ACCTING 7023 - Advanced Financial Accounting (M)
North Terrace Campus - Semester 1 - 2023
General Course Information
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 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 Coordinator: Wei Xu
Location: Office 13.29, Level 13, 10 Pulteney Street
Course Website: www.myuni.adelaide.edu.au
The full timetable of all activities for this course can be accessed from Course Planner.
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 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.
Required ResourcesText 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.
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
Recommended ResourcesRecommended 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 LearningCourse 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 ModesLectures
You are expected to have read the relevant material before listening 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 PowerPoint lecture slides.
Tutorial classes will be held weekly commencing in the second week of the semester. Tutorials are designed to elaborate on the material presented in the previous week’s lecture. It is a chance to work through 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 the 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 Master's 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.
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 SummaryThe 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 RequirementsASSUMED 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.
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
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 RequirementsStudents 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.
Assessment DetailOnline Quizzes - 10%
Weekly quizzes have three levels, i.e., Level A, Level B, and Level C. Level A and Level B quizzes are set for assessment purposes. Level A quizzes are required to be done before the lectures, while Level B quizzes need to be done before attending tutorial classes. Level C quizzes provide more practice but not for assessment.
Mid-Semester Exam – 20%
There will be a mid-semester exam online. The exam will cover the content from the first five topics. It is designed to help you assess how you are progressing along the way so you can adjust your learning 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 for week 12.
SubmissionThe 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.
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.
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.
- Academic Support with Maths
- Academic Support with writing and speaking skills
- Student Life Counselling Support - Personal counselling for issues affecting study
- International Student Support
- AUU Student Care - Advocacy, confidential counselling, welfare support and advice
- Students with a Disability - Alternative academic arrangements
- Reasonable Adjustments to Teaching & Assessment for Students with a Disability Policy
- LinkedIn Learning
Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
- Academic Credit Arrangement Policy
- Academic Honesty Policy
- Academic Progress by Coursework Students Policy
- Assessment for Coursework Programs
- Copyright Compliance Policy
- Coursework Academic Programs Policy
- Elder Conservatorium of Music Noise Management Plan
- Intellectual Property Policy
- IT Acceptable Use and Security Policy
- Modified Arrangements for Coursework Assessment
- Student Experience of Learning and Teaching Policy
- Student Grievance Resolution Process
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.