AC514 Financial Reporting

DESCRIPTION

This unit explores advanced principles of accounting standards and their application in the preparation of financial reports for complex organisations. Primarily the unit deals with interpreting and applying accounting standards to prepare financial reports. This unit also considers the ethical issues raised in the application and development of accounting standards in a range of contexts.

RELEVANT COURSES

Master of Business Administration

Graduate Diploma of Business Administration

Graduate Certificate in Business Administration

*Core unit

CREDIT POINTS

10

DELIVERY MODE

On campus

PREREQUISITE OR CO-REQUISITE

AC402 Accounting for Decision Making

UNIT LEARNING OUTCOMES

LO1 Demonstrate an advanced understanding of the process by which international accounting standards are developed and the regulatory system under which they are applied

LO2 Interpret and apply selected international accounting and disclosure standards for the preparation of general-purpose financial statements

LO3 Critically analyse financial reports, ascertain missing data, and communicate financial and disclosure issues to management and stakeholders

LO4 Design and implement accounting systems necessary to produce general purpose financial statements

LO5 Explain and assess the significance of ethical practices in financial reporting

CONTENT

  • Fundamentals of general-purpose financial reporting
  • Segment, interim reporting, and value-added statements
  • Accounting policies, estimates and errors
  • Accounting for the extractive industries
  • Accounting for real estate development and construction contracts
  • Accounting for agricultural activity
  • Accounting for superannuation plans
  • Accounting for financial institutions (insurance)
  • Financial reporting in the public sector
  • International accounting standards, harmonisation, and convergence
  • Accounting for corporate social responsibilities; ethics in accounting

ASSESSMENT METHODS

  1. Quizzes – 30%
  2. Practical and Writing Assessment – 20%
  3. Exam – 50%

PRESCRIBED READINGS

Nil

Check with the lecturer each semester before purchasing any textbooks