Bachelor of Commerce in Financial Accountancy

Purpose

The primary purpose of the Bachelor of Commerce in Financial Accountancy is to provide a well-rounded, broad education that equips qualifying learners with the knowledge base, theory, and methodology in conjunction with procedural knowledge of financial accountancy, and to enable them to demonstrate initiative and responsibility in a professional context. The qualification prepares learners for professional training and post-graduate studies.

Qualifying learners can function as financial accountants and internal auditors. Qualifying learners of the qualification will find employment in a variety of sectors such as those mentioned above, in managerial positions, as well as being able to contribute to society by setting up their own businesses and through entrepreneurial initiatives.

Rationale

The Bachelor of Commerce in Financial Accountancy is a qualification that is in line with the requirements of the South African Institute for Professional Accountants (SAIPA) and will provide South Africa with skilled and well qualified financial accountants and internal auditors. Qualifying learners who complete the traineeship can qualify to register as Financial Accountants with the SAIPA.

Recognition of Prior Learning (RPL)

This qualification may be achieved in part or completely through the Recognition of Prior Learning, which includes formal, informal, and non-formal learning and work experience. RPL will be applied according to the RPL, credit accumulation and transfer, and assessment (CHE 2016) and the institution's policy. The process will be managed by the Faculty of Economic and Management Sciences. The institution uses RPL for access, advanced standing, and credit.

RPL for access

• RPL may be used to grant access to the qualification where applicants do not meet the minimum admission requirements.
• Advanced standing is the status granted to a learner for admission to study at a higher level than the learner's prior knowledge and skills and/or formal studies would have allowed, including exemption where applicable.
• Not more than 10% of a cohort of students will be admitted through an RPL process.

RPL for credits

• Learners who can demonstrate experiential or work-based learning at an equivalent level may be through RPL granted credits towards the qualification.
• Candidates may apply for exemption from certain modules on the grounds of prior qualification study achieved.
• Recognition of Prior Learning learner's must comply with all the requirements stated in the learning modules and qualification as well as the institution's RPL policy.

Entry Requirements

The minimum entry requirement for this qualification is

• National Senior Certificate, NQF Level 4 granting access to Bachelor's Degree studies.

Or

• National Certificate Vocational, NQF Level 4 granting access to Bachelor's Degree studies.

This qualification consists of the following compulsory modules at National Qualifications Framework Level 5, 6 and 7 totalling 414 Credits.

Compulsory Modules, Level 5,128 Credits

• Financial Accounting: Basic Concepts, Accounting Systems and Elementary Financial Reporting, 16 Credits.
• Basic Microeconomics, 12 Credits.
• Mathematical Techniques, 12 Credits.
• Introduction to Accounting Information Systems, Corporate Governance and Internal controls, 12 Credits.
• Foundational Business Studies, 12 Credits.
• Financial Accounting: Elementary Financial Reporting, Partners and Companies, 16 Credits.
• Academic Literacy Development, 12 Credits.
• Basic Macroeconomics, 12 Credits.
• Introductory Statistics, 12 Credits.
• Rudimentary Business Studies, 12 Credits.

Compulsory Modules, Level 6,146 Credits

• Worldviews and Ethics for Accountants, 12 Credits.
• Financial Accounting: Financial Reporting, 16 Credits.
• Introduction to Taxation and Corporate Taxation, 12 Credits.
• Financial Accounting: Special Topics and Elementary Group Statements, 16 Credits.
• Introduction to Personal Income Tax, Donations Tax and Estate Duty, 12 Credits.
• Introduction to Management Accounting, 18 Credits.
• Introduction to Applied Financial Management, 18 Credits.
• Moderate Business Studies, 24 Credits.
• An Introduction to Corporate Governance, Auditing Environment and Professional Ethics, 18 Credits.

Compulsory Modules, Level 7,140 Credits

• Financial Accounting: Advanced financial reporting, 32 Credits.
• Corporate Governance, Standards, Ethics and Statutory Requirements, 24 Credits.
• Applied Financial Management, 18 Credits.
• Management Accounting, 18 Credits.
• Taxation: Advanced Aspects of Direct and Indirect Taxation and Tax Administration, 24 Credits.
• Complex Business Studies, 24 Credits.

1. Demonstrate and apply a foundation of knowledge, skills and professional values and ethics that enables learners to continue to learn and adapt to change throughout their professional lives.
2. Demonstrate professional competency and specialist knowledge of the financial accountancy field that encompasses accounting and finance; organisational and business knowledge; information technology knowledge and competencies.
3. Develop and apply professional knowledge and skills gained such as intellectual, technical, and functional, personal, interpersonal and communication skills and organisational and business management to resolve complex problems in the accounting practice.
4. Take decisions and act ethically and professionally, and be able to justify those decisions and actions drawing on appropriate ethical values and approaches within a supported environment.

Associated Assessment Criteria for Exit Level Outcome 1

• Analyse, evaluate and apply a systematic and integrated knowledge and understanding of the fundamental accounting terms, concepts, facts, principles, rules and theories.
• Develop appropriate levels of knowledge and skills in financial accounting, financial management, management accounting, taxation, auditing, and information technology.

Associated Assessment Criteria for Exit Level Outcome 2

• Illustrate an understanding of the interrelatedness of the different areas of management and, accounting and how actions, ideas, or developments impact applications of theory and practice.
• Apply the basic techniques for the identification and control of costs and cost management.
• Explore financial accounting in commercial and public sector bodies and its wider role in society, and the role of the management accountant within organisations.
• Apply tools and techniques to outline the mathematics associated with managing business operations.

Associated Assessment Criteria for Exit Level Outcome 3

• Experiment with and apply knowledge and understanding of accounting information systems.
• Apply knowledge of accounting information systems in the business environment.
• Participate and interact on a practical level in a business environment.
• Make use of and ensure that the tools and techniques that generate needed information are evaluated and controlled and presented and projected.
• Apply appropriate tools and techniques for identifying the key types of a competitive environment.

Associated Assessment Criteria for Exit Level Outcome 4

• Work independently and as part of a team, taking responsibility for identifying and dealing with situations.
• Model an understanding of the ethical and social implications of management and accounting actions on the organisation, community and society at large is demonstrated by analysing existing societal structures.
• Motivate solutions for identified complications within the business.