Students

ACCG8123 – Accounting Standards and Practice

2021 – Session 2, Special circumstances

Session 2 Learning and Teaching Update

The decision has been made to conduct study online for the remainder of Session 2 for all units WITHOUT mandatory on-campus learning activities. Exams for Session 2 will also be online where possible to do so.

This is due to the extension of the lockdown orders and to provide certainty around arrangements for the remainder of Session 2. We hope to return to campus beyond Session 2 as soon as it is safe and appropriate to do so.

Some classes/teaching activities cannot be moved online and must be taught on campus. You should already know if you are in one of these classes/teaching activities and your unit convenor will provide you with more information via iLearn. If you want to confirm, see the list of units with mandatory on-campus classes/teaching activities.

Visit the MQ COVID-19 information page for more detail.

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor and Lecturer
Meiting Lu
Contact via accg8123@mq.edu.au
4ER 316
Teaching Assistant
Claudia Chau
Contact via accg8123@mq.edu.au
4ER 320B
Unit Moderator
Rajni Mala
Contact via accg8123@mq.edu.au
Credit points Credit points
10
Prerequisites Prerequisites
(ACCG611 or ACCG6011) and admission to MAccg or MAccLead or MAccg(Adv) or MCom or MProfAcc or MProfAccgLead
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This unit examines the purpose, framework and environment influencing and affecting financial reports from the perspective of an incorporated entity. It specifically surveys accounting treatments as required by the International Financial Reporting Standards (IFRS), and its Australian Accounting Standards (AASB), for particular transactions and events. This unit also introduces students to the key business processes and the risks and controls associated with applying these accounting rules to/in financial reports. By the end of the unit, students will be familiar with accounting standards, be able to apply relevant accounting standards to key business processes, prepare and interpret financial reports and examine the outcomes of particular accounting treatment(s) to financial reports. Critical, analytical and integrative thinking, research, problem-solving and professional writing skills are also developed through the Business Research Report which requires students to research, review and recommend relevant accounting treatments.

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:

  • ULO1: Apply relevant financial reporting standards to key business processes (transactions and events) and prepare financial statement reports for an incorporated entity, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
  • ULO2: Critically analyse and evaluate the accounting problems by applying the theoretical and technical accounting knowledge and skills
  • ULO3: Research and professionally communicate appropriate accounting treatment and recommendations in a particular situation
  • ULO4: Examine and interpret current issues in financial and non-financial reporting frameworks and areas of international accounting research

General Assessment Information

General Assessment Information

Late Submission(s): Late assessment must also 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.

Assessment Tasks

Name Weighting Hurdle Due
Online final exam 60% No University Examination Period
Business Research Report (Research Assignment) 15% No Week 9: Check iLearn for exact date
Online class test 25% No Week 6: Check iLearn for exact date

Online final exam

Assessment Type 1: Examination
Indicative Time on Task 2: 25 hours
Due: University Examination Period
Weighting: 60%

 

A two-hours fifteen minutes online examination will be held during the University examination period. The exam is worth 60%.

 


On successful completion you will be able to:
  • Apply relevant financial reporting standards to key business processes (transactions and events) and prepare financial statement reports for an incorporated entity, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
  • Critically analyse and evaluate the accounting problems by applying the theoretical and technical accounting knowledge and skills
  • Research and professionally communicate appropriate accounting treatment and recommendations in a particular situation
  • Examine and interpret current issues in financial and non-financial reporting frameworks and areas of international accounting research

Business Research Report (Research Assignment)

Assessment Type 1: Report
Indicative Time on Task 2: 20 hours
Due: Week 9: Check iLearn for exact date
Weighting: 15%

 

Full details of the major research assignment (assignment objectives, question materials and requirements, etc) will be posted to the unit web page (iLearn). Students are required to write an approximately 1,200 word business report recommending the appropriate accounting treatment and disclosures to a particular type of transaction(s) and/or event(s), for a specified case study. This assessment requires students to research the transaction(s) / event(s), examine the outcome(s) of the treatment and evaluate and interpret issues regarding the preparation and presentation of financial reports to the case study.

 


On successful completion you will be able to:
  • Critically analyse and evaluate the accounting problems by applying the theoretical and technical accounting knowledge and skills
  • Research and professionally communicate appropriate accounting treatment and recommendations in a particular situation
  • Examine and interpret current issues in financial and non-financial reporting frameworks and areas of international accounting research

Online class test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: Week 6: Check iLearn for exact date
Weighting: 25%

 

The online class test covers topics one to five. The test is worth 25%.

 


On successful completion you will be able to:
  • Apply relevant financial reporting standards to key business processes (transactions and events) and prepare financial statement reports for an incorporated entity, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
  • Critically analyse and evaluate the accounting problems by applying the theoretical and technical accounting knowledge and skills

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Learning Skills Unit for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation

Delivery and Resources

Required Text:

The required textbook for this unit is (AUCS) Custom Publication for ACCG8123 for Macquarie University. You must have access to this resource prior to the start of the semester (and in my experience students without access to this content are far less likely to pass).  

 The required resource is available in two formats:  

·         The printed textbook and E-Text can be purchased from https://www.wileydirect.com.au/buy/accg8123-accg8126/ 

·         Or the printed textbook can be purchased via campus bookstores or most online retailers (Zookal, Booktopia, Amazon etc.) 

Australian Accounting Standards Board (AASB) Standards, which can be viewed or downloaded from the AASB website at  www.aasb.com.au

Unit Web Page:

Course material is available on Macquarie University’s learning management system (iLearn). The unit web site (iLearn) is available via the link below:  https://ilearn.mq.edu.au/login/MQ/

Technology Used and Required

·   iLearn

This unit will use Macquarie University’s online technology for students to access course material, announcements as well as any other documents related to this unit. Students are required to regularly check the website for accessing up-to-dated information about this unit. The unit web site is available via the link below:  https://ilearn.mq.edu.au/login/MQ/

Students need to have username and password to access to the unit web site. Please contact iLearn directly if you have any difficulties to access to the unit site. iLearn Student Help can be found from the following link:  http://www.mq.edu.au/iLearn/help-pages/students.htm

Technology Used and Required:

 

Delivery Format and Other Details:

Classes                                                                                              

Classes in ACCG8123 for Session 2 2021 are composed of pre-recorded online lectures and on-campus tutorials/workshops or online zoom tutorials/workshops. The pre-recorded lectures of 1 hour will provide comprehensive explanations of the key concepts and worked out lecture examples for the technical aspects of the topics. This pre-recorded lecture will be uploaded on iLearn the week prior. Students are expected to watch the pre-recorded lectures before attending their tutorials.

There will also be a 2 hour tutorial / workshop every week from weeks 1 to 13. Students can choose to enrol in either face-to-face on campus tutorial/workshop or an online zoom tutorial/workshop. 

The unit's learning outcomes can only be achieved through self-study and independent learning supported by attending lectures and tutorials. The lectures provide a general overview of the topics highlighting a number of concepts and techniques. In the tutorial section, lecturers will discuss the previous week’s assigned homework questions and address any issues from the previous week’s materials. The tutorial provides an opportunity to discuss the solutions to selected homework questions and to have any problems or difficulties explained.  Students should complete the assigned homework for the topic, consisting of discussion questions and practical exercises. Each week, homework questions will be worked through to demonstrate the logical steps and processes involved in working through the practical aspect of the topic. Both lectures and tutorials will only support your learning if you prepare them thoroughly by doing the recommended readings and the pre-set homework questions as outlined in the Unit Schedule (available on the ACCG8123 iLearn webpage) beforehand.

You can also access details of scheduled classes through the university’s timetable facility (https://timetables.mq.edu.au/2021/).

Changes to class are managed by the on-line enrolment system. Please note that it is students' responsibility to check your class time and venue and ensure that you attend your registered class each week. The attendance records will be kept by lecturers.

On-line registration changes to lectures will be shut down at the end of Week 3 so all changes must be made by then. If you have unavoidable disruption during the session and need to change class, you must contact Unit Convenor to get written approval to attend an alternative class.

 

Recommended Readings:

 

Other Course Materials: 

Lecture Materials and Homework Solutions

The lecture materials provided on the unit web page (iLearn) will have some gaps for which you are required to complete in class, in particular for the practical aspect of the course. Completed lecture notes will be made available on the unit web page (iLearn). 

All homework solutions will be available on the unit web page (iLearn). You are required to complete your weekly assignment and make correction by using red pen.

Any important changes in lecture materials and homework solutions will be posted on the unit web page (iLearn). It is your responsibility to check the unit web page (iLearn) on the regular basis to ensure you are aware of any information which may be posted by the Unit Convenor during the course of the session.

Consultation Times                                                                                          

The consultation timetable will be posted on the unit iLearn webpage at the beginning of the session.

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. Students experiencing significant difficulties with any topic in the unit must seek assistance immediately.

 

Unit Schedule

Week

Topic

 

1

Introduction

Revision of the fundamentals of Accounting Systems and Processes 

 

2

Implementation of Revised Conceptual Framework including the elements of financial statements 

Nature and regulation of companies 

 

3

Accounting for non-current assets—property, plant and equipment 

 

4

Accounting for Intangible Assets 

 

5

Accounting for impairment of assets (non-current and intangible assets) 

 

6

Accounting for leases 

 

7

Accounting for Revenue

 

 

MID-SESSION BREAK

 

8

Preparation and presentation of company financial statements I

 

9

Preparation and presentation of company financial statements II 

 

10

Cash flow statements I 

 

11

Cash flow statement II 

 

12

Theoretical principles underlying accounting practice 

Current national and international developments in Financial Reporting, Alternative reporting Frameworks and the eXtensible Business Reporting Language (XBR

 

13

Revision

 
     

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) 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 or if you are a Global MBA student contact globalmba.support@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 help you improve your marks and take control of your study.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Enquiry Service

For all student enquiries, visit Student Connect at ask.mq.edu.au

If you are a Global MBA student contact globalmba.support@mq.edu.au

Equity 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.

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.