AC314 Financial Reporting
DESCRIPTION
This unit is designed to introduce students to the fundamental principles of accounting standards and their application in the preparation of financial reports. Primarily the unit deals with interpreting and applying accounting standards to prepare financial reports. This course will also consider the ethical issues raised in the application and development of accounting standards.
RELEVANT COURSES
*Core unit
Elective unit
CREDIT POINTS
10
DELIVERY MODE
On campus
Online
Intensive
Extensive
PREREQUISITE OR CO-REQUISITE
AC101 Accounting I
UNIT LEARNING OUTCOMES
LO1 Critically analyse the institutional structures and processes through which Australian Accounting Standards are developed
LO2 Evaluate general accounting concepts and principles and the fundamentals of financial reporting
LO3 Interpret selected Australian Accounting Standards in terms of their application and conceptual aspects
LO4 Apply Australian Accounting Standards and professional judgement to solve routine accounting problems
LO5 Evaluate the ethical implications for both accountants and standard setters in applying and developing accounting standards
CONTENT
The 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. Online Quizzes - 30%
2. Practice and Written Assessment - 20%
3. Exam - 50%
PRESCRIBED READINGS
Melville, A. (2019). International financial reporting (7th ed). London: Pearson
Check with the lecturer each semester before purchasing any textbooks