Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Keith Reilly
Contact via keith.reilly@mq.edu.au
By Email appointment - E3A Tutorial Room 166
Tuesday 5-6pm & 9-10pm
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Credit points |
Credit points
4
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Prerequisites |
Prerequisites
ACCG612 or ACCG926 or admission to MCorpGvnce prior to 2013
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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 advanced financial accounting unit provides an in-depth examination of the corporate reporting and governance framework in Australia. In particular, it examines the role of institutions that influence the timing and content of financial reporting in Australia, as well as the financial reporting obligations imposed by the Corporations Act 2001 (Cth). The role of corporate governance is a particular focus of the unit, and the Australian Stock Exchange's Corporate Governance Principles and Recommendations 2010 will be considered in detail. Finally, a number of important Australian/International accounting standards dealing with disclosure will be reviewed.
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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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Report | 15% | 26 April 2016 |
Class Test | 15% | 5 April 2016 |
Assignment | 20% | Over the Session |
Final Examination | 50% | June 2016 |
Due: 26 April 2016
Weighting: 15%
Quantitative Research Project
Assessment of AASB Research Report No. 1 June 2014: Application of the Reporting Entity Concept and Lodgement of Special Purpose Financial Statements
http://www.aasb.gov.au/admin/file/content102/c3/AASB_RR-1_06-14_Reporting_Entities_and_SPFSs.pdf
Workload: At least 12 hours in the Mid-Session break.
Extensions
No extensions will be granted. There will be a deduction of 10% 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 - 20% penalty). This penalty does not apply for cases in which an application for disruption of studies is made and approved. No submission will be accepted after solutions have been posted.
Due: 5 April 2016
Weighting: 15%
A Class Test will be held during the class on Tuesday 5 April 2016. All topics up to and including the topic for the class of 29 March 2016 are examinable. Further information regarding the format of this Class Test will be provided in class.
Extensions:
The only exception to not sitting the Class Test 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 (DTS). The University’s policy on Disruption to Studies is available at
http://www.mq.edu.au/policy/docs/disruption_studies/policy.html
Upon the approval of DTS you will be provided with a supplementary test
Workload: 12 hours.
Due: Over the Session
Weighting: 20%
I. WEEKLY ASSIGNMENTS (10%)
During the Session, 3 of your weekly assignments will be collected for the purpose of assessing whether or not you are making sufficient effort in preparing answers to assignment questions. No advance notice will be given that a particular weekly assignment will be collected. It is only possible to submit your assignment in the session in which the assignment is due.
This part of the assessment is worth 10%. The best 2 of the 3 collections will be counted towards this assessment. The following grading system will apply: An assignment deemed by the lecturer to be satisfactory (i.e. where all questions have been satisfactorily attempted, with a “satisfactory attempt” meaning a genuine attempt to fully answer all questions) will be graded as “S” (satisfactory) and will earn the full 5%.
An assignment deemed by the lecturer to be incomplete (i.e. a small number of the questions have not been attempted or not fully answered but a genuine attempt has been made to fully answer the other questions) will be graded as “I” (incomplete) and will earn 3%..
An assignment deemed by the lecturer to be unsatisfactory (i.e. not assessed as falling within the other two categories) will be graded as “U” (unsatisfactory) which earns 0%.
Weekly assignments must be word-processed (typed). Under no circumstances will handwritten assignments be accepted. In addition, your student number must appear in the top right-hand corner of each page of the assignment.
Extensions: No extensions will be granted, except for cases in which an application for disruption to studies is received (with any supporting documentation, e.g. medical certificate attached) and approved. In such cases another Assignment will be collected.
Workload: Lectures 39 hours; Assignments 60 hours
II. CLASS PRESENTATION (10%)
During the Session, each student will be allocated an assignment question and will be required to present their answer to the class. The presentation will be graded out of 10 marks (in total 10% of the Unit).
The Presentation will be assessed using the following criteria which covers both the technical correctness of the answer and quality of presentation: How well the material is structured; how effective the answer to the question is; how clearly and well communicated the key points are expressed; how well the class’s attention is kept; how clear and concise the summary is.
Extensions: No extensions will be granted, except for cases in which an application for disruption to studies is received (with any supporting documentation, e.g. medical certificate attached) and approved. In such cases another Presentation will be requested.
Due: June 2016
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.
To pass the unit a student must pass the final examination and achieve a passing grade in their overall marks.
The final examination for this unit will be held during the University Examination period. The University Examination period is in June 2016. More information about the final examination will be provided later in the Session.
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
Workload: At least 27 hours.
Total Workload as follows:
Lectures 39 hours
Weekly Assignments 60 hours
Mid-Session Test 12 hours
Research Project 12 hours
Final Exam preparation 27 hours
Total hours 150
Classes
The unit requires 3 hours of face-to-face teaching per week (Tuesday from 6 pm to 9 pm). The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/
Prizes
Details of prizes awarded by the Faculty of Business and Economics are available at:
http://www.businessandeconomics.mq.edu.au/undergraduate_degrees/prizes_scholarships
Required and Recommended texts and/or materials
Resource materials are mostly web based with additional references such as scholarly papers, and will be advised during the class. A useful reference is: Ken Leo; Jeffrey Knapp; Susan McGowan; John Sweeting, Company Accounting, 10th Edition, 2015. Copies of the Leo text are available in the reserve section of the library.
Technology Used and Required
Students require access to the internet. Materials and announcements will be posted to the Unit’s iLearn web page. Students are required to conduct their own research and as such, they should be familiar with library databases.Students are required to use Microsoft Word.
Unit web page
Course material is available on the learning management system iLearn. ILearn is a program available at http://ilearn.mq.edu.au/through which students will have access to resources to assist them throughout the Session. The following information will be available on iLearn: Unit Outline Lecture and seminar slides (these will be available prior to the lectures and seminars, the Monday of the week before the class) Information on assessments
WEEK |
DATE |
TOPIC |
1 |
1 March |
Australian Regulatory Regime Overview which includes: the IASB/AASB Standards, Corporations Act, FRC, IASB, AASB, AUASB, ASX, ASIC, ACNC, APRA, ATO, APESB, IFAC, JAB, and the major global accounting firms. Corporations Act 2001 role in Financial Reporting and specifically who is required to report, compliance with accounting standards, true & fair view, auditing requirements, lodgement, and recent on-going ASIC and global concerns on the application of accounting standards |
2 |
8 March |
Integrated Reporting |
3 |
15 March |
Corporate Governance Overview globally and locally including compliance and the impact of high profile corporate collapses on final reporting regulation. ASX Corporate Governance 3rd Edition 2015 Principles & Recommendations |
4 |
22 March |
Accounting Standards AASB 1- 1054 and specifically Differential Reporting Application: Reporting & Non-Reporting, AASB 1053 Tiering, RDR, IFRS for SMEs, and Not-for-Profits (NFPs) |
5 |
29 March |
Convergence of Accounting Standards globally – International Accounting Standards Board’s International Financial Reporting Standards (IFRS) and US Financial Accounting Standards Board
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6 |
5 April |
Mid Session Exam 1 hour Quantitative Research Methods |
12-19 April |
Mid-Session break Quantitative Research Project - details to follow |
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7 |
26 April |
Review Mid Session Exam Quantitative Research Project Presentations
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8 |
3 May |
Conceptual Framework and its impact on resolving contentious issues - IFRS/AASB 16 Leases
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9 |
10 May |
Accounting Standard AASB 101 & IAS 1 Presentation of Financial Statements Accounting Standard AASB 108 & IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Accounting Standard AASB 110 & IAS 10 Events after the Reporting Date |
10 |
17 May |
Group Financial Statements: Accounting Standard AASB 3 Business Combinations, AASB 10 Consolidated Financial Statements & AASB 138 Intangibles |
11 |
24 May |
AASB 15/IFRS 15/FASB 2014-09 Revenue from Contracts with Customers |
12 |
31 May |
AASB 112 Income Taxes, AASB 116 Property, Plant and Equipment, and AASB 136 Impairment |
13 |
7 June |
Revision of Course |
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TBA |
Final Exam |
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
New Assessment Policy in effect from Session 2 2016 http://mq.edu.au/policy/docs/assessment/policy_2016.html. For more information visit http://students.mq.edu.au/events/2016/07/19/new_assessment_policy_in_place_from_session_2/
Assessment Policy prior to Session 2 2016 http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy prior to Session 2 2016 http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Complaint Management Procedure for Students and Members of the Public http://www.mq.edu.au/policy/docs/complaint_management/procedure.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://www.mq.edu.au/about_us/offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.
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:
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:
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:
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.
The Week 2 lecture topic on Integrated Reporting specifically considers the reporting of environmental, sustainability and governance by companies.
The Week 3 lecture looks at corporate governance from a global perspective.
The Week 5 lecture topic considers the globalisation of accounting standards and the implications for future accounting research.
We aim to provide students with an opportunity to obtain skills which will benefit them throughout their career.
The unit materials have a reference list containing all references cited by the author. These provide some guidance to references that could be used to research particular issues.