Overview
This unit examines the application of accounting theory, accounting standards and business law to the financial reporting of Australian companies. More specifically the topics being studied revolve around accounting for companies. The areas looked at include company operations, income tax, business combinations, liquidation, and consolidation. In this unit, the student will investigate the common types of corporate combinations and their corresponding accounting issues in relation to recording and reporting transactions. If you have successfully completed the unit ACCT20054 you should not enrol in this unit.
Details
Pre-requisites or Co-requisites
Students must successfully complete ACCT20071 Foundations of Financial Accounting prior to enrolling in this unit.
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 Postgraduate 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 Students in the class and moodle.
Students appreciated the daily group assignment work and they suggested implementing further on it.
It is recommended to continue weekly group assignment presentations in the future.
Feedback from Students in the class and moodle.
Students appreciated the major practical and written assignment as it allowed an opportunity for them to apply their theoretical knowledge to Australian listed companies
It is recommended that assignment tasks are assigned so that students can apply their theoretical knowledge to a more practical scenario in listed companies.
- Analyse and report on how the conceptual framework and Australian accounting standards inform the recording and reporting of changes of business ownership, various forms of business combinations, and tax effect accounting.
- For given business problems involving changes of business ownership, various forms of business combinations, and tax effect accounting (and combinations of these), evaluate and select the correct accounting treatment and produce correct financial statements that comply with Australian accounting standards.
- Critically evaluate and report on reforms in company accounting based on sound theoretical principles.
- Critically evaluate and report on ethical issues in company accounting based on sound theoretical principles.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Online Test - 10% | ||||
| 2 - Practical and Written Assessment - 30% | ||||
| 3 - Examination - 60% | ||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Knowledge | ||||
| 2 - Communication | ||||
| 3 - Cognitive, technical and creative skills | ||||
| 4 - Research | ||||
| 5 - Self-management | ||||
| 6 - Ethical and Professional Responsibility | ||||
| 7 - Leadership | ||||
| 8 - 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 | |
| 1 - Online Test - 10% | ||||||||
| 2 - Practical and Written Assessment - 30% | ||||||||
| 3 - Examination - 60% | ||||||||
Textbooks
Financial Accounting
Edition: 8 (2016)
Authors: Craig Deegan
McGraw Hill
Sydney Sydney , New South Wales , Australia
ISBN: 13 9781743764039
Binding: Hardcover
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- Microsoft Word
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.
n.steenkamp@cqu.edu.au
Module/Topic
Accounting for leases
Chapter
11
Events and Submissions/Topic
Module/Topic
Revaluation and impairment testing of non-current assets
Chapter
6
Events and Submissions/Topic
Practical and written assessment Part B (assesses content taught in Week 1)
Module/Topic
Accounting for intangible assets
Chapter
8
Events and Submissions/Topic
Practical and written assessment Part B (assesses content taught in Week 2)
Module/Topic
Accounting for income taxes
Chapter
18
Events and Submissions/Topic
Practical and written assessment Part B (assesses content taught in Week 3)
Module/Topic
Accounting for income taxes (continued)
Chapter
18
Events and Submissions/Topic
Practical and written assessment Part B (assesses content taught in Week 4)
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Accounting for group structures
Chapter
25
Events and Submissions/Topic
Practical and written assessment Part B (assesses content taught in Week 5)
Module/Topic
Accounting for group structures (continued)
Chapter
25
Events and Submissions/Topic
Practical and written assessment Part B (assesses content taught in Week 6)
Group Report Part A
Practical and Written Assessment Due: Week 7 Thursday (31 Aug 2017) 11:45 pm AEST
Module/Topic
Further consolidation issues I: accounting for intragroup transactions
Chapter
26
Events and Submissions/Topic
Practical and written assessment Part B (assesses content taught in Week 7)
Module/Topic
Further consolidation issues I: accounting for intragroup transactions (continued)
Chapter
26
Events and Submissions/Topic
Online test (Opens Monday 11 September 3.45am, closes 23.45)
Practical and written assessment Part B (assesses content taught in Week 8)
Online Test in Moodle Due: Week 9 Monday (11 Sept 2017) 11:45 pm AEST
Module/Topic
Further consolidation issues II: accounting for non-controlling interests
Chapter
27
Events and Submissions/Topic
Practical and written assessment Part B (assesses content taught in Week 9)
Module/Topic
Further consolidation issuesI I: accounting for non-controlling interests (continued)
Chapter
27
Events and Submissions/Topic
Practical and written assessment Part B (assesses content taught in Week 10)
Module/Topic
Unit revision
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
1 Online Test
Online test: Week 9
Online test will open at 3.45am AEST and close at 23.45 AEST
The on-line test assesses the content
The test consists of 20 multiple choice questions which may be theoretical, conceptual, and/or practical. They can also include calculations.
The online test must be completed during the 20 hours that it is open on 11 September. You must have received an approved extension from the Unit Coordinator before the test opens, as you will not be able to complete the online test after it closes. To allow the Unit Coordinator to review your application for extension and to grant it, please apply for extension by 1pm on Friday 8 September 2017.
Week 9 Monday (11 Sept 2017) 11:45 pm AEST
Online test
Results will be available in Moodle immediately after the online test closes.
No Assessment Criteria
- Analyse and report on how the conceptual framework and Australian accounting standards inform the recording and reporting of changes of business ownership, various forms of business combinations, and tax effect accounting.
- Critically evaluate and report on reforms in company accounting based on sound theoretical principles.
- Knowledge
- Research
2 Practical and Written Assessment
This assessment has two components: Part A is a group report, and Part B consists weekly assessments, each group is assessed fortnightly.
Part A (15 marks): Group practical and written report
On-campus students will be allocated to groups during the workshop in week 1. Please ensure that you attend the workshop of week 1. The number of groups will depend on the number of students enrolled at each campus. Groups will consist of a maximum of five students. Distance students will be allocated to groups at the end of week 1 and you will receive an email from the Unit Coordinator regarding your group members.
The Part A question will be uploaded to Moodle in week 2 of the term. Only one student per group should submit the group report on-line to Moodle by 23.45 AEST on Thursday 31 August 2017 (week 7). Ensure all the names and ID numbers of all the students in the group are included in the marking criteria sheet of the submitted assignment.
Each group member must retain copies of their working papers showing his/her contribution to the group assignment. Each group must retain a copy of their assignment submission.
Part B (3 marks per week for 5 weeks = 15 marks)
Part B assessments begin in week 2 and lag one week. For example, on-campus students will present the content taught in week 1 in the following week, thus week 2.
On-campus students
Groups must work through the exercises on the list of weekly exercises on the Moodle site in preparation for answering randomly selected questions in class. Each group will present/answer questions fortnightly. Only 3 of the 5 students in each group will be assessed fortnightly. These students will be selected randomly. The two remaining students of each group that did not present in the particular week will receive the highest mark of the group's presentation for that week. These students will be asked to present/answer the questions during their group's next presentation, plus another randomly selected student. If a student is absent during their group's presentation, they will be awarded a zero mark for that week.
Questions asked during the presentation will be randomly selected from the weekly list of exercises (which may include the tutorial and homework exercises). Please note that the solutions to all the questions will be available in advance. It is important that you practice all these exercises repeatedly until you are able to do them without looking at the solution as the exam questions will be based on them as well as examples and worked exercises in the prescribed textbook.
The maximum mark for each group presentation is 3 marks. A less than satisfactory answer and explanation will receive a lesser mark. Students must demonstrate an understanding of the content of each question. Merely repeating or duplicating the solution of any question (which is available in advance) will receive a zero mark. If you cannot and / or were not able to attend any workshop, please contact your lecturer on campus and get approval for a legitimate absence. Please attach any evidence of your absence such as a medical certificate. Without approval for absence, you will receive zero mark for group presentation for the week you are absent.
Distance Education students
The Unit Coordinator will send each group on Friday each week some selected questions which the group must upload to Moodle by the following Wednesday of each week before 23.45 AEST. You must provide an explanation that clearly demonstrates your understanding of the topic and issues. Copying the provided solutions will lead to zero mark. The 3 marks for 5 weeks will be scaled based on a correct and satisfactory answer. Depending on the number of Distance Education students and the number of groups, zoom sessions may be organised for discussion and presentation / answering of questions.
Week 7 Thursday (31 Aug 2017) 11:45 pm AEST
Part A: Group report due week 7 Thursday 31 August at 23.45 AEST. Part B: Practical and written assessment component: On-campus students: group fortnightly in-workshop presentations. Distance students - uploaded on Moodle by Wednesday AEST 23:45 of that week or presented during zoom session. Late submissions are penalised at 5% per day.
Week 10 Thursday (21 Sept 2017)
Part A: Group reports can only be marked once moderation is completed. Because the markers will not be able to start the marking immediately, the marked reports cannot be returned within two weeks of submission. This is to ensure quality marking is done. Part B: On-campus students will receive feedback in class. Distance students will receive feedback before cob on Friday of each relevant week or after the zoom session, whichever is relevant.
Part A (15 marks)
A marking criteria sheet will be provided with the assignment question, outlining the marking rubric.
Other matters to note about the group report: 1. Late submission will be penalised by 5% of mark per day. 2. Not complying with the formatting requirements incurs a 20% mark deduction from the total group assignment mark. 3. Exceeding the word count limit will incur a 20% mark deduction from the total group assignment mark. There is a leeway of 10% on the word count. Any material submitted above the specified word counts will not be marked.
Part B (15 marks) (3 marks per week for 5 weeks = 15 marks)
- Analyse and report on how the conceptual framework and Australian accounting standards inform the recording and reporting of changes of business ownership, various forms of business combinations, and tax effect accounting.
- For given business problems involving changes of business ownership, various forms of business combinations, and tax effect accounting (and combinations of these), evaluate and select the correct accounting treatment and produce correct financial statements that comply with Australian accounting standards.
- Critically evaluate and report on ethical issues in company accounting based on sound theoretical principles.
- Knowledge
- Communication
- Cognitive, technical and creative skills
- Ethical and Professional Responsibility
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?
