1. INTRODUCTION

1.1 These regulations shall be read in conjunction with the Faculty of Commerce Regulations and General Academic Regulations for Postgraduate Degrees offered by The Midlands State University.

1.2 The degree shall be awarded to candidates who have successfully completed the programme and passed the examinations in accordance with regulations set in the Faculty Regulations.

2. OBJECTIVES

The Master of Commerce (Accounting) degree at the Midlands State University is a one and half year programme for students with an undergraduate background in accounting. The programme is for students interested in careers in all facets of accounting, including both public and non-public practices. The programme provides an opportunity to obtain a more comprehensive foundation in accounting and added knowledge in specific accounting or business-related areas.

2.1 The programme aims to develop the sound conceptual, technical, analytical and communication skills that are required to succeed in the
accounting profession. To this end the programme employs a rigorous case analysis approach, which requires students to exercise their analytical abilities and develop effective verbal and written communication skills.

2.2.1 The programme also aims to instill a deep appreciation and respect for the crucial role of the independent accountant in a free enterprise economy.

3. ENTRY QUALIFICATIONS

To qualify for entry into the Master of Commerce (Accounting) degree programme a student should have an Honours degree in Accounting with a first class or upper second pass or a professional qualification recognized by the Pubic Accountants (Zimbabwe) (PAAB) plus at least 3 years relevant post-graduate experience.

4. DURATION

The programme shall be completed over 3 semesters on a Full-time basis or the equivalent on a part-time basis.

5. EXAMINATIONS

5.1. Formal examinations will be held at the end of each semester.

5.2. For a student to be admitted to the examinations they must have:

5.3. Satisfactorily attended approved modules of study including submission of required written assignments and sitting for in-class tests.

5.4. Attended compulsory classes.

5.5. Participated in prescribed seminars, tutorials and practical classes.

5.6. Paid the prescribed fees in accordance with the General Regulations.

5.7. Formal examinations will normally be written papers, but in some cases the examiner may test the candidate orally.

5.8. Coursework shall account for 30% of the overall assessment, while the final examination will account for 70% of the overall assessment.

5.9. The aggregate pass mark shall be 50%.

5.9.1. The aggregate pass mark will comprise a pass in the final examination and a pass in the continuous assessment.

6. SUPLEMENTARY EXAMINATIONS

6.1. A student who fails to satisfy the examiners and obtains a mark less than 50% but not less than 40% may, on the recommendation of the Board of Examiners and subject to the approval of the Senate, be permitted to sit for a supplementary examination(s) in the respective module(s) failed in a particular semester.

6.2. Overall assessment of the Supplementary examination will not incorporate continuous assessment.

6.3 Supplementary examinations shall be marked as “Pass” or “Fail” and the overall maximum mark awarded in a supplementary examination shall be 50%.

7. PROGRESSION

A student must pass at least three modules in the first Semester in order to proceed to the second semester.

7.1 A student must pass all modules for year one for them to register for the dissertation.

8. DEGREE CLASSIFICATION

For purposes of degree classification, the parts of the degree programme will be classified as follows:

Level 1 [Semesters 1 and 2] 50%

Level 2 [Dissertation] 50%

9. MARKING SCHEME

The following marking scheme shall be used for all the modules and grading of the degree.

80% -100% Distinction

70% – 79% Merit

50% – 69% Pass

Below 50% Fail

10. NOTIFICATION OF RESULTS

Results lists shall be published in accordance with the provisions of General Regulations.

11. DEGREE STRUCTURE AND CREDITS

There will be options during the second semester for those students who wish to specialize in accounting relating to public sector organizations. The options will be as follows:

General Accounting Stream Local Government Stream

12. MODULE SYNOPSES

MACC713 APPLIED FINANCIAL ACCOUNTING

The aim of the module is to develop the technical skills acquired in:

· General financial reporting

· Distinctive financial reporting

· Group financial reporting, and

· Specific financial reporting, at undergraduate level to ensure that students view Financial accounting in its practical and broadest context in this fast changing and complex business environment.

As such, students need to practically and fully understand relevant International Financial Reporting Standards [IFRS’s] in the preparation of financial statements. This ensures that the auditing and assurance function is expediently carried out at cost benefit to the entity.

MACC 701 FINANCIAL STATEMENT ANALYSIS

The module is designed for those who expect to read, interpret and analyze financial statements. The module adopts a modern approach to the topic of financial statement analysis. Although some attention is devoted to the mechanics of dissecting financial statement analysis, the primary emphasis lies on development of an understanding of the market environment in which the financial information is used.

MACC702 APPLIED MANAGEMENT ACCOUNTING

This module provides a detailed look at the development and use of management accounting information in operational decision settings. The emphasis is on the identification and measurement of cost drivers and the uses and limitations of management accounting information. The concepts and methods are applied to both manufacturing and service organizations.

MACC703 INVESTMENT ANALYSIS AND PORTFOLIO MANAGEMENT

The module considers strategies that investors can employ to achieve various investment objectives. The primary emphasis is on asset allocation decision and overall management of risk and return characteristics of a portfolio. The module explores many of the more quantitative approaches to portfolio optimization and asset market equilibrium. The module exposes the student to the full scope of the investment management problems by considering investments across all classes of securities.

MACC704 CORPORATE LAWS AND GOVERNANCE

This module looks at how entities can be managed in a manner that is acceptable to a wide variety of stakeholders. In particular the module aims at equipping the student with an understanding of the application of key aspects of business and commercial and governance issues to business organizations.

MACC705 ADVANCED CORPORATE FINANCIAL REPORTING

The module is intended to equip the student with the necessary skills which should enable the student to prepare the financial statements of groups of complex entities which incorporate subsidiaries, associates, joint ventures and Special Purpose Entities in accordance with the requirements of relevant company legislation and International Financial Reporting Standards [IFRS’s]. On completion of the module the student is expected to be able to evaluate and communicate the impact of current issues and developments in corporate reporting to those who may not have the prerequisite technical expertise.

Auditors are primarily concerned with verification of compliance of accounting treatments of financial transactions in the financial statements of an entity with International Financial Reporting Standards. The module aims at equipping the student with the knowledge, skills and competences necessary to carry out the audit of an entity and undertake engagements, having due regard to professional requirements.

As such, the module also aims at ensuring that the student becomes well vested with the requirements of the International Standards in Auditing.

MACC 707 STRATEGIC PERFORMANCE MANAGEMENT

The module builds up on Advanced Management Accounting. The module is intended to equip the student with the necessary skills and competencies required to be able to select, integrate and apply the appropriate techniques and approaches to practical performance management problems.

MACC 708 APPLIED STRATEGIC CORPORATE FINANCE

The emphasis of the module is on combining the skills of investment decisions and financing decisions with the latest financial technology to provide a framework for strategic financial management analysis and decisions. On completion of the module, the student should be able to develop detailed business plans, assess the potential financial risk and advise on suitable risk management strategies for entrepreneurial activities and established entities.

MACC 709 APPLIED TAXATION

The module addresses advanced issues relating to individual and corporate taxation with particular emphasis on identifying and resolving practical taxation problems. This would require exposure to relevant case law with the intention of making the student an effective tax planner.

MACC 710 APPLIED PUBLIC SECTOR ACCOUNTING

The module aims at equipping the student with practical knowledge and skills relating to International Public Sector Accounting Standards [IPSAS’s] as applied by members of the profession in the preparation of general purpose financial statements of public sector entities.

MACC 711 PUBLIC SECTOR AUDITING

The aim of the module is to ensure that students can demonstrate the knowledge, skills and competences necessary to carry out the audit of public sector entities and car undertake assurance engagements as laid down by the International Federation of Accountants.

MACC 712 PUBLIC FINANCIAL MANAGEMENT

The module ensures that students can demonstrate the knowledge, skills and competences required to manage public sector funds.

MACC 801 DISSERTATION

There will be two residential sessions during the last semester of the student’s studies.

Session 1:

This will be a two weeks residency period intended to introduce the formal development of the student’s Masters dissertation. During this period the student’s prior submitted research proposal will be discussed. The emphasis will be on the acceptability of the chosen topic and the adequacy of the background to the study. It is during this residency period that students are expected to successfully complete chapter one and two of their dissertations. The deadline for submission of completed dissertation will be advised to students during this session.

Session 2:

This is a three days residency period designed to guide students on their chapters three and four. Thereafter further supervision will be per prior arrangements with the relevant mentor. After submission of the completed dissertation, students will be advised as to when they should complete the formal Oral Defence of the Masters Dissertation.