Students

ACCG2024 – Financial Accounting and Reporting

2021 – Session 1, Special circumstances

Notice

As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group activities on campus, and most will keep an online version available to those students unable to return or those who choose to continue their studies online.

To check the availability of face-to-face and online activities for your unit, please go to timetable viewer. To check detailed information on unit assessments visit your unit's iLearn space or consult your unit convenor.

General Information

Download as PDF
Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor and Lecturer
Tas Husain
Contact via accg2024@mq.edu.au
4ER 354
TBA
Unit Moderator
Meiting Lu
Contact via accg2024@mq.edu.au
Teaching Assistant
Claudia Chau
Contact via accg2024@mq.edu.au
4ER 320B
Credit points Credit points
10
Prerequisites Prerequisites
ACCG101 or ACCG1001
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This unit builds on first year accounting units, exploring financial reporting environment in greater depth and challenging students to question the foundations of financial reporting. Areas and topics within International Financial Reporting Standards (IFRS) and its Australian equivalents Australian Accounting Standards Board (AASB) are reviewed. On the completion of this unit, students will be familiar with the regulatory environment for financial reporting, be able to apply relevant accounting standards to key business processes, prepare a complete set of financial statements based on both accrual and cash accounting, describe the alternative reporting frameworks such as the Global Reporting Initiative (GRI and be able to show the accounting entries for company financing. The unit develops technical and professional judgment skills and effective business communication skills 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://students.mq.edu.au/important-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • ULO1: Explain the regulatory environment for financial reporting including the conceptual framework by employing appropriate theories underlying accounting practice.
  • ULO2: Apply the rules of International Financial Reporting Standards (IFRS) and its Australian equivalents Australian Accounting Standards Board (AASB) to selected financial transactions and events, and prepare a complete set of financial statements based on both accrual and cash accounting.
  • ULO3: Describe sustainable development practices and commonly used guidelines for Integrated Reporting.
  • ULO4: Apply appropriate accounting treatments of company accounting in relation to equity and debt financing.
  • ULO5: Research and professionally communicate appropriate accounting treatment and recommendations through written assignments and presentations.

Assessment Tasks

Name Weighting Hurdle Due
In Tutorial Quizzes 10% No Please check iLearn
Online Class Test 20% No Week 6: Check iLearn for exact date
Business Report & Oral Presentation 20% No Business Report Week 8 and Oral Presentation Week 9
Online Final Examination 50% No University Exam Period

In Tutorial Quizzes

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: Please check iLearn
Weighting: 10%

 

During the session, there will be 5 quizzes held during your tutorials in Week 3 to 12. Marks for the best 4 out of 5 quizzes attempted will be taken. The quizzes will be held randomly for each tutorial group, and the students will not be advised which week they will have the quiz. The questions for each quiz will relate to topics which have been covered in the tutorials in the previous week. More details regarding the logistics of the quizzes are provided on iLearn.

 


On successful completion you will be able to:
  • Explain the regulatory environment for financial reporting including the conceptual framework by employing appropriate theories underlying accounting practice.
  • Apply the rules of International Financial Reporting Standards (IFRS) and its Australian equivalents Australian Accounting Standards Board (AASB) to selected financial transactions and events, and prepare a complete set of financial statements based on both accrual and cash accounting.
  • Describe sustainable development practices and commonly used guidelines for Integrated Reporting.

Online Class Test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: Week 6: Check iLearn for exact date
Weighting: 20%

 

In Week 6 of the session, students will be required to take on online quiz through iLearn. The quiz will include multiple choice questions, short answer theory questions, and practical questions covering topics from Weeks 1-5.

 


On successful completion you will be able to:
  • Explain the regulatory environment for financial reporting including the conceptual framework by employing appropriate theories underlying accounting practice.
  • Apply the rules of International Financial Reporting Standards (IFRS) and its Australian equivalents Australian Accounting Standards Board (AASB) to selected financial transactions and events, and prepare a complete set of financial statements based on both accrual and cash accounting.

Business Report & Oral Presentation

Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 25 hours
Due: Business Report Week 8 and Oral Presentation Week 9
Weighting: 20%

 

Business Report (15%): Students are required to write a 1,200-word business report recommending the appropriate accounting treatment and disclosures to a 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. Students are required to present their report’s recommendation in a clear, coherent and professional manner. Oral Presentation (5%): Students are required to prepare a 4 minute video oral presentation linked to the business report. The purpose of this component of the assessment is to help develop student’s oral presentation skills.

 


On successful completion you will be able to:
  • Research and professionally communicate appropriate accounting treatment and recommendations through written assignments and presentations.

Online Final Examination

Assessment Type 1: Examination
Indicative Time on Task 2: 20 hours
Due: University Exam Period
Weighting: 50%

 

An open book 2 hour 15 minutes final exam for this unit will be held online during the University Examination period. All key topics will be examinable.

 


On successful completion you will be able to:
  • Explain the regulatory environment for financial reporting including the conceptual framework by employing appropriate theories underlying accounting practice.
  • Apply the rules of International Financial Reporting Standards (IFRS) and its Australian equivalents Australian Accounting Standards Board (AASB) to selected financial transactions and events, and prepare a complete set of financial statements based on both accrual and cash accounting.
  • Describe sustainable development practices and commonly used guidelines for Integrated Reporting.
  • Apply appropriate accounting treatments of company accounting in relation to equity and debt financing.

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:

Required text (referred to as ACCG2024 textbook) is Financial Reporting, 3rd Edition, Janice Loftus, Ken Leo, Noel Boys, Sorin Daniliuc, Belinda Luke, Ang Hong, Karyn Byrnes.

You must have access to this textbook prior to the start of the session . The required textbook is available in multiple formats and options:

 All other course materials are available on the ACCG2024 iLearn web page.

Technology Used and Required:

  • Proficiency in the University's learning management system (iLearn) to access course materials, information on assessment tasks and other course matters, to use online discussion forums, and to upload assignments.
  • Knowledge of library resources including databases and journal finder to access research materials.
  • Proficiency in Internet browsing applications (like, for example, Firefox) and Internet search engines (like, for example, scholar.google.com.au) to access research materials.
  • Proficiency in word processing and presentation applications (like, for example, Microsoft Word and PowerPoint) for the report and presentation.

Delivery Format and Other Details:

Classes

Classes in ACCG2024 for Session 1 2021 are composed of pre-recorded online lectures and on-campus tutorials or online zoom tutorials. The pre-recorded lectures 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 1.5 hour tutorial every week from weeks 2 to 13. Students can choose to enrol in either face-to-face on campus tutorial or an online zoom tutorial. The face-to-face or online zoom tutorials will involve the tutors and the students working through pre-set tutorial questions. Students must register for a tutorial and attend the same tutorial each week. 

The unit's learning outcomes can only be achieved through self-study and independent learning supported by watching the lectures and attending the tutorials. The lectures provide a general overview of the topics highlighting a number of concepts and techniques. The tutorials complement lectures by providing  opportunities to further explore all relevant concepts and techniques. Both lectures and tutorials will only support your learning if you prepare them thoroughly by doing the recommended readings and the pre-set tutorial questions as outlined in the Unit Schedule (available on the ACCG2024 iLearn web page) beforehand. Lecture slides will be available on the ACCG2024 iLearn web page. Tutorial solutions will be made available at the end of the relevant week on the ACCG2024 iLearn web page. 

Unit Schedule

Week

Topics

1

Introduction to the Regulatory Environment and Conceptual Framework

2

Accounting for Income Tax - Part I

3

Accounting for Income Tax - Part II

4

Accounting for Property, Plant and Equipment

5

Accounting for Intangibles

Accounting for Impairment

6

Accounting for Leases

7

Revenue Recognition and Statement of Comprehensive Income

8

Statement of Financial Position, Statement of Changes in Equity and Disclosures

9

Statement of Cash Flows - Overview and Direct Method Notes and Limitations

10

Statement of Cash Flows - Indirect Method

11

Alternative Reporting Frameworks

12

Company Accounting – Equity Financing and Debt Financing

13

Revision

 

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:

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

If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/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/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.

Changes from Previous Offering

Assessment Tasks for this session now include in-tutorial quizzes worth 10% of the overall grade.

Weighting for the Business Report has been reduced to 15%.

Weighting for the Final Exam has been reduced to 50% .

Additional 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.