Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor/Lecturer
Charlene Chen
Lecturer
Stephen Haswell
Administrator
Claudia Chau
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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 the first and second year financial accounting units and further considers the recognition and measurement of financial statement elements. 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. Political and ethical issues surrounding recent financial reporting controversies are also considered.
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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 (Homework) | 9% | Ongoing |
Class Test | 18% | Weeks 4,9,12 |
Group Report | 13% | 17 May 2016 (Week 10) |
Final Examination | 60% | University Examination Period |
Due: Ongoing
Weighting: 9%
Weekly homework will be collected and assessed randomly by tutors (at 4 out of 12 tutorials). Each homework will be awarded a mark out of 3. Student is required to attempt all assigned homework questions. The best three homework marks will be recorded.
Submission
Homework is due in tutorials. Tutor will randomly determine which weeks that homework will be collected.
Extension
No extensions will be granted. Students who have not submitted their homework in tutorials will be awarded a mark of zero, except for cases in which an application for disruption of studies is made and approved. If the application is approved, tutor will do another random collection of the student's homework for marking.
What is required to complete satisfactorily?
Students will be expected to attend lectures and tutorials weekly, and to undertake independent study in preparation for homework. It is expected that students spend approximately 2-3 hours of study for homework each week.
Due: Weeks 4,9,12
Weighting: 18%
There are three class tests to be completed in registered tutorials in Weeks 4, 9 and 12. Each class test is worth 6%.
Class Test is closed book, and test questions are answered under examination condition and of examination standard. Students are NOT allowed to access textbook or other course materials. Students have to bring a calculator for each class test, and will NOT be allowed to access any electronic devices (e.g., phones, tablets, etc.) during the test.
Submission
Students must attempt the class test in registered tutorials in Weeks 4, 9 and 12.
Extension
No extensions will be granted. There will be no supplementary class tests.
Penalties
Students who do not complete the class test 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 class tests. It is expected that students spend approximately 6 hours of study for each class test.
Due: 17 May 2016 (Week 10)
Weighting: 13%
Students will form groups of four (or less) 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 17 May 2016 (Week 10).
Submission
Each group must submit a hard copy of the group report at BESS (Ground floor, E4B) by 4pm, Tuesday 17 May 2016. 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
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.
Severe penalties will apply to cases of plagiarism. Further details of plagiarism penalties are included in the group report instruction to be posted on iLearn.
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: University Examination Period
Weighting: 60%
A final examination is included as an assessment task for this unit to provide assurance that:
i) the product belongs to the student and
ii) the student has attained the knowledge and skills tested in the exam.
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 1 examination period in 2016 is from 14 June to 1 July.
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 38 2. Assessed coursework (Homework) 30 3. Class test 18 4. Group report 12 5. Final examination 20 6. Reading/self-study 32 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 tutorials. Tutorial attendance will be recorded each week.
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 class test 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
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.
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:
Homework is included in the assessment tasks (Assessed Coursework). Online quiz is removed from the assessment tasks. The number of class tests is reduced from four to three, and changed from open book to closed book.
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.