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Qualification details

FNS50210 - Diploma of Accounting (Release 2)

Summary

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Superseded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Is superseded by FNS50215 - Diploma of AccountingUpdated to meet Standards for Training Packages.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

Releases:
ReleaseRelease date
(View details for release 4) 06/Sep/2012
(View details for release 3) 07/Mar/2012
2 (this release) 16/Jan/2012
(View details for release 1) 24/Nov/2010

Delivery:
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Training packages that include this qualification

Replaced release

You are currently viewing the components related to release 2.
The current release is release 4.  View release 4 details.

Units of competency

CodeSort Table listing Units of Competency by the Code columnTitleSort Table listing Units of Competency by the Title columnUsage RecommendationSort Table listing Units of Competency by the Usage Recommendation columnEssentialSort Table listing Units of Competency by the Essential column
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FNSACC502A - Prepare income tax returns for individualsPrepare income tax returns for individualsSupersededN/A
BSBITU402A - Develop and use complex spreadsheetsDevelop and use complex spreadsheetsSupersededN/A
BSBWOR401A - Establish effective workplace relationshipsEstablish effective workplace relationshipsSupersededN/A
FNSACC607A - Evaluate business performanceEvaluate business performanceSupersededN/A
FNSACC503A - Manage budgets and forecastsManage budgets and forecastsSupersededN/A
FNSINC602A - Interpret and use financial statistics and toolsInterpret and use financial statistics and toolsSupersededN/A
FNSORG505A - Prepare financial reports to meet statutory requirementsPrepare financial reports to meet statutory requirementsSupersededN/A
FNSACC505A - Establish and maintain accounting information systemsEstablish and maintain accounting information systemsSupersededN/A
FNSINC601A - Apply economic principles to work in the financial services industryApply economic principles to work in the financial services industrySupersededN/A
FNSACC506A - Implement and maintain internal control proceduresImplement and maintain internal control proceduresSupersededN/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 
Taxonomy - Industry Sector N/A Accounting and Bookkeeping,Financial Services 
Taxonomy - Occupation N/A Finance Sector Supervisor,Assistant Accountant 

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 2

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

Redraft entry requirements to remove potential ambiguity.

Description

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

Pathways Information

Preferred pathways for candidates entering this qualification include:

  • Certificate IV in Accounting
  • Certificate IV in Bookkeeping.

The primary pathway from this qualification is employment in accounting job roles with duties such as:

  • introducing and maintaining accounting systems
  • maintaining internal control systems
  • preparing financial statements for a non-reporting entity
  • reporting on business performance
  • preparing accounting reports for management.

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

Licensing/Regulatory Information

Not applicable.

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
  • using effective telephone techniques and having the ability to negotiate resolutions with clients and colleagues
  • preparing and presenting correspondence in appropriate electronic format

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

9 units  must be achieved:

6 core units 

plus 3 elective units 

1 elective units 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.

Elective units must be relevant to the work outcome, local industry requirements and the qualification level.

Core units of competency: 

FNSACC501A Provide financial and business performance information

FNSACC502A Prepare income 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 of competency: 

FNSACC505A Establish and maintain accounting information systems

FNSACC607A Evaluate business performance

FNSINC601A Apply economic principles to work in the financial services industry

FNSINC602A Interpret and use financial statistics and tools

FNSFMK505A Comply with financial services legislation and industry codes of practice

FNSORG505A Prepare financial reports to meet statutory requirements

FNSORG506A Prepare financial forecasts and projections

BSBITU402A Develop and use complex spreadsheets

BSBWOR401A Establish effective workplace relationships

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