General Information
This subject examines the regulation, concepts, Australian Accounting Standards and processes relevant to financial accounting and reporting. Emphasis is on the application of accounting principles, regulation and the Australian Accounting Standards that underpin the preparation of general purpose financial statements. The subject focuses on the preparation and analysis of these financial statement and is therefore relevant to students pursuing careers in which a working knowledge of corporate financial statements as either a preparer or user is beneficial.
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Details
Academic unit: Bond Business School Subject code: ACCT12-202 Subject title: Financial Accounting and Company Reporting Subject level: Undergraduate Semester/Year: May 2022 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Seminar: x12 (Total hours: 24) - Seminar 1
- Seminar: x12 (Total hours: 24) - Seminar 2
- Personal Study Hours: x12 (Total hours: 72) - Recommended study time & reviewing materials
Attendance and learning activities: Attendance at all seminars is expected. Students are expected to notify the instructor of any absences with as much advance warning as possible. Generally, two seminars are held for each topic. The seminar which introduces a topic will focus on assisting students acquire knowledge that underpins the topic. This will usually include a presentation of key concepts, demonstration of technical examples and class discussion. The following seminar is designed to enhance knowledge and develop critical thinking related to the topic. This will be primarily through review of assigned problems and general class discussion. -
Resources
Prescribed resources: Books
- Craig Deegan (2020). Financial Accounting. 9th Edition, McGraw-Hill
Others
- Australian Accounting Standards Board Australian Accounting Standards (AASBs). Available at: http://www.aasb.gov.au/
iLearn@Bond & Email: iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | ACCT12-202 |
| Subject title: | Financial Accounting and Company Reporting |
| Subject level: | Undergraduate |
| Semester/Year: | May 2022 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | Attendance at all seminars is expected. Students are expected to notify the instructor of any absences with as much advance warning as possible. Generally, two seminars are held for each topic. The seminar which introduces a topic will focus on assisting students acquire knowledge that underpins the topic. This will usually include a presentation of key concepts, demonstration of technical examples and class discussion. The following seminar is designed to enhance knowledge and develop critical thinking related to the topic. This will be primarily through review of assigned problems and general class discussion. |
| Prescribed resources: | Books
Others
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
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| Restrictions: |
Nil |
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Apply International Financial Reporting Standards (IFRSs) and/or other relevant standards to accounting transactions.
- Apply accounting policies in the preparation general purpose financial statements.
- Prepare general purpose financial statements, including consolidated financial statements and related disclosure in accordance with IFRSs or other relevant national standards.
- Communicate accounting information and recommendations in a clear, concise and professionally written manner to a hypothetical client.
- Explain current national and international developments in financial reporting.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Computer-aided Test (Open) Application focused. Synthesis and Analysis of Information / Scenario. Short-Answer Questions 10% Week 3 1,2,4,5 Computer-aided Test (Open) Application focused. Synthesis and Analysis of Information / Scenario. Short-Answer Questions 10% Week 5 1,2,4 Computer-aided Test (Open) Application focused. Synthesis and Analysis of Information / Scenario. Short-Answer Questions 15% Week 7 1,2,4 Assignment Project Part A (Interview)– A case-based assignment requiring the preparation of general purpose financial statements and related report. Interview with lead educator regarding key concepts. 10% Week 10 1,2,3,4,5 Computer-aided Test (Open) Application focused. Synthesis and Analysis of Information / Scenario. Short-Answer Questions 15% Week 11 1,2,4 Assignment Project Part B (Report) - A case-based assignment requiring the preparation of general purpose financial statements and related report. 40% Week 12 1,2,3,4,5 - * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
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Assessment criteria
Assessment criteria
High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment. Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Computer-aided Test (Open) | Application focused. Synthesis and Analysis of Information / Scenario. Short-Answer Questions | 10% | Week 3 | 1,2,4,5 |
| Computer-aided Test (Open) | Application focused. Synthesis and Analysis of Information / Scenario. Short-Answer Questions | 10% | Week 5 | 1,2,4 |
| Computer-aided Test (Open) | Application focused. Synthesis and Analysis of Information / Scenario. Short-Answer Questions | 15% | Week 7 | 1,2,4 |
| Assignment | Project Part A (Interview)– A case-based assignment requiring the preparation of general purpose financial statements and related report. Interview with lead educator regarding key concepts. | 10% | Week 10 | 1,2,3,4,5 |
| Computer-aided Test (Open) | Application focused. Synthesis and Analysis of Information / Scenario. Short-Answer Questions | 15% | Week 11 | 1,2,4 |
| Assignment | Project Part B (Report) - A case-based assignment requiring the preparation of general purpose financial statements and related report. | 40% | Week 12 | 1,2,3,4,5 |
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
Assessment criteria
| High Distinction | 85-100 | Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. |
|---|---|---|
| Distinction | 75-84 | Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. |
| Credit | 65-74 | Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. |
| Pass | 50-64 | Usually awarded to students whose performance meets the requirements set for work provided for assessment. |
| Fail | 0-49 | Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. |
Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Study Information
Submission procedures
Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Academic Integrity
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Bond University utilises Originality Reporting software to inform academic integrity.Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
Accessibility and Inclusion Support
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
This is a compulsory subject for eligibility requirements for Certified Practising Accountants Australia (CPA Australia) and Chartered Accountants Australia and New Zealand (CA ANZ). As part of the requirements for Business School quality accreditation, the Bond Business School employs an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Subject curriculum
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Reporting and Regulation, Conceptual Framework, Corporations Act
An overview of the subject and an introduction to financial reporting and the regulatory setting. Includes a review of the Australian regulatory landscape related to external financial reporting, the conceptual framework for financial reporting and the role, powers and responsibilities of the key regulatory bodies relevant to financial reporting is included in this topic. An overview of the Australian Accounting Standards and link to International Financial Reporting Standards is also introduced.
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Accounting for Assets
Introduces the accounting requirements related to assets. Included in this topic is an investigation of how assets are defined, recognised, measured and classified in the financial statements. The focus is on accounting for Property, Plant and Equipment and Intangible Assets.
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Accounting for Leases and Liabilities
The accounting requirements for liabilities and leases is the focus of this topic. Accounting for liabilities includes a review of the accounting requirements for recognition, measurement and classification of liabilities. Accounting for leases includes an examination of the accounting requirements related to lease transactions.
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Comprehensive Income and Changes in Equity
An overview of the definition of income and expense and the accounting requirements related to revenue recognition. It explores the Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and their preparation.
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Accounting for Income Taxes
Accounting for income taxes, including measurement and classification of related tax balances, is examined. Emphasis is on the accounting requirements and adjustments relevant to accounting for income taxes.
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Cash Flow Statement
An overview of the Statement of Cash Flows, its components, preparation and analysis. The accounting requirements relevant to the preparation and disclosure of the Statement of Cash Flows is discussed in depth.
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Consolidated Financial Statements
Introduces accounting for group structures and consolidated financial statements including a comprehensive overview of the accounting requirements related to the acquisition of subsidiary entities and intragroup transactions.
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Equity Investments
An investigation of the accounting requirements for investments in associates and joint arrangements. Concepts of significant influence and joint control are defined and explored, together with the specific accounting decisions and requirements for each type of investment.
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Shareholding, Share Transactions and Dividends
Examination of the accounting requirements related to share transactions. Emphasis is on share issues, forfeiture, and dividends. An overview of the different classes and types of equity transactions is also introduced.