22420 Accounting Standards and Regulations

Subject level: Undergraduate

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 is 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 are 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

Assessment item 1: Group Essay (Group)

Assessment item 2: Individual Essay (Individual)

Assessment item 3: Final Examination (Individual)

Required text(s)

Picker, Leo, Alfredson, Radford, Pacter and Wise, Australian Accounting Standards, 2006, John Wiley

Accounting Handbook, 2009, Prentice Hall; OR

Financial Reporting Handbook, 2009, John Wiley