Students

ACCG2024 – Financial Accounting and Reporting

2023 – Session 1, In person-scheduled-weekday, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor and Lecturer
Tas Husain
tas.husain@mq.edu.au
Level 3 (Office 354), 4ER Building
Please see iLearn
Moderator
Meiting Lu
meiting.lu@mq.edu.au
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, commonly used guidelines for Integrated Reporting and extended external reporting using XBRL.
  • 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.

General Assessment Information

Late Assessment Submission Penalty (written assessments)

Unless a Special Consideration request 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/presentations, and/or scheduled practical assessments/labs, students need to submit an application for Special Consideration

Assessment Tasks

Name Weighting Hurdle Due
In Tutorial Quizzes 10% No Any random 5 weeks from Weeks 3-12
Online Class Test 20% No Week 6
Business Report & Oral Presentation 20% No Week 8 - Business Report; Week 9 - Video Presentation
Final Examination 50% No University Exam Period

In Tutorial Quizzes

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: Any random 5 weeks from Weeks 3-12
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.

 
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, commonly used guidelines for Integrated Reporting and extended external reporting using XBRL.
  • Apply appropriate accounting treatments of company accounting in relation to equity and debt financing.

Online Class Test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: Week 6
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.
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.
  • Apply appropriate accounting treatments of company accounting in relation to equity and debt financing.

Business Report & Oral Presentation

Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 25 hours
Due: Week 8 - Business Report; Week 9 - Video Presentation
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.

Final Examination

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

 

A two-hour examination will be held during the University Examination period.

 
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, commonly used guidelines for Integrated Reporting and extended external reporting using XBRL.
  • 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

Please see iLearn for details

Unit Schedule

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
   

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. 

Student Services and Support

Macquarie University offers a range of Student Support Services including:

Student Enquiries

Got a question? Ask us via AskMQ, or contact Service Connect.

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.

Unit information based on version 2023.04 of the Handbook