Changes to the assessment criteria will be implemented with effect from Wednesday 1 July 2015. The total number of core knowledge areas will be consolidated to nine (9) from the current twelve (12).
|Pre-July core knowledge areas||Post-July competency areas|
|Accounting Systems and Processes||Accounting Systems and Processes|
|Financial Accounting||Financial Accounting and Reporting * including both Financial Accounting & Accounting Theory|
|Management Accounting||Management Accounting|
|Audit and Assurance||Audit and Assurance|
|Commercial Law||Business Law * including both Commercial Law and Corporations Law|
|Taxation Law||Taxation Law|
|Accounting Information Systems||Removed – no longer required|
|Quantitative Methods||Quantitative Methods|
The range of compulsory subjects for assessment has increased from 4 to 7 for most occupations.
The compulsory subjects from 1 July 2015 will be:
- Accounting Systems and Processes: No Change – previously required for all applicants
- Economics: previously optional for all applicants.
- Finance: Previously optional for most applicants, apart from Finance Managers and Corporate Treasurers.
- Management Accounting: No Change – previously required for all applicants
- Financial Accounting and Reporting: now made up of Financial Accounting (an advanced subject covering accounting for corporate groups and reporting) and Accounting Theory (another advanced subject covering accounting standards and new developments in accounting). Previously, Accounting Theory was compulsory only for the Accountant (General) and Management Accountant occupations.
- Business Law: Previously optional for all applicants. This will now include both Commercial Law (covering contracts and typically employment law) as well as Corporations Law (general a fairly detailed subject covering laws applying to companies).
- Quantitative Methods: previously optional for all applicantsCompulsory Subjects for External Auditors and Tax Accountants
In addition to the above core areas, External Auditors will need to complete Audit & Assurance, and Tax Accountants will need to complete Australian Taxation Laws.This means that for these occupations, 8 core areas will need to be covered, rather than 7 as required for other occupations.
The new changes will affect on 12 pm 23 June 2015.
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