Accounting & Finance Handbook
Accounting & Finance Handbook
Accounting & Finance Handbook
1 Introduction 1
2 The Institute of Commercial Management (ICM) 1
3 ICM Articulation Agreements with Universities 1
4 Learning, Teaching and Assessment Strategy 3
4.1 Assessment 3
4.2 Student Workload C H
OURSE ANDBOOK 3
5 ICM Qualifications and Progression 4
2013
5.1 ICM Certificates (equivalent to NQF Level 4 Diplomas) 4
5.2 ICM Diplomas (equivalent to NQF Level 5 Diplomas) 4
5.3 ICM Advanced Diplomas (equivalent to NQF Level 6 Diplomas) 5
5.4 ICM Graduate Diplomas (equivalent to NQF Level 6 Diplomas) 5
5.5 ICM Post Graduate Diplomas (equivalent to NQF Level 7 Diplomas) 6
5.6 Relative Positioning of ICM Qualifications 6
6 Student Registration & Course/Level Entry Requirements 8
6.1 Student Registration 8
6.2 Student Registration Fees 8
6.3 Course/Level Entry Requirements 8
7 Examinations and Results 10
7.1 Examinations 10
7.2 Examination Entry Fees and Forms 10
7.3 Examination Timetable 10
7.4 Examination grades and remarking 10
7.5 Examination re-sits 11
7.6 Examination Closing Dates 11
7.7 Examination Results 11
7.8 Examination Grades 11
7.9 Transcript of Academic Results 11
7.10 Replacement Certificates 11
7.11 Deferrals 12
7.12 Subject Exemptions for Professional Programmes 12
7.13 Single Subject Candidates 12
8 Subject advice, educational guidance and student support 12
8.1 Study Methods 12
8.2 Payment Methods 13
8.3 Choosing your course of study 13
8.4 ICM Approved Centres 13
9 Textbooks 13
10 Students with learning difficulties 13
11 Copies of past examination papers and other forms of assessment 14
12 Unit Information 14
12.1 Programme Objectives 14
12.2 Recommended Course Duration 14
12.3 Continuing Education 15
12.4 Entry Requirements 15
Tel: +44 (0) 1202 49055: +44 (0) 1202 490666 Email: [email protected] Web: www.icm.ac.uk
13 Course Structure 16
13.1 Unit Syllabuses 16
13.1.1 Bookkeeping Syllabus 17
13.1.2 Business Management & Administration Syllabus 19
13.1.3 Economics for Business Syllabus 23
13.1.4 Numeracy & Statistics Syllabus 27
13.1.5 Accounting II Syllabus 29
13.1.6 Business Law Syllabus 31
13.1.7 Computer Appreciation & Applications Syllabus 37
13.1.8 Cost Accounting Syllabus 41
13.1.9 Accounting III Syllabus 44
13.1.10 Auditing & Taxation Syllabus 47
13.1.11 Financial Management Syllabus 50
13.1.12 Management Theory & Practice Syllabus 53
13.1.13 Advanced Accounting Project Syllabus 57
13.1.14 Capital & Investment Syllabus 59
13.1.15 Corporate Governance & Ethics Syllabus 61
13.1.16 Regulatory Framework Syllabus 63
1 Introduction
The purpose of this Course Handbook is to provide you with general information about
studying with the Institute of Commercial Management (ICM). This Handbook should be read
in conjunction with other Guidelines available on the ICM website. The early pages of this
Handbook provide general information about ICM and its programmes. Later sections give
details about the equivalency of ICM Certificate (NQF* Level 4 qualifications), Diploma (NQF
Level 5 qualifications), Advanced Diploma (NQF Level 6 qualifications), Graduate Diploma
(NQF Level 6 qualifications) and Post Graduate Diploma Awards (NQF Level 7
qualifications). Please note that not all Levels are available for all programmes. The material
in this Handbook is as accurate as possible at the time of production.
Established in the early 1970s, the Institute of Commercial Management provides academic
and vocational qualifications which are well recognised globally.
In its capacity as a course developer and an examining and certifying Board, the Institute
offers a wide range of professional and vocational awards in Business, Management and
related vocational areas.
ICM programmes are designed to address the personal development and training needs of
those wishing to enter the commercial sector and to support the continued development and
workplace flexibility of those already in employment.
ICMs global services include the design, development and certification of business
education and training programmes for education providers; the development and
certification of tailored education and training programmes for the corporate sector,
emerging industries and the global workforce and the examination, assessment and
certification of students undertaking business, management and related vocational education
programmes.
ICM provides examinations in more than 200 subject areas ranging from accounting and
finance to tourism and hospitality and from marketing and advertising to project management
and examines and certifies candidates to an internationally consistent standard.
The Institute has formal partnership arrangements with universities in the UK and overseas.
A full list of progression routes from ICM qualifications into Undergraduate and Post
Graduate courses at UK Universities is available from the ICM website.
Established articulation arrangements provide direct access to the second and final years of
a wide range of BA/BSc degrees for ICM Diploma qualifications (Level 5 Diploma) and
Subject to status and grades obtained, students holding ICM Diploma qualifications at levels
4, 5, 6 and 7 are accepted onto Undergraduate and Post Graduate degree programmes
offered by institutions in continents across the globe.
Our strategic partners have agreed that students can enter their degree programmes with
Advanced Standing, provided they possess the right Grade profile and are able to meet
other admissions criteria, such as language competence. The stated grade and points
requirements may be subject to local variations.
Application for entry to the first year of a relevant degree programme will be considered for
those students who hold a relevant ICM Certificate Level Award.
Application for entry to the second year of an Honours degree programme will be considered
for students who have passed a relevant ICM Diploma (Level 5) programme and have met
the following requirements:
Students who have passed a relevant ICM Advanced Diploma (Level 6 Diploma) programme
will be considered for final year entry if they have achieved the following:
Students who have passed a relevant ICM Graduate Diploma (Level 6 Diploma) programme
will be considered for entry to Masters programmes if they have achieved the following:
obtained at least 12 Points from the final 4 subjects leading to the qualification
obtained at least a Grade C in all subjects in the Graduate Diploma
The following rules apply in relation to converting ICM subject grades into points:
Students wishing to progress to degree programmes should review the range of courses
available at our partner Universities. Information on appropriate university courses can be
obtained from our website.
The Institutes qualifications are also recognised by leading professional examining bodies
for either subject exemption or registration purposes. Further details can be obtained from
the appropriate examination bodies.
Tuition in preparation for the Institutes examinations takes place on a number of levels,
including lectures, seminars, class discussion and problem review and analysis.
Formal lectures provide a foundation of information, which students build on through directed
learning and self-managed study outside the classroom.
Students are actively encouraged to form study groups to discuss course material, fostering
a greater depth of learning experience.
4.1 Assessment
Assessment for the majority of programmes is based on final examinations. The Institute has
a traditional approach to assessment. Formative assessment is provided by ICM Teaching
Centres as and when appropriate and may include; essays, in-class tests, role play
exercises, presentations and projects. However, in terms of gaining a professional
qualification, and in order to maintain standards, ICM believes that students should be
formally assessed on the body of knowledge covered during the course and be examined as
individuals on the required learning outcomes.
In accordance with nationally accepted codes of practice in the UK, each 20 credit unit
represents a total of approximately 200 hours of learning. Typically, each ICM award at
undergraduate level comprises four units of 20 credits each. Students must complete four
units at each level leading to the awards of Certificate (Level 4 Diploma), Diploma (Level 5
Diploma), Advanced Diploma (Level 6 Diploma) and Graduate Diploma (Level 6 Diploma).
Thus, for example, in order to gain an ICM Advanced Diploma, a student must have
completed the Certificate, Diploma and Advanced Diploma stages. The Post Graduate
Diploma (Level 7 Diploma) consists of 120 credits divided into six units.
The learning hours for each unit are subdivided into appropriate categories of learning
opportunities, such as lectures, seminars, preparation time, directed study, time spent on
assessment items and exam preparation. At least one quarter of this time is usually devoted
to formal contact time.
A further one quarter of this time is related to directed learning. The balance of workload is
comprised of individual, self-managed student learning and revision.
Furthermore, each unit is assigned to a particular Level, with each Level corresponding to
the group of subjects contained within the programmes leading to the award of a Certificate
(Level 4 Diploma), Diploma (Level 5 Diploma), Advanced Diploma (Level 6 Diploma),
Graduate Diploma (Level 6 Diploma) or Post Graduate Diploma (Level 7 Diploma).
Understanding your qualification is important and the following guidelines outline how ICM
qualifications fit within the UK National Qualifications Framework and support vocational
learning.
ICM has benchmarked its qualifications against the UK National Qualifications Framework
(NQF). In recognition of the NQF levels and with reference to appropriate National
Occupational Standards, the Institute has produced the following level descriptors which
should be read in conjunction with the table provided in section 5.6.
ICM Certificates are awarded to those who have passed Part 1 (the first four or five subjects,
depending on the course) of an ICM Diploma programme. See below for ICM Diploma Entry
Requirements. ICM Certificates represent a level of qualification that recognises the ability to
gain, and where relevant apply a range of knowledge, skills and understanding.
Learning at this level involves gaining knowledge and skills appropriate for individuals
working semi-independently, or receiving basic supervision and training from others in their
field of work.
Successful completion of the ICM Certificate enables entry to the first year of appropriate
degree programmes at a range of Universities. For a complete list of progression routes
please refer to the website.
ICM Diplomas represent a level of qualification which recognises the ability to gain, and
where relevant apply a range of knowledge, skills and understanding.
Learning at this level involves obtaining detailed knowledge and skills appropriate for people
working independently, or providing basic supervision and training of others in their field of
work and people wishing to go to University.
Progression is available from the ICM Diploma to the second year of relevant degree
programmes at a range of Universities. For a complete list of progression routes please refer
to the website.
Entry to an ICM Advanced Diploma programme requires completion of the ICM Certificate
and Diploma in the selected programme. Students holding other relevant and equivalent
qualifications which contain ICM Diploma subjects could qualify for entry as well as subject
and Level exemptions.
ICM Advanced Diplomas represent a level of qualification which involves specialist learning
and detailed analysis of a high level of information, knowledge and skills in a specified area
of work or study.
ICM Advanced Diplomas are appropriate for people working in positions such as Senior
Supervisors, Professionals or Managers. These individuals need to demonstrate significant
levels of knowledge, a high level of work expertise in job roles and competence in managing
and training others. Learning at this level is appropriate for people working in technical and
professional jobs, and/or managing and developing others.
The ICM Advanced Diploma is equivalent to NQF Level 6 and in terms of level and credit
value these qualifications are comparable to UK Intermediate Higher Education qualifications
such as HNDs, Diplomas of Higher Education and Foundation Degrees.
Progression is available from ICM Advanced Diplomas to the final year of relevant degree
programmes at a range of Universities. For a complete list of progression routes please refer
to the website.
Entry to an ICM Graduate Diploma programme requires prior completion of the ICM Diploma
and Advanced Diploma in the selected programme.
Advanced Standing and Exemptions: Students holding relevant degrees and equivalent
qualifications which contain ICM Certificate, Diploma and Advanced Diploma subjects could
qualify for entry as well as subject and Level exemptions.
Students at this level study highly developed and complex levels of knowledge enabling the
development of in-depth and original responses to complicated and unpredictable problems
and situations.
Students at this level of study should display a mastery of high level knowledge and skills
and have professional and research-based skills.
This qualification is equivalent to two thirds of a Masters degree (MBA or MA) and advanced
standing can be given onto a range of Masters degrees. For a complete list of progression
routes please refer to the website.
The following table gives an indication of the relative positioning of ICM awards, compared
with other types of qualifications and levels. Reference is made to levels in the UK National
Qualifications Framework and example qualifications at each level. In addition, the final
column in the table (FHEQ) shows the equivalent qualifications commonly being developed
and delivered in the University sector. For example, these indicate that the ICM Advanced
Diploma equates to an intermediate level award (in terms of credit accumulation this ICM
qualification equates to a Higher National Diploma). Furthermore, the ICM Graduate Diploma
equates to a Bachelors degree level qualification and the ICM Post Graduate Diploma
equates to a Masters degree level qualification.
Framework for
National Qualifications Framework
Framework for Higher Education
(Levels and example vocational
ICM Levels Qualification Levels
qualifications)
(FHEQ)
ICM Post Graduate M (masters), Masters
Level 7
Diploma degrees, Post Graduate
Professional Diploma in Translation
(Level 7 Diploma) certificates and diplomas
ICM H (honours)
Graduate Diploma Bachelors degrees
(Level 6 Diploma) (BSc/BA)
Level 6
Diploma in Management ICM I (intermediate)
Advanced Diploma Diplomas of higher
(Level 6 Diploma) education, foundation
degrees, Higher National
Diplomas
Level 5
ICM Diploma
BTEC Higher National Diploma in 3D
(Level 5 Diploma)
Design
C (certificate)
Certificates of higher
Level 4 ICM Diploma education
Certificate in Early Years Practice (Level 5 Diploma)
Level 3
Certificate in Small Animal Care
NVQ in Aeronautical Engineering
A levels
Level 2
Diploma for Beauty Specialists
NVQ in Agricultural Crop Production
GCSEs Grades A*-C
Level 1
Certificate in Motor Vehicle Studies
NVQ in Bakery
GCSEs Grades D-G
Entry e.g. Entry Level Certificate in
Adult Literacy
In order to undertake any ICM examination candidates must be Registered ICM Student
Members.
The Student Registration fee is valid for one year and can be renewed annually.
Important Note: All students wishing to register for any ICM Advanced Diploma
programme or above, MUST complete and attach an Academic History form to their
Student Registration form. Copies of all qualifications and Awards obtained by the
student must also accompany the Academic History form.
The Academic History form is used to ensure that students are qualified to commence
their studies at the Level they have selected.
Student Registration fees for standard ICM Awards and programmes are based on the
country in which you will undertake your examinations. The current fees levels are as
follows:
Group 1: If you are based in Europe, and EU Member State, North America, a Gulf
State, India, the Middle East, Australasia, Singapore, South Africa, China,
Hong Kong or Malaysia your Registration Fee will be 50.00 Pounds
Sterling.
Group 2: If you are based in sub-Saharan Africa, Central or South America,
Pakistan, Bangladesh, the Caribbean or North Africa your Registration
Fee will be 25.00 Pounds Sterling.
Group 3: A special rate exists for students in countries which have (a) emerged
from conflict (b) countries in which the general population is subject to
great poverty and (c) countries in which the UN acknowledge that the level
of economic activity and national per capita income is unacceptably low.
ICM professional programmes are structured in Levels. These Levels are designed to
provide a structured and progressive level of knowledge.
All students are required to commence their studies at the Diploma Level of all programmes
unless they are able to claim subject-for-subject or Level exemptions.
Subject-for-subject exemptions can be applied for if the student has (a) been examined, in
the subject, by another recognised Awarding body and (b) has passed the examination/s set
by the alternate body.
The minimum age for registration for the majority of programmes is 18. Applicants over the
age of 20 who do not hold one of the recommended entry qualifications may also register for
some Diploma Level programmes providing they have been in full-time employment for a
minimum of two years and can produce a letter from their employer to confirm this.
Entry to an ICM Advanced Diploma programme requires completion of the ICM Diploma
Level of the selected programme.
Entry to an ICM Graduate Diploma requires completion of the ICM Diploma and Advanced
Diploma in the selected programme.
Mature Candidates. Applications from those over the age of 25 who do not meet the
standard Entry Requirements will also be considered providing they:
7.1 Examinations
In order to achieve a consistent global standard the Institute sets all examination papers and
all candidate scripts are returned to the Institute for marking.
Candidates must be registered and paid-up Student Members of the Institute at the time they
undertake their examinations. Examination papers are securely distributed to ICM Approved
Centres and scripts are assessed and moderated in the UK by ICM Appointed Examiners.
Examination Entry fees are shown on the appropriate Examination Entry form for the
subject/programme you are undertaking. The Diploma and Advanced Diploma Examination
fee is 26.00 Pounds Sterling per subject. The Graduate Diploma Examination Fee is 50.00
Pounds Sterling per subject. If you have any queries relating to fees please contact your
Teaching Centre.
In order to undertake any ICM Professional or Single Subject examination you must be a
Registered and paid-up ICM Student Member.
To enter for an examination you need to complete the relevant Examination Entry form and
submit it to the Institute.
ICM examinations take place four times each year, in March, June, September and
December. The Timetable for each year states the Closing Date for receipt of entries for
each examination Series. Please visit the website to view the ICM examination timetable.
You can request that your examination script is re-marked if you are unhappy with your
result.
The fee for this is 35.00 Pounds Sterling per script. The Institute operates a triple marking
and moderation system. In the event that the moderator increases the original marks
awarded, the fee for re-marking your script will be refunded to you. Should the Grade
awarded remain the same, you will be issued with a full Examiners Report detailing your
examination performance. The Institute retains answer scripts for a maximum period of six
months. Examination scripts/answer books are not returned to candidates under any
circumstances.
Although ICM Examinations are held every twelve weeks it should be noted that it takes an
average of twelve weeks to mark the scripts after each Examination Series.
If you sit, for example, for one or more subjects in March you will not receive your results
until June. This means that if you were to fail a subject in March, you would not be able to re-
sit the subject in June, as you will have missed the Closing Date for the June Series.
Our advice is that you try to split your subject examinations between two consecutive
Examination Series, e.g. If your programme has four subjects you could take two subjects in
one series and two in another series.
On this basis, were you to fail one subject in March you would be able to re-sit it in
September, giving you plenty of time for revision.
There is a Closing Date for receipt of Examination Entries and candidates entering for
examinations must ensure that their completed Examination Entry forms and fees reach the
Institute before the Closing Date for each Examination Series. Examination Timetables
indicate the closing date for receipt of entries for each sitting and this information also
appears on the ICM website. Entries received after the Closing Date are automatically
carried forward to the next Examination Series.
Results are distributed within twelve weeks from receipt of scripts. Candidates are advised
not to telephone the Institute for results as this information is confidential and cannot be
disclosed over the telephone.
Should you wish to re-sit any examination to improve your previous Grade, please note that
the latest Grade you obtain will stand.
You may request a transcript of your Academic Results, however please note there is a
charge of 15.00 Pounds Sterling for each Award transcript requested.
Replacement certificates are available on payment of a fee of 20.00 Pounds Sterling per
certificate. Please include your Student Registration Number together with your current
postal address and indicate which certificate is required.
There is a fee of 15.00 Pounds Sterling per subject should you wish to defer your
examinations to another Series for health or for any other reason. If you are unable to
undertake your examinations, it is essential you advise ICM before the appropriate
examination date, otherwise the full entry fee will be applicable. Please note that you may
only defer examinations on one occasion. The full entry fee will become due if you defer on
more than one occasion.
Registered ICM students who do not want to complete a full ICM programme may study
individual subjects. Single Subject candidates receive a Single Subject Diploma on
successful completion of the relevant subject examination. Single Subjects qualify, on a
subject-for-subject basis, for subject exemptions from ICM professional programmes.
Note: 1. Case Studies, Assignments and Projects, including ALL subjects in any Post
Graduate programme, do not qualify for Single Subject Awards.
2. A student who undertakes, on a Single Subject basis, subjects within a Diploma,
Advanced Diploma, Graduate Diploma or Post Graduate ICM programme will not
be entitled to a professional Award unless they are exempted from or have
completed all lower Levels of that Award.
3. In order to comply with UKBA requirements, overseas students studying in the UK
(excluding those from EU countries) are not permitted to undertake Single Subjects
and must undertake a professional programme.
You are expected to be independent and to take responsibility for your own academic and
personal life. However, your study centre should also provide appropriate help and
assistance. Your tutors will direct your studies and ensure that you know what work you
need to cover in any given unit. Seek advice from academic staff either during or after class
or try to see them during their office hours.
Teaching Centres are provided with a detailed syllabus and reading list for each subject
area. Each Unit Syllabus clearly defines the areas that you will be required to cover for each
subject and your examination questions will be based on the areas and topics detailed for
Each Unit Syllabus is normally linked to one main textbook and the examiners base their
questions on the contents of the nominated core text.
The Unit Syllabuses also give details of 'Alternative Texts' and texts recommended for
further reading. It is advised that you should refer to the 'Alternative Texts' in order to
develop your skills and broaden your knowledge of the subject area.
For our accepted methods of payment, please refer to the ICM website: www.icm.education
As an ICM Student Member you can work towards obtaining either a recognised
Professional qualification or study for one or more of the 200 Single Subject Awards from the
list of subjects offered by the Institute. The choice is yours.
Tuition leading to the Institutes examinations can only be provided by Institutions which
have been granted ICM Approved Centre status. Please note that some ICM Teaching
Centres specialise in particular subject areas and not all ICM Centres will necessarily offer
tuition for every ICM course programme. Visit the website to find an ICM Approved Centre
near you.
9 Textbooks
The recommended textbooks for each subject are shown on each subject syllabus.
Examiners base their questions on the contents of the recommended texts and it is therefore
important for you to ensure that you have access to the appropriate texts. You can obtain the
full list of books available to purchase from ICM and/or place orders by either contacting your
Centre or complete the Book Order Form and send it to ICMs Book Sales Manager at:
[email protected] .
If you are diagnosed with a specific learning difficulty you may be granted special
arrangements for your examination/s. We will require a copy of an Assessment Report
issued within the last three years. The amount of additional time and any other
arrangements will be determined on the basis of the Report relating to your circumstances. It
is possible that you may be granted permission to use a computer or laptop without internet
connection in your examinations.
12 Unit Information
Covering all the major business and management areas and topics, the ICM programmes
have, over the past 40 years, achieved international recognition and are currently
undertaken by students in more than 40 countries.
Examination Grades
Grade A Distinction 70% and above
Grade B Credit 60% to 69%
Grade C Pass 50% to 59%
Grade D Pass 40% to 49%
Grade F Fail 39% and under
Certification
On successful completion of all the examinations in Part 1, students are awarded the ICM
Certificate in Accounting & Finance; on successful completion of all the examinations in
Parts 1 & 2 students are awarded the ICM Diploma in Accounting & Finance. On successful
completion of all the examinations in Part 3 students are awarded the ICM Advanced
Diploma in Accounting & Finance and may apply for Associate Membership of the Institute.
On successful completion of all examinations in Part 4 students are awarded the ICM
Graduate Diploma in Accounting & Finance.
CIMA will give full exemption for all four of their current (1995 scheme) stage one
examinations to candidates who have passed the eight subjects which now make up Parts 1
& 2 of the ICM Diploma in Accounting & Finance.
The Institute operates an 'Open Access' policy in respect of many of its vocational
programmes but prospective students should note that the following entrance qualifications
are recommended for those wishing to undertake the ICM Diploma programme:
One GCE A-level plus three GCSEs (or equivalents)
A suitable BTEC National Award
Any qualification equivalent to one or more of the above
Applicants over the age of 20 who do not hold one of the recommended entrance
qualifications may also register for the programme providing they have been in full-time
employment for a minimum of two years.
A link will be made available, at the beginning of each examination series, on both the ICM
website and within the question paper that will provide financial details of the Company on
which analysis is to be conducted and the report is to be prepared for.
Level 4 Diploma
Credits 20
Pre-requisites
This unit introduces the fundamentals of accounting theory and practice and develops the accounting
techniques and skills necessary to provide a foundation for further study and practical experience.
Main Topics of Study:
Introduction
What is accounting?
Business organisations and sources of finance
Financial statements: profit and loss and the balance sheet
The role of the accountant and the accounts office
The Accounting Model
Recording financial transactions: the ledger system and trial balance
The running balance method of recording
The purchase day book and the returns day book
VAT
Banking services
Cash book / bank reconciliation statements / petty cash books
Capital and revenue expenditure
The trial balance, journal and suspense accounts
Management Control
Control accounts
Sales and purchase ledgers
Learning Outcomes for the Unit:
1. Understand key concepts and techniques useful in recording and analysing accounting
information.
2. Produce solutions to accounting problems, which make appropriate use of accounting practice
and principles and which are well organised and clearly stated.
3. Prepare statements reporting the financial performance and financial position of business
entities.
4. Analyse accounting data and accounting reports using appropriate tools and techniques.
Main Text
Finance & Accounting, R. Giles, ICM Chapters 1-4, 5-16, 21, 22-25 and 40
Alternative Texts and Further Reading
Frank Woods Bookkeeping & Accounts, Robinson & Wood, Prentice Hall
Students should also be prepared to read other suitable accounting textbooks
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 4 Diploma
Credits 20
Unit Leader GW
Pre-requisites
The unit introduces the student to a range of studies which are useful in understanding people in the
workplace. It examines the concept of management within the global business environment and
through the appraisal of business cases, a variety of approaches are considered.
The unit prepares students for their likely future roles as managers in organisations. It encourages
them to synthesise knowledge and experience gained in other units by considering competing
perspectives on the nature of management. It encourages them to reflect upon the contribution that
they might make as individuals to the management process, and to explore their own skills as
potential managers, within the context of their peer group. The unit touches practical, moral and
ethical dimensions of the management role and examines the key problems and dilemmas that may
emerge for stakeholders in contemporary organisations.
Main Topics of Study:
1. Provide critical evaluation of the major functional areas of a business and describe their
interrelationship.
2. Evaluate competing perspectives on the nature of management as both a function and
process within organisations.
3. Discuss the concept of managerial power and authority, in the context of the work of individual
managers, and organisations within their social and cultural contexts.
4. Discuss models of managerial decision-making.
5. Discuss the development of organisations in their historical, social and cultural contexts, and
the choices that this creates for the management of organisations.
6. Explain the process of organisational change and development.
8. Demonstrate an appreciation of the role of the Administrator as part of the Managerial process.
The numbers in the boxes below show which of the above module learning outcomes are
related to particular cognitive and key skills:
Knowledge & Analysis Synthesis Evaluation Interactive &
Understanding /Creativity Group Skills
Main Text
Business Management & Administration, G. Whitehead & G. Whitehall, Institute of Commercial
Management
Alternative Texts and Further Reading
Modern Business Administration, R.C. Appleby, Pitman
The Structure of Business, M. Buckley, Pitman
Students should also be prepared to read other suitable accounting textbooks
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 4 Diploma
Credits 20
Unit Leader BF
Pre-requisites
This unit examines the main concepts of economic theory and their importance within a business
framework. Throughout the unit the emphasis will be on the applicability of business and the external
circumstances under which business operates. The aim is to provide the necessary knowledge, tools
and understanding of economics as a basis for the study of business.
Main Topics of Study:
1. Understand the theoretical economic models, approaches and concepts underpinning the
study of business in relation to its economic environment.
2. Evaluate the usefulness of economic theories in relation to the operation of business.
3. Assess the significance and impact of micro and macroeconomics on the performance of
business organisations.
The numbers in the boxes below show which of the above module learning outcomes are
related to particular cognitive and key skills:
Knowledge & Analysis Synthesis Evaluation Interactive &
Understanding /Creativity Group Skills
1,3 2, 3 3 2 3
Self-appraisal/ Planning and Problem Solving Communication Other skills
Reflection on Management of & Presentation (please specify):
Practice Learning
3 1-3 2,3 2,3 -
Learning and teaching methods/strategies used to enable the achievement of learning
outcomes:
Learning takes place on a number of levels through lectures, class discussion including problem
review and analysis. Formal lectures provide a foundation of information on which the student builds
through directed learning and self managed learning outside of the class. The students are actively
encouraged to form study groups to discuss course material which fosters a greater depth learning
experience.
Assessment methods which enable the student to demonstrate the learning Weighting:
outcomes for the Unit:
Examination: 3 hours duration 100%
Main Text
Economics Course Companion, 2nd edition, 2012, Jocelyn Blink & Ian Dorton, Oxford University
Press. ISBN: 978-0198390008
Alternative Texts and Further Reading
Economics: A background text, B. Forster & G. Whitehead, ICM
Student Handbook for Economics: A background text, B. Forster & G. Whitehead, ICM
Business Essentials, Economics, BPP Learning Media. ISBN: 978-1445368283
Essentials of Economics, 7th edition, John Sloman & Dean Garratt, Pearson. ISBN: 978-1292082240
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 4 Diploma
Credits 20
Unit Leader GW
Pre-requisites
The aims of this unit are to equip students with the necessary skills to interpret information, carry out
calculation and interpret the results of that information and later, to equip students with some of the
analytical skills that are relevant to the study of Accounting & Finance as a whole.
Main Topics of Study:
3. Use and analyse information that is presented in numerical form in an appropriate method to
extract all relevant trends, patterns and points of importance.
4. Present the results and data informative in attractive manners including in diagrammatic form
to clients, partners and business colleagues.
The numbers in the boxes below show which of the above module learning outcomes are
related to particular cognitive and key skills:
Knowledge & Analysis Synthesis Evaluation Interactive &
Understanding /Creativity Group Skills
Main Text
Business Essentials Business Maths: Study Text, BPP Learning Media. ISBN: 978-0751768428
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 5 Diploma
Credits 20
Unit Leader MJ
Pre-requisites
The central aim of this unit is to build on units covered in Bookkeeping to enable students to develop
their understanding of accounting principles and practice applied in planning, control and decision
making so that they can begin to interpret the information available for their own use and to prepare,
organise, summarise and present financial and management information/reports.
Main Topics of Study:
1. Demonstrate understanding of the interplay between resources and the role of the accountant.
3. Explain a variety of accounting principles and practices applied in planning, control and
decision making.
4. Interpret the information to prepare, organise, summarise and present management
information/reports.
The numbers in the boxes below show which of the above unit learning outcomes are related
to particular cognitive and key skills:
Knowledge & Analysis Synthesis Evaluation Interactive & Self-appraisal/
Understanding /Creativity Group Skills Reflection on
Practice
1-4 1-4 2-4 1,4 1-4 -
Main Text
Frank Woods Business Accounting 1, F. Wood & A. Sangster, Pitman. ISBN: 978-0273712121
Alternative Texts and Further Reading
Foundations of Business Accounting, R. Dodge, Chapman & Hall
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 5 Diploma
Credits 20
Unit Leader IC
Pre-requisites
This unit aims to introduce the student to a study of the law in the business environment. It
introduces sources of law and legal method, business organisations and legal relationships,
contracts including the supply of goods and services, agency agreements and civil wrongs in the
business environment including negligence and nuisance.
An understanding of the rights and responsibilities of organisations is an essential requirement in the
study of business operations at home and those involved in international business transactions and
trade.
Main Topics of Study:
Contracts
Formation of Contract
What is a contract?
The intention to create legal relations
Offer
Termination of an offer
Acceptance
Agreement without offer and acceptance
The nature of consideration
Executory, executed and past consideration
Sufficiency of consideration
Privity of contract
Terms of Contract
The terms of contract
Incomplete contracts
Conditions and warranties
Oral evidence relating to contracts in writing
Representations and contract terms
Implied terms
The required form of contracts
Exclusion clauses
The Unfair Contract Terms Act 1977
The Unfair Terms in Consumer Contracts Regulations 1994
3. Analyse and apply the legal rules to resolve factual problem situations.
Level 5 Diploma
Credits 20
Unit Leader MJ
Pre-requisites
Overview
This unit is incorporated into many programmes to provide a common computer appreciation element
now expected with business courses.
Centres should be attempting to instruct students in the latest developments. As computing develops
and new features become common, so minor inclusions will be added (e.g. range of computer CD
devices). Deep technical details are not expected although it must be pointed out that student
performance in past papers suggests that superficial coverage in particular areas often results in
student misconceptions.
Candidates should have an appreciation of how hardware/software is used and works without
detailed technical knowledge (e.g. Optical Character Reading reflected laser light converted to
binary signals OCR recognition software needed to convert the bit-map image into words by
comparison with stored patterns). Practical experience of the use of common general-purpose
packages (word processing, database, spreadsheet etc.) is essential. A significant part of the paper
will test these.
Main Aim(s) of the Unit:
1. Describe and differentiate between a range of programme applications and their uses.
3. Explain the use of standard packages such as word processing, databases and spreadsheets.
The numbers in the boxes below show which of the above module learning outcomes are
related to particular cognitive and key skills:
Knowledge & Analysis Synthesis Evaluation Interactive &
Understanding /Creativity Group Skills
1 3,4 3,4 2 2
Self-appraisal/ Planning and Problem Solving Communication Other skills
Reflection on Management of & Presentation (please specify):
Practice Learning
2 - - 2 -
Main Text
Computer Science, 5th edition, C.S. French, Continuum. ISBN: 978-0826454607
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 5 Diploma
Credits 20
Unit Leader BT
Pre-requisites
This unit aims to develop the necessary skills and knowledge base to maintain a sound system for
classifying and recording cost accounting information for stock valuation, profit measurement, and
for assisting management in the profitable operation of a business.
Main Topics of Study:
1. Explain the role of cost and management accounting in the management process.
2. Describe and demonstrate how different concepts are used for identifying costs according to
the purposes for which those costs are needed.
3. Explain and demonstrate the Cost-Volume-Profit model and the limitations of its use.
4. Describe and critically evaluate the different costing systems that operate in organisations.
5. Describe and demonstrate the role of budgeting within the planning process.
The numbers in the boxes below show which of the above unit learning outcomes are related
to particular cognitive and key skills:
Knowledge & Analysis Synthesis Evaluation Interactive & Self-
Understanding /Creativity Group Skills appraisal/
Reflection
on Practice
1,6 2-6 - 2-6 - -
Main Text
Costing, T. Lucey, Continuum. ISBN: 978-1844809431
Alternative Texts and Further Reading
Cost Accounting, M. Glautier & B. Underdown, Pitman
Finance & Accounting, R. Giles, ICM
Level 6 Diploma
Credits 20
Unit Leader MJ
Pre-requisites Accounting II
The aim of this unit is to broaden students understanding of different accounts and to develop their
ability to interpret accounts and report information in line with accepted accounting practices.
Main Topics of Study:
Special Accounts
Joint ventures
Bills of exchange
Consignment accounts
Branch accounts
Hire purchase accounts
Partnership dissolution
The issue of shares
Contract accounts
Company Accounts
Taxation in accounts
Published accounts profit and loss; balance sheet; accompanying notes / cash flow
statements
Regulatory Framework
Introduction
The ASB / SSAPs and FRSs
Interpretation of Financial Statements
Accounting ratios
Group Accounts
Introduction
Inter-company dealings indebtedness and unrealised profits in stock
Consolidated balance sheet
Consolidated profit and loss
Associated companies
Issues in Financial Reporting
Alternatives to historic cost accounting
Social accounting
Accounting as an information system
The numbers in the boxes below show which of the above unit learning outcomes are related
to particular cognitive and key skills:
Knowledge & Analysis Synthesis Evaluation Interactive & Self-
Understanding /Creativity Group Skills appraisal/
Reflection
on Practice
1-4 2,4 4 1-4 - -
Main Text
Frank Woods Business Accounting 2, F. Wood & A. Sangster, Pitman. ISBN: 978-0273712138
Alternative Texts and Further Reading
Financial Accounting, A.R. Jennings, DP Publications
Spicer & Peglers Bookkeeping & Accounts, P. Gee, Butterworth
Accounting & Financial Reporting Standards, Geoff Black, DP Publications
The aims of this unit are to give the student a clear understanding of the role of the auditor and two
major forms of taxation, namely income tax and corporation tax. It considers the auditors function,
duties, responsibilities and liabilities and the professional environment wherein the auditor works,
including standards to be adhered to as well as the functional areas of taxation.
Main Topics of Study:
Introduction to Auditing
The why of auditing
Auditing and The Companies Act
Rights and duties
The Companies Act
Accounting records
Accounting requirements of the Companies Act
Professional Rules
Standards and guidelines
Accounting standards
Professional conduct/ethical principles
Letters of representation/engagement
The Conduct of the Audit
Accounting systems
Internal controls
Audit testing
Sampling and analysis review techniques
Working papers
Reports to directors
Errors and frauds
Audit Evidence
Evidence
The audit of assets
The audit of liabilities
Risk
Main Text
Auditing, Millichamp and Taylor, 10th edition, Cengage Learning. ISBN: 978-1408044087
Taxation & Self Assessment, Peter Rowes, Thomson Learning
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 6 Diploma
Credits 20
Pre-requisites
Main Aim(s) of the Unit:
The unit examines the theory and practice of corporate financial management, including decisions
company managers make in relation to sources and uses of funds, disclosure and the valuation
implications arising. Where possible, topics will be considered in the context of the local financial
environment and actual business practice.
Main Topics of Study:
Note: There is no single textbook that covers the syllabus. Finance & Accounting by Richard Giles
can be used as a basic source book but must be supplemented by further reading from websites or
textbooks such as Accounting for Non-Accounting Students (J R Dyson) and Business Accounting (F
Wood).
Main Text
Finance & Accounting, R. Giles, ICM
Further Reading
Accounting for Non-Accounting Students, J.R. Dyson, Prentice Hall
Frank Woods Business Accounting 2, F. Wood & A. Sangster, Pitman
Level 6 Diploma
Credits 20
Unit Leader GW
Pre-requisites
This unit is designed to develop the knowledge and understanding students have of business and
management by exploring how management theory and practice has responded to the development
of economic and social activity. Issues to do with globalisation, international competition, international
marketing, translational corporate strategy, and international regulatory institutions are examined with
respect to their implications for the management of organisations.
Main Topics of Study:
1. Evaluate theories of management and organisations and explain how they fit with the nature of
the managerial task and process.
2. Explain particular issues faced by small businesses.
3. Using case examples apply theory and concepts to business strategies from the perspective of
top management and evaluate the concept of competitive advantage.
4. Critically evaluate the management of organisational conflict and politics.
5. Articulate and illustrate the potential conflict between profit and social responsibility.
Main Text
Management Theory and Practice, 8th edition, G.A. Cole & Phil Kelly, Cengage Learning EMEA.
ISBN: 978-1408095270
Alternative Texts and Further Reading
Understanding Organisations, 4th edition, C. Handy, Penguin. ISBN: 978-0140156034
Management: An Introduction, 6th edition, 2014, David Boddy, Pearson. ISBN: 978-1292004242
Management & Organisational Behaviour, 10th edition, 2013, Laurie J. Mullins with Gill Christy,
Pearson. ISBN: 978-0273792642
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 6 Diploma
Credits 20
Pre-requisites
This unit fully examines the purpose and principal contents of The Annual Report and Accounts of
FTSE listed companies.
Main Topics of Study:
The numbers in the boxes below show which of the above module learning outcomes are
related to particular cognitive and key skills:
Knowledge & Analysis Synthesis Evaluation Interactive &
Understanding /Creativity Group Skills
Main Text
A link will be made available, at the beginning of each examination series, on both the ICM website
and within the question paper that will provide financial details of the Company on which analysis is
to be conducted and the report is to be prepared for.
Alternative Texts and Further Reading
None specifically recommended. However, the following texts may be of use:
Understanding The Corporate Report, Nuts, Bolts and a Few Loose Screws by Lyn Fraser and Aileen
Ormiston. ISBN: 978-0131004313
Reading an Annual Account For Dummies, Keys to Reading an Annual Report (Barrons Business
Keys) by Friedlob and Welton
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 6 Diploma
Credits 20
Unit Leader RS
Pre-requisites
This unit examines the sources and uses of capital and debt in corporate development and growth,
and explores the balance of risk and reward through investment and asset purchases. The role and
significance of capital and debt on corporate balance sheets is also critically explored and evaluated.
Main Topics of Study:
1. Understand the sources of capital and debt and their role in the financing of the development
and growth of the firm.
2. Conduct investment appraisals and make investment decisions based on the analysis of risk
and reward.
3. Identify and understand the capital structure of the firm and assess shareholder value.
4. Interpret balance sheet and cash flow statements to include an assessment of the role of
capital and debt.
Main Text
Corporate Finance: 2nd European edition, 2013, D. Hillier, S. Ross, R. Westerfield, J. Jaffe, and B.
Jordan, McGraw Hill. ISBN: 978-0077139148
Alternative Texts and Further Reading
Business Finance: Theory and Practice. 9th edition, 2011, E. McLaney, Harlow: Prentice Hall
International Business, E. Menipaz, and A. Menipaz, 2011, Sage Publications
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 6 Diploma
Credits 20
Unit Leader RS
Pre-requisites
This unit examines the development of corporate governance and its role in sound, ethical business
practice in an increasingly global business environment where fairness, transparency and
responsibility have become essential pre-requisites for growth and cross-border trade.
Main Topics of Study:
1. Understand and interpret the historical background and development of corporate governance
and the ethical rationale behind it.
2. Understand the effect of corporate governance on a full range of stakeholders and decision
makers and apply understanding to actual cases.
3. Differentiate between and compare the significance of voluntary versus statutory corporate
governance requirements and practice.
4. Identify and apply socially and environmentally responsible approaches to business
development, projects, markets and global trade.
Self-appraisal/ Planning and Problem Solving Communication & Other skills (please
Reflection on Management of Presentation specify)
Practice Learning
0 2 2,4 1,4 0
Main Text
Corporate Responsibility: governance, compliance and ethics in a sustainable environment. 2nd
edition, 2012, T. Cannon, Harlow: Pearson Education. ISBN: 978-0273738732
Alternative Texts and Further Reading
Corporate Finance: 2nd European edition, 2013, D. Hillier, S. Ross, R. Westerfield, J. Jaffe & B.
Jordan. McGraw-Hill Education. ISBN: 978-0077139148
Business Finance: Theory and Practice. 9th edition, 2011, E. McLaney, Harlow: Prentice Hall
International Business, 2011, E. Menipaz and A. Menipaz, Sage Publications
Guideline for Teaching and Learning Time (10 hrs per credit):
Level 6 Diploma
Credits 20
Pre-requisites
This unit examines the need for accounting standards, the historical development of International
Financial Reporting Standards and the preparation of Financial Statements in accordance with IAS 1.
Main Topics of Study:
3. Be able to describe the historical development of reporting standards, and understand the
functions of reporting standards.
4. Be able to demonstrate an understanding of the following accounting standards IAS 1; IAS 2;
IAS 7; IAS 8; IAS 10; IAS 16; IAS 18; IAS 37; IAS 38; and IFRS 13.
The numbers in the boxes below show which of the above module learning outcomes are
related to particular cognitive and key skills:
Knowledge & Analysis Synthesis Evaluation Interactive &
Understanding /Creativity Group Skills
Main Text
A students guide to International Reporting Standards, Claire Finch, 3rd edition, Kaplan Publishing.
ISBN: 978-1857327628
Alternative Texts and Further Reading
None specific
Note: The main text will fully cover Learning Outcomes 1, 2 and 4. However, students are expected
to read other texts or online sources. The chapter on Accounting Standards in Richard Giles Finance
& Accounting (ICM) is of some assistance in regard to Learning Outcome 3.
Guideline for Teaching and Learning Time (10 hrs per credit):