Postgraduate Diploma in Accounting

Purpose

The purpose of the Postgraduate Diploma in Accounting is to strengthen and deepen the knowledge of the learners as well as working professionals from other disciplines in Financial Accounting and Taxation. They will have knowledge of reflection and development by means of a systematic survey of current thinking, practice and research methods in accounting and taxation. Graduates will be able to demonstrate the ability to independently demonstrate, engage, analyse, design, implement, monitor, evaluate, assess and prescribe Accounting functions. The significance of this qualification is that it focuses the graduate on the theoretical engagement and intellectual independence, as well as the ability to relate knowledge to a range of contexts in order to undertake professional or highly-skilled work. The qualification will include conducting and reporting of a mini research project which will fulfil the work integrated learning requirement.

The Postgraduate Diploma in Accounting will provide an opportunity for employed learners to gain more in-depth knowledge in the field of Accounting and Taxation. The business environment of today and more specifically the accounting and taxation environment require more than only technical skills but also other advanced vocational skills. Therefore, offering a Diploma in Accounting alone would not be sufficient to cater for these needs as the qualification focuses on producing accounting technicians.

The Postgraduate Diploma in Accounting is better positioned to address further industrial needs and is designed to provide learners with the applied knowledge and skills in the areas of accounting and taxation to perform complex accounting and taxation roles as well as comprehensive theoretical knowledge. The advisory board clearly stated that, the Postgraduate Diploma in Accounting aims at offering an intensive focused and applied specialised Financial Accounting and Taxation with emphasis on research in Accounting and Taxation that will assist the learners to be better positioned to perform, research and provide solutions to problems at a higher level of accounting professionals than just a mere technician. On the other hand, increased national, global competition and technological pressures have brought challenges within the accounting environment. The Department of Accounting has taken the initiative therefore to introduce the Postgraduate Diploma in Accounting in order to address the needs as presented by these changes in the current national and global economic situation.

Rationale

The Postgraduate Diploma prepares learners for careers in the accounting function of industry, finance, management consulting and with firms of professional accountants, as well as with other financial service employers. The Postgraduate Diploma in Accounting will also prepare learners for academic research opportunities in accounting and taxation. The Postgraduate Diploma is primarily designed for those who wish to pursue a career in Accounting and Taxation and looking for a qualification that will give them an integrated perspective on the most important tax and accounting issues in South Africa. This will enable them to become competent tax experts who are able to structure transactions in such a way that it is both tax efficient and tax compliant. Some learners may choose to utilise their Accounting knowledge in conjunction with their undergraduate qualification. The main types of accountants are professional accountants and tax consultants. Training as an accountant offers increasingly varied roles within organisations at the heart of business development.

Increasing complexity in the business and regulatory environment explains the high demand for enhanced knowledge in accounting and taxation for both business executives and professional accountants. By providing knowledge in accounting and taxation, this qualification serves to equip learners to meet the needs of society. In fact, accounting education is no longer something just for professional accountants; rather, it is an essential management tool for all business executives. Hence, the Postgraduate Diploma qualification can serve anyone in business who wants to strengthen his/her knowledge in accounting and related areas.

On completion of the Postgraduate Diploma in Accounting, learners can join accounting firms, banking and finance industries, both small and large corporate sector businesses and the academic community. The Postgraduate Diploma in Accounting is designed to provide a qualification that will meet the needs of the community and increasing demands from society for accounting and taxation executives and for the leaders of tomorrow. The Postgraduate Diploma in Accounting is for learners wishing to complete a postgraduate qualification to enable them to further their studies in a Master of Business Studies.

A Postgraduate Diploma in Accounting is a vocational qualification at Level 8 of the NQF with the minimum credits of 120 offered over a period of 1-year full time, preparing individuals for careers in the fields of Accounting and taxation and preparing them to be professional accountants and tax consultants.

Learners who have already proved their abilities with their Advanced Accounting Diploma and wish to continue on their career path to qualify as a professional accountants and tax consultants will be equipped by this qualification. The typical learner who will enrol for this qualification will be in possession of an appropriate Baccalaureus Technologiae or Postgraduate Diploma or Bachelor's Degree in the relevant field.

Learners will be provided with a qualification which will enable them to progress to supervisory positions at a later stage in their careers. The learners will be trained in preparing financial reports and tax returns and evaluating financial risk for companies. The Postgraduate Diploma will alleviate the shortage of accounting professionals nationally and internationally. Research by the South African Institute of Chartered Accountants (SAICA) indicated that there is a shortage of professionals in accounting and many vacancies need to be filled at this level. Research by the South African Institute of Chartered Accountants (SAICA) estimates that South Africa's accounting and auditing sector needs over 22000 qualified accountants at various levels in order to bridge the existing skills shortage in the profession at various levels. The levels denote accounting professionals from entry level to just below Chartered Accountant level. There is therefore the need to present both Advanced and Postgraduate accounting qualification that will enable graduates to attain the chartered accountant level in the future.

Recognition of Prior Learning (RPL)

Access to this qualification can also be through Recognition of Prior Learning. Learners who do not meet the entry requirements may gain admission through Recognition of Prior Learning. In all cases, recognition will be considered under the conditions of the institution's policies and approval as per institutional policy, credits towards this qualification may be obtained by means of Recognition of Prior Learning (RPL).

Admission where the applicant does not meet the stated requirements but wishes to be admitted to this qualification on the basis of RPL the applicant will be required to furnish evidence of exceptional experience, depth and scope before his/her application is considered. The admission process and procedures is outlined in the institution's RPL policy.

Entry Requirements

The minimum entry requirement for this qualification is

• Bachelor of Commerce in Taxation, NQF Level 7;
• Bachelor of Commerce in Accounting: Taxation, NQF Level 7;
• Advanced Diploma in Accounting, NQF Level 7;
• Advanced Diploma in Taxation, NQF Level 7.

This qualification consists of the following compulsory modules at National Qualifications Framework Level 8 totalling 120 Credits.

Compulsory Modules, Level 8, 120 Credits

• Financial Reporting V, 24 Credits;
• Taxation IV, 24 Credits;
• Professional Standards and Ethics, 24 Credits;
• Business Communication, 24 Credits;
• Research Project, 24 Credits.

1. Select, apply and engage Generally Accepted Accounting Practice [GAAP] (primarily International Financial Reporting Standards [IFRS]) to prepare and analyse individual or group financial statements).
2. Select, apply and engage relevant Income Tax Act, the Value-Added Tax (VAT) Act, the Estate Duty Act and South African Revenue Service (SARS') Practice Notes to prepare, calculate and provide advice to individuals, companies and estates.
3. Identify, address, implement and apply professional standards and ethics issues based on critical reflection on the suitability of different ethical value systems relevant for accounting and taxation practitioner.
4. Identify, address, implement and apply business communication issues based on critical reflection to convey ideas and insights relevant for accounting and taxation practitioner.
5. Implement and apply theories, research methodologies, methods and techniques to solve problems in the field of accounting and taxation.

Associated Assessment Criteria for Exit Level Outcome 1

• Principles of financial reporting are assessed, analysed and implemented in Accounting field.
• Individual and group financial statements that comply with IFRS are accurately prepared from a given business scenario.
• Individual and group financial statements are analysed for compliance with IFRS.
• Individual and group financial statements are interpreted for decision-making.

Associated Assessment Criteria for Exit Level Outcome 2

• Principles of taxation are assessed, analysed and implemented in taxation field.
• Taxable income calculations are prepared, validated and justified with the corresponding tax liability for a company, trust or individual.
• Estate duty liability are prepared, validated and justified for an individual's.
• Accurate and useful tax advice supported by valid and well-reasoned analysis is provided according to the taxpayer's needs.

Associated Assessment Criteria for Exit Level Outcome 3

• Ethical issues based on critical reflection on the suitability of different ethical value systems are identified and addressed for accounting and taxation purposes.
• Knowledge of the ethics implied by corporate governance principles is professionally, ethically, implemented and applied towards clients, employees and the world at large at all times.

Associated Assessment Criteria for Exit Level Outcome 4

• The knowledge of scientific writing and expected ethical behaviour is evaluated, analysed, applied and recommended for ethical action and behaviour in Accounting and taxation field.
• Knowledge of business communication is applied and used to generate, evaluate and interpret information in the field of Accounting and taxation.
• The ramifications of economic and business decisions are explained in a language accessible to the general public and various stakeholders in the business community.
• Professional or occupational ideas and texts presented and communicated to a range of audiences.

Associated Assessment Criteria for Exit Level Outcome 5

• Complex and abstract problems drawing from systematical range of specialised skills identified, analysed and addressed in accounting and taxation environment.
• The research methodologies for concrete and abstract problems encountered by accounting and tax practitioners are formulated and applied in the field of accounting.
• Creative responses to problems and issues are gathered, synthesised, evaluated, managed and processed in specialised financial accounting and taxation areas.
• Creative insights, rigorous interpretations and solutions to problems and issues are identified, presented and communicated to appropriate accounting and taxation audience.

Integrated Assessment

The overall assessment strategy of the Department of Accounting is that of integrated assessment which is evident in the approach to the assessment of applied competence. Applied competence is understood as the learners' ability to integrate concepts, ideas and actions in authentic, real-life contexts; the assessment of which is broken down to the assessment of foundational, practical and reflexive competence where:

• Foundational competence is the demonstrated understanding of what the learner does and why (s) he does it.
• Practical competence is the demonstrated ability to perform a set of tasks and actions in authentic contexts.
• Reflexive competence is the demonstrated ability to integrate learner's performances with their understanding so that they are able to adapt to changed circumstances and explain the reason behind these adaptations.

Integrated Assessment further implies a planned combination of formative and summative assessment strategies with varying ratios, depending on the level (year) of study. Formative assessment implies being supportive to learning, non-judgmental and focused on providing constructive feedback or criticism to the learner, takes place during the learning process and informs planning of future learning activities: Summative assessment implies assessment that is mainly concerned with summing up the learning process and therefore usually takes place at the end of the relevant learning process.

The institution has an appropriate assessment policy and procedures for all modes of delivery in all its qualifications and therefore the Department of Accounting's assessment strategy for Postgraduate Diploma in Accounting will be aligned to the overall qualification design as well as to the institutional policy on assessment.

For the Postgraduate Diploma in Accounting, the internal assessment of the learning achievements is conducted by academic staff responsible for teaching of modules. The process is conducted in the following: for semester modules, 1 project, 1 case study, 2 assignments, 2 tests and 1 examination at the end of the semester. For year module, 1 project, 2 case studies, 3 assignments, 4 tests and 1 examination at the end of the year.