ACC282 Financial Accounting A (8)

In an international context this subject deals with company formation, changes in a company's capital structure and the statutory and professional financial reporting requirements of incorporated reporting entities. An understanding of the overview of the conceptual framework and the role of accounting standards leads to the study of the definition, measurement and recognition of assets, liabilities and owner's equity items and to the disclosure of these items in financial statements.

Subject Outlines
Current CSU students can view Subject Outlines for recent sessions. Please note that Subject Outlines and assessment tasks are updated each session.

No offerings have been identified for this subject in 2019.

Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject Information

Grading System

HD/FL

Duration

One session

School

School of Accounting and Finance

Enrolment Restrictions

Bachelor of Business Studies students only. Not available to students who have completed ACC321, ACC220 or ACC222

Prerequisites

ACC110

Subject Relationships

ACC222 This subject is identical to ACC222, except for mode of delivery and method of assessment

Incompatible Subjects

ACC222

Learning Outcomes

Upon successful completion of this subject, students should:
  • be able to explain the role of the conceptual framework for financial reporting and apply its components to practical situations;
  • be able to describe alternative concepts of measurement in accounting;
  • be able to outline the nature of the statutory, listing and professional regulations placed on reporting entities and companies in general;
  • be able to describe the place of national statutory, listing and professional regulations in the context of international reporting;
  • be able to describe how the accounting standard process developed and how it currently operates;
  • be able to describe the structure of accounting standards and be able to recognise structural differences;
  • be able to apply generally accepted accounting principles and specific accounting standards relating to concepts of recognition and measurement of financial statement elements;
  • be able to apply generally accepted accounting principles and relevant accounting standards relating to the concept of disclosure (eg accounting policies, materiality, after reporting date events);
  • be able to explain why some standards only deal with disclosures;
  • be able to describe the procedures and be able to perform the accounting entries required to form a company having both share and debt capital.

Syllabus

This subject will cover the following topics:

- the nature of companies and accounting for company formation (by share and debt capital); - recurrent changes in shareholders equity and debt capital (dividends, reserves, impairment of assets, rights, options, bonus share issues, writing off a premium or discount on debentures); - the regulatory environment for financial reporting, both nationally and internationally; - the conceptual framework of financial reporting including national and international developments (definitions of a reporting entity, objectives of financial reporting, qualitative characteristics of financial information, elements of financial statements); - origins, development and implementation of accounting standards; - overview of measurement in accounting (HCA, fair value and current cost); - recognition concept - expense versus capitalisation (research and development, intangibles, and/or extractive industries); - recognition and measurement of financial statement elements I - Assets and Liabilities (leases); - recognition and measurement of financial statement elements II - Liabilities (financial instruments); - recognition and measurement of financial statement elements III - Revenues and expenses (long term construction contracts); - disclosure concepts (accounting policies, materiality, after-reporting date events, financial instruments).

Contact

Current Students

For any enquiries about subject selection or course structure please contact Student Central or ask@csu.edu.au or phone on 1800 275 278.

Prospective Students

For further information about Charles Sturt University, or this course offering, please contact info.csu on 1800 334 733 (free call within Australia) or enquire online.

The information contained in the 2019 CSU Handbook was accurate at the date of publication: September 2018. The University reserves the right to vary the information at any time without notice.

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