General Information
This subject focuses on advanced issues pertaining to the preparation of financial statements by reporting entities. The subject also provides a critical examination of the theories underpinning accounting practice and its professional standards. The aim is to develop a high level understanding of the rationale underlying accounting principles and standards. The integration of advanced theoretical and technical knowledge related to contemporary practices regarding accounting standards and their application is emphasised.
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Details
Academic unit: Bond Business School Subject code: ACCT71-303 Subject title: Advanced Financial Accounting and Reporting Subject level: Postgraduate Semester/Year: May 2024 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 class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible. -
Resources
Prescribed resources: Books
- Deegan, C. (2020). Financial Accounting. 9th Ed, Australia McGraw-Hill, Sydney
Others
- Australian Accounting Standards Board (AASB) Australian Accounting Standards. Available at: https://www.aasb.gov.au/
iLearn@Bond & Email: iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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: | ACCT71-303 |
| Subject title: | Advanced Financial Accounting and Reporting |
| Subject level: | Postgraduate |
| Semester/Year: | May 2024 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | Attendance at all class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible. |
| Prescribed resources: | Books
Others
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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. Assumed Prior Learning (or equivalent):
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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:
- Evaluate International Financial Reporting Standards (IFRSs) or other relevant standards in the preparation of complex transactions.
- Demonstrate professional judgment in the application of accounting policies used in the preparation of general-purpose financial statements in multifaceted scenarios.
- Apply an integrated understanding of theoretical principles underlying accounting practice to complex accounting situations.
- Critically evaluate current national and international developments relevant to standard setting and regulation related to external financial reporting.
- Synthesise complex data from a variety of sources and perspectives through research, integration, and analysis to make professional recommendations related to contemporary accounting and reporting.
- Demonstrate the ability to provide comprehensive and relevant feedback to peers and reflect and adapt to feedback from peers regarding the performance of an advanced accounting task.
- Communicate advanced accounting concepts and principles in a clear, concise writing style tailored to a professional audience.
- Articulate complex accounting information to a diverse professional audience using appropriate visual aids.
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 Examination (Open) Comprehensive Final Exam 30.00% Final Examination Period 1,2,3,4,7 Project Report Professional Development Assignment Select, research, evaluate and report on a contemporary accounting issue provided by your instructor 35.00% Week 11 1,2,3,4,5,7 Exercise Providing professional feedback on other students’ assessed presentations. 15.00% Class stream dependent 1,4,6,7 Presentation Leading a class discussion of an assigned research topic. 10.00% Class stream dependent 1,2,3,4,5,8 Written Report Written report on an assigned research topic (due one week after presentation). 10.00% Class stream dependent 1,2,3,4,5,6,7 - * 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 Examination (Open) | Comprehensive Final Exam | 30.00% | Final Examination Period | 1,2,3,4,7 |
| Project Report | Professional Development Assignment Select, research, evaluate and report on a contemporary accounting issue provided by your instructor | 35.00% | Week 11 | 1,2,3,4,5,7 |
| Exercise | Providing professional feedback on other students’ assessed presentations. | 15.00% | Class stream dependent | 1,4,6,7 |
| Presentation | Leading a class discussion of an assigned research topic. | 10.00% | Class stream dependent | 1,2,3,4,5,8 |
| Written Report | Written report on an assigned research topic (due one week after presentation). | 10.00% | Class stream dependent | 1,2,3,4,5,6,7 |
- * 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 the Lead Educator grants an extension. 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
Bond University‘s Student Code of Conduct Policy , Student Charter, Academic Integrity Policy and our Graduate Attributes guide expectations regarding student behaviour, their rights and responsibilities. Information on these topics can be found on our Academic Integrity webpage recognising that academic integrity involves demonstrating the principles of integrity (honesty, fairness, trust, professionalism, courage, responsibility, and respect) in words and actions across all aspects of academic endeavour.
Staff are required to report suspected misconduct. This includes all types of plagiarism, cheating, collusion, fabrication or falsification of data/content or other misconduct relating to assessment such as the falsification of medical certificates for assessment extensions. The longer term personal, social and financial consequences of misconduct can be severe, so please ask for help if you are unsure.
If your work is subject to an inquiry, you will be given an opportunity to respond and appropriate support will be provided. Academic work under inquiry will not be marked until the process has concluded. Penalties for misconduct include a warning, reduced grade, a requirement to repeat the assessment, suspension or expulsion from the University.
Feedback on assessment
Feedback on assessment will be provided to students according to the requirements of the Assessment Procedure Schedule A - Assessment Communication Procedure.
Whilst in most cases feedback should be provided within two weeks of the assessment submission due date, the Procedure should be checked if the assessment is linked to others or if the subject is a non-standard (e.g., intensive) subject.
Accessibility and Inclusion Support
Support is available to students where a physical, mental or neurological condition exists that would impact the student’s capacity to complete studies, exams or assessment tasks. For effective support, special requirement needs should be arranged with the University in advance of or at the start of each semester, or, for acute conditions, as soon as practicable after the condition arises. Reasonable adjustments are not guaranteed where applications are submitted late in the semester (for example, when lodged just prior to critical assessment and examination dates).
As outlined in the Accessibility and Inclusion Policy, to qualify for support, students must meet certain criteria. Students are also required to meet with the Accessibility and Inclusion Advisor who will ensure that reasonable adjustments are afforded to qualifying students.
For more information and to apply online, visit BondAbility.
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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Theories of Accounting
An introduction to accounting theory and its relevance to financial reporting.
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Conceptual Framework and Normative Theories of Accounting
An overview of the objectives and use of normative accounting theory as a guide for professional standards of practice. Also examines the information characteristics and measurement of supporting evidence.
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Positive Accounting Theory
An overview of positive accounting theory in general, and specifically, Positive Accounting Theory (PAT), used to explain and predict accounting practice. What are the main elements of agency theory, contracting cost theory and how do they help us as accounting professionals.
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Fair Value Measurement and Accounting for Intangible Assets
Explores contemporary issues related to the application of Fair Value measure in the accounting standard context. Applies the accounting standard to identify, recognise and measure a range of intangible assets. Consider normative and agency theories relating to the accounting treatment for fair value measurement and intangible assets.
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Impairment
Applies the accounting standard to identify an impaired asset, measure the recoverable amount, recognise and measure an impairment loss. Applies normative and agency theories in recognising and accounting for impairment of assets.
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Employee Benefits and Share Based Payments
Applies the accounting standard to recognise and measure a range of short-term, long-term employee benefits, and share-based payments. Applies normative and agency theories in recognising and accounting for employee benefits and share payments.
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Empirical Analysis
Focus is on accounting research, related theories and methodology and its relevance to financial reporting.
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Disclosure Issues
Examines contemporary matters and various accounting standards related to financial reporting and disclosure. Applies normative and agency theories in recognising and accounting for disclosures.
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Financial Instruments
Applies the accounting standards related to the financial reporting of financial assets and financial liabilities. Applies normative and agency theories to the recognition and accounting for financial instruments.
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Foreign Currency Transactions and Translation
Applies the accounting standard for accounting for transactions and balances in foreign currencies, and translation of results and financial position into a presentation currency. Applies normative and agency theories in recognising and accounting for foreign operations and currency issues.