AFC2120

Financial accounting

Mr Grant Gay

6 points
* Two 1-hour lectures and one 1-hour tutorial per week
* First semester
* Clayton
* Prerequisites: AFC1021/AFC1022 and AFC1031/AFC1032 (pass division I)

Objectives On completion of this subject students should understand how the conceptual framework applies to group financial reports; be familiar with financial report presentation and disclosure requirements; be competent in the preparation of group financial reports and the translation of the financial statements of foreign operations; be familiar with the requirements of accounting for extractive industries; be familiar with the actions available to companies in financial distress.

Synopsis Topics covered in this subject include financial reporting requirements and the reporting entity; accounting for interests in joint ventures; accounting for extractive industries; the nature of company groups; the preparation of consolidated financial reports; foreign currency translation; equity accounting; related party transactions; segment reporting; differential reporting and business closures.

Assessment Written: (1500 words) 10%
* Mid-semester examination: 15%
* tutorial presentation: 10%
* Examination (3 hours): 65%

Prescribed texts

Australian Society of CPAs and the Institute of Chartered Accountants in Australia Accounting handbook Prentice-Hall, latest edn