Overview - 2020/2021
Professional Accounting is a three-semester program that enables students from any undergraduate discipline to complete a graduate certificate in accounting.
Important update to CPA Canada's Advanced Certificate in Accounting and Finance (ACAF): In July 2019, CPA Ontario has advised that the CPA ACAF program will be discontinued. Students will have until February 2021 to write the ACAF examination, after which time the CPA will no longer offer any exams for the ACAF. The notice from the CPA on the discontinuation of the ACAF can be found at this link: https://www.cpaontario.ca/earn-your-acaf/acaf-notice.
Courses will be enriched with hands-on integrated technology applications and case studies based on real-world scenarios. Further real-world industry exposure will be maximized with guest speakers and hands-on projects. The program is designed to integrate all of the course topics and to develop students' critical thinking skills, research skills, and decision-making skills.
Students will make extensive use of Microsoft Excel and other software used in the accounting industry.
Admission Requirements - 2020/2021
A Two- or Three-Year College Diploma, or a Degree
(Note: minimum 'C+' average or cumulative 2.5 GPA)
Acceptable combination of related work experience and post-secondary education as judged by the College*
Five years of work experience in the accounting field as judged by the College to be equivalent*
- *Applicants may be required to submit a resume and cover letter that includes details of work experience.
English Language Requirements
Applicants whose first language is not English will be required to demonstrate proficiency in English by one of the following methods:
- A Grade 12 College Stream or University Stream English credit from an Ontario Secondary School, or equivalent, depending on the program's Admission Requirements
- Test of English as a Foreign Language (TOEFL) test with a minimum score of 88 for the Internet-based test (iBT), with test results within the last two years
- International English Language Testing System (IELTS) Academic test with an overall score of 6.5 with no score less than 6.0 in any of the four bands, with test results within the last two years. SDS Program Requirements.
- Canadian Academic English Language (CAEL) test with an overall score of 70 with no score less than 60 in any of the four bands, with test results within the last two years
- Pearson Test of English Academic (PTE) with a minimum score of 59, with test results within the last two years
- A Cambridge English Test (FCE/CAE/CPE) with an overall score on the Cambridge English Scale of 176 with no language skill less than 169, with test results within the last two years
- An English Language Evaluation (ELE) at Fanshawe College with a minimum score of 75% in all sections of the test, with test results within the last two years
- Fanshawe College ESL4/GAP5 students: Minimum grade of 80% in ESL4/GAP5 Level 9 or 75% in ESL4/GAP5 Level 10
Recommended Academic Preparation
It is highly recommended that students be proficient in the following areas before entry into the program:
- Business Communication
- Computer applications, particularly Microsoft Word, Excel and PowerPoint
Recommended Personal PreparationStudents are advised to prepare for a very rigorous and intensive program of study.
- Applicants may apply for advanced standing on the basis of previous academic achievement at another institution and/or Prior Learning Assessment and Recognition (PLAR). Advanced standing qualifies the applicant for direct entry to a second or higher level of the program.
Applicant Selection Criteria
Where the number of eligible applicants exceeds the available spaces in the program, the Applicant Selection Criteria will be:
- Preference for Permanent Residents of Ontario
- Receipt of Application by February 1st (After this date, Fanshawe College will consider applicants on a first-come, first-served basis until the program is full)
- Achievement in the Admission Requirements
Level 1 ACCT-6001 Financial Accounting-Intro 5 This is an introductory accounting course that will give students an overview of the accounting cycle and the preparation of financial statements. Topics include basic accounting concepts, recording transactions, adjusting entries, preparing and analyzing financial statements. Students will also be introduced to accounting for certain asset and liability accounts. COMM-6019 Advanced Professional Communication 3 This course focuses on refining and advancing students workplace communication abilities. The advanced communication documents and strategies covered include presentation skills, research skills, business document writing, meeting and management team strategies, business etiquette, and advanced employment communications. Additionally, students learn about interpersonal and intercultural communication (high/low and monochromic/polychromic context) concepts and strategies. ECON-6004 Economics 3 This course will utilize cases to examine key economic concepts. Topics will include both microeconomic and macroeconomic issues. Emphasis will ensure that students are able to evaluate the economic concepts to be applied to a business situation. MATH-6002 Math for Business 3 This course will cover a wide range of mathematical concepts that are integral to accounting principles and analysis of information. Students will utilize appropriate computer software to assist in calculations and analysis. LAWS-6038 Business Law 3 This course is an introductory survey of Canadian Business Law and in particular the law in Ontario. Topics covered include: the constitution and court system, alternative dispute resolution, torts (particularly negligence and professional responsibility), contracts, sale of goods and consumer protection legislation, property (personal, real, and intellectual), security interests, agency, forms of business organization, the legal aspects of credit, and employment law. The purpose of the course is to enhance the students' decision-making ability with respect to various business transactions and, with regard to ethical considerations, help identify, manage and control legal issues that arise in a business setting. ACCT-6002 Accounting Software 3 ACCT-6002 is a practical approach to capturing, processing and communicating accounting data using popular accounting software, (specifically Microsoft Excel and Sage 50). The content of lessons, assignments, projects and tests are based on the practice(s) found within the profession of Canadian accounting. Level 2 ACCT-6010 Financial Reporting 1-Inter 3 This intermediate financial reporting course focuses on the asset side of the balance sheet. In addition to cash and receivables, inventory, investments, property, plant and equipment and intangibles; students will cover financial reporting and accounting concepts, income statement and statement of financial position presentation, the statement of cash flows, and revenue and expense recognition. Both international financial reporting standards (IFRS) and accounting standards for private enterprise (ASPE) are considered. ACCT-6011 Financial Reporting 2-Inter 3 This intermediate financial accounting course focuses on the liabilities & equities side of the statement of financial position. Topics include disclosure requirements, accounting for contingencies, current and long-term liabilities, shareholders' equity, EPS, complex financial instruments, leases, income taxes, and post-employment benefits. Both international financial reporting standards (IFRS) and accounting standards for private enterprise (ASPE) are considered. ACCT-6008 Management Accounting-Intro 3 This course introduces students to fundamental understanding of cost concepts and basic concepts and practices of management accounting. The main topics of the course are cost accounting and management accounting fundamentals, cost concepts, classifications and terminology, cost behaviour analysis and decision making, cost-volume-profit analysis, systems design: job order costing and process costing, budgeting and preparing master budget, standard costs and variance analysis, relevant costs for decision making, performance measurements, management control in decentralized organization, and activity-base costing. FINA-6019 Finance-Intro 3 This is an introductory course in business finance that studies finance concepts and the impact on decisions made by the financial executive. Students are introduced to a wide range of topics, including financial management goals and objectives, risk and return, forms of ownership, the nature and use of financial instruments, portfolio diversification, and distribution of earnings. FINA-6020 Personal Taxation 6 This course offers an overview of the taxation of personal Canadian taxpayers as well as related tax planning and GST implications. Topics covered include administration of the tax system, residence, employment income, business and property income, capital gains, other income and deductions, computation of taxable income and taxes payable for individuals. The implementation of the law and its effects, and issues in tax planning and other practical matters are explored. Legal interpretations of tax law are examined through practical problems and cases. It is designed to give a basic understanding of the Income Tax Act and its administration. INFO-6071 Information Technology 3 This in an introductory course that covers the use of computer-based information systems in management and accounting. After completing this course, students will have the knowledge required to make informed decisions about the applications of information technology. Topics include hardware and software of computer systems; file and database organization; networks and telecommunications; the systems development process; designing information systems solutions; systems security and controls; artificial intelligence; and the management of information systems. Level 3 ACCT-6013 Financial Reporting-Adv 6 This course in Advanced Accounting will emphasize the following accounting topics: Introduction to partnership equity accounting, recording, and reporting of intercorporate investments and business combinations, consolidation of subsidiaries, foreign currency transactions, and foreign operations reporting. Standard setting both internationally and in Canada will be discussed relating to IFRS and ASPE. Professional judgment and the ability to apply conceptual principles and accounting policies will be developed and enhanced so that students may embark on a successful career in the accounting profession. ACCT-6014 Auditing Fundamentals 3 This course is an introduction to auditing principles and procedures applicable to external auditing. Topics include reporting; professional standards and ethics; legal liability; audit objectives, evidence and documentation; planning, materiality and risk, internal control, audit sampling and computer auditing. The course also addresses the details of audit work on specific accounts and assertions and concludes with the considerations of the completion of the audit. ACCT-6012 Management Accounting-Inter 5 This course is a continuation of Management Accounting 1 and provides further in-depth coverage of management accounting concepts. Topics include job costing services and goods , process costing, activity based costing and activity based management, flexible budgets, variances, and management control, income effects of denominator level on inventory valuation, decision making and relevant information, pricing decisions, profitability and cost management, strategy, balanced scorecard and strategic profitability analysis, responsibility accounting, and capital budgeting and methods of investment analysis. FINA-6021 Applied Finance 3 This course is designed to follow and build upon the concepts covered in the Introductory Finance course. Specifically, students will use financial ratios to assess the health of an organization as well as learn the skills to project and assess both the company's current financial position and future financial requirements; including, WACC, NPV, preparing pro forma financial statements and operating cash flows. In addition, students will learn about managing and planning a company's short-term financing using net working capital. FINA-6022 Corporate Taxation 3 This course offers an overview of the taxation of Canadian corporations as well as related tax planning and GST implications. Topics include computation of corporate taxes, integration theory, compensation options for owner-manager, and salary versus dividend decisions. Students will develop an understanding of how the tax law works and incorporate the ability to find and apply the appropriate tax provisions in a variety of situations. Emphasis will be placed on recognizing tax issues, developing planning alternatives, locating proper authority to resolve issues, and communicating courses of action to implement the solutions.
Careers - 2020/2021
Graduates will have opportunities in many organizations including public accounting firms, government offices, not-for-profit organizations, public and private corporations, small businesses, and financial institutions. Self-employment is also an option for graduates.
Graduates of the Professional Accounting program will be well prepared to:
• prepare financial information to support management decision-making
• prepare financial statements and related disclosures
• calculate and report on financial and non-financial performance measures
• support the development and maintenance of the organization’s management control and risk management systems
• monitor and recommend improvements to accounting procedures, accounting information systems and internal controls
• monitor cash flow and cash flow requirements
• prepare budgets and forecasts
• prepare information for external auditors
• support the auditor in planning and executing the audit
• help prepare tax filings and comply with remittance requirements
More Information - 2020/2021A Mandatory Mobile Computing (Laptop) Program
A One-Year Ontario College Graduate Certificate ProgramProgram Code: PAC1
Campus Code: LC (LC - London)
15 week terms
Academic Calendars available at www.fanshawec.ca/academicdates
ContactLawrence Kinlin School of Business: 519-452-4290
Professional Accounting is a three level program that enables students from any undergraduate discipline to complete a graduate certificate in Accounting.
Upon completion of the program, students will have completed all entry and technical courses of the Advanced Certificate in Accounting (ACAF) offered by CPA Canada. Students will still need to complete four applied courses which are offered through Part-Time Studies at Fanshawe College. The ACAF program is the only standardized national education program in Canada for intermediate accounting positions. Students that complete the program will also be eligible for some exemptions from the Association of Chartered Certified Accountants (ACCA).
Courses will be enriched with hands-on integrated technology applications and case studies based on real-world scenarios. Further real-world industry exposure will be maximized with guest speakers and hands-on projects. The program is designed to integrate all of the course topics and to develop students� critical thinking skills, research skills, and decision-making skills.
Students will make extensive use of Microsoft Excel and other software used in the accounting industry.
- Please note, this program runs for three consecutive terms over a period of 12 months.
- A CONNECT lab fee is included in the Additional Program Fees stated in the Fee Schedule. This fee helps cover costs associated with the delivery of the CONNECT mobile computing program.
- Students should not purchase a laptop computer or software until the College publishes the recommended configuration, models, software titles and versions for that academic year.
The graduate has reliably demonstrated the ability to
1. Integrate ethical decision making processes into all aspects of the accounting profession.
2. Apply recognized accounting principles to the systematic recording of transactions relating to assets, liabilities, owners' equity, revenue and expenses.
3. Prepare appropriate transactions relating to partnership and corporate business structures.
4. Prepare accurate and relevant financial statements.
5. Analyze financial and managerial accounting information to assist in decision making.
6. Formulate accurate and timely financial information using accounting software.
7. Integrate accounting information necessary for effective management decisions.
8. Compare, contrast and select, from among various methods of product and service costing, those appropriate to a financial situation.
9. Prepare effective operating budgets.
10. Utilize statistical techniques effectively in the analysis of financial information.
11. Integrate computer technologies into various business situations.
12. Calculate measures appropriate to a variety of financial management situations.
13. Recommend appropriate information systems structures, planning and usage in a business.
14. Recognize potential legal implications within a business situation.
15. Produce effective written managerial communications.
16. Evaluate the economic concepts to be applied to a business situation.
- Students will also be able to articulate with other universities/colleges to complete a bachelor degree or the CPA professional designation, if desired.
- For information about Program Pathways visit www.fanshawec.ca/programpathways.