ACC 2103 Financial Accounting

STAFFING:

REQUISITES:

SYNOPSIS:

In this course we will consider the information provided by listed corporations and other reporting entities through their financial statements (Balance Sheet, Income Statement and Cash Flow Statement), the disclosures made via the notes to the accounts and the statements and declarations made in annual reports by directors/management. A number of specific accounting standards and generally accepted accounting principles (GAAP) will be examined in this course and students will be required to understand and apply the recognition, measurement and disclosure requirements of the standards and GAAP (for example, measure and record transactions and economic events) and be able to prepare each of the financial statements. We will also consider the accounting element definitions (assets, liabilities, equity, income and expenses) and recognition rules contained in the conceptual framework, and critically assess the consistency of the reporting/measurement requirements embodied in particular standards and GAAP with these element definition and recognition rules. Students will require access to email and Internet access to USQConnect for this course.

OBJECTIVES:

The course objectives define the student learning outcomes for a course. The assessment item(s) that may be used to assess student achievement of an objective are shown in parentheses after each objective. On successful completion of this course, students should be able to:

1. demonstrate a knowledge of the regulatory environment within which accounting procedures and reporting practices operate (Assignment, Examination)
2. 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 accounting standards on assets, liabilities, equity, income and expenses (Assignment, Examination)
3. process a series of transactions and prepare financial reports consistent with a number of accounting standards and generally accepted accounting principles (GAAP) (Assignment, Examination).

TOPICS:

TEXT and MATERIALS required to be PURCHASED or accessed:

ALL textbooks and materials are available for purchase from USQ BOOKSHOP (unless otherwise stated). Orders may be placed via secure internet, free fax 1800642453, phone 07 46312742 (within Australia), or mail. Overseas students should fax +61 7 46311743, or phone +61 7 46312742. For costs, further details, and internet ordering, use the 'Textbook Search' facility at http://bookshop.usq.edu.au click 'Semester', then enter your 'Course Code' (no spaces).

REFERENCE MATERIALS:

STUDENT WORKLOAD REQUIREMENTS:

ASSESSMENT DETAILS:

NOTES:

1.

Please disregard the due dates shown in this course specification for In-Class Tests 1 - 7. Refer to the study schedule as provided by your tutor that shows the date on which each of these In-Class Tests will be held.

2.

The examination is scheduled to be held in the end-of-semester examination period. Students will be advised of the official examination date for Exam (Parts A and B) after the timetable has been finalised. The total working time for Exam (Parts A and B) is 3 hours.

IMPORTANT ASSESSMENT INFORMATION

1. Attendance requirements:
   It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.
2. Requirements for students to complete each assessment item satisfactorily:
   To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks available for that assessment item. (Depending on the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)
3. Penalties for late submission of required work:
   If students submit assignments after the due date without prior approval of the Examiner, then a penalty of 10% of the total marks available for the assignment will apply for each working day late. No assignments will be accepted after model answers have been made available.
4. Requirements for student to be awarded a passing grade in the course:
   To be assured of receiving a passing grade a student must make a reasonable attempt in all of the weighted assessment items, achieve at least 50% in the examination and at least 50% of the total weighted marks available for the course.
5. Method used to combine assessment results to attain final grade:
   The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.
6. Examination information:
   This is a restricted examination. Candidates are allowed access to specific materials during a restricted examination. The only materials that candidates may use in the restricted examination for this course are: writing materials (non-electronic and free from material which could give the student an unfair advantage in the examination); calculators which cannot hold textual information (students must indicate on their examination paper the make and model of any calculator(s) they use during the examination). Students are not permitted to take mobile telephones, pagers or other electronic means of communication into the examination room.
7. Examination period when Deferred/Supplementary examinations will be held:
   Any Deferred or Supplementary examinations for this course will be held during the next examination period.
8. University Regulations:
   Students should read USQ Regulations 5.1 Definitions, 5.6. Assessment, and 5.10 Academic Misconduct for further information and to avoid actions which might contravene University Regulations. These regulations can be found at the URL http://www.usq.edu.au/corporateservices/calendar/part5.htm. Students should also read the Faculty of Business Guide to Policies and Procedures of the Faculty which can be found at the URL http://www.usq.edu.au/handbook/current/buspolproc.html.

ASSESSMENT NOTES

OTHER REQUIREMENTS:

1. Communication: All formal communications from the course leader will be distributed by email, therefore students are required to have access to email.