Students

ACCG308 – Corporate Accounting and Reporting

2014 – MQC2 Evening

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Emma Holmes
emma.holmes@mq.edu.au
Contact via emma.holmes@mq.edu.au
Tutor
Meth Mevan Pulas Mavanane
meth.mavananehewa@mq.edu.au
Contact via meth.mavananehewa@mq.edu.au
Credit points Credit points
3
Prerequisites Prerequisites
39cp including ACCG224(P)
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description
This unit examines the framework and techniques that are used to prepare general purpose financial reports for companies. The unit builds on ACCG100, ACCG101 and ACCG224 and further considers the recognition and measurement of financial statement elements and accounting for income tax. A major topic of the unit is the techniques of consolidation accounting used to prepare the consolidated financial statements for a corporate group. Through the in-depth discussion of a number of key corporate accounting issues, this unit provides students with the technical accounting knowledge to prepare and use company financial statements. This unit develops graduate capabilities centred on higher order analysis and effective communication skills using a range of technical materials.

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:

  • Demonstrate understanding of the theory and practice of compiling company financial statements.
  • Describe and apply the concepts for the financial statement elements set out in the Framework.
  • Demonstrate understanding of the theory and practice of accounting for business combinations in Australia.
  • Demonstrate understanding of the theory and practice of consolidation accounting in Australia (AASB 127).
  • Demonstrate understanding of accounting for associated companies using equity accounting under AASB 128.
  • Demonstrate understanding of the theory and practice related to external administration.

Assessment Tasks

Name Weighting Due
Assessed Coursework 25% Weeks 3,5,8,10,12
Report 13% 10 September 2014
Online Quiz 7% Week 13
Final Examination 55% 14th October - 22nd October

Assessed Coursework

Due: Weeks 3,5,8,10,12
Weighting: 25%

There are five assessed coursework to be completed in registered seminars in weeks 3,5, 8, 10 and 12. Each assessed coursework is worth 5%. In each assessed coursework, students will be instructed to complete one question individually and are permitted to access their own hand-written notes on one double-sided page of a white A4 paper only. Typed or photocopied notes will NOT be permitted. The hand-written notes (showing student ID and student name) must be submitted together with each assessed coursework. Students are not allowed to access the textbook or other course materials. Students have to bring a calculator for each assessed coursework, and will NOT be allowed to share calculators or access any electronic devices (e.g., phones, tablets, etc.) during the assessment.

 

Submission

Students must attempt the assessed coursework in registered seminars in weeks 3,5, 8, 10 and 12.

Extension

No extension will be granted. There will be no supplementary assessed coursework questions.

Penalties

Students who do not complete the assessed coursework question in their registered seminar will be awarded a mark of zero for the task, except for cases in which an application for under the Disruption to Studies Policy is made and approved.

What is required to complete satisfactorily?

Students will be expected to attend lectures weekly and to undertake independent study in preparation for the assessed coursework questions. It is expected that students spend approximately 5 hours of study per assessed coursework question.





On successful completion you will be able to:
  • Demonstrate understanding of the theory and practice of compiling company financial statements.
  • Describe and apply the concepts for the financial statement elements set out in the Framework.
  • Demonstrate understanding of the theory and practice of accounting for business combinations in Australia.
  • Demonstrate understanding of the theory and practice of consolidation accounting in Australia (AASB 127).
  • Demonstrate understanding of accounting for associated companies using equity accounting under AASB 128.
  • Demonstrate understanding of the theory and practice related to external administration.

Report

Due: 10 September 2014
Weighting: 13%

Students will be assigned into groups of five (or less) by their tutors to complete a group report. Detailed requirements and marking criteria of the report will be released on iLearn in week 5. The report is due by 4pm, Wednesday 10 September 2014 (week 9).

 

Submission

Each group must submit a hard copy of the group report to reception on level 2 by 4pm, Wednesday 10 September 2014. Before the group report is submitted, all groups will be required to submit their reports electronically to Turnitin through iLearn. Turnitin is an internet database that identifies papers containing unoriginal material. When you submit your report to Turnitin, an Originality Report will be produced. Detailed instructions will be available in week 5 via iLearn. The Originality Report must be printed and submitted together with the group report. Please allow 24 hours for your final originality report to be generated. If you do not allow sufficient time for the originality report, or the originality report is not attached, penalty may apply.

 

Extension

No extension will be granted. Late submission (i.e., submitted after the deadline) will incur a penalty.

 

Penalties

Students that do not submit the report by the deadline will get penalized, that is, their report marks will get reduced by the late submission penalty or they may get a mark of ZERO. Severe penalties will apply to cases of plagiarism.

 

What is required to complete satisfactorily?

It is students’ responsibility to ensure that workload distributed to each group member is reasonable and that all members make continuous progress in the report. It is suggested that a timeline is developed and used by group members to constantly monitor progress. Each group is expected to spend approximately 25 hours of study (e.g., research, writing up the report, discussion, etc.) for the report.

 

 
On successful completion you will be able to:
  • Demonstrate understanding of the theory and practice of compiling company financial statements.
  • Describe and apply the concepts for the financial statement elements set out in the Framework.

Online Quiz

Due: Week 13
Weighting: 7%

The quiz will be held in week 13. The quiz will be computer based (accessed from iLearn) with multiple choice questions. The topic coverage of the quiz will be all material in the entire course. The results of the quiz will be released on iLearn in week 14. Detailed information about the quiz will be provided in week 12 via iLearn.

Submission

The quiz will be administered online in week 13 via iLearn.

 

Extension

No extension will be granted i.e., there will be no supplementary quiz.

 

Penalties

Students who do not complete the quiz by the deadline will be awarded a mark of zero for the assessment task.

 

What is required to complete satisfactorily?

Students will be expected to attend lectures weekly and to undertake independent study in preparation for the quiz.  It is expected that students spend approximately 5 hours of study for the quiz.
On successful completion you will be able to:
  • Demonstrate understanding of the theory and practice of compiling company financial statements.
  • Describe and apply the concepts for the financial statement elements set out in the Framework.
  • Demonstrate understanding of the theory and practice of accounting for business combinations in Australia.
  • Demonstrate understanding of the theory and practice of consolidation accounting in Australia (AASB 127).
  • Demonstrate understanding of accounting for associated companies using equity accounting under AASB 128.
  • Demonstrate understanding of the theory and practice related to external administration.

Final Examination

Due: 14th October - 22nd October
Weighting: 55%

 A final examination is included as an assessment task for this unit to provide assurance that:

i)       the product belongs to the student and

ii)      the student has attained the knowledge and skills tested in the exam.

The final exam is of three hours and ten minutes duration. The final exam of ACCG308 is designed to test you against the learning objectives of the unit. Students in ACCG308 for 2014 will be required to do a final exam that tests them on all the material covered during the session.    

You are advised that it is Macquarie University policy not to set early examinations for individuals or groups of students. All students are expected to ensure that they are available until the end of the teaching session, that is, the final day of the official examination period.

The only exception to not sitting an examination at the designated time is because of documented illness or unavoidable disruption. In these circumstances you may wish to consider making an application under the Disruption to Studies Policy. The University’s policy on Disruption to Studies is available at: http://www.mq.edu.au/policy/docs/disruption_studies/policy.html Further details of the policy on Disruption to Studies are given in the section below.

If a Supplementary Examination is granted as a result of the Disruption to Studies process, the examination will be scheduled as per the Supplementary Examination timetable of the Faculty. Please note that the supplementary examination will be of a similar format as the final examination. Also note that there are no deferred supplementary exams in this unit. Students who are granted a Supplementary Exam but do not manage to sit for the Supplementary Exam in the scheduled period will not be able to pass the unit in First Session 2014.  The supplementary exam period will be provided after the final examination.

The Macquarie university examination policy details the principles and conduct of examinations at the University. The policy is available at:

 http://www.mq.edu.au/policy/docs/examination/policy.htm

Details regarding the form and scope of the final exam will be provided to you during the final online lecture. In the meantime you should be aware that the best preparation for the final exam is as follows:

  • Watch online lectures and take notes - what are the main points the lecturer has made?
  • Watch the weekly virtual tutorials available on iLearn.
  • Complete the required readings from the textbook each week
  • Attend all seminars
  • Complete independent solutions to seminar discussion questions, exercises and problems
  • Form study groups at the beginning of session
  • Use the assessed coursework to monitor your own progress against the unit learning objectives. A low score on an assessed coursework is a signal that you need to do more work on certain topics
  • Check your solution to the seminar assignments against the 'self-study solutions' that are available on iLearn
  • Use the consultation times whenever you need extra help, not just before the exam

 

What is required to complete the unit satisfactorily

Students must pass the final exam and pass the overall assessment to receive a passing grade in this unit.  Students are expected to spend approximately 24 hours of study for the final exam.
On successful completion you will be able to:
  • Demonstrate understanding of the theory and practice of compiling company financial statements.
  • Describe and apply the concepts for the financial statement elements set out in the Framework.
  • Demonstrate understanding of the theory and practice of accounting for business combinations in Australia.
  • Demonstrate understanding of the theory and practice of consolidation accounting in Australia (AASB 127).
  • Demonstrate understanding of accounting for associated companies using equity accounting under AASB 128.
  • Demonstrate understanding of the theory and practice related to external administration.

Delivery and Resources

Classes

  • Teaching each week consists of the following:
    • One online lecture each week.  The duration of the online lecture is between one and two hours per week - depending on the content.
    • One face-to face seminar each week. The duration of each seminar is 1.5 hours.
    • The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/

 

Tutors will record seminar attendance each week. You must attend at least 9 of the 12 seminars in order to complete satisfactory coursework requirements for this unit. For this purpose we do not accept medical certificates for missed seminars; it is up to you to organise yourself to come to at least nine seminars.

Seminars begin in Week 2 – week commencing Monday 21 July.

On-line enrolment changes will be shut down at the end of week 2 so all changes must be made by then.

You can only attend and sit for the Assessed Coursework in your registered seminar.

Required and Recommended Texts and/or Materials

Jubb, P.B., Haswell, S.M. and I.A. Langfield-Smith, Company Accounting, 5th Edition 2010, Cengage, Melbourne.

The text can be purchased from the Macquarie University Co-op Bookshop.

This text is used extensively for both lecture references and for seminar work in each week of the unit. Ideally students should have a copy of this text that they can access at all times. Copies of this text are available on Library Reserve.

Technology Used and Required

You will need basic computer skills to use Macquarie University’s iLearn teaching facility (refer to the detail contained below in Unit Web Page).

You will also need to be able to download and watch the weekly lecture online.

You will need to download documents supplied in pdf, Word or Powerpoint format.

 

Unit Web Page

ACCG308 lecture handouts, notices and homework solutions will be available in full from the unit’s web page. You can access the web page on campus, at work or at home, where you can login to “iLearn” https://ilearn.mq.edu.au/login/MQ/. Please check the web site on a regular basis for notices, updates, etc.

All lectures are pre-recorded and are made available on iLearn on Monday of each week. 'Virtual tutorials', which provide detailed explanations for some self-study homework questions, are also made available for some topics.

 

 

Unit Schedule

 

 

 

Lecture Topic

Chapters

Week 1

14 July

 

 

Unit introduction, overview of regulation

Chs 1, 2 & 3

Week 2

21 July

 

 

Introductory company accounting, share issues, distributions to owners

Chs 4 & 5

Week 3

28 July

 

 

Company reorganisation

Ch 6

Week 4

4 August

 

 

Debt securities

Ch 7

Week 5

11 August

 

 

Business combination

Ch 16 (p. 439-454; p. 463-473)

Week 6

18 August

 

 

Purchase consolidation 1

Ch 17

Ch 18 (up to p. 549)

Week 7

25 August

 

 

Purchase consolidation 2

Ch. 19 (up to p. 605)

Week 8

1 September

 

 

Intra-group transactions

Ch 20 (up to p. 658)

Week 9

8 September

 

 

Direct non-controlling interest

Ch 21

Week 10

15 September

 

 

Indirect interest

Ch 23

Week 11

22 September

 

 

Equity accounting

Ch16 (p. 456-463)

Ch 26 (up to p. 907)

Week 12

29 September

 

Receivership, voluntary administration, and liquidations

Chs 13 & 14

Week 13

6 October

 

 

 

Revision and discussion of final examination

 

 

 

 

 

 

 

 

 

 

Learning and Teaching Activities

The Online Lecture - large group learning

The purpose of the online lectures is to provide you with an overview of the main concepts and techniques. Each online lecture should give you a framework to use when solving problems in the particular topic for that week.

Private study – learning by doing

ACCG308 relies heavily on assignment-based learning and private study. During your private study after each week’s lecture, you are expected to revise your lecture notes and read the specific textbook materials that have been prescribed. Using the concepts and techniques presented in lectures and textbook materials, you are then required to prepare solutions to weekly assignment questions and exercises. You should attempt all assignment questions and exercises before attending the relevant seminar in which the solutions are discussed. On average the unit will require students to complete between 8 and 10 hours of private study per week.

The Seminar – small group learning

In seminars, tutors will assume that you have read each question or exercise and have made a bona fide attempt to answer it. You might come to class with half an answer or even less but at least you know the question or exercise and you tried to answer it as best as you could. Tutors will lead and manage the discussion of assignment questions and exercises and it is expected that you will actively participate in the seminar setting. Active participation includes a preparedness to explain to the rest of the class what you did in your answer. You will not be allowed to bring last semesters’ answers to the seminar and pretend that it is your work. The seminars should be viewed as an active forum for any problems or difficulties that you have experienced when preparing answers. Ask your tutor questions and make good use of seminar time, not just towards the examination but all throughout the semester.

After the seminar – the learning process continues

Copies of the textbook solutions to the relevant weekly assignment will be placed on iLearn. While your understanding of the topic material is fresh you should review the model solutions for each weekly assignment. Check your answers against the model solutions and learn from your mistakes. Form study groups to help clarify issues but try to work independently on the questions so that you do not copy other students’ answers.

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:

Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html

Assessment Policy  http://mq.edu.au/policy/docs/assessment/policy.html

Grading Policy http://mq.edu.au/policy/docs/grading/policy.html

Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html

Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html

Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.

In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/

Student Support

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

Learning Skills

Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.

Student Services and Support

Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.

Student Enquiries

For all student enquiries, visit Student Connect at ask.mq.edu.au

IT Help

For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/. 

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

Graduate Capabilities

Capable of Professional and Personal Judgement and Initiative

We want our graduates to have emotional intelligence and sound interpersonal skills and to demonstrate discernment and common sense in their professional and personal judgement. They will exercise initiative as needed. They will be capable of risk assessment, and be able to handle ambiguity and complexity, enabling them to be adaptable in diverse and changing environments.

This graduate capability is supported by:

Learning outcomes

  • Describe and apply the concepts for the financial statement elements set out in the Framework.
  • Demonstrate understanding of the theory and practice of accounting for business combinations in Australia.
  • Demonstrate understanding of the theory and practice of consolidation accounting in Australia (AASB 127).
  • Demonstrate understanding of accounting for associated companies using equity accounting under AASB 128.
  • Demonstrate understanding of the theory and practice related to external administration.

Assessment tasks

  • Report
  • Online Quiz
  • Final Examination

Discipline Specific Knowledge and Skills

Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.

This graduate capability is supported by:

Learning outcomes

  • Demonstrate understanding of the theory and practice of compiling company financial statements.
  • Describe and apply the concepts for the financial statement elements set out in the Framework.
  • Demonstrate understanding of the theory and practice of accounting for business combinations in Australia.
  • Demonstrate understanding of the theory and practice of consolidation accounting in Australia (AASB 127).
  • Demonstrate understanding of accounting for associated companies using equity accounting under AASB 128.
  • Demonstrate understanding of the theory and practice related to external administration.

Assessment tasks

  • Assessed Coursework
  • Report
  • Online Quiz
  • Final Examination

Critical, Analytical and Integrative Thinking

We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.

This graduate capability is supported by:

Learning outcomes

  • Demonstrate understanding of the theory and practice of compiling company financial statements.
  • Describe and apply the concepts for the financial statement elements set out in the Framework.
  • Demonstrate understanding of the theory and practice of accounting for business combinations in Australia.
  • Demonstrate understanding of the theory and practice of consolidation accounting in Australia (AASB 127).
  • Demonstrate understanding of accounting for associated companies using equity accounting under AASB 128.
  • Demonstrate understanding of the theory and practice related to external administration.

Assessment tasks

  • Report
  • Online Quiz
  • Final Examination

Problem Solving and Research Capability

Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.

This graduate capability is supported by:

Learning outcomes

  • Demonstrate understanding of the theory and practice of accounting for business combinations in Australia.
  • Demonstrate understanding of the theory and practice of consolidation accounting in Australia (AASB 127).
  • Demonstrate understanding of accounting for associated companies using equity accounting under AASB 128.
  • Demonstrate understanding of the theory and practice related to external administration.

Assessment tasks

  • Assessed Coursework
  • Report
  • Final Examination

Changes from Previous Offering

Since the last offering of this unit there has ben a change in the delivery of weekly lectures. All lectures are now delivered solely via online recordings. In addition the weekly one hour tutorial has been replaced by a 1.5 hour weekly seminar. There is no change to the textbook since the last offering of this unit. There has been no change to the format and weighting of assessment since the last offering of this unit.

Lecture Summary

The first lecture (week 1) begins with administration of the unit. Topic areas covered include the International Accounting Standards Board, Australian equivalents of International Financial Reporting Standards, and the Framework.

Week 2 examines share issues and the elements of financial statements and how they are presented in a company’s accounting records and classified in the financial statements.

Week 3 discusses the re-organization of a company’s capital. Of special interest is the share buyback, a procedure used recently by a number of high-profile companies.

Week 4 covers different types of debt and demonstrates methods of accounting for the issue and repayment of debt.

Week 5 considers investment in new assets, especially those that lead to business combinations, an important concept. The discussion this week is from the point of view of the acquirer of the asset. Investments are considered for a single asset, then for multiple assets that amount to a business (and those that do not); and these are contrasted with equity (share) investments in other companies. The latter may lead to the acquirer having significant influence over the other company, or control over it. The accounting in each case is different. Significant influence leads to equity accounting. Control leads to consolidation accounting. All of these are introduced in the same text chapter (Ch. 16) so that the purpose of each is compared and contrasted.

Week 6 is the first of five weeks devoted to the study of consolidation accounting. We begin with the principles of consolidation accounting including the control criterion, the entity concept, consolidation processes and the preparation of a consolidation worksheet at control date.

Week 7 continues the discussion of the consolidation process and the preparation of a consolidation worksheet, but this time is the application after control date.

Week 8 covers the elimination of intra-entity transactions within a consolidated group.

Week 9 considers impact of non-controlling interests on the consolidation worksheet.

Week 10 covers the consolidation accounting of indirect ownership interests which can arise when there are more than two companies in the group.

Week 11 covers the topic of equity accounting that accounts for the relationship between an investor and its associates.

Week 12 covers the topic of external administration and specifically discusses receivership, voluntary administration and liquidations.

Week 13 revises the unit’s objectives to assist students with their final exam preparation.

Research and Practice

  • This unit discusses the latest research findings on corporate reporting.
  • This unit provides the latest news on the development of accounting standards.