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ACCT19062 - Issues in Financial Reporting

General Information

Unit Synopsis

This unit introduces students to accounting pronouncements (accounting standards, interpretations and Conceptual Framework documents) issued by the Australian Accounting Standards Board. Students examine the role of accounting pronouncements in the regulation of financial reporting in Australia and the institutional structures and processes through which Australian and international accounting pronouncements are developed and revised. Students then examine the Australian Conceptual Framework for accounting before engaging with a selection of accounting standards that address key issues in financial reporting. Students interpret the selected accounting standards and then exercise professional judgement to apply the accounting standards and relevant Conceptual Framework concepts and principles to practical accounting situations. The unit provides students with a foundation for more advanced accounting studies as well as preparing students for participation in an international professional accounting environment.

Details

Level Undergraduate
Unit Level 2
Credit Points 6
Student Contribution Band SCA Band 4
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites

Pre-requisite: ACCT19084 Financial Accounting

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).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 1 - 2016

Term 1 - 2017 Profile
Brisbane
Bundaberg
Cairns
Distance
Mackay
Melbourne
Rockhampton
Sydney
Term 2 - 2017 Profile
Brisbane
Distance
Melbourne
Sydney
Term 1 - 2018 Profile
Brisbane
Bundaberg
Cairns
Distance
Mackay
Melbourne
Rockhampton
Sydney
Term 2 - 2018 Profile
Brisbane
Distance
Melbourne
Sydney
Term 3 - 2018 Profile
Distance
Term 1 - 2019 Profile
Brisbane
Bundaberg
Cairns
Mackay
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2019 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2019 Profile
Online
Term 1 - 2020 Profile
Brisbane
Bundaberg
Cairns
Mackay
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2020 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2020 Profile
Online
Term 1 - 2021 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2021 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2021 Profile
Online
Term 1 - 2022 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2022 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2022 Profile
Online
Term 1 - 2023 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2023 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2023 Profile
Online
Term 1 - 2024 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2024 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2024 Profile
Online

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).

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.

Assessment Tasks

Assessment Task Weighting
1. Online Quiz(zes) 10%
2. Practical and Written Assessment 40%
3. Examination 50%

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

Past Exams

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Previous Feedback

Term 1 - 2022 : The overall satisfaction for students in the last offering of this course was 88.89% (`Agree` and `Strongly Agree` responses), based on a 18.75% response rate.

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.

Source: Student evaluation.
Feedback
Provide PowerPoint slides for the recorded video presentations.
Recommendation
The video presentations are going to be updated. As part of this, the PowerPoint slides will be made available.
Action Taken
The power point slides have been made available to students.
Source: Reflection
Feedback
The content for Week 2 (reporting requirements of entities governed by the Corporations Act 2001) has been significantly reduced because of ongoing changes in the regulation of Australian financial reporting.
Recommendation
Combine Weeks 1 & 2 into a single module.
Action Taken
Nil.
Unit learning Outcomes

On successful completion of this unit, you will be able to:

  1. Explain the role of accounting pronouncements in the regulation of financial reporting in Australia and the institutional structures and processes through which Australian and international accounting pronouncements are developed.
  2. Explain the key concepts and principles of the Australian Conceptual Framework for accounting and the application of the Conceptual Framework in financial reporting.
  3. Interpret the technical requirements and conceptual aspects of selected accounting standards that address key issues in financial reporting.
  4. Apply relevant accounting pronouncements 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)
2 - Practical and Written Assessment
3 - Examination
Alignment of Graduate Attributes to Learning Outcomes
Introductory Level
Intermediate Level
Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4
2 - Problem Solving
3 - Critical Thinking
4 - Information Literacy
6 - Information Technology Competence
Alignment of Assessment Tasks to Graduate Attributes
Introductory Level
Intermediate Level
Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9 10
2 - Practical and Written Assessment
3 - Examination
1 - Online Quiz(zes)