Monash University Handbook 2010 Undergraduate - Unit

Synopsis

As an intermediate financial accounting unit, this provides an overview of the accounting environment through an examination of selected topics in accounting considering the underlying theory, the regulatory environment, and applying the requirements of selected IFRS, including an introduction to group accounting, and the accounting for income taxes.

Objectives

The learning goals associated with this unit are to:

• describe and understand the requirements of the financial reporting and regulatory environment, including the internationalization of accounting practices and the underlying theory supporting these changes
• discuss the key aspects of the Framework and IAS1 Presentation of Financial Statements and apply its prescriptions
• comment on the theoretical aspects of revenue, provisions, changes in accounting policies, events after balance sheet dates, and apply the requirements of these standards to accounting scenarios
• explain the role of cash flow statements and prepare cash flow statements following the prescriptions of IAS7 Cash Flow statements
• argue and apply the prescriptions contained in the Income Tax standard (IAS 12)
• explain and apply elementary principles of group statements and group accounting and prepare a basic group balance sheet and
• apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with financial accounting.

Assessment

Within semester assessment: 40%
Examination (3 hours): 60%

Contact hours

One 2-hour lecture and one 1-hour tutorial per week

Prerequisites

AFW1002