Get a rundown of the financial regulations and frameworks that Australian business entities adhere to. Cover accounting practices for property, equipment and intangible assets. Build your knowledge about performing accounting duties for group structures.
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At the completion of this subject you will be able to:
Explain, discuss and integrate the technical and theoretical knowledge about the regulatory environment relating to Australian corporate accounting and reporting; and apply the relevant concepts to "real life business" situations
Identify, discuss, evaluate and apply the relevant accounting standards relating to definition, recognition, measurement and disclosure requirements of a reporting entity's assets, liabilities, equity, income and expenses
Explain, discuss and evaluate the issues involved in accounting for investment in subsidiaries; and apply this knowledge in preparing group accounts
Apply and demonstrate the appropriate technical knowledge in analysing company accounting information and problem solving, provide justification for their decisions by making references to relevant accounting standards and communicate them to relevant stakeholders
Apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with company reporting and demonstrate these skills in a variety of assessment tasks on the topics covered in MPAC30.
Please note: This subject was previously titled Financial Reporting and Regulation.
This subject provides an overview of the Australian financial reporting and regulatory framework for reporting entities, including an analysis of the relevant significant accounting standards, with reference to the conceptual framework for financial reporting, legal and stock exchange requirements for financial reporting and presentation by all Australian business entities.
This subject aims to develop capabilities to work as an independent individual and/ or effectively in a group to produce professional quality research reports; effective individual technical skills to construct consolidated financial statements, problem solving and provide justification for the their decisions by making references to relevant accounting standards and communicate them to relevant stakeholders.
Contemporary Financial and Integrated Reporting is a compulsory core subject in the Masters of Professional Accounting degree and is required for membership of CPA Australia and the ICAA for all business students seeking this form of professional recognition.