Unit Content
Outcomes
- Describe, explain and discuss the regulatory environment for financial reporting in Australia, including the standard setting process, regulatory requirements and the role of the International Accounting Standards Board (‘IASB’);
- Explain the role and purpose of accounting standards;
- Apply the main provisions in key Australian Accounting Standards (‘AASBs’);
- Prepare a set of basic general purpose financial statements with necessary notes;
- Interpret complex financial statements using disclosed notes to the accounts and AASB standards;
- Discuss the theoretical principles underlying accounting practice and identify definitional problems, and limitations of reported financial data in respect of complex transactions and events;
- Identify and critically discuss current national and international developments in financial reporting.
Subject Content
- Australian Accounting Environment
- Theories of Financial Accounting
- Accounting for Assets
- Accounting for Liabilities and equity
- Leases
- Employee benefits
- Accounting for income taxes
- Issues in performance reporting
- Other financial reporting issues
- Accounting for corporate social responsibility.
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
- Quizzes/Online Exams (15%)
- Financial Reporting Assignment (25%)
- Exam (60%)
Prescribed Text
Deegan C. (2020). Financial Accounting (9th Ed.). McGraw Hill Education.
Chartered Accountants Australia and New Zealand (2019), Financial Reporting Handbook 2019 Australia. John Wiley and Sons, Australia.
Check with the instructor each semester before purchasing any textbooks
