Entry requirements and weighting

Prerequisites: BA214
Corequisites: Nil
Credit Points: 15 credit points
Level: Year 3, Major Accounting Stream

Brief description

This unit enables students to come up with explanations as to why particular accounting procedures & polices are adopted and why management makes particular accounting choices. This subject also provides students with the capability to enter debates on trends within financial reporting and accounting in general. It presents in quite some detail the conceptual framework and, importantly, enables students to critically evaluate corporate accounting practices with a social and ethical perspective.

This unit will cover the following areas of accounting:

  1. Foreign currency translation.
  2. Accounting for leasing.
  3. Accounting for real estate development and construction.
  4. The nature of financial accounting Standard setting.
  5. The Conceptual Framework for financial reporting.
  6. The Conceptual Framework: Recognition & measurement of the elements of financial statements.
  7. Materiality, Events after Reporting Period, Accounting Policies, Changes in Accounting Estimates & Errors
  8. An introduction to accounting for corporate social responsibilities (CSR).

Unit Learning outcomes

  1. Understand the financial accounting standard setting process of Australia
  2. Discuss current issues and developments in accounting theory and financial reporting
  3. Evaluate different accounting theories and their implication in policy choice by managers
  4. Explain the Conceptual Framework and apply it to accounting activities
  5. Identify strategies to meet accounting issues and problems
  6. Develop an ethical and social perspective on the use of accounting information