ACC 5003 NIA Advanced Financial Accounting

SubjectCat-NbrClassTermModeDescriptionUnitsCampus
ACC5003180293, 2002EXTNIA Advanced Financial Accounting1.00TWMBA
Academic Group:FOBUS
Academic Org:FOB008
HECS Band:2
ASCED Code:080101

Contents


OthER-REQUISITES:

Pre-requisite: Associate level membership or above, of the National Institute of Accountants.


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:

On successful completion of this course students will be able to:

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

  • demonstrate a knowledge of the conceptual frameworks element definition and recognition rules and be able to critically assess the application of these within the context of accounting standards on assets (intangibles); liabilities (leases) and revenues (long term construction contracts).

  • process a series of transactions and prepare financial reports consistent with a number of specific financial disclosure standards (Cash Flow; Foreign Transactions; Goodwill; Leases; Long Term Construction Contracts; Statement of Financial Performance).

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



    • TOPICS:


    DescriptionWeighting (%)
    1. The Accounting Environment: Module 1 (8%) The Australian External Reporting Environment; Module 2 (8%) Theories of Accounting
    		 16.00
    2. Assets: Module 3 (9%) i. An overview of accounting for assets ii. The depreciation of non-current assets iii. The revaluation of non-current assets; Module 4 (9%) Accounting for intangible assets
    		 18.00
    3. Liabilities: Module 5 (9%) An overview of accounting for liabilities; Module 6 (9%) Accounting for leases
    		 18.00
    4. Revenues and Expenses: Module 7 (16%) i. Revenue recognition principles ii. Statement of financial performance iii. Accounting for long-term construction contracts
    		 16.00
    5. Foreign Currency: Module 8 (16%) Accounting for foreign currency transactions
    		 16.00
    6. Cash Flows: Module 9 (16%) Statements of cash flows
    		 16.00

    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. 2002, Australian Financial Accounting, 3rd edition, McGraw-Hill Australia, Sydney.

    Knapp, G. & Knapp, S. 2002, Part 1 Accounting and Auditing Handbook, Part 1 Accounting Handbook, Prentice Hall, Sydney, (students will also be able to use the 2001 edns).




    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. 2001, Issues in Financial Accounting, 10th edition, Pearson Education, French's Forest, New South Wales.




    ASSESSMENT DETAILS:

    DescriptionMarks Out ofWtg(%)RequiredDue Date
    2 HOUR EXAMINATION50.00100.00YEND S3(see note )
    NOTES:
    .
    The examination is scheduled to be held in the end-of-semester examination period. 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%.