General Information
This subject provides an in-depth study of the regulation, concepts, standards and processes relevant to financial accounting and company reporting. Emphasis is on key accounting principles and accounting standards that underpin the preparation of general purpose financial statements.
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Details
Academic unit: Bond Business School Subject code: ACCT13-301 Subject title: Financial Accounting and Company Reporting Subject level: Undergraduate Semester/Year: May 2017 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
Attendance and learning activities: Two classes are held for each topic. The first class will focus on assisting students acquire knowledge that underpins the topic. This will usually include a presentation of key concepts and demonstration of technical examples. The second class is designed to enhance knowledge and develop critical thinking. This will be primarily through review of assigned problems and general class discussion. -
Resources
Prescribed resources: Books
- Craig Michael Deegan (2016). Financial Accounting. 8th Edition, Sydney 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 |
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Subject code: | ACCT13-301 |
Subject title: | Financial Accounting and Company Reporting |
Subject level: | Undergraduate |
Semester/Year: | May 2017 |
Credit points: | 10.000 |
Timetable: | https://bond.edu.au/timetable |
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Delivery mode: | Standard |
Workload items: |
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Attendance and learning activities: | Two classes are held for each topic. The first class will focus on assisting students acquire knowledge that underpins the topic. This will usually include a presentation of key concepts and demonstration of technical examples. The second class is designed to enhance knowledge and develop critical thinking. This will be primarily through review of assigned problems and general class discussion. |
Prescribed resources: | Books
Others
|
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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: |
Pre-requisites:Co-requisites:There are no co-requisites |
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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:
- Learn the concepts and regulations that apply to general purpose financial reporting
- Prepare financial accounting records for specified transactions and events in accord with relevant accounting standards and generally accepted accounting principles
- Prepare financial statements and disclosures as required by the accounting standards
- Identify accounting policy choices and know the issues relating to their application
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 Paper-based Examination (Closed)^ Final Examination 35% Final Examination Period 1,2,3,4 Paper-based Examination (Closed)^ Mid-semester Examination 15% Mid-Semester Examination Period 1,2,3,4 Essay Assignment 30% Week 11 1,2,3 *In-Class Quiz - Individual Short-Answer Questions 10% Fortnightly 1,2,3,4 Oral Pitch§ Presentation and Written Report 10% In Consultation 1,4 - ^ Students must pass this assessment to pass the subject
- § Indicates group/teamwork-based assessment
- * 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 |
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Paper-based Examination (Closed)^ | Final Examination | 35% | Final Examination Period | 1,2,3,4 |
Paper-based Examination (Closed)^ | Mid-semester Examination | 15% | Mid-Semester Examination Period | 1,2,3,4 |
Essay | Assignment | 30% | Week 11 | 1,2,3 |
*In-Class Quiz - Individual | Short-Answer Questions | 10% | Fortnightly | 1,2,3,4 |
Oral Pitch§ | Presentation and Written Report | 10% | In Consultation | 1,4 |
- ^ Students must pass this assessment to pass the subject
- § Indicates group/teamwork-based assessment
- * 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. |
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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
Subject curriculum
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Week 1 Introduction: Law, Regulation & Reporting Requirements
The regulatory landscape of financial reporting, regulatory and enforcement powers of ASIC with respect to Australian companies and their officers.
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Week 1 Accounting for Assets
Introduction to Accounting for Assets.
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Week 2 Accounting for Assets
Asset revaluation and impairment; intangible assets.
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Week 3 Accounting for Liabilities and Lease Accounting
Introduction to accounting for liabilities; lease accounting.
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Week 4 Comprehensive Income and Changes in Equity
Revenue and expense recognition; reporting comprehensive income and changes in equity.
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Week 5 Accounting for Income Taxes ASSIGNMENT 1 DUE
Accounting for current and deferred taxation.
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Week 6 Statement of Cash Flows
Preparation of the cash flow statement.
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Week 7 MID-SEMESTER EXAMINATION
n/a
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Week 8 Consolidated Statements 1
Introduction to consolidation accounting.
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Week 9 Consolidated Statements 2
Consolidation eliminations and adjustments; preparation of consolidated reports.
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Week 10 Equity Investments ASSIGNMENT 2 DUE
Accounting for equity interests and joint arrangements.
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Week 11 Insolvency, Liquidation and Voluntary Administration
Corporations Act 2001 (Cth) requirements relating to winding up in insolvency and voluntary administration.
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Week 11 Shareholding, Share Transactions and Dividends
Corporations Act 2001 (Cth) requirements relating to shareholding, share transactions and dividends.
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Week 12 Revision ASSIGNMENT 3 DUE
Revision for final examination.