Qualification details

FNS50210 - Diploma of Accounting (Release 4)

Summary

Releases:
ReleaseStatusRelease date
4 (this release)Current 06/Sep/2012
(View details for release 3) Replaced07/Mar/2012
(View details for release 2) Replaced16/Jan/2012
(View details for release 1) Replaced24/Nov/2010

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes FNS50204 - Diploma of Accounting 23/Nov/2010
Is superseded by FNS50215 - Diploma of AccountingUpdated to meet Standards for Training Packages. Entry requirements removed. Pre-requisite units updated Packaging rules updated with additional elective units. Number of core units increase from nine to 11. 24/Mar/2015

Training packages that include this qualification

Units of competency

CodeSort Table listing Units of Competency by the Code columnTitleSort Table listing Units of Competency by the Title columnEssential
BSBITU402A - Develop and use complex spreadsheetsDevelop and use complex spreadsheets N/A
BSBWOR401A - Establish effective workplace relationshipsEstablish effective workplace relationships N/A
FNSACC501A - Provide financial and business performance informationProvide financial and business performance information N/A
FNSACC502B - Prepare legally compliant tax returns for individualsPrepare legally compliant tax returns for individuals N/A
FNSACC503A - Manage budgets and forecastsManage budgets and forecasts N/A
FNSACC504A - Prepare financial reports for corporate entitiesPrepare financial reports for corporate entities N/A
FNSACC505A - Establish and maintain accounting information systemsEstablish and maintain accounting information systems N/A
FNSACC506A - Implement and maintain internal control proceduresImplement and maintain internal control procedures N/A
FNSACC507A - Provide management accounting informationProvide management accounting information N/A
FNSACC601B - Prepare and administer compliant tax returns for legal entitiesPrepare and administer compliant tax returns for legal entities N/A
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Classifications

SchemeCodeClassification value
ANZSCO Identifier 221111 Accountant (General) 
ASCO (occupation type) Identifier 321 Finance Associate Professionals 
ASCED Qualification/Course Field of Education Identifier 0801 Accounting 
Qualification/Course Level of Education Identifier 421 Diploma 

Classification history

SchemeCodeClassification valueStart dateEnd date
ANZSCO Identifier 221111 Accountant (General) 24/Nov/2010 
ASCO (occupation type) Identifier 321 Finance Associate Professionals 24/Nov/2010 
ASCED Qualification/Course Field of Education Identifier 0801 Accounting 24/Nov/2010 
Qualification/Course Level of Education Identifier 421 Diploma 24/Nov/2010 
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Modification History

Release 

Comments 

Release 4

Unit removed from elective pool - FNSACC403B

Release 3

This version released with FNS10 Financial Services Training Package version 3.0.

Units changes and inclusions to reflect Tax Practitioners Board requirements – FNSACC502B in the core; FNSACC403B, FNSTPB501A, FNSTPB502A, FNSACC601B added to electives.

Entry requirements reworded to clarify the intended requirement and remove artificial barriers.

Qualification outcomes remain unchanged.

Release 2

This version released with FNS10 Financial Services Training Package version 2.0.

Redraft entry requirements to remove potential ambiguity.

Release 1

This Qualification first released with FNS10 Financial Services Training Package version 1.0.

Description

This qualification reflects professional accounting job roles in financial services and other industries.

Pathways Information

Pathways into the qualification 

Preferred pathways for candidates entering this qualification include:

  • Certificate IV in Accounting
  • Certificate IV in Bookkeeping

Pathways from the qualification 

A learning pathway utilising qualifications such as Advanced Diploma of Accounting would support career progression.

Licensing/Regulatory Information

NOTE : Work functions in this occupational area are subject to regulatory requirements. You should refer to the IBSA website (www.ibsa.org.au under Training Packages/Industry) for specific guidance on requirements.

Entry Requirements

The entry requirement for this qualification is completion of the units which comprise the core from the Certificate IV in Accounting in the Financial Services Training Package FNS10.

or

Completion of the units which comprise the core from the Certificate IV in Accounting in the Financial Services Training Package FNS04.

The entry requirement can be met by evidence of equivalent competency to either of the above through recognition of prior learning (RPL).

Employability Skills Summary

The following table contains a summary of the Employability Skills required by industry for this qualification. The Employability Skills facets described here are broad industry requirements that may vary depending on qualification packaging options.

Employability Skill 

Industry/enterprise requirements for this qualification include: 

Communication

  • compiling data and preparing financial statements and ad hoc reports
  • developing and writing reports to specifications
  • discussing and negotiating with stakeholders on matters relating to financial management
  • liaising, listening and consulting
  • preparing and presenting correspondence in appropriate electronic format
  • reading and evaluating complex and formal documents, such as legislation and regulation documents
  • processing material and critically analysing and integrating information from a wide range of sources
  • using effective telephone techniques and having the ability to negotiate resolutions with clients and colleagues

Teamwork

  • contributing and working with others to implement policies and procedures
  • referring matters to nominated person as required

Problem-solving

  • applying estimating, forecasting and analysis skills
  • conducting variance and cost benefit analyses
  • determining security protocols
  • developing financial performance indicators and security arrangements to ensure the integrity of the system
  • establishing and reviewing assumptions/parameters
  • identifying financial risks
  • identifying OHS hazards and exercising risk control
  • solving discrepancies

Initiative and enterprise

  • applying learning about ergonomic activities to develop improved processes
  • applying referral skills
  • designing reports to effectively present workplace information
  • identifying trends in the industry
  • referring non-routine problems to a nominated person
  • researching the feasibility of workplace opportunities

Planning and organising

  • establishing and maintaining an accounting system
  • establishing, monitoring and reviewing reporting systems
  • maintaining accounting records for compliance purposes
  • maintaining systems, records and reporting procedures
  • preparing, documenting and managing budgets and forecasts
  • preparing taxation returns
  • researching and managing data collection and testing
  • setting milestones and performance indicators
  • timetabling, scheduling reports and lodgements

Self-management

  • adapting to change in technology and work practices
  • defining own work role and understanding limits of responsibility
  • developing internal control procedures for corporate governance
  • identifying and acting upon professional development opportunities
  • understanding and acting upon compliance requirements
  • working ethically and complying with industry professional code of practice and legislative requirements

Learning

  • developing and maintaining personal competence
  • following workplace safety procedures
  • maintaining currency of knowledge of relevant legislation and codes of practice
  • using online help for self-learning purposes

Technology

  • adapting to change in technology and working within ergonomic guidelines
  • using technology to assist the management of information and to establish and operate systems
  • using word processing, spreadsheet and database skills to produce workplace documents and reports

Packaging Rules

Total number of units = 9 

6 core units plus 

3 elective units 

1 elective unit  must be selected from the elective units listed below.

The remaining 2 elective units  may be selected from the elective units listed below, any endorsed Training Package or accredited course. These elective units may be selected from a Certificate IV, Diploma or Advanced Diploma qualification.

The elective units chosen must be relevant to the work outcome and meet local industry needs.

Core Units 

FNSACC501A Provide financial and business performance information

FNSACC502B Prepare legally compliant tax returns for Individuals

FNSACC503A Manage budgets and forecasts

FNSACC504A Prepare financial reports for corporate entities

FNSACC506A Implement and maintain internal control procedures

FNSACC507A Provide management accounting information

Elective Units 

FNSACC505A Establish and maintain accounting information systems

FNSACC601B Prepare and administer compliant tax returns for legal entities

FNSACC607A Evaluate business performance

FNSFMK505A Comply with financial services legislation and industry codes of practice

FNSINC601A Apply economic principles to work in the financial services industry

FNSINC602A Interpret and use financial statistics and tools

FNSORG505A Prepare financial reports to meet statutory requirements

FNSORG506A Prepare financial forecasts and projections

FNSTPB501A Apply legal principles in corporations and trusts law

FNSTPB502A Apply legal principles in commercial and property law

BSBITU402A Develop and use complex spreadsheets

BSBWOR401A Establish effective workplace relationships

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