Faculty of Business and Economics

Monash University

Undergraduate - Unit

This unit entry is for students who completed this unit in 2012 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

print version

6 points, SCA Band 3, 0.125 EFTSL

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

FacultyFaculty of Business and Economics
OfferedClayton First semester 2012 (Day)
Clayton Second semester 2012 (Day)
Sunway Second semester 2012 (Day)


The topics covered include the regulatory framework governing financial accounting; a conceptual framework for financial accounting; the form and content of financial statements; off-balance sheet financing including leases; modified historical cost and other measurement bases including consideration of the measurement of employee benefits, financial instruments, extractive industries and foreign currency translation; accounting for corporate social responsibilities.


The learning goals associated with this unit are to:

  1. explain the institutional framework for the regulation of financial reporting nationally and globally
  2. apply Accounting Standards and the Framework in the preparation and presentation of financial statements
  3. examine from a conceptual and practical dimension some of the more complex financial accounting issues including leasing, intangibles and financial instruments, extractive industries and foreign currency translation (this includes using the Framework and Accounting Standards to arrive at alternative solutions to a range of controversial issues in financial reporting)
  4. apply critical thinking and problem solving skills to individual activities dealing with advanced financial accounting and demonstrate in individual summative assessment tasks the acquisition of a comprehensive understanding of the topics covered by AFC3120.


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

Chief examiner(s)

Dr Patty McNicholas

Contact hours

3 hours per week




AFF3491, AFG3040, AFG3050, AFW3040, AFW3050