Students
ACCG612 – Intermediate Financial Accounting
2014 – S3 Day
General Information
Download as PDF
| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
James Lau
Contact via james.lau@mq.edu.au
E4A 349
please check iLearn
Lecturer
Meiting Lu
Contact via meiting.lu@mq.edu.au
E4A 212
please check iLearn
|
|---|---|
| Credit points |
Credit points
4
|
| Prerequisites |
Prerequisites
ACCG611
|
| Corequisites |
Corequisites
|
| Co-badged status |
Co-badged status
ACCG 923 Accounting Standards and Practice is co-badged with ACCG 612 Intermediate Financial Accounting.
|
| Unit description |
Unit description
This unit examines the financial reporting framework and accounting for assets and liabilities from the perspective of a single incorporated entity. The unit places emphasis on developing a conceptual understanding of accounting. Topics include statutory reporting requirements, accounting standards, cash flow statements, the measurement of non-current assets and liabilities, and the analysis and interpretation of financial statements.
|
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:
- Integrate theoretical and technical accounting knowledge,which includes a selection of accounting standards and reporting requirements,to prepare and analyse financial reports, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
- Critically apply theoretical and technical accounting knowledge and skills to solve accounting problems
- Justify and communicate accounting information in diverse collaborative contexts involving both accountants and non-accountants
- Work as a team to critically analyse and evaluate complex ideas in financial accounting
Assessment Tasks
| Name | Weighting | Due |
|---|---|---|
| 1. Class Test | 15% | Seminar 11 |
| 2. Assignment | 15% | Seminar 12 |
| 3. Assessed Coursework | 10% | Seminars 4 and 6 |
| 4. Final Examination | 60% | Examination period |
1. Class Test
Due: Seminar 11
Weighting: 15%
Throughout the session there will be one class test. The purpose is to give you a focus for your study and to give you timely feedback on your performance. The test will be closed book, answered under examination conditions and of examination standard. You must sit for the test in your registered seminar.
Class test will be held during class time in seminar 11. The test will cover material in seminars 5 to 9 (inclusive) and it is worth 15%.
Submission
You are required to sit for the test in your registered seminar.
Extension
Students who are absent from the test will be awarded a mark of ZERO, except for cases in which an application for Disruption to Studies is made and approved. If your Disruption to Studies application is approved, then you are required to arrange a time with the Unit Convenor to sit for a supplementary class test. A different test paper will be used for the supplementary class test.
Penalties
A mark of zero will be awarded to students who are absent from the test.
On successful completion you will be able to:
- Integrate theoretical and technical accounting knowledge,which includes a selection of accounting standards and reporting requirements,to prepare and analyse financial reports, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
- Critically apply theoretical and technical accounting knowledge and skills to solve accounting problems
2. Assignment
Due: Seminar 12
Weighting: 15%
Students will be allocated into groups based on class lists current as at seminar 5. Details of the group that you have been allocated to and the week that your group will be presenting will be posted on iLearn before the mid-session break.
Detailed requirements for all group presentations including duration of your presentation, written materials required to be submitted to accompany your presentation etc. will also be posted on iLearn at that time.
- 10% of the marks is attributed the written materials prepared prior to the class.
- 5% of the marks is attributed to the delivery of the presentation during the class.
A mark will be awarded to each group and individual feedback for the group presentations will be provided in the final seminar.
Submission
You are required to present in your registered class during seminar 12.
Extension
No extensions will be granted. Students who are absent from the presentation will be awarded a mark of ZERO, except for cases in which an application for Disruption to Studies is made and approved. If the application is approved, students are expected to complete the presentation on an individual basis.
Penalties
A mark of zero will be awarded to students who are absent from the presentation.
On successful completion you will be able to:
- Integrate theoretical and technical accounting knowledge,which includes a selection of accounting standards and reporting requirements,to prepare and analyse financial reports, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
- Critically apply theoretical and technical accounting knowledge and skills to solve accounting problems
- Justify and communicate accounting information in diverse collaborative contexts involving both accountants and non-accountants
- Work as a team to critically analyse and evaluate complex ideas in financial accounting
3. Assessed Coursework
Due: Seminars 4 and 6
Weighting: 10%
Task overview and marking criteria
Additional questions will be posted on iLearn after Seminars 2 and 4. These two (2) assessed coursework will be collected in Seminars 4 and 6 respectively; marks will be awarded based on accuracy. Each assessment will be worth 5%. You will receive feedback from your lecturer either immediately or in the following week. Assessed coursework will be returned in the following seminar.
Submission
You are required to submit your assessed coursework in your registered seminar.
Extension
Not applicable
Penalties
Zero for non submission in registered seminar.
On successful completion you will be able to:
- Integrate theoretical and technical accounting knowledge,which includes a selection of accounting standards and reporting requirements,to prepare and analyse financial reports, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
- Critically apply theoretical and technical accounting knowledge and skills to solve accounting problems
4. Final Examination
Due: Examination period
Weighting: 60%
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.
A 3 hour closed book final examination for this unit will be held during the University Examination period.
Submission
Please check for the University Examination period.
You are expected to present yourself for examination at the time and place designated in the University Examination Timetable.
There is a requirement to PASS the final examination to be awarded a final grade of a Pass or a higher grade.
Extension
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 applying for Disruption to Studies. The University’s policy on Disruption to Studies process is available at:
http://www.mq.edu.au/policy/docs/disruption_studies/policy.html
If a Supplementary Examination is granted as a result of the Special Consideration process the examination will be scheduled after the conclusion of the official examination period (Individual Faculties may wish to signal when the Faculties’ Supplementary Exams are normally scheduled).
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.html
Penalties
A 'Fail' grade will be awarded to students who are absent from the final exam.
On successful completion you will be able to:
- Integrate theoretical and technical accounting knowledge,which includes a selection of accounting standards and reporting requirements,to prepare and analyse financial reports, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
- Critically apply theoretical and technical accounting knowledge and skills to solve accounting problems
- Justify and communicate accounting information in diverse collaborative contexts involving both accountants and non-accountants
Delivery and Resources
Classes
This unit will be taught in the form of three-hour seminar three times a week. Students are required to enrol in one class for this unit.
You can also access details of scheduled classes through the university’s timetable facility (https://timetables.mq.edu.au/2014/).
Changes to lecture time are managed by the online enrolment system. It is not necessary to contact members of staff about class changes. Online enrolment changes to lectures will be shut down at the end of Week 1 so all changes must be made by then.
Consultation Times
The consultation timetable will be posted on the unit iLearn webpage at the beginning of the session.
You are encouraged to seek help from a staff member teaching on this unit during their regular consultation hours.
Staff will not conduct consultations by email. You may, however, phone staff during their consultation hours. In order to gain access to staff located at levels 2 and 3 of building E4A during their consultation hours please ring the staff member from the phones available in the lobby (phone numbers of relevant staff members will be provided on iLearn and are also available next to the phones).
Students experiencing significant difficulties with any topic in the unit must seek assistance immediately.
Required Texts and/or Materials
- Leo, K., Hoggett, J., and Sweeting, J. (2012) Company Accounting, 9th edition, John Wiley & Sons, Milton: Old, ISBN: 9781742466378.
The prescribed textbook can be purchased from the Co-op Bookshop on campus. In addition, copies of the textbook are available in the reserve section of the library.
Both the Binder Ready Version (BRV) and eBook Version are available. It is up to students to choose either the Binder Ready Version (BRV) or eBook Version. The BRV format means that they are loose-leaf pages of the text book and not bound into a book. The advantage is that students only carry with them the chapters they require at a time and can add in other notes to their folders. EBook Version in conjunction with the WileyPlus pack is also available for students who prefer to access learning materials through iPad. Please note that WileyPlus is not a required learning material in ACCG923. Yet, it is possible for students to use Wileyplus on their own as a revision tool.
- Australian Accounting Standards Board (AASB) Standards, which can be viewed or downloaded from the AASB website at www.aasb.com.au
Unit Web Page
Course material is available on Macquarie University’s learning management system (iLearn). The unit web site (iLearn) is available via the link below: https://ilearn.mq.edu.au/login/MQ/
Technology Used and Required
· iLearn
This unit will use Macquarie University’s online technology for students to access course material, announcements as well as any other documents related to this unit. Students are required to regularly check the website for accessing up-to-dated information about this unit. The unit web site is available via the link below: https://ilearn.mq.edu.au/login/MQ/
Students need to have username and password to access to the unit web site. Please contact iLearn directly if you have any difficulties to access to the unit site. iLearn Student Help can be found from the following link: http://www.mq.edu.au/iLearn/help-pages/students.htm
Teaching and Learning Activities
This unit will be taught in the form of three-hour seminar three times a week. Students are required to enrol in one class for this unit. The three-hour seminar includes two components: lecture and tutorial.
Lecture Component
The lecture section will include a 1.5 – 2 hours presentation of the main concepts and content and a demonstration of practical example(s). Students need to download their lecture slides from the unit web page (iLearn) prior to attending the lecture. Students should complete their prescribed reading for the week prior to attending the lecture.
Tutorial Component
The tutorial section will be up to 1 to 1.25 hours. In the tutorial section, lecturers will discuss the previous seminar’s assigned homework questions, work through in-class focus question(s) and address any issues from the previous seminar’s materials. The tutorial provides an opportunity to discuss the solutions to selected homework questions and to have any problems or difficulties explained. Students should complete the assigned homework for the topic, consisting of discussion questions, case study and practical exercises. In addition, an in-class focus question will be worked through to demonstrate the logical steps and processes involved in working through the practical aspect of the topic. The in-class focus question will cover the main or more difficult aspects of the topic. It is required to be completed as part of the assigned homework for the topic.
Lecture Materials and Homework Solutions
The lecture materials provided on the unit web page (iLearn) will have some gaps for which you are required to complete in class, in particular for the practical aspect of the course. Completed lecture notes will NOT be made available on the unit web page (iLearn). You should complete the lecture materials in class.
All homework solutions (except for in-class focus questions) will be available on the unit web page (iLearn). You must CORRECT your work in a RED pen. Your lecturer will look for these corrections. The in-class focus questions will only be discussed and worked through in class and solutions will not be available on the unit web page (iLearn) and copies will not be made available in any form.
Any important changes in lecture materials and homework solutions will be posted on the unit web page (iLearn). It is your responsibility to check the unit web page (iLearn) on the regular basis to ensure you are aware of any information which may be posted by the Unit Convenor during the course.
Unit Schedule
|
Seminar |
Topic |
Readings |
||
|
1 |
8 December |
Introduction; the nature and regulation of companies |
Ch 1 |
|
|
2 |
10 December |
Financing company operations – Accounting for share capital and debentures |
Ch 2 |
|
|
3 |
12 December |
Company operations – including the elements of financial statements |
Ch 3 |
|
|
4 |
15 December |
Accounting for company income tax |
Ch 6 AASB 112 |
|
|
5 |
17 December |
Property, plant and equipment |
Ch 7 AASB 116 |
|
|
6 |
19 December |
Impairment of assets |
Ch 11 AASB 136 |
|
|
Mid-Session Break (20 Dec to 4 Jan) |
||||
|
7 |
5 January |
Preparation and presentation of company financial statements |
Chs12 and 13 AASB 101 and 108 |
|
|
8 |
7 January |
Intangibles assets |
Ch 9 AASB 138 |
|
|
9 |
9 January |
Cash flow statements I |
Ch 14 AASB 107 |
|
|
10 |
12 January |
Cash flow statements II
Business combinations |
Ch 14 AASB 107 Ch 10 AASB 3 |
|
|
11 |
14 January |
Class Test Accounting for leases |
Ch 8 AASB 117 |
|
|
12 |
16 January |
Group presentation |
||
|
13 |
19 January |
Revision |
||
Learning and Teaching Activities
Lecture
Tutorial
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/
Academic Honesty
The nature of scholarly endeavour, dependent as it is on the work of others, binds all members of the University community to abide by the principles of academic honesty. Its fundamental principle is that all staff and students act with integrity in the creation, development, application and use of ideas and information. This means that:
- all academic work claimed as original is the work of the author making the claim
- all academic collaborations are acknowledged
- academic work is not falsified in any way
- when the ideas of others are used, these ideas are acknowledged appropriately.
Further information on the academic honesty can be found in the Macquarie University Academic Honesty Policy at http://www.mq.edu.au/policy/docs/academic_honesty/policy.html
Grades
Macquarie University uses the following grades in coursework units of study:
- HD - High Distinction
- D - Distinction
- CR - Credit
- P - Pass
- F - Fail
Grade descriptors and other information concerning grading are contained in the Macquarie University Grading Policy which is available at:
http://www.mq.edu.au/policy/docs/grading/policy.html
To pass this unit you must pass (obtain at least 50%) in the overall performance and you must pass (obtain at least 50%) in the final examination.
Grading Appeals and Final Examination Script Viewing
If, at the conclusion of the unit, you have performed below expectations, and are considering lodging an appeal of grade and/or viewing your final exam script please refer to the following website which provides information about these processes and the cut off dates in the first instance. Please read the instructions provided concerning what constitutes a valid grounds for appeal before appealing your grade.
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
PG - Critical, Analytical and Integrative Thinking
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Learning outcomes
- Integrate theoretical and technical accounting knowledge,which includes a selection of accounting standards and reporting requirements,to prepare and analyse financial reports, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
- Critically apply theoretical and technical accounting knowledge and skills to solve accounting problems
- Justify and communicate accounting information in diverse collaborative contexts involving both accountants and non-accountants
Assessment tasks
- 1. Class Test
- 2. Assignment
- 3. Assessed Coursework
- 4. Final Examination
Learning and teaching activities
- The lecture section will include a 1.5 – 2 hour presentation of the main concepts and content and a demonstration of practical example(s).
- The tutorial section will be up to 1 to 1.25 hours. In the tutorial section, lecturers will discuss the previous week’s assigned homework questions, work through in-class focus question(s) and address any issues from the previous week’s materials. The tutorial provides an opportunity to discuss the solutions to selected homework questions and to have any problems or difficulties explained.
PG - Research and Problem Solving Capability
Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.
This graduate capability is supported by:
Learning outcomes
- Integrate theoretical and technical accounting knowledge,which includes a selection of accounting standards and reporting requirements,to prepare and analyse financial reports, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
- Critically apply theoretical and technical accounting knowledge and skills to solve accounting problems
- Justify and communicate accounting information in diverse collaborative contexts involving both accountants and non-accountants
- Work as a team to critically analyse and evaluate complex ideas in financial accounting
Assessment tasks
- 1. Class Test
- 2. Assignment
- 3. Assessed Coursework
- 4. Final Examination
Learning and teaching activities
- The lecture section will include a 1.5 – 2 hour presentation of the main concepts and content and a demonstration of practical example(s).
- The tutorial section will be up to 1 to 1.25 hours. In the tutorial section, lecturers will discuss the previous week’s assigned homework questions, work through in-class focus question(s) and address any issues from the previous week’s materials. The tutorial provides an opportunity to discuss the solutions to selected homework questions and to have any problems or difficulties explained.
PG - Effective Communication
Our postgraduates will be able to communicate effectively and convey their views to different social, cultural, and professional audiences. They will be able to use a variety of technologically supported media to communicate with empathy using a range of written, spoken or visual formats.
This graduate capability is supported by:
Learning outcome
- Work as a team to critically analyse and evaluate complex ideas in financial accounting
PG - Capable of Professional and Personal Judgment and Initiative
Our postgraduates will demonstrate a high standard of discernment and common sense in their professional and personal judgment. They will have the ability to make informed choices and decisions that reflect both the nature of their professional work and their personal perspectives.
This graduate capability is supported by:
Learning outcomes
- Integrate theoretical and technical accounting knowledge,which includes a selection of accounting standards and reporting requirements,to prepare and analyse financial reports, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
- Critically apply theoretical and technical accounting knowledge and skills to solve accounting problems
- Justify and communicate accounting information in diverse collaborative contexts involving both accountants and non-accountants
Assessment tasks
- 1. Class Test
- 2. Assignment
- 3. Assessed Coursework
- 4. Final Examination
Learning and teaching activities
- The lecture section will include a 1.5 – 2 hour presentation of the main concepts and content and a demonstration of practical example(s).
- The tutorial section will be up to 1 to 1.25 hours. In the tutorial section, lecturers will discuss the previous week’s assigned homework questions, work through in-class focus question(s) and address any issues from the previous week’s materials. The tutorial provides an opportunity to discuss the solutions to selected homework questions and to have any problems or difficulties explained.
Changes from Previous Offering
Research and Practice
This unit gives you practice in applying research findings in your assignments
This unit gives you opportunities to conduct your own research