KING’S OWN INSTITUTE* Success in Higher Education ACC201 FINANCIAL ACCOUNTING T119 All information contained within this Subject Outline applies to all students enrolled in the trimester as indicated....

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KING’S OWN INSTITUTE* Success in Higher Education ACC201 FINANCIAL ACCOUNTING T119 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 B Bus (Accg); B Bus (Mgt & Finance) 1 trimester Level 2 Meth Hewa [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 B Bus (Accg) and an elective subject for B Business (Mgt & Fin). 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 BBus(Accg) 96; BBus(Mgt & Finance) 96 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 ACC100 Introduction to Accounting and ACC101 Introduction to Financial 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 and WIFI facilities are extensively available for student use throughout KOI. 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 a calculator. Applications in smart phones will not be sufficient to perform the required calculations. ACC201 FINANCIAL ACCOUNTING T119 05/03/2019 17:55 PAGE 1 OF 14 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD© ABN: 72 132 629 979 CRICOS 03171A Approved by KOI Academic Board for T1 2019 mailto:[email protected] ACC201 2 Academic Details 2.1 Overview of the Subject This subject introduces students to topics relating to Australian financial reporting with an emphasis on recognition and measurement of assets and liabilities. It covers several Australian Financial Reporting Standards with respect to various types of assets and liabilities (such as intangible assets, share-based payments, leases and financial instruments). It examines the interpretation and application of following accounting standards issued by the Australian Accounting Standards Board (AASB). 2.2 Graduate Attributes for Undergraduate Courses Graduates of the Bachelor of Business (Accounting), and the Bachelor of Business (Management and Finance) courses from King’s Own Institute will gain the graduate attributes expected from successful completion of a Bachelor’s degree under the Australian Qualifications Framework (2nd 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 bachelor’s level degree are summarised below: Across the course, these skills are developed progressively at three levels: o Level 1 Foundation – Students learn the basic skills, theories and techniques of the subject and apply them in basic, 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. KOI Bachelor Degree Graduate Attributes Detailed Description Knowledge Current, comprehensive and coherent knowledge Critical Thinking Critical thinking and creative skills to analyse and synthesise information and evaluate new problems Communication Communication skills for effective reading, writing, listening and presenting in varied modes and contexts and for transferring knowledge and skills to others Information Literacy Information and technological skills for accessing, evaluating, managing and using information professionally Problem Solving Skills Skills to apply logical and creative thinking to solve problems and evaluate solutions Ethical and Cultural Sensitivity Appreciation of ethical principles, cultural sensitivity and social responsibility, both personally and professionally Teamwork Leadership and teamwork skills to collaborate, inspire colleagues and manage responsibly with positive results Professional Skills Professional skills to exercise judgement in planning, problem solving and decision making ACC201 FINANCIAL ACCOUNTING T119 05/03/2019 17:55 PAGE 2 OF 13 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD© ABN: 72 132 629 979 CRICOS 03171A Approved by KOI Academic Board for T1 2019 ACC201 2.3 Subject Learning Outcomes This is a Level 2 subject. 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) Analyse fundamental accounting theory and standards in order to critically evaluate their relations b) Present accounting reports for different types of business structures and industries c) Identify, analyse and solve a range of financial accounting problems by applying analytical, standards, and problem solving techniques d) Make soundly based financial accounting decisions by applying critical and logical reasoning e) Describe the implications to various stakeholders of the ethical and regulatory dimensions of accounting. 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 listed in Moodle 1 11 Mar Accounting regulation and the conceptual framework, fair value measurement, business ethics Chs.1; 3 AASB 13 Tutorial exercises 2 18 Mar Revenue Ch.15 AASB 15 Tutorial exercises 3 25 Mar Property, plant and equipment Ch.5 AASB 116 Tutorial exercises 4 01 Apr Intangible assets, impairment Chs.6; 7 AASB 136; AASB 138 Tutorial exercises 5 08 Apr Leases Ch.10 AASB 16 Online quiz 1 due 6 15 Apr Mid trimester exam Mid trimester exams Assignment review 21 Apr 2019 – 28 Apr 2019 Mid trimester break 7 29 Apr Natural resources Ch.34 AASB 6 Tutorial exercises 8 06 May Provisions, contingent liabilities and contingent assets Ch.8 AASB 137 Tutorial exercises 9 13 May Employee benefits Ch.9 AASB 119 Deferred mid trimester exams - see Section 2.6 below for more information ACC201 FINANCIAL ACCOUNTING T119 05/03/2019 17:55 PAGE 3 OF 13 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD© ABN: 72 132 629 979 CRICOS 03171A Approved by KOI Academic Board for T1 2019 ACC201 10 20 May Share-based payments Ch.14 AASB 2 Assessment 3 due (Individual) 11 27 May Financial instruments Ch.11 AASB 7; AASB 9; AASB 132 Online quiz 2 due 12 03 Jun Revision Tutorial exercises 13 10 Jun Study Review Week 14 17 Jun Final Exam Week Please see Exam Timetable for exam date, time and location 15 24 Jun Student Vacation begins Enrolments for T219 open 16 01 Jul Results Released 02 Jul 2019 Certification of Grades 05 Jul 2019 T219 begins 08 July 2019 1 08 Jul Week 1 of classes for T119 Friday 05 July 2019 – Review of Grade Day for T119 – see Sections 2.6 and 3.6 below for more information. 2.5 Public Holiday Amendments Please note: KOI is closed on all scheduled NSW Public Holidays. T119 has six (6) days of public holidays (Easter Holidays and the Queen’s Birthday) that occurs during classes this trimester. Classes scheduled for these public holidays (Calendar Class Dates) will be rescheduled as per the table below. All other public holidays fall within the mid-trimester break period. This applies to ALL subjects taught in T119. Please see the table below and adjust your class timing as required. Please make sure you have arrangements in place to attend the rescheduled classes if applicable to your T119 enrolment. Classes will be conducted at the same time and in the same location as your normally scheduled class except these classes will be held on the date shown below. Calendar Class Date Rescheduled Class Date Friday 19 April 2019 (Week 6) Saturday 20 April 2019 (Week 6) Tuesday 11 June 2019 (Week 13) Study Review Week Wednesday 12 June 2019 (Week 13) Study Review Week 2.6 Review of Grade, Deferred Exams & Supplementary Exams/Assessments Review of Grade: There may be instances when you believe that your final grade in
Answered Same DayMay 25, 2021ACC100

Answer To: KING’S OWN INSTITUTE* Success in Higher Education ACC201 FINANCIAL ACCOUNTING T119 All information...

Khushboo answered on May 26 2021
125 Votes
CONTINGENT LIABILITY AND INTANGIBLE ASSETS
CONTINGENT LIABILITY AND INTANGIBLE ASSETS    10
CONTINGENT LIABILITY AND INTANGIBLE ASSET
KHUSHBOO MURARKA
26/05/2019
Student Signature:
Table of content
    Serial No.
    Description
    Page number
    1.
    Executive summary
    3
    2.
    Contingent liabilities and provisions: a critical analysis
    3
    a.
    Accounting for contingent liabilities
    3
    b.
    Implications of lawsuits filed against Delta suits
    3
    3.
    Intangible assets: a critical analysis
    4
    a.
    Internally generated intangible assets: Accounting treatment and impairment
    4
    b.
    Difference between accounting treatment of internally generated intangible assets and acquired intangible assets
    4
    c.
    Reluctant by the companies for change in AASB138/ IAS 138
    5
    4.
    Conclusion
    5
    5.
    References
    6
1. Executive Summary:
The AASB (Australian Accounting Standards Board) has defined the guidelines and principles of accounting to the entities for accounting of transactions and preparation of financial statements. AASB 137: Provisions, Contingent liabilities and Contingent assets describe that on what basis an entity should recognize the liabilities and provisions and how should the disclosures be made in financial statements for contingent assets and contingent liabilities. AASB 138: intangible assets describe the accounting treatment and disclosures related to intangible assets. We have made detailed analysis of both the accounting standards in depth and have been discussed in the report.
2. Contingent liabilities and provisions: a critical analysis:
a. Accounting for contingent liabilities:
As per para 13 of AASB 137, the contingent liabilities are not recorded as liabilities in balance sheet. The contingent liabilities are the possible obligations which have not been confirmed as on the reporting date as present obligations that can be resulted to an outflow of resources inclusion economic benefits. If any liability which is confirmed as present obligation as on reporting date but do not meet the recognition criteria such as reasonable estimate of outflow cannot be made, or outflow of resources is not probable to settle the obligation is known as contingent liability. (Australian Accounting Standard Board. 2004)
As per the provisions of AASB 137, a note is disclosed related to the contingent liabilities in notes to financial statements as per para 86. The company should disclose each type of class of contingent liabilities separately at the balance sheet reporting date in notes to financial statements. Further a brief narration about the nature of contingent liabilities, estimation of financial effect of contingent...
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