CQUniversity Unit Profile
ACCT19062 Term 1 - 2021
Intermediate Financial Accounting
All details in this unit profile for ACCT19062 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

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

Career Level: Undergraduate
Unit Level: Level 2
Credit Points: 6
Student Contribution Band: 10
Fraction of Full-Time Student Load: 0.125

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 1 - 2021

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: 10%
2. Written Assessment
Weighting: 40%
3. Take Home Exam
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 evaluations

Feedback

Assignment requirements are not always clear.

Recommendation

Additional clarification of assignment requirements will be provided.

Unit Learning Outcomes
On successful completion of this unit, you will be able to:
  1. Explain the institutional arrangements for developing and revising Australian and international accounting pronouncements
  2. Interpret and apply the financial reporting requirements for entities governed by the Corporations Act 2001
  3. Interpret and apply the AASB’s Framework for the Preparation and Presentation of Financial Statements
  4. Interpret the technical requirements and conceptual aspects of selected accounting standards that address fundamental issues in financial reporting
  5. Apply the requirements of relevant accounting standards, conceptual accounting knowledge and professional judgement, to solve routine accounting problems.
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 5
1 - Online Quiz(zes) - 10%
2 - Written Assessment - 40%
3 - Take Home Exam - 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

Alignment of Assessment Tasks to Graduate Attributes

Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9
1 - Online Quiz(zes) - 10%
2 - Written Assessment - 40%
3 - Take Home Exam - 50%
Textbooks and Resources

Textbooks

Prescribed

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

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
  • Word processing (Microsoft Office Word or similar)
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: 08 Mar 2021

Module/Topic

The Australian financial reporting environment: the institutional arrangements for developing Australian accounting standards

Chapter


Events and Submissions/Topic

Assessment Task 1

Online tests in Moodle open at 09:00 AEST Monday 8 March 2021

Week 2 Begin Date: 15 Mar 2021

Module/Topic

The Australian financial reporting environment: the financial reporting requirements of entities governed by the Corporations Act 2001

Chapter

AASB 1057 Application of Australian Accounting Standards


AASB 1053 Application of Tiers of Australian Accounting Standards


AASB 1060 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities

Events and Submissions/Topic


Week 3 Begin Date: 22 Mar 2021

Module/Topic

The conceptual framework for financial reporting

Chapter

Chapters 2 and 3


AASB Conceptual Framework for Financial Reporting

Events and Submissions/Topic

Assessment Task 1

Online tests in Moodle close at 21:00 AEST Friday 26 March 2021

Week 4 Begin Date: 29 Mar 2021

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


Week 5 Begin Date: 05 Apr 2021

Module/Topic

Accounting policies, estimates and errors

Chapter

Chapter 18


AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors

Events and Submissions/Topic


Vacation Week Begin Date: 12 Apr 2021

Module/Topic

Term break

Chapter

N/A

Events and Submissions/Topic


Week 6 Begin Date: 19 Apr 2021

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

Week 7 Begin Date: 26 Apr 2021

Module/Topic

Property, plant and equipment

Chapter

Chapter 8


AASB 116 Property, Plant and Equipment

Events and Submissions/Topic

Assessment Task 2

Written assessment (Part A) due by 23:45 AEST Wednesday 28 April 2021

Week 8 Begin Date: 03 May 2021

Module/Topic

Intangible assets

Chapter

Chapter 10


AASB 138 Intangible Assets


AASB 3 Business Combinations

Events and Submissions/Topic


Week 9 Begin Date: 10 May 2021

Module/Topic

Impairment of assets

Chapter

Chapter 8


AASB 136 Impairment of Assets

Events and Submissions/Topic

Week 10 Begin Date: 17 May 2021

Module/Topic

Leases

Chapter

Chapter 11


AASB 16 Leases

Events and Submissions/Topic

Assessment Task 2

Written assessment (Part B) due by 23:45 AEST Wednesday 19 May 2021

Week 11 Begin Date: 24 May 2021

Module/Topic

Employee benefits

Chapter

Chapter 12


AASB 119 Employee Benefits

Events and Submissions/Topic


Week 12 Begin Date: 31 May 2021

Module/Topic

Revision

Chapter


Events and Submissions/Topic


Review/Exam Week Begin Date: 07 Jun 2021

Module/Topic

Chapter

Events and Submissions/Topic

Exam Week Begin Date: 14 Jun 2021

Module/Topic


Chapter


Events and Submissions/Topic


Assessment Tasks

1 Online Quiz(zes)

Assessment Title
Online Tests

Task Description

This assessment task consists of two open-book online tests:

1. Online Test One:

  • Has a weighting of 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. Online Test Two:

  • Has a weighting of 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).


Online Test Availability

The two online tests will be available for three weeks as follows:

  • Open: 9.00 AM (09:00) AEST on Monday of Week 1 (8 March 2021) and
  • Close: 9.00 PM (21:00) AEST on Friday of Week 3 (26 March 2021).


Online Test Instructions

  • The online tests can be completed in any order. For example, you can complete Online Test Two either before or after Online Test One.
  • Each online test consists of 20 multiple choice questions.
  • The duration of each online test is 40 minutes from the time you start it.
  • You can make two attempts at each online test.
  • If you make a second attempt, then the highest mark out of the two attempts will be recorded as your final mark.
  • The online 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 online tests after they close.


Number of Quizzes

2


Frequency of Quizzes


Assessment Due Date

Return Date to Students

Results will be available in Moodle immediately after completion of each online test.


Weighting
10%

Assessment Criteria

Each question has one correct answer.

Each correctly answered question is awarded 0.25 marks.


Referencing Style

Submission
Online

Learning Outcomes Assessed
  • 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


Graduate Attributes
  • Problem Solving
  • Information Literacy
  • Information Technology Competence

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 11.45 PM (23:45) AEST on Wednesday of Week 7 (28 April 2021).

2. Written assignment: Part B

  • Has a weighting of 20% of the total marks for the unit.
  • Is due by 11.45 PM (23:45) AEST on Wednesday of Week 10 (19 May 2021).

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
40%

Assessment Criteria

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

  • The relevant technical requirements and conceptual aspects of accounting pronouncements have been identified and appropriately interpreted.
  • The requirements of relevant accounting pronouncements, conceptual accounting knowledge, and (where applicable) professional judgement have been appropriately applied to solve routine accounting problems.


Referencing Style

Submission
Online

Learning Outcomes Assessed
  • 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.


Graduate Attributes
  • Communication
  • Problem Solving
  • Critical Thinking
  • Information Literacy
  • Information Technology Competence

3 Take Home Exam

Assessment Title
Take-home exam

Task Description

The take-home exam has a weighting of 50% of the total marks for the unit.


The take-home exam will be scheduled during the university exam period.


The take-home exam is open-book.


The duration of the take-home exam is 3.5 hours.


You will be advised during the term of the scheduled date and time of the take-home exam.


The take-home exam will involve:

  • Downloading a document from Moodle that contains the questions,
  • Completing answers to these questions in a Word document, and

  • Submitting your document in Moodle.
Further information on the take-home exam will be available in Moodle.


Assessment Due Date

Return Date to Students

Weighting
50%

Assessment Criteria

No Assessment Criteria


Referencing Style

Submission
Online

Learning Outcomes Assessed
  • 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.


Graduate Attributes
  • Communication
  • Problem Solving
  • Critical Thinking
  • Information Literacy

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.

What can you do to act with integrity?

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.