Accounting is the financial information system that provides relevant information to anyone who own, manages or uses economic resources or engages in economic activity.  As a n information system having many different constituent users, internal and external, this has resulted in the emergence of several branches of accounting.  The external users, including investors, creditors and customers have particular interest in Financial Accounting.  Financial Accounting deals with the recording, summarising and communicating of the economic events of entities, based on established accounting principles, standards and legislation.

To manage entities effectively in our dynamic environment, internal users, such as management, require knowledge, skills and the appropriate attitudes in planning, controlling and decision-making, hence their need for Cost and Management Accounting.  This branch of accounting draws on information from the accounting system as well as methods and techniques from other disciplines to provide users with tools which can be applied at various levels within personal and business environments.

The purpose of this syllabus is to provide a good foundation for further study of Accounting at pre-professional and professional levels.  It also equips individuals with relevant competencies, attitudes and values for the work environment.  Further, it aims at fostering in individuals an awareness of the social and ethical responsibilities of accountants and users of financial information in the Caribbean.

The syllabus aims to:

• understand and appreciate the principles and practices of Accounting;
• develop a capacity for systematic and critical thinking which would serve as a base for further study as well as for application in the working and social environment;
• develop awareness of the links between concepts in Accounting and those pertaining to other disciplines;
• develop knowledge and skills for decision-making;
• understand and appreciate social, ethical, economic and technological aspects of Accounting in the dynamic Caribbean environment;
• develop the capacity to communicate and present Accounting information in written, numerical and diagrammatic form appropriate to its purpose.

The syllabus is arranged into two Units.  Each Unit consists of three Modules, each Module requiring 50 contact hours.

Unit 1: Financial Accounting

• Module 1: Accounting Theory, Recording and Control Systems
• Module 2: Preparation of Financial Statements
• Module 3: Financial Reporting and Interpretation

Unit 2: Cost and Management Accounting

• Module 1: Costing Principles
• Module 2: Costing Systems
• Module 3: Planning and Decision Making