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ACC382 Financial Accounting B (8)

Abstract

In the context of the internationalisation of accounting this subject deals with the corporate form of business organisation, the form and content of corporate financial statements, how to account for: taxation of company profits; acquisition of another entity; and expansion into an economic entity (parent-controlled entity; and investor-investee relationships). Consolidation, including the elimination of inter-entity transactions, direct outside recognition and an introduction to indirect outside equity interest are studied. Foreign currency transactions and translation of foreign currency statements are also covered in the subject.

+ Subject Availability Modes and Location

Continuing students should consult the SAL for current offering details prior to contacting their course coordinator: ACC382
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 ACC221, ACC320 or ACC322
Prerequisite(s)Incompatible subject(s)Related subject(s)
ACC222 or ACC282ACC322 ACC322 This subject is identical to ACC322, except for mode of delivery and method of assessment

Learning Outcomes

Upon successful completion of this subject, students should:
- recognise that corporate accounting operates in both a national and international environment;
- be aware of the implications for accounting for corporate entities in an international environment;
- be familiar with the form and content of Australian published corporate financial reports, viz., balance sheets, income statements, cash flow statements, interim reports and concise financial reports;
- be able to demonstrate a detailed knowledge of relevant accounting standards and statutory reporting requirements in Australia for the following topics and be able to:
- account for company income tax;
- account for the acquisition of assets and other entities;
- be able to prepare consolidated balance sheets and income statements for economic entities where there is 100% control; where a direct outside equity interest is involved; and, introduce the concept of indirect outside equity interest;
- be able to account for foreign currency transactions;
- be able to translate the financial statements of an overseas controlled entity which have been denominated in a foreign currency;
- be able to prepare a consolidated statement of cash flows, including its accompanying notes for a parent and its controlled entities; and
- be able to account for and prepare the financial report disclosures required for investments in associated companies.

Syllabus

The subject will cover the following topics:
Corporate financial accounting, in both the national and international environment. Accounting for company income tax. The form and content of published financial reports, including interim and concise reports. The economic entity and consolidated financial statements: acquisition, inter-entity transactions, direct outside equity interest, introduction to indirect outside equity interest, foreign currency transactions, translation of foreign currency financial statements, and consolidated statement of cash flows. Accounting for associates.

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The information contained in the 2018 CSU Handbook was accurate at the date of publication: 18 October 2017. The University reserves the right to vary the information at any time without notice.