Students

ACCG907 – CPA - Financial Reporting and Disclosure

2019 – S1 Day

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Damian Bridge
Conultation hours: as advised under the "Consultation times" tab on iLearn
Moderator
Parmod Chand
n/a
Head of Department
Rahat Munir
n/a
Credit points Credit points
4
Prerequisites Prerequisites
(Admission to MAdvProfAcc and 4cp at 800 level) or (16cp at 600 level and ACCG921 and ACCG923 and ACCG926 and ((AFIN858 and ACCG922) or (admission to (MAccg(Adv) or MAccg))
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description
This unit is completed whilst the student is enrolled in the Financial Reporting and Disclosure segment of the CPA program. This unit is designed to provide students with an advanced knowledge of selected (financial reporting and disclosure) accounting standards, financial reporting requirements, technical accounting expertise, and business skills and values that are applicable in a professional and global environment. The unit also develops generic and specific professional skills such as report writing and effective communication skills.

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:

  • Understand the application and basis of selected IFRSs and apply IFRSs including the Conceptual Framework in the preparation of general purpose financial statements
  • Comprehend and explain details relating to general purpose financial statements
  • Facilitate the preparation of general purpose financial statements
  • Display effective financial analytical skills
  • Communicate technical issues to management

Assessment Tasks

Name Weighting Hurdle Due
1. Assessed coursework 20% No Various
Class Test 30% No TBA
3. Final Examination 30% No 10 April - 30 April
4. Written Report 20% No Friday 17th May

1. Assessed coursework

Due: Various
Weighting: 20%

In Class Quizzes (15%)

Assessed coursework tasks will be held during normal class time in the weeks beginning 4th February, 25th February and 18th March.  Each assessed coursework task will be marked out of 10 and will consist of 10 multiple choice questions (each worth one mark).  Each quiz is worth 5%.

Topics to be covered are as follows:

- Task #1 (week beginning 4th February) Modules 1 & 4 of CPA segment materials

- Task #2 (Week beginning 25th February) Modules 5 & 6 of CPA segment materials

- Task #3 (Week beginning 18th March)  Modules 2 & 3 of CPA segment materials 

 

Submission:

All responses to multiple choice and written questions are to be made on the paper that is issued to you and returned at the completion of the allocated time.

Students will be allocated 30 minutes at the commencement of the lecture and will be required to complete these questions individually.  Students are permitted to refer to hard copy course materials. Access to electronic devices during the assessments tasks are not permitted.

Each multiple choice question will be marked on the basis of a correct response being worth one mark and an incorrect response or a blank response being worth zero.  There are no negative marks for incorrect answers.  

You must attempt each assessed coursework in your registered lecture.

Extension

No extension will be granted. There is no supplementary coursework task if you are absent. 

Penalties

There will be a zero mark for non-attendance unless an application is approved under the Special Consideration Policy in accordance with university rules.  Approval under the Disruption to Studies Policy will result in an increase in the weighting of the marks allocated to other assessed coursework tasks.

It is expected that students will spend approximately 5 hours preparing for each assessed coursework task (approximately 18 hours in total for all three tasks).

You will receive marks online within one week of the quiz.

Quizzes will not be returned to students.

Peerwise (5%)

Peerwise task will be due 5pm Friday 22nd March - 5pm

Submission:

To receive the full 5% you will be required to 

  • Create 5 unique and original multiple choice questions
  • Assess 5 multiple choice questions created by other students
  • Answer 20 multiple choice questions

Failure to meet these requirements will result in a prorated grade.

Extension

No extension will be granted. There is no supplementary coursework task if you do not submit. 

Penalties

There will be a zero mark for non-completion unless an application is approved under the Special Consideration Policy in accordance with university rules.  Approval under the Disruption to Studies Policy will result in an increase in the weighting of the marks allocated to other assessed coursework tasks.

It is expected that students will spend approximately 3 hours preparing for each assessed coursework task (approximately 18 hours in total for all three tasks).

 

 

 

 

 


On successful completion you will be able to:
  • Understand the application and basis of selected IFRSs and apply IFRSs including the Conceptual Framework in the preparation of general purpose financial statements
  • Comprehend and explain details relating to general purpose financial statements
  • Facilitate the preparation of general purpose financial statements
  • Display effective financial analytical skills
  • Communicate technical issues to management

Class Test

Due: TBA
Weighting: 30%

A class test has been provisionally set for the week beginning 25 March (to be confirmed). The 3 hour (plus 15 mins reading time) class test will be conducted as an invigilated exam in a computer lab at a time to be advised. Once confirmed, the date, time and venue will be advised in class and on iLearn. It is possible that the planned date may change depending on internal examination logistics at Macquarie University. You will be given adequate advance notice in classes and on iLearn, prior to the exam, regarding the actual date and time.

The class test has been designed to mirror the format of the CPA Australia Financial Reporting exam as closely as possible. The class test will be marked out of 60 and will consist of 42 multiple choice questions (each worth 1 mark) and also short answer style (total of 18 marks). The examination will cover Modules 1 to 7. The class test will be an open book test, conducted under similar conditions as the CPA Australia final exam.

Submission

Each multiple choice question will be marked on the basis of a correct response being worth one mark and an incorrect response or a blank response being worth zero. There are no negative marks for incorrect answers. The written answers will be marked on the basis of a marking “grid” to be prepared in relation to the problems (yet to be written).

The class test itself involves 3 hours and 15 minutes of student time. Study for the class test is based on all weeks of learning and appropriate levels of study. In total, preparation time can be considered to involve 60 hours of work.

You must attempt the class test at the designated time.

Extension

No extension will be granted. There is no supplementary test if you are absent.

Penalties

There will be a zero mark for non-attendance unless an application is approved under the Special Consideration Policy in accordance with university rules. Approval under the Special Consideration Policy will result in the sitting of a supplementary examination at a date to be determined by the Unit Convenor.


On successful completion you will be able to:
  • Understand the application and basis of selected IFRSs and apply IFRSs including the Conceptual Framework in the preparation of general purpose financial statements
  • Facilitate the preparation of general purpose financial statements
  • Display effective financial analytical skills
  • Communicate technical issues to management

3. Final Examination

Due: 10 April - 30 April
Weighting: 30%

 The CPA Examination period is scheduled by CPA Australia.  CPA Australia has advised that the examination is a three hour (plus 15 minutes reading time) open book examination consisting of multiple choice questions worth approximately 65% of the marks and written responses worth the remaining approximately 35%.  In previous offerings of this segment by CPA Australia the examination has been marked out of a total of 60 marks, with 42 marks being allocated to multiple choice questions and the other 18 marks being allocated to written questions.

Submission

As prescribed by CPA Australia under its formal examination rules, CPA candidates are required to complete of a Multiple Choice Response Sheet relating to a range of Multiple Choice Questions and also complete written answers to questions relating to problem provided in the exam.

Students are advised that the CPA examination is conducted by CPA Australia and in accordance with their rules and regulations.  It is the responsibility of students to be aware of the rules and requirements of CPA Australia, as well as the venue and time for the examination.

As a student enrolled in the CPA Program YOU are responsible for ensuring that you are in possession of the latest CPA Australia information.  The CPA Australia website with exam information is at http://www.cpaaustralia.com.au/cpa-program/professional-level/exams.  Please note that ANY AND ALL QUERIES regarding the CPA Australia exams and choices must be made by you to CPA Australia. 

The exam itself involves 3.25 hours of student time.  Study for the exam is based on 11 full weeks of learning and appropriate levels of study.  In total, preparation time can be considered to involve 100 – 120 hours of work (including all learning and study undertaken to date).

As outlined above this assessment task will be conducted as prescribed by CPA Australia under its formal examination rules.  These are stated to all CPA Australia candidates and to Macquarie University in a general form that is common to all CPA Australia professional program examination candidates wherever they may be sitting exams anywhere across Australia or internationally.  CPA Australia advises that the CPA Australia Exam examines all parts of the CPA Australia Study Guide (and other content clearly advised by CPA Australia – including International Financial Reporting Standards as advised by CPA Australia).  Accordingly, this assessment task evaluates each student’s ability to demonstrate an understanding and/or application of the values and issues that arise from Modules 1 to 7.

The marking standards are as applied by CPA Australia under its formal examination rules.  These are not stated to Macquarie University in detail but are common to all CPA Australia professional program examination candidates wherever they may be sitting exams anywhere across Australia or internationally.  CPA Australia awards grades of Fail, Pass, Credit, Distinction and High Distinction.  CPA Australia advises that a mark lower than 60% is a Fail Grade. 

CPA Grades are converted by Macquarie University to a mark out of 30 as follows:  CPA Pass Grade 18 out of 30 (60%); CPA Credit Grade 21 out of 30 (70%); CPA Distinction Grade 24 out of 30 (80%); CPA High Distinction Grade 27 out of 30 (90%).            

Where a student fails the CPA Australia exam they cannot Pass ACCG907 in the current Session.  Where such a Student has attained at least 35 marks (50%) of the Macquarie University Assessment items (ie excluding assessment task 3, the CPA Australia Final Exam) students may be awarded an Incomplete grade pending successful completion of the CPA Financial Reporting Exam.  Where students do not attain at least 35 marks for the Macquarie University Assessment an overall Fail grade may apply.

Extension

In the event that you do not attend the CPA Australia examination you will be subject to the rules applicable to CPA Australia candidature. These rules are those of CPA Australia and students should consult directly with CPA Australia.

Penalties

Non-attendance at the CPA Australia examination will result in a mark of zero unless rules applicable to CPA Australia candidature may provide an alternative outcome.  These rules are those of CPA Australia and students should consult direct with CPA Australia.

 


On successful completion you will be able to:
  • Understand the application and basis of selected IFRSs and apply IFRSs including the Conceptual Framework in the preparation of general purpose financial statements
  • Comprehend and explain details relating to general purpose financial statements
  • Facilitate the preparation of general purpose financial statements
  • Display effective financial analytical skills
  • Communicate technical issues to management

4. Written Report

Due: Friday 17th May
Weighting: 20%

This assessment task will require groups of students to review an entity’s financial statements for evidence of compliance with select accounting standard disclosures.  Specific details of the requirements of the report will be made available on iLearn.  A formal Assessment Sheet providing all marking criteria will be posted along with the assignment requirements.

Groups will be required to present a brief presentation (10mins) detailing with their major findings.  These will be conducted in class 13 and serve as feedback in the completion of the assignment.  This is worth 10% of the overall grade. (10% for the report). Strict time limits for presentations will be enforced.

Submission

The report is due on Friday 17th May by 5.00pm and must be submitted electronically through iLearn.  Specific instructions on how to submit the report will be included within the assignment requirements.

The marks for this report will be split between the validity of the technical content and the appropriateness of the communication performed. You will receive feedback on the format and content of your report electronically through iLearn no later than Friday 7th June.

It is expected that this task will take approximately 12 hours to complete.

Each group member will receive their individual marks for the presentation component and the same mark for the written component unless the group indicates otherwise. It is the students’ responsibility to make sure that workloads are distributed properly.

Extension

No extension will be granted.

Penalties

The penalty for late submission is 10% (two marks) per day (or part thereof) that your report is submitted late.  This penalty does not apply for cases in which an application for Special Consideration is made and approved.

 


On successful completion you will be able to:
  • Understand the application and basis of selected IFRSs and apply IFRSs including the Conceptual Framework in the preparation of general purpose financial statements
  • Comprehend and explain details relating to general purpose financial statements
  • Facilitate the preparation of general purpose financial statements
  • Display effective financial analytical skills
  • Communicate technical issues to management

Delivery and Resources

Classes 

The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/

You MUST attend the class in which you are enrolled. 

Required and Recommended Texts and/or Materials

Prescribed  Reference  Materials

CPA Program: CPA 115 Financial Reporting, Deakin University, Geelong, January 2018 – provided by CPA Australia

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

Recommended  Reference  Materials

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

-        CPA Program: Financial Reporting Student Support Notes, BPP Learning Media Limited, January 2018 – available on iLearn

-        Picker, Leo, Loftus, Wise, Clark, Alfredson  Applying   International   Financial Reporting  Standards, 3rd  edition. John Wiley & Sons Australia Ltd, (2013).

-        Leo,   K.,   Hoggett,   J.,   Sweeting,   J   and   Radford   J.,Company    Accounting    In Australia,  10th  edition, John Wiley & Sons Australia Ltd (2015).

Students will be required to use library resources to research beyond these materials in undertaking research necessary to complete their written presentation assignment.

The CPA Australia course materials have a reference list at the end of each module containing all references cited by the author. These provide some guidance to references that could be used to research an assignment on a particular issue.

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 weekly for a 3 hour lecture during the session. All scheduled classes are compulsory. In between classes, students are required to work through the relevant module(s) in the CPA program, CPA115 segment module, as well as work on assessment tasks.

Students are expected to fully study the course material and recommended readings of each CPA Module. You are encouraged to properly construct your own notes based on your reading, any additional comments, and supplements.

Each class will consist of an overview and discussion of the main content, concepts and issues from the relevant CPA Australia Module topics. In addition, other activities will take place that seek to enhance and enrich understanding of the content, the readings and any accounting standards related to each module. This will include working through questions in the CPA material and discussing articles or actual financial statements that help demonstrate the topic more fully.

Students will be provided with materials related to the topic by the lecturer (which will be placed on iLearn), however it is important to understand that these are only intended to be used as an overview and guide.

Technology Used and Required

Students will need access to Microsoft Excel, Word and Powerpoint to enable completion of various assessment tasks throughout the session.

 

In addition students will require access to the internet, including specifically access to iLearn.

 

 

 

 

 

 

Unit Schedule

Week

Week Beginning

 Topic/Content

 

1

28 January

  • Introduction of Unit
  • Module 1: The role and importance of financial reporting

2

Saturday 

2 February

  • Module 4: Income
  • Location:23WW T1 Theatre
  • Time 2pm – 5pm

Note: This is a Saturday and compulsory for all classes.

3

4 February

  • Assessed coursework #1: Modules 1&4 (5%)
  • Module 5: Business Combinations and group accounting (part I)

4

Saturday 

9 February

  • Module 5: Business Combinations and group accounting (part II)
  • Location:23WW T1 Theatre
  • Time 2pm – 5pm

Note: This is a Saturday and compulsory for all classes.

 

5

11 February

  • Module 6: Financial instruments (Part 1)

6

18 February

  • Module 6: Financial instruments (Part 2)

7

25 February

  • Assessed coursework #2: Modules 5&6 (5%)
  • Module 3: Revenue, provisions, contingent liabilities and contingent assets (Part 1)

8

4 March

  • Module 3: Revenue, provisions, contingent liabilities and contingent assets (Part 2)

9

11 March

  • Module 2: Presentation of financial statements

10

18 March

  • Assessed coursework #3: Modules 2&3 (5%)
  • Module 7: Impairment of Assets

11

25 March

  • Class test - Modules 1 to 7 inclusive

Date to be confirmed.

12

1 April

  • Final CPA exam preparation session.
  • Feedback for class test.
  • Exam Techniques
 

10 April - 30 April

  • CPA Exam Period

13

6 May

  • Report Presentation

13

13 May

  • Report Presentation (If Required)

 

 

 

 

 

 

 

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Undergraduate students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/study/getting-started/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

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Learning Skills

Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.

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

For all student enquiries, visit Student Connect at ask.mq.edu.au

If you are a Global MBA student contact globalmba.support@mq.edu.au

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.

Graduate Capabilities

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

  • Comprehend and explain details relating to general purpose financial statements
  • Facilitate the preparation of general purpose financial statements
  • Display effective financial analytical skills
  • Communicate technical issues to management

Assessment tasks

  • 1. Assessed coursework
  • Class Test
  • 3. Final Examination
  • 4. Written Report

PG - Discipline Knowledge and Skills

Our postgraduates will be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.

This graduate capability is supported by:

Learning outcomes

  • Understand the application and basis of selected IFRSs and apply IFRSs including the Conceptual Framework in the preparation of general purpose financial statements
  • Comprehend and explain details relating to general purpose financial statements
  • Facilitate the preparation of general purpose financial statements
  • Display effective financial analytical skills
  • Communicate technical issues to management

Assessment tasks

  • 1. Assessed coursework
  • Class Test
  • 3. Final Examination
  • 4. Written Report

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

  • Understand the application and basis of selected IFRSs and apply IFRSs including the Conceptual Framework in the preparation of general purpose financial statements
  • Facilitate the preparation of general purpose financial statements
  • Display effective financial analytical skills
  • Communicate technical issues to management

Assessment tasks

  • 1. Assessed coursework
  • Class Test
  • 3. Final Examination
  • 4. Written Report

Research & Practice, Global & Sustainability

This unit gives you opportunities to conduct your own research and gives you practice in applying research findings in the report that will be written as one of your assessment tasks. Students will be required to use IFRS accounting standards to research beyond these materials in undertaking research necessary to complete their tasks.

The unit also applies global contexts through the application of IFRS the IASB Conceptual Framework for accounting.

We promote sustainability by developing an ability in students to research and locate information in IFRS accounting standards.  By doing so we aim to provide students with an opportunity to obtain skills which will benefit them throughout their careers.

The unit materials have a reference list at the end of each chapter/module/text containing all references cited by the author. These provide some guidance to references that could be used to research particular issues.