ACCTING 3500 - Accounting Theory
North Terrace Campus - Semester 2 - 2021
General Course Information
Course Code ACCTING 3500 Course Accounting Theory Coordinating Unit Accounting Term Semester 2 Level Undergraduate Location/s North Terrace Campus Units 3 Contact Up to 3 hours per week Available for Study Abroad and Exchange Y Prerequisites ACCTING 2501 Course Description Topics may include theory development in accounting, normative accounting theories, positive accounting theories, ethics in accounting, social and environmental accounting issues, and professional judgement in accounting
Course Coordinator: Associate Professor Janice Loftus
Associate Professor Janice Loftus
Location: 13:10, Level 13, 10 Pulteney Street (Nexus 10)
Telephone: 8313 1024
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesOn successful completion of this course students will be able to:
1. Apply knowledge of accounting techniques, concepts, principles and theories to solve financial reporting problems.
2. Apply a structured decision model to exercise judgement in the application of accounting standards.
3. Work in teams to design and undertake a research project.
4. Effectively utilise oral and written communication skills to communicate to peers.
5. Apply the code of ethics for professional accountants to make sound decisions.
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 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
1, 2 and 3 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 and 4 Career and leadership readiness
- technology savvy
- professional and, where relevant, fully accredited
- forward thinking and well informed
- tested and validated by work based experiences
3 Intercultural and ethical competency
- adept at operating in other cultures
- comfortable with different nationalities and social contexts
- able to determine and contribute to desirable social outcomes
- demonstrated by study abroad or with an understanding of indigenous knowledges
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
Required ResourcesRankin, M., K. Ferlauto, S. McGowan, and P. Stanton, Contemporary Issues in Accounting, 2018, 2nd edition, John Wiley and Sons, Australia.* AND
Financial Reporting Handbook, 2021, John Wiley & Sons, Australia (CAANZ Handbook) (or access to all Australian Accounting Standards, Interpretations and the Conceptual Framework).
* E-book is available.
Students should use the most recent version. Students are permitted to use earlier editions of the Handbook but may place themselves at a disadvantage in doing so.
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 the course website (MyUni) or are available in the Barr Smith library.
Recommended ResourcesIf you are seeking additional reading in relation to assumed knowledge you should refer to:
- Deegan, C. (2014). Financial Accounting Theory, 4th Edition.McGraw-Hill, Australia.
- 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 (2017) Issues in Financial Accounting, 16th edition. Pearson Education Australia.
- Leo, K., J. Knapp, S.McGowan and J. Sweeting (2015) Company Accounting, 10th Edition, John Wiley & Sons Australia.
- Loftus, J., K. Leo, N. Boys, S. Daniliuc, B. Luke, H.N. Ang and K. Byrnes, (2020) Financial Reporting, 3rd edition, John Wiley & Sons Australia.
- Loftus, J., K. Leo, S. Daniliuc, N. Boys, B. Luke, H.N. Ang and K. Byrnes, (2018) Financial Reporting, 2nd Edition, John Wiley & Sons Australia.
- Picker, R., K. Clark, J. Dunn, D. Kolitz, G. Livne, J. Loftus and L. van der Tas, (2016), Applying IFRS Standards, 4th Edition, Wiley.
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/
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 which are submitted electronically as homework; 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 watch one lecture and participate in one tutorial class each week.
· Lectures : 2 hours per week, commencing WEEK 1 comprising podcasts, pre-recorded mini-lectures and a 1-hour face-to-face session each week. The face-to-face session will be recorded.
· Tutorials: 1 hour per week, Tutorials START WEEK 2
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 is a three-unit course and you are expected to commit 8 - 9 hours of private study outside of your regular classes.
Learning Activities Summary
1 Topic 1: Why we need to exercise judgement in applying principles-based accounting standards
Communication skills workshop - Analysing the question
2 Topic 2: Definition and recognition AND Introduction to Small Group Discovery Experience (SGDE) Project
3 Topic 3: Measurement and disclosure and Workshop on using databases for the SGDE project
4 Communication skills workshop - Critiquing writing
6 Topic 4: Exercising judgement in choosing an accounting policy
7 Topic 5: The role of ethics in accounting
8 Topic 6: Economic consequences of accounting policy choice- agency theoryMID-SEMESTER BREAK
9 Topic 7: Capital markets research
10 Topic 8A: Social & environmental reporting and accounting for carbon trading
11 Topic 8B: Social & environmental reporting and accounting for carbon trading and Workshop on exam skills
12 Course overview and revision
Small Group Discovery ExperienceThe third-year stage of the the University of Adelaide Small Group Discovery Experience (SGDE) for accounting is implemented in this course. Students can either form their own group of five members from the same tutorial, or be placed in a group by staff.
Several skills workshops will be provided to help you (and your small group) on your journey of discovery. The skills workshops will be accommodated within the usual lecture timetable. The skills workshops will cover analysing questions, giving and using feedback, research skills, using a commercial database and report writing.
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 Task Type Due Weighting Learning Outcome Mid Semester Test Individual TBA refer course Canvas page 20% 1, 4 Individual Assignment Individual TBA refer course Canvas page 8% 1, 2, 4 Tutorial Activities Individual Weekly 8% 1, 2, 4, 5 Research Project Group TBA refer course Canvas page 14% 1, 3, 4 Final Exam Individual Exam Period (details TBA) 50% 1, 2, 3, 4, 5 Total 100%
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 which is available on MyUni. 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: https://www.adelaide.edu.au/student/exams/forms
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:
Mid-semester Test 20%
The test will cover topics one to three, inclusive and be held on-line during the scheduled lecture time. This assessment task relates to course learning outcomes 1 and 4. Further details, including location(s), will be posted on MyUni.
Individual Assignment 8%
Course learning outcomes 1, 2 and 4.
Tutorial Activities: 8%
This assessment task relates to learning outcomes 1, 2, 4 and 5. Tutorial marks will be awarded for:
· Writing tasks (average of two) (4 marks)
· Homework (4 marks)
Short-Answer Writing Tasks: Two writing tasks will be held on-line during scheduled lecture times.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 reweighting of assessment. The writing tasks are intended to help develop your written communication skills. Details of the scheduling of writing tasks and topics assessed are provided in the Schedule of Assessments in the Course Information module on MyUni.
Homework: Completed homework must be uploaded on MyUni each week by 6.00 p.m one day prior to your scheduled tutoiral. The homework will be assessed four times per semester. Students are not given prior knowledge of the weeks in which homework will be assessed. Tutors do not provide feedback on submitted homework. It is the responsibility of students to take additional notes, etc. during tutorials.
Research Report on Small Group Discovery Experience (SGDE) 14%
This assessment task relates to course learning outcomes 1, 3 and 4. This course will facilitate the third-year SGDE for students enrolled in accounting programmes. Assessment of your participation in the SGDE project will be as follows:
· Individual contribution to group meetings held in tutorials and the account of your contribution provided in submission (6 marks)
· Group mark awarded for written submission (8 marks)
Final Exam 50%
There will be a three-hour exam. This assessment task relates to course learning outcomes 1 - 5.
SubmissionPresentation of Assignments
· 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 the group project.
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.
We acknowledge the contribution of feedback from past students in our endeavours to provide a more effective learning environment.
- Academic Support with Maths
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- Student Life Counselling Support - Personal counselling for issues affecting study
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- Students with a Disability - Alternative academic arrangements
- Reasonable Adjustments to Teaching & Assessment for Students with a Disability Policy
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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
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