ACC 5003 NIA Advanced Financial Accounting

SubjectCat-NbrClassTermModeDescriptionUnitsCampus
ACC5003100891, 2002EXTNIA Advanced Financial Accounting1.00TWMBA
Academic Group:FOBUS
Academic Org:FOB008
HECS Band:2
ASCED Code:080101

Contents


SYNOPSIS:

This course requires students to consider the role of accounting in conveying an organisation's economic and social performance. Students will be required to learn about the Australian Conceptual Framework Project and be able to critically assess its usefulness and logic. A number of specific accounting standards will be studied and students will be required to understand the mechanics of applying the standards; the consistency of particular standards in relation to the reporting/measurement requirements embodied within other standards and the Conceptual Framework; and related empirical research which considers the economic and/or social implications that might result from the implementation of the particular standards. On completing the course, students should have knowledge of a large proportion of the accounting and reporting requirements that pertain to single business entities.


OBJECTIVES:


Completion of this course should enable students to:

  • demonstrate a knowledge of the 'regulatory' environment within which accounting procedures and reporting practices operate;

  • demonstrate a knowledge of various theories of accounting, both of a positive and normative nature;

  • demonstrate a knowledge of the conceptual framework's element definition and recognition rules and be able to critically assess the application of these within the context of various accounting standards;

  • process a series of transactions and prepare financial reports consistent with a number of specific financial accounting standards;

  • link the recording and reporting requirements of the standards covered in this course with the tentative findings of empirical accounting research.



    • TOPICS:


    DescriptionWeighting (%)
    1. The Accounting Environment. Module 1 Weighting 8.00 The Australian External Reporting Environment. Module 2 Weighting 8.00 Theories of Accounting.
    		 0.00
    2. Assets. Module 3 Weighting 8.00 An Overview of Accounting for Assets. The Depreciation of Non-current Assets. The Revaluation of Non-current Assets. Module 4 Weighting 8.00 Accounting for Intangible Assets.
    		 0.00
    3. Liabilities. Module 5 Weighting 8.00 An Overview of Accounting for Liabilities. Accounting for Debt Defeasances and Debt Set-offs. Module 6 Weighting 8.00 Accounting for Leases. Module 7 Weighting 8.00 Accounting for Employee Entitlements.
    		 0.00
    4. Revenues and Expenses. Module 8 Weighting 12.00 Revenue Recognition Principles. The Profit and Loss Statement. Accounting for Long-Term Construction Contracts.
    		 0.00
    5. Foreign Currency Module 9 Weighting 12.00 Accounting for Foreign Currency Transactions.
    		 0.00
    6. Cash Flows. Module 10 Weighting 8.00 Statements of Cash Flows.
    		 0.00
    7. Industry Specific Accounting Issues. Module 11 Weighting 12.00 Accounting for the Extractive Industries. Accounting for General Insurers.
    		 0.00

    TEXT and MATERIALS required to be PURCHASED or accessed:

    Books can be ordered by fax or telephone. For costs and further details use the 'Book Search' facility at http://bookshop.usq.edu.au by entering the author or title of the text.

    Deegan, C., 1999 Australian Financial Accounting, 2nd edn, McGraw- Hill Australia, Sydney.

    Parker, C., 2002, Part 1 and Part 2 Accounting Handbook, Prentice Hall, Sydney. Students will also be able to use the 2001.




    REFERENCE MATERIALS:

    Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.

    Henderson, S., and Peirson, G., 1999 Issues in Financial Accounting, 9th edn, Longman, Melbourne.




    ASSESSMENT DETAILS:

    DescriptionMarks Out ofWtg(%)RequiredDue Date
    EXAMINATION (2 HOURS)100.00100.00YEND S1 (see note 1)
    NOTES:
    1.
    Students will be advised of the official examination date after the timetable has been finalised.

    OTHER REQUIREMENTS:

    1. Course weightings of topics should not be interpreted as applying to the number of marks allocated to questions testing those topics in an examination paper.
    2. Mechanised erasers, mobile telephones and other electronic media are not permitted in exam venues.
    3. The examination will be restricted. Students will be allowed to bring a quiet battery-operated non-programmable calculator into the examination. Dictionaries are NOT to be used in the examination. Students are NOT permitted to write on the examination question paper during perusal time. Students are NOT permitted to retain the blue examination paper.
    4. To be assured of a passing grade in this course, students must attempt the examination and achieve at least 50% of the available marks for the course. Final grades for the course will be determined by the student's performance in the examination. To be assured of a B grade students will be required to obtain an overall mark of 65%. To be assured of an A grade students will be required to obtain an overall mark of 75%. To be assured of an HD grade students will be required to obtain an overall mark of 85%.