AFG2023

Financial accounting and reporting

Dr Mahendra K Goyal

6 points
* One 1-hour lecture and one 2-hour tutorial per week
* Distance, approximately 12 hours per week
* Second semester
* Gippsland
* Prerequisite: AFG1002
*

Objectives The aim of this subject is to provide students with understanding of corporate accounting in accordance with accounting standards and statutory requirements for the preparation of financial reports. Students will develop a knowledge of the factors which influence the nature and objectives of financial accounting, of practical applications of current standards, and will learn to critically evaluate the reasoning behind the development of selected standards.

Synopsis Influences on the nature and objectives of financial accounting. Reorganisation, restructure of share capital. Profit determination and distribution, profit and loss statement and balance sheet. Cash flow statements. Tax effect accounting. Accounting for leases. Superannuation and insurance. Liquidations. Consolidations - introduction. Consolidations - inter-company transactions. Consolidations - outside equity interest. Equity accounting. Hedging foreign exchange risk and foreign currency translations.

Assessment Assignment: 20%
* Research essay (2000 words): 20%
* Examination: 60%

Prescribed texts

Jager, Taylor and Irvine Company accounting procedures 7th edn, Butterworths, 1997
Australian Society of CPAs and The Institute of Chartered Accountants in Australia The accounting handbook Prentice-Hall, 1998
Carnegie Gavens and Gibson Cases in financial accounting 3rd edn, Harcourt Brace, 1996