Together with the information provided in this Unit Guide there will be additional, and if required updated, information and detail in relation to assessment, and the unit generally, available on iLearn.

Late Submission of Assessment

Late Submission(s): Where the assessment is to be submitted through Turnitin, the late assessment must also, where applicable, be submitted through Turnitin. 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 incurs a 20% penalty). Late submissions will not be accepted after solutions have been discussed and/or made available. This penalty does not apply for cases in which an application for Special Consideration is made and approved.

Note: applications for Special Consideration Policy must be made within 5 (five) business days of the due date and time.

 

Classes will progress through the various Lecture Areas referred to in this Unit Guide. There may be some reorganisation, overlapping, and/or integration of areas to accommodate assessment, holiday scheduling, unit structure, delivery or class management. 

The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/

Required Text: Quilter, Company Law Perspectives, 4th ed. 2020, Thomson Reuters (Lawbook Co.) – [referred to as CLP 4^th ed]

CLP 4th ed will be available in the Macquarie University library. It can be can be purchased from the publishers Thomson Reuters via their website https://legal.thomsonreuters.com.au/student/university/macquarie/

The following is not required but may be useful: Lipton, Herzberg and Welsh, Understanding Company Law, Thomson Reuters (Lawbook Co.). 

After considering the Australian legal framework, tort law and contract law, the unit will focus on corporate issues and the relevance and effect of the Corporations Act. Note that certain relevant sections of the Corporations Act are set out in CLP 4th ed. Statutes may be viewed in full at www.austlii.edu.au

Useful websites

• www.asic.gov.au
• www.asx.com.au
• www.takeovers.gov.au

Students should be ready to allocate at least 150 hours during session (in total) to ACCG2051. This includes all classes, assessment, personal study and other learning activities.

Technology Used and Required: 

Technology: learning management system (https://ilearn.mq.edu.au/login/index.php). Students have to frequently access this Unit's iLearn site (https://ilearn.mq.edu.au/login/ index.php) for relevant unit material (if any), announcements and detailed information regarding the Unit.

 

Note that Lectures start in Week 1 and Tutorials start in Week 2

The Unit is divided into 5 integrated areas. All of these areas are important to an understanding of the commercial and corporate issues that have a relationship to the role and responsibilities of accounting and business professionals.

Legal system and core legal and commercial concepts

Relevance for accounting and business professionals: Exposure to basic rights and commercial responsibilities to inform both personal transactions and professional advice to clients; employment relations; duty of care in the delivery of services; objectivity in assessment of performance; basic business organisation and structure.

Week 1 (Lecture 1)

Legal framework

Law of tort

Company Law Perspectives, 4th ed. 2020 [this is the required text and is referred to herein as "CLP 4^th ed"]: Ch.1 and 3

Week 2 (Lecture 2)

Contract law

CLP 4^th ed: Ch. 2

Tutorial 1

Week 3 (Lecture 3)

Contract law

Consumer protection

Agency

CLP 4^th ed: Ch. 2, 4 and 34

Tutorial 2

 

Business Organisations and the Corporate Framework

Relevance for accounting and business professionals: Informed as to the choice of profit-making structure; the importance of exposure and extent of business failure and personal liability; understanding key business advice and strategy; entrepreneurial interrelationships; knowledge of role and functions of the corporate regulator.

Week 4 (Lecture 4)

Comparison of business organisations

Partnership

Registration of companies – the role of ASIC

Types of companies

Consequences of registration

CLP 4^th ed: Chs.5, 6, 7, 8 and 24

Tutorial 3

Week 5 (Lecture 5)

The nature of Trusts and the role of corporate trustees

The company constitution and the relationship between the company and outsiders – the role of directors as agents and company liability in contract, tort and crime

Financing - Share capital and fundraising; loan capital

Dividends

CLP 4^th ed: Ch. 9, 10, 11, 13, 14, 15, 16 and 17

Tutorial 4

 

Corporate management and governance responsibilities

Relevance for accounting and business professionals: Developing the ability to advise corporate clients, including individual directors and other managers; relevant foundation knowledge for personal future entrepreneurship; the importance of financial and ethical obligations and downsides of failure; recognising the relationship between company directors and accounting professionals; becoming alert to problems of financial oversight.

Week 6 (Lecture 6)

Directors and corporate management

Directors fiduciary duties

CLP 4^th ed: Ch.18 and 19

Tutorial 5

 

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Mid-Session Break (13 September 2021 - 24 September 2021)

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Week 7 (Lecture 7)

Directors statutory duties and corporate governance

Financial and reporting obligations

Audit

CLP 4^th ed: Ch. 20, 21, 22, 23

Tutorial 6

Shareholders and the corporate market

Relevance for accounting and business professionals: Ability to advise clients on the nature of the corporate marketplace; foundation information for providing professional investment advice to clients; awareness of key issues in company meetings; grounding for professional advisory role and introduction to current market issues in the acquisition and disposal of shares; introduction to shareholder equity issues including protection of rights.

Week 8 (Lecture 8)

Members rights

Company meetings

CLP 4^th ed: Ch. 25 and 26

Tutorial 7

Week 9 (Lecture 9)

Takeovers

Financial services and markets – regulation and prohibited conduct

CLP 4^th ed: Ch. 27 and 28

Tutorial 8

 

Insolvency

Relevance for accounting and business professionals: Exposure to key accounting and business issues in insolvency practice and the place of insolvency practitioners in the accounting and legal professions; understanding important signs and warnings of insolvency for both personal and business advisory use; being alert to insolvency options; understand legal alternatives and advise companies and their directors on effective insolvency planning and remedial action.

Week 10 (Lecture 10)

The concept of insolvency and the importance of insolvency regulation

Restructuring

CLP 4^th ed: Ch. 29, 30, 31 and 32

Tutorial 9

Week 11 (Lecture 11)

Liquidation

The role and responsibilities of liquidators

CLP 4^th ed: Ch.31

Tutorial 10

Week 12 (Lecture 12)

Summary and Revision

Tutorial 11

Week 13 (No Lecture)

Tutorial 12

 

 

 

In Session 2 2021 delivery of this unit will be structured to include both on-campus and online classes. Any change in the structure will be notified through iLearn notification and announcement.