Overview
In this unit you will examine a selection of Australian accounting standards that address fundamental issues in financial reporting. You commence with an analysis of the role of accounting standards in the regulation of financial reporting in Australia and the concepts in the Australian Framework for the Preparation and Presentation of Financial Statements. You then interpret and apply the requirements of the selected accounting standards to solve routine accounting problems. This unit develops your professional competence in accounting as well as preparing you for future participation in an international and dynamic professional accounting environment.
Details
Pre-requisites or Co-requisites
Pre-requisite: ACCT19084 or ACCT11081
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 - 2017
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).
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
Assessment Overview
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.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure – International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback – Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
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 evaluations
More information about the requirements of the practical and written assessment task would be beneficial to students.
More information about the requirements of the practical and written assessment task will be provided to students.
Feedback from Student evaluations
It would be helpful if there were video presentations that demonstrated how to answer some of the activity questions for each module.
Video presentations that demonstrate how to answer some of the activity questions for each module will be provided.
- Explain the institutional arrangements for developing and revising Australian and international accounting pronouncements
- Interpret and apply the financial reporting requirements for entities governed by the Corporations Act 2001
- Interpret and apply the AASB’s Framework for the Preparation and Presentation of Financial Statements
- Interpret the technical requirements and conceptual aspects of selected accounting standards that address fundamental issues in financial reporting
- Apply the requirements of relevant accounting standards, conceptual accounting knowledge and professional judgement, to solve routine accounting problems.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | ||||
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| 1 - Online Quiz(zes) - 10% | |||||
| 2 - Practical and Written Assessment - 40% | |||||
| 3 - Examination - 50% | |||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | ||||
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| 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 | |||||
Alignment of Assessment Tasks to Graduate Attributes
| Assessment Tasks | Graduate Attributes | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |
| 1 - Online Quiz(zes) - 10% | ||||||||||
| 2 - Practical and Written Assessment - 40% | ||||||||||
| 3 - Examination - 50% | ||||||||||
Textbooks
Issues in Financial Accounting
16th Edition (2017)
Authors: Henderson, S, Peirson, G, Herbohn, K, Artiach, T & Howieson, B
Pearson Australia
Frenchs Forest Frenchs Forest , NSW , Australia
ISBN: 9781488611643
Binding: Paperback
Additional Textbook Information
There are two purchase options for the textbook:
1. A paperback version which can be purchased from the CQUniversity Bookshop, or
2. An electronic (VitalSource eText) version that can be purchased directly from the publisher: http://www.pearson.com.au/
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- Microsoft Office or equivalent (wordprocessing)
All submissions for this unit must use the referencing style: American Psychological Association 6th Edition (APA 6th edition)
For further information, see the Assessment Tasks.
d.keene@cqu.edu.au
Module/Topic
The Australian financial reporting environment: the institutional arrangements for developing Australian accounting standards
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
SAC 1 Definition of the Reporting Entity
AASB 1057 Application of Australian Accounting Standards
AASB 1053 Application of Tiers of Australian Accounting Standards
Events and Submissions/Topic
Module/Topic
Chapter
Chapters 2 and 3
IASB Conceptual Framework for Financial Reporting 2010
Events and Submissions/Topic
Module/Topic
Financial statement presentation
Chapter
Chapters 6 and 14
AASB 101 Presentation of Financial Statements
IAS 1 Presentation of Financial Statements Implementation Guidance
Events and Submissions/Topic
Module/Topic
Chapter
Chapter 18
AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors
Events and Submissions/Topic
Module/Topic
Term break
Chapter
N/A
Events and Submissions/Topic
Module/Topic
Fair value measurement
Provisions, contingent liabilities and contingent assets
Chapter
Chapter 4
AASB 13 Fair Value Measurement
IFRS 13 Fair Value Measurement Illustrative Examples
AASB 137 Provisions, Contingent Liabilities and Contingent Assets
Events and Submissions/Topic
Practical and written assessment: Part A due Thursday (24 August 2017) 23:45 AEST.
Module/Topic
Chapter
Chapter 8
AASB 116 Property, Plant and Equipment
Events and Submissions/Topic
Module/Topic
Chapter
Chapter 10
AASB 138 Intangible Assets
AASB 3 Business Combinations
Events and Submissions/Topic
Module/Topic
Chapter
Chapter 8
AASB 136 Impairment of Assets
Events and Submissions/Topic
Practical and written assessment: Part B due Thursday (14 September 2017) 23:45 AEST.
Module/Topic
Chapter
Chapter 11
AASB 16 Leases
Events and Submissions/Topic
Module/Topic
Chapter
Chapter 12
AASB 119 Employee Benefits
Events and Submissions/Topic
Module/Topic
Revision
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
1 Online Quiz(zes)
This assessment task consists of two open-book on-line tests:
1. On-line Test One:
- Is worth 5% of the total marks for the unit.
- Assesses the content taught in Module 1 (The Australian financial reporting environment: the institutional arrangements for developing Australian accounting standards).
2. On-line Test Two:
- Is worth 5% of the total marks for the unit.
- Assesses the content taught in Module 2 (The Australian financial reporting environment: the financial reporting requirements of entities governed by the Corporations Act 2001).
On-line Test Availability
The two on-line tests will be available for three weeks as follows:
- Open: 8.00 AM (08:00) AEST Monday of Week 1, and
- Close: 9.00 PM (21:00) AEST Friday of Week 3.
On-line Test Instructions
The on-line tests can be completed in any order. For example, you can complete On-line Test Two either before or after On-Line Test One.
Each on-line test consists of 20 multiple choice questions.
The duration of each on-line test is 40 minutes from the time you start it.
You can make two attempts at each on-line test.
If you make a second attempt, then the highest mark out of the two attempts will be recorded as your final mark.
The on-line tests must be completed during the times that they are open. In the absence of an approved extension, there will be no opportunity to complete the on-line tests after they close.
2
Other
Week 3 Friday (28 July 2017) 9:00 pm AEST
Results will be available in Moodle immediately after completion of each on-line test.
Students will be marked on the accuracy of the answers provided in the on-line tests.
- Explain the institutional arrangements for developing and revising Australian and international accounting pronouncements
- Interpret and apply the financial reporting requirements for entities governed by the Corporations Act 2001
- Problem Solving
- Information Literacy
- Information Technology Competence
2 Practical and Written Assessment
This assessment comprises two individual assignments:
1. Practical and written assessment: Part A
- Is worth 20% of the total marks for the unit.
- Is due by 11.45 PM (23:45) AEST on Thursday of Week 6 (24 August 2017).
2. Practical and written assignment: Part B
- Is worth 20% of the total marks for the unit.
- Is due by 11.45 PM (23:45) AEST on Thursday of Week 9 (14 September 2017).
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 assessment criteria.
Submit to Moodle
You will receive your assignment back two weeks from the submission date.
When preparing your assignment, you should refer to the assessment criteria as well as to any relevant advice posted in Moodle by the Unit Coordinator.
- Interpret and apply the AASB’s Framework for the Preparation and Presentation of Financial Statements
- Interpret the technical requirements and conceptual aspects of selected accounting standards that address fundamental issues in financial reporting
- Apply the requirements of relevant accounting standards, conceptual accounting knowledge and professional judgement, to solve routine accounting problems.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Information Technology Competence
Examination
Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
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?
