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ACC701 FINANCIAL ACCOUNTING T218 21/06/2018 11:15 PAGE 1 OF 13 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A KING’S OWN INSTITUTE* Success in Higher Education ACC701 FINANCIAL ACCOUNTING T218 All information contained within this Subject Outline applies to all students enrolled in the trimester as indicated. 1. General Information 1.1 Administrative Details Associated HE Award(s) Duration Level Subject Coordinator Graduate Diploma of Business Master of Accounting Master of Professional Accounting 1 trimester Postgraduate Patricia Vakafua
[email protected] P: 92833583 (Ext.156) L: Level 1, 545 Kent St. Consultation: via Moodle or by appointment 1.2 Core/Elective This is a core subject for the Master of Accounting and the Master of Professional Accounting and elective subject for the Graduate Diploma of Business. 1.3 Subject Weighting Indicated below is the weighting of this subject and the total course points. Subject Credit Points Total Course Credit Points 4 GDBus 32; MAcc 48; MPA 64 1.4 Student Workload Indicated below is the expected student workload per week for this subject No. Timetabled Hours/Week* No. Personal Study Hours/Week** Total Workload Hours/Week*** 4 hours/week (2 hour Lecture + 2 hour Tutorial) 6 hours/week 10 hours/week * Total time spent per week at lectures and tutorials ** Total time students are expected to spend per week in studying, completing assignments, etc. *** Combination of timetable hours and personal study. 1.5 Mode of Delivery On-campus 1.6 Pre-requisites ACC700 Principles of Accounting 1.7 General Study and Resource Requirements o Students are expected to attend classes with the weekly worksheets and subject support material provided in Moodle. Students should read this material before coming to class to improve their ability to participate in the weekly activities. o Students will require access to the internet and their KOI email and should have basic skills in word processing software such as MS Word, spreadsheet software such as MS Excel and visual presentation software such as MS PowerPoint. o Computers are available for student use in the Library. However these are in demand at peak times and tutorial classes may have priority use. You should therefore plan well in advance to utilise these resources. If you have your own computer, it should have internet access and relevant software installed. Students are encouraged to make use of the campus Library for reference materials. Resource requirements specific to this subject: Students should have a non-programmable calculator – applications in smart phones will not be sufficient to perform the required calculations in class. mailto:
[email protected] ACC701 ACC701 FINANCIAL ACCOUNTING T218 21/06/2018 11:15 PAGE 2 OF 13 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A 2. Academic Details 2.1 Overview of the Subject This course introduces students to special topics relating to Australian financial reporting with an emphasis on recognition and measurement of assets and liabilities. It comprehensively covers a number of Australian-International Financial Reporting Standards relevant to reporting problems in particular areas (such as cash flows and revenue), and with reference to particular types of assets and liabilities (such as intangible assets, share-based payments, leases and complex financial instruments). In addition, the expanded disclosure is reviewed along with various proposals for strengthening external financial reporting. These standards are issued by the Australian Accounting Standards Board (AASB). The principal accounting standards to be covered are: Australian Standard IFRS designation Subject of standard AASB 2 IFRS 2 Share-based payment AASB 7 IFRS 7 Financial Instruments: Disclosure AASB 9 IFRS 9 Financial Instruments AASB 15 IFRS 15 Revenue AASB 16 IFRS 16 Leases AASB 107 IAS 7 Statement of Cash Flows AASB 119 IAS 19 Employee Benefits AASB 132 IAS 32 Financial Instruments: Presentation AASB 133 IAS 33 Earnings Per Share AASB 136 IAS 36 Impairment of Assets AASB 138 IAS 38 Intangible Assets 2.2 Graduate attributes for postgraduate courses Graduates of Postgraduate courses from King’s Own Institute will gain the graduate attributes expected from successful completion of a Master’s degree under the Australian Qualifications Framework (2 nd edition, January 2013). Graduates at this level will be able to apply an advanced body of knowledge in a range of contexts for professional practice or scholarship and as a pathway for further learning. King’s Own Institute’s key generic graduate attributes for a master’s level degree are summarised below: KOI Master’s Degree Graduate Attributes Detailed Description Knowledge Current, comprehensive and coherent knowledge, including recent developments and applied research methods Critical Thinking Critical thinking skills to identify and analyse current theories and developments and emerging trends in professional practice Communication Communication and technical skills to analyse and theorise, contribute to professional practice or scholarship, and present ideas to a variety of audiences Research and information Literacy Cognitive and technical skills to access and evaluate information resources, justify research approaches and interpret theoretical propositions Creative problem Solving Skills Cognitive, technical and creative skills to investigate, analyse and synthesise complex information, concepts and theories, solve complex problems and apply established theories to situations in professional practice Ethical and Cultural Sensitivity Appreciation and accountability for ethical principles, cultural sensitivity and social responsibility, both personally and professionally Leadership and Strategy Initiative, leadership skills and ability to work professionally and collaboratively to achieve team objectives across a range of team roles Expertise in strategic thinking, developing and implementing business plans and decision making under uncertainty Professional Skills High level personal autonomy, judgement, decision-making and accountability required to begin professional practice ACC701 ACC701 FINANCIAL ACCOUNTING T218 21/06/2018 11:15 PAGE 3 OF 13 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A Across the course, these skills are developed progressively at three levels: o Level 1 Foundation – Students learn the skills, theories and techniques of the subject and apply them in stand-alone contexts o Level 2 Intermediate – Students further develop skills, theories and techniques of the subject and apply them in more complex contexts, beginning to integrate the application with other subjects. o Level 3 Advanced – Students have a demonstrated ability to plan, research and apply the skills, theories and techniques of the subject in complex situations, integrating the subject content with a range of other subject disciplines within the context of the course. 2.3 Subject Learning Outcomes Listed below, are key knowledge and skills students are expected to attain by successfully completing this subject: Subject Learning Outcomes Contribution to Course Graduate Attributes a) Explain and apply the concepts and regulations relating to financial accounting in accounting settings b) Articulate measurement issues related to the covered topics; and locate and implement the disclosure requirements related to the covered topics. c) Identify and solve financial accounting problems by applying analytical and problem solving techniques d) Demonstrate technical competence in the relevant complex areas of accounting where measurement and recognition judgements need to be made. 2.4 Subject Content and Structure Below are details of the subject content and how it is structured, including specific topics covered in lectures and tutorials. Reading refers to the text unless otherwise indicated. Weekly Planner: Week (beginning) Topic Covered in Each Week’s Lecture Reading(s) Expected Work 1 09 Jul Accounting regulation and the Conceptual Framework Loftus: Ch. 1 Tutorial exercises as listed in Moodle 2 16 Jul Statement of cash flows Loftus: Ch. 17 AASB 107 Tutorial exercises 3 23 Jul Revenue Loftus: Ch. 15 AASB 15 Tutorial exercises 4 30 Jul Intangible assets Loftus: Ch. 6 AAS8 138 Tutorial exercises 5 6 Aug Employee benefits Loftus: Ch. 9 AASB 119 Tutorial exercises 6 13 Aug Mid-trimester test Assignment review Mid-trimester test 19 Aug 2018 – 26 Aug 2018 Mid Trimester Break 7 27 Aug Share-based payment Loftus: Ch 8 & 9 Tutorial exercises ACC701 ACC701 FINANCIAL ACCOUNTING T218 21/06/2018 11:15 PAGE 4 OF 13 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A 8 03 Sep Leases Loftus: Ch. 14 AASB 2 Tutorial exercises 9 10 Sep Financial instruments Part I Loftus: Ch. 10 AASB 16 Case Study due Deferred Mid Trimester Exams for all subjects - see Section 2.6 below for more information 10 17 Sep Financial instruments Part II Loftus: Ch. 11 (pp. 401-415) AASB 7, 9, 132 Tutorial exercises 11 24 Sep Earnings per share Loftus: Ch. 11 (pp. 416-454) AASB 7, 9, 132 Tutorial exercises 12 01 Oct Revision lecture Revision exercises 13 08 Oct Study Review Week 14 15 Oct Final Exam Week Please see exam timetable for exam date, time and location 15 22 Oct Student Vacation begins Enrolments for T318 open 16 29 Oct Results Released 30 Oct 2018 Certification of Grades 02 Nov 2018 T318 begins 05 Nov 2018 1 05 Nov Week 1 of classes for T318 Friday 02 Nov 2018 – Review of Grade Day for