Students

ACCG8221 – CA - 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
Rajni Mala
rajni.mala@mq.edu.au
Contact via rajni.mala@mq.edu.au
Level 3 (Office 314), 4ER Building
Wednesday 10 - 12noon
Moderator
Peipei Pan
peipei.pan@mq.edu.au
Credit points Credit points
10
Prerequisites Prerequisites
Admission to MProfAccg and (ACCG6011 and ACCG6014 and ACST6003 and ECON6049)
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

Assessment Tasks

Name Weighting Hurdle Due
Business report 20% No 5 June
CA - Final Exam 40% Yes Week 9 (30 May)
CA - Preparation of financial statements 30% No Week 6 (21 - 26 April)
CA - Online assessment activity 10% No Week 4 (8 May)

Business report

Assessment Type 1: Report
Indicative Time on Task 2: 20 hours
Due: 5 June
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: Week 9 (30 May)
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: Week 6 (21 - 26 April)
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: Week 4 (8 May)
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. Candidates must complete required readings to successfully complete the learning activities and assessments. All required readings are examinable.

Module Topic Notes (in powerpoint format) - to be downloaded each week from iLearn.

The relevant accounting and ethics Standards effective as at 1 January 2023, unless otherwise indicated

A range of online resources will also be provided on the CA ANZ LMS site. Please closely follow My Capability - Learn platform for all the required as well as the recommended readings.

Recommended  Reference  Materials

The following source references will be used to provide practical application examples:

-      Financial Reporting, 4th 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.

Unit Schedule

Week

Week Commencing

Number of Seminar

Seminar Date/Time

Chapter and Topics

Assessments

1

3rd April

2x 3hrs 

 

5 April

3 – 6pm

 

6 April

11 – 2pm

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  

  

 

2

10th April 

 

2 x 3hrs 

 

12 April

3 – 6pm

 

13 April

11 – 2pm

2. Practical application of common accounting standards  

2.1 Accounting for income taxes  

2.2 Impairment of assets (excluding goodwill)  

 

 

3

17th April 

 

1x 3hrs 

 

19 April

3 – 6pm

 

 

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).

4

24th April 

 

2 x 3hrs 

 

26 April

3 – 6pm

 

27 April

11 – 2pm

2. Practical application of common accounting standards  

2.5 Accounting for revenue from contracts with customers  

CA assessment 1 due: Online assessment activity. 21 – 26 Apr 23

 

 

5

1st May  

 

2x 3hrs

3 May

3 – 6pm

 

4 May

11 – 2pm

2. Practical application of common accounting standards  

2.6 Accounting for financial assets and financial liabilities  

 

 

6

8th May 

 

1x 3hrs

10 May

3 – 6pm

3. Presentation of consolidated financial statements  

3.1 Business combinations  

3.2 Impairment of goodwill  

CA Assessment 2 due: Written

Submission due on 8 May 23

Candidates prepare for CA assessment 2 (integrating topics covered in weeks 1 – 5).

7

15th May 

 

2x 3hrs 

 

17 May 3 – 6pm

 

18 May 11 – 2pm

3. Presentation of consolidated financial statements  

3.3 Consolidated financial statements.

 

 

8

22nd May 

 

1x 3hrs

24 May

3 – 6pm

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  

 

9

29th May

 

 

CA Assessment 3:  

Financial Accounting and Reporting invigilated examination: 30 May 23

 

 

 

5th June

 

 

Business Report Due 5 June 2023 11.55pm

 

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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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For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/. 

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Changes from Previous Offering

There are no changes from the previous offering.

Unit information based on version 2023.03 of the Handbook