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

A large number of entities are companies rather than, for example, sole traders or partnerships. Accordingly, as an accountant, a significant amount of the work you will undertake as a practitioner will involve accounting for companies. In this context, accountants are required to interpret and apply accounting standards, and other statutory requirements governing the accounting procedures reflected in the content of a company's financial reports. Accountants are also required to integrate and apply academic accounting knowledge to solving problems that arise in practice. This unit contributes to the knowledge and skills you will need to prepare financial reports for companies.
This unit builds on the prerequisite unit by applying accounting principles to complex company accounting issues. It also provides a foundation for subsequent units, which develop critical analytical skills through an examination of theoretical accounting issues, accounting regulation and practice.

Aims

The aim of this unit is to develop the knowledge, understanding and skills necessary to interpret and apply accounting standards and procedures in the preparation of corporate financial statements and reports.

Objectives

Course Learning Goals (Postgraduate)

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 Well-researched knowledge and critical understanding applied to issues at the forefront of a specialised discipline area
1.2 Ability to select and use effectively a range of tools and technologies to locate and/or generate information appropriate to the disciplinary context

Be critical thinkers and effective problem solvers (CTA)

2.1 Apply logical, critical and creative thinking and judgement to generate appropriate solutions to problems in the disciplinary context

Be professional communicators in an intercultural context (PC)

3.1 Ability to create and present professional documents and/or reports using high levels of analysis/synthesis/evaluation for a range of contexts and audiences
3.2 Ability to orally communicate and justify ideas and information, at a professional level, for a variety of contexts and audiences, including peers and discipline specialists

Be able to work effectively in a Team Environment (TW)

4.1 Operate effectively and with flexibility to achieve common goals in collaborative settings, using a range of skills, including leadership, negotiation, reflection, proactivity and support for team members

Have a Social and Ethical Understanding (SEU)

5.1 Apply knowledge of the ethical, social and cultural dimensions relevant to business situations, including appropriate standards or codes of practice, to provide courses of action

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

1. Demonstrate knowledge and application of accounting regulations which affect the content and format of the financial reports of companies.
2. Implement and evaluate the accounting procedures required by accounting standards, and prepare financial reports that comply with statutory requirements.

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 content of this unit has been selected with the specified aim and objectives in mind. The unit commences with an overview of the corporate financial reporting environment in Australia. The unit then examines the prescribed financial accounting requirements that are applicable to the different stages of a company's life cycle (from formation to expansion and then to liquidation). Complementing a focus on the practical application of accounting methods, the decision-usefulness of information produced under the different accounting methods is also critically reviewed. Thus, this unit has broad appeal and will be of interest to people involved in the preparation or use of company financial statements whether as accountants, auditors, investment bankers, financial analysts or other financial statement users.

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 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 aim of the weekly 3-hrs lecture workshop is to provide an overview of the weekly topic, provide illustrations and example, and explain complex issues. The first component of the lecture workshops will involve the introduction of the topic, discuss the relevant accounting regulations, and explain and illustrate accounting procedures. The second component of the lecture workshop will involve the opportunity for practice in solving company accounting problems.

Self-assessment questions will be provided each week to enable students to further develop their technical and problem solving skills. The self-assessment questions should be attempted in conjunction with the weekly assigned reading material. An online tutorial of 1 hour will be conducted weekly to review the material in the self-assessment questions. The online tutorial will be conducted using Collaborate in Blackboard.

All formal classes, the course material and other specified reading are elements in the teaching and learning strategy. Together, they are designed to give a comprehensive understanding of each topic and no element should be neglected.

Success in this unit depends upon adequate experience in answering questions that explore technical accounting procedures. Weekly workshop and self-assessment questions provide practice in solving problems similar to those set in examinations. Working through these questions and comparing the answers with the suggested solutions provides valuable feedback on the degree of understanding and technical competence attained. Past experience has indicated that there is a strong correlation between success in the unit and regular lecture and tutorial preparation and attendance.

Lecture materials (PowerPoint slides, lecture examples, and case studies) and solutions to practice questions will be available each week from the AYN417 Blackboard site. You should download the lecture materials each week from the AYN417 Blackboard site and bring them with you to the lecture. The lecture slides also detail the self-assessment questions assigned for the topic, usually on the last slide(s).

Assessment

The assessment in this unit aims to support your achievement of the learning objectives for both Discipline Knowledge and Other Graduate Capabilities. Assessment encompasses both theory and practical questions (including case studies) and 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 exam will be conducted as progressive on-line multiple choce quizzes covering topics 1-4. The first quiz will be held in week 4 and the second quiz will be held in week 7 (dates and times to be advised).
Length/Duration: 40 minutes in total (20 minutes for each quiz).
Formative or Summative: Summative
Relates to objectives: Unit objectives: 1, 2 and AOL goals: KS (1.1), CTA (2.1).
Weight: 20%
Internal or external: Both
Group or individual: Individual
Due date: Weeks 4 and 7

Assessment name: Group Assignment
Description: The objective is to (1) check and compare company reporting compliance with the relevant disclosure sections of accounting standards covered in the Unit, and (2) assess the overall decision-usefulness of disclosures for your selected companie, and (3) to reflect on the process of working in teams. Students will be required to participate as a cooperative, responsive, productive team member in a group setting.
Length/Duration: Maximum of 1000 words (excluding references, appendices, executive summary). Report format requirement will be provided by Lecture 3.
Formative or Summative: Both
Relates to objectives: Unit objectives: 1, 2 and AOL goals: KS (1.1), CTA (2.1), PC (3.1). TW (4.1)
Weight: 20%
Internal or external: Both
Group or individual: Group
Due date: Week 9

Assessment name: Final Exam
Description: This examination covers topics 5 -12 and consists of practical questions, theoretical/critical thinking questions and reflective thinking.
Length/Duration: 2 hours + 10 minutes perusal
Formative or Summative: Summative
Relates to objectives: Unit objectives: 1, 2 and AOL goals: KS (1.1), CTA (2.1).
Weight: 60%
Internal or external: Both
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
Jubb, P., Haswell, S. and Langfield-Smith, I. (2009). Company Accounting. (5th editon). Sydney. Thomson.

References
Carnegie, G. ( 2005). Case Studies: Financial accounting and disclosure. (4th edition). Melbourne. Thomson.

CCH. (2009). Australian Corporations and Securities Legislation. Sydney. CCH Australia Ltd.

CPA Australia. (2010). Accounting Handbook 2010. Sydney. Pearson Prentice Hall.

Deegan, C. (2007). Australian Financial Accounting .(5th edition). Sydney. McGraw-Hill.

Leo, K., Hoggett, J., Sweeting, J. and Radford, J. (2009). Company Accounting (8th edition). Brisbane. John Wiley & Sons.

Lewis, D. ( 2003). Writing for Accountants QUT (copies can be downloaded from http://blackboard.qut.edu.au

Parker, C., and Porter, B. (2007). Australian GAAP (Generally accepted accounting principles). Melbourne.

Other Resources

Students would normally be expected to purchase the prescribed text books and print lecture and tutorial materials and appropriate documents from the Blackboard site and/or CMD.

QUT has a guide for writing and presenting essays called QUT cite|write. This guide includes a suite of short pamphlets on essay writing techniques, and a series of four guides on citing references correctly. Students may find this guide useful for the group assignment. To view and download selected guides and sections of QUT cite|write go to www.citewrite.qut.edu.au .

Deloitte's Model Accounts: http://libcat.qut.edu.au/search/t?SEARCH=A-IFRS+consolidated+model+financial+reports

It is highly recommended that students have a head-set for on-line collaborate (consulting and tutorial) sessions.

Risk assessment statement

There are no out-of-the-ordinary risks associated with lectures or tutorials in 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