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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.

ACC5200 Financial Reporting

Semester 1, 2019 Online
Short Description: Financial Reporting
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: Marie Kavanagh

Requisites

Pre-requisite: ACC5000
Enrolment is not permitted in ACC5200 if ACC5202 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

Financial reporting is a critical business activity performed by organisations across the globe. Accounting professionals work with businesses to help them meet their regulatory obligations in preparing and disseminating their financial reports. This course will introduce students to the accounting requirements for contemporary businesses and will focus on the fundamental business elements that are accounted for in external financial reports.

Synopsis

Australian businesses report on many diverse transactions in their financial reporting. This course focuses on the accounting requirements associated with the recognition, measurement and recording of business transactions and events and the preparation of financial reports. Particular emphasis is placed on the recording, measurement and control of the major asset groups and the identification, function and measurement of liabilities and owners' equity. The course considers different types of businesses structures and the relevant equity requirements for each structure. Based on the Australian Qualification Framework, the minimum Threshold Learning Outcomes for this course will be developed in the areas of Knowledge and Application skills.

Objectives

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

  1. develop professional literacy through a knowledge of the commercial and accounting environment, the assumptions which underlie the accounting process and the current regulatory processes in operation
  2. utilise problem solving skills by applying theoretical and practical knowledge to a range of business transactions including preparing classified financial reports consistent with the relevant professional and statutory requirements
  3. critically analyse and evaluate the treatment of assets, liabilities and equity transactions including reviewing the underlying assumptions and recognition criteria, and identifying relevant regulations.

Topics

Description Weighting(%)
1. Business elements: definition and measurement 16.00
2. Property plant and equipment 16.00
3. Intangibles & goodwill 9.00
4. Accounting for liabilites 16.00
5. Business structures: formation and operations 25.00
6. Tax Accounting 10.00
7. Cash flow statement 8.00

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=ACC5200)

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

Deegan, C 2016, Financial Accounting, 8th edn, McGraw-Hill Education, North Ryde, New South Wales.

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.
Spiceland, D J, Nelson, M W and Thomas W M 2017, Intermediate Accounting, International edn, McGraw-Hill Education, North Ryde, New South Wales.

Student workload expectations

Activity Hours
Directed Study 36.00
Independent Study 129.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
SHORT ANSWER 15 15 23 Mar 2019
ASSIGNMENT 35 35 11 May 2019
EXAMINATION 50 50 End S1 (see note 1)

Notes
  1. 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:
    Online: There are no attendance requirements for this course. However, it is the students' responsibility 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.

    On-campus: 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. (Depending upon 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:
    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 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 assessment items in 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 examination for this course are:
    1. writing materials (non-electronic and free from material which could give the student an unfair advantage in the examination)
    2. a calculator which cannot hold textual information (students must indicate on their examination paper the make and model of any calculator they use 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. Please refer to the course StudyDesk for instructions on assessment submission.

  2. Harvard (AGPS) is the referencing system required in this course. Students should use Harvard (AGPS) style in their assignments to format details of the information sources they have cited in their work. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at http://www.usq.edu.au/library/referencing.