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.

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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
OfferedCaulfield First semester 2012 (Day)
Caulfield Second semester 2012 (Day)


The unit is a blend of advanced and controversial practical accounting issues and underlying theories that support prescribed accounting treatments of these issues. Attention is concentrated on the interaction between the accounting profession and relevant segments of the society, including industry, capital markets, government and other user groups.


The learning goals associated with this unit are to:

  1. critically assess standard setting procedures and the theories of regulation
  2. discuss theories to explain accounting policy choices and the relevance of accounting numbers to capital markets
  3. explain the definition and recognition criteria for elements of financial reports and issues associated with their application
  4. examine contemporary financial accounting issues including financial instruments and intangibles
  5. apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with advanced reporting issues and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by AFF3491.


Within semester assessment: 40%
Examination: 60%

Chief examiner(s)

Dr Dot Cochrane (First Semester)
Ms Lorena Mitrione (Second Semester)

Contact hours

3 hours per week




AFC3120, AFG3040, AFG3050, AFW3040, AFW3050