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Details for ACC301 Accounting for Groups

In the intricate landscape of corporate group accounting, mastering the accounting methods for managing investments in entities is essential. This unit equips students with the skills to navigate the classifications of investments as subsidiaries, associates, or joint ventures and the complexities of financial reporting as per Australian Accounting Standards. It also covers the preparation of consolidated financial statements, equity accounting, and other advanced topics.

Quick Stats

  • Currently offered by Alphacrucis: Yes
  • Course code: ACC301
  • Credit points: 10

Subject Coordinator

Tammy Zunker

Prerequisite

Unit Content

Outcomes

  1. Describe and discuss the theory and practice of accounting for business combinations in Australia;
  2. Identify and apply the appropriate conversion of foreign currency entities in group accounting;
  3. Explain and apply the regulations and standards that business combinations follow in accounting and reporting for their economic entities;
  4. Describe and discuss the concept of closed groups and how it impacts group accounting;
  5. Demonstrate the ability to prepare financial statements for reporting entities that accounts for subsidiaries, associates and joint ventures, and provides segment information;
  6. Describe and discuss segment reporting by diversified entities.

Subject Content

  1. Introduction to Corporate Combinations
  2. Principles of Consolidation
  3. Preparing for consolidation: Fair value adjustments and tax effects
  4. Eliminating Intra-group transactions
  5. Non-controlling interest
  6. Partly owned subsidiaries
  7. Consolidated cash flow statements
  8. Accounting for Associates
  9. Accounting for Joint Ventures
  10. Closed Groups
  11. Translation and consolidation of foreign currency financial statements
  12. Segment reporting by diversified entities

This course may be offered in the following formats

  • Face-to-Face
  • Distance/ Global Online

Please consult your course prospectus or enquire about how and when this course will be offered next at Alphacrucis University College.

Assessment Methods

  1. Online Quiz (10%)
  2. Individual Assignment (20%)
  3. Case study report (20%)
  4. Final Exam (50%)

Prescribed Text

  •  Arthur, N., Luff, L., Keet, P., Egan, M., Howieson, B. and Ram, R. (2017). Accounting for Corporate Combinations and Associations (8th Ed.). Melbourne, Vic.: Pearson Australia.    ISBN: 9781488611520
  • Chartered Accountants Australia and New Zealand. (2021). Financial Reporting Handbook 2021 Australia. Milton, Queensland: John Wiley & Sons Australia.  ISBN: 9780730392217

Check with the instructor each semester before purchasing any textbooks