Accounting Bodies Raise Bar for Migration Skills Assessment
By Mark Webster
Tuesday, 09 June 2015
Assessing Bodies AffectedAll accounting professional bodies will change their criteria from 1 July. This includes:
Occupations AffectedThe changes will affect all occupations assessed by the accounting professional bodies, including:
- Finance Manager ANZSCO 132211
- Accountant (General) ANZSCO 221111
- Management Accountant ANZSCO 221112
- Taxation Accountant ANZSCO 221113
- Corporate Treasurer ANZSCO 221212
- External Auditor ANZSCO 221213
Overview of Assessment CriteriaFor most applicants applying for a permanent skills assessment, the following must be met:
- Qualification: a qualification comparable to an Australian bachelor degree. There is no change to this requirement.
- Core Accounting Knowledge Areas: you must have covered certain compulsory subjects in your qualification. The changes from 1 July are in relation to which subjects are required.
- English Language: you must undertake an English test. Requirements are similar to those for Proficient English. There is no change to this requirement.
Compulsory Subjects - All OccupationsThe range of compulsory subjects for assessment has increased from 4 to 7 for most occupations. This gives applicants less choice in how they make up the required subject areas. The compulsory subjects from 1 July will be:
- Accounting Systems and Processes: No Change - previously required for all applicants
- Financial Accounting and Reporting: now made up of Financial Accounting (an advanced subject covering accounting for corporate groups and reporting) and Accounting Theory (another advanced subject covering accounting standards and new developments in accounting). Previously, Accounting Theory was compulsory only for the Accountant (General) and Management Accountant occupations.
- Management Accounting: No Change - previously required for all applicants
- Finance: Previously optional for most applicants, apart from Finance Managers and Corporate Treasurers
- Business Law: Previously optional for all applicants. This will now include both Commercial Law (covering contracts and typically employment law) as well as Corporations Law (general a fairly detailed subject covering laws applying to companies).
- Economics: previously optional for all applicants
- Quantitative Methods: previously optional for all applicants