BUSN9118 Financial Accounting Issues

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

1. Critically evaluate and apply accounting standards relating to the financial reporting environment, conceptual framework, regulation and current developments in international accounting standard setting
2. Critically evaluate and apply accounting standards relating to accounting for foreign exchange and the translation of the accounts of foreign operations
3. Critically evaluate and apply accounting standards relating to accounting for share capital and reserves
4. Critically evaluate and apply accounting standards relating to financial instruments
5. Critically evaluate and apply accounting standards relating to accounting for leases
6. Critically evaluate and apply accounting standards relating to accounting for intangibles
7. Critically evaluate and apply accounting standards relating to other current issues in accounting