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ACC282 Financial Accounting A (8)

Abstract

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 Availability Modes and Location

Continuing students should consult the SAL for current offering details prior to contacting their course coordinator: ACC282
Where differences exist between the handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject information

Duration Grading System School:
One sessionHD/FLSchool of Accounting and Finance

Enrolment restrictions

Bachelor of Business Studies students only. Not available to students who have completed ACC321, ACC220 or ACC222
Prerequisite(s)Incompatible subject(s)Related subject(s)
ACC110ACC222 ACC222 This subject is identical to ACC222, except for mode of delivery and method of assessment

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

The 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).

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The information contained in the 2018 CSU Handbook was accurate at the date of publication: 24 November 2017. The University reserves the right to vary the information at any time without notice.