ACCTING 2501 - Financial Accounting

North Terrace Campus - Semester 1 - 2019

The aim of this course is to guide students in their acquisition 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 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. It would also be useful for those not wishing to become accountants but who plan to specialise in areas where accounting knowledge would be an advantage such as bankers and finance professionals, journalists, lawyers, and those interested in management positions including engineers and scientists.

  • General Course Information
    Course Details
    Course Code ACCTING 2501
    Course Financial Accounting
    Coordinating Unit Adelaide Business School
    Term Semester 1
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 4 hours per week
    Available for Study Abroad and Exchange Y
    Prerequisites ACCTING 1005 or ACCTING 2502, CORPFIN 1002
    Assessment Exam/assignments/tests/tutorial work as prescribed at first lecture
    Course Staff

    Course Coordinator: Dr Lisa Powell

    Course co-ordinator: Dr Lisa Powell
    Location: Room 13.22, 10 Pulteney St
    Telephone: 8313 0103

    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 lectures and 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 attendance and 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. Read and interpret Australian Accounting Standards;
    2. Understand the relevance of financial accounting to internal and external stakeholders;
    3. Identify and apply principles and regulations relating to financial accounting and the preparation of financial statements;
    4. Apply the processes of recognition, measurement and disclosure of accounting information in the preparation of general purpose financial statements;
    5. Critically analyse and interpret case information and be able to develop a convincing argument to present their views on relevant accounting issues;
    6. Work either individually or in a group to solve problems and communicate understanding of issues relating to the preparation 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)
    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
    4, 5 & 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
    4, 5 & 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, 4, 5 & 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
    4, 5 & 6
  • Learning Resources
    Required Resources
    Text Books
    1. Loftus, J., Leo, K., Daniliuc, N.B., Luke, B., Hong, N.a., and Byrnes, K., 2018, Financial Reporting, 2nd Edition, John Wiley and Sons Australia Ltd, Milton, Queensland.
    2. CAANZ (2019) Financial Reporting Handbook 2019, John Wiley and Sons Australia Ltd, Milton, Queensland.
    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. Henderson, S., Peirson, G., Herbohn, K., Artiach, T. and Howieson, B., 2017, Issues in Financial Accounting, 16th edition, Pearson Education Australia/Prentice Hall, French’s Forrest, NSW.
    2. Leo, K. J., Knapp, J., McGowan, S. C., and Sweeting, J. W., 2015, Company Accounting, 10th Edition, 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 lectures, answers to self-study questions, text-book resources, online MCQ quizzes, 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 provide an overview of the accounting issues that surround the preparation of general purpose financial statements. Each module will explain key tems used when accounting for particular events and transactions and discuss conceptual issues surrounding the application of Australian accounting standards. The modules will also refer to information found in Annual Reports prepared by companies listed on the Australian Securities Exchange (ASX).  

    Please note that the online modules provide an overview or summary of each topic. They 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 the 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 listening to the weekly lecture on a speicific topic.


    Each week, students are required to either attend or listen to an online recording (available from MyUni) of the two-hour lecture. If attendance in lectures falls below a minimum threshold of approximately 40 students, future physical lectures at that time may be cancelled. The focus of the lecture will be to provide examples for students to work thought with assistance from the lecturer, and to allow for presentations by guest lecturers.

    Students should prepare for each lecture by completing the online learning module, reading from the text(s) and reviewing the material provided in MyUni. The material covered in lectures will be discussed and extended in tutorials held in the week following the lecture.

    Tutorials will be held weekly and are an important component of student learning. Attendance and engagement in tutorials forms part of the formal assessment for FA.  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 will be notified prior to attending the tutorial which issues will form the basis for discussion. Solutions to relevant question(s) will be available on MyUni after all tutorial have been conducted.  

    Learning modules, reading references and self-study questions and answers are available from MyUni for students to review prior to attending lectures and tutorials. Attempting the self-study questions and checking the answers provides students with the opportunity to test their knowledge and understanding of the information presented in the online module, lecture and readings.

    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 attend or listen online (available from MyUni) to a two hour lecture 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 (Coursework Academic Programs Policy, s 2(a)(iv), Effective 1 January 2018). This means that students are expected to commit an average of 8 hours per week for 15 weeks to private study, that is, in addition to time spent attending or viewing lectures and tutorials.

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

    Teaching and Learning Activity Learning Outcomes
    Lectures and online learning modules 1-6
    Tutorial discussion 1-6

    Topics covered:

    1. Accounting Regulation and the Conceptual Framework 
    2. Application of Accounting Theory
    3. Presentation of Financial Statements and Other Disclosures
    4. Leases
    5. Provisions and Contingent Liabilties
    6. Employee Benefits
    7. Income Taxes
    8. Property, Plant and Equipment
    9. Intangible Assets
    10. Impairment of Assets
    11. Cash Flow Statements
    12. Share-based Payments
  • 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 Due Date/Week Weighting Length Learning Outcome
    1. Tutorial attendance and engagement Weekly 5% TBA 1 - 6
    2. Presentation and summary TBA 10% TBA 1 - 3, 5, 6
    3. Online MCQ quizzes Weeks  15% TBA 3 - 6
    4. Mid-semester test  TBA 20% TBA 1, 3, 4, 5 & 6
    5. Final examination TBA 50% Three hours 1, 3, 4, 5 & 6
    Total 100%

    Assessment Related Requirements
    Tutorial attendance and engagement
    Marks will be awarded by tutors on the basis of the number of tutorials attended and level of engagement with the course materials students are able to demonstrate. Prior to attending the tutorials students are required to read, review and test their understanding of the relevant learning materials for that topic. In the tutorial there is an expectation that all students be aware of the questions that will be discussed in and be prepared to engage in this discussion. Students are required to attend and demonstrate effective engagement in a minimum of 8 tutorials to achieve full marks for this assessment task.

    Presentation and summary
    Students will work with one or two other students in their tutorial to make a 10 minute presentation at a specified date about an issue that will be allocated by their tutor. The presentation will be made in their tutorial and a one page summary will be submitted by 11:59pm of the day following the tutorial presentation.

    Online MCQ quizzes
    Students are required to complete three online tests. The tests are to be completed individually by students. Only one attempt is allowed per student. Once a student has commenced a test online, they will be allowed a limited period to complete it. Details of when the tests will become available and how long students will be given to complete a test will be available on MyUni.

    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 from week two.

    To gain a pass for this course, there is a hurdle requirement which states that a mark of at least 40% must be obtained in the final examination as well as at least 50% in total for all assessment tasks. Students not achieving the minimum exam mark will be awarded no more than 49 for their course grade.
    Assessment Detail
    There are five 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 FA.

    1. Tutorial attendance and engagement 5%
    It is essential that students fully engage with the course materials and all of the available learning activities for FA. An effective way to do this is to consistently interact with their fellow students and tutor in the weekly tutorials. By doing this, students can 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. Presentation and summary 10%
    Presenting 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 this form of communication.

    3. Online MCQ quizzes 15%
    Online tests provide opportunities for students to check how well they have understood the technical definitions, principles and regulations relating to financial accounting and the preparation of financial statements that have been presented to them in the lectures and required readings.

    4. 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.

    5. 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 lectures, tutorials, online resources and other course materials.

    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 a minimum of 8 tutorials. 

    Presentation and summary
    Students, in pairs or groups of three, will make a presentation to their tutorial group and submit a one page summary to the MyUni portal by 11:59pm of the day subsequent to the presentation date.

    Online MCQ quizzes

    Will be available online.

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

    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.