Students

ACCG612 – Intermediate Financial Accounting

2015 – S3 Day

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Rajni Mala
Contact via accg612@mq.edu.au
E4A 314
please check iLearn
Lecturer
Meiting Lu
Contact via accg612@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
  • Demonstrate business communication skills and understand research methods applied in the accounting discipline through written assignment
  • Apply the rules of International Financial Reporting Standards/International Accounting Standards (IFRS/IAS) and their Australian equivalents (AASB) to selected financial transactions and events

General Assessment Information

Students Expectations and Workload
  Activities  Hours
1 Seminars 39
2 Assessment Task 1 (Class Test) 15
3 Assessment Task 2 (Research Assignment and Reflective Writing) 20
4 Assessed course work 18
5 Final Examination 30
6 Readings/Self Study 28
  Total 150

 

Assessment Tasks

Name Weighting Due
1. Class Test 20% Seminar 6
2. Assignment 20% Research Report - Seminar 9
3. Assessed Coursework 10% Seminars
4. Final Examination 50% Examination period

1. Class Test

Due: Seminar 6
Weighting: 20%

1. Class Test

Date: December 18 Weighting: 20% 

During the session, one test will be conducted during the class time. The test is designed to give feedback as to your understanding of key topics and concepts of topics covered and to identify any particular learning challenges or areas of difficulty prior to the final examination. Students who achieve poor results in class test should consult the teaching staff regarding strategies for improving their performance. The duration and details of the test will be advised the week prior to the test. The tests may include multiple choice questions, true/false questions, problem solving exercises and short answers to set questions.

The test will be conducted under closed book examination conditions. You have to only sit the  test in your registered class unless prior permission received in writing from the Unit Convenor. Students need to submit adequate documentation to the Unit Convenor in the case of misadventure or illness.

Extensions

No extensions will be granted. Students who have not attempted the class test will be awarded a mark of 0 for the test, except for cases in which an application for Disruption to Studies is made and approved in which case students will be given a supplementary test.

Penalties

Students who do not complete the class test in their registered class will be awarded a mark of ZERO for the task, except for cases in which an application for disruption to studies is made and approved.

 

 

 

 

 

 


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
  • Apply the rules of International Financial Reporting Standards/International Accounting Standards (IFRS/IAS) and their Australian equivalents (AASB) to selected financial transactions and events

2. Assignment

Due: Research Report - Seminar 9
Weighting: 20%

 

 

2. Assignment

1. Research Assignment

Due: January 8 any time 

Weighting: 15% 

Full details of the major research assignment (assignment objectives, question materials and requirements, etc) will be posted to the unit web page (iLearn) by 11 December.

You need to submit your report by the respective due date electronically through the ACCG923 iLearn webpage. 

Assignments will be checked for plagiarism or 'copying' (within and across seminar classes) through Turnitin. Guilty parties (being the person/s who copied and the person/s who allowed the copying) will be subject to a procedure as outlined in the University's Academic Honesty Procedure. To avoid penalties like a fail for the whole unit (see for all potential penalties: Academic Dishonesty - Schedule of Penalties) make yourself familiar with the University's Academic Honesty Policy.

Extensions

No extensions will be granted. Late tasks will be accepted up to 72 hours after the submission deadline.  There will be a deduction of 20% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission – 40% penalty). This penalty does not apply for cases in which an application for special consideration is made and approved.

Penalties

Late submission will be penalized at the rate of 20% of the maximum marks per day or part thereof, except for cases in which an application for disruption to studies is made and approved.

2. Reflective Report

Weighting: 5%

Due: In Seminar 13

Students need to write a reflective learning report (850 - 1000 words) about their learning experiences during the session. The reflective learning report must be completed and submitted in seminar 13. This report weights 5% towards your total assessment. Some possible suggestions to assist you in writing this report include:  Keep a learning log throughout the first 12 seminars summarising your learning experiences in the unit. This should not focus solely on the content covered in the unit but more about what you have gained in relation to the learning outcomes and graduate capabilities as stated in the unit guide.  A critical appraisal on the learning objectives for this unit as stated in the unit guide.  A critical appraisal of the graduate capabilities and whether you believe these have been developed in yourself over the session.  You may comment on seminars, assessment and whether these assisted your learning. The detailed requirements on the reflective learning report and the submission instruction will be provided on iLearn during the session.

Extensions and Penalties A mark of ZERO will be assigned for late or non-submissions unless a special consideration application is submitted and approved.  


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

3. Assessed Coursework

Due: Seminars
Weighting: 10%

 

 

 

 

3. Assessed Coursework

Due: In Seminars 

Weighting: 10% 

Independent work on the homework problems is fundamental to satisfying the learning objectives of this unit.

You are not expected to always have the right answers from your independent work but you are expected to make a significant attempt at assigned questions before each class. 

During the session, four of your assignments will be collected for the purpose of assessing your ongoing effort in the unit. Advance notice will NOT be given that a particular assignment is to be collected.

You should note that it is only possible for you to submit your assignment in the class in which you are enrolled and to which the assignment relates. The assignment must be submitted by you and not by an agent. If you do not attend a class and that week’s assignment is collected, the marks for that assignment will be forfeited.  

For each of these four assignments, your mark will be determined using the following grading system:

  • A satisfactory assignment will be graded as “S” (satisfactory) and will earn 2.5 marks. To receive an “S”, the student must have made a genuine attempt to provide a comprehensive answer to ALL of the homework questions in that assignment.
  • Where the majority of the assignment’s questions have been comprehensively answered but where either (1) a small number of questions have been answered in a perfunctory manner OR (2) ONE of the questions has NOT been attempted, the assignment will receive an “I” (incomplete) grade and will earn 1.5 marks.
  • Where more than one question in an assignment has not been attempted, or where the majority of questions have not be comprehensively answered, the assignment will be graded as “U” (unsatisfactory) and will earn zero marks.

You should note that lecturers will not be marking the tutorial homework answers for correctness. It is your responsibility to correct your assignment during the class. You can choose either of the following options to submit your  assignments:

1) word-processed or typed

2) hand-written

On the front page of each assignment that you submit you must include your full name and your student number.

Extensions:

No extensions will be granted for submitting the assignment late. Students absent from classes for medical reasons, upon presentation of medical certificate with be granted an allowance to submit an additional  assignment.

Penalties:

Zero for non submission in designated class (i.e. 0 mark for each collected assignment not handed in).


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
  • Demonstrate business communication skills and understand research methods applied in the accounting discipline through written assignment
  • Apply the rules of International Financial Reporting Standards/International Accounting Standards (IFRS/IAS) and their Australian equivalents (AASB) to selected financial transactions and events

4. Final Examination

Due: Examination period
Weighting: 50%

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.

http://exams.mq.edu.au/ 

  • 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
  • Demonstrate business communication skills and understand research methods applied in the accounting discipline through written assignment
  • Apply the rules of International Financial Reporting Standards/International Accounting Standards (IFRS/IAS) and their Australian equivalents (AASB) to selected financial transactions and events

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.

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., Knapp, J., McGowan, S. and Sweeting, J. (2015) Company Accounting, 10th edition, John Wiley & Sons, Milton: Old, ISBN: 9781118608180 
  • 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 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. 

 

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. 

All homework solutions  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. 

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 Dates

                                     Topic                                                                                                                           

1

7 December

Introduction of the course and Revision of the fundamentals of Accounting (Basic Accounting Concepts)

See iLearn for the Reading

2

09 December

Nature and regulation of companies

Ch 1

3

11 December

Financing company operations—Accounting for share capital and debentures

Ch 2

4

14  December

Accounting for company operations—including the elements of financial statements

Ch 3

5

16 December

Accounting for income tax

Ch 6

AASB 112

6

18 December

CLASS TEST

Accounting for Business Combinations

 

Ch 12

 

Mid-Session Break (21 Dec to 1 Jan)

7

4 January

Accounting for non-current assets—property, plant and equipment

Ch 9 

AASB 116

8

6 January

Accounting for impairment of non-current assets

Ch 13

AASB 136

9

8 January

Preparation and presentation of company financial statements

Ch 15

AASB 101

10

11 January

Cash flow statements I

Ch 14

AASB 107

 

11

13 January

Cash flow statements II

Ch 14

AASB 107

12

15 January

Accounting for leases

Ch 10

AASB 117

13

20 January

Revision

 

Learning and Teaching Activities

Lecture

The lecture section will include a 1.5 – 2 hour presentation of the main concepts and content and a demonstration of practical example(s).

Tutorial

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 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.

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/

Results

Results shown in iLearn, 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.

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.

http://www.businessandeconomics.mq.edu.au/new_and_current_students/undergraduate_current_students/how_do_i/grade_appeals/

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

  • 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
  • Demonstrate business communication skills and understand research methods applied in the accounting discipline through written assignment
  • Apply the rules of International Financial Reporting Standards/International Accounting Standards (IFRS/IAS) and their Australian equivalents (AASB) to selected financial transactions and events

Assessment tasks

  • 1. Class Test
  • 2. Assignment
  • 3. Assessed Coursework
  • 4. 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

  • 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
  • Demonstrate business communication skills and understand research methods applied in the accounting discipline through written assignment
  • Apply the rules of International Financial Reporting Standards/International Accounting Standards (IFRS/IAS) and their Australian equivalents (AASB) to selected financial transactions and events

Assessment tasks

  • 1. Class Test
  • 2. Assignment
  • 3. Assessed Coursework
  • 4. 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

  • 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
  • Demonstrate business communication skills and understand research methods applied in the accounting discipline through written assignment
  • Apply the rules of International Financial Reporting Standards/International Accounting Standards (IFRS/IAS) and their Australian equivalents (AASB) to selected financial transactions and events

Assessment tasks

  • 1. Class Test
  • 2. Assignment
  • 3. Assessed Coursework
  • 4. Final Examination

Changes from Previous Offering

Overall, the unit is similar to the previous offering.

Research and Practice

This unit gives you opportunities to understand the current accounting research. This unit provides you with insight in examining and applying research findings in your assignments. The unit contains a research-based major assignment worth 15% of the overall assessment.

The unit materials have a reference list at the end of each chapter/module/text containing all references cited by the author. These provide some guidance to references that could be used to research particular issues.