Level 5 units

These units have been designed to develop the understanding and skills of the regulatory requirements for tax and accountancy and how these frameworks are applied in the workplace.

Learners completing these units will build on their understanding of what is expected from a professional accountant at work and be able to produce and interpret a full range of financial information and accounts.

These units are suitable for those who:

  • have completed an accountancy qualification at Level 4 or the IFA Direct Level 4 units
  • are part-qualified leaners seeking a pathway to membership of the IFA 

Financial Reporting

The aims of this unit are to ensure that learners have a sound understanding of the techniques of double entry accounting and can apply its principles in recording transactions, adjusting financial records and preparing non-complex financial statements.

On completion, learners will also be proficient in the use of double entry accounting techniques and the maintenance of accounting records. They will also develop the ability to identify and correct omissions and errors in accounting records and financial statements.

Learners will be able to specify the components of financial statements and prepare and review non-complex accounts for a range of different business structures including sole traders, partnerships and limited companies.

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Financial Management

The unit aim is to develop the financial management skills for those who manage or seek to manage the performance, risk and financial decision-making needs of small and medium-sized enterprises (SMEs) and small and medium-sized practices (SMPs).

The unit will give an understanding, application and analysis of the funding and management of capital within an organisation. In particular it will focus on the management and evaluation of investment appraisal decisions. Organisational performance, and recommendations for its improvement and growth, will also be analysed.

Learners will be able to apply investment appraisal techniques to investment decisions and make recommendations. They will also be able to use valuation models and cost of capital models to determine the value of an organisation and its capital structure cost and manage foreign exchange risk, credit and gearing. Learners will be able to apply techniques to evaluate and made recommendations for the management of performance, resources, capital structure and risk.

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Financial and Management Control

The aim of this unit is to develop the financial management skills of those who manage or seek to provide information for performance management, continuous improvement, budgetary and financial control and the management of internal risk in small and medium-sized enterprises (SMEs) and small and medium-sized practices (SMPs).

Learners will be able to use analytical tools to evaluate performance and to make recommendations about continuous improvement in an organisation. Learners will also be able to use techniques to implement budgetary and financial control and evaluate and manage internal risk.

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Business Taxation

The aim of this unit is to enable learners to understand taxation as it affects small and medium-sized enterprises (SMEs) and small and medium-sized practices (SMPs). It provides learners with the skills to prepare basic tax computations and advise others of the effects of taxation and impact of tax on decision making.

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Assurance

The aim of this unit is to give learners an understanding of the assurance process in the accountancy industry. Learners will gain an insight into the internal controls and evidence gathering requirements when completing an assurance engagement in practice.

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