AFC9120

Issues in financial reporting

Professor Graham Peirson

One 3-hour session per week
* First semester
* Clayton

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. The issues to be covered will include the influences on financial reporting; a conceptual framework for financial reporting; the form and content of the profit and loss statement, balance sheet and cash flow statement; company taxes; accounting for leases; accounting for employee entitlements; accounting for intangibles; financial instruments and emerging issues in financial reporting.

Assessment Written (2000 words): 20%
* Examination (3 hours): 80%
* Practical work

Prescribed texts

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