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
OfferedSouth Africa First semester 2012 (Day)


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.


The learning goals associated with this unit are to:

  1. 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
  2. discuss the key aspects of the Framework and IAS1 Presentation of Financial Statements and apply its prescriptions
  3. 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
  4. explain the role of cash flow statements and prepare cash flow statements following the prescriptions of IAS7 Cash Flow statements
  5. argue and apply the prescriptions contained in the Income Tax standard (IAS 12)
  6. explain and apply elementary principles of group statements and group accounting and prepare a basic group balance sheet 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 AFW2710.


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

Chief examiner(s)

Mr Adrian Pilley

Contact hours

3 hours per week


Students must have passed AFG1002 or AFW1002 before undertaking this unit.