ACCTING 2501 - Financial Accounting II

North Terrace Campus - Semester 2 - 2018

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 II
    Coordinating Unit Business School
    Term Semester 2
    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
    Course Description 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.
    Course Staff

    Course Coordinator: Ms Jessica Yi

    Course co-ordinator: Dr Lisa Powell
    Location: Room 13.22, 10 Pulteney St
    Telephone: 8313 0103
    Email: lisa.powell@adelaide.edu.au



    Course Timetable

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

    Students must attend the lectures and workshop that they are enrolled in. Students will only be allowed to attend an alternative class under exceptional and unusual circumstances and with the permission of the course coordinator. Students who attend an alternative lecture or workshop without permission from the course coordinator will be required to leave.
  • Learning Outcomes
    Course Learning Outcomes

    On successful completion of this course, students will be able to:

    1. Read and interpret Australian Accounting Standards;
    2. Identify and apply principles and regulations relating to financial accounting and the preparation of financial statements;
    3. Apply the processes of recognition, measurement and disclosure of accounting information in the preparation of general purpose financial statements;
    4. Critically analyse and interpret case information and be able to develop a convincing argument to present their views on relevant accounting issues;
    5. 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)
    1,3,4,5
    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
    3,4,5
    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
    3,4,5
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1,3,4,5
    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
    3,4,5
  • 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 (2018) Financial Reporting Handbook 2018, 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: https://myuni.adelaide.edu.au. Important information will be provided to students on this website including online lectures, answers to self-study questions, text-book resources, on-line tests, 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
    Lectures
    Each week, students are required to either attend or listen to an online recording (available from MyUni) to a two-hour lecture. If attendance in lectures falls below a minimum threshold of approximately 40 students, future lectures at that time may be cancelled.  Lectures provide students with an overview of the accounting issues that surround the preparation of general purpose financial statements. Lectures 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 lecture materials by reading the relevant extracts from the text books, working through examples and extending their knowledge of each topic in workshops and in their own study time. The lecturer will discuss conceptual issues surrounding the application of Australian accounting standards on particular topics, work through some introductory examples and refer to information found in Annual Reports prepared by companies listed on the Australian Securities Exchange (ASX). It is important that students prepare for each lecture by reading from the texts and reviewing the lecture material provided in the course handbook. The material covered in lectures will be discussed and extended in workshops held in the following week.

    Workshops
    Workshops of one hour duration will be held weekly commencing in week 2 of the semester. Workshops are an important component of student learning. The communication skills developed in workshops by regularly and actively participating in discussions are considered by the Business School to be very important and are highly regarded by employers and professional bodies. Membership of workshop classes is to be finalised by the end of the second week of semester. Students wishing to swap between workshop 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. Questions for discussion in workshops are located in teh MyUni FAII website. Each week, self-study and workshop questions shouold be attempted by students prior to attending the workshop. Answers to the self-study questions are available from MyUni for students to review prior to attending class. 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 lecture and readings. Students’ ability to complete specific workshop questions will be assessed as a component of workshop participation.
    Workload

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

    Throughout the semester students in this course are expected each week to attend or listen to the lecture recording (available online from MyUni) for a two-hour lecture and attend a two-hour workshop class. 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, for this course, students are expected to commit approximately 8 hours per week to private study, that is, study outside of regular class times.
    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 1-5
    Workshop discussion 1-5
    Articulate storyline modules 1-5


    Topics covered: 

    1. The Australian external reporting environment and accounting regulation
    2. Conceptual framework and accounting theory
    3. Overview of financial statement presentation and other disclosures
    4. Leases
    5. Provisions and contingent liabilities
    6. Employee benefits
    7. Share-based payments
    8. Intangible assets
    9. Property, plant and equipment
    10. Impairment of assets
    11. Cash flow statement
    12. Income taxes
  • 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
    Inclass tests Weeks 3, 5, 7, 9 and 11 10% N/A 1,2,3,4,5
    Mid-semester test Week 6 20% TBA 2,3,4,5
    Individual assignment 11:59 p.m. Friday 21 September 2018 20% TBA 1,2,3,4,5
    Final exam 50% Three hours 1,2,3,4,5
    Total 100%

    There are four summative assessment tasks in this course, inclass tests, mid-semester test, individual assignment and the final examination. Each task is designed to provide students with opportunities to demonstrate their level of comprehension and understanding of each of the topics covered in the course as well as their understanding of the overall nature and purpose of financial reporting. All of the assessment tasks for this course will contribute either individually or collectively to the satisfaction of the learning objectives for this course.

    Inclass tests
    Five inclass tests are an essential component of the learning task to be undertaken by students in workshops. Inclass tests provide students with the opportunity for continuous learning throughout the semester and interaction with their tutor and fellow students. Also, they are helpful for students to identify areas of strength and weakness in their understanding of particular topics.

    Mid-semester test
    Mid-semester test is to be undertaken on Week 6 within the schedulked lecture time. 80 minute test will cover topics one to four inclusive and includes both multiple-choice quesitons and case study.

    Individual assignment

    Individual assignment is due on 11:59 p.m. on Friday 21 September 2018. It provides 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.

    Examination
    At the completion of the semester students are required to undertake a three-hour examination that will demonstrate their understanding of every topic covered in the lectures, workshops, on-line resources and other course materials.
    Assessment Related Requirements
    Inclass tests 
    Inclass tests should be only taken in the enrolled workshops. Inclass tests will be scheduled at the beginning of workshops. Missed tests cannot be made up on another occasion for any reason including medical. Requests for special consideration may be made in accordance with University policy and, if granted, will be addressed by reweiting of assessment. 

    Mid-semester test
    Mid-semester test is a closed book test. Details of time and location will be communicated on the MyUni home page for this course.

    Individual assignment
    Individual assignment should be submitted via the turnitin. The turnitin link will be provided on the MyUni. Correct referencing is important because it identifies the source of the ideas and arguments that you present and helps to avoid the problem of plagiarism. This course makes use of the “Harvard” system of referencing. Guidelines for the use of this style of referencing can be found in the Communication Skills Guide: http://www.adelaide.edu.au/professions/hub/ug/downloads

    Late Assignment Submission: Students are expected to submit their work by the due date to maintain fairness and equity. Extensions will generally only be given for medical or other serious reasons. All requests for extensions must be emailed to the lecturer in charge of the course before the due date. Each request will be assessed on its merits. Unless subject to an extension (by prior arrangement) assignments will be penalised by a 10% mark reduction (10% of the maximum mark) for each day, or part thereof, that it is late.

    Extensions for assignments may be granted under special circumstances. An extension request based on illness or exceptional personal circumstances must include the Supporting Statement/Certification Form, of the Modified Arrangements for Coursework Assessment application form at: http://www.adelaide.edu.au/student/exams/mod_arrange.html. Students applying for an extension based on medical reasons must visit their medical practitioner, with that approved University form, and have the medical practitioner complete it. A doctor's certificate will not be accepted. Any student seeking an extension must contact the course co-ordinator PRIOR to the due date. Extensions, except on medical grounds, cannot be given after the due date.

    Examination 
    To gain a pass for this course, a mark of at least 50% 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. This is a closed book test. You are not permitted to take any unauthorised materials including dictionary into the examination.
    Assessment Detail
    The assessment components are as follows:

    Inclass tests (Weeks 3, 5, 7, 9 and 11) 10 %
    Students are required to attend their enrolled workshops to take the tests.

    Mid-semester test 20 %
    Mid-semester test will be held online during weeks 6 within the scheduled lecture. There will be no lecture in Week 6, but workshops will be run as scheduled.

    Individual assignment 20 % 
    Due date is 11:59 p.m. Friday 21 September 2018. This assessment teask relates to course leanring outcomes 1, 2 and 4.  

    Final Exam 50%
    There will be a three-hour examination covering all topics.

    The examination for this course is closed book.
    Submission
    Instructions for submission of online tests will be provided on MyUni. If students are unable to complete a test within the specified time or manner due to medical or compassionate grounds they must provide appropriate documentation to the course coordinator within seven days of the 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: http://www.adelaide.edu.au/student/exams/supps.html.

    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.
    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 (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.

    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.