Advanced Higher Accounting - SQA

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Advanced Higher AccountingCourse code:C800 77Course assessment code:X800 77SCQF:level 7 (32 SCQF credit points)Valid from:session 2019–20This document provides detailed information about the course and course assessment toensure consistent and transparent assessment year on year. It describes the structure ofthe course and the course assessment in terms of the skills, knowledge and understandingthat are assessed.This document is for teachers and lecturers and contains all the mandatory informationrequired to deliver the course.The information in this document may be reproduced in support of SQA qualifications only ona non-commercial basis. If it is reproduced, SQA must be clearly acknowledged as thesource. If it is to be reproduced for any other purpose, written permission must be obtainedfrom permissions@sqa.org.uk.This edition: June 2019 (version 2.0) Scottish Qualifications Authority 2014, 2019

ContentsCourse overview1Course rationale2Purpose and aims2Who is this course for?2Course content3Skills, knowledge and understanding3Skills for learning, skills for life and skills for work6Course assessment7Course assessment structure: question paper7Course assessment structure: project8Grading10Equality and inclusion11Further information12Appendix: course support notes13Introduction13Approaches to learning and teaching13Preparing for course assessment23Developing skills for learning, skills for life and skills for work23

Course overviewThis course consists of 32 SCQF credit points, which includes time for preparation for courseassessment. The notional length of time for candidates to complete the course is 160 hours.The course assessment has two components.ComponentMarksDurationComponent 1: question paper1402 hours and 30 minutesComponent 2: project60see ‘Course assessment’ sectionRecommended entryProgressionEntry to this course is at the discretion ofthe centre. a range of accounting-related HigherNational Certificates (HNCs) or HigherNational Diplomas (HNDs)Candidates should have achieved theHigher Accounting course or equivalentqualifications and/or experience prior tostarting this course. degrees in accounting and other relateddisciplines careers in accountancy within a widerange of industries in the private, publicand third sectors further study, employment and/ortrainingConditions of awardThe grade awarded is based on the total marks achieved across both course assessmentcomponents.Version 2.01

Course rationaleNational Courses reflect Curriculum for Excellence values, purposes and principles. Theyoffer flexibility, provide time for learning, focus on skills and applying learning, and providescope for personalisation and choice.Every course provides opportunities for candidates to develop breadth, challenge andapplication. The focus and balance of assessment is tailored to each subject area.Accounting is a key function in all organisations. Good accounting practices provideinformation and reassurance to a range of external stakeholders on issues such as the longterm financial stability of organisations. Effective accounting procedures provide timely andrelevant information to help management make decisions.This course helps candidates establish an in-depth understanding about the role thataccounting plays in the dynamic world of business and our ever-changing economy.Candidates become better informed and able to make a positive contribution to a company’sfinancial efficiency.Purpose and aimsThe course helps candidates understand and interpret complex financial information. Theyreport on financial performance by preparing, producing, analysing, and evaluating complexfinancial information for external stakeholders and for management decision making.The course aims to develop candidates’ understanding of: the skills needed to report on the financial performance of a public limited company, witha high degree of accuracy and precision how to analyse and evaluate complex accounting information to aid planning, control anddecision making in a business the principles that underpin a range of accounting techniques and processes the regulatory framework that underpins the production of accounting information forexternal use the importance of effectively managing finance, and how this contributes to successfulcompanies and a thriving economyWho is this course for?This course is suitable for candidates who are considering a career in accountancy or arelated discipline. It is for candidates who pay attention to detail, and enjoy the challenge oflogical and analytical thinking. It would be of interest to those who can apply numeracy skillsto resolve financial issues.Candidates should be able to work independently on financial research.Version 2.02

Course contentThe course has two areas of study.Financial accountingCandidates enhance their skills, knowledge and understanding of how to prepare complexfinancial accounting information for public limited companies. They learn how to investigate,analyse and report on an organisation’s current financial position and performance.Candidates gain an in-depth understanding of the regulatory framework governing publishedfinancial statements. Candidates gain the accounting skills required to dissolve a partnership.Management accountingCandidates enhance their skills, knowledge and understanding of the provision of internalaccounting information, and the ability to use a range of complex accounting techniques.Candidates gain an in-depth understanding of the significant impact that managementaccounting information has on planning, control and decision making within a business.Candidates provide solutions that can assist in future business financial planning.Skills, knowledge and understandingSkills, knowledge and understanding for the courseThe following provides a broad overview of the subject skills, knowledge and understandingdeveloped in the course: applying knowledge of the accounting regulatory framework applying knowledge of the accounting regulatory framework to produce and analyseIncome Statements, Statements of Financial Position and Cash Flow Statements(with associated disclosure notes) for external publication preparing consolidated accounting information for multiple company entities demonstrating knowledge and understanding of the accountant’s role in meetingorganisational goals, including profit maximisation and social responsibility using management accounting information to produce a range of budgets to aid internalplanning applying a wide range of complex cost accounting techniques to help control businessperformance preparing management accounting information to facilitate business decision making using digital literacy to produce and communicate accounting information in a range offamiliar and unfamiliar contextsVersion 2.03

Skills, knowledge and understanding for the course assessmentThe following provides details of skills, knowledge and understanding sampled in the courseassessment.Financial accountingRegulatory framework role and scope of the International Accounting StandardsBoard (IASB) knowledge of International Accounting Standards (IAS) andInternational Financial Reporting Standards (IFRS) concepts underpinning the preparation and presentation ofaccounting information, current practices, and developmentspertaining to IASAnnual reports of FTSE100 companies purpose of annual reports content of annual reports corporate social responsibility within annual reports notes to the financial statements stakeholders of annual reportsPublished financialstatements preparing an Income Statement and Statement of RetainedEarnings for a public limited company, in accordance withthe requirements of IAS 1: Presentation of FinancialStatements preparing a Statement of Financial Position in accordancewith the requirements of IAS 1: Presentation of FinancialStatements preparing a Cash Flow Statement in accordance with therequirements of IAS 7: Statement of Cash FlowsBasic ConsolidatedStatements of FinancialPosition purpose of Consolidated Statements of Financial Position, inaccordance with the requirements of IFRS 10: ConsolidatedFinancial Statements preparing Consolidated Statements of Financial Position, inaccordance with the requirements of IFRS 10: ConsolidatedFinancial StatementsPartnership accountsVersion 2.0 preparing ledger accounts necessary to record thedissolution of a partnership4

Management accountingActivity-based costing preparing activity-based costing statements advantages and disadvantages of using activity-basedcostingContract costing knowledge and understanding of the terminology relating tocontract costing preparing a Contract Costing Statement for single andmultiple contracts calculating contract paymentsMarginal and absorptioncosting distinguishing between marginal and absorption costingtechniquesInvestment appraisal —discounted cash flow explaining Net Present Value and Internal Rate of Return explaining the importance of utilising discounted cash flow ininvestment appraisal evaluating the different methods of appraisal preparing an investment appraisal of two mutually exclusiveprojectsFlexible budgets explaining the purpose of producing budgets covering arange of outputs preparing a budget that covers a range of outputsVariance analysis theory of standard costing calculating variances based on standard costs for actualoutput using an issued variance analysis formulae sheet analysing why variances can arise standard costing Profit Reconciliation StatementSkills, knowledge and understanding included in the course are appropriate to the SCQFlevel of the course. The SCQF level descriptors give further information on characteristicsand expected performance at each SCQF level, and are available on the SCQF website.Version 2.05

Skills for learning, skills for life and skills for workThis course helps candidates to develop broad, generic skills. These skills are based onSQA’s Skills Framework: Skills for Learning, Skills for Life and Skills for Work and draw fromthe following main skills areas:2Numeracy2.12.22.3Number processMoney, time and measurementInformation handling4Employability, enterprise and citizenship4.14.2EmployabilityInformation and communications technology (ICT)5Thinking Analysing and evaluatingTeachers and lecturers must build these skills into the course at an appropriate level, wherethere are suitable opportunities.Version 2.06

Course assessmentCourse assessment is based on the information in this course specification.The course assessment meets the purposes and aims of the course by addressing: breadth — drawing on knowledge and skills from across the course challenge — requiring greater depth or extension of knowledge and/or skills application — requiring application of knowledge and/or skills in practical or theoreticalcontexts as appropriateThis enables candidates to: integrate theoretical and practical aspects of the course display knowledge and understanding from across the course when preparing andanalysing accounting information examine how companies follow accounting rules within the regulatory framework whenpreparing published financial statements present findings from a critical and analytical perspectiveThe course assessment has two components: a question paper and a project. Therelationship between these two components is complementary; this ensures a balancedsample of the skills, knowledge and understanding of the course.Course assessment structure: question paperQuestion paper140 marksThe question paper gives candidates the opportunity to: apply knowledge of the accounting regulatory framework to produce and analysefinancial statements for external publication demonstrate knowledge and understanding of the accountant’s role in meeting companygoals, including profit maximisation and social responsibility use management accounting techniques to prepare a range of information which aidsinternal planning, control and decision making display skills, knowledge and understanding from across the course when preparing andanalysing accounting informationThe question paper has a total mark allocation of 140 marks. This is 70% of the overallmarks for the course assessment.It has two sections:Section 1 is worth 80 marks and contains two 40-mark questions.Section 2 is worth 60 marks and contains two 30-mark questions.Version 2.07

All questions are mandatory and sample from the ‘Skills, knowledge and understanding forthe course assessment’ section of this document. Both areas of study are sampled acrossthe question paper; each question may assess more than one topic and may sample fromboth areas of study.A formulae sheet will be provided if there is a question that includes variance analysis.Setting, conducting and marking the question paperThe question paper is set and marked by SQA, and conducted in centres under conditionsspecified for external examinations by SQA.Candidates have 2 hours and 30 minutes to complete the question paper.Specimen question papers for Advanced Higher courses are published on SQA’s website.These illustrate the standard, structure and requirements of the question papers. Thespecimen papers also include marking instructions.Course assessment structure: projectProject60 marksThe project gives candidates the opportunity to: select an annual report of an FTSE 100 company apply knowledge of the accounting regulatory framework to analyse the annual report evaluate the extent to which the annual report complies with the requirements of any twoidentified IAS evaluate the extent to which the annual report meets the needs of any two identifiedstakeholders present findings in a coherent and structured manner, using the headings specified in thecoursework assessment taskThe project has a total mark allocation of 60 marks. This is 30% of the overall marks for thecourse assessment. Marks are awarde

Advanced Higher Accounting Course code: C800 77 Course assessment code: X800 77 SCQF: level 7 (32 SCQF credit points) Valid from: session 2019–20 This document provides detailed information about the course and course assessment to ensure consistent and transparent assessment year on year. It describes the structure of the course and the course assessment in terms of the skills, knowledge .

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