The ICB Financial Accounting Qualification will give you all the skills and knowledge you need to be an indispensable part of any organisation. The TWP Academy ICB Financial Accounting Qualification takes you from National Certificate in Bookkeeping, right through to a National Diploma in Financial Accounting at NQF level 6.
This qualification will also give you access to higher studies if you want to take this career further.
Why is Financial Accounting important?
Every company needs to understand what is happening with their finances. You need to know if you are making profits, or whether you company is actually running at a loss and just running up big debts with suppliers. Management needs to make decisions daily about how much money to spend on different areas of the business, and if they do not have accurate and up to date information on the finances of the company these decisions can get a company into serious financial problems.
Financial accounting is a very important part of the organisation that keeps tabs on a company’s financial transactions. These transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet using standardized guidelines.
These financial reports are given to the decision makers in the company so that they can make good financial decisions about where to spend money.
If a company fails to keep good financial records it puts itself at risk in a number of ways. Firstly there are allot of laws governing how you must record the financial transactions in a company, so you may end up in trouble with the law. Also, you cannot make sound financial decisions if you are not keeping careful records and make accurate reports for management.
Thus it is very important that every company has an excellent finance team that has financial accounting training.
ICB Financial Accounting Programme
If you want to become an accountant one day, this is the right stream for you. You will learn how to do bookkeeping, financial accounting, income tax, financial management, reporting standards, corporate strategy, management accounting and research.
Remember this course takes you up to national diploma level. You will be to switch over to study with ACCA or CIMA if wish you take your studies further and become a registered accountant.
The TWP Academy ICB Financial Accounting qualification is broken into 4 levels, and you get a qualification on the successful completion of each level.
- ICB Financial Accounting Foundation Level: National Certificate: Bookkeeping
- ICB Financial Accounting Intermediate Level: Further Education and Training Certificate: Bookkeeping
- ICB Financial Accounting Upper Intermediate Level: National Diploma: Technical Financial Accounting
- ICB Financial Accounting Advanced Level: National Diploma: Financial Accounting
Here are the details of the TWP Academy ICB Financial Accounting qualification.
ICB Financial Accounting Foundation Level
This qualification will take you 12 months, and you can be a Junior Bookkeeper, Accounts Clerk, Reconciliation Clerk, Payroll Clerk, Accounts Payable/Receivable Clerk once you have completed all your exams.
The ICB Financial Accounting foundation level has four subjects, and you qualify for the National Certificate in Bookkeeping once you have passed the exams. That means you get your first qualification after studying just 4 subjects.
You need to be 16, and how a grade 10 or equivalent to study this program, and you don’t need in prior accounting knowledge. That means this is written assuming you know nothing about accounting so there is no need to be intimidated.
- Bookkeeping to Trial Balance (BKTB)
- Payroll and Monthly SARS Returns (PMSR)
- Computerised Bookkeeping (CPBK)
- Business Literacy (BUSL)
You will be able to do monthly bookkeeping to trial balance (manual and computerised); disclose profit and financial position; reconcile suppliers, inventory and bank statements; calculate PAYE/UIF/SDL; payroll tax and other deductions; EMP201, EMP501, IRP5, IRP6 and IT3a documents and VAT returns once you have completed this course.
ICB Financial Accounting Intermediate Level
You can only do this course if you have completed the foundation level course, or are exempted from it by the ICB. At the Intermediate Level, you will hold the FET Certificate in Bookkeeping once you qualify. This will take you about 6 months to complete.
You will be able to work as a senior bookkeeper, junior accountant, assistant accountant, financial services officer, credit controller or business analyst.
The subjects you will complete at this level are:
- Financial Statements (FNST)
- Cost and Management Accounting (CMGT)
After completing these subjects you will be able to do monthly bookkeeping, asset disposal, year-end adjustments, International Financial Reporting Standards for SMMEs, branch accounts, incomplete records, analysis of financial statements, understand cash flow, basic cost and management accounts, prepare manufacturing accounts, costing and budgeting.
ICB Financial Accounting Upper Intermediate Level
This level should take another 6 months to complete, and there are two further subjects. Entry requirements are are that you have successfully passed the exams for subjects 1 to 6 listed above.
Once you have your further Education and Training (FET) Certificate: Bookkeeping you will be able to work as a Technical Financial Accountant, Financial Manager, Financial Services Manager, Accounting Technician or a Tax Technician.
The subjects you would need to complete are:
- Income Tax Returns (ITRT)
- Business Law and Accounting Control (BLAC)
You will be able to complete a full set of accounts for a financial year, support management in finance and accounting, become a SAIT tax practitioner (once you meet their requirements), know the ins and outs of accounting, taxation (individuals and companies), auditing and business law.
ICB Financial Accounting Advanced Level
This last level takes a further year to complete and you need to hold all 8 of the first modules in order to qualify to take this qualification, or equivalent. Once you have passed the final 4 subjects you will hold a National Diploma in Financial Accounting, which is on NQF level 6.
You will now be able to hold any one of the following job titles: Financial Accountant, Accounting Officer (via SAIBA, if you meet their criteria), Tax Practitioner, Tax Consultant, Management Accountant or Assistant Manager.
You will need to complete the following subjects:
- Corporate Strategy (CRPS)
- Management Accounting Control Systems (MACS)
- Financial Reporting and Regulatory Frameworks (FRRF)
- Research Theory and Practice (by short dissertation; topic Financial Accounting) (RTAP)
You will now be able to Compile annual financial statements; register with SAIBA as an Accounting Officer (once you meet their requirements); work with Chartered Accountants and Auditors; have a thorough knowledge of accounting theory and practice, corporate strategy and International Financial Reporting Standards.
Why study Financial Accounting with TWP Academy
TWP Academy prides itself on excellence in service, and a high contact model of instruction.
TWP Academy was created by Together We Pass. Together We Pass has been helping home study students pass their home study courses since 2008. In this time they have seen first hand the difference it makes when an institution partners with their students, rather than allowing them to struggle on alone.
Here are some of the services from TWP Academy that help students pass their qualifications.
Highly qualified lectures
TWP Academy has full time lectures on site, which is highly unusual for a distance learning college. All lecturers are highly qualified in the field that they teach, and have years of experience in tutoring home study students.
If you get stuck with your accounting qualification, and let’s face it with accounting this is a high probability, would you prefer to be able to contact your lecturer immediately for her?
The TWP Academy lecturers are on call every weekday during business hours in order to help all students as quickly and effectively as possible.
Together We Pass study groups
TWP Academy was created by Together We Pass, and so there are over 8 years of experience running study groups for home study students. This means you will get the best study groups help there is.
Your TWP Academy lecturer will be in the study group daily, helping students, posting relevant academic material, and even motivational posts to keep students focused on completing their qualification.
At most institutions you only get help from your lecturer if you contact the college and book time with the lecturer. However, at TWP Academy your lecturer will be actively engaging in the study group every day.
This high contact model is essential to make sure that students are able to get the most out of their studies, and get qualified as quickly as possible.
TWP Academy Academic Support
The academic team at TWP Academy is dedicated to excellent service, that is quick to respond, that helps the student right first time, every time.
The academic support team has years of experience, with over 30 years combined experience across the team. The Academic Head has won a national innovation award, and been nominated as one of the top 100 innovators in education technology globally.
Using a combination of smart technology and personalised contact where it is needed TWP Academy is dedicated to ensuring no student is left behind. Every student needs to feel that they are the most important client the college has, and must get the support they need to succeed.
That is the mission of the TWP Academy Academic Support team.
TWP Academy contact details
TWP Academy Enrolment Office Contact Details
Call us on Toll Free: 0800 39 27
Call your Direct Office Number: 012 740 2350
If you want to meet us in person this is our physical address:
440 Hilda street
TWP Academy Academic Support Centre Contact Details
Telephone number: 021 838 8251
International number: +27 21 838 8251
Email address: firstname.lastname@example.org
If you want to meet us in person this is our physical address:
Unit 53B, Mega Park
C/o Peter Barlow Drive & Robert Sobukwe Road
Last updated: July 15, 2018