Students

ACCG612 – Intermediate Financial Accounting

2019 – S1 Day

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Rajni Mala
Contact via accg612@mq.edu.au
4ER 314
Thursday 1 - 3pm
Unit Moderator
Meiting Lu
Contact via accg612@mq.edu.au
4ER 242
Teaching Assistant
Claudia Chau
Contact via accg612@mq.edu.au
4ER 350B
Lecturer
Tasneem Husain
Contact via accg612@mq.edu.au
Credit points Credit points
4
Prerequisites Prerequisites
ACCG611
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description
This unit examines advanced topics relating to accounting standards, practice and financial reporting. The general purpose of financial reporting framework is examined from the perspective of a single incorporated entity. Based on International Financial Reporting Standards (IFRS) and their Australian equivalents (AASB), topics include the regulatory and conceptual foundations of financial reporting, revenue and expense cycle, recognition, measurement, revaluation and impairment of different types of assets (including intangible assets); accounting for leases; and the construction of a complete set of financial statements, including the statement of cash flows. This unit develops graduate capabilities centred upon critical, analytical and integrative thinking, research and problem solving capability and develop students' ability to make professional and personal judgments.

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:

  • Explain the regulatory environment for financial reporting including the conceptual framework by employing appropriate theories underlying accounting practice.
  • Apply the rules of International Financial Reporting Standards (IFRS) and their Australian equivalents (AASB) to selected financial transactions and events, and prepare a complete set of financial statements based on both accrual and cash accounting and also have an understanding on alternative reporting framework.
  • Explain the concept of company accounting in relation to equity and debt financing.
  • Demonstrate critical thinking and communication skills through written assignments and presentations.
  • Reflect on the knowledge and skills obtained and demonstrate the acquisition of a comprehensive understanding of the topics

General Assessment Information

To be eligible for special consideration regarding any of the assessment tasks below, you must notify the University of a serious and unavoidable disruption of your studies within five (5) working days of the commencement of the disruption (special consideration notification). All special consideration notifications are to be made online via the University’s Ask MQ system. You are required to follow the special consideration Policy and all related documents.

For other important policies and procedure concerning the assessment tasks see below 'Policies and Procedures'.

Assessment Tasks

Name Weighting Hurdle Due
Participation 15% No Ongoing (weeks 3 - 13)
In-Class Test 15% No Week 6
Report & Presentation 20% No Week 8 and week 9
Final Examination 50% No University Examination Period

Participation

Due: Ongoing (weeks 3 - 13)
Weighting: 15%

a. Class Participation

Task Description:

During the session, you are required to actively participate in every tutorial class which start in week 2 by having thoroughly prepared the pre-set homework questions, attending the classes on time, showing engagement and professional behaviour throughout the classes, voluntarily presenting your homework to the class and responding to the tutor’s or other students’ questions and contributions, and discussing issues beyond the pre-set tutorial questions.

From week 3 through to week 13 (in total for eleven classes) your tutor will assess your participation during each class. To determine the marks to be awarded, your tutor will apply assessment rubrics which are available on the ACCG612 iLearn webpage.

Type of Collaboration: Individual assessment Submission:  Weekly class participation  Format: Class participation assessed using a rubric Length: Two hours workshop Inherent Task Requirements: Please read the task description Late Submission: To allow for some flexibility and to accommodate any urgent work or personal commitments, you can miss one out of eleven classes without the need to apply for special consideration (one ‘free ride’). However, if you miss more than one class upto three classes you will be awarded zero marks for the week's Class Participation assessment unless you have applied for and been approved special consideration for the missed classes (for the required procedure see above 'General assessment information'). If you used the ‘free ride’ and/or special consideration was approved for all other missed classes your tutor will apply the aforementioned rubrics based on your attendances in the remaining classes. Additionally, please note if you miss more than three classes (including any ‘free ride’), and special consideration was approved for all absences (other than the ‘free ride’), you need to sit an oral examination conducted by the Unit Convenor to assess your ability regarding the understanding of the topics you missed. This is to ensure your learning towards the Final Examination considering the high number of absences from class.

 

The following table summarises the provisions for special consideration relating to Class Participation.

Number of missed classes (out of 11; week 3 to week 13)

Consequences

What to do to still receive a maximum of ten marks

Please note:   You are expected to attend all tutorial classes from week 2 through to week 13.

1

None, so-called ‘free ride’. Total marks for Class Participation will be based on your other 10 attendances.

You cannot miss another class without approved special consideration.

2 or 3

Zero marks for missed week's Class Participation.

Have approved special consideration for all missed classes (apart from the ‘free ride’). Total marks for Class Participation will then be based on your remaining attendances.

More than 3

Zero marks for missed week's Class Participation.

Have approved special consideration for all missed classes (apart from the ‘free ride’). Total marks for Class Participation will then be based on your remaining attendances (if any) and the outcome of an oral examination by the Unit Convenor covering the missed classes.

 

Reflective Learning Report (5%)

Task Description:

Students need to write a reflective learning report (850 - 1000 words) about their learning experiences during the session. The reflective learning report must be completed and submitted through Turnitin on iLearn by 6 pm,31st May. This report weights 5% towards to your total assessment.

Some possible suggestions to assist you in writing this report include:

  • Keep a learning log throughout the eleven weeks summarising your learning experiences in the unit. This should not focus solely on the content covered in the unit but more about what you have gained in relation to the learning outcomes and graduate capabilities as stated in the unit guide.
  • A critical appraisal on the learning objectives for this unit as stated in the unit guide.
  • A critical appraisal of the graduate capabilities and whether you believe these have been developed in yourself over the session.
  • You may comment on lectures, assessment and whether these assisted your learning.

The detailed requirements on the reflective learning report and the submission instruction will be provided on iLearn during the session.

Type of Collaboration: Individual assessment Submission:  By 6pm Friday week 12 Format: Please see the format once released Length: 850 - 1000 words   Inherent Task Requirements: Please read the task description Late Submission: A mark of ZERO will be assigned for late or non-submission unless a special consideration application is submitted and approved.     

 

      


On successful completion you will be able to:
  • Explain the regulatory environment for financial reporting including the conceptual framework by employing appropriate theories underlying accounting practice.
  • Apply the rules of International Financial Reporting Standards (IFRS) and their Australian equivalents (AASB) to selected financial transactions and events, and prepare a complete set of financial statements based on both accrual and cash accounting and also have an understanding on alternative reporting framework.
  • Explain the concept of company accounting in relation to equity and debt financing.
  • Reflect on the knowledge and skills obtained and demonstrate the acquisition of a comprehensive understanding of the topics

In-Class Test

Due: Week 6
Weighting: 15%

Task Description: During the session, one test will be conducted during the class time. The test is designed to give feedback as to your understanding of key topics and concepts of topics covered and to identify any particular learning challenges or areas of difficulty prior to the final examination. Students who achieve poor results in class test should consult teaching staff regarding strategies for improving their performance.  Type of Collaboration: Individual Assessment Submission:  The test will be conducted under closed book examination conditions. You can sit the test only in your registered class unless prior permission received in writing from the Unit Convenor.  Format: The tests may include multiple choice questions, true/false questions, problem solving exercises and short answer questions. Length: 75 minutes Inherent Task Requirements: Please read the task description Late Submission:

Extensions

No extensions will be granted. Students who have not attempted the class test will be awarded a mark of 0 for the test, except for cases in which an application for special consideration is made and approved in which case students will be given a supplementary test.

Penalties

Students who do not complete the class test in their registered class will be awarded a mark of ZERO for the task, except for cases in which an application for special consideration is made and approved.Students need to submit adequate documentation to the Unit Convenor in the case of misadventure or illness.


On successful completion you will be able to:
  • Explain the regulatory environment for financial reporting including the conceptual framework by employing appropriate theories underlying accounting practice.
  • Apply the rules of International Financial Reporting Standards (IFRS) and their Australian equivalents (AASB) to selected financial transactions and events, and prepare a complete set of financial statements based on both accrual and cash accounting and also have an understanding on alternative reporting framework.
  • Reflect on the knowledge and skills obtained and demonstrate the acquisition of a comprehensive understanding of the topics

Report & Presentation

Due: Week 8 and week 9
Weighting: 20%

ask Description:

1. Report

Due: 29/04/2019, 5pm

Weight: 15%

You are required to prepare an individual report.

The topic, detailed instructions and assessment criteria will be placed on the  ACCG612 iLearn webpage by week 4 and will be further explained in the lectures.

 

2. Presentation - Video Recording

Due: 6/5/2019, 5pm

Weight: 5%

In order to present your report, you are required to prepare a 4 minute of video oral presentation and upload on iLearn by the due date, 6/5/2019. The marking rubric of the oral presentation (will be provided later on iLearn) will provide additional guidance on this assessment.

Type of Collaboration: Individual assessment Submission: 

Research Report - by 5pm Monday of Week 8

You need to submit your work before the due date, 29/04/2019, 5pm, electronically through the ACCG612 iLearn webpage. It is your responsibility to make yourself familiar with the online submission procedure and to start this procedure early enough to complete it before the due date. It is highly recommended to allow at least 6 hours for the submission procedure in case you experience any technical issues. Submissions will be checked for plagiarism or 'copying' (within and across tutorial classes). Guilty parties (being the person/s who copied and the person/s who allowed the copying) will be subject to a procedure as outlined in the University's Academic Honesty Procedure. To avoid penalties like a fail for the whole unit (see for all potential penalties: Academic Dishonesty - Schedule of Penalties) make yourself familiar with the University's Academic Honesty Policy.

Oral Video Presentation - by 5pm Monday of Week 9

In order to present your report, you are required to prepare a 4 minute of video oral presentation and upload on iLearn by the due date, 6/5/2019. The marking rubric of the oral presentation (will be provided later on iLearn) will provide additional guidance on this assessment.

Format:

Research Report - Report Format

Oral Video Presentation - Please refer to the task description when released

Length: Please refer to the task description when released Inherent Task Requirements: Please refer to the task description when released Late Submission:

1. Report

Extensions

No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission – 20% penalty). This penalty does not apply for cases in which an application for special consideration is made and approved. 

Penalties

 Due to the nature of this assessment, any application to be considered for special consideration requires a serious and unavoidable disruption of at least three days. If you leave major parts of this task for the last couple of days any disruption is entirely at your risk.

2. Presentation - Video Recording

Extensions

No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission – 20% penalty). This penalty does not apply for cases in which an application for special consideration is made and approved

Penalties

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:
  • Demonstrate critical thinking and communication skills through written assignments and presentations.
  • Reflect on the knowledge and skills obtained and demonstrate the acquisition of a comprehensive understanding of the topics

Final Examination

Due: University Examination Period
Weighting: 50%

Task Description: For this assessment task, there will be a closed-book examination of 3 hours duration (plus 10 minutes reading time) to be sat during the end-of-session examination period. The paper will contain both practical and theory questions, based on the learning objectives of the unit. It will be marked out of a maximum of 100 marks according to the final examination structure which will be disclosed together with more details in the lectures and on the ACCG612 iLearn webpage in week 12. Type of Collaboration: Individual Assessment Submission:  You are expected to present yourself for examination at the time and place designated in the University Examination Timetable. The timetable will be available in draft form approximately eight weeks before the commencement of the examinations and in final form approximately four weeks before the commencement of the examinations. Format: The exam paper will contain both practical and theory questions, based on the learning objectives of the unit. Length: 3 hours duration (plus 10 minutes reading time) Inherent Task Requirements: The final exam will be conducted under the final examination conditions. Late Submission:

The only exception to not sitting an examination at the designated time is because of serious and unavoidable disruption. In these circumstances you may wish to consider applying for special consideration (see above 'General assessment information'). The only possible outcome of such an application is a supplementary examination of a similar format as the final examination to take place during a period specified by the Faculty (see Supplementary Examination Timetable of the Faculty).

The Macquarie University Final Examination Policy details the principles and conduct of examinations at the University. The policy and all related documents are available here.


On successful completion you will be able to:
  • Explain the regulatory environment for financial reporting including the conceptual framework by employing appropriate theories underlying accounting practice.
  • Apply the rules of International Financial Reporting Standards (IFRS) and their Australian equivalents (AASB) to selected financial transactions and events, and prepare a complete set of financial statements based on both accrual and cash accounting and also have an understanding on alternative reporting framework.
  • Explain the concept of company accounting in relation to equity and debt financing.

Delivery and Resources

Required Text: Required text (referred to as ACCG612 textbook) is Financial Reporting, 2nd Edition, Janice Loftus, Ken Leo, Noel Boys, Sorin Daniliuc, Belinda Luke, Ang Hong, Karyn Byrnes available with Wiley Plus. We’ve integrated the text into the Learning Management System to make it really easy for you to access it, anytime you need.  To get started, go to http://www.wileydirect.com.au/buy/financial-reporting-2nd-edition/ to buy and redeem your code.  Once purchased, you can access the online textbook directly by clicking on any of the links to Wiley Plus within the course page – the online textbook will open instantly at that chapter.  The Vital source version of the e-book can be downloaded to 3 devices with the code. The e-book is also available via the Coop Bookshop. All other course materials are available on the ACCG612 iLearn webpage.
Unit Web Page:  
Technology Used and Required:
  • Proficiency in the University's learning management system (iLearn) to access course materials, information on assessment tasks and other course matters, to use online discussion forums, and to upload assignments.
  • Knowledge of library resources including databases and journal finder to access research materials.
  • Proficiency in Internet browsing applications (like, for example, Firefox) and Internet search engines (like, for example, scholar.google.com.au) to access research materials.
  • Proficiency in word processing and presentation applications (like, for example, Microsoft Word and PowerPoint) for the report and presentation.
Delivery Format and Other Details:

Classes

Classes in ACCG612 are composed of lectures and tutorials. The structure of the unit is a weekly two-hour lecture and a weekly two-hour small group tutorial.

The unit's learning outcomes can only be achieved through self-study and independent learning supported by attending lectures and tutorials. The lectures provide a general overview of the topics highlighting a number of concepts and techniques. The tutorials complement lectures by providing opportunities to further explore all relevant concepts and techniques. Both lectures and tutorials will only support your learning if you prepare them thoroughly by doing the recommended readings and the pre-set tutorial questions as outlined in the Unit Schedule (available on the ACCG612 iLearn webpage) beforehand.

You are expected to attend the two-hour lecture every week. Lecture slides will be available prior to the lectures on the ACCG612 iLearn webpage.  You must register for a tutorial. There will be a two-hour tutorial each week from weeks 2 to 13. You must finalise your tutorial enrolment by end of week 2 after which changes are no longer possible.

Prizes

Please see here for prizes being awarded for proficiency in ACCG612

Recommended Readings:  
Other Course Materials:   

Unit Schedule

Week Topics
1 Introduction to the Regulatory Environment and  Conceptual Framework (CF)
2 Accounting for Income Tax – Part I
3 Accounting for Income Tax – Part II
4 Accounting for Property, Plant and Equipment
5

Accounting for Intangibles

Accounting for Impairment

6 Accounting for Leases
7 Revenue Recognition and Statement of Comprehensive Income
8 Statement of Financial Position, Statement of Changes in Equity and Disclosures
9 Statement of Cash Flows - Overview and Direct Method Notes and Limitations
10 Statement of Cash Flows - Indirect Method
11 Alternative Reporting Frameworks
12 Company Accounting – Equity and Debt Financing
13 Revision

A detailed Unit Schedule (including tutorial classes and important due dates) is available on the ACCG612 iLearn webpage.

 

Learning and Teaching Activities

Expectations and Workload

You are expected to spend 150 hours working on this unit. As a guide you should spend these approximate amounts of time on each of the following activities: 1. Lectures (preparation + attendance + revision/reflection) 13 + 26 + 13 = 52 hours; 2. Class Participation in Tutorials (preparation + attendance + revision/reflection) 10 + 24 + 10 = 44 hours; 3. Reflective Report 5 hours 4. In-Class Test 10 hours; 5. Report and Presentation 24 hours; 6. Final Examination (preparation) 15 hours; TOTAL = 150 hours. ACCG612 relies heavily on self-study and independent learning where you do the required readings before the lecture, revise the lecture notes after the lecture, prepare answers to the pre-set questions before the tutorial, prepare your report and presentation and extend yourself by doing additional reading, questions, exercises and problems.

Lectures – large group learning

Lectures are intended to provide an overview of financial accounting concepts and practices that are critical to the core themes of the unit. Do not expect the lecturer to discuss every detail on the provided lecture slides. They are only a summary and guideline for your overall learning of the respective topic.

Tutorials – small group learning

Your tutor will facilitate a highly student-centred discussion of answers to pre-set tutorial questions. In addition, there may be in-class individual and/or group exercises. A tutorial is also an active forum to present to the tutor difficulties you encountered when preparing for the pre-set tutorial questions. Ask your tutor questions for further guidance.

Revision and reflective practice - the learning continues after the tutorials

At the end of each week, solutions to the pre-set tutorial questions will be posted on the ACCG612 iLearn webpage. Reflect on your learning activities during the week, review your lecture and tutorial notes, compare your answers to the model solutions and consult with staff during consultation hours.

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

Academic Honesty

The nature of scholarly endeavour, dependent as it is on the work of others, binds all members of the University community to abide by the principles of academic honesty. Its fundamental principle is that all staff and students act with integrity in the creation, development, application and use of ideas and information. This means that:

  • all academic work claimed as original is the work of the author making the claim
  • all academic collaborations are acknowledged
  • academic work is not falsified in any way
  • when the ideas of others are used, these ideas are acknowledged appropriately.

Further information on the academic honesty can be found in the Macquarie University Academic Honesty Policy at http://www.mq.edu.au/policy/docs/academic_honesty/policy.html

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 webpage which provides information about these processes and the cut off dates in the first instance. Please read the instructions provided concerning what constitutes valid grounds for appeal before appealing your grade.

http://www.businessandeconomics.mq.edu.au/current_students/undergraduate/how_do_i/grade_appeals

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

Discipline Specific Knowledge and Skills

Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.

This graduate capability is supported by:

Learning outcomes

  • Explain the regulatory environment for financial reporting including the conceptual framework by employing appropriate theories underlying accounting practice.
  • Apply the rules of International Financial Reporting Standards (IFRS) and their Australian equivalents (AASB) to selected financial transactions and events, and prepare a complete set of financial statements based on both accrual and cash accounting and also have an understanding on alternative reporting framework.
  • Explain the concept of company accounting in relation to equity and debt financing.
  • Reflect on the knowledge and skills obtained and demonstrate the acquisition of a comprehensive understanding of the topics

Assessment tasks

  • Participation
  • In-Class Test
  • Final Examination

Problem Solving and Research Capability

Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.

This graduate capability is supported by:

Learning outcomes

  • Explain the regulatory environment for financial reporting including the conceptual framework by employing appropriate theories underlying accounting practice.
  • Apply the rules of International Financial Reporting Standards (IFRS) and their Australian equivalents (AASB) to selected financial transactions and events, and prepare a complete set of financial statements based on both accrual and cash accounting and also have an understanding on alternative reporting framework.
  • Explain the concept of company accounting in relation to equity and debt financing.
  • Reflect on the knowledge and skills obtained and demonstrate the acquisition of a comprehensive understanding of the topics

Assessment tasks

  • In-Class Test
  • Final Examination

Effective Communication

We want to develop in our students the ability to communicate and convey their views in forms effective with different audiences. We want our graduates to take with them the capability to read, listen, question, gather and evaluate information resources in a variety of formats, assess, write clearly, speak effectively, and to use visual communication and communication technologies as appropriate.

This graduate capability is supported by:

Learning outcomes

  • Demonstrate critical thinking and communication skills through written assignments and presentations.
  • Reflect on the knowledge and skills obtained and demonstrate the acquisition of a comprehensive understanding of the topics

Assessment tasks

  • Participation
  • Report & Presentation

Research and Practice, Global and Sustainability

This unit addresses global and sustainability issues as direct areas of study and as necessary implications arising from the materials, assessment and academic discussion and debate in classes/seminars. We promote sustainability by developing ability in students to research and locate information within the accounting discipline. ACCG612addresses global and sustainability issues in particular by contrasting the current financial reporting framework with alternative reporting frameworks such as the Global Reporting Initiative (GRI) Guidelines and the Integrated Reporting <IR> Framework. We aim to provide students with an opportunity to obtain skills which will benefit them throughout their career.

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