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 Conceptual Framework for Financial Reporting. 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 3 - 2023
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
Exam time was insufficient
Ensure that the exam can be completed in the allotted time.
- Explain the regulatory environment for financial reporting in Australia
- Apply and interpret the AASB’s Conceptual Framework for Financial Reporting
- 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 | |
| 1 - Online Quiz(zes) - 10% | ||||
| 2 - Written Assessment - 40% | ||||
| 3 - Examination - 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
Financial Accounting
Edition: 16th (2017)
Authors: Scott Henderson, Graham Peirson, Kathy Herbohn, Tracy Artiach, and Bryan Howieson
Pearson Australia
Frenchs Forest Frenchs Forest , NSW , Australia
ISBN: 9781488611643
Binding: eBook
Additional Textbook Information
Issues in Financial Accounting combines the theoretical with practical application to address key concepts and issues in financial accounting. Updated to reflect changes to the Australian Accounting Standards Board (AASB) standards and interpretations (up to the end of September 2016), changes to this edition have focused on accounting content and updates. Real world examples balanced with a breadth and depth of content ensures students develop a critical understanding of the topics in financial accounting
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
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.
a.ding@cqu.edu.au
Module/Topic
The regulation of financial reporting in
Australia
Chapter
AASB 1053 Application of Tiers of
Australian Accounting Standards
Events and Submissions/Topic
Assessment Task 1
Online Tests open 09:00 AEST Monday
6 November 2023
Module/Topic
The conceptual framework for
financial reporting
Chapter
Chapters 2 and 3
AASB Conceptual Framework for
Financial Reporting
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
Assessment Task 1
Online Tests close 21:00 AEST Friday
24 November 2023
Module/Topic
Accounting policies, estimates and
errors
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
Revenue from contracts with
customers
Chapter
Chapter 15
AASB 15 Revenue from Contracts with
Customers
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
Assessment Task 2
Written assessment (Part A) due by
23:45 AEST Wednesday 20 December
2023
Module/Topic
Term break
Chapter
N/A
Events and Submissions/Topic
Module/Topic
Property, plant and equipment
Chapter
Chapter 8
AASB 116 Property, Plant and
Equipment
Events and Submissions/Topic
Module/Topic
Intangible assets
Chapter
Chapter 10
AASB 138 Intangible Assets
AASB 3 Business Combinations
Events and Submissions/Topic
Module/Topic
Impairment of assets
Chapter
Chapter 8
AASB 136 Impairment of Assets
Events and Submissions/Topic
Assessment Task 2
Written assessment (Part B) due by
23:45 AEST Wednesday 17 January
2023
Module/Topic
Leases
Chapter
Chapter 11
AASB 16 Leases
Events and Submissions/Topic
Module/Topic
Employee benefits
Chapter
Chapter 12
AASB 119 Employee Benefits
Events and Submissions/Topic
Module/Topic
Review and revision
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Final Exam Date TBA
1 Online Quiz(zes)
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 Week 1 (The regulation of financial reporting in Australia).
2. Online Test Two:
Has a weighting of 5% of the total marks for the unit.
Assesses the content taught in Week 2 (The conceptual framework for financial reporting).
Online Test Availability
The two online tests will be available for three weeks as follows:
Open: 09:00 (9.00 AM) AEST on Monday of Week 1 and
Close: 21:00 (9.00 PM) AEST on Friday of Week 3
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 time that they are open. In the absence of an approved extension,
there will be no opportunity to complete the online tests after they close.
2
Results will be available in Moodle immediately after the completion of each online test.
Each question has one correct answer.
Each correctly answered question is awarded 0.25 marks
- Explain the regulatory environment for financial reporting in Australia
- Apply and interpret the AASB’s Conceptual Framework for Financial Reporting
2 Written Assessment
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.
2. Written assessment: Part B.
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 9.
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.
Part A is due 23:45 AEST on Wednesday 20 December 2023 (Week 6); Part B is due 23:45 AEST on Wednesday 17 January 2023 (Week 9)
You will receive your assignment back two weeks from the submission date.
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.
- Apply and interpret the AASB’s Conceptual Framework for Financial Reporting
- 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.
Examination
Calculator - non-programmable, no text retrieval, silent only
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?
