Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Brian Millanta
Contact via (02) 98508547
E4A Room 328
Monday 4 pm to 6 pm
Daisy Chen
|
---|---|
Credit points |
Credit points
4
|
Prerequisites |
Prerequisites
ACCG612 or ACCG926
|
Corequisites |
Corequisites
|
Co-badged status |
Co-badged status
|
Unit description |
Unit description
This is an advanced unit in financial accounting which deals with accounting for business operations conducted through a corporate group. It adopts the perspective of the practitioner. The main focus of the unit is the accounting techniques used to prepare consolidated financial statements for a corporate group. Other topics considered in the unit include the preparation of cash flow statements, accounting for income tax, accounting for business combinations, asset impairment, the translation of foreign operations, and accounting for associated entities.
|
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:
Attendance at weekly classes is strongly advised for this unit. During the semester 5 weekly assignments will be collected at random with no prior warning being given. Weekly assignments can only be submitted in person by the student at the class in which they are collected. Absence from the class will result in loss of marks allocated to that weekly assignment.
Name | Weighting | Hurdle | Due |
---|---|---|---|
Class tests | 25% | No | Weeks 4 and 10 |
Assessed coursework | 15% | No | Ongoing |
Final Examination | 60% | No | University Examination Period |
Due: Weeks 4 and 10
Weighting: 25%
There are two class tests to be completed in class in weeks 4 and 10. The test in week 4 is worth 10% and the test in week 10 is worth 15%. In each test, students will be instructed to complete questions individually in a closed book test, so are not permitted to access the textbook, notes or other course materials. Students have to bring a calculator for each test, and will NOT be allowed to share calculators or access any electronic devices (e.g., phones, tablets, etc.) during the test.
Submission
Students must attempt the test in class in weeks 4 and 10.
Extension
No extension will be granted.
Penalties
Students who do not complete the test 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.
What is required to complete satisfactorily?
Students will be expected to attend lectures weekly and to undertake independent study in preparation for the test questions. It is expected that students spend approximately 6 hours of study per test question.
Due: Ongoing
Weighting: 15%
During the semester the unit convenor will collect FIVE of these weekly homework assignments to be marked. Students will not know which weeks are to be collected.
Submission
The teacher will collect the answer from the students at the conclusion of class. The answers must be typed/word processed, the student's own work and not photocopied.
Extension
No extension will be granted i.e., there will be no supplementary collection, except in cases where Disruption to Studies is approved.
Penalties
Students who do not hand up the test by the deadline will be awarded a mark of zero for the assessment task.
What is required to complete satisfactorily?
Students will be expected to attend lectures weekly and to undertake independent study in preparation for the coursework. It is expected that students spend approximately 5 hours of study for each coursework.
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 of ACCG871 is designed to test you against the learning objectives of the unit. Students in ACCG871 for 2017 will be required to do a final exam that tests them on all the material covered during the session.
The University Examination period in the Second Half Year 2017 is from 13 November to 30 November. You are expected to present yourself for examination at the time and place designated in the University 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. It is the student's responsibility to make sure that they have ascertained the room number for their exam before the exam day.
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 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 Further details of policy on Disruption to Studies are given in the section below.
If a Supplementary Examination is granted as a result of the Disruption to Studies process, the examination will be scheduled as per Supplementary Examination timetable of the Faculty. Please note that the supplementary examination will be of a 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
Details regarding the form and scope of the final exam will be provided to you during the final lecture. In the meantime you 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 overall assessment to receive a passing grade in this unit.
Expectations and Workload
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
39
2
Class test
25
3
Assessed coursework
30
4
Final exam
32
5
Readings/self-study
24
TOTAL
150
Name Brian Millanta Unit Convenor & Lecturer |
Email address brian.millanta@mq.edu.au
|
Please use email as the first form of contact.
The consultation timetable will be confirmed on the unit’s website in week 2. Staff members 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 any 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 available next to the phones).
Students experiencing significant difficulties with any topic in the unit must seek assistance immediately.
ACCG871 requires students to attend a three hour class once per week.
Day |
Time |
Room |
Monday |
6-9 pm |
E5A 170 |
The lecturer will record attendance each week.
Leo, Knapp, McGowan and Sweeting, Company Accounting, 10th Edition 2015, Wiley, Queensland.
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.
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 format.
ACCG871 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.
The textbook and assessment tasks are the same as in the previous semester.
Unit Schedule
Week Date Topic and text readings
1 31 July Unit introduction; Financing of company operations (chapter 2)
2 7 August Financing of company operations general company operations (chapters 2 and 3)
3 14 August Accounting for company income tax (chapter 6)
4 21 August Accounting for property, plant and equipment (chapter 9)
5 28 August Impairment losses (chapter 13)
6 4 September Business combinations (chapter 12)
7 11 September Consolidation accounting – controlled entities (chapter 18)
MID-TERM BREAK (18 September to 29 September)
8 2 October Public Holiday – No class
9 9 October Consolidation accounting – wholly owned subsidiaries (chapter 19)
10 16 October Consolidation accounting – intra-group transactions (chapter 20)
11 23 October Consolidation accounting – non-controlling interests (chapter 21)
12 30 October Associates and joint ventures (chapter 23)
13 6 November General discussion of course content and of final examination
The unit schedule is also available at the unit's iLearn page.
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_2016.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 (in effect until Dec 4th, 2017): http://www.mq.edu.au/policy/docs/disruption_studies/policy.html
Special Consideration Policy (in effect from Dec 4th, 2017): https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policies/special-consideration
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 be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.
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:
The first lecture (week 1) begins with administration of the unit. We begin our consideration of the accounting issues surrounding the financing of company operations.
Week 2 continues our consideration of accounting for financing of company operations and then examines accounting issues involved in everyday company operations.
Week 3 discusses accounting for company income tax.
Week 4 revises general issues relating to the accounting for property, plant and equipment, with a focus on the revaluation of non-current assets.
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, whilst control leads to consolidation accounting, both of which are considered in detail later in the course.
Week 6 examines the accounting issues relating to impairment of non-current assets.
Week 7 is the first of the 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 the date control is obtained.
Week 8 No class - public holiday
Week 9 continues the discussion of the consolidation process and the preparation of a consolidation worksheet, but this time it is the application after control date for wholly-owned subsidiaries.
Week 10 covers the elimination of intra-entity transactions within a consolidated group.
Week 11 considers impact of non-controlling interests on the consolidation worksheet.
Week 12 covers the topic of equity accounting that accounts for the relationship between an investor and its associates.
Week 13 revises the unit’s objectives to assist students with their final exam preparation.