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
OfferedCaulfield First semester 2015 (Day)
Caulfield Second semester 2015 (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. apply theories to explain accounting policy choices and the relevance of accounting numbers to capital markets
  3. apply 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 ACF3491.


Within semester assessment: 40%
Examination: 60%

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)


AFF2491 or ACF2491


ACB3050, AFC3120, ACC3120, AFG3040, ACG3040, AFG3050, ACG3050, AFW3040, ACW3040, AFW3050, ACW3050, AFF3491