CQUniversity Unit Profile
ACCT19061 Advanced Financial Accounting
Advanced Financial Accounting
All details in this unit profile for ACCT19061 have been officially approved by CQUniversity and represent a learning partnership between the University and you (our student).
The information will not be changed unless absolutely necessary and any change will be clearly indicated by an approved correction included in the profile.
General Information

Overview

This unit, which builds on the work you undertook in ACCT19062 Intermediate Financial Accounting, develops your professional competence in accounting to an advanced level. In this unit, you will interpret and apply the requirements of a selection of Australian accounting standards that address advanced issues in financial reporting including the accounting requirements applied to different types of inter-entity investment relationships.

Details

Career Level: Undergraduate
Unit Level: Level 3
Credit Points: 6
Student Contribution Band: 10
Fraction of Full-Time Student Load: 0.125

Pre-requisites or Co-requisites

Pre-requisite: ACCT19062

Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).

Offerings For Term 2 - 2022

Brisbane
Melbourne
Online
Sydney

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Class and Assessment Overview

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Class Timetable

Bundaberg, Cairns, Emerald, Gladstone, Mackay, Rockhampton, Townsville
Adelaide, Brisbane, Melbourne, Perth, Sydney

Assessment Overview

1. Online Quiz(zes)
Weighting: 5%
2. Written Assessment
Weighting: 45%
3. Online Test
Weighting: 50%

Assessment Grading

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Policy for more details of interim results and final grades.

Previous Student Feedback

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Feedback from Student evaluation

Feedback

Provide video recordings that discuss the written assessment and the take-home exam.

Recommendation

Unit coordinator to record a video that discusses the written assessment.

Unit Learning Outcomes
On successful completion of this unit, you will be able to:
  1. Interpret the technical requirements and conceptual aspects of selected accounting standards that address advanced issues in financial reporting
  2. Exercise professional judgement to apply the requirements of relevant accounting standards and conceptual accounting knowledge to solve advanced accounting problems
  3. Justify and communicate accounting advice and ideas in straightforward contexts to influence specialists and non-specialists
  4. Reflect on performance feedback to identify and action learning opportunities and self-improvements.

Not applicable.

Alignment of Learning Outcomes, Assessment and Graduate Attributes
N/A Level
Introductory Level
Intermediate Level
Graduate Level
Professional Level
Advanced Level

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4
1 - Online Quiz(zes) - 5%
2 - Written Assessment - 45%
3 - Online Test - 50%

Alignment of Graduate Attributes to Learning Outcomes

Graduate Attributes Learning Outcomes
1 2 3 4
1 - Communication
2 - Problem Solving
3 - Critical Thinking
4 - Information Literacy
5 - Team Work
6 - Information Technology Competence
7 - Cross Cultural Competence
8 - Ethical practice
9 - Social Innovation
10 - Aboriginal and Torres Strait Islander Cultures
Textbooks and Resources

Textbooks

Prescribed

Financial Reporting

3rd Edition (2019)
Authors: Loftus, J., Leo, K. J., Daniluc, S., Boys, N., Luke, B., Ang, H. N., & Byrnes, K.
John Wiley & Sons
Milton Milton , Qld , Australia
ISBN: 9780730369462
Binding: Paperback

Additional Textbook Information

This book is available to read online through the Library website. If you would like your own copy, you can purchase either paper or eBook copies at the CQUni Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code).

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
  • Microsoft Office or equivalent (wordprocessing)
Referencing Style

All submissions for this unit must use the referencing style: American Psychological Association 7th Edition (APA 7th edition)

For further information, see the Assessment Tasks.

Teaching Contacts
David Keene Unit Coordinator
d.keene@cqu.edu.au
Schedule
Week 1 Begin Date: 11 Jul 2022

Module/Topic

Introduction to accounting for different investor-investee relationships

Chapter


Events and Submissions/Topic

Week 2 Begin Date: 18 Jul 2022

Module/Topic

Financial instruments

Chapter

Chapter 11

AASB 9 Financial Instruments

AASB 132 Financial Instruments: Presentation

Events and Submissions/Topic


Week 3 Begin Date: 25 Jul 2022

Module/Topic

Income taxes

Chapter

Chapter 12

AASB 112 Income Taxes

Events and Submissions/Topic

Assessment Task 1

Online Quiz available from 09:00 AEST Monday 25 July 2022 to 21:00 AEST Friday 29 July 2022

Week 4 Begin Date: 01 Aug 2022

Module/Topic

Business combinations and introduction to consolidation

Chapter

Chapters 25 and 26

AASB 3 Business Combinations

Events and Submissions/Topic

Week 5 Begin Date: 08 Aug 2022

Module/Topic

Consolidation: wholly owned entities

Chapter

Chapter 27

AASB 10 Consolidated Financial Statements

Events and Submissions/Topic

Vacation Week Begin Date: 15 Aug 2022

Module/Topic

Term break

Chapter


Events and Submissions/Topic

Week 6 Begin Date: 22 Aug 2022

Module/Topic

Consolidation: intragroup transactions

Chapter

Chapter 28

AASB 10 Consolidated Financial Statements

Events and Submissions/Topic

Assessment Task 2

Written assessment (Part A) due by 23:45 AEST Wednesday 24 August 2022

Week 7 Begin Date: 29 Aug 2022

Module/Topic

Consolidation: non-controlling interest

Chapter

Chapter 29

AASB 10 Consolidated Financial Statements

Events and Submissions/Topic

Week 8 Begin Date: 05 Sep 2022

Module/Topic

Associates and joint ventures

Chapter

Chapter 31

AASB 128 Investments in Associates and Joint Ventures

Events and Submissions/Topic

Week 9 Begin Date: 12 Sep 2022

Module/Topic

Associates and joint ventures

Chapter

Chapter 31

AASB 128 Investments in Associates and Joint Ventures

Events and Submissions/Topic

Assessment Task 2

Written assessment (Part B) due by 23:45 AEST Wednesday 14 September 2022

Week 10 Begin Date: 19 Sep 2022

Module/Topic

Foreign currency transactions

Chapter

Chapter 23

AASB 121 The Effects of Changes in Foreign Exchange Rates

Events and Submissions/Topic


Week 11 Begin Date: 26 Sep 2022

Module/Topic

Forward exchange contracts

Chapter

Chapter 23

AASB 9 Financial Instruments

Events and Submissions/Topic

Week 12 Begin Date: 03 Oct 2022

Module/Topic

Revision

Chapter

Events and Submissions/Topic

Review/Exam Week Begin Date: 10 Oct 2022

Module/Topic

Chapter

Events and Submissions/Topic

Exam Week Begin Date: 17 Oct 2022

Module/Topic

Chapter

Events and Submissions/Topic

Assessment Tasks

1 Online Quiz(zes)

Assessment Title
Online Quiz

Task Description

The online quiz has a weighting of 5% of the total marks for the unit.

The online quiz will be available in Moodle as follows:

  • Open: 09:00 (9:00 AM) AEST Monday of Week 3 (25 July 2022), and
  • Close: 21:00 (9:00 PM) AEST Friday of Week 3 (29 July 2022.

The online quiz consists of 20 multiple choice questions.

The online quiz assesses the content from Week 1 (Introduction to accounting for different investor-investee relationships) and Week 2 (Financial Instruments).

The online Quiz is open-book.

The duration of the online quiz is 40 minutes from when you start it.

The online quiz must be completed during the time that it is open. In the absence of an approved extension, there will be no opportunity to complete the online quiz after it closes.


Number of Quizzes


Frequency of Quizzes


Assessment Due Date

Return Date to Students

Results will be available in Moodle immediately after completion of the online quiz


Weighting
5%

Assessment Criteria

Each question has one correct answer.

Each correctly answered question is awarded 0.25 marks.


Referencing Style

Submission

No submission method provided.


Learning Outcomes Assessed
  • Interpret the technical requirements and conceptual aspects of selected accounting standards that address advanced issues in financial reporting
  • Exercise professional judgement to apply the requirements of relevant accounting standards and conceptual accounting knowledge to solve advanced accounting problems
  • Reflect on performance feedback to identify and action learning opportunities and self-improvements.

2 Written Assessment

Assessment Title
Written Assessment

Task Description

This assessment task comprises two individual assignments:

1. Written assessment: Part A

  • Has a weighting of 20% of the total marks for the unit.
  • Is due by 23:45 (11:45 PM) AEST on Wednesday of Week 6 (24 August 2022).

2. Written assessment: Part B.

  • Has a weighting of 25% of the total marks for the unit.
  • Is due by 23:45 (11:45 PM) AEST on Wednesday of Week 9 (14 September 2022).

Full details of this assessment task will be available in Moodle at the commencement of the term. The information in Moodle will include the specific questions and the detailed assessment criteria.


Assessment Due Date

Return Date to Students

You will receive your assignment back two weeks from the submission date


Weighting
45%

Assessment Criteria

The assessment criteria (which will be available in Moodle) includes:

  • Justifying and communicating accounting advice and ideas to influence specialists and/or non-specialists.
  • Reflecting on performance feedback to identify and action learning opportunities and self-improvements.


Referencing Style

Submission

No submission method provided.


Learning Outcomes Assessed
  • Interpret the technical requirements and conceptual aspects of selected accounting standards that address advanced issues in financial reporting
  • Exercise professional judgement to apply the requirements of relevant accounting standards and conceptual accounting knowledge to solve advanced accounting problems
  • Justify and communicate accounting advice and ideas in straightforward contexts to influence specialists and non-specialists
  • Reflect on performance feedback to identify and action learning opportunities and self-improvements.

3 Online Test

Assessment Title
Invigilated Online Test

Task Description

This assessment task comprises an invigilated online test in Moodle.

The invigilated online test has a weighting of 50% of the total marks for the unit.

The invigilated online test will be scheduled during the university exam period.

You will be advised during the term of the scheduled date and time of the invigilated online test.

The duration of the invigilated online test is 3.5 hours.

The invigilated online test will be conducted in accordance with the School of Business & Law's Invigilation Protocols.


Assessment Due Date

During the university examination period.


Return Date to Students

Weighting
50%

Assessment Criteria

No Assessment Criteria


Referencing Style

Submission

No submission method provided.


Learning Outcomes Assessed
  • Interpret the technical requirements and conceptual aspects of selected accounting standards that address advanced issues in financial reporting
  • Exercise professional judgement to apply the requirements of relevant accounting standards and conceptual accounting knowledge to solve advanced accounting problems
  • Justify and communicate accounting advice and ideas in straightforward contexts to influence specialists and non-specialists

Academic Integrity Statement

As a CQUniversity student you are expected to act honestly in all aspects of your academic work.

Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.

When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.

Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.

As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.

What is a breach of academic integrity?

A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.

Why is academic integrity important?

A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.

Where can I get assistance?

For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.

What can you do to act with integrity?