units

ACS2730

Faculty of Business and Economics

18 September 2017 25 November 2024
Monash University

Undergraduate - Unit

This unit entry is for students who completed this unit in 2014 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.

LevelUndergraduate
FacultyFaculty of Business and Economics
Organisational UnitDepartment of Accounting
OfferedSouth Africa First semester 2014 (Day)

Synopsis

This unit covers various aspects of financial accounting and builds on the principles introduced in AFW1002/ACW1002. The unit reviews and further analyses the Conceptual Framework and Preparation and Presentation of Financial Statements, with a focus on its application to specific IFRS. This unit introduces IFRS topics, such as revenue recognition; provisions and contingent liabilities/assets; events after the reporting period; accounting policies, estimates and errors; and borrowing costs. The unit further explores the recognition, measurement and disclosure requirements for various categories of assets including accounting for: inventories; property, plant and equipment; impairment of assets; intangible assets; investment property; and non-current assets held for sale and discontinued operations.

Outcomes

The learning objectives associated with this unit are to:

  1. describe and understand the requirements of the financial reporting and regulatory environment, including the internationalisation of accounting practices and the underlying theory supporting the accounting treatment in the application of the IFRS requirements
  2. discuss the key aspects of the Conceptual Framework relating to the definitions and recognition criteria of the elements, as applied to the various spectrum of accounting topics
  3. apply IFRS requirements to the accounting for revenue recognition, provisions and contingent liabilities/assets, events after the reporting period, accounting policies, estimates and errors and borrowing costs
  4. apply IFRS recognition, measurement and disclosure requirements to the accounting for various asset topics including inventories; property, plant and equipment; impairment of assets; intangible assets; investment property; and non-current assets held for sale and discontinued operations
  5. 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 ACS2730.

Assessment

Within semester assessment: 30%
Examination: 70%

Chief examiner(s)

Mr Adrian Pilley

Workload requirements

3 hours per week

Prerequisites

Students must have passed AFG1002, ACG1002, ACW1002 or AFW1002 before undertaking this unit.

Prohibitions

AFW2710, ACW2710, AFS2730