Students
ACCG8123 – Financial Reporting Standards and Practice
2026 – 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
Meiting Lu
Contact via meiting.lu@mq.edu.au
E4A 316
TBA
Moderator
Carmel Emanuel
Contact via ACCG8123@mq.edu.au
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|---|---|
| Credit points |
Credit points
10
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| Prerequisites |
Prerequisites
(Admission to GradCertAccgPrac or GradDipAccgPrac) or ACCG6011
|
| Corequisites |
Corequisites
|
| Co-badged status |
Co-badged status
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| 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
Details about each assessment task will be available on iLearn.
Late Submission Penalties
If you submit your assessment late, 5% of the total possible marks will be deducted for each day (including weekends), up to 7 days. Submissions more than 7 days late will receive a mark of 0.
Example 1 (out of 100):
If you score 85/100 but submit 20 hours late, you will lose 5 marks and receive 80/100.
Example 2 (out of 30):
If you score 27/30 but submit 20 hours late, you will lose 1.5 marks and receive 25.5/30.
Extensions
Automatic short extension: Some assessments are eligible for automatic short extension. You can only apply for an automatic short extension before the due date.
Special Consideration: If you need more time due to serious issues and for any assessments that are not eligible for Short Extension, you must apply for Special Consideration. Need help? Review the Special Consideration page for further details.
Assessment Tasks
| Name | Weighting | Hurdle | Due | Groupwork/Individual | Short Extension | AI assisted? |
|---|---|---|---|---|---|---|
| Skills Development: Test | 30% | No | Week 7 | Individual | No | Open AI |
| Professional practice: Business report | 20% | No | Week 9 | Group | No | Open AI |
| Formal examination | 50% | No | Exam Period | Individual | No | Observed |
Skills Development: Test
Assessment Type 1: Problem-based task
Indicative Time on Task 2: 25 hours
Due: Week 7
Weighting: 30%
Groupwork/Individual: Individual
Short extension 3: No
AI assisted?: Open AI
This assessment is to be completed as an individual task. It is an open-book, uninvigilated assessment undertaken independently by each student. Students may use AI tools in an unobserved manner, provided all use complies with Macquarie University’s Academic Integrity Policy.
Purpose of the Assessment
This assessment is designed to develop and evaluate your understanding of key topics covered in Weeks 1 to 5 of the unit through application to practical accounting scenarios. You will complete a problem-based task that requires you to apply financial reporting standards and the conceptual framework to business transactions and to analyse financial information in a professional context.
You will be asked to respond to a combination of short-answer and problem-solving questions that assess both your conceptual understanding and your technical competence.
Skills in focus:
- Discipline knowledge
- Critical thinking and problem solving
Deliverable(s): Written submission
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: Professional task
Indicative Time on Task 2: 30 hours
Due: Week 9
Weighting: 20%
Groupwork/Individual: Group
Short extension 3: No
AI assisted?: Open AI
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 and problem solving
- Discipline knowledge
- Communication skills
- Collaboration skills
- Work readiness
Deliverable(s): Business report [max 2500 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
Formal examination
Assessment Type 1: Examination
Indicative Time on Task 2: 30 hours
Due: Exam Period
Weighting: 50%
Groupwork/Individual: Individual
Short extension 3: No
AI assisted?: Observed
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(s): 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.
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.
3 An automatic short extension is available for some assessments. Apply through the Service Connect Portal.
Delivery and Resources
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 1 - 2026
|
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 |
|
|
6 to 19 April : MID-SESSION BREAK (2 Weeks Break) |
|
7 |
Class Test |
|
8 |
Accounting for Revenue |
|
9 |
Preparation and presentation of company financial statements (Research report) |
|
10 |
Cash flow statements I |
|
11 |
Cash flow statements II |
|
12 |
Theoretical principles underlying accounting practice Current national and international developments in Financial Reporting & Alternative Reporting Frameworks |
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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:
- Academic Appeals Policy
- Academic Integrity Policy
- Academic Progression Policy
- Assessment Policy
- Fitness to Practice Procedure
- Assessment Procedure
- Complaints Resolution Procedure for Students and Members of the Public
- Special Consideration Policy
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.
- Workshops
- Chat with a WriteWISE peer writing leader
- Access StudyWISE
- Upload an assignment to Studiosity
- Complete the Academic Integrity Module
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:
- IT Support
- Accessibility and disability support with study
- Mental health support
- Safety support to respond to bullying, harassment, sexual harassment and sexual assault
- Social support including information about finances, tenancy and legal issues
- Student Advocacy provides independent advice on MQ policies, procedures, and processes
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 2026.02 of the Handbook