BUSN9118 Financial Accounting Issues

2019

4.5

1 x 3-hour workshop weekly

1 1 of BUSN9114, BUSN9102
2 Admission into MAF-Master of Accounting and Finance
2a Admission into MACC-Master of Accounting
2b Admission into MAM-Master of Accounting and Marketing
Must Satisfy: (1 and (2 or 2a or 2b))

BUSN9107 has been successfully completed

This topic builds on the introductory financial accounting studied in BUSN9113 Accounting Fundamentals

This topic examines selected issues in financial accounting and reporting. Current and proposed accounting standards and generally accepted accounting principles are considered and evaluated within the conceptual framework for financial reporting and application of accounting theory. The topic also examines the Financial Reporting Environment, Regulation and Current Developments in International Accounting Standard Setting. Topics to be examined may include: applicable accounting theory, share capital and reserves; accounting for leases; foreign currency translation; intangibles; and financial instruments.

This topic aims to:

• introduce students to financial accounting issues, and develop their ability to appraise these issues based upon the conceptual framework for financial reporting as well as the application of relevant accounting theory
• provide students with a detailed knowledge of the impact of specific regulatory requirements, including the conceptual framework and applicable accounting standards, upon reporting entities' accounting procedures
• provide students with an understanding of specific accounting standards, illustrate the accounting procedures required, give a theoretical understanding of the principles involved, and outline the relevant disclosure requirements
• develop students' ability to critically evaluate these accounting and reporting requirements

In addition, the topic aims to develop:

• generic cognitive skills (especially analytical and evaluative skills)
• behavioural skills (especially personal and interpersonal skills) which can be employed in an organisational work environment.

On successful completion of this topic students should be able to:

Critically evaluate and apply accounting standards relating to a range of accounting and reporting issues, such as:

• the financial reporting environment, conceptual framework, regulation and current developments in international accounting standard setting
• accounting for foreign exchange and the translation of the accounts of foreign operations
• accounting for share capital and reserves
• financial instruments
• accounting for leases
• accounting for intangibles
• other current issues in accounting