# Negative Result under Assessment for General accountant (221111) by CPA



## 538810 (May 27, 2014)

Hi

I am CA from India qualified under May 2003 batch of CA final exams. My assessment as carried out by CPA australia has been negative as they say i do not have the coverage of core knowledge area "Accounting Theory" which is a mandatory one for 221111 category. score being 3/4 for mandatory and 8/8 for optional knolwdge areas. Of course i did sent them the certified copies of the syllabus as was applicable for CA foundation (may 1999), CA Inter and CA FInal (May 2003). However they do not seem to be convinced that the syllabus covered the accounting theory.

The accounting theory detailed expectations as listed on CPA web portal is as below.

Accounting Concepts and Principles

This unit covers a critical awareness of accounting issues in an international context. It requires an understanding of the theoretical concepts within the regulatory and conceptual framework of corporate reporting. This includes recognition criteria, methods of valuation, and reporting and disclosure of the financial performance of companies.

Topics:

1. Introduction to accounting 
1.1 Define the need for accounting information for a wide variety of users
1.2 Identify the users of financial information and their information needs
1.3 Define and explain the purpose and scope of financial reporting
1.4 Explain the need for financial accounting systems that enables entities to record and report financial transactions
1.5 Describe the main types of systems used in an organisation to provide information to users
1.6 Identify and explain how financial accounting systems can assist in providing information to users

2. The regulatory framework
2.1 Define what is meant by the regulation of published financial statements 
2.2 Identify the different sources of accounting regulation including company law, local GAAP and IFRS
2.3 Describe the advantages and disadvantages of regulating financial statements
2.4 Identify why regulatory regimes may vary between different countries
2.5 Describe the role of the International Accounting Standards Board (IASB) in the regulation of financial statements
2.6 Explain the need for International Financial Reporting Standards as a global means of regulating accounting
2.7 Describe the benefits of International Accounting Standards for national jurisdictions
2.8 Describe the process involved when the IASB introduces a new accounting standard

3. Conceptual framework of accounting 
3.1 Define and explain the purpose of a conceptual framework of accounting 
3.2 Explain whether conceptual frameworks are a necessary component of financial reporting
3.3 Explain the role of a conceptual framework in the development of financial reporting standards
3.4 Identify the advantages and disadvantages of conceptual frameworks 
3.5 Explain why a conceptual framework cannot consist only of financial reporting standards
3.6 Explain the role and purpose of the IASB Conceptual Framework for the Financial Reporting
3.7 Explain the process of accounting in situations where accounting standards do not exist
3.8 Identify the benefits of a conceptual framework in situations where accounting standards do not exist

4. Accounting standards and concepts
4.1 Explain the purpose of an accounting standard
4.2 Explain the reason that accounting standards are used to regulate financial reporting
4.3 Explain the advantages and disadvantages of accounting standards
4.4 Explain the need for financial statements to provide a fair presentation of the financial performance and financial position of an entity
4.5 Define the principle of substance over form
4.6 Explain the importance of recording the economic substance of transactions rather than the legal form
4.7 Describe the difference between a principles-based and rules-based system of accounting 
4.8 Identify major developments in the harmonisation of worldwide accounting standards
4.9 Describe the effect of harmonisation of accounting standards on companies
4.10 Explain the role of International Financial Reporting Standards in the harmonisation process

5. Elements of financial statements and their recognition criteria
5.1 Define the elements of financial statements
5.2 Identify and define the following elements of financial statements

5.2.1 Asset 
5.2.2 Liability
5.2.3 Equity 
5.2.4 Income
5.2 5 Expense

5.3 Identify the financial statements where these elements are recognised
5.4 Identify and define the criteria for recognition of the elements of the financial statements

5.4.1 Asset 
5.4.2 Liability 
5.4.3 Equity 
5.4.4 Income 
5.4 5 Expense

6. Alternative methods of valuation
6.1 Identify and explain the advantages and disadvantages of the historical cost system of accounting
6.2 Identify, explain and calculate amounts using the following measurement bases

6.2.1 Historical cost 
6.2.2 Fair value 
6.2.3 Deprival value 
6.2.4 Replacement cost 
6.2.5 Net realisable value

7. Alternative theories of accounting 
7.1 Define positive accounting theory
7.2 Define normative accounting theory
7.3 Identify financial capital maintenance and operating capital maintenance and how this can affect calculated profits
7.4 Describe operating and financial capital maintenance as alternatives to historical cost and identify the impact on reported profits
7.5 Calculate profits or losses using the financial capital maintenance and operating capital maintenance models
7.6 Distinguish between the following concepts of capital market efficiency

7.6.1 Weak form efficiency 
7.6.2 Semi-strong form efficiency 
7.6.3 Strong form efficiency

8. Reporting and disclosure of performance 
8.1 Explain agency theory in the context of company activity
8.2 Explain the separation of ownership and control in a large corporation
8.3 Define an agency cost
8.4 Identify the types of agency costs involved in monitoring the activities of the agent
8.5 Identify the components of a set of financial statements
8.6 Identify the difference between the mandatory and non-mandatory information that is produced in the annual report
8.7 Identify the different types of financial and non-financial information produced in the annual report
8.8 Identify the possible advantages and disadvantages of providing financial and non-financial information in the annual report
8.9 Explain the purpose and benefits of providing company information to shareholders 
8.10 Identify the content of the following company reports 

8.10.1 Annual financial report 
8.10.2 Chairman’s statement 
8.10.3 Directors’ report 
8.10.4 Corporate governance statement 
8.10.5 Corporate social responsibility report 
8.10.6 Auditors’ report 
8.10.7 Management commentary



*
Can anyone please guide what should i do now:
1. should i apply for finance manager category now ? 
2. should i prepare a detailed response covering point wise matches for the syllabus i studied in my CA and also covering the BCOM(Hons) course syllabus matching it against the detailed expectations for accounting theory. difficulty is BCOM(hons) syllabus is not readily available and also the CA institute said they have only the syllabus as was shared (which is chapter wise coverage) and not the detailed content of each chapter or actual study materials / books of those years which can help me frame a response.
3. should i drop this and simply go to CA australia for assessment
4. should i appear for CPA foundation exam - accounting principals
5. should i look out and pursue some accounting theory exam from some australian university
6. any other suggestion which any buddy can suggest.

thanks in advance

Rgds
Gurpreet Chaney
CA, Bachelor of Commerce(hons)
New Delhi, India*


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## computerian (Sep 26, 2013)

Hi,
according to you, you covered 11 core knowledge area out of 12. you didnt cover Accounting theory which is mandatory for General accountants. Why dont you change your occupation to External Auditor? Accounting theory is not mandatory for that occupation. By this way you will be able to cover 4/4 mandatory and 7/8 optional knowledge area. Straight away you will get positive outcome. Simpy write cover letter stating you want to change oppucation code and send them. ANd its free as well.

All the best


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## 538810 (May 27, 2014)

computerian said:


> Hi,
> according to you, you covered 11 core knowledge area out of 12. you didnt cover Accounting theory which is mandatory for General accountants. Why dont you change your occupation to External Auditor? Accounting theory is not mandatory for that occupation. By this way you will be able to cover 4/4 mandatory and 7/8 optional knowledge area. Straight away you will get positive outcome. Simpy write cover letter stating you want to change oppucation code and send them. ANd its free as well.
> 
> All the best


thanks buddy.. just two questions to it ?
1. my current work experience despite being more than 10 years is not at all related to external auditor..i m primarily into financial services, loans, underwriting, operations, accounting and risk management... so if i go for an external auditor catgeory, i doubt whether my experience assessment will be relevant. 
2. also, i m not sure if there are enough relevant requirements / demand for this catgeory in Oz.

would be happy if u can guide.

Rgds


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## Happybets (Apr 26, 2014)

GupsChaney said:


> thanks buddy.. just two questions to it ?
> 1. my current work experience despite being more than 10 years is not at all related to external auditor..i m primarily into financial services, loans, underwriting, operations, accounting and risk management... so if i go for an external auditor catgeory, i doubt whether my experience assessment will be relevant.
> 2. also, i m not sure if there are enough relevant requirements / demand for this catgeory in Oz.
> 
> ...


I had a similar problem. Got a negative for accounting theory. Resent my all papers to ICAA and got a positive outcome in 2 weeks. Had to pay once again but then could not proceed without the assessment.


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## 538810 (May 27, 2014)

Happybets said:


> I had a similar problem. Got a negative for accounting theory. Resent my all papers to ICAA and got a positive outcome in 2 weeks. Had to pay once again but then could not proceed without the assessment.


WOw..super stuff... in fact i met the Director of Board of STudies ICAI yesterday.. he promised to help an match relevant topics so that i can respond back to CPA..thinking of visiting my college tomorrow or day after and meet the principal / librarian to hunt for bcom hons syllabus as well... but now i m wondering whether i should do that at all and rather straight away apply to ICAA 

thanks buddy... whats ur workex stream by the way... ? i want to be sure that i have covered all relevant details in my profile... also did u send the ca syllabus only or bcom hons syllabus as well to ICAA ?

thanks a lot

Gurpreet


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## Happybets (Apr 26, 2014)

GupsChaney said:


> WOw..super stuff... in fact i met the Director of Board of STudies ICAI yesterday.. he promised to help an match relevant topics so that i can respond back to CPA..thinking of visiting my college tomorrow or day after and meet the principal / librarian to hunt for bcom hons syllabus as well... but now i m wondering whether i should do that at all and rather straight away apply to ICAA
> 
> thanks buddy... whats ur workex stream by the way... ? i want to be sure that i have covered all relevant details in my profile... also did u send the ca syllabus only or bcom hons syllabus as well to ICAA ?
> 
> ...


Hi, 
I got thru on mgmt acct. Category. Had submitted syllabus for all 3 yrs of bcom as well as ca. Although getting it from the uni was a big pain. Then highlighted all subjects corresponding to mark sheets. Made an index for each year with ref to syllabus page number. . It took a day but I think it helped in getting a quick assessment from ICAA.


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## Khuldun (Apr 13, 2011)

Hi GupsChaney,

Sorry to hear about that but looks like you were in the same boat as me. I am a qualified CA from ICAP and sent in my documents to CPA Australia for assessment of my qualification under the Accountant(General) Occupation code. However, I was actually shocked when after 2 months I received a *negative assessment* for the same reason as having not covered *Accounting Theory* in my *Chartered Accountancy* program. 

Needless to see I went into an endless cycle of calls and emails with the relevant personnel in CPA Australia, providing them with detailed syllabus covered in the CA program, the books used and mapped the content of the books to the Accounting Theory course content in CPA Australia. They were shamelessly adamant despite all proofs to the contrary. 

Ultimately the did provide me with an option of either opting to go for a CPA Australia foundation program that covers the Theory content or get assessed under another Occupation code which doesn't require Accounting Theory as a mandatory core knowledge area. I therefore went ahead and get it reassessed as Finance Manager occupation code. I got the assessment documents another two months later and as luck would have it, Finance Manager had by then been removed from the SOL under 189 visa.

I have since proceeded with IPA which is more expensive and less flexible and takes a very long time. I have managed to obtain a positive assessment from them for Accountant(General) after a long and expensive lesson 

Hope you and others can learn from my experience


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## 538810 (May 27, 2014)

Khuldun said:


> Hi GupsChaney,
> 
> Sorry to hear about that but looks like you were in the same boat as me. I am a qualified CA from ICAP and sent in my documents to CPA Australia for assessment of my qualification under the Accountant(General) Occupation code. However, I was actually shocked when after 2 months I received a *negative assessment* for the same reason as having not covered *Accounting Theory* in my *Chartered Accountancy* program.
> 
> ...


Thanks Buddy. i am also thinking of applying to ICAA instead under general accountant category.. lets see.

Rgds
Gurpreet


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## 538810 (May 27, 2014)

Happybets said:


> Hi,
> I got thru on mgmt acct. Category. Had submitted syllabus for all 3 yrs of bcom as well as ca. Although getting it from the uni was a big pain. Then highlighted all subjects corresponding to mark sheets. Made an index for each year with ref to syllabus page number. . It took a day but I think it helped in getting a quick assessment from ICAA.


Hi Buddy, this certainly helped. I need some guidance in filing an EOI. can you pls help. I am an Indian CA. Would be great if you allow me to pm you or to speak to you.

Rgds
Gups


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## MusaBilal (Aug 7, 2013)

Khuldun said:


> Hi GupsChaney,
> 
> Sorry to hear about that but looks like you were in the same boat as me. I am a qualified CA from ICAP and sent in my documents to CPA Australia for assessment of my qualification under the Accountant(General) Occupation code. However, I was actually shocked when after 2 months I received a *negative assessment* for the same reason as having not covered *Accounting Theory* in my *Chartered Accountancy* program.
> 
> ...


Persistence pays... Glad you finally made it thru.


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## Qzee (Jul 5, 2014)

Hi Khuldun,

I am also ACA from ICAP. In my case, ICAA gave a negative assessment under Accountant (General). I exchanged some emails with them but to no avail. So i changed my occupation and got a positive assessment under Finance Manager. Even IPA gave negative assessment under Accountant (General) in case of a friend of mine. I also realised later that Finance Manager was not on SOL 1 so i had to get state sponsorship also and finally applied in June 12. Still waiting!





Khuldun said:


> Hi GupsChaney,
> 
> Sorry to hear about that but looks like you were in the same boat as me. I am a qualified CA from ICAP and sent in my documents to CPA Australia for assessment of my qualification under the Accountant(General) Occupation code. However, I was actually shocked when after 2 months I received a *negative assessment* for the same reason as having not covered *Accounting Theory* in my *Chartered Accountancy* program.
> 
> ...


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## natali-new (Sep 21, 2014)

Qzee said:


> Hi Khuldun,
> 
> I am also ACA from ICAP. In my case, ICAA gave a negative assessment under Accountant (General). I exchanged some emails with them but to no avail. So i changed my occupation and got a positive assessment under Finance Manager. Even IPA gave negative assessment under Accountant (General) in case of a friend of mine. I also realised later that Finance Manager was not on SOL 1 so i had to get state sponsorship also and finally applied in June 12. Still waiting!



Hi,
I see that Fin Manager is presented in sponsorship list list of NT only. Have you applied there?


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## Qzee (Jul 5, 2014)

Hi Natali,

I applied for Western Australia sponsorship. Back in 2012, Finance Manager was in the states occupation in demand list. Its no longer on it. Regards




natali-new said:


> Hi,
> I see that Fin Manager is presented in sponsorship list list of NT only. Have you applied there?


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## natali-new (Sep 21, 2014)

Qzee said:


> Hi Natali,
> 
> I applied for Western Australia sponsorship. Back in 2012, Finance Manager was in the states occupation in demand list. Its no longer on it. Regards


Now i see that there are no so many opportunities for accountants and finance positions...


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## Qzee (Jul 5, 2014)

Whats your qualification Natali? And why do you have/want to get state sponsorship?





natali-new said:


> Now i see that there are no so many opportunities for accountants and finance positions...


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## natali-new (Sep 21, 2014)

Qzee said:


> Whats your qualification Natali? And why do you have/want to get state sponsorship?


Actually I work in Supply Chain sector.  We plan to apply via fin position as my husband deals with accounting. We wanted to get independent migration visa.

So you plan to stay in WA for 2 years?


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## Qzee (Jul 5, 2014)

All the best 



natali-new said:


> Actually I work in Supply Chain sector.  We plan to apply via fin position as my husband deals with accounting. We wanted to get independent migration visa.
> 
> So you plan to stay in WA for 2 years?


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## sfa (Sep 22, 2016)

hello every one,

I am a commerce graduate B.com for 3 years and having work experience as an Accountant for 5+ years in the School Organisation 

Can any one tell me that i want to apply in general accountant 221111 category for Skilled Inde
pendent visa (subclass 189) for Australia and i used to work as Accountant in school organisations for more than 5+ years, 

Do they consider my school work experience as an Accountant or not or they only consider the corporate organisations experience ?

one more thing i want to ask you do they consider non profit organisation experience ?


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