Students

ACCG923 – Accounting Standards and Practice

2015 – MQC S2 Day

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Lecturer-in-charge
Adrian Koit
Credit points Credit points
4
Prerequisites Prerequisites
(ACCG611 or ACCG861) and (admission to MAcc(Prof) or MAcc(CPA) or MAcc(Prof)MCom)
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 advanced topics relating to accounting standards, practice and financial reporting. The general purpose financial reporting framework is examined from the perspective of a single incorporated entity. In doing so, the unit emphasises the development of a conceptual understanding of accounting in addition to accounting procedures. Students are required to gain an insight into the development of statutory reporting requirements, accounting standards and the conceptual framework project, cash flow statements, the measurement of non-current assets and liabilities, and 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
  • Understand and discuss current issues in international accounting research

General Assessment Information

 

Students Expectations and Workload
  Activities  Hours
1 Weekly Seminars 39
2 Assessment Task 1 (Class Test) 15
3 Assessment Task 2 (Research Assignment) 15
4 Assessed course work 18
5 Final Examination 30
6 Readings/Self Study 43
  Total 150

 

Assessment Tasks

Name Weighting Due
1. Class Test 20% Week 7
2. Assignment 15% 30 September
3. Assessed Coursework 10% weekly
4. Final Examination 55% Examination period

1. Class Test

Due: Week 7
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

2. Assignment

Due: 30 September
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 the end of week 6.

You need to submit your report by the respective due date electronically through the ACCG923 iLearn webpage. A Cover Sheet must be attached to the front of your assignment. The cover sheet must be signed and dated and completed in FULL or your assignment will not be marked. 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.


On successful completion you will be able to:
  • Demonstrate business communication skills and understand research methods applied in the accounting discipline
  • Understand and discuss current issues in international accounting research

3. Assessed Coursework

Due: weekly
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 weekly 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 weekly 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 weekly assignments:

1) word-processed or typed

2) hand-written

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

Extensions:

No extensions will be granted for submitting the weekly assignment late. Students absent from classes for medical reasons, upon presentation of medical certificate with be granted an allowance to submit an additional weekly 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
  • Understand and discuss current issues in international accounting research

4. Final Examination

Due: Examination period
Weighting: 55%

A three hour final examination for this unit will be held during the University Examination period. The University Examination period in the Second Half Year 2015 is from Monday 9 November to Friday 27 November. You are expected to present yourself for examination at the time and place designated in the University Examination Timetable. The timetable will be available in Draft form approximately eight weeks before the commencement of the examinations and in Final form approximately four weeks before the commencement of the examinations.

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 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 Disruption to Studies the examination will be scheduled as per the Supplementary Examination timetable of the Faculty. Please note that the supplementary examination will be of the similar format as 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 Further details about the final exam for this unit will be available in the final week of classes and also on the unit web page (iLearn).

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.


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

Delivery and Resources

Classes                                                                                              

This unit is taught in the form of weekly three-hour class. Students are required to enrol in one class for this unit.

ConsultationTimes                                                                                          

Consultations are conducted by email at first instance. Should a face to face consultation be required, a suitable time can be arranged with your lecturer

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.

  • 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 weekly three-hour class. Students are required to enrol in one class for this unit. The weekly three-hour class includes two components: lecture and tutorial.

Lecture Component

The lecture section will include a 1.5 – 2 hour 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 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.  Students should complete the assigned homework for the topic, consisting of discussion questions and practical exercises. Each week, an in-class question will be worked through to demonstrate the logical steps and processes involved in working through the practical aspect of 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 be made available on the unit web page (iLearn). 

All homework solutions will be available on the unit web page (iLearn). You are required to complete your weekly assignment and make correction by using red pen.

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 of the session.

 

Unit Schedule

ACCG923/612 Study Schedule

S2, 2015

 

Week commencing

Topic

Readings

1

July 27

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

See iLearn for the Reading

2

August 3

Nature and regulation of companies

Ch 1

3

August 10

Financing company operations—Accounting for share capital and debentures

Ch 2

4

August 17

Accounting for company operations—including the elements of financial statements

Ch 3

5

August 24

Accounting for income tax

Ch 6

AASB 112

6

August 31

CLASS TEST

Accounting for Business Combinations

Ch 12

Research Skils

7

September 7

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

Ch 9

AASB 116

 

 

Mid Session Break (September 14 - September 27)

 

8

September 28

 

RESEARCH ASSIGNMENT DUE - 30 September by 5pm

Accounting for impairment of non-current assets

Ch 13

AASB 136

9

October 5

Preparation and presentation of company financial statements

Ch15

AASB 101

10

October 12

Cash flow statements I

Ch16

AASB 107

11

October 19

Cash flow statements II

Ch 16

AASB 107

12

October 26

Accounting for leases

Ch 10

AASB 117

13

November 2

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, work through 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.

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

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
  • Demonstrate business communication skills and understand research methods applied in the accounting discipline
  • Understand and discuss current issues in international accounting research

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 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 - 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
  • Understand and discuss current issues in international accounting research

Assessment tasks

  • 1. Class Test
  • 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 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

  • 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
  • Understand and discuss current issues in international accounting research

Assessment tasks

  • 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 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

From this year ACCG923 has a research based assignment which replaces the previous business letter writing assessment.

Research and Practice, Global and Sustainability

This unit addresses global and sustainability issues as direct areas of study and as necessary implications arising from the materials, assessment and academic discussion and debate in classes/seminars. We promote sustainability by developing ability in students to research and locate information within accounting discipline. We aim to provide students with an opportunity to obtain skills which will benefit them throughout their career.

This unit gives you opportunities to understand the current accounting research. A research seminar will be conducted in this unit. This unit also 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.