Advanced Diploma in Accounting

Purpose

The purpose of the Advanced Diploma in Accounting is to further strengthen and deepen the learner's knowledge and professional practice in Accounting and related services by providing higher-level subject matter and the related application of standards, building on the knowledge and skills developed in the undergraduate curriculum. Furthermore, this qualification enhances flexibility as a response to an ever-changing and evolving Accounting industry, thus providing learners with the agility and ability to transform their professional career choices and paths within the Accounting environment.

The curriculum incorporates the core competencies required by a professional accountant. Other discipline-specific content such as Auditing, Taxation and Corporate Law is included to a limited extent as the allied and supporting aptitudes. The integration of all of these specific competencies is done to facilitate the development of a holistic professional who can function efficiently and effectively in the corporate sector.

Rationale

South Africa faces a declining economy and high unemployment, and also faces skill shortages. The FASSET Scarce Skills Guideline 2015/2016 shows that a high percentage of skill shortages are in the field of Accounting. To address this shortfall, South Africa requires innovative research, particularly in the Accounting field.

Those policy objectives that are relevant include providing

• Expanded access, improved quality and increased diversity of provision.
• A system that is responsive to the needs of individual citizens, employers in both public and private sectors, as well as broader societal and developmental objectives.

The application for the Advanced Diploma will allow learners to articulate vertically into a higher NQF level of study, which will additionally grant them credits towards the professional affiliation with a Professional Body in Accounting. The Advanced Diploma will offer increased content-driven syllabi that may satisfy professional accreditation requirements.

The qualification will strengthen and deepen the learner's knowledge on a particular discipline or profession, or enhance flexibility in the event of a change in circumstance, thus enabling change in career path. There are many such diversions in the career path of an accountant. Learners who wish to gain access to further levels of Postgraduate qualification may use this qualification as a vehicle to meet the requisite admission criteria. Learners will be able to perform exceedingly and improve competency as a professional accountant.

Current stakeholder requires highly-qualified accountants who can fulfil various roles in the Accounting industry. Such roles include, but are not limited to, the following:

• Accounts managers.
• Financial analysts.
• Advisory consultants.
• Investment and Risk advisors.

The Advanced Diploma in Accounting addresses the skills shortages identified by FASSET as well as other stakeholders.

Recognition of Prior Learning (RPL)

There is a general RPL policy in place for learners to access the qualification by recognising their prior learning criteria for access (short courses and work experience) and granting credits. The learners must complete an RPL application document and submit with the application certified copies of all previous qualifications and a comprehensive portfolio reflecting on extensive work learning. Once the RPL coordinator deem the application complete, they send the portfolio to the department for assessment. The Department will assess the entire application against the relevant learning outcomes. The learner will need to demonstrate competence at the applicable Exit Level Outcomes. Successful learners will then access the qualification. Furthermore, RPL provides for admission or admission with credits.

Entry Requirements

The minimum entry requirement for this qualification is

• National Diploma: Accounting, NQF Level 6.
• Diploma in Accounting, NQF Level 6.

This qualification consists of the following compulsory modules at National Qualifications Framework Level 7 totalling 120 Credits.

Compulsory Modules, NQF Level 7, 120 Credits

• Advanced Financial Accounting Module 4A, 12 Credits.
• Advanced Financial Accounting Module 4B, 12 Credits.
• Advanced Financial Accounting Module 4C, 12 Credits.
• Advanced Financial Accounting Module 4D, 12 Credits.
• Advanced Financial Management Module 1, 12 Credits.
• Advanced Financial Management Module 2, 12 Credits.
• Advanced Taxation, 12 Credits.
• Advanced Auditing, 12 Credits.
• Advanced Financial Accounting for SME's, 12 Credits.
• Advanced Corporate Practice 1, 12 Credits.

1. Demonstrate a solid knowledge base in the core disciplines of financial accounting, management accounting, taxation and auditing.
2. Work effectively, integrating the above disciplines using the available resources to be part of a team, displaying the ethical values expected of a professional accountant.
3. Provide accurate information to management for decision making.
4. Apply competence and skills related to general management principles of planning, organising, leading and control.
5. Demonstrate a practical understanding of the range of taxation laws as applicable to individuals and corporate entities.
6. Evaluate the application of business ethics within the accounting environment.

Associated Assessment Criteria for Exit Level Outcome 1

• Evaluate key terms, concepts, facts, principles, rules and theories within an accounting, financial management, cost accounting, taxation and general auditing context.
• Plan, perform and evaluate the sections of the South African Companies Act and other statutory documents relevant to the professional accountants and application of this understanding to specific problems and decision-making case studies.
• Identify and solve complex problems by demonstrating an advanced understanding of accounting concepts and techniques and by applying the correct accounting methods.

Associated Assessment Criteria for Exit Level Outcome 2

• Allocate learners group assignments and tutorials where problem-solving is applied to solve an appropriate case study/problem.
• Encourage and evaluate Interaction with peers both in tutorials, class discussions and within-group work.

Associated Assessment Criteria for Exit Level Outcome 3

• Interpret the role of financial reporting in enhancing business communication and decision making in a local and global environment using IFRS.
• Demonstrate an appropriate level of knowledge of disclosure in compliance with IFRS presentation for decision making.
• Analyse and interpret financial statements for indicators of liquidity, solvency, profitability and financial structure to make informed investment decisions.

Associated Assessment Criteria for Exit Level Outcome 4

• Apply learnt skills of organisational behaviour in managing businesses in a local and global environment.
• Interrogate businesses using a case study approach and design appropriate solutions for any unusual or cross border business relationships.
• Demonstrate an understanding of socio-economic challenges in South Africa and globally.

Associated Assessment Criteria for Exit Level Outcome 5

• Demonstrate an understanding of the South African Income Tax Act and other statutes that are relevant to the application of the understanding of the business environment of the individual and corporate taxpayer locally and globally.
• Knowledge of the applicability of double taxation agreements and the impact thereof.
• Apply knowledge of tax evasion and tax avoidance principles to ensure clients are compliant.

Associated Assessment Criteria for Exit Level Outcome 6

• Demonstrate knowledge of ethical standards and laws of the profession, also displaying applicability of the highest ethical and quality standards public perceives a practitioner must possess.
• Respond appropriately to ethical challenges that may be encountered by the professional accountant.

Integrated Assessment

The Advanced Diploma incorporates a variety of assessment methods incorporating formative and summative assessments. However, in the main, initially, most modules will use class tests as the main method of assessment. Included in the modules are class projects, assignments, presentations and online testing. As the Advanced Diploma serves to deepen learners' knowledge in the relevant field (Level 7 qualification), an integrated assessment will form part of all the Advanced Financial Accounting Modules (topics within each module will be combined). An example of this will be: asking learners to present a set of financial statements for a group of companies, where there is an intercompany sale of inventory and assets, attracting deferred tax. At least five topics are being tested here, presentation; groups, inventories, property, plant and equipment, taxation thus there will be an integration of topics in one question.