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In this first Financial Reporting and Analysis course, we will focus primarily on companies listed on the Australian Stock Exchange. Listed companies have specific accounting and corporate legislation that they must comply with. The purpose of this course is to engage you in the process of thinking constructively and logically about the more complex accounting and reporting issues faced by reporting entities. This course builds on the broad knowledge of the accounting cycle gained in Accounting Systems and Processes and has a strong focus on the preparation and analysis of financial statements. The course provides pre-requisite knowledge for Financial Reporting and Analysis B. The course also provides an introduction to the theoretical principles underlying accounting practice.

This course is a required technical and profession competency component of CPA and CAANZ accreditation and specifically addresses Technical Competency Area 2.

In this course, you will study various sources of authority as they relate to recording transactions and events and the preparation of financial statements and business reports. You will investigate several specific accounting standards such as the International Financial Reporting Standards (IFRSs). You 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. The course will contribute to the development of the essential professional accounting skills such as teamwork.

On completion of this course students should be able to:

1. explain the role of accounting standards and the regulatory environment for financial reporting in relation to financial accounting [TCA 1 LO2(c), TCA1 LO2(d)];
2. record transactions to illustrate the activities of straightforward corporate/company accounts. (TCA1 LO3);
3. apply International Financial Reporting Standards (IFRSs) or other relevant standards to transactions and other events (TCA2 LO1);
4. prepare general purpose financial statements, in accordance with IFRSs or other relevant national standards (TCA2 LO3) and analyse, and interpret financial statements and related disclosures (TCA2 LO4);
5. interpret reports including financial and non-financial data and information such as sustainability reports, integrated reports and extended external reporting  (TCA2 LO5);
6. discuss the theoretical principles underlying accounting practice (Accounting Theory) (TCA2 LO6);
7. critically apply theoretical and technical accounting knowledge and skills to provide possible solutions to routine business issues (ALS3);
8. contribute accounting expertise to a diverse team collaboratively providing possible solutions to a routine business problem in a straightforward context (ALS5).