ACCTING 2501 - Financial Accounting

North Terrace Campus - Semester 1 - 2023

The aim of this course is to guide students in their development of technical and problem solving skills in the area of corporate external financial reporting. Corporate external financial reporting comprises financial reporting by reporting entities to external stakeholders. It is mandatory for reporting entities to report in accordance with Australian accounting standards. Students in this course will gain skills in reading, interpreting and applying accounting standards. This course builds on introductory level financial accounting. The course is essential for all individuals exposed to financial information in the workplace including accountants, auditors, financial analysts, managers, bankers and oversight bodies involved in the preparation or use of company financial statements.

  • General Course Information
    Course Details
    Course Code ACCTING 2501
    Course Financial Accounting
    Coordinating Unit Accounting
    Term Semester 1
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Semester offerings up to 3 hours per week, Summer School offering up to 12 hours per week
    Available for Study Abroad and Exchange Y
    Prerequisites (ACCTING 1005 and CORPFIN 1002) or (ACCTING 2502 and CORPFIN 1002) or (ACCTING 1004 and CORPFIN 1002)
    Course Description The aim of this course is to guide students in their development of technical and problem solving skills in the area of corporate external financial reporting. Corporate external financial reporting comprises financial reporting by reporting entities to external stakeholders. It is mandatory for reporting entities to report in accordance with Australian accounting standards. Students in this course will gain skills in reading, interpreting and applying accounting standards. This course builds on introductory level financial accounting. The course is essential for all individuals exposed to financial information in the workplace including accountants, auditors, financial analysts, managers, bankers and oversight bodies involved in the preparation or use of company financial statements.
    Course Staff

    Course Coordinator: Dr Lisa Powell

    Location: Room 13.22, 10 Pulteney St

    Course Timetable

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

    A schedule of key dates is available from the Financial Accounting MyUni page under Course Outline.

    Students should attend the tutorials that they are enrolled in. The reason for this is to allow students in the tutorial to form a cohesive and collaborative learning environment among a consistent group of individuals. Also, marks are awarded for student engagement and it is important that each student in the group is known to the tutor and their peers.

    Students may be permitted to attend an alternative class if there are exceptional and unusual circumstances for a change to be made. If such a circumstance arises, students should contact the course coordinator to discuss the best way to accommodate this.
  • Learning Outcomes
    Course Learning Outcomes
    On successful completion of this course, students will be able to:

    1 Explain how select Australian Accounting Standards are applied to specific transactions and other financial events
    2 Apply the concepts of definition, recognition and measurement as specified in Australian Accounting Standards to specific transactions and other financial events
    3 Prepare select aspects of general- purpose financial statements and related disclosures in accordance with the reporting requirements of Australian Accounting Standards
    4 Communicate clearly and concisely when presenting, discussing and reporting knowledge and ideas in formal and informal situations
    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.

    1 2,3,4

    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
    Recommended Resources
    This course includes content that has been drawn from the following sources. Students are not required to obtain copies of these texts, but those seeking to review information beyond the required resources may find the following to be useful resources:
    1. Loftus, J., Leo, K., Daniliuc, S., Luke, B., Hong, N.A., Bradbury, M., Hanlon, D. Boys, N., and Byrnes, K., (2022), Financial Reporting, 4th Edition, John Wiley and Sons Australia Ltd, Milton, Queensland.
    2. CAANZ (2023) Financial Reporting Handbook 2023, John Wiley and Sons Australia Ltd, Milton, Queensland.
    Online Learning
    Students are required to regularly access the MyUni website for this course, available at: Important information will be provided to students on this website including online learning modules, examples and announcements from the lecturer. All of the resources provided to students from this website are designed to assist in student’s learning and understanding of the information covered in this course.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Online Learning Modules
    The primary learning activity for understanding the content of each topic are the online learning modules.  These modules replace the formal lectures for each topic by providing an overview of the accounting issues that support the preparation of general purpose financial statements. Each module explains key tems used when accounting for particular events and transactions and discuss conceptual issues surrounding the application of Australian Accounting Standards. They also refer to information found in Annual Reports prepared by companies listed on the Australian Securities Exchange (ASX).  

    Please note that the online modules do not provide all of the necessary information that students are required to be familiar with in order to pass this course. It is essential that students supplement the materials by reading the relevant extracts from text books, working through examples and extending their knowledge of each topic in lectures, tutorials and in their own study time. 

    Students must complete each relevant online learning module before attending or engaging with any learning activites. 

    Lecure Workshops
    Weekly lecture workshops provide an opportunity for students to explore each topic in more detail by working through complex examples with the lecturer. 

    Tutorials will be held weekly and are an important component of student learning. Prepatation and engagement in tutorials forms part of the formal assessment for this course.  The collaborative learning and communication skills developed in tutorials by regularly and actively engaging in the learning activiites that take place in tutorials are considered by the Business School and potential employers to be very important and are highly regarded.

    Students are required to complete a quiz prior to attending the tutorials to test their initial understanding of the topic informaiton. During the tutoiral, they are expected to participate in quizzes and discussion to develop their understanidng of the topic and submit homework after the tutorial to demonstrate evidence of their learning. Solutions to tutorial quizzes will be provided in the tutorial. Solutions to homework question(s) will be available on MyUni after all tutorials have been conducted.  

    Please note that 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 course coordinator, but should be aware that such a request may not be approved. The reason for this is that it is important for all students in the class to get to know each other and form a cohesive learning group for the semester.

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

    Each week throughout the semester students are expected to listen to the learning modules and other online resources (available from MyUni) and attend a one hour tutorial. The University expects full-time students (i.e. those taking 12 units per semester) to have a Student Workload of 156 hours for each 3 Units of the Course. This means that students are expected to commit an average of 8 hours per week for 15 weeks to private study in addition to time spent attending tutorials.

    Learning Activities Summary
    Please refer to MyUni for a full summary of learning activities for Financial Accounting

    Topics covered:
    1. Accounting Regulation and the Conceptual Framework 
    2. Application of Accounting Theory
    3. AASB 15: Revenue from Contracts with Customers
    4. AASB 16: Leases 
    5. AASB 112: Income Taxes
    6. AASB 137: Provisions, Contingent Liabilties and Contingent Assets
    7. AASB 13: Fair Value Measurement and AASB 116: Property, Plant and Equipment
    8. AASB 138: Intangible Assets
    9. AASB 136: Impairment of Assets
    10. AASB 107: Statement of Cash Flows
    11. AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors and AASB 110 Events after the Reporting Period
  • 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 Task Type Due Weighting Learning Outcome
    Tutorial attendance and engagement Individual


    10% 1, 2, 4
    Mid-Semester test Individual TBA 20% 1, 2, 3, 4
    Video presentation assignment Group TBA 20% 1, 2, 4
    Final Exam Individual Exam Period 50% 1, 2, 3, 4
    Assessment Related Requirements
    Tutorial attendance and engagement
    Marks will be awarded by tutors on the basis of the number of tutorials attended, the scores attained for pre-tutorial quizzes and post-tutorial homework completed and level of engagement with the course materials students are able to demonstrate. Students are required to read, review and test their understanding of the relevant learning materials for each topic prior to attending each tutorial and submit answers to the relevant homework questions after the tutorials. There is an expectation that all students make a genuine attempt to engage in all learning activities for each topic. In tutorials, students are required to demonstrate their engagement with the topic, by listening and contributing to relevant discussions and completing in-class activities.

    Video presentation assignment
    Students will work in groups to make a 10 minute video presentation about an issue that is relevant to the topcis covered in this course. Details of the specific requirements of the video presentation will be provided to students in MyUni by week 2 of the semester.

    Online mid-semester test
    Students are required to answer questions about technical accounting issues in a manner that demonstrates their understanding of those issues. Details of the specific requirements of the test will be provided to students in MyUni by week 2 of the semester.

    Final examination
    There will be a three hour, closed book examination.
    Assessment Detail
    There are four summative assessment tasks in this course. Each task is designed to provide students with opportunities to engage with the course materials and demonstrate their level of comprehension and understanding of each of the topics covered as well as their understanding of the overall nature and purpose of financial reporting and its relevance to external stakeholders. All of the assessment tasks will contribute either individually or collectively to the satisfaction of the learning outcomes for this course.

    1. Tutorial attendance and engagement 10%
    It is essential that students fully engage with the course materials and all of the available learning activities for this course. An effective way to do this is to consistently interact with their fellow students and tutor in the weekly tutorials. By doing this, students will improve their understanding of each topic receive feedback about their learning progress and identify areas of strength and weakness in their understanding of particular topics and take effective action to improve where necessary.

    2. Video presentation 20%
    Sourcing, critically analysing and presenting technical information to peers is commonplace in a professional workplace. This assessment task will provide an opportunity for students to practice and improve their capabilities in these areas.

    3. Mid-semester test 20%
    The mid-semester test is designed to provide students with the opportunity to demonstrate their understanding of key concepts and technical accounting issues that have been discussed in lectures and tutorials and the online learning materials. Students are encouraged to practice their skills in forming an opinion or position and providing evidence to support that opinion in short answer form as well as answering technical problems that require calculations and the preparation of journal entries.

    4. Final examination 50%
    At the completion of the semester students are required to undertake a closed book three-hour examination that will investigate their understanding of most topics covered in the course.

    Information relating to specific timing of assessment tasks and details of submission will be provided to students on MyUni by the end of week 2 of the semester. 

    Tutorial attendance and engagement
    Students are required to attend and be actively engaged in tutorials throughout the semester. 

    Video presentation
    Students will work in groups make a video presentation and submit it and acompanying material to the MyUni portal by the due time and date.

    Mid semester test
    Details of the mid semester test will be available from MyUni by week 2 of the semester.

    If students are unable to complete a test within the specified time due to medical or compassionate grounds they must provide appropriate documentation to the course coordinator within seven days of the tutorial, test day/time and an alternative time to complete the assessment will be negotiated. The nature and form of the documentation to accompany a request for an extension must be in accordance with the instructions for application for supplementary examinations for ‘medical and compassionate grounds’ located at the following website: Students who fail to submit any piece of assessment and fail to provide adequate supporting documentation to the course coordinator will be awarded a score of zero for that component of the course assessment.
    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.

    Feedback from students in previous offerings of Financial Accounting II have indicated that it is necessary to have a solid foundation in the pre-requisite accounting knowledge acquired in previous accounting courses to succeed in this course. It is also very important to keep up to date in accessing and completing all of the relevant learning resources that are available in this course throughout the semester.

    There are a range of learning resources available that cater for a range of different learning styles. Please review these materials and select those that most effectively suit your personal learning style. If you find you are falling behind in your learning, contact your tutor or the lecturer for additional support.

  • 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.