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SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION THAT HAS PASSED THE END DATE: 

Diploma in Financial Accounting 
SAQA QUAL ID QUALIFICATION TITLE
66992  Diploma in Financial Accounting 
ORIGINATOR
Damelin 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
National Diploma  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  360  Level 6  NQF Level 06  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Passed the End Date -
Status was "Reregistered" 		 SAQA 091/21  2021-07-01  2023-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2028-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:

The Diploma in Financial Accounting, at NQF Level 6 is designed to meet the needs of those learners who are already involved in the field of Financial Accounting or who wish enter the field at a higher level.

The purpose of the qualification is to provide learners with the ability to establish and foster an understanding of an organization's activities and its financial and business environment. The qualification therefore aims to provide learners with knowledge and practical skills required to perform effectively in a financial and business environment ensuring proper financial functioning.

The qualifying learner will be able to apply the core and detailed aspects of financial accounting principles in practice. The learner will have to prove competency in subjects such as business communication, micro-and macroeconomics, financial accounting, business law, principles of taxation, cost and management accounting, internal auditing, quantitative methods, accounting software, corporate governance, project management, and work integrated learning. These subjects provide learners with the required competencies to be employed in various roles in the economic sector and will enable learners to follow different career opportunities nationally and internationally.

Related career fields are:
  • Marketing Assistant.
  • Credit Controller.
  • Legal Secretary.
  • Financial Analyst.
  • Bookkeeper.
  • Accountant.

    Rationale:

    The qualification provides an exciting career opportunity in the accounting field. The curriculum has been designed to give learners an in-depth knowledge of the business sector and the skills required to build a successful career.

    Financial Accounting is an essential and key business function necessary for the success of any organisation, both strategically and operationally. This qualification therefore reflects the needs of the financial and business sector both now and in the future. The level of flexibility is reflected in the multiple job roles and careers, organisational requirements and changing nature of financial accounting and at the same time it allows the individual to work towards a nationally recognised qualification.

    On successful completion of the programme, graduates will be able to seek positions in the public and private institutions. The graduates will have obtained the capabilities to perform in financial and business related functions. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners have English and communication skills at one level below that is required for the qualification.
    Computer experience will be an advantage to learners.

    Recognition of Prior Learning:

    The Diploma in Financial Accounting, at NQF Level 6 allows for open access and may be achieved in part or in whole through the process of Recognition of Prior Learning (RPL). Provision should be made for prior learning to be recognised if a learner is able to demonstrate competence in the knowledge, skills, values and attitudes embedded in this qualification. Such competencies may help gain access to the programme leading to this qualification, or advanced placement therein.

    Access to the qualification:

    This qualification is for all candidates who meet the entrance requirements and who would like to enter into, or who have been employed or involved in financial accounting. 

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    The learning programme leading to this qualification should consist of at least:

    Fundamentals: 40 credits.
    Core: 305 credits.
    Electives: 15 credits.

    Minimum credits at NQF Level 7: 60 credits.
    Minimum credits at NQF Level 5: 120 credits.

    Admission Requirements:

    This qualification is for all these candidates who would like to enter into, or who have been employed or involved in financial accounting responsibilities to advance their knowledge and skills. Candidates should have obtained one of the following:
  • National Senior Certificate (or equivalent).
  • Mathematics or Mathematical Literacy.
  • English at NQF Level 4.
  • RPL option. 
    		•

    EXIT LEVEL OUTCOMES 
  • Define, analyse, evaluate and apply concepts and practices in micro and macroeconomics.
  • Explain and apply concepts and practices in Business Management.
  • Communicate effectively in the workplace.
  • Demonstrate the ability to operate a computer.
  • Identify, analyse and solve basic legal problems relating to the law of contract.
  • Use a broad range of mathematical skills relevant to accounting practices.
  • Explain concepts and perform financial accounting practices.
  • Know critical components of contemporary financial accounting frameworks its calculation, recording and disclosure thereof.
  • Explain foundation level concepts and techniques in statistical analysis and business applications.
  • Provide an overview of the South African income tax framework.
  • Know how to use financial information for the planning and controlling of the internal activities of an organisation.
  • Review the reliability and integrity of financial and operating information, systems of internal control, means of safeguarding of assets as well as the efficient management of an organisation's resources and the effective conduct of its operations.
  • Perform accounting transactions in a computerized environment.
  • Perform good corporate governance.
  • Apply project management concepts, tools and guidelines to any small scale project or sub-project, based on a small budget and a limited scale of resources.
  • Integrate theory with practical learning in the work environment.

    Specific Outcomes for Fundamentals:

    1. Define, analyse, evaluate and apply concepts and practices in microeconomics.

    2. Define, analyse, evaluate and apply concepts and practices in macroeconomics.

    Specific Outcomes for Core:

    3. Explain and apply concepts and practices in Business Management.

    4. Communicate effectively in the workplace.

    5. Demonstrate the ability to operate a computer.

    6. Identify, analyse and solve basic legal problems relating to the law of contract.

    7. Use a broad range of mathematical skills relevant to accounting practices.

    8. Explain concepts and perform financial accounting practices.

    9. Know critical components of contemporary financial accounting frameworks its calculation, recording and disclosure thereof.

    10. Explain foundation level concepts and techniques in statistical analysis and business applications.

    11. Provide an overview of the South African income tax framework.

    12. Know how to use financial information for the planning and controlling of the internal activities of an organisation.

    13. Review the reliability and integrity of financial and operating information, systems of internal control, means of safeguarding of assets as well as the efficient management of an organisation's resources and the effective conduct of its operations.

    14. Perform accounting transactions in a computerized environment.

    15. Perform good corporate governance.

    16. Apply project management concepts, tools and guidelines to any small scale project or sub-project, based on a small budget and a limited scale of resources.

    17. Integrate theory with practical learning in the work environment.

    Specific Outcomes for Electives:

    18. Understand and apply basic concepts in of South African Company and Close Corporations Law.

    19. Ascertain gross pay entitlement of employees in an organisation.

    Critical Cross Field Outcomes:

    The programme aims to develop the SAQA critical cross-field outcomes listed below:
  • Identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made.
  • Work effectively with others as a member of a team, group, organisation, community.
  • Organise and manage oneself and one's activities responsibly and effectively.
  • Collect, analyse, organise and critically evaluate information.
  • Communicate effectively using visual, mathematical and/or language skills in the modes of oral and/or written presentation.
  • Use science and technology effectively and critically, showing responsibility towards the environment and health of others.
  • Demonstrate an understanding of the world as a set of related systems by recognizing that problem-solving contexts do not exist in isolation. 
    		•

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Fundamentals.

    Associated Assessment Criteria for Specific Outcomes 1:

    Assessors should ensure that learners demonstrate the following competencies:
  • Fundamental economic questions are explained and analysed.
  • Economic relationships are expressed in words, numbers, graphs, and equations.
  • Concepts such as change in demand, change in quantity demanded, change in supply, and change in quantity supplied are investigated and compared.
  • Aspects of pricing such as equilibrium price and quantity, and effect of Government interference in the price mechanism are explained and debated.
  • Concepts such as price elasticity of demand, its determinants and significance are explained and applied.
  • Concepts such as income elasticity, cross elasticity of demand and price elasticity of supply are investigated and applied.
  • Consumer equilibrium is described using the utility approach.
  • Basic cost and profit concepts for short term and long term are explained and applied.
  • Market structure models are evaluated.

    Associated Assessment Criteria for Specific Outcomes 2:

    Assessors should ensure that learners demonstrate the following competencies:
  • Standard macroeconomics objectives are investigated and explained.
  • Interactions among the major sectors of the economy are explained using an appropriate model.
  • Concepts such as economic growth and economic development are compared.
  • Fiscal policy and monetary policy are analysed and instruments used compared.
  • Types of unemployment are analysed and inverse relation between the rate of unemployment and the rate of inflation in an economy are critiqued.
  • Concepts such as demand-pull, cost-push inflation and costs of inflation are investigated, analysed and compared.
  • The concept of money, its functions, demand and supply, and the role of the Reserve Bank are explained and debated.
  • The role of the financial institutions in the economy, the rationale for International trade, balance of payments and importance of exchange rate are evaluated and applied.

    Associated Assessment Criteria for Core.

    Associated Assessment Criteria for Specific Outcomes 3:

    Assessors should ensure that learners demonstrate the following competencies:
  • The role of management in business organisations is explained.
  • The meaning and components of the primary management tasks, namely, planning, leading, organizing and control are debated.
  • The need and ways of advancing cultural diversity in the workplace are assessed.
  • Motivation theories to work design and performance are discussed and applied.
  • Team dynamics and the ability to participate effectively as members of work teams are explained and managed.

    Associated Assessment Criteria for Specific Outcomes 4:

    Assessors should ensure that learners demonstrate the following competencies:
  • Communication theory is explained and effective communication through a variety of modes such as oral, written and electronic communication is demonstrated.
  • The ability to organise, conduct a meeting and to report in a professional manner within a business environment is demonstrated.
  • Appropriate graphic media to complement or substitute other vehicles of communication is used.
  • The role of effective communication in a business environment is analysed and debated.
  • The proper use of business English is applied.

    Associated Assessment Criteria for Specific Outcomes 5:

    Assessors should ensure that learners demonstrate the following competencies:
  • Components of a computer, system and application software programmes, storage devices and the function and operating systems are explained.
  • Windows environment is explored and documents are created professionally.
  • Spreadsheets are created and formatted.
  • Slide presentations are produced.
  • A database including basic queries and reports are developed.
  • Aspects of emailing is demonstrated.
  • An electronic calendar is populated with information.
  • A publication is created.

    Associated Assessment Criteria for Specific Outcomes 6:

    Assessors should ensure that learners demonstrate the following competencies:
  • The origin and sources of South African Law and the different classification of the Law are explained.
  • The South African Judicial process is described.
  • Law is defined and legal subjects and laws under private law are explained.
  • A contract is defined and requirements for a valid contract, contractual capacity of a minor and termination of contracts are explained.
  • The essentialia of a contract of sale are indicated and the duties of the seller and the buyer are criticised.
  • Patent and latent affects are explained.
  • Remedies for breach of contract are argued.
  • A lease is defined and essentialia for a lease and termination of a lease is indicated.
  • The relationship between the landlord and third parties with specific reference to cession, sub-lease, and assignment is explained and applied.
  • An agency is defined, duties of an agent is described and express, implied and ostensible authority is compared.
  • Different forms of business enterprises are explained.
  • Immediate and remote parties to a cheque are discussed.
  • The concept of 'actionable omissions' is described.
  • Elements of the Employment contract, duties of the employer and procedures for strikes and lock-outs are discussed and explained.

    Associated Assessment Criteria for Specific Outcomes 7:

    Assessors should ensure that learners demonstrate the following competencies:
  • Mathematical and basic statistical methods are discussed and applied in a business environment.
  • Applied techniques in Business Mathematics are described and data presented and interpreted.
  • A variety of formulae, relating to accounting and business calculations is explained and applied.
  • Basic concepts in Arithmetic, Algebra, Geometry and Statistics are analysed and applied.

    Associated Assessment Criteria for Specific Outcomes 8:

    Assessors should ensure that learners demonstrate the following competencies:
  • Basic concepts in financial accounting is explained.
  • A range of transactions and adjustments, using the double-entry bookkeeping system is recorded.
  • Financial statements, including the Income Statement, Balance Sheet and Statement of Changes in Equity is prepared.
  • Selected controls in the accounting system, including the trial balance, the bank reconciliation, and debtors' and creditors' control accounts are applied.
  • Depreciation of assets is calculated and recorded using straight line and declining balance methods and adjustments about disposal of assets are made.
  • Year end adjustments to various accounts are made.
  • A fundamental understanding of accounting for VAT is demonstrated.
  • A range of transactions and adjustments relating to Branches for centralised and a decentralised systems are calculated and recorded.
  • Transactions and adjustments relating to Partnerships, Companies and non-profit organizations are calculated and recorded.
  • Financial statements, including cash flow statements, for companies, close corporations, partnerships and non-profit organizations are prepared correctly.
  • Basic analysis and interpretation of financial statements are performed correctly.

    Associated Assessment Criteria for Specific Outcomes 9:

    Assessors should ensure that learners demonstrate the following competencies:
  • Various principles, procedures and standards pertaining to financial statements are discussed and applied.
  • Various elements of financial statements, their recognition and classification are described.
  • Objectives and qualitative characteristics of financial statements are explained.
  • Parent and subsidiary companies, joint ventures and investments at cost are investigated and reported on.
  • Transactions relating to acquisition of companies are recorded correctly.
  • Group financial statements are prepared in accordance with Schedule 4 of the Companies Act and Generally Accepted Accounting Practice.
  • Basic taxation terms are defined and explained.
  • The differences between calculations of taxable income and tax liability for companies are explained and debated.
  • Accounting profit, taxable profit, taxation expense, current taxation and deferred taxation are calculated correctly.
  • Taxation in financial statements and the disclosure thereof are calculated.
  • The framework for the preparation and presentation of financial statements is discussed.
  • Various classes of income taxes are calculated and disclosed in financial statements.
  • Financial statements are being done for a company in compliance with the minimum disclosure requirements of Schedule 4 of the Companies Act and GAAP.
  • Capital and Reserves section in the Balance Sheet of a company is prepared in compliance with the minimum disclosure requirements required by the Companies Act.
  • Financial statements are prepared taking into account joint ventures and associate companies.
  • Comparative financial statements are analysed and limitations inherent in such analysis are discussed.

    Associated Assessment Criteria for Specific Outcomes 10:

    Assessors should ensure that learners demonstrate the following competencies:
  • Numeric data are represented in a variety of graphical formats.
  • The use of probability where risk and uncertainty exists are demonstrated.
  • Simple sampling techniques, design, test are developed and simple hypotheses are interpreted.
  • Simple measures of central tendency and dispersion are calculate and explained.
  • Forecasting tools are used including linear regression and time series analysis.

    Associated Assessment Criteria for Specific Outcomes 11:

    Assessors should ensure that learners demonstrate the following competencies:
  • The difference between capital and revenue is debated.
  • Gross income, including special inclusion items are defined and discussed.
  • Exempt income items are identified and explained.
  • Special deduction items are critically discussed.
  • Tax on fringe benefits is calculated correctly.
  • Tax payable on lump sums received on retirement, resignation and death is calculated correctly.
  • Provisional tax is calculated correctly.

    Associated Assessment Criteria for Specific Outcomes 12:

    Assessors should ensure that learners demonstrate the following competencies:
  • Terminologies used in main costing are explained.
  • Manufacturing overheads are discussed.
  • Manufacturing and income statements of manufacturing concern are compiled and interpreted.
  • Net profit according to direct or absorption costing method is calculated correctly.
  • Costing relevant to a particular job is calculated taking into account all costs involved.
  • Contract costing is explained and costing and cost reports are processed.
  • Process costing is explained and calculated taking all costs into consideration.
  • Volume profit analysis is explained and applied.
  • Standard costing and variance analysis are performed correctly.

    Associated Assessment Criteria for Specific Outcomes 13:

    Assessors should ensure that learners demonstrate the following competencies:
  • Auditing is defined and internal and external auditing is critically discussed.
  • The objectives and professional standards of internal auditing are explained.
  • The code of ethics and the application thereof are debated.
  • The postulates of auditing are debated.
  • The assertions of management are explained and apply to records or information presented.

    Associated Assessment Criteria for Specific Outcomes 14:

    Assessors should ensure that learners demonstrate the following competencies:
  • Pastel and its applications are described and applied.
  • Methods of creating a new company are explained applied.
  • Pastel utilities are explained and applied.
  • Accounts are set up.
  • Information is imported and exported.
  • The cycle of supplier processing is explained and applied.
  • The cycle of customer document processing is explained and applied.
  • Different Stores for Processing are being set up and operated.
  • General ledger is processed.
  • Periodic processing is explained and performed.

    Associated Assessment Criteria for Specific Outcomes 15:

    Assessors should ensure that learners demonstrate the following competencies:
  • The main principles or processes of corporate governance are explained.
  • Composition and selection of the Board of Directors are discussed.
  • The responsibilities of the Board of Directors are explained.
  • The guiding principles and functions of the committees of the Board are described and critically discussed.
  • The stipulations of the King II Report on financial reporting and communication are described and analysed.
  • Aspects of internal and external auditing are critically discussed.
  • Integrated Sustainability Reporting is explained taking safety, health, environment, ethics, intellectual capital and transformation into consideration.
  • The objectives of the Public Finance Management Act (PMFA) are described and debated.
  • The principles on executive remuneration are discussed.
  • Corporate governance in private businesses and other small organizations are described and debated.

    Associated Assessment Criteria for Specific Outcomes 16:

    Assessors should ensure that learners demonstrate the following competencies:
  • The fundamental concepts and knowledge areas of project management are explained.
  • Project management documentation management to support project processes are developed.
  • Project administration processes are implemented according to requirements.
  • A simple schedule to facilitate effective project execution is developed.
  • Simple project schedules are monitored, evaluated and communicated.
  • Project costs are identified and an appropriate project budget is prepared.
  • Project meetings and workshops are planned, organised and supported.
  • Project risks and opportunities are identified and responded to appropriately.
  • The purpose of teams in the project environment and effective participation are explained.

    Associated Assessment Criteria for Specific Outcomes 17:

    Assessors should ensure that learners demonstrate the following competencies:
  • Perform a given task in response to a request.
  • Knowledge required in a work setting is mapped.
  • Results of work performed are presented and communicated professionally.
  • The ability to make judgements and take decisions appropriate to context are demonstrated.
  • The ability to work as a member of a team is applied.
  • Time management as appropriate to the given task and deliverables is performed satisfactorily.
  • Self-assessment is practised by monitoring own performance and identifying areas of improvement.

    Associated Assessment Criteria for Elactives.

    Learners are to elect one of the following:

    Associated Assessment Criteria for Specific Outcomes 18:

    Assessors should ensure that learners demonstrate the following competencies:
  • The framework of the South African corporate law environment is outlined and explained.
  • Basic legalese is explained and various legal principles of corporate law are applied to the commercial environment.
  • Basics of legal principles of corporate law are analysed to protect legal position in own commercial interaction.

    Associated Assessment Criteria for Specific Outcomes 19:

    Assessors should ensure that learners demonstrate the following competencies:
  • Gross pay is defined, explained and compiled.
  • Basic entitlements such as pay rates, contracted conditions, and authorisation are discussed and applied and employee details are entered correctly.
  • Fringe benefits are identified and correctly applied to employee records.
  • All relevant temporary entitlements are identified, checked for authorisation, variations handled and correctly applied.

    Integrated Assessment:

    Assessment of competence is done through a combination of formative and summative assessment methodologies, tools and procedures, which will not discriminate against learners in an unjust or invalid way. Formative assessment integrates theory with practice, with transfer of skills being conducted in a real or simulated workplace environment. Assessment practices are fair, transparent, valid and reliable.

    The purpose of assessment is to determine whether a learner has met the outcomes of the qualification in terms of theory and practice. Integrative techniques are therefore used to assess applied competence. Candidates should be required to demonstrate that they can perform the outcomes with understanding and insight.

    Assessment should ensure that all exit level Outcomes and Critical Cross-Field Outcomes are evaluated. Assessment of the Critical Cross-Field Outcomes should be integrated with the assessment of the exit level outcomes. The Critical Cross-Field Outcomes are implicit in the learning and assessment programmes are designed to extend and further reflect integration. 
    		•

    INTERNATIONAL COMPARABILITY 
    This qualification is directly comparable with the Institute of Financial Accountants qualification, which is assessed in more than 80 countries. The IFA Financial Accounting qualification compares well with the Diploma. Same subjects are being offered in Financial Accounting as offered by the Associate of the Institute of Financial Accountants, although some subjects of the Fellow Membership are also covered.

    The Diploma also compares well with the undergraduate Financial Accounting qualification offered by the Mason School of Business in the UK, which was voted amongst the best in the world in this field of study. The core subjects are covered by the Diploma.

    In both comparisons, the Diploma offers an integrated workplace learning which is not included in the curricula of the IFA and Mason School of Business. 

    ARTICULATION OPTIONS 
    Access to qualifications on the same level:

    Learners who are (have been) registered for the same or another related qualification on NQF Level 6 will be able to horizontally enter another relevant learning programme on the same level, given the rules of access have been complied with. Such learners will retain credit for relevant modules that have successfully been completed at a previous institution and could enrol for a relevant diploma or degree level programme. 

    MODERATION OPTIONS 
  • Assessors and moderators assessing a learner or moderating the assessment of an assessor against this Qualification must be registered as an assessor and/or moderator with a relevant Education and Training Quality Assurance (ETQA) Body.
  • Formative assessment will be conducted internally with internal moderation being done by registered moderators.
  • Moderation must include both internal and external moderation of assessments at exit points of the Qualification. 
    		•

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    For an applicant to register as an assessor for this Qualification, the applicant should:
  • Hold a relevant qualification at least on NQF Level 7.
  • Have relevant workplace experience.
  • Be declared competent in all the outcomes of the enclosed outcomes as stipulated by South African Qualifications Authority (SAQA).
  • Be declared competent in all the exit level outcomes of the qualification as stipulated by South African Qualifications Authority (SAQA). 
    		•

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2009; 2012; 2015. 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Damelin 
    2. Damelin - Boksburg 
    3. Damelin - Bramely 
    4. Damelin - Cape Town formerly Cape Town City 
    5. Damelin - Durban formerly Durban City 
    6. Damelin - Menlyn 
    7. Damelin - Mowbray 
    8. Damelin - Overpoort formerly Westridge 
    9. Damelin - Pietermaritzburg 
    10. Damelin - Pretoria City 
    11. Damelin - Randburg 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.