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In this second Financial Reporting and Analysis course, we expand on the knowledge gained from Financial Reporting and Analysis A. This course specifically focuses on the accounting requirements/regulations of larger and more complex companies, as well as more complex business structures and transactions. Accounting for complex business structures, such as corporate groups, and complex transactions, such as business acquisitions and financial instruments, 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. This course develops skills and knowledge required for the higher levels of theory and practice in the professional accounting major. This course is a required technical and profession competency component of CPA and CAANZ accreditation and specifically addresses Technical Competency Area 2 and the Accounting Learning Standards (2016) on Judgement, Knowledge, Critical analysis and problem solving, and Communication.

This course is designed to enable you to extend your basic company accounting skills gained in Financial Reporting and Analysis A. We will extend your practical skills by focusing on more complex measurement requirements (e.g., foreign currency transactions), recording journal entries for more complex transactions and events (e.g., business acquisitions), and preparing financial statements for complex business structures (e.g., preparing consolidated financial for a simple corporate group). A major focus of the course is on the development of critical thinking skills and how professional judgement is exercised. You will critically apply theoretical and technical accounting knowledge and skills (e.g., interpret and apply the requirements of accounting standards) to provide possible solutions to routine business issues (e.g., simple case studies), which you will justify and communicate to specialists (e.g., an accounting professional) and non-specialists (e.g., a client, such as a business owner or manager).

On completion of this course students should be able to:

1. apply International Financial Reporting Standards (IFRSs) or other relevant standards to transactions and other events, including complex practical issues (TCA2 LO1);
2. evaluate the appropriateness of accounting policies used to prepare financial statements (TCA2 LO2);
3. prepare consolidated financial statements, in accordance with IFRSs or other relevant national standards (TCA2 LO3);
4. discuss current national and international developments in financial reporting and information (TCA2 LO7);
5. exercise judgement under supervision to provide possible solutions to routine accounting problems in straightforward contexts (ALS1) (TCA2 LO2);
6. critically apply theoretical and technical accounting knowledge and skills to provide possible solutions to routine business issues (ALS3);
7. justify and communicate accounting advice and ideas in straightforward contexts to influence specialists and non-specialists (ALS4).