Break down the basic principles of company law to achieve the solid legal grounding that good accountants need. Get to know Australian legislation. Understand the law of contract. Comply with statutory rules to meet administrative requirements.
Established in 1991 after amalgamating four eastern Australian Catholic tertiary institutes, Australian Catholic University now has seven campuses, from Brisbane to Melbourne and welcomes students of all beliefs. Specialising in arts, business, education, health sciences, law, theology and philosophy, ACU encourages its students to think critically and ethically and bring change to their communities and offer this online through Open Universities Australia.
On successful completion of this subject, students should be able to:
identify and explain the basic principles of corporations and commercial law or apply those principles so as to develop the capabilities of students to be future generators of sustainable value for business and society at large and to work for an inclusive and sustainable global economy
assess the various duties and obligations of directors, other officers, and auditors of companies
use the relevant Act to research problems, construct solutions and explain the ongoing administrative requirements of a company
explain the legal effects when a company interacts with outsiders, in particular, the ways in which companies make contracts
The vast majority of businesses, of any size, are companies. Therefore, to function in the business environment it is important to understand the basic principles of company law. Apart from lawyers, accountants are the largest professional group that interacts with corporate structures and it is important that they understand the workings of, administration, and limitations of company structures under the Corporations Act 2001. Companies conduct the majority of their activities through contracts. Accountants need a working knowledge of the law of contract.
Emphasis in this subject is placed on understanding the legal effects of incorporation, the liability of companies, the laws relating to the raising and maintenance of capital, the responsibility for management of companies, the proper conduct of companies and protection of shareholders, options for companies in financial distress, common law and statutory rules applicable to contract, offer, acceptance, intention to establish legal relations, performance of contracts, and remedies for breach of contract.
Ultimately, the aim of this subject is to provide you with a solid grounding as we examine the main principles of company law and commercial law as they affect accountants.
Assessment is an integral part of the learning process. This unit is assessed by two assignments and a final examination. Assessment tasks in this unit are aimed at measuring and developing student’s achievement of both the learning outcomes and graduate attributes noted above. The assessment in this unit may include, but are not limited to: quizzes, essays, reports, examinations, or case studies.