Students
ACCG872 – Advanced Financial Reporting
2017 – S2 Day
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Associate Professor & Convenor
Johannes Dumay
Contact via email
329, 4 Eastern Road
TBA
Rajni Mala
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| Credit points |
Credit points
4
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| Prerequisites |
Prerequisites
ACCG612 or ACCG926
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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 provides students with a detailed understanding of contemporary financial reporting issues from an Australian and international perspective. The unit examines the role of the Corporations Act 2001 (Cth) and of regulatory institutions influencing the timing and content of financial reporting in Australia. Students will examine how a reporting entity must present a complete set of financial reports, including consolidated cash flow reporting. Additionally, students will examine two important accounting issues, the application of Fair Value and the legal and practical application of insolvency and liquidation, from an Australian perspective. The second part of the course builds on corporate reporting by examining the contemporary application of corporate governance disclosures, social and environmental reporting, integrated reporting, and advancements in non-financial reporting. The course closes by examining a current or impending change in Australian Accounting Standards. The unit builds on the knowledge base acquired from earlier accounting units with emphasis on the application of technical skills. The unit also provides students with an understanding of quantitative research which helps develop students' ability to read and analyse financial reports.
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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:
- Understand the current political, legal and regulatory aspects influencing the presentation of financial reports for Australian companies.
- Understand a selection of technical requirements that apply to the presentation of financial statements in Australia as well as the ability to work in a group environment to develop solutions to complex accounting issues.
- Understand the concepts of insolvency and liquidation from an Australian perspective.
- Use quantitative accounting information in the financial reports to make critical judgements and aid in decision making.
- Analyse and explain contemporary issues in financial reporting, including future directions and issues.
Assessment Tasks
| Name | Weighting | Hurdle | Due |
|---|---|---|---|
| Mid-Semester Test | 15% | No | Week 6 |
| Class presentation | 15% | No | Weeks 8-12 |
| Research Report | 20% | No | Monday, October 23, 2017. 9 am |
| Exam | 50% | No | Examination Period |
Mid-Semester Test
Due: Week 6
Weighting: 15%
Mid-semester test covering all material up to Week 5.
Extensions There are no extensions for this assessment.
Penalties Students must be present in Class when the test is given or else they will receive a zero grade. This penalty does not apply to cases in which an application for special consideration is made and approved.
On successful completion you will be able to:
- Understand the current political, legal and regulatory aspects influencing the presentation of financial reports for Australian companies.
- Understand a selection of technical requirements that apply to the presentation of financial statements in Australia as well as the ability to work in a group environment to develop solutions to complex accounting issues.
- Understand the concepts of insolvency and liquidation from an Australian perspective.
Class presentation
Due: Weeks 8-12
Weighting: 15%
Students will choose one of the following topics as the basis of an in-class Powerpoint Presentation and a 1000-word report on the current status of the topic from a reporting perspective. Students should define the topic, outline the regulatory requirements from a reporting perspective, give an update on how companies are applying the topic, and outline challenges for the future.
Week 8 - Fair Value Accounting
Week 9 - Australian Corporate Governance Guidelines
Week 10 - Social and Environmental Reporting
Week 11 - Integrated Reporting
Week 12 - EU Directive on Non-Financial Reporting
Students will be allowed to work in groups. 50% of the mark is a shared group mark and 50% will be attributed to individual students.
Provisions for Disruptions
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.
On successful completion you will be able to:
- Understand the current political, legal and regulatory aspects influencing the presentation of financial reports for Australian companies.
- Understand a selection of technical requirements that apply to the presentation of financial statements in Australia as well as the ability to work in a group environment to develop solutions to complex accounting issues.
- Analyse and explain contemporary issues in financial reporting, including future directions and issues.
Research Report
Due: Monday, October 23, 2017. 9 am
Weighting: 20%
Analysis of a corporate failure - Your role is to use the provided documents on iLearn to unpack why Dick Smith Electronics failed from an accounting perspective. In this 1500-word essay, you must make arguments as to why a company that was worth more than $520 Million when floated in 2014, ended up failing. While there is considerable qualitative information and stories about why Dick Smith failed, few arguments and reasons are presented using the accounting numbers supplied by Dick Smith in their prospectus and their subsequent Annual Reports. In this essay, you examine the financial and other documents provided on iLearn and explain the signs that point to how Dick Smith became insolvent and eventually was liquidated. To conclude the essay, some critical comments on the role played by accountants and financial reporting standards are required.
Provisions for Disruptions
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.
On successful completion you will be able to:
- Understand the concepts of insolvency and liquidation from an Australian perspective.
- Use quantitative accounting information in the financial reports to make critical judgements and aid in decision making.
Exam
Due: Examination Period
Weighting: 50%
Final exam worth 50% of total mark. Covers all material presented in the class. This is a closed book exam.
On successful completion you will be able to:
- Understand the current political, legal and regulatory aspects influencing the presentation of financial reports for Australian companies.
- Understand a selection of technical requirements that apply to the presentation of financial statements in Australia as well as the ability to work in a group environment to develop solutions to complex accounting issues.
- Understand the concepts of insolvency and liquidation from an Australian perspective.
- Use quantitative accounting information in the financial reports to make critical judgements and aid in decision making.
- Analyse and explain contemporary issues in financial reporting, including future directions and issues.
Delivery and Resources
Recommended Textbook: Leo et al. (2015), Company Accounting (10th Edition), Wiley, Milton, QLD.
Unit Schedule
| Week 1 |
Introduction to Course and Critical Thinking Review Review of Accounting Regulation in Australia and current issues |
Handouts |
| Week 2 | The Conceptual Framework in Australia - Current status and future issues | Handouts |
| Week 3 | Presentation of Financial Reports and Consolidated Cash Flows - Reading and analysing | Handouts |
| Week 4 | Insolvency and Liquidation - Part 1 | Handouts |
| Week 5 | Insolvency and Liquidation - Part 2 | Handouts |
| Week 6 | Mid-semester test /Application of Fair Value Accounting | Handouts |
| Week 7 | Test feedback / Quantitative Research - Preparing for your essay assessment | Handouts |
| Week 8 | Student presentation / Australian Corporate Governance Guidelines | Handouts |
| Week 9 | Student presentation / Social and Environmental Reporting | Handouts |
| Week 10 | Student presentation / Integrated Reporting | Handouts |
| Week 11 | Student presentation / EU Directive on Non-Financial Reporting | Handouts |
| Week 12 | Student presentation / IFRS 16 – Accounting for Leases | Handouts |
| Week 13 | Essay feedback / Exam review | Handouts |
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_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.
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.
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://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.
Graduate Capabilities
PG - Discipline Knowledge and Skills
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:
Learning outcomes
- Understand the current political, legal and regulatory aspects influencing the presentation of financial reports for Australian companies.
- Understand a selection of technical requirements that apply to the presentation of financial statements in Australia as well as the ability to work in a group environment to develop solutions to complex accounting issues.
- Understand the concepts of insolvency and liquidation from an Australian perspective.
Assessment tasks
- Mid-Semester Test
- Class presentation
- Research Report
- Exam
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
- Understand the current political, legal and regulatory aspects influencing the presentation of financial reports for Australian companies.
- Understand the concepts of insolvency and liquidation from an Australian perspective.
- Use quantitative accounting information in the financial reports to make critical judgements and aid in decision making.
- Analyse and explain contemporary issues in financial reporting, including future directions and issues.
Assessment tasks
- Mid-Semester Test
- Class presentation
- Research Report
- Exam
PG - Effective Communication
Our postgraduates will be able to communicate effectively and convey their views to different social, cultural, and professional audiences. They will be able to use a variety of technologically supported media to communicate with empathy using a range of written, spoken or visual formats.
This graduate capability is supported by:
Learning outcomes
- Understand the concepts of insolvency and liquidation from an Australian perspective.
- Use quantitative accounting information in the financial reports to make critical judgements and aid in decision making.
- Analyse and explain contemporary issues in financial reporting, including future directions and issues.
Assessment tasks
- Mid-Semester Test
- Class presentation
- Research Report
- Exam
Changes from Previous Offering
The course has been redesigned to have more focus on the understanding and application of contemporary issues in financial reporting from and Australian perspective, with some emphasis on reporting issues from an international perspective that is influencing or may potentially influence Australian companies. Students will also be using actual company reports to analyse quantitative accounting information in the reports to make judgements and aid in decision making. New assessments have been designed to give students experience in engaging with contemporary accounting and reporting issues they are likely to confront when they enter the workforce.