Units

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Sample subject outline - Semester 1 2013

Note: Subject outlines often change before the semester begins. Below is a sample outline.

Rationale

External financial reports are a legal requirement for companies under the Australian Corporations Act and provide decision-useful information for interested users. Similarly, although not a legal requirement, partnerships also often prepare external financial statements for interested users. Therefore, it is a requirement for accountants working in industry to know and understand: accounting concepts and procedures; specific technical accounting and legal requirements; and, general professional and ethical concepts. These are required in order to be able to prepare, present and explain external financial reports for users. Similarly, this knowledge and skill is a requirement for auditors who perform audits and reviews of external financial reports.

Aims

The aim of this unit is to provide the basic knowledge needed to understand:
- accounting concepts and procedures;
- specific technical accounting and legal requirements; and
- general professional concepts that are relevant to the preparation and use of external financial reports for partnerships and companies.

Objectives

Course Learning Goals (Undergraduate)
The QUT Business School has established the Assurance of Learning (AOL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:

Have knowledge and skills pertinent to a particular discipline (KS)
1.1 Integrate and apply disciplinary theory and skills to practical situations
1.2 Incorporate the use of technology appropriate to the discipline and context

Be critical thinkers and effective problem solvers (CTA)
2.1 Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue

Be professional communicators in an intercultural context (PC)
3.1 Communicate effectively through written tasks appropriate to varied contexts and audiences
3.2 Communicate effectively through professional oral presentations appropriate to varied contexts and audiences

Be able to work effectively in a Team Environment (TW)
4.1 Demonstrate effective team skills in order to contribute appropriately to the production of a group output

Have a Social and Ethical Understanding (SEU)
5.1 Apply ethical reasoning, standards or codes of practice relevant to the discipline and make decisions that are informed by social and cultural understanding

Unit Objectives
Upon completion of this unit, you should be able to:

1. Discuss specific technical, accounting and legal requirements in external reporting
2. Examine and explain the accounting concepts and procedures relevant to the preparation and use of external financial reports for partnerships and companies
3. Apply this practical knowledge to the preparation and use of external financial reports for partnerships and companies
4. Evaluate solutions to accounting problems

The specific course learning goals and unit objectives that apply to this unit are shown in the assessment section of this unit outline.

Content

1. Overview- Professional and Regulatory Framework of Financial Accounting; External Financial reporting; The Standard - Setting Process Overview;
2. Conceptual Framework; Assumptions underlying financial reports; Incentives of Management in accounting policy choice; Presentation in financial statements.
3. Graduate Capabilities - Introduction to Critical Thinking; Written Communication..
4. Balance Sheet - Assets; Requirements of AASB116; Current and Non Current Assets; Asset valuation; Capitalisation of expenses; Asset disposal; Liabilities; Current and Non Current Liabilities.
5. Leases - Assets, Liabilities, Income and Expenses - Application Topic; Understand and Account for Finance and Operating Leases.
6. Partnerships - legal aspects; Accounting for allocation of profits; Valuation of net assets; Admission/retirement of partners; Partnership dissolution; Effect on owners equity.
7. Companies - Shareholders, equity and reserves; Accounting for share issue; Accounting for dividends; Reserves; Retained Profits.
8. Income Statement - Components of profit; Revenues and Expenses.
9. Statement of Cash Flows - AASB107; Cash and cash equivalents; Preparation of cash flow statements for partnerships and Companies; Cash Flow ratios; Limitations of cash flows.

Approaches to Teaching and Learning

The teaching and learning strategies applied in this subject are intended to maximise students' involvement with the ideas that are presented, and to provide step-by-step support for their application to a range of problems relevant to the technical and professional role of financial accountants. Lectures will provide an introduction to the theoretical concepts and this will be supported by the tutorials and weekly assignments. Tutorials are designed to provide an interactive learning environment that focuses on the development of an integrated knowledge base (technical and professional), and a capacity to apply that knowledge through a wide range of problem-solving activities and case studies. In addition, the tutorials provide the opportunity to discuss and resolve any uncertainties that may arise in a smaller group setting.

This unit uses the SafeAssign tool in BlackBoard. SafeAssign is a text matching tool that assists students to develop the academic skills required to correctly use and cite reference material as well as to check citations and determine possible instances of plagiarism. You will be expected to submit draft and/or final versions of one or more assignments using SafeAssign. Your Unit Coordinator will provide detailed information on how the software will be used in this unit.

Assessment

The assessment in this unit aims to support your achievement of the learning objectives for both Discipline Knowledge and Other Graduate Capabilities. Assessment has been designed in order to allow you to both:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and
- demonstrate your learning in order to achieve a final grade (summative assessment).Students will receive feedback in various forms throughout the semester which may include:

• Informal: worked examples, such as verbal feedback in class, personal consultation


• Formal: in writing, such as checklists (e.g. criteria sheets), written commentary


• Direct: to individual students, either in written form or in consultation


• Indirect: to the whole class

Assessment name: Weekly Tutorial Work
Description: The weekly tutorial work includes exam standard questions, which will be collected each week and marked for accuracy at random 5 times during the semester. Each of these submissions is worth a possible 5%. The best 4 of 5 will count towards the overall 20% for this assessment item. Answers must be typed and be undertaken prior to the tutorial.
Formative or Summative: Both
Relates to objectives: Objectives 1, 2, 3 and AoL: KS (1.1)
Weight: 20%
Internal or external: Internal
Group or individual: Individual
Due date: Weekly


Assessment name: Business Report
Description: This graduate-capabilities assignment will require students to research and write a report responding to an accounting situation. A percentage of the assignments will be randomly checked for plagiarism.
Length: 1000 words
Formative or Summative: Both
Relates to objectives: Objectives 1, 2, 3 and AoL: KS (1.1), CTA (2.1), PC (3.1)
Weight: 25%
Internal or external: Internal
Group or individual: Individual
Due date: Week 7


Assessment name: End of Semester Examination
Description: This examination will cover key concepts and techniques covered throughout the semester (weeks one to twelve) and will consist of practical and theoretical questions.

Length: 2 hours working plus 10 minutes perusal
Formative or Summative: Summative
Relates to objectives: Objectives 1, 2, 3 and AoL: KS (1.1), CTA (2.1), PC (3.1)
Weight: 55%
Internal or external: Internal
Group or individual: Individual
Due date: Central Exam Period


Academic Honesty

QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.

A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.

Resource materials

Text 1:
Deegan, C. (7th ed.) 2012, Australian Financial Accounting. McGraw Hill, North Ryde, NSW, Australia Ltd. (Custom textbook prepared by Jodie Nelson for Queensland University of Technology).

Required References 1: Australian Accounting Standards - relevant extracts provided in unit materials

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Risk assessment statement

There are no out-of-the ordinary risks associated with this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to view the >Emergency video .

Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.

Last modified: 11-Feb-2013