconstruction, and professional skills with employability and technology skills.","Validfor September 2025,  \nDecember 2025, March 2026 and June 2026  \nACCA  \nAdvanced Financial Management (AFM)  \nStudy Text  \nACCA  \nStrategic Professional – Options  \nAdvanced Financial Management  \n(AFM)  \nStudy Text  \nKAPLAN PUBLISHING’S STATEMENT OF PRINCIPLES  \nLINGUISTIC DIVERSITY, EQUALITY AND INCLUSION  \nWe are committed to diversity, equality and inclusion and strive to deliver content that all users can relate  \nto.  \nWe are here to make a difference to the success of every learner.  \nClarity, accessibility and ease of use for our learners are key to our approach.  \nWe will use contemporary examples that are rich, engaging and representative of a diverse workplace.  \nWe will include a representative mix of race and gender at the various levels of seniority within the  \nbusinesses in our examples to support all our learners in aspiring to achieve their potential within their  \nchosen careers.  \nRoles played by characters in our examples will demonstrate richness and diversity by the use of different names, backgrounds, ethnicity and gender, with a mix of sexuality, relationships and beliefs where these  \nare relevant to the syllabus.  \nIt must always be obvious who is being referred to in each stage of any example so that we do not detract from clarity and ease of use for each of our learners.  \nWe will actively seek feedback from our learners on our approach and keep our policy under continuous review. If you would like to provide any feedback on our linguistic approach, please use this form (you will need to enter the link below into your browser) .  \n[https://docs.google.com/forms/d/1Vc4mltBPrfViy8AhfyKcJMHQKBmLaLPoa_WPqFNf4MI/edit](https://docs.google.com/forms/d/1Vc4mltBPrfViy8AhfyKcJMHQKBmLaLPoa_WPqFNf4MI/edit)  \nWe will seek to devise simple measures that can be used by independent assessors to randomly check  \nour success in the implementation of our Linguistic Equality, Diversity and Inclusion Policy.  \nP.2 KAPLAN PUBLISHING  \nBritish library cataloguing-in-publication data  \nA catalogue record for this book is available from the British Library.  \nPublished by:  \nKaplan Publishing UK  \nUnit 2 The Business Centre  \nMolly Millars Lane  \nWokingham  \nBerkshire  \nRG41 2QZ  \nISBN 978-1-83996-229-5  \n© Kaplan Financial Limited, 2025  \nThe text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect,  \nincidental, consequential or otherwise arising in relation to the use of such materials.  \nAcknowledgements  \nWe are grateful to the Association of Chartered Certified Accountants and the Chartered  \nInstitute of Management Accountants for permission to reproduce past examination questions.  \nThe answers have been prepared by Kaplan Publishing.  \nKAPLAN PUBLISHING P.3  \nP.4 KAPLAN PUBLISHING  \nContents  \nPage  \nChapter 1 The role and responsibility of the financial  \nmanager 1  \nChapter 2 Investment appraisal 41  \nChapter 3 International operations and international  \ninvestment appraisal 71  \nChapter 4 The financing decision 119  \nChapter 5 The dividend decision 167  \nChapter 6 The weighted average cost of capital (WACC) 199  \nChapter 7 Risk adjusted WACC and adjusted present value 227  \nChapter 8 Option pricing 251  \nChapter 9 An introduction to risk management 279  \nChapter 10 Hedging foreign exchange risk 319  \nChapter 11 Hedging interest rate risk 359  \nChapter 12 Strategic aspects of acquisitions 393  \nChapter 13 Business valuation 433  \nChapter 14 Corporate failure and reconstruction 475  \nChapter 15 Professional skills 525","cbCaigNvKlKAm1tH","https://ap.wps.com/l/cbCaigNvKlKAm1tH","pdf",15754080,8,1,632,"English","en",105,"# Chapter 1 The role and responsibility of the financial manager\n# Chapter 2 Investment appraisal\n# Chapter 3 International operations and international investment appraisal\n# Chapter 4 The financing decision\n# Chapter 5 The dividend decision\n# Chapter 6 The weighted average cost of capital (WACC)\n# Chapter 7 Risk adjusted WACC and adjusted present value\n# Chapter 8 Option pricing\n# Chapter 9 An introduction to risk management\n# Chapter 10 Hedging foreign exchange risk\n# Chapter 11 Hedging interest rate risk\n# Chapter 12 Strategic aspects of acquisitions\n# Chapter 13 Business valuation\n# Chapter 14 Corporate failure and reconstruction\n# Chapter 15 Professional skills\n# Chapter 16 Employability and technology skills\n# Chapter 17 Questions and Answers\n# Index","[{\"question\":\"Which exam sessions does this AFM Study Text cover?\",\"answer\":\"It is valid for September 2025, December 2025, March 2026 and June 2026.\"},{\"question\":\"What core valuation methods are included in the study text?\",\"answer\":\"It covers the weighted average cost of capital (WACC) as well as risk-adjusted WACC and adjusted present value, along with business valuation.\"},{\"question\":\"How does the study text address financial risk?\",\"answer\":\"It includes an introduction to risk management and chapters on hedging foreign exchange risk and hedging interest rate risk, plus risk-related valuation approaches.\"}]",1783075186,1593,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"afm-study-text-2025-2026-acca-advanced-financial-management","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/exam/",3,{"item":52,"name":13,"@type":43,"position":11},"https://docshare.wps.com/document/afm-study-text-2025-2026-acca-advanced-financial-management/38919/",{"url":52,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-07","2026-07-03",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"Which exam sessions does this AFM Study Text cover?","Question",{"text":75,"@type":76},"It is valid for September 2025, December 2025, March 2026 and June 2026.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"What core valuation methods are included in the study text?",{"text":80,"@type":76},"It covers the weighted average cost of capital (WACC) as well as risk-adjusted WACC and adjusted present value, along with business valuation.",{"name":82,"@type":73,"acceptedAnswer":83},"How does the study text address financial risk?",{"text":84,"@type":76},"It includes an introduction to risk management and chapters on hedging foreign exchange risk and hedging interest rate risk, plus risk-related valuation approaches.","https://schema.org",{"og:url":52,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":92},[93,97,101,104,109,114,119,123,128,131,135],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":102,"slug":103},70,"exam",{"id":105,"doc_module":4,"doc_module_name":46,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":46,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":46,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":20,"doc_module":4,"doc_module_name":46,"category_name":120,"show_sort_weight":121,"slug":122},"Research & Report",30,"research-report",{"id":124,"doc_module":4,"doc_module_name":46,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":46,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":46,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":46,"category_name":137,"show_sort_weight":105,"slug":138},19,"General","general"]