Units

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Sample subject outline - Semester 2 2012

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

Rationale

With the increasing complexity of taxation laws, the ageing population and the focus on self-reliance in retirement, individuals expect their accountants to be professionally equipped to assist them in effective investment and risk management and also with complex retirement planning strategies. As a result, many professional accounting firms now see financial planning services as part and parcel of the services they are offering to their individual clients. QUT graduates who have acquired skills and knowledge in this area will have a definite competitive advantage when they are seeking employment in the public accounting.

Aims

This unit aims to develop your knowledge and understanding of the role of the accountant in providing financial advice to their clients.

Objectives

Course Learning Goals (Undergraduate)
The Faculty of Business 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. Demonstrate a basic knowledge of the major aspects of financial planning
2. Assess an individual's personal financial planning needs
3. Understand the universe of assets available to Australians and assess their performance in the past
4. Identify various issues that need to be considered while preparing a financial plan
5. Prepare a simple personal financial plan
6. Discuss the ethical and legal responsibilities of those who provide personal financial advice

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

Content

In this unit, you will be introduced to the fundamental aspects of the financial planning process, the legal framework governing the financial planning industry and the responsibilities of financial planners. The unit will also expose you to alternative strategies of wealth creation while taking into consideration taxation, superannuation and social security issues. The following provides a brief overview of the topics that will be covered in this unit:

- Introduction to financial planning
- Legal framework and ethical responsibilities of the financial planner
- Taxation and financial planning
- Investments in shares, bonds and managed funds
- Issues in home ownership
- Personal credit and lending
- Risk management and insurance
- Superannuation and retirement
- Social security and financial planning
- Estate planning
- Taxation consequences of various forms of investments; year end tax planning investment strategies
- Financial plan construction

Approaches to Teaching and Learning

Teaching and learning strategies are designed to facilitate the aims and objectives of this unit. The emphasis in Personal Financial Planning is to equip you with the necessary analytical, critical thinking and research skills that will help you develop financial plans for individuals with different objectives.

Lectures
You are expected to attend lectures each week. PowerPoint slides are provided to students each week. You should download the PowerPoint slides each week from the unit Blackboard website and bring them with you to the lecture. The address is: http://blackboard.qut.edu.au. You can access on-line units using any computer that has Internet access. The QUT Student Computing Guide contains information on how to access and use the computing facilities at QUT.

All learning material on the AYB250 Blackboard site will be automatically removed on the day of the final exam for this unit. It is your responsibility to ensure that you have copies of all materials before this date.

Tutorials
You are expected to attend tutorials each week. Tutorials commence in Week 2. Once allocated to a tutorial, you must remain in that tutorial for the entire semester. After the first tutorial, changes are not permitted unless there are exceptional circumstances.

Tutorials provide an opportunity for you to develop your understanding of key issues and concepts dealt with in lectures. Each week you will need to complete the required readings and to prepare answers for the tutorial discussion questions. You are expected to engage in and lead classroom discussion in tutorials as they represent an excellent opportunity to apply the concepts learnt in the preceding week to practical questions. Feedback gained in tutorials will also assist you in identifying the areas that you may have misunderstood.

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: Mid-Semester Exam
Description: The mid-semester closed book examination will consist of 30 multiple choice questions based on the content of topics 1 to 5
Length or Duration: 75 minutes (no perusal)
Optional or Compulsory: Compulsory
Formative or Summative: Both
Relates to objectives: 1, 3, 4, 6, and AoL: KS(1.1), CTA(2.1), SEU(5.1)
Weight: 20%
Internal or external: Internal
Group or individual: Individual
Due date: Week 7


Assessment name: Individual Project
Description: Case Study - the individual written assignment will be released to students via the AYB250 Blackboard site in approximately Week 8 or Week 9.
Optional or Compulsory: Compulsory
Formative or Summative: Both
Relates to objectives: 2, 3, 4, 5, 6, and AoL: KS(1.1), CTA(2.1), PC(3.1),
Weight: 30%
Internal or external: Internal
Group or individual: Individual
Due date: Week 11


Assessment name: End of Semester Examination
Description: Theory examination including several problem solving questions. The examination is closed book and will cover weeks 1 to 12 inclusive, with a particular emphasis on Weeks 6 to 12.
More details concerning the final examination will be provided in the revision lecture (ie. Week 13).
Length or Duration: 2 hours with 15 minutes perusal
Optional or Compulsory: Compulsory
Formative or Summative: Summative
Relates to objectives: 1, 2, 3, 4, 6, and KS(1.1), CTA(2.1), SEU(5.1)
Weight: 50%
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

Prescribed Text and Readings:
Taylor, S., Juchau, R., Houterrnan, B., & McDonald, T. (2010). Financial Planning in Australia (4th ed.). LexisNexis, Sydney.

Lecture materials, tutorial questions and additional readings are available for students to download from QUT's Blackboard site. The address is: http://blackboard.qut.edu.au. Students are expected to print off these materials each week prior to attending class.

Recommended References:
1. Australian Financial Planning Handbook, 2011-12, , Thomson-Reuters, Sydney
2. Australian Master Financial Planning Guide, 2011/12, 14th edn, CCH Australia, Sydney
3. Beal, D, McKeown, W 2009, Personal Finance, 4th edn, John Wiley Australia, Brisbane
4. Valentine, T 2007, Modern Financial Planning & Investment Planning, Pearson Education Australia, Sydney

Useful Web Sites
The internet is a vitally important and excellent source of information for students wishing to obtain the most up to date information on finance planning regulation, financial markets and various legislation relevant to financial planning. Some of the most useful web sites which relates to this unit are:

1. Financial Planning Association (FPA) http://www.fpa.asn.au
2. Australian Securities and Investment Commission (ASIC) http://www.asic.gov.au/asic/asic.nsf
3. ASIC / Fido Website ( Consumer protection website) http://www.fido.gov.au/fido/fido.nsf
4. Australian Taxation Office http://www.ato.gov.au
5. Australian Securities Exchange (ASX) http://www.asx.com.au
6. Australian Prudential Regulation Authority (APRA) http://www.apra.gov.au
7. Association of Superannuation Funds of Australia (ASFA) http://www.superannuation.asn.au
8. Australian Consumers and Competition Commission (ACCC) http://www.accc.gov.au/content/index.phtml/itemId/142
9. Centrelink http://www.centrelink.gov.au/
10. ASSIRT (now part of Standard & Poors) http://www.assirt.com.au/cgi-forte/forteISAPI.dll? servicename=AssirtWebService&templatename=/AssirtResearch/Common/Assirt.htm&AWPageName=Home
11. Morningstar Australia http://www.morningstar.com.au
12. Real Estate Institute of Australia http://www.reiaustralia.com.au
13. Australian Government (Information on wills and estate planning http://www.seniors.gov.au/internet/seniors/publishing.nsf/Content/Estate+planning

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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: 16-Jul-2012