ACCTING 7023 - Advanced Financial Accounting (M)

North Terrace Campus - Semester 1 - 2024

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 Accounting
    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 or (ACCTING 7020AMELB and ACCTING 7020BMELB)
    Assessment Exam/assignments/tests/quizzes as prescribed at first lecture
    Course Staff

    Course Coordinator: Wei Xu

    Location: Office 13.29, Level 13, 10 Pulteney Street

    Course Website:
    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.

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

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

    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)

    Attribute 1: Deep discipline knowledge and intellectual breadth

    Graduates have comprehensive knowledge and understanding of their subject area, the ability to engage with different traditions of thought, and the ability to apply their knowledge in practice including in multi-disciplinary or multi-professional contexts.


    Attribute 2: Creative and critical thinking, and problem solving

    Graduates are effective problems-solvers, able to apply critical, creative and evidence-based thinking to conceive innovative responses to future challenges.


    Attribute 3: Teamwork and communication skills

    Graduates convey ideas and information effectively to a range of audiences for a variety of purposes and contribute in a positive and collaborative manner to achieving common goals.


    Attribute 4: Professionalism and leadership readiness

    Graduates engage in professional behaviour and have the potential to be entrepreneurial and take leadership roles in their chosen occupations or careers and communities.


    Attribute 5: Intercultural and ethical competency

    Graduates are responsible and effective global citizens whose personal values and practices are consistent with their roles as responsible members of society.


    Attribute 6: Australian Aboriginal and Torres Strait Islander cultural competency

    Graduates have an understanding of, and respect for, Australian Aboriginal and Torres Strait Islander values, culture and knowledge.


    Attribute 7: Digital capabilities

    Graduates are well prepared for living, learning and working in a digital society.


    Attribute 8: Self-awareness and emotional intelligence

    Graduates are self-aware and reflective; they are flexible and resilient and have the capacity to accept and give constructive feedback; they act with integrity and take responsibility for their actions.

  • Learning Resources
    Required Resources
    Text Books

    Loftus, J., Leo, K., Daniliuc, S., Boys, N., Luke, B., Ang, H., and Byrnes, K., 2023, Financial Reporting, Fourth 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:

    Recommended Resources
    Recommended Additional Textbooks

    Leo, K., Knapp, J., McGowan, S., and Sweeting, J., 2021, Company Accounting, 12th Edition, John Wiley & Sons.

    A complete set of accounting standards are available in the following handbook. While it is not necessary to purchase Financial Reporting Handbook if you print the required standards from the AASB website they are a convenient resource. 

    - CAANZ (Chartered Accountants Australia and New Zealand) Financial Reporting Handbook 2021 Australia published by Wiley. 

    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
    The traditional structure of separate lectures and tutorials has been transformed into an integrated seminar format for a more comprehensive learning experience.


    The 3-hour seminar mode is adopted for course delivery. This mode aims to integrate the strengths of our traditional lecture-tutorial system, providing a more cohesive and immersive learning experience.

    Before attending each seminar, you're encouraged to familiarize yourself with the relevant material. These seminars aim to provide a comprehensive approach, blending the essence of lectures with the interactive benefits of discussions. They are designed to summarize topics, explain concepts, highlight key points, work through examples, and foster active participation. By preparing ahead of time, such as reviewing the designated sections of the textbook and the seminar slides, you'll derive maximum benefit from each session.

    Seminars commence from week one, offering opportunities to delve deeper into the given materials, work through examples, and engage in enriching discussions. It's highly recommended that you prepare answers to questions in advance to gain the most from these sessions.

    In transitioning to the seminar format, there's a heightened focus on engaged, interactive learning, particularly for Master's students. Consequently, students are anticipated to:
    • Lead and steer dialogues on designated subjects.
    • Promote inclusive discussion, enabling participation from all attendees.
    • Construct well-organized arguments, drawing from relevant accounting standards, academic readings, and research.
    • Display receptiveness to a variety of perspectives.
    • Broaden discussions using supplementary sources, including up-to-date articles and materials.
    • Convey thoughts with clarity, aiding fellow students in grasping intricate subjects.
    • Work collaboratively within groups, respecting diverse opinions and viewpoints.
    • Prioritize timeliness in attendance.

    In our academic journey, it's essential to understand that there may not always be a singular "correct" answer. Multiple valid perspectives can exist for various issues. A robust response is rooted in thoroughly understanding relevant accounting standards and concepts.

    Your prior preparation is crucial for grasping the content discussed during seminars. If challenges arise, our teaching staff is more than willing to assist, given that a genuine effort has been made on your part. Following each seminar, a concise recap highlighting the key discussion points will be available on MyUni.

    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 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. Related Party Disclosures
    Topic 11. Insolvency and Liquidation
    Specific Course Requirements
    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 Learning Outcome
    Online Quizzes 10% 1-5
    Online Mid-Semester Exam 20% 1-5
    Research Project 20% 1-6
    Final Examination 50% 1-5
    Total 100%

    Assessment Related Requirements
    Students are recommended to attend and participate in all seminars.

    To pass this course, a mark of at least 50% must be obtained on the examination and 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 assessment items will NOT be permitted to resubmit that item for remarking.
    Assessment Detail
    Quizzes - 10 %
    Weekly online assessable items are designed to help you learn. The quizzes incentivize you to read the chapters and other related materials before attending the seminars. Weekly quizzes have three levels, i.e., Level A, B, and C. These quizzes are set at different difficulty levels. Level A quizzes are utilised for assessment, while Level B and C quizzes provide more practice. Level B quizzes will be discussed in the seminars.

    Mid-semester test - 20 %
    There will be a mid-semester test. It is designed to help you assess how you are progressing along the way so you can adjust your learning strategy accordingly, if necessary.

    Research Project – 20%
    This research project is designed to assist students in developing 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 as a group project. Further details will be provided on the MyUni course site.

    Final Exam – 50%
    There will be a three-hour exam at the end of the semester. All topics in the course are potentially examinable. An exam overview and revision session is scheduled at the end of the semester.
    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 ( 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.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.