If you are not already aware, the 2015 release of the Accounting and Bookkeeping qualifications superseded on the 12th of February 2018. We have received a lot of queries about this change as very little information or consultation was conducted/released by Price Waterhouse Coopers (the SSO) on the draft units or the endorsement of the new qualifications/units. For this reason, I have done some basic analysis to bring industry up to speed on the major changes in the training package and how they impact your RTO.
This training package update was to address the skill areas identified in the Industry Skills Forecast and Proposed Schedule of Work (known previously as the FNS Four Year Work Plan). To save you a lot of time, I have summarised the major changes below and also taken a deeper look at two of the more popular qualifications impacted.
For the summary of changes, read on:
Five FNS Qualifications Superseded:
These sweeping changes impact 5 old qualifications listed below. These old qualifications have been superseded and are not equivalent to the new qualifications.
| FNS30315 | Certificate III in Accounts Administration | Superseded |
| FNS40215 | Certificate IV in Bookkeeping | Superseded |
| FNS40615 | Certificate IV in Accounting | Superseded |
| FNS50215 | Diploma of Accounting | Superseded |
| FNS60215 | Advanced Diploma of Accounting | Superseded |
This effectively means that RTOs are left with redundant courses and will need to:
- Re-apply to add the “New” qualifications to scope
- Update Training and Assessment Strategies
- Either redevelop training resources or purchase new ones (old resources won’t map to new unit requirements)
- Potentially get new electives units to meet new qualification packaging rules
This offers a massive opportunity for those RTOs who are first to add this new qual to scope!
Five Qualifications Updated or Added:
There are now two new qualifications.
- FNS50417 addresses new skill payroll requirements identified by industry
- The old FNS40215 and FNS40615 have been merged into one new qualification FNS40217 – Certificate IV in Accounting and Bookkeeping
The remaining three qualifications have been updated existing qualifications have been updated (listed below).
| FNS50417 | Diploma of Payroll Services | New |
| FNS40217 | Certificate IV in Accounting and Bookkeeping | Replaces FNS40215 and FNS 40615 |
| FNS30317 | Certificate III in Accounts Administration | Replaces FNS30315 |
| FNS50217 | Diploma of Accounting | Replaces FNS50215 |
| FNS60217 | Advanced Diploma of Accounting | Replaces FNS60215 |
If you are like most other RTOs and need resources for these new qualifications, we have developed a complete set of Training Resources and Assessment Tools to assist you in your transition. These resources have been written to the NEW units and validated to ensure compliance. Click Here to View Our FNS Learning Resources.
Beware of using any resources that have just had code changes and have not been validated against the new qualification and unit requirements. The superseded and new units are NOT the same and will create critical non-compliances.
Even though they may be listed as equivalent for RPL purposes, the new units have changed PCs, PCs, KEs, Foundation Skills and Assessment Conditions making the old assessment tools obsolete. Read on for further detail on unit changes. Click Here to find new FNS resources.
28 Units Updated, Added or Deleted:
A total of 28 FNS units of competency were either updated, added or deleted (18 updated; 8 new; 2 deleted).
| New CODE | New/Updated Unit Name | Status |
| FNSPAY501 | Process salary packaging arrangements and additional allowances in payroll | New |
| FNSPAY502 | Process superannuation payments in payroll | New |
| FNSPAY503 | Process complex employee terminations in payroll | New |
| FNSPAY504 | Interpret and apply knowledge of industrial regulations relevant to payroll | New |
| FNSPAY505 | Interpret and apply knowledge of taxation systems relevant to payroll | New |
| FNSACC304 | Conduct business activities using a computerised accounting system | New |
| FNSINC503 | Identify situations requiring complex ethical decision making | New |
| FNSINC504 | Apply ethical frameworks and principles to make and act upon decisions | New |
| FNSTPB402 | Establish and maintain payroll systems | Replaces FNSBKG405 |
| FNSTPB401 | Complete business activity and instalment activity statements | Replaces FNSBKG404 |
| FNSACC311 | Process financial transactions and extract interim reports | Replaces FNSACC301 |
| FNSACC312 | Administer subsidiary accounts and ledgers | Replaces FNSACC302 |
| FNSACC313 | Perform financial calculations | Replaces FNSACC303 |
| FNSACC411 | Process business tax requirements | Replaces FNSACC401 |
| FNSACC412 | Prepare operational budgets | Replaces FNSACC402 |
| FNSACC413 | Make decisions in a legal context | Replaces FNSACC403 |
| FNSACC414 | Prepare financial statements for non-reporting entities | Replaces FNSACC404 |
| FNSACC416 | Set up and operate a computerised accounting system | Replaces FNSACC406 |
| FNSACC511 | Provide financial and business performance information | Replaces FNSACC501 |
| FNSACC512 | Prepare tax documentation for individuals | Replaces FNSACC502 |
| FNSACC513 | Manage budgets and forecasts | Replaces FNSACC503 |
| FNSACC514 | Prepare financial reports for corporate entities | Replaces FNSACC504 |
| FNSACC516 | Implement and maintain internal control procedures | Replaces FNSACC506 |
| FNSACC517 | Provide management accounting information | Replaces FNSACC507 |
| FNSACC624 | Monitor corporate governance activities | Replaces FNSACC604 |
| FNSACC408 | Develop and implement policies and procedures relevant to bookkeeping activities
Replaces old title – Work effectively in the accounting and bookkeeping industry |
Replaces FNSBKG401 |
| FNSBKG402 | Establish and maintain a cash accounting system | Deleted |
| FNSBKG403 | Establish and maintain an accrual accounting system | Deleted |
4 New Skill Sets
| FNSSS00012 | Payroll Administrator Skill Set | New |
| FNSSS00013 | Business Ethics and Conduct Skill Set | New |
| FNSSS00014 | Accounting Principles Skill Set | New |
| FNSSS00015 | Advanced Accounting Principles Skill Set | New |
As you can see, the Training Package has undergone substantial updates and as mentioned earlier, RTOs will need to make additions to scope to add these new qualifications.
In the sections below, I have looked at two of the most popular qualifications impacted by these changes.
Read on to find out how these new qualifications have changed.
FNS40217 – Certificate IV in Accounting and Bookkeeping (Release 1)
Summary of Changes
This qualification has undergone massive changes and now replaces both the FNS40215 – Certificate IV in Bookkeeping and the FNS40615 – Certificate IV in Accounting.
Packaging
- Now has 8 Core and 5 Elective Units
- Substantial core unit changes (see Core Unit Change Summary below)
- Substantial elective unit changes (see Elective Unit Change Summary below)
- 24 Electives to choose from
Core Unit Change Summary
There is a new core unit in this qualification that has come from the BSB training package. This unit is BSBSMB412 Introduce cloud computing into business operations. The previous Tax Practitioner Board licensed units (FNSBKG404 and FNSBKG405) have also had code changes (now FNSTPB401 and FNSTPB402 respectively) and undergone substantial changes with new elements and performance criteria. The knowledge requirements have also changed.
Despite many core unit having similar names, the core units have ALL changed code and have substantial changes in the unit requirements. New Assessment Tools need to be developed for all of these units. Although most of the old core units show equivalency in terms of credit transfer. Old assessment tools will not meet the new unit requirements due to so many changes in:
- Performance Criteria
- Knowledge Evidence
- Performance Evidence
- Assessment Conditions
- Foundation Skills
Elective Unit Change Summary
New Elective Unit Options now available (increased to 24 electives). Despite having similar names, many of the elective units have changed code and have substantial changes in the unit requirements. New Assessment Tools need to be developed for all these new elective units. Old assessment tools for these changed elective units will not meet the new unit requirements due to so many changes in:
- Performance Criteria
- Knowledge Evidence
- Performance Evidence
- Assessment Conditions
- Foundation Skills
Click Here get these updated FNS40217 Training Resources!
FNS50217 – Diploma of Accounting (Release 1)
Summary of Changes
- Number of Core and Elective Units remain the same.
- Substantial core unit changes (see Core Unit Change Summary below)
- Substantial elective unit changes (see Elective Unit Change Summary below)
- New Entry Requirements (see below)
Core Unit Change Summary
Despite having similar names, the core units have ALL changed code and have substantial changes in the unit requirements. New Assessment Tools need to be developed for all these units. Although most of the old core units show equivalency in terms of credit transfer, old assessment tools will not meet the new unit requirements due to so many changes in:
- Performance Criteria
- Knowledge Evidence
- Performance Evidence
- Assessment Conditions
- Foundation Skills
Elective Unit Change Summary
New Elective Unit Options now available (increased from 15 elective choices to 22 electives). Despite having similar names, many of the elective units have changed code and have substantial changes in the unit requirements. New Assessment Tools need to be developed for all these new elective units. Old assessment tools for these changed elective units will not meet the new unit requirements due to so many changes in:
- Performance Criteria
- Knowledge Evidence
- Performance Evidence
- Assessment Conditions
- Foundation Skills
NEW Entry Requirements
Completion of the following six units, or their equivalent, which constitute the requirements for the FNSSS00014 Accounting Principles Skill Set:
- FNSACC311 Process financial transactions and extract interim reports
- FNSACC312 Administer subsidiary accounts and ledgers
- FNSACC408 Work effectively in the accounting and bookkeeping industry
- FNSACC416 Set up and operate a computerised accounting system
- FNSTPB401 Complete business activity and instalment activity statements
OR
- FNSTPB402 Establish and maintain payroll systems;
OR
- Completion of FNS40615 Certificate IV in Accounting or equivalent;
OR
- Completion of FNS40215 Certificate IV in Bookkeeping or equivalent.
