Offered

Caulfield First semester 2008 (Day)
Caulfield First semester 2008 (Evening)
Caulfield Second semester 2008 (Day)
Caulfield Second semester 2008 (Evening)

Synopsis

An overview of the Australian financial reporting and regulatory framework for reporting entities, including an analysis of the relevant significant accounting standards, benchmarking against the conceptual framework, professional reporting requirements and stock exchange requirements. Financial reporting for corporate groups (including the impact of control, joint control and significant influence) and selected issues in financial reporting are also explored and benchmarked against the conceptual framework.

Objectives

The learning goals associated with this unit are to:

• critically evaluate the requirements for general purpose financial reports (GPFRs) in the context of the Australian Conceptual Framework, including the role of the Corporations Act, the Australian Accounting Standards Board (AASB) and the Australian Securities and Investments Commission in the financial reporting process
• to understand, apply and evaluate the rules for the preparation of financial statements required for GPFRs, including the respective roles of the Corporations Act, the AASB, ASIC and the Australian Stock Exchange
• to understand, apply and evaluate the rules for reporting in an entity's GPFR on the entity's investment in other entities, in particular when that investment results in control (consolidation), joint control (equity accounting and direct recognition), or significant influence (equity accounting)
• develop writing and presentation skills by requiring the submission of an individual assignments that apply an understanding for the Australian Conceptual Framework, and the detailed requirements of AASB standards, with particular emphasis on those dealing with the form and content of financial statements, the preparation of consolidated financial statements, and the financial reporting implications of income tax
• develop an ability to work independently in the analysing of financial reporting issues and their possible resolution, with particular emphasis on the ability to apply prior knowledge and skills in new or novel contexts, through the preparation of weekly tutorial assignments and the submission of unit assignments.

Assessment

Within semester assessment: 30%
Examination (3 hours): 70%

Contact hours

3 hours per week

Prerequisites

AFX9500

Co-requisites

BTX9020

Prohibitions

AFF9601, AFX4601