ACC2103 Financial Accounting (FOBUS)

Semester 1 (ONC)Toowoomba (ONC)Springfld (EXT)Toowoomba

Semester 2 (ONC)Toowoomba (ONC)Fraser Cst (EXT)Toowoomba

Units 1.0 (Accounting) Band 2

Pre-requisite: ACC1101 or USQ51002 or USQ51003

Students are required to have access to a personal computer, e-mail capabilities and Internet access to USQConnect. Current details of computer requirements can be found at the http://www.usq.edu.au/handbook/current/busgeninfo.html site. It is highly recommended that students have completed ACC2101 Financial Accounting Systems (formerly Accounting Information Systems) prior to enrolling in this course. While ACC2101 is not a pre-requisite, the recommended enrolment pattern for students in the accounting major is to complete ACC2101 and then ACC2103. These two courses can be studied concurrently.

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.