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ACCG8221 – CA - Financial Accounting and Reporting

2022 – Session 2, Online-scheduled-In person assessment, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff
Damian Bridge
damian.bridge@mq.edu.au
Rahat Munir
rahat.munir@mq.edu.au
Credit points Credit points
10
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.
Corequisites Corequisites
Co-badged status Co-badged status
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.

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 International Financial Reporting Standards (IFRS) to account for complex business transactions and events
  • ULO2: Prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable accounting regulation
  • ULO3: Evaluate future developments that impact the financial reporting environment
  • ULO4: Evaluate and respond appropriately to complex ethical issues in the context of financial reporting

General Assessment Information

Late Assessment Submission Penalty  

Unless an application for Special Consideration has been submitted and approved, a 5% penalty (of the total possible mark) will be applied each day a written assessment is not submitted, up until the 7th day (including weekends). After the 7th day, a grade of ‘0’ will be awarded even if the assessment is submitted. Submission time for all written assessments is set at 11.55pm. A 1-hour grace period is provided to students who experience a technical concern.  

 

For any late submissions of time-sensitive tasks, such as scheduled tests, exams, performance assessments, and/or scheduled practical assessments/labs, students need to submit an application for Special Consideration

Assessment Tasks

Name Weighting Hurdle Due
Business report 20% No 27th August 2022 11.55PM
CA - Final Exam 40% Yes 20th August 2022
CA - Preparation of financial statements 30% No 8th August 2022
CA - Online assessment activity 10% No 15th-18th July 2022

Business report

Assessment Type 1: Report
Indicative Time on Task 2: 20 hours
Due: 27th August 2022 11.55PM
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.

 
On successful completion you will be able to:
  • Apply International Financial Reporting Standards (IFRS) to account for complex business transactions and events
  • Prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable accounting regulation
  • Evaluate future developments that impact the financial reporting environment
  • Evaluate and respond appropriately to complex ethical issues in the context of financial reporting

CA - Final Exam

Assessment Type 1: Examination
Indicative Time on Task 2: 20 hours
Due: 20th August 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.

 
On successful completion you will be able to:
  • Apply International Financial Reporting Standards (IFRS) to account for complex business transactions and events
  • Prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable accounting regulation
  • Evaluate and respond appropriately to complex ethical issues in the context of financial reporting

CA - Preparation of financial statements

Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 25 hours
Due: 8th August 2022
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.

 
On successful completion you will be able to:
  • Apply International Financial Reporting Standards (IFRS) to account for complex business transactions and events
  • Prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable accounting regulation
  • Evaluate future developments that impact the financial reporting environment
  • Evaluate and respond appropriately to complex ethical issues in the context of financial reporting

CA - Online assessment activity

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: 15th-18th July 2022
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.

 
On successful completion you will be able to:
  • Apply International Financial Reporting Standards (IFRS) to account for complex business transactions and events
  • Prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable accounting regulation

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 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

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 CAANZ 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.

Unit Schedule

Week

Week

Commencing

Chapter and topics

Assessments

No of seminars

Seminar Dates &Times

1

27th June

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

 

 

2x 3hrs

Monday 27th June  6pm – 9pm

 

Wednesday 29th June 11am - 2pm

2

4th July

2. Practical application of common accounting standards

2.1 Accounting for income taxes

2.2 Impairment of assets (excluding goodwill)

 

2 x 3hrs

Monday 4th July  6pm – 9pm

 

Wednesday 6th July 11am - 2pm

 

3

11th July

2. Practical application of common accounting standards

2.3 Accounting for leases by lessees

2.4 Equity settled share-based payment arrangements with employees

 

Candidates prepare for CA assessment 1 (integrating topics covered in weeks 1 – 2).

1 x 3hrs

 Monday 11th July  6pm – 9pm

4

18th July

2. Practical application of common accounting standards

2.5 Accounting for revenue from contracts with customers

 

2 x 3hrs

 

Monday 18th July  6pm – 9pm

 

Wednesday 20th July 11am - 2pm

 

5

25th July

2. Practical application of common accounting standards

2.6 Accounting for financial assets and financial liabilities

 

2x 3hrs

Monday 25th July  6pm – 9pm

 

Wednesday 27th July 11am - 2pm

 

6

1st August

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 1st August 6pm – 9pm

7

8th August

3. Presentation of consolidated financial statements

3.3 Consolidated financial statements

 

2 x 3hrs

Monday 8th August 6pm – 9pm

 

Wednesday 10th August 11am - 2pm

 

8

15th August

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

 

 

1x 3hrs

Monday 15th August 6pm – 9pm.

9

22nd August 

 

CA Assessment 3:

Financial Accounting and Reporting invigilated examination on 23rd August

Nil

 

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

Academic Integrity

At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

The Writing Centre

The Writing Centre provides resources to develop your English language proficiency, academic writing, and communication skills.

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

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Student Enquiries

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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

No changes from preious offering

Unit information based on version 2022.03 of the Handbook