Students

ACCG8221 – CA - Financial Accounting and Reporting

2024 – Session 1, In person-scheduled-weekday, North Ryde

General Information

Download as PDF
Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Rajni Mala
rajni.mala@mq.edu.au
Level 3 (Office 314), 4ER Building
Thursday 10 - 12noon
Unit Moderator
Peipei Pan
accg8221@mq.edu.au
Credit points Credit points
10
Prerequisites Prerequisites
Admission to MProfAccg and (ACCG6011 and ACCG6014 and ACST6003 and ECON6049)
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

Financial accounting is a pivotal aspect of an accountant’s work and is the main reporting mechanism for preparing financial statements for organisations across all sectors of the economy. This unit covers the underlying framework and concepts behind financial reporting and enables students to prepare financial statements with reference to the Accounting Standards and pronouncements. It provides practical opportunities to apply knowledge to a variety of realistic scenarios.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates

Learning Outcomes

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

  • ULO1: Apply International Financial Reporting Standards (IFRS) to account for complex business transactions and events
  • ULO2: Prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable accounting regulation
  • ULO3: Evaluate future developments that impact the financial reporting environment
  • ULO4: Evaluate and respond appropriately to complex ethical issues in the context of financial reporting

General Assessment Information

Late Assessment Submission Penalty (written assessments)

Unless a Special Consideration request has been submitted and approved, a 5% penalty (of the total possible mark) will

be applied each day a written assessment is not submitted, up until the 7th day (including weekends). After the 7th day, a

grade of ‘0’ will be awarded even if the assessment is submitted. Submission time for all written assessments is set at

11.55pm. A 1-hour grace period is provided to students who experience a technical concern.

 

For any late submissions of time-sensitive tasks, such as scheduled tests/exams, performance assessments/presentations, and/or scheduled practical assessments/labs, students need to apply for Special Consideration.

Assessment Tasks

Name Weighting Hurdle Due
CA - Written Assignment 30% No 29 April
Business report 30% No 2 June 11.55pm
CA - Invigilated Examination 40% Yes 28 May

CA - Written Assignment

Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 25 hours
Due: 29 April
Weighting: 30%

 

Students are required to analyse a financial accounting scenario or set of scenarios and submit a written response addressing the financial accounting issues in the scenarios

 
On successful completion you will be able to:
  • Apply International Financial Reporting Standards (IFRS) to account for complex business transactions and events
  • Prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable accounting regulation
  • Evaluate future developments that impact the financial reporting environment
  • Evaluate and respond appropriately to complex ethical issues in the context of financial reporting

Business report

Assessment Type 1: Report
Indicative Time on Task 2: 20 hours
Due: 2 June 11.55pm
Weighting: 30%

 

Students are required to write business report recommending the appropriate accounting treatment and disclosures of transactions or event, for a specified case study. This assessment requires students to research the transactions / event, examine the outcome of the treatment, and evaluate issues regarding the preparation and presentation of financial reports to the case study.

 
On successful completion you will be able to:
  • Apply International Financial Reporting Standards (IFRS) to account for complex business transactions and events
  • Prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable accounting regulation
  • Evaluate future developments that impact the financial reporting environment
  • Evaluate and respond appropriately to complex ethical issues in the context of financial reporting

CA - Invigilated Examination

Assessment Type 1: Examination
Indicative Time on Task 2: 35 hours
Due: 28 May
Weighting: 40%
This is a hurdle assessment task (see assessment policy for more information on hurdle assessment tasks)

 

The final (hurdle) assessment is an examination.

The examination comprises questions where candidates are required to apply standards to account for and report on a diverse range of business transactions and events.

Students are expected to complete and pass the CA final written submission to pass the unit.

 
On successful completion you will be able to:
  • Apply International Financial Reporting Standards (IFRS) to account for complex business transactions and events
  • Prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable accounting regulation

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Writing Centre for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation

Delivery and Resources

Prescribed Reference Materials CA Program: Financial Accounting and Reporting – provided by CAANZ. Candidates must complete required readings to successfully complete the learning activities and assessments. All required readings are examinable. Module Topic Notes (in powerpoint format) - to be downloaded each week from iLearn. The relevant accounting and ethics Standards effective as at 1 January 2024, unless otherwise indicated A range of online resources will also be provided on the CA ANZ LMS site. Please closely follow My Capability - Learn platform for all the required as well as the recommended readings.

Recommended Reference Materials The following source references will be used to provide practical application examples: - Financial Reporting, 4th Edition Janice Loftus, Ken Leo, Sorin Daniliuc, Noel Boys, Belinda L uke, Hong Nee Ang, Karyn Byrnes Unit Web Page • Course material is available on the learning management system (iLearn) • The web page for this unit can be found at: http://ilearn.mq.edu.au Learning and Teaching Activities Each class will meet as described in the unit schedule.

All scheduled classes are compulsory. In between classes, students are required to work through the relevant sections of the course as well as work on assessment tasks. Students are expected to fully study the course material and recommended readings prior to each class. You are encouraged to properly construct your own notes based on your reading, any additional comments, and supplements.

Unit Schedule

Week

Week Commencing

Number of Seminar

Seminar Date/Time

Chapter and Topics

Assessments

1

2nd April

2x 3hrs 

 

3 April

11 – 2pm

Location

08SCO 116 Tutorial Room

 

4 April

2 – 5pm

Location

25WW GA05 Tutorial Room

 

1. Fundamentals of financial statement preparation

1.1 Navigating accounting standards

1.2 Structure and content of financial statements

1.3 Measurement in financial reporting

1.4 Accounting policies, estimates and errors.

1.5 Contingent liabilities  

 

2

8th April 

 

2 x 3hrs 

 

10 April

11 – 2pm

Location

08SCO 116 Tutorial Room

 

11 April

2 – 5pm

Location

25WW GA05 Tutorial Room

 

2. Practical application of common accounting standards

 

2.1 Accounting for income taxes

2.2 Impairment of non-financial assets (excluding goodwill)

 

3

15th April 

 

1x 3hrs 

 

17 April

11 – 2pm

Location

08SCO 116 Tutorial Room

 

 

2. Practical application of common accounting standards  

 

2.3Accounting for leases by lessees

2.4 Equity settled share-based payment arrangements with employees

Candidates prepare for CA assessment 1 (integrating topics covered in weeks 1 – 2).

4

22nd April 

 

2 x 3hrs 

 

24th April

11 – 2pm

Location

08SCO 116 Tutorial Room

 

25th April

2 – 5pm

Location

25WW GA05 Tutorial Room

 

2. Practical application of common accounting standards  

 

2.5 Accounting for revenue from contracts with customers

 

 

 

CA assessment 1 due: Online assessment activity. 24 – 29 Apr 24

 

 

5

29th April

 

2x 3hrs

1st May

11 – 2pm

Location

08SCO 116 Tutorial Room

 

2nd May

2 – 5pm

Location

25WW GA05 Tutorial Room

 

2. Practical application of common accounting standards  

2.6 Accounting for financial assets and financial liabilities

 

6

6th May 

 

1x 3hrs

7th May

11 – 2pm

Location

08SCO 116 Tutorial Room

 

3. Presentation of consolidated financial statements  

3.1 Business combinations  

3.2 Impairment of goodwill  

 

 

7

13th May 

 

2x 3hrs 

 

15th May

11 – 2pm

Location

08SCO 116 Tutorial Room

 

16th May

2 – 5pm

Location

25WW GA05 Tutorial Room

 

3. Presentation of consolidated financial statements  

3.3 Consolidated financial statements.

 

 

8

20th May 

 

1x 3hrs

22nd May

3 – 6pm

3.3 Consolidated financial statements. 

 

9

28th May

 

 

CA Assessment 2:  

Financial Accounting and Reporting invigilated examination: 28 May 24

 

 

 

5th June

 

 

Business Report Due 2nd June 2024 11.55pm

 

 

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au

Academic Integrity

At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

The Writing Centre

The Writing Centre provides resources to develop your English language proficiency, academic writing, and communication skills.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Services and Support

Macquarie University offers a range of Student Support Services including:

Student Enquiries

Got a question? Ask us via AskMQ, or contact Service Connect.

IT Help

For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/. 

When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.

Unit information based on version 2024.02 of the Handbook