Students

ACCG8123 – Financial Reporting Standards and Practice

2025 – Session 2, In person-scheduled-weekday, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Parmod Chand
parmod.chand@mq.edu.au
Lecturer
Charles Koh
charles.koh@mq.edu.au
Moderator
Colly He
liyu.he@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

Class Test and Research Report

Submission: Attendance is compulsory.

Extension: No extension will be granted unless an application is approved under the Special Consideration Policy in accordance with the University rules.

Penalties: Zero mark for non-submission. 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.

Final Exam

Submission: Attendance is compulsory

Extension: The only exception to not sitting an examination at the designated time is because of documented illness or unavoidable disruption. In these circumstances you may wish to consider applying for Special Consideration in accordance with the University rules.

Penalties: Students who miss this exam will score zero marks. If a Supplementary Examination is granted as a result of the Special Consideration Policy the examination will be scheduled after the conclusion of the official examination period. To pass the unit students must achieve an overall passing grade in their overall assessment as per the University policy. If a Supplementary Examination is granted as a result of the Special Consideration Policy the examination will be scheduled as per the Supplementary Examination timetable of the Business School. Please note that the supplementary examination will be of the similar format as the final examination.

Assessment Tasks

Name Weighting Hurdle Due
Formal and observed learning: Exam 50% No University Examination Period
Formal and observed learning: Test 30% No Week 7
Professional practice: Business report 20% No Week 9

Formal and observed learning: Exam

Assessment Type 1: Examination
Indicative Time on Task 2: 30 hours
Due: University Examination Period
Weighting: 50%

 

The purpose of this assessment is for you to formally demonstrate the expertise you have gained in this unit.   You will participate in a 2-hour exam held during the University Examination period. Important information about the exam will be made available on the unit iLearn page. You should also review the MQ Exams website for general tips.   Deliverable: Formal exam Individual assessment

 
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.

Formal and observed learning: Test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 25 hours
Due: Week 7
Weighting: 30%

 

The purpose of this assessment is for you to demonstrate your understanding and knowledge of key topics from the unit covered in Weeks 1 to 5..   You will participate in a formal test. Feedback on this test will help you assess your progress through the unit content.   Skills in focus: - Applying financial reporting standards to business transactions and preparing financial statements. - Critically analysing and evaluating accounting problems using theoretical and technical accounting knowledge. - Explaining the theoretical principles underlying accounting practice.   Deliverable: Test Individual assessment

 
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.

Professional practice: Business report

Assessment Type 1: Report
Indicative Time on Task 2: 30 hours
Due: Week 9
Weighting: 20%

 

The purpose of this assessment is for you to develop expertise in preparing business reports that recommend suitable accounting practices and disclosures.   You will conduct comprehensive research into a provided case scenario.   Skills in focus: - Critical thinking - Problem Solving - Discipline knowledge   Deliverable: Business report [max: 2,500 words] Group assessment

 
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

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

Teaching staff

Unit convenor:

Associate Professor Parmod Chand

Telephone: 9850 6137

E-mail: parmod.chand@mq.edu.au

Lecturer:

Dr Charles Koh 

Telephone: TBA

 E-mail: charles.koh@mq.edu.au

Contacting staff

· Consultation times

Staff will be available for consultation; these times will be posted to unit homepage by Week 1 of the session. You are encouraged to seek help at a time that is convenient to you from staff on this unit during their specified consultation hours. In special circumstances, an appointment may be made outside regular consultation hours. Staff will not conduct any consultations by e-mail. You may, however, phone staff during their consultation hours.

· Other ways of contacting staff

The most effective way for students to contact staff is via email. Students experiencing significant difficulties with any topic in the unit are strongly encouraged to seek assistance immediately.

Classes

· There are 3 hours of contact for learning per week consisting of 1 x 3 hour seminar (lecture and tutorial).

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. 

Required and Recommended texts and/or materials

The required textbook for this unit is Custom Publication for ACCG8123 for Macquarie University. You must have access to this resource prior to the start of the session, as 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 some online retailers (e.g., Booktopia) 

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

Other Course Materials:

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.

Technology Used and Required

You will need basic skills with Microsoft Word, Microsoft Excel and Microsoft PowerPoint. The research report e-copy can be submitted in Word or PDF. You will also be required to access the Internet in order to conduct research and Macquarie University’s iLearn teaching facility (refer to the detail contained below in Unit Web Page).

Unit Web Page

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-date information about this unit. The unit website is available via the link below:  https://ilearn.mq.edu.au/login/MQ/

Students need to have username and password to access the unit website. 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

Unit Schedule

SUMMARY OF ACCG 8123 PROGRAM: SESSION 2 - 2025

 

Week

Commencing

Topic

1

July 28

Introduction

Revision of the fundamentals of Accounting Systems and Processes

2

Aug 4

Implementation of Revised Conceptual Framework including the elements of financial statements

Nature and regulation of companies

3

Aug 11

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

4

Aug 18

Accounting for Intangible Assets

5

Aug 25

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

6

Sep 1

Accounting for leases

7

Sep 8

Class Test

8

Sep 15

Accounting for Revenue

 

 

Sept 22nd to Oct 5th: MID-SESSION BREAK (2 Weeks Break)

9

Oct 6

Preparation and presentation of company financial statements (Research report)

10

Oct 13

Cash flow statements I

11

Oct 20

Cash flow statements II

12

Oct 27

Theoretical principles underlying accounting practice

Current national and international developments in Financial Reporting & Alternative Reporting Frameworks

13

Nov 3

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/

Academic Success

Academic Success 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 2025.04 of the Handbook