This course covers the characteristics of the Australian accounting environment and its financial reporting requirements for companies, and expands on accounting for non-current assets (depreciation, revaluation, impairment), accounting for intangible assets, accounting for liabilities (issue and extinguishment of debt instruments) and owners’ equity (share capital and reserves) and accounting for leases and income tax, and provides a comprehensive coverage of consolidation issues (accounting for group structures, intra-group transactions and non-controlling interests) and equity investments.

Upon successful completion of the requirements for this course, students will have:

• Outcome 1: An understanding of the regulatory environment in which the companies are formed and operate in Australia.
• Outcome 2: A solid foundation in accounting and reporting requirements of the Corporations Act and relevant Australian Accounting Standards Board (AASB) accounting standards.
• Outcome 3: A comprehensive understanding of the advanced issues in accounting for assets, liabilities and owner’s equity.
• Outcome 4: The ability to account for income taxes.
• Outcome 5: The ability to account for leases.
• Outcome 6: The ability to account for intangible assets.
• Outcome 7: An understanding of the accounting requirements for a corporate group and familiarity with the theory underlying the methods used to account for inter-company investments.
• Outcome 8: The ability to prepare consolidated accounts for a corporate group.
• Outcome 9: An understanding of the basic principles of accounting for investments in associates.

• Tutorial 10%
• Group Assignment 15%
• Mid Semester Examination 30%
• Final Examination 45%

Students taking this course are expected to commit at least 10 hours a week to completing the work. This will include:

• 2 hour a week: lecture
• 1 hours a week: tutorials
• 7 hours a week: preparation and review for the course, including relevant readings, preparation of tutorial questions, assessments, and review/study.

At least an average of 65% (or equivalent) in the final two years of an Australian undergraduate degree

You are expected to be proficient with the principles and practice of double-entry bookkeeping, in particular, journal entry and financial statement preparation. A thorough understanding of the main elements of the financial statements, for example, revenues, expenses, assets and liabilities, is also assumed. If it has been some time since you were familiar these areas, you might need to revise them. You are also expected to be familiar with accounting procedures regarding issue, forfeiture, and reissue of shares, and accounting for dividends and reserves. Again, you might need to refresh your memory if it has been some time since the prerequisites were studied.

BUSN7008 Financial Statements and Reporting.

Incompatible with BUSN2015

See Course Outline

See Course Outline

For further information please refer to the course website