On completion of a major sequence in accounting and finance in the Bachelor of Accounting, Bachelor of Commerce or Bachelor of Economics, students should have acquired technical skills and knowledge of the concepts underlying accounting, including: financial accounting, management accounting and auditing; finance; and commercial law, including business law, company law and income tax law. They should have developed critical and analytical skills to assist them in solving accounting and finance related problems which may arise in their future professional careers. They also should have had the opportunity to develop the skills, knowledge and motivation necessary for further professional or postgraduate studies. Provided the appropriate subjects have been chosen, students should be able to satisfy the membership requirements of the Australian Society of Certified Practising Accountants, the Institute of Bankers and the Institute of Corporate Managers.
Subjects taught by the department
The Department of Accounting and Finance offers one first-year subject sequence, seven second-year subjects, eight third-year subjects and a fourth-year honours program. In addition, it offers the first year subjects AAF1110 and AAF1140 for Bachelor of Accounting students only.
First-year subjects
* AAF1021/AAF1022 Accounting
* AAF1031/AAF1032 Accounting
* There is a quota on these subjects for students enrolled for degrees in other faculties. Students will be allocated to one of two sequences, either AAF1021 or AAF1022, depending on their prior knowledge of accounting. Although the subject content for both sequences is identical, the method and approach may vary significantly. All students will sit for a common final examination.
Second-year subjects
Students may select one or more of the following subjects. Where prerequisites exist, they are specified in the outline of the subject concerned. Prospective honours students in accounting and finance should include at least four subjects except for students enrolled for BCom/LLB and BEc/LLB who should consult the head of the department.
* AAF2110 Business law
* AAF2120 Financial accounting
* AAF2130 Management accounting
* AAF2140 Business finance
* AAF2160 Computers and accounting
* AAF2170 Capital markets and financial institutions
* AAF2180 Finance law
Third-year subjects
Students may select one or more of the following subjects. Where prerequisites exist, they are specified in the outline of the subject concerned. Prospective honours students in accounting and finance should include at least four subjects except for students enrolled for BCom/LLB and BEc/LLB who should consult the head of the department.
* AAF3110 Company law
* AAF3120 Advanced accounting
* AAF3130 Management accounting
* AAF3140 Business finance
* AAF3150 Income tax law
* AAF3160 Auditing and systems
* AAF3170 Management of financial intermediaries
* AAF3240 International finance
Fourth-year (Honours) subjects
* AAF4020 Accounting honours
* AAF4040 Accounting/econometrics honours
Professional accreditation
Students who wish to obtain professional accounting qualifications should include the following subjects in their degree:
* AAF1021/2 and AAF1031/2 Accounting
* AAF2110 Business law (or AAF1110 for BAcc students)
* AAF2120 Financial accounting
* AAF2130 Management accounting
* AAF2140 Business finance (or AAF1140 for BAcc students)
* AAF3110 Company law
* AAF3120 Advanced accounting
* AAF3130 Management accounting or
* AAF3140 Business finance
* AAF3150 Income tax law
* AAF3160 Auditing and systems
These are the subjects required to obtain maximum exemptions for admission to the Australian Society of Certified Practising Accountants. The Institute of Chartered Accountants in Australia requires the same subjects, except that neither of AAF3130 and AAF3140 is required.
BCom/LLB and BEc/LLB students will normally take the law subjects LAW2100, LAW5106, and LAW5213 instead of AAF2110, AAF3110 and AAF3150 to obtain professional accreditation.
Students who wish to obtain professional qualifications in banking (ie exemptions for Senior Associate of the Australian Institute of Bankers) should include the following subjects in their degree:
* AAF2140 Business finance
* AAF2180 Finance law
* AAF3170 Management of financial intermediaries
* MGC1020 Introduction to management
* MGC2200 Principles of marketing
To obtain maximum exemptions for senior associate of the Australian Institute of Bankers, students are also required to complete one additional subject in the area of credit and lending decisions. A suitable subject, FIN3841, is taught on the Caulfield Campus.