Enrolments for 2023 have closed.
Financial Accounting and Reporting
Undergraduate | LTU-ACC2CRE | 2023
Course information for 2023 intake View information for 2024 course intake
- Study method
- 100% online
- Assessments
- Subject may require attendance
- Entry requirements
- Prior study needed
- Duration
- 12 weeks
HECS-HELP and FEE-HELP available
Financial Accounting and Reporting
About this subject
- Explain the national and international environment of financial reporting including the current conceptual framework, regulatory and legal frameworks.
- Apply International Financial Reporting Standards (IFRS) and equivalent Australian Accounting Standards Board (AASB) standards to transactions and other events, and evaluate the appropriateness of accounting policies used to prepare financial statements.
- Use relevant accounting tools to prepare consolidated financial statements in accordance with IFRS and equivalent AASB standards.
- Interpret financial and non-financial information, including corporate sustainability reporting, and communicate professionally to various stakeholders.
- An overview of the Australian financial reporting environment and the conceptual framework.
- Preparation of financial statements I - statement of comprehensive income, statement of changes in equity & statement of financial position. Revenue from contract with customers- Part A. Corporate social responsibility disclosure.
- Preparation of financial statements II – accounting policies, estimates & errors. Events after the reporting date provisions, contingent liabilities and contingent assets.
- Accounting for income taxes.
- Depreciation of property, plant and equipment. Revaluation of non-current assets. Impairment of non-current assets.
- Accounting for business. Combinations. Consolidated financial statements – wholly owned and controlled entities.
- Consolidated financial statements – intragroup transactions.
- Equity investments.
- Joint arrangements.
- Statement of cash flows.
- Share issues.
Currently over 100 countries have adopted International Financial Reporting Standards (IFRS), or their equivalent, to prepare financial statements by listed companies. A sound knowledge about IFRS is essential for accounting professionals to prepare comparable and understandable financial information to users. This subject focuses on applying IFRS and Australian accounting standards to account for complex practical issues. This includes applying accounting standards involving measurement and professional judgement to recognise common revenue transactions, analyse business acquisition, and preparing consolidated financial statements.
- Two On-line Quizzes Equivalent to 700 words. (20%)
- One Individual Assignment Equivalent to 700 words. (20%)
- One 3-hour final examination Equivalent to 3000 words. (60%)
For textbook details check your university's handbook, website or learning management system (LMS).
The third university established in Victoria, La Trobe University has a diverse community of more than 38,000 students and staff. Its commitment to excellence in teaching and research prepares students to make a bold and positive impact in today's global community. La Trobe provides Open Universities Australia with its core tenets, entrepreneurship and sustainability.
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- QS Ranking 2024:
- 17
- Times Higher Education Ranking 2024:
- 18
Entry requirements
Prior study
You must have successfully completed the following subject(s) before starting this subject:
Additional requirements
No additional requirements
Study load
- 0.125 EFTSL
- This is in the range of 10 to 12 hours of study each week.
Equivalent full time study load (EFTSL) is one way to calculate your study load. One (1.0) EFTSL is equivalent to a full-time study load for one year.
Find out more information on Commonwealth Loans to understand what this means to your eligibility for financial support.
What to study next?
Once you’ve completed this subject it can be credited towards one of the following courses
UndergraduateLAT-BUS-DEG
UndergraduateLAT-TEC-DEG
UndergraduateLAT-ART-DEG
UndergraduateLAT-PYS-DEG
UndergraduateLAT-CYS-DEG
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