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GSB641 Advanced Financial Accounting

Updated: 30 April 2010
Credit Points 6
Offering
Responsible Campus Teaching Period Mode of Study Online Level
Armidale Trimester 3 Off Campus D - Comp/internet essential
ISBT Melbourne ISBT Semester 2 On Campus C - Internet access required
ISBT Melbourne ISBT Summer On Campus C - Internet access required
ISBT Sydney ISBT Semester 1 On Campus C - Internet access required
ISBT Sydney ISBT Semester 2 On Campus C - Internet access required
ISBT Sydney ISBT Summer On Campus C - Internet access required
TOP Sydney TOP - Trimester 1 On Campus C - Internet access required
TOP Sydney TOP - Trimester 2 On Campus C - Internet access required
TOP Sydney TOP - Trimester 3 On Campus C - Internet access required
Intensive School(s) None
Supervised Exam There is a UNE Supervised Examination held at the end of the teaching period in which you are enrolled.
Pre-requisites for GradCertAcct or GradCertMgt or GradDipAcct or GradDipMgt or MBA or MBus or MCom or MPA or MPABus students: GSB701 or candidature in GradCertProfAcc or MCom(ProfAcc)
Co-requisites None
Restrictions MBA641
Notes None
Combined Units None
Coordinator(s) Omar Al Farooque (omaral.farooque@une.edu.au)
Unit Description

This unit examines the issues relating to the accounting for a Company or group of companies. Emphasis is placed on the preparation of consolidated financial statements to comply with statutory requirements. Other issues include equity accounting, joint ventures, operating segments, related party transactions, foreign currency transactions and translation and foreign operations, financial instruments, contruction contract and corporate social responsibility.
Prescribed Material
Mandatory 		Text(s):

Note: Students are expected to purchase prescribed material

Accounting Handbook 2010
ISBN: 9781442525528
CPA Australia, Prentice-Hall 2010
Text refers to: Trimester 3; ISBT Semester 1,2 and Summer; TOP Trimesters 1,2 and 3 , On and Off Campus
Australian Financial Accounting
ISBN: 9780070277748
Deegan, C., Irwin/McGraw-Hill 6th ed. 2009
Text refers to: Trimester 3; ISBT Semester 1,2 and Summer; TOP Trimesters 1,2 and 3 , On and Off Campus
Recommended Material
Optional 		Text(s):

Note: Recommended material is held in the University Library - purchase is optional

Financial Reporting Handbook 2009
ISBN: 9780470820391
The Institute of Chartered Accountants in Australia, Wiley 2009
Text refers to: Trimester 3; ISBT Semester 1,2 and Summer; TOP Trimesters 1,2 and 3 , On and Off Campus
Australian Accounting Standards
ISBN: 9780470818268
Picker R. and others, John Wiley 2nd ed. 2009
Text refers to: Trimester 3; ISBT Semester 1,2 and Summer; TOP Trimesters 1,2 and 3 , On and Off Campus
Disclaimer Unit information may be subject to change prior to commencement of the teaching period.
Assessment
Title Exam Length Weight Mode No. Words
Assignment 1 20% 1000
Assessment Notes
Practical exercises and 1 essay question
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1, 2, 3 GA: 1, 2, 4, 5, 6
Assignment 2 20% 1500
Assessment Notes
Practical exercises plus 1 essay question.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 3, 4, 5, 6 GA: 1, 2, 4, 5, 6
Final Examination 2 hrs 60%
Assessment Notes
4 practical exercises plus 1 essay question.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1, 2, 3, 4, 5, 6 GA: 1, 2, 4, 5, 6

Learning Outcomes (LO) Upon completion of this unit, students will be able to:
  1. understand how to read and interpret contemporary corporate financial reports;
  2. prepare the following types of consolidated financial statements: balance sheet and income statement;
  3. analyse corporate group structures and distinguish between subsidiary entities, associated entities and joint venture entities and their respective financial reporting and disclosure;
  4. understand how to distinguish between integrated and self-sustaining foreign operations and how to translate foreign currency transactions and translation of foreign operations. Also understand how to account for financial instruments and derivations including foreign exchange and their proper disclosure;
  5. understand how to account for and disclose financial transactions and arrangements such as operating segments, construction contracts, related party transactions and disclosure;
  6. critically evaluate the process of corporate social responsibility, triple bottom line reporting and sustainability and their current state and status of reporting practice in Australia and elsewhere.

Graduate Attributes (GA)
Attribute Taught Assessed Practised
1 Knowledge of a Discipline
The learning activities and experiences that students get through lectures, tutorial, lecture materials and other resources etc. provide them to be able to gather sufficient knowledge on accounting discipline both a conceptual and applied context. They should be able to 'do' things in addition to 'know' things. 		True True True
2 Communication Skills
Students need to improve their literacy skill i.e. interpersonal communication and writing ability. They should have the critical thinking capability and to put ideas into context in this period of rapid changes in business practice. All assignments are designed to develop such literacy skill. 		True True True
3 Global Perspectives
Students should be aware of most of the emerging issues in Accounting, in particular about corporate governance issues, development of social and environmental accounting, one set of accounting standards across the countries of the world through merger of IFRS/IAS (AASB) and US GAAP. These issues are highlighted in the lectures with regard to associated topics. 		True
4 Information Literacy
Since more recent accounting standards (AASBs) are taught students should attain information literacy to apply in their current workplace now and in future. Students need to develop a broad range of knowledge, skills, attitudes and values to increase their employability. 		True True True
5 Life-Long Learning
The assessment tasks are designed with a view of ensuring students' understanding and application of learning-to-learn i.e. lifelong learning. Students need to show that they acquired a range of generic skills as well as practicality and be work-ready to start accounting profession. 		True True
6 Problem Solving
Students learning is primarily focused on conceptual understanding and then development of problem solving and investigation skills through more and more business oriented real life problems/exercises and review questions. It is expected that students should be familiar and confident with any sort of accounting related problems they might face in the work place to resolve. 		True True True
7 Social Responsibility
Students are expected to be responsive to community needs and develop his/her perception in this regard through their learning of topics covered. They are educating the role of ethics in modern business for their intellectual and ethical development and to discharge their social responsibility. 		True
   

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