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ACC2102 Financial Accounting

Semester 2, 2022 Online
Units : 1
Faculty or Section : Faculty of Business, Education, Law and Arts
School or Department : School of Business
Grading basis : Graded
Course fee schedule : /current-students/administration/fees/fee-schedules

Staffing

Examiner:

Requisites

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

Overview

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 broad knowledge of accounting and the accounting cycle and systems gained in earlier accounting courses and has a strong focus on the preparation and analysis of financial statements and provides pre-requisite knowledge for advanced study in accounting.

The course will expand the student鈥檚 body of knowledge in business reporting, the analysis of business reports and contribute to the development of the essential professional accounting skills such as teamwork.

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. Students will investigate a number of specific accounting standards and generally accepted accounting principles (GAAP) in this course; topics include accounting for assets (e.g. financial assets, property, plant and equipment and leased assets), liabilities (provisions, debentures and leases), equity accounts for companies (share capital and reserves) and income, revenue and expense (e.g. recognition and measurement). Students will prepare and analyse financial statements for reporting entities (statement of financial position, statement of profit and loss and other comprehensive income, statement of changes in equity, statement of cash flows), record journal entries for complex business transactions and events and complete a business report.

Course learning outcomes

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

  1. discuss a wide variety of business reporting requirements (incl. accounting standards, concepts, principles and processes, ASX listing requirements, and business related legislation and regulations);
  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 recommendations;
  4. provide written communication that clearly and concisely presents financial accounting information and business reports (or components);
  5. work autonomously and collaboratively to develop essential professional accounting skills such as teamwork.

Topics

Description Weighting(%)
1. Financial Statements: Presentation and Analysis 40.00
2. Financial Reporting: Measurement and Recognition Issues 60.00

Text and materials required to be purchased or accessed

Loftus, J, Leo, K, Daniliuc, S, Boys, N, Luke, B, Ang, H & Byrnes, K 2020, Financial reporting, 3rd edn, John Wiley and Sons Australia Ltd, Milton, Queensland.

Student workload expectations

To do well in this subject, students are expected to commit approximately 10 hours per week including class contact hours, independent study, and all assessment tasks. If you are undertaking additional activities, which may include placements and residential schools, the weekly workload hours may vary.

Assessment details

Approach Type Description Group
Assessment
Weighting (%) Course learning outcomes
Assignments Written Problem Solving No 20 1,2,3,4
Assignments Written Report No 30 1,2,3,4,5
Examinations Invigilated Invigilated examination No 50 2,3,4
Date printed 10 February 2023