ACS3740 - Financial accounting D - 2019

The unit focuses on the preparation and presentation of group financial statements in accordance with the requirements of IFRS and the regulatory environment. In doing so, it builds on the principles of group accounting introduced in AFS2740/ACS2740. The unit explores: factors to be considered when assessing control of one entity by another; accounting for business combinations, acquisition of equity interests in another entity, wholly or partly, at acquisition and subsequent to acquisition; accounting for intragroup transactions and dividends, at-acquisition fair value adjustments, preference shares and impairment of goodwill. Consolidation is also applied to accounting for complex groups and interim acquisitions. The unit also covers the application of IFRS to accounting for associates and joint arrangements. In preparation of group accounts, the unit requires the appropriate application of IFRS topics (as covered in AFS3730/ACS3730) in the group financial statements.

The learning objectives associated with this unit are to:

1. discuss and apply the practical application of IFRS topics, as covered in prior financial accounting units, to the financial reporting of entities, both in individual and group financial statements
2. discuss the theory and background to group structures and preparing group financial statements
3. prepare and assess group financial statements for wholly-owned and partly-owned subsidiaries, taking into account the effects of intragroup transactions, dividends, preferences shares, interim acquisitions and complex groups
4. discuss and apply the principles of accounting for associates and joint arrangements
5. discuss and apply the basic principles of changes in ownership interests of group entities
6. apply critical thinking, problem solving and presentation skills to individual and / or group activities dealing with group statements and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by ACS3740.

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