Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor/Lecturer
Charlene Chen
Lecturer
Jessica Chen
Lecturer
Stephen Haswell
Administrator
Kim Lu
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
39cp including ACCG224
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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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.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Name | Weighting | Due |
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Assessed Coursework | 24% | Weeks 4,8,10,12 |
Group Report | 14% | 6 October 2015 (Week 9) |
Online Quiz | 7% | Week 13 |
Final Examination | 55% | University Examination Period |
Due: Weeks 4,8,10,12
Weighting: 24%
There are four assessed coursework to be completed in registered tutorials in Weeks 4, 8, 10 and 12. Each assessed coursework is worth 6%. 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 tutorials in Weeks 4, 8, 10 and 12.
Extension
No extensions will be granted. There will be no supplementary assessed coursework questions.
Penalties
Students who do not complete the assessed coursework question in their registered tutorials will be awarded a mark of zero for this assessment task, except for cases in which an application for Disruption to Studies is made and approved.
What is required to complete satisfactorily?
Students will be expected to attend lectures and tutorials weekly, and to undertake independent study in preparation for the assessed coursework questions. It is expected that students spend approximately 6 hours of study for each assessed coursework question.
Due: 6 October 2015 (Week 9)
Weighting: 14%
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, Tuesday 6 October 2015 (Week 9).
Submission
Each group must submit a hard copy of the group report at BESS (Ground floor, E4B) by 4pm, Tuesday 6 October 2015. 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.
Extension
No extension will be granted.
Penalties
Late assignments will be accepted up to 72 hours after the submission deadline. There will be a deduction of 20% of the report mark awarded for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission – 40% penalty).
Severe penalties will apply to cases of plagiarism. Further details of plagiarism penalties are included in the assignment guide to be posted on i-learn.
What is required to complete satisfactorily?
It is students’ responsibility to ensure that the workload distributed to each group member is reasonable and that all members make continuous progress towards the final report. It is suggested that a timeline is developed and used by group members to regularly monitor progress. Each individual is expected to spend approximately 12 hours of study (e.g., research, writing up the report, discussion, etc.) for the report.
Due: Week 13
Weighting: 7%
The quiz will be held on campus in Week 13. The quiz will be computer based (accessed from iLearn) consisting of multiple choice questions. The topic coverage of the quiz will be all material in the 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. 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 this assessment task.
What is required to complete satisfactorily?
Students will be expected to attend lectures and tutorials 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.
Due: University Examination Period
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 for ACCG308 is designed to test students against the learning objectives of the unit. The final exam will test all the materials covered during Weeks 1-13.
The Session 2 examination period in 2015 is from 9 November to 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. http://www.timetables.mq.edu.au/exam
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
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.
Supplementary exam information is available at http://www.businessandeconomics.mq.edu.au/current_students/undergraduate/how_do_i/disruption_to_studies
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 during the final lecture in the session. In the meantime students should be aware that the best preparation for the final exam is as follows:
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 20 hours of study for the final exam.
Students are expected to spend 150 hours working on this unit. As a guide a student should spend these approximate amounts of time on each of the following activities:
Activities Hours 1. Weekly lectures/tutorials (3 hrs per week) 39 2. Assessed coursework 24 3. Group report 12 4. Online quiz 5 5. Final examination 20 6. Reading/self-study 50 TOTAL 150There are 3 hours of face-to-face teaching per week consisting of one 2-hour lecture and one 1-hour tutorial. It is a requirement that students attend weekly lectures and tutorials.
Tutorial attendance will be recorded each week. Students must attend at least 9 of the 12 tutorials in order to complete satisfactory coursework requirements for this unit. For this purpose Medical Certificates for missed tutorials are not accepted; it is up to students to organise themselves to come to at least nine tutorials.
The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/
Changes to tutorial times are managed by e-student. It is not necessary to contact members of staff about tutorial changes. On-line enrollment changes to tutorials will be closed at the end of Week 2 so all changes must be made by then.
Tutorials commence in Week 2. Students can only attend and sit for the Assessed Coursework in their registered tutorials.
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 tutorial 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.
The consultation timetable will be made available on iLearn in Week 2. Teaching staff are available for two hours per week for consultation starting from Week 3.
You are encouraged to seek help at a time that is convenient to you from a staff member teaching on this unit during their regular consultation hours. In special circumstances, an appointment may be made outside 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 level 2 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 available next to the phones).
Students experiencing significant difficulties with any topic in the unit must seek assistance immediately.
The Association of Chartered Certified Accountants Prize is awarded to the best student in the unit ACCG308 Corporate Accounting and Reporting.
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 need to download documents supplied in pdf, Word or Powerpoint format.
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.
Lectures will be audio recorded on 'iLecture' and made available on iLearn by the end of the week. 'Virtual tutorials', which provide detailed explanations for some self-study homework questions, are also made available for some topics.
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Lecture Topic |
Chapters |
Week 1 |
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Unit introduction, overview of regulation |
Chs 1, 2 & 3 |
Week 2 |
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Introductory company accounting, share issues, distributions to owners |
Chs 4 & 5 |
Week 3 |
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Company reorganisation |
Ch 6 |
Week 4 |
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Debt securities |
Ch 7 |
Week 5 |
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Business combination |
Ch 16 (p. 439-454; p. 463-473) |
Week 6 |
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Purchase consolidation 1 |
Ch 17 Ch 18 (up to p. 549) |
Week 7 |
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Purchase consolidation 2 |
Ch 19 (up to p. 605) |
Week 8 |
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Intra-group transactions |
Ch 20 (up to p. 658) |
Week 9 |
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Direct non-controlling interest |
Ch 21 |
Week 10 |
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Indirect interest |
Ch 23 |
Week 11 |
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Equity accounting |
Ch 16 (p. 456-463) Ch 26 (up to p. 907) |
Week 12 |
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Receivership, voluntary administration, and liquidations | Chs 13 & 14 |
Week 13 |
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Revision and discussion of final examination |
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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.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
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.
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
For all student enquiries, visit Student Connect at ask.mq.edu.au
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.
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:
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:
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:
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:
There is no change to the textbook or assessment tasks since the last offering of this unit.
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 theFramework.
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.