Unit convenor and teaching staff |
Unit convenor and teaching staff
Rahat Munir
Damian Bridge
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Credit points |
Credit points
10
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Prerequisites |
Prerequisites
Admission to MProfAccg and (ACCG6011 and ACCG6014 and ACST6003 and ECON6049)
NB: Students must successfully complete CA - Ethics and Business module prior to enrolling in this unit. Students should directly enroll in the Ethic and Business module directly with CA ANZ.
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
Financial accounting is a pivotal aspect of an accountant’s work and is the main reporting mechanism for preparing financial statements for organisations across all sectors of the economy. This unit covers the underlying framework and concepts behind financial reporting and enables students to prepare financial statements with reference to the Accounting Standards and pronouncements. It provides practical opportunities to apply knowledge to a variety of realistic scenarios. |
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Name | Weighting | Hurdle | Due |
---|---|---|---|
Business report | 20% | No | 7 June 2022 |
CA - Final Exam | 40% | Yes | 31 May 2022 |
CA - Preparation of financial statements | 30% | No | See My Capability Learn for details |
CA - Online assessment activity | 10% | No | See My Capability Learn for details |
Assessment Type 1: Report
Indicative Time on Task 2: 20 hours
Due: 7 June 2022
Weighting: 20%
Students are required to write business report recommending the appropriate accounting treatment and disclosures of transactions or event, for a specified case study. This assessment requires students to research the transactions / event, examine the outcome of the treatment, and evaluate issues regarding the preparation and presentation of financial reports to the case study.
Assessment Type 1: Examination
Indicative Time on Task 2: 20 hours
Due: 31 May 2022
Weighting: 40%
This is a hurdle assessment task (see assessment policy for more information on hurdle assessment tasks)
The examination comprises questions where candidates are required to apply standards to account for and report on a diverse range of business transactions and events. Pre-release information is made available prior to the exam.
All CA assessments need to be completed and final assessment/subject must be passed to pass the unit.
Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 25 hours
Due: See My Capability Learn for details
Weighting: 30%
Candidates are provided with a pre-release scenario relating to a listed group. Detailed information about three entities in the group are provided to candidates.
Part A – online assessment activity
Candidates are tasked with preparing calculations and journal entries for a range of transactions to assist in finalising the draft financial statements for two of the entities in the pre-release scenario information.
Questions in the online assessment will assess candidates’ ability to correctly prepare the calculation and journal entries to assist in finalising the draft financial statements. Questions will also assess candidate understanding of how the financial statements will be impacted.
Part B – written submission
Candidates are required to prepare a file note in relation to current and potential future reporting implications arising from a transaction or event for the third entity in the pre-release scenario, including providing guidance on ethically appropriate alternatives.
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: See My Capability Learn for details
Weighting: 10%
Finalising financial statements activity:
Candidates will need to evaluate the information provided for each question, apply the relevant accounting and/or ethical standards, and use their professional judgement.
1 If you need help with your assignment, please contact:
2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation
Required and Recommended Texts and/or Materials
Prescribed Reference Materials
CA Program: Financial Accounting and Reporting – provided by CAANZ
Module Topic Notes (in powerpoint format) - to be downloaded each week from iLearn.
Australian standards Chartered Accountants Australia New Zealand 2021, Financial Reporting
Handbook 2021 (Australia), John Wiley & Sons Australia, Milton QLD This textbook refers to
local standards applicable in Australia. These Standards are accessible on the AASB
website (https://www.aasb.gov.au). Candidates may also use the International Standards.
A range of online resources will also be provided on the CA ANZ LMS site.
Recommended Reference Materials
The following source references will be used to provide practical application examples:
- Financial Reporting, 3rd Edition Janice Loftus, Ken Leo, Sorin Daniliuc, Noel Boys, Belinda Luke, Hong Nee Ang, Karyn Byrnes
The CPA Australia course materials have a reference list at the end of each module containing all references cited by the author. These provide some guidance to references that could be used to research an assignment on a particular issue.
Unit Web Page
• Course material is available on the learning management system (iLearn)
• The web page for this unit can be found at: http://ilearn.mq.edu.au
Learning and Teaching Activities
Each class will meet as described in the unit schedule. All scheduled classes are compulsory. In between classes, students are required to work through the relevant sections of the course as well as work on assessment tasks.
Students are expected to fully study the course material and recommended readings prior to each class. You are encouraged to properly construct your own notes based on your reading, any additional comments, and supplements.
Each class will consist of an overview and discussion of the main content, concepts and issues. In addition, other activities will take place that seek to enhance and enrich understanding of the content, the readings and any accounting standards related to each module. This will include working through questions in the CPA material and discussing articles or actual financial statements that help demonstrate the topic more fully.
Students will be provided with materials related to the topic by the lecturer (which will be placed on iLearn), however it is important to understand that these are only intended to be used as an overview and guide.
Technology Used and Required
Students will need access to Microsoft Excel, Word and Powerpoint to enable completion of various assessment tasks throughout the session.
In addition students will require access to the internet, including specifically access to iLearn.
Week |
Week Commencing |
Chapter and topics |
Assessments |
No of seminars |
Seminar Dates &Times |
1 |
4th April |
1. Fundamentals of financial statement preparation 1.1 Orientation 1.2 Navigating accounting standards 1.3 Structure and content of financial statements 1.4 Measurement in financial reporting 1.5 Accounting policies
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2x 3hrs |
Monday 4th April 6pm – 9pm
Friday 8th April 6pm-9pm |
2 |
11th April |
2. Practical application of common accounting standards 2.1 Accounting for income taxes 2.2 Impairment of assets (excluding goodwill) |
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2 x 3hrs |
Monday 11th April 6pm – 9pm
Thursday 14th April 10am – 1pm
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3 |
19th April |
2. Practical application of common accounting standards 2.3 Accounting for leases by lessees 2.4 Equity settled share-based payment arrangements with employees
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Candidates prepare for CA assessment 1 (integrating topics covered in weeks 1 – 2). |
1 x 3hrs |
Friday 22nd April 9am – 12Noon |
4 |
26th April |
2. Practical application of common accounting standards 2.5 Accounting for revenue from contracts with customers |
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2 x 3hrs |
Tuesday 26th April 6pm - 9pm
Friday 29th April 6pm – 9pm
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5 |
2nd May |
2. Practical application of common accounting standards 2.6 Accounting for financial assets and financial liabilities |
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2x 3hrs |
Monday 2nd May 6pm – 9pm
Friday 6th May 6pm to 9pm
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6 |
9th May |
3. Presentation of consolidated financial statements 3.1 Business combinations 3.2 Impairment of goodwill |
Candidates prepare for CA assessment 2 (integrating topics covered in weeks 1 – 5). |
1x 3hrs |
Monday 9th May 6pm – 9pm |
7 |
16th May |
3. Presentation of consolidated financial statements 3.3 Consolidated financial statements |
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2 x 3hrs |
Monday 16th 6pm to 9pm
Friday 20th 6pm to 9pm
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8 |
23rd May |
4. Additional financial reporting classification and disclosure issues 4.1 Events after the reporting period 4.2 Contingent liabilities 4.3 Related parties 4.4 Segment reporting 4.5 Future developments
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1x 3hrs |
Monday 23rd 6pm – 9pm. |
9 |
30th May |
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CA Assessment 3: Financial Accounting and Reporting invigilated examination on 31st May |
Nil |
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This is a new subject.
Unit information based on version 2022.03 of the Handbook