Students

ACCG872 – Advanced Financial Reporting

2013 – S1 Evening

General Information

Download as PDF
Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Keith Reilly
keith.reilly@mq.edu.au
Contact via keith.reilly@mq.edu.au
Wed 5pm - 6pm
Credit points Credit points
4
Prerequisites Prerequisites
ACCG612 or ACCG926 or admission to MCorpGvnce prior to 2013 or admission to MCom or MIntBus or MEc or MActPrac prior to 2011
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description
This advanced financial accounting unit provides an in-depth examination of the corporate reporting and governance framework in Australia. In particular, it examines the role of institutions that influence the timing and content of financial reporting in Australia, as well as the financial reporting obligations imposed by the Corporations Act 2001 (Cth). The role of corporate governance is a particular focus of the unit, and the Australian Stock Exchange's Corporate Governance Principles and Recommendations 2010 will be considered in detail. Finally, a number of important Australian/International accounting standards dealing with disclosure will be reviewed.

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:

  • Apply known non-financial reporting requirements, and guidance in the Australian and global context
  • Discuss the challenges of international convergence, harmonisation and adoption of accounting standards
  • Understand the merits of tiered financial reporting and apply the differing needs of users and preparers of financial reports
  • Evaluate references from web sites which provide current and future reporting requirements
  • Develop research skills to articulate clearly well-reasoned solutions and conclusions on topics examined in the unit.

Assessment Tasks

Name Weighting Due
Class Presentation 10% Over the Semester
Mid-session Examination 15% 10 April 2013
Research Assignment 15% 15 May 2013
Final Examination 60% June 2013

Class Presentation

Due: Over the Semester
Weighting: 10%

 

During the semester, each student will be allocated an assignment question and will be required to present their answer to the class. The presentation will be graded out of 5 marks. Marks will be determined based on both the technical correctness of the answer and on the quality of the presentation.

 
On successful completion you will be able to:
  • Apply known non-financial reporting requirements, and guidance in the Australian and global context
  • Discuss the challenges of international convergence, harmonisation and adoption of accounting standards
  • Understand the merits of tiered financial reporting and apply the differing needs of users and preparers of financial reports
  • Evaluate references from web sites which provide current and future reporting requirements
  • Develop research skills to articulate clearly well-reasoned solutions and conclusions on topics examined in the unit.

Mid-session Examination

Due: 10 April 2013
Weighting: 15%

 

A mid-session examination will be held during the class on Wednesday 10 April 2013. All topics up to and including the topic for the class of 3 April 2013 are examinable. Further information regarding the format of the mid-semester exam will be provided in class. There will be no supplementary mid-session examination. Therefore, absence from the mid-session examination will, upon receipt of adequate documentation of misadventure or illness, increase the weighting on the final examination to 65%. You must lodge an Advice of Absence form with the Student Centre within 7 days after the mid-semester exam and you must provide documentary evidence (e.g. medical certificate) to support your absence.

 
On successful completion you will be able to:
  • Apply known non-financial reporting requirements, and guidance in the Australian and global context
  • Understand the merits of tiered financial reporting and apply the differing needs of users and preparers of financial reports

Research Assignment

Due: 15 May 2013
Weighting: 15%

 

A Research Assignment of 2000 words is to be prepared over Weeks 8 and 9 and is due at the start of class in Week 10, 15 May 2013. This Research Assignment is worth 10 marks and it is designed to have the students consider a solution to a current topical issue being the relevance of a single set of global accounting standards. Marks will be awarded on the quality of the answers.

 
On successful completion you will be able to:
  • Discuss the challenges of international convergence, harmonisation and adoption of accounting standards
  • Evaluate references from web sites which provide current and future reporting requirements
  • Develop research skills to articulate clearly well-reasoned solutions and conclusions on topics examined in the unit.

Final Examination

Due: June 2013
Weighting: 60%

 

A final examination is included as an assessment task for this unit to provide assurance that:

i)  the product belongs to the student, and

ii)  the student has attained the knowledge and skills tested in the exam.

 

To pass the unit a student must pass the final examination and achieve a passing grade in their overall marks.


The final examination for this unit will be held during the University Examination period. The University Examination period in the first semester 2013 is in June 2013. More information about the final examination will be provided later in the

 

semester.

 
On successful completion you will be able to:
  • Apply known non-financial reporting requirements, and guidance in the Australian and global context
  • Discuss the challenges of international convergence, harmonisation and adoption of accounting standards
  • Understand the merits of tiered financial reporting and apply the differing needs of users and preparers of financial reports

Delivery and Resources

 

Classes

The unit requires 3 hours of face-to-face teaching per week (Wednesday from 6 pm to 9 pm). The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/

 

Required and Recommended texts and/or materials

Resource materials are mostly web based with additional references such as scholarly papers, and will be advised during the class. A useful reference is: Picker, Leo, Loftus, Clark and Wise, Australian Accounting Standards, 2nd Edition, 2009. Copies of the Picker text are available in the reserve section of the library.



Technology Used and Required

Students require access to the internet. Materials and announcements will be posted to the Unit’s iLearn web page. Students are required to conduct their own research and as such, they should be familiar with library databases.Students are required to use Microsoft Word.

 

Unit web page

Course material is available on the learning management system iLearn. ILearn is a program available at http://ilearn.mq.edu.au/through which students will have access to resources to assist them throughout the semester. The following information will be available on iLearn: Unit Outline Lecture and seminar slides (these will be available prior to the lectures and seminars, the Monday of the week before the class) Information on assessments

 

Unit Schedule

 

 

 

WEEK

DATE

TOPIC

1

27 February

Australian Regulatory Regime Overview which includes: Corporations Act, FRC, IASB, AASB, AUASB, ASX, ASIC, ACNC, APRA, ATO, APESB, IFAC, JAB, and the major global accounting firms

2

6 March

The specific role of the Corporations Act 2001 in Financial Reporting including who is required to report, compliance with accounting standards, true & fair view, auditing requirements, lodgement, and ASIC

3

13 March

Corporate Governance Overview globally and locally including compliance, proposed amendments, and Integrated Reporting

4

20 March

 

ASX Corporate Governance Principles 1 (management & oversight), 2 (board to add value), 3 (ethical & responsible decision-making) and 4 (integrity in financial reporting)

5

27 March

ASX Corporate Governance Principles 2010 Principles 5 (timely & balanced disclosure), 6 (rights of shareholders), 7 (risk) and 8 remuneration)

6

3 April

Accounting Standards AASB 1- 1054 Application: Reporting & Non-Reporting, AASB 1053 Tiering, RDR, IFRS for SMEs, and Not-for-Profits (NFPs)

7

10 April

Mid Semester Exam 1 hour

Convergence of Accounting Standards globally – International Accounting Standards Board’s International Financial Reporting Standards (IFRS) and US Financial Accounting Standards Board

 

17 April

Mid-Semester break

 

24 April

Mid-Semester break

8

1 May

Research Assignment – Global accounting standards - Myth or Reality?

9

8 May

Research Assignment – Global accounting standards - Myth or Reality? (continued)

10

15 May

Review Mid Semester Exam

Accounting Standard AASB 101 & IAS 1 Presentation of Financial Statements

Accounting Standard AASB 108 & IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

11

22 May

Review Research Assignment

Accounting Standard AASB 110 & IAS 10 Events after the reporting period

Accounting Standard AASB 118 & IAS 18 Revenue

12

29 May

Accounting Standard AASB 10 & IFRS 10 Consolidated Financial Statements

13

5 June

Revision of Course

 

TBA

Final Exam

 

 

 

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:

Academic Honesty Policy http://www.mq.edu.au/policy/docs/academic_honesty/policy.html

Assessment Policy  http://www.mq.edu.au/policy/docs/assessment/policy.html

Grading Policy http://www.mq.edu.au/policy/docs/grading/policy.html

Grade Appeal Policy http://www.mq.edu.au/policy/docs/gradeappeal/policy.html

Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html

Special Consideration Policy http://www.mq.edu.au/policy/docs/special_consideration/policy.html

In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.

Grades

Macquarie University uses the following grades in coursework units of study:

  • HD - High Distinction
  • D - Distinction
  • CR - Credit
  • P - Pass
  • F - Fail

Grade descriptors and other information concerning grading are contained in the Macquarie University Grading Policy which is available at:

http://www.mq.edu.au/policy/docs/grading/policy.html

Grading Appeals and Final Examination Script Viewing

If, at the conclusion of the unit, you have performed below expectations, and are considering lodging an appeal of grade and/or viewing your final exam script please refer to the following website which provides information about these processes and the cut off dates in the first instance. Please read the instructions provided concerning what constitutes a valid grounds for appeal before appealing your grade.

http://www.businessandeconomics.mq.edu.au/new_and_current_students/undergraduate_current_students/how_do_i/grade_appeals/

Student Support

Macquarie University provides a range of Academic Student Support Services. Details of these services can be accessed at: http://students.mq.edu.au/support/

UniWISE provides:

  • Online learning resources and academic skills workshops http://www.students.mq.edu.au/support/learning_skills/
  • Personal assistance with your learning & study related questions.
  • The Learning Help Desk is located in the Library foyer (level 2).
  • Online and on-campus orientation events run by Mentors@Macquarie.

Student Services and Support

Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.

Student Enquiries

Details of these services can be accessed at http://www.student.mq.edu.au/ses/.

IT Help

If you wish to receive IT help, we would be glad to assist you at http://informatics.mq.edu.au/help/. 

When using the university's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students and it outlines what can be done.

Graduate Capabilities

PG - Critical, Analytical and Integrative Thinking

Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.

This graduate capability is supported by:

Learning outcomes

  • Apply known non-financial reporting requirements, and guidance in the Australian and global context
  • Discuss the challenges of international convergence, harmonisation and adoption of accounting standards
  • Understand the merits of tiered financial reporting and apply the differing needs of users and preparers of financial reports
  • Evaluate references from web sites which provide current and future reporting requirements

Assessment tasks

  • Class Presentation
  • Mid-session Examination
  • Research Assignment
  • Final Examination

PG - Research and Problem Solving Capability

Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.

This graduate capability is supported by:

Learning outcomes

  • Apply known non-financial reporting requirements, and guidance in the Australian and global context
  • Discuss the challenges of international convergence, harmonisation and adoption of accounting standards
  • Understand the merits of tiered financial reporting and apply the differing needs of users and preparers of financial reports
  • Evaluate references from web sites which provide current and future reporting requirements
  • Develop research skills to articulate clearly well-reasoned solutions and conclusions on topics examined in the unit.

Assessment tasks

  • Class Presentation
  • Mid-session Examination
  • Research Assignment
  • Final Examination

PG - Capable of Professional and Personal Judgment and Initiative

Our postgraduates will demonstrate a high standard of discernment and common sense in their professional and personal judgment. They will have the ability to make informed choices and decisions that reflect both the nature of their professional work and their personal perspectives.

This graduate capability is supported by:

Learning outcomes

  • Discuss the challenges of international convergence, harmonisation and adoption of accounting standards
  • Understand the merits of tiered financial reporting and apply the differing needs of users and preparers of financial reports
  • Develop research skills to articulate clearly well-reasoned solutions and conclusions on topics examined in the unit.

Assessment tasks

  • Mid-session Examination
  • Research Assignment
  • Final Examination

Changes since First Published

Date Description
18/01/2013 The Prerequisites was updated.