Monash University Handbook 2011 Undergraduate - Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

Synopsis

The unit provides a detailed examination of how certain International Accounting Standards are implemented. The relevant standards focus on accounting for corporate assets under different circumstances, as well as on calculating earnings per share and borrowing costs. Students will be exposed to and learn how to prepare accounting records using commercial accounting software in a manner that comply with the standards applicable to this unit.

Objectives

The learning goals associated with this unit are to:

1. determine the key concepts that are relevant for selected topics (see list of relevant accounting standards below) in financial accounting, the need for accounting standards, and the areas of debate and difficulty that apply to the standards regulating the accounting of corporate assets
2. apply the accounting principles prescribed in international standards to specific problems, at an advanced level, for the accounting of assets in a manual and computerised accounting system in the development of financial statements;
3. analyse and evaluate how companies apply the standard in their annual financial reporting
4. calculate borrowing cost and earnings per share and make recommendations on how best to present and apply the resulting information
5. analyse and describe how companies disclose borrowing cost and earnings per share in their financial statements
6. practically make use of a commercial accounting software package to enter and process accounting data according to accounting standards and to analyse and interpret the resulting accounting information and
7. apply critical thinking, problem solving and presentation skills to individual and / or group activities dealing with financial accounting and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by AFW2720.

1. Inventories (IAS 2)
2. Property, Plant & Equipment (IAS 16)
3. Impairment of assets (IAS 36)
4. Intangible assets (IAS 38)
5. Investment Property (IAS 40)
6. Non-current assets held for sale and discontinued operations (IFRS 5)
7. Borrowing costs (IAS 23)

Assessment

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

Chief examiner(s)

Adrian Pilley

Contact hours

3 hours per week

Prerequisites

AFW2710

Prohibitions

AFW2042, AFW3004