The purpose of financial accounting is to equip accounting professionals with knowledge of the essential framework of assumptions that underpin reliable reporting and the requisite skills to compile reliable financial statements for sole traders, partnerships, companies and not-for-profit entities.

Accountants play vital roles in management, especially in management decision-making. Management information deals with the production of useful information to support management decision-making. Such information includes costing, management accounting and application of quantitative methods in financial management. Management information takes an integrated approach by developing an awareness of information technology and systems support.

Professional accountants need to understand taxation principles and laws to support compliance and effective professional advice. The emphasis here is on basic knowledge and application of tax legislations relating to individuals and corporate entities in simple situations. Candidates are expected to be able to explain tax consequences of activities of individuals and corporate entities.

Accountants as business finance professionals are expected to have a sound foundation in law that is relevant to businesses and their operations. Professional accountants need a strong background in company law and laws relevant to public sector entities. All business professionals also need knowledge of how laws affect them personally and in their employment and business activities.

An understanding of business environment (global and local), markets, financial markets, entities and organisations provides a foundation for business professionals. This subject revolves around a basic understanding of the purpose, objectives of businesses; issues of business ethics, governance, corporate social responsibility and sustainability.