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

This unit examines the accounting theories underlying regulation and reporting practices adopted in the general purpose financial statements of reporting entities; the unit has a specific focus on publicly listed companies, which are designed to communicate information about an entity's financial position and performance to meet the decision making needs of external parties. Emphasis is placed on developing an understanding of, and the ability to critically evaluate, how regulatory requirements and incentives affect financial reporting. The unit commences with an overview of the different governance models of corporations worldwide and relates them to the their financial reporting environment. Then, it touches upon accounting theories, their evolution over time and it seeks to explain accounting policies made by managers This framework provides a basis for examining specific accounting issues with a emphasis on both the application of specific accounting measurement models (historic cost versus fair value) or regulatory provisions (continuous disclosure requirements). The unit concludes by analysing some of the most recurrent issues of debate in the international arena.

Aims

The aim of this unit is to complement the knowledge acquired in Financial Accounting and Company Accounting, and develop an understanding of the principles and regulation that govern the process of external financial reporting and the theories and concepts underlying the economic consequences of accounting measurement and method choices. The unit should also instil and develop a critical approach in the evaluation of current regulations and practices governing financial reporting; it will provide a basis for analysing the financial effects and behavioural implications of applying different accounting methods to specific accounting issues.

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. Understand the Australian financial reporting environment as compared to other international settings and be able to apply them to practical situations;
2. Identify and analyse problems in financial reporting encountered by accountants and auditors in practice and relate these problems to broader analytical frameworks;
3. Appreciate the financial accounting literature and understand the nature of relevant research into topics covered (capital market research and environmental accounting);
4. Engage in reasoned debate concerning theoretical issues relating to accounting policy choices.
5. Critically evaluate current issues in financial reporting (i.e. use of Fair Value Accounting, decision-usefulness approach, directors' responsibilities etc).

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

Content

The following provides a brief overview of the topics to be covered:
- Corporate governance structures worldwide and their effects on financial reporting practices;
- Introduction to accounting theories including an analysis of stakeholder and legitimacy theories;
- Discussion of the two main roles of financial reporting: the stewardship and valuation purposes in the Conceptual framework
- The Australian financial reporting environment including the standard-setting process, the conceptual framework, annual reporting and continuous disclosure requirements;
- Measurement issues in accounting: 'fair value accounting' and historic cost accounting'
- Financial Statement in SMEs and the Reduced Disclosure Requirements in Australia
- Capital market research and the impact of accounting numbers on share prices;
- Corporate social-responsibility reporting.

It should be noted that Australian accounting standards have been harmonised with the standards issued by the International Accounting Standards Board. As a consequence, from 1 January 2005, entities applying Australian standards will also comply with International Financial Reporting Standards. The accounting policies and issues taught in this unit, as highlighted in the content outline above, will therefore provide students with an appreciation of the international dimensions of the discipline.

Approaches to Teaching and Learning

Teaching and learning strategies are designed to facilitate the aims and objectives of the unit. The emphasis in Financial Accounting Issues is to equip students with the necessary skills so as to understand financial accounting theory and apply these theoretical concepts to contemporary practical accounting issues.

Lectures
While summary, overview power point slides of the key content issues are provided each week for students; these must be supplemented with attendance at each lecture where detailed explanations and current practical examples/case studies are provided to ensure a thorough understanding of these issues. You should download these lecture notes from the AYB311 Blackboard site and bring them with you to the lecture. 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.

Weekly Tutorials
Given that this unit focuses on the analysis of detailed, real-world cases in order to promote the understanding of both its theoretical and technical content, you are expected to attend tutorials each week. Regular attendance will ensure that you do not miss the wealth of opportunities that arise to listen and learn from your peers as well as from the experienced staff in the subject. Tutorials will commence in Week 2. Proper attention to the teaching and learning strategies should enable you to meet the assessment requirements of the 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 that 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: Case Study
Description: For each tutorial there will be a case study dealing with the tutorial topic for that week which will require a judgment/decision. Each week selected students will be required to orally present opposing arguments. All students will be required to provide a written explanation detailing which argument they agree with and how they have arrived at their decision. Decision cases must be written in class and handed in. It will not be considered acceptable having pre-written documents. Marks will be awarded for the oral presentation of the argument (12%): 12-15 minutes are allowed for the oral presentation. Throughout the semester tutors will randomly collect five of the written explanations and the best four will count towards the final mark (13%).
Length: Decision-case (20-25 minutes depending on the topic of the week). Oral presentation (12-15 minutes).
Formative or Summative: Both
Relates to objectives: Objectives: 1, 2, 3, 4 and AoL: KS (1.1), CTA (2.1), PC (3.1, 3.2), SEU (5.1)
Weight: 25%
Internal or external: Internal
Group or individual: Individual
Due date: Throughout tutorials

Assessment name: Research Paper
Description: To enable students to demonstrate their discipline knowledge, research skills, decision making skills and written communication skills within the context of a specific accounting problem. Students will receive instructions about the mode of delivery of the research paper. The research paper covers the topics discussed from week 1-7.
Length: 1,250 words (plus or minus 10%) references excluded
Formative or Summative: Both
Relates to objectives: Objectives: 1, 2, 3, 4 and AoL: KS (1.1), CTA (2.1), PC (3.1), SEU (5.1)
Weight: 25%
Internal or external: Internal
Group or individual: Individual
Due date: Week 7

Assessment name: End of Semester Examination
Description: The examination is a 'closed book' and will cover Weeks 1 to 12 inclusive. It tests the content knowledge as well as critical ability in mastering the topics covered in the unit.
Length: 2 hours working plus 10 minutes perusal
Formative or Summative: Summative
Relates to objectives: Objectives: 1, 2, 3, 4 and AoL: KS (1.1), CTA (2.1), PC (3.1, 3.2), 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

Text:
AYB311 - Financial Accounting Issues (2013) - Customized ed. - Wiley and Sons.
The textbook contains selected chapters from Rankin et al (2012) 'Contemporary Issues in Accounting', Godfrey et al (2010) 'Accounting Theory' and Solomon J. (2010) 'Corporate Governance and Accountability'.

References
Rankin, M. (2012) 'Contemporary Issues in Accounting' Wiley and Sons.
Godfrey, J., Hodgson, A., Tarca, A., Holmes, K., and Hamilton, J. (2010). Accounting Theory. 7th Edition, Wiley and Sons.
Drever, M., Stanton, P., and S.McGowan, (2007) Contemporary Issues in Accounting, John Wiley and Sons.
Henderson, Scott, Peirson, Graham and Kathy Herbohn. 2010. (14th ed.) Issues in Financial Accounting, Pearson Education Australia. (HPH).
Scott, W. R. (2009) Financial Accounting Theory. Fifth Edition. Pearson Education
Deegan, Craig (2011) Financial Accounting Theory, Third Edition. McGraw-Hill Australia

Additional Readings
Students are required to use additional readings that will be made available throughout the course on the Blackboard or through the electronic resources available in the QUT Library.
ASX Listing Regulations
ASX Corporate Governance Principles and Guidelines


Other Resources - Accounting and Business Journals:

Australia:
Australian CPA (CPA Australia)
Charter (The Institute of Chartered Accountants in Australia)
Accounting and Finance
Accounting Research Journal
Australian Accounting Review
Business Review Weekly
Accounting Forum
Accounting Auditing and Accountability Journal

United States of America:
The Accounting Review
Journal of Accountancy
Journal of Accounting Research
Accounting Horizons
Journal of Accounting and Economics

United Kingdom:
Accountancy
The Accountant
Accounting and Business Research
Accounting, Organisations and Society
British Accounting Review
Journal of Business Finance and Accounting

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: 24-Jan-2013