ACCT2011 Unit of Study Outline PDF

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BUSINESS SCHOOL

Unit of Study Outline Unit Code ACCT2011 Unit Title Financial Accounting A Semester 1, 2019 Pre-requisite Units: (ACCT1001 or ACCT1005 or BUSS1030) and (ACCT1002 or ACCT1006) Co-requisite Units: Prohibited Units: Assumed Knowledge and/or Skills: Unit Coordinator: Dr Eagle Zhang Address: Room 307, The Business School Building(H69), Darlington NSW 2008 Email: [email protected] Phone: 93518446 Consultation Hours: Please go to Canvas for details of all staff consultation times. Class Day(s): Please go to Canvas for class times and locations Required Text / Resources: (1) "Issues in Financial Accounting", 16th Edition (2017), by Henderson, S., Peirson, G. and Herbohn, K.,, published by Pearson. [HPH] (2) Access to Accounting Standards from the AASB website http://aasb.gov.au/. This unit of study outline MUST be read in conjunction with The Business School Unit of Study Common Policy and implementation information that applies to every unit of study offered by the Business School (http://sydney.edu.au/business/currentstudents/policy). All assessment rules, such as standards used, penalties etc, are covered.

1. Unit of Study Information This unit examines the accounting and reporting practices of reporting entities, particularly listed public companies. Emphasis is placed on developing an understanding of, and the ability to critically evaluate, the various regulatory requirements (professional and statutory) governing financial reporting. The unit commences with an overview of the financial reporting environment and theories that seek to explain the accounting policy choices of management. This framework provides a basis for examining a range of specific issues in financial accounting. Emphasis throughout the unit is on both the application of specific accounting techniques/rules and the conceptual/theoretical issues associated with alternative accounting methods.

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2. Program Learning Outcomes and Unit Learning Outcomes The Program Learning Outcomes for this Program are located at http://sydney.edu.au/business/about/accreditations/AoL Unit Learning Outcomes Unit Learning Outcomes Program Learning Outcomes On the successful completion of the Unit you should be able to: Describe and understand the conceptual framework and specific standards 1. Accounting Knowledge for preparing financial statements within a regulatory and commercial context. Interpret and apply specific accounting standards to transactions based on 2. Critical Thinking varying problems and facts, which require critical thinking and judgement. Critically discuss issues in the interpretation and application of accounting 3. Business Analysis and standards as these affect the information content and decision-relevance of Problem-Solving financial statements. Read and understand Australian accounting standards in order to evaluate 4. Communication the financial reporting issues for the reporting entity; develop solid and defensible arguments that reflect your opinion on the above. Work collaboratively with others to analyse the requirements of an Australian accounting standard and understand how these accounting requirements can be applied to an entity's operations.

5. Team Working

Recognise the requirements of different users of financial statements and 6. Ethical and Social Responsibility appreciate the social and ethical dimensions of the choices made by financial statement preparers. 3. Assessment Assessment Title

Assessment Type

Program Due Individual/ Assessment Learning Length Weight Group Conditions Outcomes Time Assessed

Due Date

Closing Date

Tutorial preparation

Small Continuous Assessment

Individual

Compulsory

1, 2, 3, 4

Weekly

Week 13

Group Assignment

Assignment

Group

Compulsory

1, 2, 3, 4, 5, 2000 6

15%

Mid-Semester Examination

In-semester Exam (mid)

Individual

Compulsory

1, 2, 3, 4, 6 2000

30%

Final Exam

Individual

Mandatory

1, 2, 3, 4, 6 2000

50%

Final Examination Academic Honesty

1000

5%

5:00pm 03-May-2019 13-May-2019 Mid Semester Exam Period Final Exam Period

Mid Semester Exam Period Final Exam Period

Week 4

Assessment details Tutorial preparation Task Description Students are required to prepare all set weekly tutorial homework questions before class. The tutorial preparation must be completed in a written-form including typed or handwritten submissions. Tutorial preparations will be randomly selected 6 times during the semester. Only tutorial preparations collected by the tutor in person at the beginning of the tutorial, from students attending their assigned tutorial, shall be marked. The weekly questions will be provided to students via Canvas. Assessment Criteria

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1 mark is given for every satisfactory attempt made at answering the weekly tutorial homework questions each week. Non completed or unsatisfactory attempts will receive a mark of 0. The maximum marks awarded for the semester will be 5. Feedback - What, when and how feedback will be provided for this assessment The preparations will be assessed and returned to students by the tutor at the end of the tutorial. Students are required to submit the preparations in their enrolled tutorial class only.

Group Assignment Task Description The Group Assignment is due by 5pm Friday 3 May 2019 (Week 9) and will be awarded 15% of the overall mark for this unit. The task requires students to work with others as a team of 3 or 4 to gain an understanding of an entity’s specific transactions, in the context of their operations, and research applicable accounting standards regulations and practices in order to evaluate the unique financial reporting issues of the transactions for the reporting entity. Students within a group must attend the same tutorial. You are advised to organise your own group as soon as possible as it is difficult to find students to work with close to the due date for submission. Effective Semester 1, 2019, a student or group that submits an assessment late (after the official due date), and is not covered by an approved Special Consideration, or submits after the extension granted under a Special Consideration, the penalty is now 5% of the Total Available Marks per day or part thereof, until the close date, after which the student or group will receive 0 marks. Please note that each group member is expected to be involved in the preparation, drafting, proofing and checking of all aspects of this group assignment including ensuring no breaches of academic honesty. Members will be held jointly responsible for the entire submission and awarded the same merit mark (before any peer evaluation-based adjustments). In the event of a breach of academic honesty the penalty will apply to all members irrespective of which member(s) caused the breach. Specific instructions will be provided to students via Canvas when the Group Assignment is released. Assessment Criteria 1. Demonstrate a comprehensive understanding of relevant accounting standards, principles and regulations, and their application to stated facts and questions for a specific entity’s transaction(s) and operations. 2. Communicate analysis of issues, interpretations and conclusions for a stated view which are logically argued. 3. Correctly use and reference information sources, and prepare a Group Assignment which is appropriately structured and professionally presented. Specific marking criteria will be provided to students via Canvas when the Group Assignment is released. Feedback - What, when and how feedback will be provided for this assessment The Group Assignment will be assessed and returned to students by Friday 24 May 2019 (Week 12). Markers’ comments will be provided on Canvas explaining what was done well and what could be improved on by students. Each group will receive a detailed marking sheet that will provide specific feedback on each submitted part of the assignment.

Mid-Semester Examination Task Description The 130-minute (including 10 minutes reading time) mid-semester exam will be held during the mid-semester

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exam period. The time, along with the locations will also be posted on Canvas. The mid-semester exam will cover material from Weeks 1 – 5 inclusive. The Business School has determined that second replacement exams (both mid semester and final) will not be offered for this unit of study should a student submit two special considerations for the same exam, as this unit forms part of the professional accounting accreditation pathway. Should a student be granted a replacement exam via special consideration, and is then unable to attend or does not complete the replacement exam, any subsequent special consideration will result in a DC grade (Discontinue Without Fail). Assessment Criteria Balanced and clear written discussion of accounting issues; Identification and/or demonstrated application of appropriate accounting techniques and practices; Demonstrated awareness of different perspectives. Feedback - What, when and how feedback will be provided for this assessment The mid-semester exam marks and written feedback will be returned to students by Friday 3 May 2019 (week 9). The written feedback will be provided on Canvas explaining what is done well and what the common errors are and how they are addressed. A review session will be organised shortly after the release of the marks.

Final Examination Task Description The 130-minute (including 10 minutes reading time) final examination will be held during the University examination period with the date, time and location to be advised by the Examinations Centre. The examination will cover the material from Weeks 1-12 inclusive with significant emphasis on the material from Weeks 6-12. The Business School has determined that second replacement exams (both mid semester and final) will not be offered for this unit of study should a student submit two special considerations for the same exam, as this unit forms part of the professional accounting accreditation pathway. Should a student be granted a replacement exam via special consideration, and is then unable to attend or does not complete the replacement exam, any subsequent special consideration will result in a DC grade (Discontinue Without Fail). This assessment is listed as MANDATORY which means you must undertake the assessment and achieve at least 45% of the available marks in that assessment. Students who fail to achieve this minimum standard in this assessment, even when their aggregate mark for the entire unit of study is above 50%, will be given a Fail grade for this unit. As a result a student's academic transcript will show a Fail grade and the actual mark achieved if the final mark of the unit is between 0-49 and a Fail grade and a capped moderated mark of 49 for all other final marks. Assessment Criteria Balanced and clear written discussion of accounting issues; Identification and/or demonstrated application of appropriate accounting techniques and practices; Demonstrated awareness of different perspectives. Feedback - What, when and how feedback will be provided for this assessment An exam review session will be provided to students shortly after the release of the marks.

4. Other Resources for Students All lectures and seminars are recorded and will be available within the LMS for student use. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every class will be recorded. Students should ensure they attend and participate in all classes.

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Lectures discuss theory and demonstrate the application of accounting standards. It is important to read the prescribed material in this unit to enable your learning of basic concepts and the evidence required to make judgements about the interpretation and application of accounting standards. Lecture attendance is highly recommended. Lecture material will be available on Canvas on the day prior to the lecture. Guidance and demonstration of material will be provided in the lectures. Tutorial material will be provided on Canvas. Students are expected to read and attempt the questions or problems before class in preparation of class discussion. Participation in class discussion and completion of the assigned material will improve your understanding of the concepts and technical content. This will provide direct feedback on your knowledge and learning. Consultation times for teaching staff will be posted on Canvas. It is not necessary to make an appointment for these times. You also have the opportunity to post questions on Canvas and these will be answered by staff. Other resources and references will be posted on Canvas. Some useful links to sites directly relevant to this unit are: • Australian Accounting Standards Board www.aasb.gov.au • International Accounting Standards Board www.ifrs.org • Deloitte IAS Plus www.iasplus.com • Australian Securities & Investment Commission www.asic.gov.au • Australian Securities Exchange www.asx.com.au • Australian Prudential Regulation Authority www.apra.gov.au

Readings Unit readings are available on the LMS

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5. Unit Schedule Week

List of Topics

Assessments Due

Institutional and Conceptual Framework for Financial 1 25 Feb 2019 Reporting 2 4 Mar 2019

Accounting for Assets – Property, Plant & Equipment

Weekly tutorial preparation

3 Accounting for Assets – Intangible Assets 11 Mar 2019

Weekly tutorial preparation

4 Accounting for Leases 18 Mar 2019

Weekly tutorial preparation

5 Provisions; Ethics 25 Mar 2019

Weekly tutorial preparation

6 1 Apr 2019 7 8 Apr 2019

Accounting for Financial Instruments

Weekly tutorial preparation; Mid-semester exam

The Choice of Accounting Methods

Weekly tutorial preparation

8 Equity 15 Apr 2019

Weekly tutorial preparation

9 Accounting for Income Tax 29 Apr 2019

Weekly tutorial preparation; Group assignment due, 5pm Friday 3 May 2019

10 6 May 2019

Accounting for Employee Benefits

Weekly tutorial preparation

Accounting for the Extractive Industries

Weekly tutorial preparation

11 13 May 2019 12 20 May 2019 13 27 May 2019

Measurement of Profit; Reporting Comprehensive Income

Weekly tutorial preparation

Review & Summary

Weekly tutorial preparation

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