Faculty of Business and Economics

Monash University

Undergraduate - Unit

This unit entry is for students who completed this unit in 2015 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.

FacultyFaculty of Business and Economics
Organisational UnitDepartment of Accounting
OfferedClayton First semester 2015 (Day)
Clayton Second semester 2015 (Day)
Malaysia Second semester 2015 (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. examine and employ 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 ACC3120.


Within semester assessment: 30%
Examination: 70%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

See also Unit timetable information

Chief examiner(s)


AFC2120 or ACC2120


ACB3050, AFF3491, ACF3491, AFG3040, ACG3040, AFC3120, AFC3124, AFG3050, ACG3050, AFW3040, ACW3040, AFW3050, ACW3050, AFC3120