FOUNDATIONS IN ACCOUNTANCY (FIA)
The structure of the qualification:
Foundations in Accountancy (FIA) syllabus
FA1 – Recording Financial Transactions
- introduces the basic accounting systems and documentation that will be encountered in the workplace,
- develops knowledge and understanding of the operational aspects of maintaining accounting records and procedures,
- elaborates on how to record these transactions in the books of prime entry, including introduction to the principles of double entry.
MA1 – Management Information
- introduces the student to the knowledge of basic cost information required for management accounting,
- develops the knowledge and ability to recognise, collect and record basic cost and revenue information for planning and control.
FA2 – Maintaining Financial Records
- introduces the fundamental principles of accounting,
- develops the knowledge and understanding of the techniques used to maintain accounting records,
- teaches students how to produce accounting records including ledger accounts, sales tax records (where applicable), control accounts, reconciliations, and extract and correct an initial trial balance also making the adjustments necessary to produce an extended trial balance,
- covers accounting for the business transactions of sole traders and partnerships.
MA2 – Managing Costs and Finance
- develops the knowledge and understanding of the principles and techniques used in recording, analysing and reporting costs and revenues for internal management purposes,
- demonstrates and develops applicable cost concepts in making short term decisions and the application of spreadsheets in management accounting.
FAB (F1) – Accountant in Business
- develops understanding of business in the context of its environment, including economic, legal, and regulatory influences on such aspects as governance, employment, health and safety, data protection and security,
- introduces certain aspects of the regulatory framework affecting auditing and governance, examines the roles of internal and external auditors and be introduced to the importance of internal control,
- introduces key management and people issues such as individual and team behaviour, leadership, motivation and professional ethics in business.
FMA (F2) – Management Accounting
- develops knowledge and ability to apply appropriate management accounting concepts and foundations in accountancy techniques for decision making, planning and control,
- offers an insight into forecasting techniques, the preparation of budgets and standard costs and performance measurement.
FFA (F3) – Financial Accounting
- develops knowledge and understanding of the underlying principles and concepts relating to financial accounting,
- enables students to demonstrate technical proficiency in the use of double entry techniques, including the preparation and interpretation of basic financial statements for sole traders, companies and simple groups of companies.