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)


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


The learning goals associated with this unit are to:

  1. 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
  2. comment on the need for and assess the application of a conceptual framework and the standards for financial reporting
  3. 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
  4. discuss the underlying assumptions on the basis of which financial statements are prepared
  5. 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
  6. assess the appropriate elements of financial statements and the presentation of the elements in the financial statements
  7. discuss recognition criteria and assess their application in financial statements
  8. criticise the measurement criteria, models and their incorporation and disclosure in the financial statements
  9. criticise the concepts of fair value accounting
  10. apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with financial according and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by AFW3730.


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

Chief examiner(s)

Ms Karen Odendaal

Contact hours

3 hours per week




AFW2042, AFW3004