ACCTING 3500 - Accounting Theory III
North Terrace Campus - Semester 1 - 2014
General Course Information
Course Code ACCTING 3500 Course Accounting Theory III Coordinating Unit Adelaide Business School Term Semester 1 Level Undergraduate Location/s North Terrace Campus Units 3 Contact Up to 3 hours per week Prerequisites ACCTING 2501 Course Description Topics may include accounting history, theory development in accounting, normative accounting theories, positive accounting theory, standard setting in a theoretical and political framework, ethics in accounting, behavioural accounting, and social and environmental accounting issues.
Course Coordinator: Associate Professor Janice Loftus
Name: A/Prof. Janice Loftus
Location: 13.10 Level 13, 10 Pulteney St (Nexus 10)
Telephone: 831 31024
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesThe objectives of Accounting Theory III are that students should:
- Develop an understanding of accounting policy choices available or under consideration for application within International Financial Reporting Standards;
- Be able to think critically about underlying theories, concepts, assumptions and arguments in accounting;
- Be able to apply understanding of accounting principles and knowledge of accounting techniques to solve financial reporting problems;
- Be able to effectively utilise oral and written communication skills to further learning and impart understanding of accounting issues to others; and
- Appreciate the importance of ethical reasoning and social and cultural considerations in professional accounting practice.
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. (a) Develop an understanding of accounting policy choices available or under consideration for application within International Financial Reporting Standards. The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. (b) Be able to think critically about underlying theories, concepts, assumptions and arguments in accounting. An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. (c) Be able to apply understanding of accounting principles and knowledge of accounting techniques to solve financial reporting problems. Skills of a high order in interpersonal understanding, teamwork and communication. (d) Be able to effectively utilise oral and written communication skills to further learning and impart understanding of accounting issues to others. An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. (e) Appreciate the importance of ethical reasoning and social and cultural considerations in professional accounting practice.
Required ResourcesRankin, M., P. Stanton, S. McGowan, K. Ferlauto and M. Tilling, Contemporary Issues in Accounting, 2012, John Wiley and Sons, Australia. AND
Accounting/Financial Reporting Handbook
Financial Reporting Handbook 2014, John Wiley & Sons, Australia (ICAA Handbook).*
Accounting Handbook 2014, Pearson, Australia (CPA Australia Accounting Handbook)
* E-book is available.
Please note: The 2014 Handbook will also be helpful to those studying Corporate Accounting III.
At relevant sections of the course additional prescribed readings elaborate on, or supplement, items in the prescribed texts. These readings are provided via links on MyUni.
Recommended ResourcesStudents seeking additional reading in relation to assumed knowledge should refer to:
Deegan, C. (2014). Financial Accounting Theory, 4th Edition.McGraw-Hill, Australia. (4th edition to be released during second semester 2013)
Godfrey, J., A. Hodgson, A. Tarca, J. Hamilton and S. Holmes, Accounting Theory, 7th Edition, 2010, John Wiley and Sons, Australia.
Henderson, S., G. Peirson, K. Herbohn, T. Artiach and B.Howieson (2013) Issues in Financial Accounting, 15h edition. Pearson Education Australia. (or 2010 edition)
Leo, K., J. Hoggett and J. Sweeting (2012) Company Accounting, 9th Edition, John Wiley & Sons Australia.
Loftus, J. K. Leo, Picker, R., V. Wise and K. Clark (2013), Understanding Australian Accounting Standards, 3rd Edition, John Wiley & Sons Australia (or the customised publication used in Financial Accounting II)
Resources to assist in developing communication skills:
The writing centre provides academic learning and language development services and resources for local and international students including drop-in consultations: http://www.adelaide.edu.au/writingcentre/
An internationally recognised volunteer program is also available to provide language support for students from non-English Speaking Backgrounds (NESB) who have an additional need to improve their oral communication:http://international.adelaide.edu.au/life/current/talkaussies/
Online LearningStudents should refer to the course website for certain required readings and additional references as directed. The website also includes links to some useful websites.
Learning & Teaching Activities
Learning & Teaching ModesAt this advanced level of study you are much more responsible for the quality of your learning than when you first entered university. Accordingly, active rather than passive learning is emphasised. For each topic there are self-study questions; and tutorial questions.
Self-study questions facilitate your comprehension of the content of the prescribed readings. Guidance on self-study questions is provided on MyUni. Your learning will be enhanced by attempting the questions before referring to the guidance notes to assess your response.
Tutorial questions are generally more challenging than self-study questions because they emphasise analysis, evaluation and synthesis of information, as well as the development of creative solutions to problems. There are two types of tutorial questions:
- Tutorial questions that you should attempt in preparation for the tutorial; and
- In-class activities, which are to be completed during tutorials.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.Students in this course are expected to attend one lecture and one tutorial class each week.
· Lectures : 2 hours per week, commencing Tuesday, 4 March 2014
· Tutorials: 1.5 hours per week, Tutorials START TUESDAY 11 MARCH 2014
The University expects full-time students (i.e. those taking 12 units/semester) to devote a total of 48 hours/week to their studies. Accounting Theory III is a three-unit course and you are expected to commit 8 - 9 hours of private study outside of your regular classes.
Learning Activities SummaryWk Starting Topic
PART I – INTRODUCTION
1 3/03/14 Key Questions in Accounting Policy Choice
PART II – WHY IS THERE CHOICE OF ACCOUNTING POLICIES?
2 10/03/14 Regulatory context - True and fair view and conceptual framework
PART III – ACCOUNTING POLICY – DEFINITION, RECOGNITION, MEASUREMENT & DISCLOSURE
3 17/03/14 Definition and recognition
4 24/03/14 Measurement and disclosure
5 31/03/14 Measurement Illustrated – Fair value accounting
6 7/04/14 Accounting policy choice applied: transactions with customers
PART IV – ETHICS AND ACCOUNTING
7 28/04/14 Role of ethics: accounting policy choice
8 5/05/14 Economic Consequences of Accounting Policy Choice
9 12/05/14 Capital Markets Research
10 19/05/14 Behavioural Accounting Research
PART V1 – ACCOUNTING POLICY CHOICE APPLIED
11 26/05/14 Social & Environmental Reporting - Carbon Trading
PART VII – CHOICE OF GAAP
12 2/06/14 International Convergence
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 SummaryAssessment Summary
A variety of assessment tasks are used to reflect your knowledge and understanding of the content covered and your progress in achieving the learning objectives for Accounting Theory III.
To pass this course, a mark of at least 50% must be obtained on the final exam, as well as a total of at least 50% overall. Students not achieving the minimum exam mark will be awarded no more than 49.
Assessment Related RequirementsAssignment Guidelines including Referencing Details: 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 for Business Programmes (look under ‘downloads’):
http://www.adelaide.edu.au/professions/hub/ug/downloads/ This booklet also provides guidelines on a range of other important communication skills (including writing essays and reports, making oral presentations etc.).
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.
Marking of Assignments: Staff will aim to complete marking communicate feedback and grades to students within three weeks of submission.
Assessment DetailAssessment Detail
The assessment components are as follows:
Due Date: Thursday 8 May, on or before 6.00 pm
Mid-semester Test (Week 6) 20%
A 50-minute closed will cover topics one to four inclusive. This assessment task relates to learning objectives a) through e). Further details, including location(s), will be posted on MyUni. Please monitor MyUni for information about arrangements for the lecture for week 6.
Tutorial Activities: 12%
This assessment task relates to learning objectives a) – e). Marks are NOT awarded for merely attending tutorials. Tutorial participation marks will be awarded for participation in various activities, including:
· Writing tasks (best two of three) (4 marks)
· Oral Presentations (4 marks), and
· Participation in general class discussion and in-class activities (4 marks).
Writing Tasks: Students will not be given advance notice of when an individual writing task is to be held. They may be held in different weeks for different tutorials. Writing tasks will be based on the topic to be covered in tutorials in the week in which the writing task is conducted. Writing tasks will be scheduled at the beginning of tutorial classes, unless specified otherwise by your tutor. The writing tasks are intended to help develop your written communication skills. You can prepare for the writing task by completing the self-study questions and tutorial questions that have been set as preparation for each tutorial class.
Oral Presentations: You are required to give an oral presentation in groups of two or three to an assigned tutorial question. To enable preparation, oral presentation groups will be confirmed in week 3. The marking rubric for the group tutorial presentations will be posted on MyUni to assist you in your preparation. Tutorial activities for weeks 3 and 4 include practice presentations. These will be assessed for the purpose of providing formative feedback only, and will not be counted towards your grade. Each group will be assigned a tutorial question from weeks 5 to 12 and will be expected to present a response to that question. Time limit: 10 – 12 minutes per group. While you should prepare and present the presentations in groups, you will be assessed on an individual basis. Thus, marks could vary within a group. For guidance on oral presentations, please refer: http://www.adelaide.edu.au/english-for-uni/oral-presentation/
Engagement in General Discussion: This is an assessment of your ability to answer questions when your tutor directs a question to you as well as contributing to general class discussion and in-class activities. Demonstrating that you have prepared answers to tutorial questions and being willing to discuss them in class is an important part of tutorial participation. Your participation will be assessed on how often you engage in class discussion of tutorial questions, the quality of your contribution and the extent to which you comply with appropriate tutorial etiquette (as described in this course outline under Teaching and learning Activities – Teaching and learning modes). The full range of the marking scale will be used – if you attend every tutorial but make no contribution whatsoever, you should expect to be awarded zero for this assessment item.
Final Exam 50%
There will be a three-hour exam. This assessment task relates to learning objectives a) – d). The Accounting Handbook/Financial Reporting Handbook will be permitted in the final examination (Hard copies only; e-books not permitted). This must be unannotated and contain no inserts or other material. It is permissible for the Handbook to include highlighted text. Handbooks will be checked and offenders may face penalties for cheating. In this course, only calculators incapable of storing text are permitted in the final examination. You are not permitted to take a DICTIONARY (English or English-Foreign) into the examination. Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process. Poor or illegible handwriting may result in marks not being awarded.
Presentation of Assignments
The assignment may be completed individually or in groups of up to three students. The assignment relates to learning objectives (a) to (e). Criteria for assessing the assignment will be provided with the instructions.
· Assignments must be submitted electronically through MyUni Turnitin Assignments, which is a computer programme that detects plagiarism.
· Please retain a copy of all assignments submitted.
· All group members are expected to contribute approximately equally to a group assignment.
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.
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