Entry requirements and weighting

Prerequisites: BA204
Corequisites: Nil
Credit Points: 15 credit points
Level: Year 2, Major, Accounting Stream

Brief description

Today’s Accounting Practitioners are faced with completely different challenges from the practitioners from the past.  The role of the accountant has changed dramatically. Constant changes to the accounting environment means that you, as an accounting practitioner, must be able to interpret and apply new accounting rules as they are developed by various accounting bodies.

The course aims to provide students with an understanding of the regulation of financial reporting by Australian entities, and a grounding in the requirements of key accounting standards, which affect financial reporting by virtually all Australian business entities.

This unit will cover the following topics:

  1. Standard setting process
  2. Financing of companies
  3. Taxation issues
  4. Accounting for assets
  5. Impairment of assets
  6. Business combinations
  7. Liquidation of companies.

Unit Learning outcomes

  1. Explain and apply the regulatory framework that applies to the financial accounting for corporations
  2. Account for the issuing of debentures, shares and share options and the forfeiture and re-issue of shares
  3. Be able to understand how to prepare a cash flow statement and comprehend the significance of this statement
  4. Be able to calculate current tax liabilities as well as future tax assets and liabilities and generally understand the main aspects of tax effect accounting
  5. Account for the acquisition and subsequent measurement of property, plant & equipment
  6. Account for the recognition and subsequent measurement of intangible assets
  7. Understand what constitutes a business combination and how to conduct relevant accounting
  8. Conduct consolidation accounting
  9. Understand the liquidation process and conduct all relevant accounting

Competencies

  1. To prepare corporate financial accounts that are compliant with Australian Accounting Standards.
  2. To evaluate the effectiveness of various accounting choices within accounting standards
  3. To apply specific accounting standards

Professional Skills

  1. To appreciate the increasing requirement for flexibility in organizations
  2. Appreciate the importance of accounting information in the conduct of commercial activity
  3. Develop an ethical perspective on the use of accounting information