ACCTING 7023 - Advanced Financial Accounting (M)

North Terrace Campus - Semester 1 - 2019

This course covers advanced financial reporting issues and accounting methods for company accounting. It introduces different types of inter-entity relationships and related accounting issues and accounting treatments. Students will learn how to prepare, read, analyse and evaluate the consolidated financial statements based on the guidelines provided under the relevant Accounting Standards. Students are required to undertake a research project where students will develop skills to research a wide variety of information sources including the relevant Act and Australian Accounting Standards and to integrate the research output with their theoretical and technical knowledge to understand and analyse issues in relation to business combinations.Topics include revision of company accounting, related party disclosures, overview of investment accounting standards, accounting for business combinations and associates, consolidation methods, non-controlling interest, foreign currency transactions, translation of foreign currency financial statements, hedge accounting and liquidation.

  • General Course Information
    Course Details
    Course Code ACCTING 7023
    Course Advanced Financial Accounting (M)
    Coordinating Unit Business School
    Term Semester 1
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Available for Study Abroad and Exchange Y
    Prerequisites ACCTING 7020
    Course Description This course covers advanced financial reporting issues and accounting methods for company accounting. It introduces different types of inter-entity relationships and related accounting issues and accounting treatments. Students will learn how to prepare, read, analyse and evaluate the consolidated financial statements based on the guidelines provided under the relevant Accounting Standards. Students are required to undertake a research project where students will develop skills to research a wide variety of information sources including the relevant Act and Australian Accounting Standards and to integrate the research output with their theoretical and technical knowledge to understand and analyse issues in relation to business combinations.Topics include revision of company accounting, related party disclosures, overview of investment accounting standards, accounting for business combinations and associates, consolidation methods, non-controlling interest, foreign currency transactions, translation of foreign currency financial statements, hedge accounting and liquidation.
    Course Staff

    Course Coordinator: Dr Bryan Howieson

    Course Coordinator: Associate Professor Bryan Howieson
    Location: Office 13.27, Level 13, Building: 10 Pulteney Street
    email: bryan.howieson@adelaide.edu.au

    Course Website: www.myuni.adelaide.edu.au
    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

  • Learning Outcomes
    Course Learning Outcomes

    On successful completion of this course, students will be able to:

    1. Identify and describe different types of inter-entity relationships based on relevant Australian Accounting Standards.

    3. Discuss and solve accounting issues that arise from inter-entity relationships.

    2. Explain the consolidation process and prepare consolidated financial statements based on relevant accounting Standards.

    4. Demonstrate the ability to perform complex accounting techniques and methods as required by the relevant accounting standards.

    5. Read and analyse consolidated financial statements including accounting policies and other information disclosures.

    6. Conduct practical research in the accounting discipline.

    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    1-6
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    1-6
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    1-6
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1-6
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • Able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    1-6
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    6
  • Learning Resources
    Required Resources
    Text Books

    Loftus, J., Leo, K., Daniliuc, S., Boys, N., Luke, B., Ang, H.,and Byrnes, K., 2018, Financial Reporting, Second Edition, John Wiley & Sons, Australia Ltd, Milton Queensland.

    Accounting Standards

    You will need access to accounting standards throughout the semester. These are available at no cost from the Australian Accounting Standards board (AASB) Website: http://www.aasb.gov.au/Pronouncements/Current-standards.aspx

    It is highly advisable that you print the required standards each week so that you can highlight relevant paragraphs and refer to them often. You will need to have the relevant standard to prepare and participate in your tutorials. Failure to print and take the standard to the tutorial will severely inhibit your study.
    Recommended Resources
    Recommended Addtional Textbooks

    Leo, K., Knapp, J., McGowan, S., and Sweeting, J., 2018, Company Accounting, Eleventh Edition, John Wiley & Sons.

    A complete set of accounting standards are available in the following handbook. While it is not necessary to purchase one of these, if you print the required standards from the AASB website they are a convenient resource. Note that accounting standards will not be allowed in the examination room.

    - CAANZ (Chartered Accountants Australia and New Zealand) Financial Reporting Handbook 2017/2018 Australia published by Wiley. This is also available as an e-book.


    A Note on the Role of Reading in This Course

    While some students may feel that reading can be something of a “chore”, reading is a very important mechanism for your learning because books and articles are a significant repository of our knowledge. Many of the topics are complex and so it is impossible to cover all you need to know in the lectures alone. In order to make your reading as productive as possible, you can both highlight relevant sections of text and concurrently take written notes of what you have read. As suggested by research studies, taking notes helps retaining better the information in one's memory. Also, you can take breaks when reading, or read only small sections at a time. This will reduce your level of fatigue and again tend to improve your understanding and memory of the material.

    You can also plan ahead with your reading. Some weeks may have more reading than others and you will sometimes need to start reading earlier than usual if you are to cover everything. The Topic Guide (available on MyUni under the Modules tab) contains a listing of the required reading for each Topic to assist you in your learning and reading activity.

    See also MyUni course website for recommended resources.
    Online Learning
    Course materials for each topic are distributed online via the MyUni course website.

    Lectures will be recorded and posted on the MyUni course site.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Lectures

    Lectures are held once a week starting in the first week. You are expected to have read the relevant material before coming to the lecture. The lecture is designed to summarise the topic, explain concepts, stress important points and work through examples. You will gain more benefit from the lecture if you read the relevant section of the textbook and power point lecture slides.


    Tutorials

    Tutorial classes will be held weekly commencing in the second week of semester. Tutorials are designed to elaborate on the material presented in the previous week’s lecture. It is a chance to work though examples and ask questions and discuss issues. To gain the most benefit from tutorials you need to prepare answers to the questions in advance. 

    Membership of tutorial classes is to be finalised by the end of the first week of semester. Students wishing to swap between tutorial classes after this time are required to present their case to the Lecturer-in-Charge, but should be aware that such a request may not be approved.

    Tutorials are an important component of your learning in this course. The communication skills developed in tutorials by regularly and actively participating in discussions are considered to be most important by the school and are highly regarded by employers and professional bodies.

    At the Masters level of study, you are much more responsible for the quality of your learning than an undergraduate student. Consequently, at this level of study the emphasis is upon active rather than passive learning. It is expected that each student will actively involve him/herself in the discussion during each tutorial. In general, a good participant will, among other things:

    - Take the initiative and lead the discussion on a question;
    - Be prepared to control the level of their involvement so that other class members can participate equally in the discussion;
    - Present their points in a structured manner with reference to relevant accounting standards, readings and research evidence;
    - Be prepared to accept and explore alternative viewpoints;
    - Be willing to go beyond the suggested readings and resources and use their initiative to present other topical material as examples, e.g., recent newspaper articles;
    - Speak clearly;
    - Assist other members of the class with understanding the material;
    - Be prepared to work cooperatively and productively in small groups;
    - Be sensitive to the needs and feelings of other participants; and
    - Be punctual.

    It is not reasonable to expect that you will always have the “right” answer and, indeed, it should be recognised and understood that valid alternative points of view might well exist on an issue. This does not mean that “anything will do” when trying to find a solution to controversial topics – rather a “good” answer will be one that is grounded in, among other things, references to relevant and valid accounting standards and concepts.

    Preparation prior to attending your tutorial is vital to your successful completion of this course and if you have not prepared beforehand you will have significant difficulties in understanding what is going on in the class session. However, the teaching staff are very happy to spend time assisting you with a question PROVIDED you have made a sincere written attempt beforehand. After each week’s tutorial a brief discussion of the material covered with key points will be made available on MyUni.
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This means that you are expected to commit approximately 8 hours for a three-unit course of private study outside of your regular classes.

    Students in this course are expected to attend all lectures throughout the semester plus one tutorial class each week.
    Learning Activities Summary
    The Schedule of Lecture Topics

    This course will cover the following topics. For more details please refer to the 'Course Information' tab on the MyUni course site.

    Topic 1. Revision of Company Accounting - Presentation of Financial Statements and Overview of Investment Accounting Standards
    Topic 2. Business Combinations 
    Topic 3. Consolidation: Controlled Entities 
    Topic 4. Consolidation – Wholly owned entities 
    Topic 5. Consolidation – Intra-group transactions
    Topic 6. Consolidation: Non-controlling interest
    Topic 7. Accounting for Associates - Equity Accounting
    Topic 8. Foreign Currency Transactions 
    Topic 9. Translation of Foreign Currency Financial Statements
    Topic 10. Cash Flow Statements
    Specific Course Requirements
    ASSUMED KNOWLEDGE
    As this is a course in advanced accounting, you are expected to have a strong understanding of material covered in prior related courses. Accounting courses build on one another and so prior accounting studies inevitably are examinable in this course, e.g., accounting for income tax.
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    Assessment Task Weighting Due Date Learning Outcome
    Mid-Semester Exam 20% Week 6 1-5
    Research Project 20% Week 11 1-6
    Final Examination 60% During the final exam period 1-5
    Total 100%
    Assessment Related Requirements
    A class roll will be maintained for each tutorial group. Students are recommended to attend and participate in all tutorials.

    To gain a pass for this course, a mark of at least 50% must be obtained on the examination as well as a total of at least 50% overall. Students not achieving the minimum exam mark will be awarded no more than 49.

    A student who fails any of the assessment items will NOT be permitted to resubmit that item for remarking.

    Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process and reflect your competence in some types of communications skills. Marks may be deducted in the final examination because of poor hand-writing.

    In this course, the use of calculators incapable of storing text is permitted in the final examination in this course.
    Assessment Detail
    Mid-semester exam – 20%
    There will be a 1.5 hour mid-semester exam in week 6 (TBC). The exam will cover the content from the first four topics. The exam is a closed book exam. It is designed to help you assess how you are progressing along the way so you can adjust your learning accordingly, if neccesary.

    Research Project – 20%
    This research project is design to assist students to develop research skills that are associated with continuing professional development (i.e., an ability to teach yourself about new accounting standards) and advisory skills in which a professional accountant will need to research particular sets of circumstances, companies, or other situations and, on the basis of the evidence gathered, provide advice to clients and colleagues.

    This research project will be undertaken in groups of five students. Further details are provided in the assignment instructions, which can be found under the ‘Assignments’ Folder on the MyUni course site.

    Final Exam – 60%
    There will be a three hour exam at the end of the semester. All topics in the course are potentially examinable. The exam is ‘closed book’ and you will be permitted to take in a calculator. You may NOT take in a copy of the Accounting Standards. An exam overview and revision session is scheduled for week 12. It is highly advisable that students attend this (and all lectures).
    Submission
    The research project must be submitted electronically by the due date and time - detailed requirements will be posted on the MyUni site for this course. A submission link for lodgement will be available for you to access from the MyUni course site.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

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