The AAT Foundation Certificate in Accounting is intending to cover five essential foundation accounting skills that are required by financial accountants in the UK. The AAT Foundation Certificate in Accounting is offered by two organizations – the Association of Chartered Certified Accountants of India (ACAI) and the British Association of Chartered Accountants (BAAC). These two organizations are accredited by the UK-based Association of Chartered Accountants and the UK-based British Institute of Chartered Accountants (BICCA). There is also another organization, the Institute of Chartered Accountants in Hong Kong (ICADH) which is authorized by the Chinese government. Both of these organizations have been authorized by the Joint Committee on Accounting Education and Research (JCAER) aat level 2.
This Foundation Certificate in accounting qualification was initiated so as to equip students with the basic foundation knowledge in bookkeeping and finance before they undertake further courses in this field. Courses offered by these organizations are short and take about twelve months to complete. They also offer online learning program so that candidates can study at their convenience from the convenience of their homes. Online learning includes lectures, discussions, seminars and online quizzes.
The main focus of this course in accountancy is preparation for the Synopsis Examination, which is conducted by the Chartered Institute of Chartered Accountants and is a nationwide examination. Candidates who successfully qualify for this examination will be awarded with a Foundation Certificate in Accountancy. The other objectives of the course are preparation for the Examination relating to the Bankruptcy, with the subsequent requirements relating to a license and registration with the Office of Public Liability Services and the Insolvency Service. The final objectives of the course are preparation for the examinations for the Insolvency Practitioner (IP) and the Chartered Institute of Chartered Accountants (CICA) and Financial Management. This course also makes preparation for admission to the Academy of Chartered Accountants (AACA), the Financial Services Authority (FSA) and the National Institute of Chartered Accountants (NICS) easier aat level 3.
The course in accountancy covers several subjects such as the Fund Accounting and Policy, Basic Costing and Valuation, Principles of Organization and Auditing, Principles of Reporting Financial Information and Issues in General Auditing, Principles of Financial Accounting and Supervision, Issues in Professional Practice and Auditing Methods. These subjects are important to students who aspire to qualify for Academy of Accountants (AAC) and CICA certification; moreover, they also serve as the foundation for other certifications such as the International Qualification Model (IQM) or the International Standard Organization (ISO). In order to prepare for IQM and ISO certification, candidates must complete an accredited foundation course in accounting before applying for these certifications. Students also need to complete four additional core subjects in order to be eligible for CICA certification: Principles of Auditing and Policy, Principles of Business Organization, Accounts Receivable and Collections, and Issues in General Auditing.
A course in accountancy also helps students in the development of skills and knowledge necessary for them to become Foundation Certificate in Accounting (FCA) holders. As students progress in their education, they are expected to enhance their skills by participating in a series of workshops, seminars or workshops organized by accounting associations or by government agencies. They gain knowledge about the latest bookkeeping methods and software used in the United Kingdom. In addition, they also learn how to plan the work of their organization effectively, how to ensure that the data used is accurate and up-to-date and how to maintain efficient workstations. At the end of the foundation certificate, students receive a designation or degree. In most cases, recipients of these certificates are considered capable of performing the duties of an accountant without holding any other qualifications.
To complete all the requirements of FCA and become an eligible candidate for AACS certification, one should obtain at least five mandatory credits. The requirements of these credits vary from one institution to another. The five required credits are written communication, computer science, business law, general accounting, and business mathematics. Apart from these credits, a person who holds a bachelor’s degree in accountancy can also enroll for the foundation course in accountancy. The duration of the five-credit course is three years.