Candidates who successfully follow this syllabus will have a good knowledge and understanding of the principles, concepts and techniques of accounting. It lays a secure foundation for further study of Accounting or related subjects. In addition, it provides a worthwhile course for candidates who will end their study at the Advanced Subsidiary or Advanced level stage. This syllabus will be particularly suited to candidates who have followed the IGCSE O’Level Accounting (4AC0) syllabus.
The syllabus continues to require candidates to demonstrate the application of knowledge of financial accounting and costing/management accounting to scenarios set in both units.
Unit 1 (WAC11) will continue to cover the preparation of the financial accounts of unincorporated associations and basic costing. Unit 2 (WAC12) will continue to cover the Limited Company and the legal requirements for disclosure and those embodied in International Standards and recognized practices together with more advanced Management Accounting principles.
Update to the syllabus for (IAS) International Accounting Standards
Since the introduction of the current GCE Accounting syllabus in 2005, International Accounting Standards have developed and have become universal in their application and are considered to be particularly relevant to our International examinations will be presented using IAS terminology and require presentation in International Standard format. Centers should be aware that the changes do not amount to a significant change in the syllabus, but that it does amount to an updating of the syllabus.
The updates can be summarized as follows:
Unit 1 - The Accounting System and Costing: The changes will only be in relation to the terminology used e.g, debtors will in future examinations be described as trade receivables etc, plus minimal changes in presentation.
Unit 2 - Corporate and Management: The same terminology changes will apply as in Unit 1, but in addition, IAS 1 (financial statements) and IAS 7 (cash flow statements) will replace theCompanies Act 1985 and FRS 1.
Although IAS only applies to the published accounts of public companies, to ensure consistency, the terminology of IAS will be applied by the examiners to scenarios based upon all business entities including sole traders, partnerships, private limited companies and where appropriate, to non trading organizations such as clubs and societies.