Bachelor of Commerce in Accounting

Purpose

The purpose of the Bachelor of Commerce in Accounting (BCom in Accounting) qualification is to assist learners to acquire and adopt a coherent and systematic approach to the concepts, principles, theories, and problem-solving techniques within the field of accounting. Learners will be equipped with essential theoretical knowledge, as well as practical application skills in Accounting, Auditing, Management Accounting and Taxation within the context of the accounting profession of South Africa and beyond. Furthermore, the qualification will enable learners to demonstrate in-depth knowledge and skills to fulfil the role of the financial accountant in the private and public sectors.

Qualified learners will be able to

• Apply a range of appropriate methods and procedures in the field of Accounting, Auditing, Management Accounting and Taxation to solve relevant accounting-related problems, as well as to implement solutions in a competitive financial environment.
• Function responsibly, legally, and ethically in the field of accounting within an organisation (public or private), with due consideration of the professional codes of conduct in the accounting environment.
• Demonstrate an adaptive mindset to stay abreast of developments in the business world and continuous challenges in the accounting profession.
• Demonstrate an awareness of cultural diversity, social reality, and the need for transformation in South Africa.
• Demonstrate an advanced understanding of the changing financial environment for public and private entities and harness technological advances and other innovations appropriately, using suitable forecasting techniques.

Rationale

Businesses are becoming more complex entities, and hence different accounting professions have developed over time, and are expected to grow further. Islam (2017) forecasts that the accounting profession will face major challenges in the next three decades and recommends that educational institutions should respond to it by incorporating subjects like smart and digital technology, continued globalisation of reporting/disclosure standards, and new forms of regulation into their curricula.

Today, Accounting specialisations range from Financial Accounting and Management Accounting to Government Accounting, Tax Accounting, Forensic Accounting, Project Accounting and even Social Accounting.

The Bachelor of Commerce in Accounting is purposefully designed to provide learners with a coherent and systematic approach to the application of concepts, principles, theories, and problem-solving techniques within the field of accounting. Learners are equipped with essential theoretical knowledge, as well as practical application skills in Accounting, Auditing, Management Accounting and Taxation within the context of the accounting professions of South Africa and beyond.

Furthermore, the qualification enables learners to gain the skills relevant to the role of the financial accountant in the private and public sectors.

Overall, the qualification aims at providing learners with

• Intellectual enrichment in the field of the Accounting Sciences.
• An opportunity to register with relevant professional bodies.
• Knowledge of current thinking, theory, application, and methodology in the field of the accounting sciences.
• An opportunity to be work-ready in the future world of work in the accounting sphere.
• An opportunity to build a solid foundation in accounting while also adding knowledge and skills for the future world of work, in terms of digitalisation and automation.

The typical learner enrolling for a BCom in Accounting is interested in employment in the areas of Accounting and Finance. These learners mostly aspire to be employed in large corporations, while a smaller proportion of applicants are interested in starting their own businesses. In addition to this, learners could also enter the government sphere. Last but not least, learners could move into different accounting sub-fields.

The BCom in Accounting will equip learners for a broad range of jobs in business, including

• Accounting specialist
• Junior auditor
• Senior bookkeeper
• Company secretary
• Actuary

Alternatively, the learners could find work as an accounting specialist, in other business fields, based on their knowledge and skills in a combination of accounting and other general business modules.

Finally, the South African economy desperately needs a growing number of general accountants in the public as well as private and small business sectors, in addition to accountants in the government or corporate environments. In the first year of study, the focus is on laying a solid foundation in the supporting areas of knowledge, namely Mathematics and concepts and principles of Statistics, Communication and legal principles and information systems (included in the Induction to Business Studies module).

The BCom in Accounting is intended for the learners who wish to pursue a career as a financial accountant and the student who wishes to register with an appropriate professional accounting body such as:

• Institute for Accounting and Commerce (IAC)
• South African Institute for Business Accountants (SAIBA)
• South African Institute of Professional Accountants (SAIPA)
• Association of Certified Chartered Accountants (ACCA)
• Chartered Institute of Management Accountants (CIMA)
• The SA Institute of Chartered Accountants (SAICA)

Indicate the most appropriate learning pathway within which the qualification resides.

Learners who wish to further their studies will proceed to a Postgraduate Diploma or a Bachelor's Honours in a field related to Business and Commerce.

This qualification consists of the following compulsory modules at National Qualifications Framework Levels 5 to 7 totalling 390 Credits.

Compulsory Modules, NQF Level 5, 60 Credits

• Induction to Business Studies, 10 Credits
• Introduction to Accounting, 20, Credits
• Introduction to Management, 20 Credits
• Business Mathematics, 10 credits

Compulsory Modules, NQF Level 6, 210 Credits

• Financial Accounting 1A, 20 Credits
• Economics, 20 Credits
• Business Law and Compliance, 20 Credits
• Statistics, 10 Credits
• Data and Decision Making, 10 Credits
• Management Accounting 1A, 10 Credits
• Management Accounting 1B, 20 Credits
• Financial Accounting 1B, 20 Credits
• Global Citizenship, 20 Credits
• Taxation 1, 20 Credits
• Financial Management, 20 Credits
• Auditing 1, 20 Credits

Compulsory Modules, NQF Level 7, 100 Credits

• Financial Accounting 2A, 20 Credits
• Management Accounting 2A, 20 Credits
• Taxation 2, 20 Credits
• Financial Accounting 2B, 20 Credits
• Management Accounting 2B, 20 Credits

A learner may choose one elective

Elective Modules, NQF Level 7, 20 Credits

• Company Law, 20 Credits
• Auditing 2, 20 Credits
• Technology and Innovation Management, 20 Credits
• Future Thinking and Scenario Planning, 20 Credits
• Financial Markets, 20 Credits.

1. Apply a range of appropriate methods and procedures in the field of accounting, auditing, management accounting and taxation to solve relevant accounting-related problems, as well as to implement solutions in a competitive financial environment.
2. Function responsibly, legally, and ethically in the field of accounting within an organisation (public or private), with due consideration of the professional codes of conduct in the accounting environment.
3. Demonstrate an adaptive mindset to stay abreast of developments in the business world and relevant accounting professions or environments.
4. Demonstrate an awareness of cultural diversity, the social reality, and the need for transformation in South Africa.
5. Demonstrate an advanced understanding of the changing financial environment for public and private entities and harness technological advances and other innovations appropriately.

Associated Assessment Criteria for Exit Level Outcome 1

• Apply theoretical principles relating to the fields of accounting, auditing, management accounting and taxation in a day-to-day practical business environment.
• Evaluate day-to-day business challenges in a competitive commercial and financial environment.
• Recommend suitable solutions for business problems, using financial, auditing, and governance lenses.
• Interpret competitive drivers in the financial industry.

Associated Assessment Criteria for Exit Level Outcome 2

• Analyse and reflect on taking continuous responsibility and action as an ethical leader in an accounting environment.
• Apply key legal concepts used in a commercial and financial environment.
• Debate ethical approaches in business and finance.

Associated Assessment Criteria for Exit Level Outcome 3

• Critically analyse the importance of adaptiveness and agility at a personal level and a business level, as well as at a team level, in a financial environment.
• Debate the importance of sustainable economies and businesses and its effects on the financial sector.
• Identify and analyse relevant current and future developments and challenges for the financial environment.
• Recommend suitable actions and solutions in a financial environment, to act timeously, without negative consequences to the business or the clients.

Associated Assessment Criteria for Exit Level Outcome 4

• Critically evaluate how the socioeconomic situation in South Africa affects the financial sector.
• Examine and apply concepts of cultural diversity as a positive driver for business success in the financial arena.
• Evaluate various steps and strategies in transforming the South African financial sector for the common good.

Associated Assessment Criteria for Exit Level Outcome 5

• Apply technological and innovative perspectives in an accounting, tax and auditing environment.
• Identify and critically analyse automation opportunities for the accounting profession, against the backdrop of technological advancements.
• Identify suitable steps and strategies in implementing financial innovations, using advanced technologies.
• Identify strategies for businesses to strive in a fast-paced and unprecedented change in the financial sphere driven by digitalisation.
• Evaluate the role of the financial department or practice in achieving innovation.