Advanced Diploma of Accounting
Take your Accounting knowledge to the next level
Our FNS60215 Advanced Diploma of Accounting is designed to advance your career in the exciting accounting profession. Accounting delivers an important function within the Australian economy – the ability to make informed business and financial decisions. This qualification provides the crucial financial and business knowledge and skills required for you to stand out from the crowd, and take the next career step.
What does the FNS60215 Advanced Diploma of Accounting involve?
This qualification covers the vital knowledge and skills required to differentiate yourself and get ahead in the accounting profession including financial reporting, business performance, governance, taxation and commercial law.
Can I become a Registered Tax Agent?
Yes – it provides a direct pathway. Monarch Institute is an Approved Course Provider with the Tax Practitioners Board (TPB). Monarch’s FNS60215 Advanced Diploma of Accounting fulfills the education criteria required to become a Registered Tax Agent, and we have embedded our Tax Agent Certification module into this qualification. Additional requirements apply for registration as a Tax Agent including being over 18 years old, satisfying a fit and proper person test, 2 years experience in the past 5 years, and obtaining professional indemnity insurance. Go to www.tpb.gov.au for more information, or call our friendly course consultants on 1300 738 955.
Victorian Government Funding is available:
Check your eligibility by CLICKING HERE
|Dual Qualification (Diploma of Accounting and Advanced Diploma of Accounting)
Add the FNS50215 Diploma of Accounting as a Dual Qualification for only $850
Module 1 - Financial reporting
- How to apply accrual accounting principles
- Applying GST rules to transactions
- Completion of general journal and special journal entries
- Posting journal entries to general ledger accounts
- Preparing trial balances
- Using subsidiary debtors and creditors accounts
- Maintaining inventory records
- Recording fixed assets and depreciation
- Understanding cost accounting flows
- Determining appropriate measurements for allocating overhead costs
- Preparing job costing records
- Understanding the concept of responsibility accounting
- Determining cost-volume-profit analysis
- Risk exposure and protection
- Internal audit and accounting subsystems reviews
- Design and implement compliance testing programs
Module 2 - Economics, performance and governance
- Grasp the principles of micro- and macro-economics
- Business and market structures
- Fiscal and monetary policy
- Capital budgeting and structuring debt and equity
- Portfolio theory – balancing risk and return
- Financial regulation and capital requirements
- Understanding the major sources of finance
- Determining business risk
- Managing working capital
- Understanding financial statements and ratios
- Determining the weighted cost of capital
- Understanding dividend policy
- Sampling, probability and hypothesis testing used in business
- Analysing past performance and predicting the future using trend analysis
- Corporate citizenship and ethics
- Company constitution
- Requirements for raising capital
- Directors and officers – knowing your duties and responsibilities
- Administration of companies in financial difficulties
- Obligations and regulations for those in the Financial Services Industry
Module 3 - Taxation
- Determining assessable income
- Calculating exempt income
- Understanding the tax implications for annuities and foreign pensions
- Understanding termination payments
- Determining the tax for small business entities
- Calculating tax on trading stock
- Understanding offsets and tax losses
- Implementing tax administration
- Dealing with income of minors
- Understanding the tax implications for trusts, partnerships & companies
- Calculating tax for superannuation funds, fringe benefits & capital gains
- Fundamental tax planning
Module 4 - Commercial law
- Introductory contract law
- Contract formation, validity and performance
- Fundamental legal concepts of business organisational structures
- Aspects of the law of torts, especially negligence and negligent misstatement
- Key provisions of the Competition and Consumer Act, particularly those relating to misleading and deceptive conduct
- Framework of the Australian legal system
- Negligence and risk
- The Company – a separate legal entity
- Directors duties
- Choosing a business structure and raising capital
- Trusts and associations
- Interests in real property
- Shared and transferred interests
- Personal property
- Intellectual property – application, protection and commercial value
- Managing property risk
Engaging content. Amazing Support.
Online Study or Workshops Online Study (Self-Paced)
- Easy-to-read course materials (including posted hardcopy textbooks)
- Videos and Webinars
- Pathway to become an Accredited Tax Agent with the Tax Practitioners Board (TPB) with Monarch’s Tax Agent Certification Module embedded within this course. Other TPB requirements also apply
- Telephone Support from our Accredited Trainers
- Email Support from our Accredited Trainers
- Online Assessments
- Online Student Forums
Workshops (Face-to-face) Online Study Support PLUS
- Workshop contact days: 16 days (held over 8 months)
- Facilitated by expert industry qualified trainers
Online vs workshops
Online Learning – any time, any place, with maximum flexibility:
Online learning allows you to start a course when and where it is convenient for you to study. It is particularly popular with stay-at-home parents, full time employees, or anyone seeking maximum flexibility because you can choose the pace you study (fast or slow).
You are very well supported throughout your course. A dedicated Online education support team allows you to discuss your course work on a one-on-one basis with a specialist Advanced Diploma of Accounting trainer. Your trainer is happy to contact you via phone, Skype, or email between Monday to Friday 9am to 5pm as you progress through the course, so you definitely won’t feel alone. You also have access to Online discussion forums via Monarch’s state-of-the-art learning management system providing access to an online learning community of fellow students.
Please CLICK HERE for more information about studying Online with Monarch.
Face-to-Face workshops – CBD training nationwide
We offer intimate ‘small class room’ training (i.e. no more than 15 students per trainer) at our state-of-the-art training facilities just minutes from the CBD in all major States. All training materials are included in our prices.
We would be pleased to record your interest in any of our face-to-face courses and will let you know as soon as the course is confirmed to proceed. Please note, there must be a sufficient number of students for the face-to-face courses to proceed. Monarch as such reserves the right to cancel or reschedule courses due to insufficient student enrolments or other factors.
Monarch Institute provides onsite training for group instruction (minimum 6 staff). Please call us or email us, if you represent a company or organisation with more than 6 staff that require face-to-face workshops conducted at your office.
We offer Government subsidised AND Australia-wide standard fee places. As a National training provider with training venues in Melbourne, Sydney, Brisbane, Perth and Adelaide, the majority of our students are NOT eligible for additional Government Funding if they live outside the State of Victoria. Please know, Monarch trains more students outside of Victoria than within, and provides fantastic training to students across every State of Australia, all at great prices! Please don’t hesitate to contact our friendly course consultants if you have any questions on 1300 738 955.
If you live in Victoria, Monarch has Government funded placed for 2017.
To see if you are eligible for a Government Funded place, please CLICK HERE to see the criteria or contact one of our friendly course consultants on 1300 738 955 to learn more.
FNS60215 Advanced Diploma of Accounting
You can choose to enrol in the FULL FNS60215 Advanced Diploma of Accounting which automatically includes Monarch’s Tax Agent Certification Module (TAC), or alternatively you can enrol in just individual units (see prices below). There are substantial savings when enrolling in the full course.
Advanced Diploma of Accounting Modules Online (self paced)
Face to Face
Module 1 – Financial reporting $900 $1,500 Module 2 – Business performance, economics and governance $900 $1,500 Module 3 – Taxation for individuals and legal entities $900 $1,500 Module 4 – Commercial law $900 $1,500 FULL Advanced Diploma of Accounting (includes Tax Agent Certification Module)
Enrol in the FULL Advanced Diploma and SAVE!
$3,100 $5,850 Obtain the Dual Qualification for $850. (Diploma of Accounting & Advanced Diploma of Accounting) $3,950 $6,500
^All students studying at Monarch Institute are regarded as undertaking a course or qualification by Online (self-paced) education. Students may also choose to attend optional workshops which are facilitated by a recognised industry expert (‘facilitator’), in this instance an Accounting Professional. All Monarch facilitators are nationally recognised trainers and assessors under the Australian Quality Framework (AQF). To successfully complete the FNS60215 Advanced Diploma of Accounting, pre-reading, attendance at optional workshops (if applicable), self-study and post-workshop assessment is required. There are no exams for the majority of the course, however for the Tax Agent Certification (TAC) component of the course, assessments do need to be conducted under exam supervision. Please see the “Assessments” section below for more information. Refer to Monarch Institute’s Student Information Guide, or call our friendly course consultants on 1300 738 955 if you have any questions.
You have up to 2 years to complete the qualification, and many complete it in less time.
We find our students complete the FNS60215 Advanced Diploma of Accounting in varying time frames. It really does depend on your life situation. That is, your time availability, background, ability and work rate. There is no set minimum length of time to complete the course, however the maximum duration is 2 years. There is also a requirement that you complete each module within 6 months (i.e. 4 modules times 6 months = 2 years maximum). You have two study options; Online learning and Face-to-face workshops.
Volume of learning: We have found people that work in the financial services industry with experience and understanding of the key Accounting concepts complete the course in as little as 9 months. Other students that have no experience or understanding of key Accounting concepts take closer to 2 years.
Monarch Institute’s FNS60215 Advanced Diploma of Accounting is Government accredited. It has National recognition under the Australian Qualifications Framework (AQF) meaning it can be used as a pathway to a university qualification, nationwide.
Monarch Institute is an Approved Course Provider with the Tax Practitioners Board (TPB), with the Australian Taxation Law and Commercial Law units of the Advanced Diploma of Accounting listed on the TPB website. Other requirements also apply for registration as a Tax Agent with the Tax Practitioners Board (TPB). Please refer to the www.tpb.gov.au.
Units of competency:
To be awarded a FNS60215 Advanced Diploma of Accounting: 14 units of competency are required for award of this qualification.
The units of competency listed below are packaged into 4 modules.
National Code Unit Title Module 1 Financial reporting FNSACC301 Process financial transactions and extract interim reports BSBFIA401 Prepare financial reports FNSACC506 Implement and maintain internal control procedures FNSACC507 Provide management accounting information Module 2 Economics, performance, and governance FNSACC501 Provide financial and business performance information FNSINC601 Apply economic principles to work in the financial services industry FNSINC602 Interpret and use financial statistics and tools FNSACC604 Monitor corporate governance activities Module 3 Taxation FNSACC502 Prepare Tax Documentation for Individuals (MTL001) FNSACC601 Prepare and administer tax documentation for legal entities (MTL002) FNSACC603 Implement tax plans and evaluate tax obligations (MTL003) Module 4 Commercial law FNSTPB503 Apply legal principles in consumer and contract law (MCL001) FNSTPB504 Apply legal principles in corporations and trust law (MCL002) FNSTPB505 Apply legal principles in property law (MCL003)
Monarch has carefully structured its Assessments to include a variety of formats which will enhance your understanding:
- Calculation questions
- Multiple choice questions
- Short answer questions
- Case study and scenario-based questions
Will I have to complete an exam?
For the Advanced Diploma of Accounting (modules 1 and 2), there are no exams, rather assessment tasks (as described above).
However, If you wish to meet the requirements of the Tax Practitioners Board (TPB) to become a Tax Agent, you will also be required to complete 2 X 2 hour open book exams (one exam for module 3 and one in module 4). If you do not wish to become a Registered Tax Agent, you won’t be required to complete any exams.
The first exam in module 3 covers Australian Tax Law. The second exam in module 4 covers Australian Commercial Law. The exams do not need to be completed at the same time, in fact it is suggested they are not.
What is included in the exam?
Each exam consists of 30 multiple choice questions and 6 short answer or calculation questions.
Where do I do the exam?
The Tax Practitioner Board (TPB) specifies students can complete the exam at any location provided they are independently supervised according to the terms and conditions of independent supervision as specified by the TPB.
For more details on the requirements of independent supervision, please contact one of our friendly course consultants.
What standard of English and Maths will I need?
Our free online assessment tool can help you determine the broad language, literacy and numeracy standards (i.e. English and Maths standards) required to study a Diploma level course. You can access the free tool by CLICKING HERE
Management Accounting & Financial Accounting Careers
An Accounting career is a great profession often involving different types of work depending on the job role, company, and industry. Accounting can broadly be broken up into two key areas;
Management Accounting; involves completing tasks and producing reports that inform company management about financial decisions relating to the operations of the business. These decisions that management accountants help to define, are generally forward looking. For example, a management accountant might provide the information to a department head or CEO about the financial issues and consequences of undertaking a strategy.
Financial Accounting; involves completing tasks and producing reports based on historical information. These reports provide management and external stakeholders including banks, financiers, shareholders or government agencies with an important snapshot of the company’s current financial status. A financial accountant will help the CEO, head of a department, or board of a company to understand what financial issues and opportunities exist at any given time.
What job roles exist?
Depending on your level of experience, the following Accounting job roles exist:
- Registered Tax Agent
- Budget Analyst
- Financial Analyst
- Accounting Manager
- Financial Controller
- Forensic Accountant
- Management Accountant
- Financial Accountant
- Government Accountant
- Chief Financial Officer (CFO)
Recognition of prior learning
Monarch Institute recognises Recognition of Prior Learning (RPL) which takes into account the knowledge and skills you have already gained through your previous education and work history, attributing this to your FNS60215 Advanced Diploma of Accounting. This may be through formal or informal training and can result in credits towards your qualification. More information about RPL is contained in Monarch’s Student Information Guide.
Hear why people choose Monarch
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