FIELD BUSINESS
Review of Accounting Levels 1-3 achievement standards
Subfield Accounting
|
Domain |
Id |
Subject reference |
|
Accounting - Generic |
90022, 90023, 90026, 90027 |
Accounting 1.1, 1.2, 1.5, 1.6 |
|
90220, 90223, 90224, 90226 |
Accounting 2.1, 2.4, 2.5, 2.7 | |
|
90501, 90503 |
Accounting 3.2, 3.4 |
The Ministry of Education and the Secondary Education Group Assessment business unit of NZQA have completed a review of the achievement standards listed above.
New Registration date November 2006
Date new versions published November 2006
Planned review date February 2007 (Level 1)
February 2008 (Level 2)
February 2009 (Level 3)
Summary of review and consultation process
This review was part of the planned cycle of review for achievement standards and was informed by feedback from secondary schools, advisers, moderators, and examiners.
Main changes resulting from the review
The changes are minor amendments to the explanatory notes (EN) that adopt updated terminology and clarify the intent of the achievement standards.
In the Level 1 and 2 achievement standards terminology has been updated to reflect NewZealand Equivalents to International Financial Reporting Standards (NZIFRS), which are the underlying documents providing the base on which financial statements are prepared. In particular:
· 'Statement of financial performance' has been replaced with 'income statement'
· 'Statement of financial position' has been replaced with 'balance sheet'
· 'Statement of cash flows' has been replaced with 'cash flow statement'
· 'Fixed assets' has been replaced with 'property, plant and equipment'.
All achievement standards in the set have had the curriculum reference updated for version 2, ie Accounting Curriculum for New Zealand Schools, Ceta Resources and Curriculum Services, New Zealand Commerce and Economics Teachers' Association (NZCETA), 1998 (revision #2, Jan 2002).
· AS90022: The note at the end of EN 3 has been updated, as has EN 4. A reference to the Level 1 appendix has also been added to EN 4.
· AS90023: ENs 7 and 8 have been amended.
· AS90026: ENs 3 and 4 have been amended. A reference to the Level 1 Appendix has been added to EN 3.
· AS90027: ENs 6 and 7 have been amended.
· AS90220: EN 1 has been amended to include reference to both the NZ Equivalent to International Accounting Standards and the New Zealand Framework. These replace the previous reference documents.
· AS90223: EN 4 has been amended.
· AS90224: In the achievement criteria 'balance day' has been replaced with 'balance sheet day', which is a more correct phrase. ENs 3, 4, and 5 have been amended. A reference to the Level 2 appendix has been added to EN 6.
· AS90226: In EN 3 the explanations of range and wide range have been amended to clarify the expectations at these grade levels. ENs 4 and 5 have also been amended.
· AS90501: EN 5 'revaluation of investments upwards or downwards' has been added to the fifth bullet.
· AS90503: EN 3 has been amended. Also 'revaluation of investments upwards or downwards' has been added to EN 3c, second bullet.
Impact on existing provider accreditations
None.
Impact on Accreditation and Moderation Action Plan (AMAP)
None.
Impact on existing qualifications
None.
Impact of changes on NCEA Exclusions List
None.
List of reviewed standards with review categories
Key to review category |
| |
A |
Dates changed, but no other changes are made - the new version of the standard carries the same Id and a new version number | |
|
B |
Changes made, but the overall outcome remains the same - the new version of the standard carries the same Id and a new version number | |
|
C |
Major changes that necessitate the registration of a replacement achievement standard with a new Id | |
|
D |
Achievement standard will expire and not be replaced | |
Subfield Accounting
Domain Accounting - Generic
|
Id |
Title |
Level |
Credit |
Review Category |
|
90022 |
Demonstrate an understanding of the conceptual basis of accounting |
1 |
3 |
B |
|
90023 |
Describe a method of processing financial information and analyse transactions |
1 |
3 |
B |
|
90026 |
Prepare financial statements for sole proprietors |
1 |
4 |
B |
|
90027 |
Report financial information for an individual or household, and community organisations |
1 |
3 |
B |
|
90220 |
Describe the conceptual basis of accounting for a sole proprietor |
2 |
3 |
B |
|
90223 |
Demonstrate understanding of accounting processes for accounting subsystems |
2 |
5 |
B |
|
90224 |
Prepare financial statements and related accounting entries for sole proprietors |
2 |
5 |
B |
|
90226 |
Use computer software to process financial transactions for a sole proprietor |
2 |
3 |
B |
|
90501 |
Process financial information for partnerships and companies |
3 |
3 |
B |
|
90503 |
Prepare financial statements for partnerships and companies |
3 |
6 |
B |