ACF5953 - Financial accounting - 2018

An overview of the Australian financial reporting and regulatory framework for reporting entities, including an analysis of the relevant significant accounting standards, benchmarking against the conceptual framework, professional reporting requirements and stock exchange requirements. Financial reporting for corporate groups (including the impact of control, joint control and significant influence) and selected issues in financial reporting are also explored and benchmarked against the conceptual framework.

The learning goals associated with this unit are to:

1. describe and compare the regulatory requirements, domestic and international, associated with the preparation of general purpose financial statement for companies
2. apply and critique the accounting rules for entities' investments in other entities, and apply these rules to prepare consolidated financial statements
3. analyse a number of measurement and financial reporting issues and their possible resolution, including: accounting for income tax, post-acquisition accounting for assets, and business combinations
4. develop capabilities to work effectively in a group to produce professional quality research reports; effective individual technical skills to construct consolidated financial statements; and demonstrate in individual summative assessment tasks the acquisition of a comprehensive understanding of the topics covered by the unit.

Within semester assessment: 50% + Examination: 50%

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