Authorised by Academic Registrar, April 1996
Objectives On completion of this subject students should be able to critically assess the standard setting and regulatory procedures; relate accounting to its various users and their needs and objectives; critically assess the currently emerging conceptual framework and its contribution in changing the everyday meaning of assets, liabilities, revenues, expenses and income; identify and analyse the basic accounting principles; examine the significance of accounting numbers in the context of capital markets and corporate governance; handle difficult accounting problems related to foreign currency translation, long-term lease contracts, complex group structures, trusts, joint ventures, and mining industry accounts.
Synopsis The subject broadly explores and analyses the interaction between accounting and the relevant segments of the society, such as, the industry, the capital market, the government and other user groups. An attempt is also made to provide an understanding of the standard-setting and regulatory procedure in Australia and overseas. Significant practical accounting issues are also tackled. The underlying principles and values in accounting are tested for their validity. The subject is, therefore, a blend of advanced and controversial practical accounting topics and the underlying theories that support the prescribed accounting treatments of these issues.
Assessment Tutorials and class tests: 5% + Assignment (2000-3000 words): 15% + Mid semester test (1.5 hours): 30% + Examination (3 hours): 50%