6 points, SCA Band 3, 0.125 EFTSL
Undergraduate - Unit
Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.
- First semester 2017 (Day)
- Summer semester A 2017 (On-campus block of classes)
The unit covers various aspects of financial accounting and builds on the principles introduced in prior financial accounting units. It provides a detailed examination and/or more detailed exploration (than AFS2730/ACS2730 or AFS2740/ACS2740) of applying reporting standards (IFRS) in a financial reporting environment, with the focus on conceptual framework; preparation and presentation of financial statements; provisions, contingent liabilities and contingent assets; revenue recognition; income taxes (including deferred tax); leases, non-current assets held for sale and discontinued operations; the effects of changes in foreign exchange rates and hedging; employee benefits; share-based payments; financial instruments; and earnings per share.
The learning objectives associated with this unit are to:
- critically analyse the conceptual framework with regards to the objective of general purpose financial reporting; the specific information needs of users, as well as the general information needs of other users; the qualitative characteristics and underlying assumption of useful financial information; the appropriate definitions of elements and their recognition criteria
- discuss the key aspects of the conceptual framework (as described in objective 1) as applied to the preparation and presentation of financial statements, as well as the various spectrum of accounting topics dealt with in this unit
- discuss, apply, calculate and explain the detailed requirements relating to various IFRS topics, including recognition, measurement, disclosure and presentation of these topics: provisions, contingent liabilities and contingent assets; revenue recognition; income taxes (including deferred tax); leases, non-current assets held for sale and discontinued operations; the effects of changes in foreign exchange rates and hedging; employee benefits; share-based payments; financial instruments; and earnings per share
- identify, discuss and apply the detailed requirements of the various IFRS topics included in this unit to integrated accounting case studies and practical scenarios, in order to identify and solve all the related issues regarding a variety of IFRS problems included in one scenario
- 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 ACS3730.
Within semester assessment: 40% + Examination: 60%
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
Students must have passed AFS2740, ACS2740, or AFW2720 before undertaking this unit.
AFW2042, AFW3004, AFW3730, AFS3730