ACCTING 7023 - Advanced Financial Accounting (M)

North Terrace Campus - Semester 1 - 2015

This course focuses on the theory and practice of corporate investments and transactions between the company and other parties (for example related parties). Topics include company consolidations (pre-acquisition, intra-group transactions, non-controlling interest), associates, foreign currency translations, related parties, cash flow statements and presentation of financial statements.

  • General Course Information
    Course Details
    Course Code ACCTING 7023
    Course Advanced Financial Accounting (M)
    Coordinating Unit Adelaide Business School
    Term Semester 1
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 4 hours per week
    Available for Study Abroad and Exchange Y
    Prerequisites ACCTING 7020
    Assessment Exam/assignments/tests/tutorial work as prescribed at first lecture
    Course Staff

    Course Coordinator: Mr Michael Jones

    Course Timetable

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

    Lecture: Thursdays 3.10 pm to 5.00 pm

    Johnson Labs, G29, Rennie Lecture Theatre
  • Learning Outcomes
    Course Learning Outcomes
    By the end of this course students should be able to:

    1. explain the key issues involved with accounting for relationships between entities;

    2. discuss the accounting issues involved with accounting for business combinations;

    3. explain the need to prepare consolidated financial statements, alternative concepts of groups and criteria for determining with consolidation is necessary;

    4. discuss and apply the requirements of AASB 3 for accounting for business combinations;

    5. discuss the forms of controlled entities and the “entity concept “ of consolidation;

    6. discuss and apply the consolidation process;

    7. analyse the parent’s acquisition of a subsidiary and prepare pre-acquisition consolidation elimination entries;

    8. explain the need for making consolidation adjustment entries for intra-group transactions;

    9. prepare consolidation elimination entries for various intra-group transactions;

    10. discuss the nature of non-controlling interest and explain how to calculate non-controlling interest;

    11. calculate the non-controlling interest share of equity;

    12. outline and explain the issues associated with accounting for associates and joint ventures;

    13. discuss the theory and issues associated with equity accounting;

    14. account for associates using equity accounting;

    15. discuss and account for translation of foreign currency denominated financial statements;

    16. discuss the nature of related parties and the relevant disclosures;

    17. prepare a statement of cash flows in accordance with AASB 107; and

    18. outline and apply the presentation requirements for a set of financial statements.
    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)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. All
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 1-5, 12 -13, 15 - 18
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 1-5, 12 -13, 15 - 18
    Skills of a high order in interpersonal understanding, teamwork and communication. All
    A proficiency in the appropriate use of contemporary technologies. 6-11, 14 - 15
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. All
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. All
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. All
  • Learning Resources
    Required Resources
    Text Books

    Leo, K., Knapp, J., McGowan, S., and Sweeting, J., 2015, Company Accounting, Tenth Edition, John Wiley & Sons, Australia Ltd, Milton Queensland.

    Financial Reporting/Accounting Handbook 2015.
    Either the CPA Australia or ICAA edited 2015 version may be used.
    Recommended Resources

    Loftus, J., Leo, K. J., Picker, R., Wise, V, and Clark, K., 2012, Understanding Australian Accounting Standards, John Wiley & Sons.

    Use of the internet

    Advanced Financial Accounting (M) will make use of various internet sites which are accounting related. Access to the internet can be via the library or various computer pools located within the university.
    Online Learning
    Some course resources are available on the course website:

    · Course outlines and powerpoint slides

    · Assignment and test material.

    · Selected tutorial answers.
  • Learning & Teaching Activities
    Learning & Teaching Modes

    Lectures will provide students with accounting concepts and issues that underpin accounting procedures, and give explanations and examples of preparing accounting information relating to group financial statements and other topics that involve preparing financial statements. The material presented will be expanded and reinforced in tutorials the following week.


    Tutorial classes will be held weekly commencing the week beginning Monday 9 March 2015. Tutorial questions are included in the handout for each topic and reinforce the material covered in lectures the previous week. 

    Membership of tutorial classes is to be finalised by the end of the second 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.

    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

    No information currently available.

    Specific Course Requirements
    The University’s policy on Assessment for Coursework Programs is based on the following five principles: 1) assessment must encourage and reinforce learning; 2) assessment must measure achievement of the stated learning objectives; 3) assessment must enable robust and fair judgements about student performance; 4) assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned; and 5) assessment must maintain academic standards (see: )

    Assessment comprises:

    Assignment 1              5%
    Class test                   20%
    Assignment 2             10%
    Final examination       65%

    Total                        100%
  • 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
    Assignment 1                    5%
    Class test                        20%
    Assignment 2                  10%
    Final examination            65%

    Total                             100%
    Assessment Related Requirements
    To gain a pass for this course, a mark of at least 45% must be obtained on the examination as well as a total of at least 50% overall. Students not achieving the minimum examination mark will be awarded no more than 49 for the course.
    Assessment Detail

    No information currently available.

    Assignments 1 and 2 must be submitted electronically by the due date and time using ‘Turnitin’(web-based plagiarism prevention and detection software). 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.