AF314 Course Outline 2019 PDF

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AF314 Corporate Accounting COURSE OUTLINE 1. SEMESTER/YEAR: Summer/ Flexi, 2019 2. MODE OF DELIVERY/LOCATION: Face to Face / Laucala 3. PRE-REQUISITES: Pass or better in AF210 4. COURSE CO-ORDINATOR: Parmod Chand 5. TEACHING TEAM Name:

Parmod Chand

Selvin Prasad

Eremasi Kamanalagi

Office: E-mail:

TBC TBC

FBE Green house [email protected]

087-103A [email protected]

32 32687 TBA

32 32014 TBA

Phone: 323 2517 Consultation: TBA

6. LECTURE TIMES & VENUE Monday Tuesday Wednesday Thursday Friday

5-7pm 5-7pm 5-7pm 5-7pm 5-7pm

U8 Lecture Theatre U8 Lecture Theatre U8 Lecture Theatre U8 Lecture Theatre U8 Lecture Theatre

7. EMERGENCY CONTACT Name: Phone: Email:

Gloria Yam 32-32517 [email protected]

AF314: Course Outline – Semester II- 2019

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COURSE DESCRIPTION The business environment has, and is continually, growing at a rapid rate in both size and complexity. This growth started with industrialization in Britain in the 19th century, which resulted in the need for increased capital. Raising large sums of capital was facilitated by the formation of companies. It also allowed small-scale investors to direct their savings into companies to secure better returns than those available through other investment opportunities. As it is impractical from multiple owners to all have direct control over a company’s operations, companies legislation has limited the liability of investors to their original direct investment in the company. In consequence, it is necessary to require companies to account for their financial affairs. Absentee equity holders have a right to know how investment monies they have entrusted to the company’s managers have yielded, or have failed to yield a return for them. Creditors, particularly those providing medium and long-term finance need to know that the borrowing company has the capacity to repay loans when they fall due. Other stakeholders may also have a legitimate interest in a company’s financial affairs (for example employees will want to know if their employing company is, or is not, a going concern). Companies are therefore regulated to ensure that they produce annual (and in some cases bi-annual) financial reports. There are three forms of such regulations:  Companies legislation: This focuses on reporting the legal rights of these with a financial interest in a company.  Accounting Standards: These focus on the framing of financial reports such that they represent the economic reality of the company’s financial situation. In the Pacific Islands the International Financial Reporting Standards are applied.  Additionally Stock Exchange regulations apply to companies whose shares are quoted for trading on the particular exchange. These regulations require additional and more frequent disclosures of information to assist buyers and sellers of shares to make informed investment decisions. The aim of this course is to provide the student with an understanding of the regulatory framework, which governs the accounting for companies such that on successful completion of the course the student will be able to undertake such accounting practices.

8. COURSE LEARNING OUTCOMES Upon successful completion of this course, students will be able to: L1 L2 L3 L4 L5

Complete the accounting entries to report company formation. Apply and explain appropriate accounting standards generated by the International Accounting Standards Board (IASB), which relate to corporate reporting. Construct financial reports, which comply with regulatory requirements for companies and groups of companies. Undertake the financial accounting processes required to report corporate restructures. Undertake the financial accounting processes pertaining to a corporate liquidation.

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9. USP GRADUATE OUTCOMES The USP graduate outcomes are as follows: 1. Communication: Graduates will be able to communicate ideas clearly and persuasively in structured formats using language and other modes of communication that are appropriate for context, audience and specific disciplinary conventions. 2. Creativity: Graduates will extend boundaries of current knowledge in a particular discipline or profession. 3. Critical thinking and quantitative reasoning: Graduates will be able to evaluate multiple perspectives and arrive at a reasonable independent judgement based on evidence. 4. Ethics: Graduates will demonstrate a commitment to high ethical standards in scholarly, professional and socio-cultural practices. 5. Pacific consciousness: Graduates will recognize the cultural heritage and diversity of Pacific societies for sustainable development in a contemporary environment. 6. Professionalism: Graduates will demonstrate the ability to carry out tasks to acceptable standards within their profession and occupations. 7. Teamwork: Graduates will work together in a respectful and collaborative manner to complete tasks within teams to achieve an outcome.

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10. COURSE CONTENT Lecture No. and Date

Description

Lecture 1 9 December

The Nature of Companies

Text book Chapter Reference Leo et al. (2017) 11th Edition 1/4

Relevant Accounting standard(s)

Lecture 2 10 December

Company Operations and governance

3/4 (10th Ed)

Lecture 3 11th December

Accounting for income tax

17

IAS 12

Lecture 4 12th December

Accounting for revaluations and impairments

18 13 (10th Ed)

IAS 16/IAS 36

Lecture 5 13 December

Construction and disclosure in financial reports

5

IAS 1/IAS 18

Lecture 6 16 December

Construction and disclosure in financial reports

6

IAS 7

Lecture 7 17th December

Accounting for business combinations

3

IFRS 3

Lecture 8 18th December

Accounting for group structures

9

IFRS 10

Lecture 9 19 December

Accounting for group structures

10

IFRS 10

Lecture 10 6th January

Accounting for group structures

11

IFRS 10

Lecture 11 7th January

Accounting for investments in associates

14

IAS 28

Lecture 12 8th January

Insolvency and liquidation

16

Lecture 13 9th January

Revision

th

th

th

th

th

TBA

AF314: Course Outline – Semester II- 2019

Final Exam

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11. PRESCRIBED TEXT AND OTHER RESOURCES Required Textbook Leo K., J. Knapp, S. McGowan, J. Sweeting. (2017), “Company Accounting” 11th edition. John Wiley. You are strongly encouraged to purchase your own copy of the text book. Alternatively, you may be able to rent the book from the USP Book Centre or purchase a second-hand copy. At least one copy of the text book is also on reserve at your Campus Library.

Supplementary Reading Materials Dagwell, R., G. Wines and C. Lambert. (2012). “Corporate Accounting in Australia” 6th edition. Pearson Australia. Jubb P., I. Langfield-Smith and S. Haswell. (2010). Company Accounting 5th edition. Nelson. Students will also be required to refer to: International Accounting Standards Board (2019), “International Financial Reporting Standards” The IASB standards can be sourced free of charge on the IASB web site. This list is not exhaustive and students will be referred to journals and other texts from time to time, as they are deemed relevant.

13. ALIGNMENT OF LEARNING OUTCOMES, ACTIVITIES AND ASSESSMENT The following table demonstrates the alignment of the course learning outcomes to appropriate activities and assessments and the links to programme and USP graduate outcomes. Course Learning Outcome

Associated Teaching and Learning Activities

Assessment

Programme Outcomes

USP Graduate Outcomes

1

Lectures & Tutorials

Test, assignment & tutorial participation

3&5

1, 2 & 3

2

Lectures, Tutorials & Research

Test, assignment & tutorial participation

3, 4, 5, 7 & 8

1, 2, 3, 4 & 6

3

Lectures & Tutorials

Test, assignment & tutorial participation

3, 5, 6, 7 & 8

1, 2, 3, 4 & 6

4

Lectures & Tutorials

Test & tutorial participation

4, 5 & 8

1, 2, 3 & 6

5

Lectures & Tutorials

Test & tutorial participation

4, 5 & 8

1, 2, 3 & 6

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14. ASSESSMENT 14.1

ASSESSMENT PORTFOLIO

TYPE OF ASSESSMENT

WEIGHT

CONTINUOUS ASSESSMENT 50% One hand-in Assignment

20%

30%

In semester test

FINAL EXAMINATION 50% Final Exam

14.2

50%

Comments/Rationale

LEARNING OUTCOME

Apply appropriate accounting standards, complete the accounting entries & construct financial reports

1, 2 & 3

Apply appropriate accounting standards, complete the accounting entries & construct financial reports

1&2

3 hour paper (covers all topics)

1-5

PASSING THE UNIT

To obtain a pass in this course, you must attain a minimum overall pass mark of 50% (i.e. grade C). This must include a minimum of 40% in the final examination. You must also satisfactorily complete all components of the assessment. You DO NOT need to obtain a minimum mark in the coursework element, including the test(s).

14.3 A+ 85-100

14.4

GRADE DISTRIBUTION A 78-84

B+ 71-77

B 64-70

C+ 57-63

C 50-56

D

E

40-49

0-39

ASSESSMENT POLICIES AND REGULATIONS

For detailed regulations, please refer to the USP Handbook and Calendar. Plagiarism, copying materials from other sources without proper referencing and acknowledge of the source is a serious offence and will be dealt with severely. In the Regulations Governing Academic Misconduct section of the USP Handbook & Calendar plagiarism is defined as “the copying of another person’s creative work and using it as one’s own – without explicitly giving credit to the original creator. Work copied without acknowledgement from a book, from another student’s work, from the internet or from any other source”. If lecturer is satisfied that plagiarism has occurred, they will report the matter to the Head of School. They can reduce marks appropriately. If the matter is seen

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as serious enough it can be taken to the Student Disciplinary Committee by the Head of School. 14.5

IMPORTANT DATES

Activity Hand-in Assignment In semester exam

Week TBA TBA

Weighting (%) 20% 30%

15. ADDITIONAL COURSE ATTENDANCE 15.1

TUTORIALS

In addition to the lectures, students are also required to sign-up and attend one, two-hour tutorial per day. Tutorials will provide an opportunity for students to discuss issues they are exposed to in the course lectures and readings and conceptual issues identified by the lecturer. The tutorials will also provide an opportunity to demonstrate and develop competencies in applying generally accepted accounting practices. Signup online for tutorials – tutorials begin from 10th December 2019.

15.2

LABORATORY SESSIONS

Not applicable 15.3

ONLINE WORK

The course will be administered through Moodle. Course notices, lecture handouts, tutorial questions, assignments and assessment marks will be posted on the course Moodle page. Therefore you should check the site regularly. If you have lost your USP password or do not see your course as a listed course after login, please contact the ITS student helpdesk. Any other queries regarding Moodle can be referred to Mr Selvin Prasad.

16. STUDENT SUPPORT 16.1

ONLINE HELP & e-Learning INFORMATION

Your main online help is Moodle discussion forums. 16.2

FACULTY STUDENT LEARNING SUPPORT (SLS) SERVICES

SLS can assist you with several learning activities. Please refer to their website: https://www.usp.ac.fj/index.php?id=8434 . Please note that not all assistances and support applies to third year accounting students.

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17. EXPECTATIONS OF STUDENTS

17.1

STUDENT RESPONSIBILITIES

Students are expected to:  Spend enough time on Moodle and other activities required in the course.  Attend all lectures, workshops, team meetings etc. unless hampered by illness in which case you must inform your course coordinator and team members.  Arrange with the team members to work in their own times on the project.  Facilitate the course coordinator with any proof that he/she was sick and unable to attend classes or assessment at the earliest possible time to avoid getting a zero mark for the missed assessment.

17.2

STUDENT WORKLOAD

This is the capstone course for the Accounting program. Managing your time is of utmost important. Below is a suggestive time allocation table to assist you. This workload is to be taken as a rough guide. Each student should be able to work out what works best for them to ensure that they successfully pass this course. TYPE Lecture and tutorial Preparation Tutorial participation

Hours Comments 125 Reading the allocated weekly materials and preparation for lecture and tutorial work 28 Each day a student is expected to attend tutorials

Lecture attendance

28

Others

20

TOTAL

201

Each day a student is expected to attend Lectures This may include visiting the AF314 teaching team, checking moodle or any other activities

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