IAC Financial Accounting In Commerce (FAC)
Short Description of the Designation
The duty of a Financial Accountant in Commerce (FAC) is to prepare annual financial statements for their employers or clients, and to control, gather, analyse and interpret financial information in such a way that internal and external stakeholders, such as management, investors, banks and shareholders, can use it to forecast the future of the company and to make decisions based on the information.
- A Financial Accountant in Commerce should be allowed to write up books of prime entry for all types of business entities but will not be allowed to act as an Accounting Officer.
- A Financial Accountant in Commerce may apply to be registered as an Accounting Officer but would have to meet the entry requirements prevailing at the time.
Criteria for obtaining the Professional Designation
A person who have completedan Accounting qualification with a minimum SAQA rated NQF Level 6 (pre 2009) and NQF Level 7 (post 2009).
The applicant needs to have a minimum of 3 years practical Accounting experience under the guidance of a registered Accountant.
The training must include the writing up of books of prime entry as well as the preparation of financial statements complying with IFRS or IFRS for SME’s.
The applicant must be compliant with the Institute’s code of conduct
Academic Component
For the Professional Designation to be awarded, professionals must comply with the following minimum academic requirements:
Have completed an Accounting qualification with a minimum SAQA rated NQF Level 6 (pre 2009) and NQF Level 7 (post 2009),
The qualification must contain the following core subjects:
• Financial Accounting 3.
Practical/Workplace Experience
The applicant needs to have a minimum of 3 years practical Accounting experience under the guidance of a registered Accountant.
The training must include the writing up of books of prime entry as well as the preparation of financial statements complying with IFRS or IFRS for SME’s.
The application must be supported by an affidavit, stamped and signed by a Commissioner of Oaths, verifying the applicant’s practical experience, as well as a comprehensive job description.
Competency Assessment
Once the academic and practical component has been met, an applicant would need to undergo a 3 hour written evaluation followed by a 2 hour oral evaluation, conducted by a registered IAC assessor, covering the following:
- Accounting
- Auditing
- Company Law
- Taxation
- Practice Management
The pass mark for the assessment evaluation is as follows:
- Accounting 70%
- Taxation 75%
- All other subjects 65%
CPD Requirement:
Must complete 40 CPD hours per annum (20 structured + 20 unstructured) comprising of at least 4 categories, viz, Accounting (i.e. IFRS), Taxation, Company Law, Auditing & Review Engagements, and any other area in which the applicant specialises in.
Download: Application Form – Financial Accountant in Commerce (FAC) (PDF)