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

Financial accounting is concerned with communicating information about an entity's financial position and performance to meet the decision making needs of external parties. This unit examines the accounting and reporting practices of reporting entities, particularly listed public companies. Emphasis is placed on developing an understanding of, and the ability to critically evaluate, the various regulatory requirements governing financial reporting. The unit commences with an overview of the financial reporting environment and theories that seek to explain the accounting policy choices of management. This framework provides a basis for examining specific accounting issues with particular emphasis on both the application of specific accounting techniques/rules and the conceptual/theoretical issues associated with alternative accounting methods.

Aims

The aim of this unit is to build on the knowledge developed in AYN416 Financial Accounting 1, and increase 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. Critical evaluation of regulations governing financial reporting 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 (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. Understand the Australian financial reporting requirements 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

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. This unit examines the accounting and reporting practices of reporting entities, particularly listed public companies. The unit commences with an overview of the financial reporting environment and theories that seek to explain the accounting policy choices of management. This framework provides a basis for examining a range of specific issues in financial accounting. Emphasis throughout the semester is on both the application of specific accounting techniques/rules and the conceptual/theoretical issues associated with alternative accounting methods.

Approaches to Teaching and Learning

The unit provides an overview of the role of theory in financial accounting. It will develop students' ability to analyse financial accounting issues encountered by accountants in practice.

Weekly classes consist of one 1.5-hour lecture and one 1.5-hour tutorial. Tutorials will commence in Week 2 of the semester. Each tutorial will be based on material covered in the lecture in the previous week. Students are expected to read all the material prescribed for the topic each week, prepare written answers to the questions, problems and cases, and participate in class discussions of the relevant issues.

The questions, problems and cases are designed to cover the most important aspects of the previous week's lecture and reading, and they provide an excellent method for determining whether or not you have properly grasped the topic. They also give you experience in answering both theoretical and practical questions for examination purposes. If done properly in the first instance and upgraded at a later date, they constitute very useful material for revision purposes.

The content and teaching strategies also relate to the development of particular postgraduate capabilities needed in the accounting profession. This unit specifically targets the development of postgraduate capabilities in the following areas:

Communication and Information Literacy Skills:

Students should develop effective written communication skills by preparing answers to the assigned weekly questions and completing the assignment

Students should develop their information literacy skills through engagement in the particular content of this unit

Students should develop effective oral communication skills and be able to discuss and defend views by participating in weekly discussions

Problem Solving, Decision Making and Reasoning Skills; Collaborative Ability and Global Perspective:

Weekly participation in discussion questions and case studies and working on the assignment will help students learn how to:

apply analytical, critical and creative thinking processes to problem solving and decision making

interpret data and reports

consider issues from a global perspective

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: Progressive Assessment
Description: Quizzes will be conducted during Weeks 3 to 12
Length/Duration: 15 minutes
Formative or Summative: Formative and Summative
Relates to objectives: Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), CTA (2.1)
Weight: 30%
Internal or external: Both
Group or individual: Individual
Due date: Weeks 3 to 12

Assessment name: Assignment
Description: Details of the assignment requirements together with the criteria marking sheet will be posted on Blackboard in Week 3.
Length/Duration: 1,000 words
Formative or Summative: Formative and Summative
Relates to objectives: Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), CTA (2.1), PC (3.1) SEU (5.1)
Weight: 20%
Internal or external: Both
Group or individual: Individual
Due date: Week 7

Assessment name: Final Exam
Description: The final exam will consist of a mixture of theoretical/conceptual and applied questions; it will draw on any topics covered during the semester. More information regarding this exam will be provided on the Blackboard site later in the semester.
Length/Duration: 2 hours
Formative or Summative: Summative
Relates to objectives: Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), CTA (2.1), PC (3.1) 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
Before purchasing any text for this unit please ensure that the prescribed text is the one that will be used for the semester you are studying. Prescribed texts are sometimes updated very close to the start of a semester.

Henderson, S., Peirson, G and Herbohn, K. (2011) Issues in Financial Accounting (14th Edition) Frenchs Forest. NSW: Pearson Education.

Although not prescribed, you are also strongly encouraged to acquire a copy of either the 2010 Accounting Handbook, published by CPA Australia and Pearson Education or the 2010 Financial Reporting Handbook, published by the Institute of Chartered Accountants in Australia and John Wiley & Sons.

Other Resources
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 research project. To view and download selected guides and sections of QUT cite|write, go to www.citewrite.qut.edu.au

The topics addressed in this unit include contemporary accounting issues that are commonly discussed in the financial press. It is strongly recommended that students read the business pages of daily newspapers and other relevant financial publications including the Australian Financial Review, BRW, In the Black, Charter, and National Accountant.

Following are some useful texts and other references. Additional references can also be found at the unit's Blackboard site: http://blackboard.qut.edu.au.

Alfredson, K., Leo, K., Picker, R., Loftus, J., Clark, K. and Wise, V. (2009). Applying International Financial Reporting Standards. Milton Qld: John Wiley & Sons.

Cotesta, P. V. and Crosling, G.M. (2005). Writing and Presenting in Accounting. (2nd edition). Sydney: LexisNexis Butterworths.

Deegan, C. (2007). Australian Financial Accounting. (5th Edition). McGraw Hill.

Drever, M., Stanton, P. and McGowan S. (2007). Contemporary Issues in Accounting. Milton Qld: John Wiley & Sons.

Godfrey, J., Hodgson, A. and Holmes, S. and Tarc, A. (2006). Accounting Theory. (6th Edition). Milton Qld: John Wiley & Sons.

Henderson, S. and Peirson, G. and Harris, K.. (2004). Financial Accounting Theory. Frenchs Forest. NSW: Pearson Prentice Hall.

May, C.B. and May, G.S. (2005). Effective Writing: A Handbook for Accountants (7th edition). Upper Saddle River. NJ : Pearson Prentice Hall.

Picker, R., Leo, K., Loftus, J., Clark, K. and Wise, V. (2009). Australian Accounting Standards. (2nd edition). Milton Qld: John Wiley & Sons.

Ravlic, T. (2005). Readings in Financial Reporting. Milton Qld: John Wiley & Sons.

Revsine, L., Collins, D. W. and Johnson, W.B. (2005). Financial Reporting & Analysis. (3rd Edition). Upper Saddle River. NJ: Prentice Hall.

Scott, W. R. (2006). Financial Accounting Theory. (4th Edition). Upper Saddle River. NJ: Prentice Hall.

Whittred, G., Zimmer, I., Taylor, S. and Wells, P. (2004). Financial Accounting: Incentive Effects and Economic Consequences (6th Edition). Sydney: Harcourt.

Wolk, H. I., Tearney, M. G. and Dodd, J. L. (2004). Accounting Theory: Conceptual Issues in a Political and Economic Environment. (6th Edition). Cincinnati: South-Western College Publishing.

Website of the Australian Accounting Standards Board:

Website of the International Accounting Standards Board:

Website of Deloitte IAS Plus (international accounting standards site):

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: 07-Feb-2013