Monash University Handbook 2010 Undergraduate - Unit

Synopsis

Critically analyse and apply selected accounting reporting standards (IFRS) in the accounting of financial information of companies.

Objectives

The learning goals associated with this unit are to:

• critically analyse the objectives of financial statements, the specific information needs of equity investors, the general information needs of other users and describe and assess the meaning of fair presentation
• comment on the need for and assess the application of a conceptual framework and the standards for financial reporting
• discuss the reporting requirements as it relates to the statutory reporting requirements, and the reporting requirements of Generally Accepted Accounting Practice or financial reporting standards
• discuss the underlying assumptions on the basis of which financial statements are prepared
• discuss the qualitative characteristics of financial statements and assess their applicability to fair presentation and measurement issues to enhance the decision-usefulness of financial reporting
• assess the appropriate elements of financial statements and the presentation of the elements in the financial statements
• discuss recognition criteria and assess their application in financial statements
• criticise the measurement criteria, models and their incorporation and disclosure in the financial statements
• criticise the concepts of fair value accounting.

Assessment

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

Contact hours

39 hours per semester

Prerequisites

AFW2720

Prohibitions

AFW2042, AFW3004