Faculty of Business: Accounting
Credit points: 6 cp

Subject level: Undergraduate

Result Type: Grade and marks

Requisite(s): 22207 Accounting Transactions and Business Decisions
These requisites may not apply to students in certain courses.
There are also course requisites for this subject. See access conditions.

Handbook description

This subject provides the ability to understand, critically evaluate and apply accounting standards and interpret financial reports. It considers the financial reporting environment and factors influencing the form of financial reporting, and addresses a range of accounting issues from within a contracting cost framework.

Subject objectives/outcomes

On successful completion of this course, students should be able to:

1. Think critically about corporate reporting issues
2. Be able to interpret accounting regulation
3. Be able to apply accounting regulations in various settings.

This subject differs markedly from traditional intermediate accounting courses that are technique oriented and which adopt a prescriptive approach to the evaluation of accounting methods. These approaches are considered increasingly inappropriate given the current volume of regulation and the speed of its growth.

Contribution to graduate profile

This subject is concerned with external reporting by public companies, and in particular, the accounting and reporting practices of companies listed on the Australian Stock Exchange. It is intended for those who will be involved in the preparation or use of financial statements as: accountants, auditors, financial analysts, and/or investors.

Teaching and learning strategies

The emphasis in this course will be on students developing; first an appreciation of the environment in which financial reporting occurs. Second the ability to identify the objectives of regulation and third the ability to interpret and apply accounting regulation. This view of student learning is reflected in the presentation of course material. Through Lectures and Demonstration Problems students will be introduced to topics and attention directed to relevant / major issues.

Content

The subject will cover the following topics:

• The (diverse) uses of accounting information and the conceptual framework projects
• The regulation of financial reporting and international harmonisation
• Income, Cash Flow Statements
• Assets, equity and liabilities, leases, employee entitlements, company tax
• Extractive industries and self generating assets, foreign currencies, intangible assets.

Assessment

Group Essay (Group)	20%
This assessment addresses objective 1.
Individual Essay (Individual)	20%
This assessment addresses objective 1.
Final Examination (Individual)	60%
This assessment addresses objective 1-3.

Examinations will be conducted under University examination conditions, and hence thoroughly address concerns regarding secure assessment. The assignment and homework will be secured through a combination of updating of assessment tasks across semesters and/or plagiarism detection software.

Recommended text(s)

Whittred, G., I. Zimmer, S. Taylor and P. Wells, 2004, Financial Accounting Incentive Effects and Economic Consequences, 6th Edition, Thomson Publishing, Sydney.

Accounting Handbook, 2004, Prentice Hall.

Indicative references

Henderson, S. and G. Peirson, 2002, Issues in Financial Accounting, 10th Edition, Longman Cheshire.

Deegan, C., 2002, Australian Financial Accounting, 3rd Edition, Irwin.