The Financial Accountant in Commerce (FAC) designation is offered by the Institute of Accounting and Commerce of South Africa (IAC). [internal link]
Duties of a Financial Accountant in Commerce (FAC) include the preparation of annual financial statements for their employers or clients and the control, gathering, analysis and interpretation of financial information. Notably, a Financial Accountant in Commerce cannot act as an Accounting Officer. This designation requires a minimum NQF level 7 qualification [internal link], such as the Bachelor of Commerce in Accounting [internal link]. UJ Online [external partner link] offers an online Bachelor of Commerce in Accountancy [partner link] degree.
Admission requirements:
- Academic: Accounting qualification with a minimum SAQA rated NQF Level 7 with Financial Accounting 3
- Practical: 3 years practical accounting experience under the guidance of a registered Accountant, including the writing up of books of prime entry and preparation of financial statements complying with IFRS or IFRS for SMEs
- Exams: 3 hour written evaluation followed by a 2 hour oral evaluation
- CPD: Must complete 40 hours a year (20 structured + 20 unstructured)
- SAQA certificate
Read more on the AIC site: Financial Accountant in Commerce [external link with no follow]
To view more professional accounting designations offered by other accounting organisations that require the same level of qualification, please see our Designations requiring NQF level 7 [internal link] page.
To view all the professional designations offered by IAC [internal link], please view the IAC professional accounting designations [internal link] page.