Registered Cost Accountant (RCA) Program Overview

rca-logo_R_The Registered Cost Accountant (RCA) program is part of the Graduate Program and is available to those satisfactorily passing a University entrance examination of a particular country (e.g. SATs, International Baccalaureates; Advanced Levels; TERs etc.). The program consists of 8-units undertaken via two stages of study. The RCA program consists of the CAT program plus Stage 2 of the GMA program.download-form

ICMA Subjects
Registered Cost Accountant
Part 1 (CAT Program) Organizational Management
Accounting Principles & Practice
Accounting Control Systems
Financial Information Systems
Part 2 (RCA Program) Financial Economics
International Business Law & Governance
Business Analysis & Audit
International Business Taxation

The Institute runs accredited courses in accounting both in Australia and internationally. ICMA has the vision that it will, via its RPIs, be able to deliver its educational programs in a number of different sites in the Middle East, South Asia, South East Asia and China, and to have graduates articulate into Australian and overseas MBA and other Masters Degree qualifications via the pathways that it has been able to negotiate.

The overall educational strategy is to :

  • Facilitate courses that are a “tunnel of success”, by creating flexible learning solutions.
  • Provide timely learning that is enjoyable.
  • Provide team building for the participants including group problem solving tasks and group success goals.
  • Provide updated technical education by the achievement of excellence in teaching and materials.

Stage 1

Unit 1 : Organisational Management

Objectives :

On completion of this subject students should have an understanding and appreciation of the managerial role and the contribution managers make to organisational effectiveness; within a financial services context; have an understanding of the major managerial strategy and functions; demonstrate an awareness of the major behavioural science theories and concepts relating to the behaviour and communication in the workplace, performance and productivity of individuals and groups in organisations; be capable of formulating and critically evaluating alternative courses if managerial action; be able to analyse organisational situations using the knowledge and frameworks gained during the course in order to better understand, work as part of a team and predict and influence the behaviour of individuals and groups within organisations. Students should also be able to use technology in the workplace, apply health and safety practices and be able to resolve customer complaints in the workplace.

Synopsis :

  • explain the concept of strategy and its importance for organisational success
  • contribute effectively to successful management of change, enlightened human resource policies and orderly organisational development
  • contribute to the framing of appropriate human resource policies for the business and finance functions, to meet the organisation’s objectives.

This subject covers the six industry core units applicable from Certificate III in Financial Services (Accounts Clerical) in the Australian Qualifications Framework. As such, those possessing Certificate III qualifications will be given Recognised Prior Learning (RPL) credit in this unit.

The six industry core units are :

FNBFS01B Work within a Financial Services Context
FNBFS02A Communication in the Workplace
FNBFS03B Work as part of a Team
FNBFS04B Use Technology in the Workplace
FNBFS05A Apply Health and Safety Practices in the Workplace
FNBFS06B Resolve Customer Complaints

Unit 2 : Accounting Principles and Practice

Objectives :

On completion of this subject, students should be able to understand how to prepare accounting records including profit and loss statements and balance sheets under the accrual concept of accounting for different types of business organisations. The nature purpose and limitations of accounting reports and the use of accounting information in decision-making is also covered.

Synopsis :

  • explain the operation of financial accounting systems (manual and computerised) and prepare simple financial statements for incorporated and unincorporated businesses.
  • relate basic accounting concepts to financial accounting
  • interpret simple financial statements and draw conclusions
  • read the accounts of a company (without and with subsidiaries or associates)
  • understand the reasons establishing internal control system.

This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework :

FNBACC04B Prepare Financial Reports for a Reporting Entity
FNBACC06B Implement and Maintain Internal Control Procedures
FNBACC28A Prepare Complex Corporate Financial Reports
FNBACC31A Prepare Financial Statements

Unit 3 : Accounting Control Systems

Objectives :

On completion of this subject students should understand how a variety of costing systems are designed and implemented in manufacturing, merchandising and service industries; appreciate the differences and conflicts between financial accounting and management accounting information systems and demonstrate the flow of costs through inventory, payroll and overhead accounts into the profit and loss statements. Students should also have a sound understanding of implementing organizational improvement programs.

Synopsis :

  • understand how component elements of cost make up the total cost of an activity, service or product
  • prepare cost accounting records and statements of profit for management from cost accounting records in particular operational environments
  • explain the purpose of various cost accounting methods and activities, and their relevance to management and decision making
  • recognise when a quantitative approach is applicable use quantitative methods to obtain accurate and reliable management information; explain and present results.
  • implement organizational improvement programs.

This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework :

FNBACC03B Manage Budgets and Forecasts
FNBACC12B Implement Organizational Improvement Programs
FNBACC23A Produce Job Costing Information
FNBACC24A Prepare Operational Budgets
FNBACC27A Prepare & Analyse Management Accounting Information
FNBACC30A Provide Management Accounting Information

 

Unit 4 : Financial Information Systems

On completion of this subject students should have developed an understanding of information technology and its use in a business environment; the concepts behind a comprehensive accounting package; the role of databases in business computing; the internal control issues relating to computers; the specification and selection issues for major computer systems; the impact of information technology on business processes; the preparation, uses, characteristics and limitations of financial models; advanced logic within financial models; the principles of structured programming in spreadsheet macro languages; designing, testing; debugging, coding and documenting macro programs.

Synopsis :

  • explain how business information systems are structured, and the reasons for differing structures
  • explain the influences of information technology on business organization
  • comment on the impact of information technology on business organisations.

This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework :

FNBACC32A Maintain Asset and Inventory Records
BSBADM404A Develop and Use Complex Databases
FNBACC21A Setup and Operate a Computerized Accounting System
BSBRKG403A Setup Records System for Small Business
FNBACC05B Establish and Maintain Accounting Information Systems

Stage 2

Unit 5 : Financial Economics

Objectives :

On completion of this subject students should have a basic understanding of the methodology and principles of economics; have a basic understanding of micro and macroeconomics; be able to present arguments and make decisions in the economic environment. The techniques available to evaluate financial performance and risk are also covered.

Synopsis :

  • describe the economic and financial environment within which businesses and government organizations operate
  • explain how market systems operate and the role of specialist institutions within the markets
  • appreciate reports in the financial press about economic developments, the financial markets and their implications for industry and commerce
  • understand the techniques available to evaluate financial performance and risk.

This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework :

FNBFIN70A Prepare Financial Forecasts and Projections (microeconomics)
FNBACC17B Develop and Implement Financial Strategies (macroeconomics)
FNBACC15B Evaluate Organisation’s Financial Performance
FNBACC16B Evaluate Financial Risk

Unit 6 : International Business Law and Governance

Objectives :

On completion of this subject students should be able to appreciate alternative business enterprises internationally, namely sole proprietorships, partnerships, companies and trusts; recognise the general laws which apply to such business entities internationally and appreciate the development of corporate governance regulation in different countries. The applicable comparative legislation is that of the country the student is sitting the examinations in.

Synopsis :

  • explain the principles of business law which underpin competence in management accounting
  • apply legal principles to business problems
  • advise managers and directors on the main legal issues which arise in the course of a management accountant’s work.
  • understand the need for corporate governance regulation.

This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework :

FNBACC29A Make Decisions within a Legal Context
BSBSBM401A Establish Business and Legal Requirements
FNBACC11B Monitor Corporate Governance

 

Unit 7 : Business Analysis and Audit

Objectives :

On completion of this subject students should be able to revise basic mathematical concepts and skills so that they are able to understand and perform a wide variety of basic mathematical processes that are necessary for analyzing business operations; become competent in the basic use of statistical tools and techniques their applications to solve problems in business; and become competent in the use of statistical data in order to be more effective in business planning, forecasting, performance evaluation, auditing and management.

Synopsis :

  • appreciate the basic management of operations
  • apply relevant management science techniques in practical business situations
  • understand how some techniques of managerial economics are used in business decision making
  • derive management information from data using computers where appropriate to help solve problems.
  • use statistical information in numerous business applications such as planning, forecasting, performance evaluation, and internal auditing.

This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework :

BSBCMN405A Analyse and Present Research Information
FNBACC01B Provide Financial and Business Performance Information
FNBACC14B Evaluate Business Performance
FNBACC13B Conduct Internal Audit
FNBACC09B Audit/Report on Systems/Records

 

Unit 8 : International Business Taxation

Objectives :

On completion of this subject students should be able to identify the taxation issues that arise from a range of transactions and to understand international tax issues; including assessable income and exempt income; allowable deductions; special classes of taxpayers including trusts, partnerships and companies; objections and appeals; capital gains tax; fringe benefits tax; superannuation; eligible termination payments; tax collection; and tax avoidance.

Synopsis :

  • advise managers on the application of the principles of taxation to decision making
  • apply the rules of statute and case law through computation and advise on compliance
  • apply taxation knowledge to the process of formulating corporate plans.

This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework :

FNBACC22A Process Business Tax Requirements
FNBACC02B Prepare Income Tax Returns
FNBACC07B Prepare Complex Tax Returns/Lodgment
FNBACC10B Implement Tax Plans/Evaluate Compliance