Advanced Financial Accounting
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Upon completion of this subject, students will be able to:
- demonstrate an expert understanding of advanced issues in financial accounting with depth in corporate group structures with subsidiaries and distinguish it from extended group structures with associates and joint arrangements, and how to read and interpret/analyse contemporary financial reports for them underpinning accounting standards (AASBs) and apply to business-related contexts;
- demonstrate an expert knowledge of consolidated financial statements, in particular preparing consolidation journals, worksheet and statement of comprehensive income (Profit and Loss) and statement of financial position (Balance Sheet) in order to provide critical thinking and judgement in solving complex business-related problems;
- demonstrate an advanced and integrated knowledge and professional understanding of a range of accounting issues related to equity methods of accounting for associates and joint arrangements, operating segments, construction contracts, foreign currency transactions and translating financial statements of foreign operations, financial instruments including derivatives and hedging, and their treatment in financial statements and disclosures;
- use a range of cognitive, communication and research skills to investigate, analyse, synthesise and reflect on relevant accounting information drawn from financial statements in order to demonstrate critical thinking and judgement in solving complex business-related problems;
- work independently and/or collaboratively to plan and execute tasks to enhance professional knowledge and skills in advanced financial accounting; and
- demonstrate an advanced understanding of corporate governance and corporate social responsibility practice and reporting environments, and the ability to recognise, evaluate, reflect on and respond to a range of ethical and social influences on them.
- Topics will be available to enrolled students in the subjects Learning Management System site approximately one week prior to the commencement of the teaching period.
You must either have successfully completed the following subject(s) before starting this subject, or currently be enrolled in the following subject(s) in a prior study period; or enrol in the following subject(s) to study prior to this subject:
Please note that your enrolment in this subject is conditional on successful completion of these prerequisite subject(s). If you study the prerequisite subject(s) in the study period immediately prior to studying this subject, your result for the prerequisite subject(s) will not be finalised prior to the close of enrolment. In this situation, should you not complete your prerequisite subject(s) successfully you should not continue with your enrolment in this subject. If you are currently enrolled in the prerequisite subject(s) and believe you may not complete these all successfully, it is your responsibility to reschedule your study of this subject to give you time to re-attempt the prerequisite subject(s)
- EquipmentDetails - Headphones or speakers (required to listen to lectures and other media) Headset, including microphone (highly recommended) Webcam (may be required for participation in virtual classrooms and/or media presentations).
- SoftwareDetails - It is essential for students to have reliable internet access in order to participate in and complete your units, regardless of whether they contain an on campus attendance or intensive school component. For additional information please visit UNE Hardware Requirements: https://www.une.edu.au/current-students/support/it-services/hardware
- TravelDetails - Travel may be required to attend the Final Examination for this subject.
- OtherDetails -
Textbook information is not available until approximately 8 weeks prior to the commencement of the Teaching period.
Students are expected to purchase prescribed material.
Textbook requirements may vary from one teaching period to the next.
In this subject students will explore advanced issues in company accounting, financial and non-financial reporting. Students will gain a broad and coherent understanding of topics that underpin accounting standards (AASBs), other regulations and statutory requirements, and disclosure by reporting entities aligned with relevant ethical perspectives. The subject places particular emphasis on accounting for group structures and the preparation of consolidated financial statements. The subject also develops students' understanding of advanced accounting issues related to equity methods of accounting for associates and joint arrangements, operating segments, construction contracts, foreign currency transactions and translating financial statements of foreign operations, financial instruments including derivatives and hedging, and corporate governance and corporate social responsibility reporting from a range of ethical and/or social issues.
Practical exercises and essay: 2,500 words; 20%; LOs 1, 2, 4, 5 Practical exercises and essay: 2,500 words; 20%; LOs 3-6 Final Examination: 60%; LOs 1-6. Multiple choice questions, practical exercises plus short essay type questions. Students are allowed to bring recent 'Accounting or Financial Reporting Handbook' (published by CPA or ICAA) into the examination venue to use. Students must obtain at least 50% in the examination (and at least 50% overall) to receive a pass (or better) in the unit. UNE manages supervised exams associated with your UNE subjects. Prior to census date, UNE releases exam timetables. They’ll email important exam information directly to your UNE email address.
- Practical exercises and essay (20%%)
- Practical exercises and essay (20%%)
- Final Examination (60%%)