Availabilities:

Location Domestic International
Gold Coast Session 2 Session 2
Lismore Session 2 Session 2
Melbourne N/A Session 2
Online Session 2,  3 Session 2
Papua New Guinea - IBSU Enga N/A Session 2,  3
Papua New Guinea - IBSU Port Moresby N/A Session 2,  3
Sydney N/A Session 2

Unit Summary

Unit type

UG Coursework Unit

Credit points

12

AQF level

7

Level of learning

Advanced

Former School/College

Former School of Business and Tourism

Pre-requisites

36 credit points in any SCU units ACC00151 - Financial Accounting

Unit aim

Introduces the concepts and practices of financial accounting and selected accounting standards governing external financial reporting including specific techniques required to account for transactions and events of corporate entities.

Unit content

Topic 1: The financial reporting environment
Topic 2: Accounting for liabilities and equity
Topic 3: Accounting for non-current assets
Topic 4: Acquisition of assets and intangible assets
Topic 5: Accounting for income tax
Topic 6: Disclosure
Topic 7: Foreign currency translation
Topic 8: Consolidation

Learning outcomes

Unit Learning Outcomes express learning achievement in terms of what a student should know, understand and be able to do on completion of a unit. These outcomes are aligned with the graduate attributes. The unit learning outcomes and graduate attributes are also the basis of evaluating prior learning.

GA1: , GA2: , GA3: , GA4: , GA5: , GA6: , GA7:
On completion of this unit, students should be able to: GA1 GA2 GA3 GA4 GA5 GA6 GA7
1 introduce regulatory setting in Australia and the framework for external financial reporting
2 explain selected accounting standards relating to assets, liabilities, equity, income taxes, foreign currency transactions, business combinations and consolidation
3 apply specific accounting standards and techniques to practical problems
4 evaluate requirements of specific accounting standards in relation to financial reporting.

On completion of this unit, students should be able to:

  1. introduce regulatory setting in Australia and the framework for external financial reporting
    • GA4:
  2. explain selected accounting standards relating to assets, liabilities, equity, income taxes, foreign currency transactions, business combinations and consolidation
    • GA4:
  3. apply specific accounting standards and techniques to practical problems
    • GA4:
    • GA6:
  4. evaluate requirements of specific accounting standards in relation to financial reporting.
    • GA1:
    • GA4:
    • GA6:

Prescribed texts

  • CAANZ (Chartered Accountants Australia and New Zealand), 2016, Financial Reporting Handbook Australia, John Wiley & Sons Australia, Australia. ISBN: 9780730328742.
  • Deegan, C, 2012, Australia Financial Accounting, 7th edn, McGraw-Hill, Australia. ISBN: 9780071012409.

  • CAANZ (Chartered Accountants Australia and New Zealand), 2016, Financial Reporting Handbook Australia, John Wiley & Sons, Australia. ISBN: 9780730328742.
  • Optional ISBN 9781743764022 - does not include +Connect, LearnSmart: Deegan, C, 2016, Australian Financial Accounting - includes +Connect, LearnSmart, 8th edn, McGraw-Hill, Australia. ISBN: 9781743764039.
Prescribed texts may change in future teaching periods.