AFC3120

Advanced accounting

Professor Graham Peirson

6 points
* Two 1-hour lectures and one 1-hour tutorial per week
* First semester
* Clayton
* Prerequisite: AFC2120

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; and 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; 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%

Prescribed texts

Australian Society of CPAs and The Institute of Chartered Accountants in Australia Accounting handbook 1997 Prentice-Hall, 1996
Henderson M S and Peirson G Issues in financial accounting 7th edn, Longmans, 1996