Negative Result under Assessment for General accountant (221111) by CPA

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Negative Result under Assessment for General accountant (221111) by CPA


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Old 05-27-2014, 05:15 PM
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Unhappy Negative Result under Assessment for General accountant (221111) by CPA

Hi

I am CA from India qualified under May 2003 batch of CA final exams. My assessment as carried out by CPA australia has been negative as they say i do not have the coverage of core knowledge area "Accounting Theory" which is a mandatory one for 221111 category. score being 3/4 for mandatory and 8/8 for optional knolwdge areas. Of course i did sent them the certified copies of the syllabus as was applicable for CA foundation (may 1999), CA Inter and CA FInal (May 2003). However they do not seem to be convinced that the syllabus covered the accounting theory.

The accounting theory detailed expectations as listed on CPA web portal is as below.

Accounting Concepts and Principles

This unit covers a critical awareness of accounting issues in an international context. It requires an understanding of the theoretical concepts within the regulatory and conceptual framework of corporate reporting. This includes recognition criteria, methods of valuation, and reporting and disclosure of the financial performance of companies.

Topics:

1. Introduction to accounting
1.1 Define the need for accounting information for a wide variety of users
1.2 Identify the users of financial information and their information needs
1.3 Define and explain the purpose and scope of financial reporting
1.4 Explain the need for financial accounting systems that enables entities to record and report financial transactions
1.5 Describe the main types of systems used in an organisation to provide information to users
1.6 Identify and explain how financial accounting systems can assist in providing information to users

2. The regulatory framework
2.1 Define what is meant by the regulation of published financial statements
2.2 Identify the different sources of accounting regulation including company law, local GAAP and IFRS
2.3 Describe the advantages and disadvantages of regulating financial statements
2.4 Identify why regulatory regimes may vary between different countries
2.5 Describe the role of the International Accounting Standards Board (IASB) in the regulation of financial statements
2.6 Explain the need for International Financial Reporting Standards as a global means of regulating accounting
2.7 Describe the benefits of International Accounting Standards for national jurisdictions
2.8 Describe the process involved when the IASB introduces a new accounting standard

3. Conceptual framework of accounting
3.1 Define and explain the purpose of a conceptual framework of accounting
3.2 Explain whether conceptual frameworks are a necessary component of financial reporting
3.3 Explain the role of a conceptual framework in the development of financial reporting standards
3.4 Identify the advantages and disadvantages of conceptual frameworks
3.5 Explain why a conceptual framework cannot consist only of financial reporting standards
3.6 Explain the role and purpose of the IASB Conceptual Framework for the Financial Reporting
3.7 Explain the process of accounting in situations where accounting standards do not exist
3.8 Identify the benefits of a conceptual framework in situations where accounting standards do not exist

4. Accounting standards and concepts
4.1 Explain the purpose of an accounting standard
4.2 Explain the reason that accounting standards are used to regulate financial reporting
4.3 Explain the advantages and disadvantages of accounting standards
4.4 Explain the need for financial statements to provide a fair presentation of the financial performance and financial position of an entity
4.5 Define the principle of substance over form
4.6 Explain the importance of recording the economic substance of transactions rather than the legal form
4.7 Describe the difference between a principles-based and rules-based system of accounting
4.8 Identify major developments in the harmonisation of worldwide accounting standards
4.9 Describe the effect of harmonisation of accounting standards on companies
4.10 Explain the role of International Financial Reporting Standards in the harmonisation process

5. Elements of financial statements and their recognition criteria
5.1 Define the elements of financial statements
5.2 Identify and define the following elements of financial statements

5.2.1 Asset
5.2.2 Liability
5.2.3 Equity
5.2.4 Income
5.2 5 Expense

5.3 Identify the financial statements where these elements are recognised
5.4 Identify and define the criteria for recognition of the elements of the financial statements

5.4.1 Asset
5.4.2 Liability
5.4.3 Equity
5.4.4 Income
5.4 5 Expense

6. Alternative methods of valuation
6.1 Identify and explain the advantages and disadvantages of the historical cost system of accounting
6.2 Identify, explain and calculate amounts using the following measurement bases

6.2.1 Historical cost
6.2.2 Fair value
6.2.3 Deprival value
6.2.4 Replacement cost
6.2.5 Net realisable value

7. Alternative theories of accounting
7.1 Define positive accounting theory
7.2 Define normative accounting theory
7.3 Identify financial capital maintenance and operating capital maintenance and how this can affect calculated profits
7.4 Describe operating and financial capital maintenance as alternatives to historical cost and identify the impact on reported profits
7.5 Calculate profits or losses using the financial capital maintenance and operating capital maintenance models
7.6 Distinguish between the following concepts of capital market efficiency

7.6.1 Weak form efficiency
7.6.2 Semi-strong form efficiency
7.6.3 Strong form efficiency

8. Reporting and disclosure of performance
8.1 Explain agency theory in the context of company activity
8.2 Explain the separation of ownership and control in a large corporation
8.3 Define an agency cost
8.4 Identify the types of agency costs involved in monitoring the activities of the agent
8.5 Identify the components of a set of financial statements
8.6 Identify the difference between the mandatory and non-mandatory information that is produced in the annual report
8.7 Identify the different types of financial and non-financial information produced in the annual report
8.8 Identify the possible advantages and disadvantages of providing financial and non-financial information in the annual report
8.9 Explain the purpose and benefits of providing company information to shareholders
8.10 Identify the content of the following company reports

8.10.1 Annual financial report
8.10.2 Chairmanís statement
8.10.3 Directorsí report
8.10.4 Corporate governance statement
8.10.5 Corporate social responsibility report
8.10.6 Auditorsí report
8.10.7 Management commentary




Can anyone please guide what should i do now:
1. should i apply for finance manager category now ?
2. should i prepare a detailed response covering point wise matches for the syllabus i studied in my CA and also covering the BCOM(Hons) course syllabus matching it against the detailed expectations for accounting theory. difficulty is BCOM(hons) syllabus is not readily available and also the CA institute said they have only the syllabus as was shared (which is chapter wise coverage) and not the detailed content of each chapter or actual study materials / books of those years which can help me frame a response.
3. should i drop this and simply go to CA australia for assessment
4. should i appear for CPA foundation exam - accounting principals
5. should i look out and pursue some accounting theory exam from some australian university
6. any other suggestion which any buddy can suggest.

thanks in advance

Rgds
Gurpreet Chaney
CA, Bachelor of Commerce(hons)
New Delhi, India


  #2 (permalink)  
Old 05-27-2014, 06:49 PM
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Hi Gurpreet

My situation was similar to yours. They rejected me for ' Accountant ' . I reapplied for ' Finance Manager ' and got the approval. I was not charged for the second time as well.


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Old 05-28-2014, 12:03 PM
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my husband appeared for CPA foundation exams, 3 of them, 2 passed, 1 failed, reappearing again from new delhi.

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  #4 (permalink)  
Old 05-28-2014, 02:30 PM
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Quote:
Originally Posted by irina_pandey View Post
my husband appeared for CPA foundation exams, 3 of them, 2 passed, 1 failed, reappearing again from new delhi.
Hope he managed to clear the relevant one..so do you recommend appearing for cpa foundation exam ?

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Old 05-28-2014, 03:38 PM
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Quote:
Originally Posted by gupschaney View Post
Hope he managed to clear the relevant one..so do you recommend appearing for cpa foundation exam ?
Hi. Mine was a similar case. After getting rejected for ' Accountant ' I reapplied for ' Finance Manager ' and got the approval. They even refunded my fee that I submitted second time.


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Old 05-28-2014, 03:56 PM
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he cleared accounting theory and business law, failed financial reporting by 5 marks. husband says, you can take it, its easy. if you need help let us know.

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Old 05-28-2014, 04:11 PM
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Quote:
Originally Posted by irina_pandey View Post
he cleared accounting theory and business law, failed financial reporting by 5 marks. husband says, you can take it, its easy. if you need help let us know.
Thanks dear...thats great. can you pls pm me his number.. i will call him and speak to him whenever he is free to talk.. would be great help... i was just thinking of going through the ICAA route.. may be i can wait ..thanks a lot dear


  #8 (permalink)  
Old 05-29-2014, 10:56 AM
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Hi. My application for skill assessment was also rejected for " General Accountant '. I again reapplied for " Finance Manager" which was approved in no time. CPA Australia also refunded me the fee that I paid for second application. Hope that answers your question.


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Old 08-22-2014, 06:02 PM
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In this case if you appear for an exam, how your employment assessment will count? from today or from your original qualification date?


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