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ACC2115 Company Accounting

Semester 1, 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: Mark Vallely

Requisites

Pre-requisite: ACC1102 or ACC2102 or ACC2103

Overview

Accounting for companies is a fundamental part of professional accounting practice. Large companies have specific accounting requirements which require a thorough knowledge of accounting standards and the Corporations Act 2001. The course assumes prior knowledge from the previous financial accounting course. The ACC2115 course expands on the knowledge from the previous courses in that it specifically focuses on the accounting requirements/regulations of companies. This course develops skills and knowledge required for the higher levels of theory and practice in the accounting major.

This course is designed to enable students to acquire basic skills of company accounting (formerly ACC3115). 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. A focus of the course is the development of practical skills. For example, students will prepare basic company accounting records required for a simulated consolidation of companies as a part of their assessment.

Course learning outcomes

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

  1. integrate theoretical and technical accounting knowledge particularly in the area of finance and the relevant regulations in commercial law, corporation law and taxation law at a competent level by developing understanding the purposes of accounting procedures and the conceptual frameworks on which they draw;
  2. critically apply theoretical and technical accounting knowledge and skills to solve routine accounting problems at a competent level by practice in preparing accounting records and adjusting procedures to changes in regulations;
  3. interpret and apply the accounting standards relating to company regulations and operations, company income tax, accounting for leases, business combinations, company consolidations, joint ventures and company foreign operations;
  4. apply the requirements of the Corporations Act 2001 and the professional accounting standards (including international accounting standards) to present and prepare the accounting entries in relation to company operations and share issues, income tax, business combinations, company consolidations, joint ventures and company foreign operations;
  5. solve problems through case studies that require preparation of accounting entries as required by the professional accounting standards (including international accounting standards);
  6. apply the technical and professional literacy skills required of an accounting professional.

Topics

Description Weighting(%)
1. Company regulations and reporting requirements 10.00
2. Advanced topics for assets and liabilities 40.00
3. Accounting for investments in other entities 50.00

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, Qld.
(The text book is available as an eBook, which is a cheaper option. If you wish to purchase the eBook, go to and follow the prompts.)
ACC2115 study materials are available via the course materials link on the course study desk home page. Printed study materials are not provided.

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 Quiz 1 No 10 1,3,4
Assignments Written Problem Solving 1 No 15 2,3,4,6
Assignments Written Quiz 2 No 10 1,3,4
Assignments Written Problem Solving 2 No 15 2,3,5,6
Examinations Invigilated Invigilated examination No 50 1,2,3,4
Date printed 10 February 2023