Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor/Lecturer
Tas Husain
Contact via tas.husain@mq.edu.au
E4R Room 354
TBA
Moderator
Meiting Lu
Contact via accg2024@mq.edu.au
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Credit points |
Credit points
10
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Prerequisites |
Prerequisites
ACCG101 or ACCG1001
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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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. |
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:
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
Name | Weighting | Hurdle | Due |
---|---|---|---|
In Tutorial Quizzes | 10% | No | Weeks 3-12 Random |
Online Class Test | 20% | No | Week 6 : Date and Time TBA on iLearn |
Business Report & Oral Presentation | 20% | No | Business Report Week 8 and Oral Presentation Week 9 |
Online Final Examination | 50% | No | University Exam Period |
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: Weeks 3-12 Random
Weighting: 10%
During the session, there will be 5 quizzes held during your tutorials in Weeks 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.
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: Week 6 : Date and Time TBA on iLearn
Weighting: 20%
In Week 6 of the session, students will be required to take an online quiz through iLearn. The quiz may include multiple choice questions, short answer theory questions, and/or practical questions covering topics from Weeks 1-5. More information will be provided on iLearn.
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.
Assessment Type 1: Examination
Indicative Time on Task 2: 20 hours
Due: University Exam Period
Weighting: 50%
A 2-hour final exam for this unit will be held online during the University Examination period. All key topics will be examinable.
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 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:
Delivery Format and Other Details:
Classes
Classes in ACCG2024 for Session 2 2022 are composed of lectures and tutorials.
The lectures will be pre-recorded/online and provide comprehensive explanations of the key concepts and worked out lecture examples for the technical aspects of the topics. This pre-recorded/online lecture will be uploaded on iLearn. Students are expected to watch the lectures before attending their tutorials.
There will also be a 1.5 hour tutorial every week from weeks 2 to 13. The 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.
Week |
Topics |
1 |
Introduction to the Regulatory Environment and Conceptual Framework Introduction to Financing a company - Equity and Debt Financing |
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 |
6 |
Accounting for Impairment |
7 |
Accounting for Leases |
8 |
Revenue Recognition and Statement of Comprehensive Income |
9 |
Statement of Financial Position, Statement of Changes in Equity and Disclosures Accounting Policies, Estimates and Errors Accounting Theory and its impact on accounting policy choices |
10 |
Statement of Cash Flows - Overview and Direct Method Notes and Limitations |
11 |
Statement of Cash Flows - Indirect Method |
12 |
Alternative Reporting Frameworks |
13 |
Revision |
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Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
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Macquarie University offers a range of Student Support Services including:
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Unit information based on version 2022.04 of the Handbook