Students

ACCG8123 – Accounting Standards and Practice

2024 – 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
Meiting Lu
meiting.lu@mq.edu.au
Contact via meiting.lu@mq.edu.au
4ER Room 316
Please check iLearn
Moderator
Jessica Chen
ACCG8123@mq.edu.au
Contact via ACCG8123@mq.edu.au
Credit points Credit points
10
Prerequisites Prerequisites
(Admission to GradCertAccgPrac or GradDipAccgPrac) or ACCG6011
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This unit examines the purpose, framework and environment influencing and affecting financial reports from the perspective of an incorporated entity. It specifically surveys accounting treatments as required by the International Financial Reporting Standards (IFRS), and its Australian Accounting Standards (AASB), for particular transactions and events. This unit also introduces students to the key business processes and the risks and controls associated with applying these accounting rules to/in financial reports. By the end of the unit, students will be familiar with accounting standards, be able to apply relevant accounting standards to key business processes, prepare and interpret financial reports and examine the outcomes of particular accounting treatment(s) to financial reports. Critical, analytical and integrative thinking, research, problem-solving and professional writing skills are also developed 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: Apply relevant financial reporting standards to key business processes (transactions and events) and prepare financial statement reports for an incorporated entity, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
  • ULO2: Critically analyse and evaluate the accounting problems by applying the theoretical and technical accounting knowledge and skills
  • ULO3: Research and professionally communicate appropriate accounting treatment and recommendations in a particular situation
  • ULO4: Understand and interpret accounting reports including non-financial data and information such as sustainability reports, integrated reports and extended external reporting
  • ULO5: Explain the theoretical principles underlying accounting practice and theory.

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
Final examination 60% No University Exam Period
Business Research Report (Research Assignment) 15% No Week 9: Check iLearn for exact date
Class test 25% No Week 6: Check iLearn for exact date

Final examination

Assessment Type 1: Examination
Indicative Time on Task 2: 25 hours
Due: University Exam Period
Weighting: 60%

 

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

 
On successful completion you will be able to:
  • Apply relevant financial reporting standards to key business processes (transactions and events) and prepare financial statement reports for an incorporated entity, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
  • Critically analyse and evaluate the accounting problems by applying the theoretical and technical accounting knowledge and skills
  • Research and professionally communicate appropriate accounting treatment and recommendations in a particular situation
  • Understand and interpret accounting reports including non-financial data and information such as sustainability reports, integrated reports and extended external reporting
  • Explain the theoretical principles underlying accounting practice and theory.

Business Research Report (Research Assignment)

Assessment Type 1: Report
Indicative Time on Task 2: 25 hours
Due: Week 9: Check iLearn for exact date
Weighting: 15%

 

Full details of the major research assignment (assignment objectives, question materials and requirements, etc) will be posted to the unit web page (iLearn). This is a group assignment . Each group is required to write a business report that recommends the suitable accounting practices and disclosures for a specific type of transaction(s) and/or event(s) based on a designated case study. This assessment requires students to conduct comprehensive research into the transaction(s)/event(s), investigate the outcome(s) of the treatment and evaluate and interpret issues of financial reports to the case study.

 
On successful completion you will be able to:
  • Critically analyse and evaluate the accounting problems by applying the theoretical and technical accounting knowledge and skills
  • Research and professionally communicate appropriate accounting treatment and recommendations in a particular situation
  • Understand and interpret accounting reports including non-financial data and information such as sustainability reports, integrated reports and extended external reporting

Class test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 23 hours
Due: Week 6: Check iLearn for exact date
Weighting: 25%

 

The class test covers topics one to five. The test is worth 25%.

 
On successful completion you will be able to:
  • Apply relevant financial reporting standards to key business processes (transactions and events) and prepare financial statement reports for an incorporated entity, including statement of financial position, statement of comprehensive income, statement of changes in equity with necessary notes and cash flow statement and the reconciliation notes
  • Critically analyse and evaluate the accounting problems by applying the theoretical and technical accounting knowledge and skills
  • Explain the theoretical principles underlying accounting practice and theory.

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 Text:

The required textbook for this unit is (AUCS) Custom Publication for ACCG8123 for Macquarie University. You must have access to this resource prior to the start of the semester (and in my experience students without access to this content are far less likely to pass).  

 The required resource is available in two formats:  

·         The printed textbook and E-Text can be purchased from https://www.wileydirect.com.au/buy/accg8123-accg8126/ 

·         Or the printed textbook can be purchased via campus bookstores or most online retailers (Zookal, Booktopia, Amazon etc.) 

Australian Accounting Standards Board (AASB) Standards, which can be viewed or downloaded from the AASB website at  www.aasb.gov.au

Unit Web Page:

Course material is available on Macquarie University’s learning management system (iLearn). The unit web site (iLearn) is available via the link below:  https://ilearn.mq.edu.au/login/MQ/

Technology Used and Required

·   iLearn

This unit will use Macquarie University’s online technology for students to access course material, announcements as well as any other documents related to this unit. Students are required to regularly check the website for accessing up-to-dated information about this unit. The unit web site is available via the link below:  https://ilearn.mq.edu.au/login/MQ/

Students need to have username and password to access to the unit web site. Please contact iLearn directly if you have any difficulties to access to the unit site. iLearn Student Help can be found from the following link:  http://www.mq.edu.au/iLearn/help-pages/students.htm

Technology Used and Required:

 

Delivery Format and Other Details:

Classes                                                                                              

Classes in ACCG8123 for Session 1 2024 will be a 3 hour seminar every week from weeks 1 to 13.

The unit's learning outcomes can only be achieved through self-study and independent learning supported by attending classes. Students should complete the assigned homework for the topic, consisting of discussion questions and practical exercises. Each week, homework questions will be worked through to demonstrate the logical steps and processes involved in working through the practical aspect of the topic. The classes will only support your learning if you prepare them thoroughly by doing the recommended readings and the pre-set homework questions as outlined in the Unit Schedule (available on the ACCG8123 iLearn webpage) beforehand.

Changes to class registration are managed by the online enrolment system. Please note that it is students' responsibility to check your class time and venue and ensure that you attend your registered class each week. The attendance records will be kept by lecturers. 

Recommended Readings:

 

Other Course Materials: 

Lecture Materials and Homework Solutions

All homework solutions will be available on the unit web page (iLearn). Also, it is students' responsibility to check the unit web page (iLearn) on the regular basis to ensure you are aware of any information which may be posted by the Unit Convenor during the course of the session.

 

Unit Schedule

Week

Topic

  

1

Introduction

Revision of the fundamentals of Accounting Systems and Processes 

  

2

Implementation of Revised Conceptual Framework including the elements of financial statements 

Nature and regulation of companies 

  

3

Accounting for non-current assets—property, plant and equipment 

  

4

Accounting for Intangible Assets 

  

5

Accounting for impairment of assets (non-current and intangible assets) 

  

6

Accounting for leases 

  

7

Accounting for Revenue

  

 

MID-SESSION BREAK

 

8

Preparation and presentation of company financial statements I

  

9

Preparation and presentation of company financial statements II 

  

10

Cash flow statements I 

  

11

Cash flow statement II 

  

12

Theoretical principles underlying accounting practice 

Current national and international developments in Financial Reporting, Alternative reporting Frameworks and the eXtensible Business Reporting Language (XBRL) 

  

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 connect.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 the Service Connect Portal, 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 2024.06 of the Handbook