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The current and official versions of the course specifications are available on the web at http://www.usq.edu.au/course/specification/current.
Please consult the web for updates that may occur during the year.

ACC2102 Financial Accounting

Semester 1, 2019 On-campus Toowoomba
Short Description: Financial Accounting
Units : 1
Faculty or Section : Faculty of Business, Education, Law and Arts
School or Department : School of Commerce
Student contribution band : Band 3
ASCED code : 080101 - Accounting
Grading basis : Graded

Staffing

Examiner: Afzalur Rashid

Requisites

Pre-requisite: ACC1105
Enrolment is not permitted in ACC2102 if ACC1102 has been previously completed.

Other requisites

Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.

Rationale

Accounting professionals work in many areas of business and industry. In this course we will focus primarily on companies listed on the Australia Stock Exchange. Listed companies have specific accounting and corporate legislation that they must comply with. The purpose of this course is to engage students in the process of thinking constructively and logically about some of the more complex accounting and reporting issues faced by reporting entities. This course builds on the knowledge of the accounting cycle and the preparation and analysis of financial statements gained in earlier accounting courses provides pre-requisite knowledge for Advanced study in accounting..

The course will expand the student’s body of knowledge in business reporting (both financial and sustainability reporting), the analysis of business reports and contribute to the development of the essential professional accounting skills such as teamwork.

Synopsis

In this course students will study various sources of authority as they relate to the recording transactions and events and the preparation of financial statements and business reports, including sustainability reports. Students will investigate a number of specific accounting standards and generally accepted accounting principles (GAAP) in this course, including accounting for assets (e.g. financial assets, property, plant and equipment and leased assets), liabilities (provisions, debentures and leases), equity (partnerships and companies) and income, revenue and expense recognition. Students will prepare financial statements for reporting entities (statement of financial position, statement of profit and loss and other comprehensive income, statement of changes in equity), record journal entries for complex business transactions and events and complete a team-based analytical report.

Objectives

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

  1. synthesise business knowledge and a wide variety of business reporting requirements (incl. accounting standards, concepts, principles and processes, ASX listing requirements, business related legislation and regulations and sustainability reporting principles and practices)
  2. think constructively and logically about intermediate level financial accounting and business reporting issues and problems
  3. apply financial accounting and business reporting knowledge and technical and analytical skills to resolve problems and make ethical decisions
  4. communicate clearly and concisely in presenting financial accounting information, business reports (or components of) and analytical reports
  5. work autonomously and collaboratively as part of ongoing learning and professional practice in the context of preparing an analytical report.

Topics

Description Weighting(%)
1. Financial Statements: Presentation and Analysis 20.00
2. Financial Reporting: Measurement and Recognition Issues 65.00
3. Sustainability and CSR Reporting 15.00

Text and materials required to be purchased or accessed

ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://omnia.usq.edu.au/textbooks/?year=2019&sem=01&subject1=ACC2102)

Please contact us for alternative purchase options from USQ Bookshop. (https://omnia.usq.edu.au/info/contact/)

Hogget, J, Medlin, J, Chalmers, K, Hellmann, A, Beattie, C & Maxfield, J 2018, Financial Accounting, 10th edn, John Wiley and Sons Australia Ltd, Milton, Queensland.
(The Hoggett et al book is the required textbook for the pre-requisite course ACC1105 Accounting Principles.)
Loftus, J, Leo, K, Boys, N, Luke, B, Daniliuc, S, Ang, HN & Byrnes, K 2018, Financial reporting, 2nd edn, John Wiley and Sons Australia Ltd, Milton, Queensland.

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.

Student workload expectations

Activity Hours
Directed Study 36.00
Independent Study 129.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
ASSIGNMENT 100 50 13 May 2019 (see note 1)
EXAMINATION 100 50 End S1 (see note 2)

Notes
  1. This assignment requires a number of individual and group-work based submissions during the completion of the overall project (the preparation of an analytical report, due on the date shown above). Complete details of the required submissions are available on the StudyDesk.
  2. This is a restricted examination. The total working time for the examination is 2 hours. The examination date will be available via UConnect when the official examination timetable has been released.

Important assessment information

  1. Attendance requirements:
    It is the students' responsibility to attend and participate appropriately in all activities 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 for that item.

  3. Penalties for late submission of required work:
    Students should refer to the Assessment Procedure http://policy.usq.edu.au/documents.php?id=14749PL (point 4.2.4)

  4. Requirements for student to be awarded a passing grade in the course:
    To be assured of receiving a passing grade a student must obtain at least 50% of the total weighted marks available for the course (i.e. the Primary Hurdle), and have satisfied the Secondary Hurdle (Supervised), i.e. the end of semester examination by achieving at least 40% of the weighted marks available for that assessment item.

    Supplementary assessment may be offered where a student has undertaken all of the required summative assessment items and has passed the Primary Hurdle but failed to satisfy the Secondary Hurdle (Supervised), or has satisfied the Secondary Hurdle (Supervised) but failed to achieve a passing Final Grade by 5% or less of the total weighted Marks.

    To be awarded a passing grade for a supplementary assessment item (if applicable), a student must achieve at least 50% of the available marks for the supplementary assessment item as per the Assessment Procedure http://policy.usq.edu.au/documents/14749PL (point 4.4.2).

  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 items for the course.

  6. Examination information:
    This is a restricted examination. Candidates are allowed access only to specific materials during the examination. The only materials that candidates may use in the restricted examination for this course are:
    1. writing materials. These must be non-electronic and free from material which could give the student an unfair advantage in the examination.
    2. calculator which cannot hold textual information. The student must indicate on the examination paper the make and model of any calculator(s) used during the examination.
    3. an unmarked non-electronic translation dictionary (but not technical dictionary). A student whose first language is not English may take a translation dictionary into the examination room. A translation dictionary with any handwritten notes will not be permitted. Translation dictionaries will be subject to perusal and may be removed from the candidate's possession until appropriate disciplinary action is completed if found to contain material that could give the candidate an unfair advantage.


  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 Student Policies:
    Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.

Assessment notes

  1. Referencing in assignments must comply with the Harvard (AGPS) referencing system. This system should be used by students to format details of the information sources they have cited in their work. The Harvard (APGS) style to be used is defined by the USQ library’s referencing guide. This guide can be found at http://www.usq.edu.au/library/referencing.