Credit Points: 15
Workload: 36 contact hours
Campus: Melbourne, Sydney
Aims & Objectives
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 includes corporate accounting issues including: formation, issue of shares, combinations and consolidations, equity accounting and liquidations of companies.
At the completion of this unit students will be able to:
- Describe and discuss the function and role of high quality financial accounting in the contemporary business environment;
- Describe and discuss the application and basis of selected IFRSs set by the IASB;
- Apply IFRSs including the framework in the preparation of general purpose financial statements;
- Apply financial analytical skills to evaluate, explain and solve financial accounting problems relating to general purpose financial statements;
- Design and develop an entity’s accounting system to maintain financial information and facilitate the preparation of general purpose financial statements;
- Compare, contrast and review financial accounting systems to ensure efficient and reliable financial accounting information; and
- Evaluate and appraise stock exchange listed entity’s financial statements.
Tutorial/Workshop: 1 hour
Students are advised to check the unit outline for prescribed Textbooks.
Students are advised to check the unit outline for additional reference materials.