FOUNDATION LEVEL

Paper 1. Fundamentals of Accounting

Learning Objectives

To develop a working knowledge of basic fundamental accounting principles and double entry accounting sysyetm and the preparation of Financial Statements.

Learning Outcomes

The student will be able to apply relevant accounting principles and concepts and accounting treatments to produce Financial Statements in accordance with recognised accounting standards and IFRS framework.

Paper 2. Economics

Learning Objectives

Upon completion of the paper, students are expected to understand core concepts in macroeconomics, microeconomics and international trade, in their role as accountant and financial executives, to appreciate and evaluate how a nation organizes its resources and align the policies for economic stability and growth, how a nation’s economic system operates and the parameters for measuring the economy. In addition,  the paper includes some of the issues which relate to international trade and policy. 

Learning Outcomes 

• Define, measure and interpret key macroeconomic and microeconomic concepts
• Apply economic theory and models to describe economic decisions made by individuals, businesses and governments and assess the appropriateness of decisions
• Analyse and evaluate public policy to determine its economic and societal welfare consequences
• Apply the appropriate economic tools to conduct a meaningful analysis of the economy in a professional ethical context

Paper 3. Cost & Management Accounting

Learning Objectives

Introduces the student to costing principles and management accounting. The student develops knowledge and understanding of cost determination, costing systems and cost control, budgetary control & decision making techniques. 

Learning Outcomes 

The student should be able to apply costing principles, costing methodology and techniques and be able to operate and maintain cost accounting records and prepare quantitative statements for decision-making & control of operations.

Paper 4. Contracts & Commercial Law

Learning Objectives

Establish basic understanding of the Australian legal system, interpret key concepts in the law of contract, consumer protection, the law of torts, and the commercial laws regulating business organisations and activities, including company law, banking and finance law, competition law, law of torts.

Learning Outcomes 

Upon completion of the paper, students should be able to 

• Exhibit knowledge of the key features of the Australian Legal System in relation to business law
• Apply principles and rules to evaluate common business scenarios relating to contract law, agency relationships, partnership law and company law, and identify legal problems and risks which arise in those scenarios
• Apply problem-solving skills to legal issues identified and compose a legal opinion based on application of business law principles

Paper 5. Taxation

Learning Objectives

On completion of the paper, student should be able to

• Gain understanding of the concepts of taxation law in Australia, the taxation systems and the respective tax legislations, case law and rulings. 
• Analyse and apply the principles and rules regarding tax residency criteria, the taxation of ordinary and statutory income, compensation, superannuation, employment termination payments, capital gains and fringe benefits for the purposes of calculating final tax liability.
• Apply and interpret tax principles and rules to analyse personal, property and business scenarios.
• Evaluate and communicate prevailing issues in taxation law and report taxation information to stakeholders. 

Learning Outcomes 

• Locate, interpret and explain relevant legislation, cases, rulings and principles of taxation law in Australia
• Obtain working knowledge in key aspects of Australian income tax system and critically apply relevant legislation, cases, rulings and principles of taxation law in any given scenario to recommend actions as well as provision of justifications.
• Communicate recommendations in a professional manner for issues in taxation law and/or tax information to stakeholders.

Paper 6. Accounting Information System

Learning Objectives

Understanding of the nature of accounting information systems and the information quality.

Appreciation of the key business processes including revenue, expenditure and general ledger and the relative accounting information. 

Demonstrate knowledge in the use of IT in the preparation of accounting information for both internal and external stakeholders. 

Analyze and evaluate the risks and controls in the business processes and accounting information systems. 

Appreciation of the accountant’s role in information system acquisition and development.

Learning Outcomes 

• Demonstrate understanding of accounting theory and concepts, including the regulatory and conceptual frameworks
• Articulate the accounting concepts and theories that relate to the key business processes and accounting information
• Recommend internal control procedures that should be in place to mitigate business process risks
• Interpret and assess the efficiency of the key business processes and reliability of accounting information to internal and external uses
• Evaluate the alternative approaches to acounting information systems development and the associated risks

PROFESSIONAL INTERMEDIATE LEVEL

Paper 7. Audit and Assurance 

Learning Objectives

Understanding of the different services provided by practioners in the business context. Appreciate the concepts of assurance and the determining factors affecting the level of assurance provided by the assurance practitioner. 

Explain and apply audit techniques for the audit of historical financial information, including risk assessment, risk response, completion adn reporting. 

Identify ethical threats in an assurance engagement and apply safeguards to mitigate risks.

Learning Outcomes

Upon completion of the paper, students should be able to 

• Explain the nature of assurance engagement and the corresponding concepts
• Identify and explain audit risks and apply audit risk model in the planning stage of audit
• Understand the method undertaken by auditors in the collection of audit evidence and reliablity of the evidence, explain factors affecting the quantity of audit evidence and the typical sampling methods to select the representative sample
• Describe and apply audit procedures in the audit testing stage, including test of control and substantive testing
• Evaluate findings from audit testing stage, propose appropriate audit opinion and provide justification
• Apply professiona ethics principles in the context of assurance provider vs. client scenario and recommend safeguards to deal with ethical threats idenfitied

Paper 8. Company Law

Learning Objectives

Introduction of the corporate regulatory system in Australia, cover issues in incorporation, separate legal entity status of companies and the concept of limited liability. Explains in depth the creation of company and internal rules of a company  including the corporate constitution and Replaceable Rules, directors’ rights and duties, shareholders’ rights and remedies. Explore rules in relation to share capital, public fund raising, and the administration for insolvent corporations.

Learning Outcomes 

Upon completion of the paper, students should be able to 

• Demonstrate an advanced understanding of corporate law in Australia
• Identify and explain the ways that corporations and their stakeholders are regulated by the law in Australia
• Access, interpret and apply corporate law to any given scenario to recommend resolutions
• Explain and apply legislation and case law to the internal and external regulation of corporations

Paper 9. Business Mathematics and Statistics

Learning Objectives

Students are expected to develop basic quantitative skills in accounting, economics and finance, including appreciation of basic concepts of probability, portfolio risk return distributions, statistical inference, regression analysis. 

Learning Outcomes 

• Apply probability theory in business and financial decision making
• Application of statistical models to reach a onclusion on population values
• Apply and interpret concepts of descriptive statistics to real life data and critically appraise the accuracy, sources and relevance of statistical data and models
• Apply regression and correlation analysis to forecasts the future values of strategic variables
• Apply linear regression models and testing hypothesis

Paper 10.Business Strategy and Management

Learning Objectives

Key focus of the paper is on the competitive strategies that integrate the resources and competencies of the business with the opportunities and threats in the dynamic business environment. On completion of the paper, students should be capable of understanding the models and techniques of strategy formulation, strategy implementation and change management. 

Learning Outcomes 

• Describe and apply models and techniques to assess the strategic position of a business in a given scenario
• Critically evaluate business strategies and performance in a given organizational scenario, and apply the theoretical and practical knowledgeto to assess the potential outcome of competitive strategies and present the finding in a professional manner

Paper 11. Financial Accounting

Learning Objectives

The paper further extends the knowledge from Fundamentals of Accounting and demand a more comprehensive understanding of financial reporting concepts and how accounting information are prepared, analysed, and applied in real life organisational decision-making processes. Upon completion, students are expected to be capable of applying and evaluating the key accounting standards in the preparation of financial reports.

Learning Outcomes

• Understand the conceptual framework and the fundamental accounting theory, concepts and principles
• Capable of recording and evaluating business transactions in accordance with Australian accounting standards
• Apply accounting principles and concepts and suitable accounting treatments to prepare Financial Statements in accordance with Australian accounting standards
• Assess the alternative approaches to accounting for assets, liabilities and equity

Paper 12. Management Accounting

Learning Objectives

Develop knoweldge and skill in management accounting practices in managment report to assist decision making in the value creation of a business. 

Develop ability in the application of conventional and contemporary cost accounting techniques. 

Appreciation of the dynamic nature of business environment and contribute to the continuous adaptation of costing system in the particular business environment.

Learning Outcomes 

• Appreciation of the relationship between various cost concepts and respective strength and weakness
• Critical analysis of current situation in the organization and recommend the most suitable strategy/approach to assit in management decision making
• Application of standard costing systems to measure business performance and to identify remedial action

PROFESSIONAL FINAL LEVEL

Paper 13.Corporate Reporting

Learning Objectives

This paper provides the necessary background for understanding the Financial Reporting Standards in Australia. Students are expected to assemble knoweldge from Foundation and Intermediate level to develop deeper understanding of the conceptual frameworks and external reporting environment. 

Upon completion, students should be capable of application of selected accounting standards for property, plant and equipment, intangible assets, income tax, accounting for group, equity investments and joint ventures, as well as the ability to critically evaluate alternative treatment and justify the logic behind existing accounting standards. 

Learning Outcomes

• Interpret the role of a conceptual framework and its relevance to financial reporting, critically evaluate the existing framework
• Explain and apply the regulatory framework for financial reporting in Australia, choose and justify the accounting treatment in a dynamic organisational environment
• Apply accounting standards for non-current assets, income taxes, intangible assets in the preparation of financial statements
• Prepare consolidated financial statements in accordance with Australian Accounting Standards
• Appreciate the economic consequences of alternative accounting treatment on the financial statements

Paper 14. Financial Management

Learning Objectives

The paper covers major aspects in financial management centred around the source of fund and use of fund in a business. It includes major concepts and analytical tools that underpin the investment and financing decisions, working capital management, capital budgeting and dividend policies, a brief introduction to the role and functioning of the capital market and the various sources of finance and cost of capital, the financial structure decision.

Learning Outcomes 

• Apply the financial concepts and tools of corporate finance to the investment decisions, opportunity cost of capital, factors affecting the valuation of bonds and stocks, as well as the firm’s capital budgeting
• Apply concepts to financial decisions that incorporate risk and return
• Discuss the natures of dividend policy and assess various dividend models
• Provide recommendation on real problems in business and evaluate the practical difficulties in application
• Communicate and present finding in a professional manner, financial information in a variety of business situations

Paper 15. Advanced Auditing

Learning Objectives

Appreciation of audit engagement and professional services provided by practitioners from the perspectives of partners and senior auditors, including the understanding of the applicable legal framework and ethical requirement concerning auditors’ responsibilities, conduct of an audit of historical financial information, evaluation of audit evidence and communication of audit opinions. 

Learning Outcomes 

Upon completion of the paper, students should be able to 

• Distinguish the different types of audit and assurance services and explain the level of assurance provided
• Critically assess the ethical dilemmas in a given scenario and propose appropriate safeguards in line with applicable ethical framework
• Conduct client risk assessment procedures and explain the risks identified, auditors’ response to assessed risks including the concept of materiality in an audit of historical financial statement
• Explain internal control framework and apply audit procedures to evaluate the internal controls
• Apply requirements in the applicable auditing standards in the testing of internal control and substantive procedures.
• Critically evaluate the evidence gathered during the auditing process and propose an appropriate audit opinion

Paper 16. Advanced Business Taxation

Learning Objectives

The paper further extends taxation knowledge to the application in different types of businesses including trusts, partnerships, companies, superannuation funds, and special taxpayers. Students should be able to apply tax principles and rulings to evaluate and recommend tax efficient solutions on domestic and international taxation issues in the context of planning and anti-avoidance. 

Learning Outcomes 

• Articulate and apply advanced substantive taxation law concepts in different business structures, e.g. trust, partnership, companies.
• Develop research and reasoning skills and professional judgment to articulate responses to complex taxation cases and communicate in a professional manner on advanced issues pertaining to taxation law
• Critically evaluate and make recommendations on the appropriate business structures to leverage returns within the remit of taxation law
• Advise on tax planning and anti-tax avoidance issues in local and international levels