This subject provides a critical examination of the theories underpinning accounting practice and its professional standards. The aim is to foster an understanding of both the rationale underlying accounting principles and standards and how they are applied in practice. The critical appraisal of contemporary practices regarding the accounting standards is emphasised.
|Academic unit:||Bond Business School|
|Subject title:||Accounting Theory and Application|
Delivery & attendance
|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:|| |
|[email protected] & Email:||[email protected] 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
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:
- Demonstrate knowledge of financial accounting theory.
- Apply a range of accounting standards for recognising, measuring and reporting transactions and balances.
- Critically apply accounting theory and research to accounting regulation and practice.
- Demonstrate the ability to conduct research and produce empirical evidence to test accounting theory.
- Demonstrate the ability to deliver a logically constructed presentation using appropriate visual aids and other media.
- Demonstrate the ability to provide feedback to peers and adapt to feedback from peers.
|Peer Review||Professional feedback on peers’ oral presentations||15%||Ongoing||1, 2, 6.|
|Written Report||Empirical Analysis and Report.||20%||Week 11||1, 2, 3, 4, 5.|
|Project Report||Professional Development Assignment. Select, research, evaluate, and orally present a contemporary accounting issue provided by your instructor.||5%||In Consultation||1, 2, 3, 4, 5, 6.|
|Project Report||Professional Development Assignment Select, research, evaluate and report on a contemporary accounting issue provided by your instructor. (Due the week following oral presentation)||10%||In Consultation||1, 2, 3, 4, 6.|
|Paper-based Examination (Limited Open) ^||Comprehensive Final Examination||50%||Final Examination Period||1, 2, 3.|
- ^ Students must pass this assessment to pass the subject
- * 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.
|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.|
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.
Students must check the [email protected] 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.
Policy on plagiarism
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.
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.
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
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.
An introduction to accounting theory and the value of developing our "Theory Toolbox".
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.
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.
What is fair value? How did the concept of fair value as an alternative or complement to historical cost develop? How does fair value fit with the conceptual framework, standards and how might level 1-3 evidence be opportunistically used?
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 intangible assets.
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.
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.
Focus is on event study methodology to test hypothesised information disclosure impact on users. What is the methodology and how can we employ it to test the impact of contemporary reporting issues.
Covers various accounting standards related to financial reporting and disclosure, including, measuring and disclosing earnings per share, disclosing related party transactions and outstanding balances, operating segments, and voluntary disclosure of non-GAAP earnings. Applies normative and agency theories in recognising and accounting for disclosure, including disclosure of non-GAAP earnings.
Applies the accounting standard for the financial reporting of financial assets and financial liabilities. Applies normative and agency theories to the recognition and accounting for financial instruments.
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.