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://www.mq.edu.au/study/calendar-of-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 Writing Centre 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:
- The printed textbook and E-Text can be purchased from Wiley : https://www.wileydirect.com.au/buy/financial-reporting-3rd-edition/
- Or the printed textbook can be purchased via online retailers (Booktopia, Amazon etc.).
- The MQ library will also have an electronic version of the textbook.
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://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:
- Academic Appeals Policy
- Academic Integrity Policy
- Academic Progression Policy
- Assessment Policy
- Fitness to Practice Procedure
- Grade Appeal Policy
- Complaint Management Procedure for Students and Members of the Public
- Special Consideration Policy
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 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
If you are a Global MBA student contact globalmba.support@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.
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.
Unit information based on version 2021.03 of the Handbook