Entry requirements and weighting

Prerequisites: GA501
Corequisites: Nil
Credit Points: 15 credit points
Level: Year 1, Core

Brief description

Financial Accounting and Reporting  provides financial information of an entity to external users in order to enable them to take relevant decisions based on the entity’s financial performance and position. The information is provided to the external parties by means of general purpose financial reports – income statement, balance sheet, statement of changes of equity and a cash flow statement and hence the reports are to comply with the accounting regulatory arrangements prevailing in Australia and internationally.

This subject aims to provide students with an understanding of financial accounting information and to develop their expertise in the accumulation and presentation of financial accounting information. There is an emphasis on extending the awareness of the internal and external factors influencing business operations and decisions, and the role played by the financial accountant.

This unit will cover the following topics:

  1. The conceptual framework in Australia
  2. Accounting regulation in Australia, IFRS and accounting standards
  3. Application of accounting theories and models
  4. Preparation of statements of financial position, cash position and wealth position of enterprises
  5. Accounting for Assets,  Liabilities and Equity
  6. Accounting for Partnerships
  7. Company accounting, formation to consolidated statements
  8. Analysis and interpretation of financial statements

Learning outcomes

Students will gain the following capabilities, competencies, and professional skills upon completion of this unit

Capabilities

  1. To understand the function and role of financial  accounting  in the contemporary business environment;
  2. To apply financial  accounting practices and  theories to  solve  financial accounting recording and reporting issues;
  3. To identify and justify appropriate financial  accounting systems to ensure efficient and reliable financial accounting information
  4. Develop flexible approaches to problem solving