Authorised by Academic Registrar, April 1996
Objectives On completion of this subject, students should be able to explain the institutional framework for the regulation of financial reporting in Australia; analyse, using statements of accounting concepts and accounting standards, alternative solutions to controversial issues in financial reporting; prepare general purpose financial reports in accordance with accounting standards and statutory requirements; explain current emerging issues in financial reporting.
Synopsis This subject will consider some of the issues in financial reporting. Topics covered include the standard-setting arrangements; the conceptual framework for financial reporting; the form and content of financial statements; income tax allocation; intangibles; extractive industry reporting; off-balance sheet financing including leasing; superannuation plans; general insurance; employee entitlements; financial instruments and emerging issues in financial reporting.
Assessment Mid-semester test (1.5 hours): 20% + Practical work + Examination (3 hours): 80%