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AFM211 Financial Accounting I

Updated: 01 March 2013
Credit Points 6
Offering
Responsible Campus Teaching Period Mode of Study
Armidale Trimester 1 Off Campus
Armidale Trimester 1 On Campus
Armidale Trimester 2 Off Campus
Armidale Trimester 2 On Campus
Intensive School(s)
Start Finish Attendance Notes
15 April 2013 16 April 2013 Non-Mandatory
17 August 2013 18 August 2013 Non-Mandatory
Supervised Exam There is a UNE Supervised Examination held at the end of the teaching period in which you are enrolled.
Pre-requisites AFM101 or AFM217
Co-requisites None
Restrictions None
Notes None
Combined Units None
Coordinator(s) Leo Bayerlein (lbayerl2@une.edu.au)
Unit Description

This unit addresses many financial reporting issues pertaining to Australian companies. It examines a number of accounting standards for external financial reporting. Topics include: an analysis of the Australian corporate reporting environment inclusive of the conceptual framework and accounting implications of particular accounting requirements relating to different types of (and issues related to) assets, liabilities and owners' equity. In addition, cash flow statements, the statement of comprehensive income, events after balance sheet date and issues related to company income taxes are examined.
Important Information

Where calculators are permitted in examinations, it must be selected from an approved list, which can be accessed from the Further Information link below.

Further information
Prescribed Material
Mandatory 		Text(s):

Note: Students are expected to purchase prescribed material. Please note that textbook requirements may vary from one teaching period to the next.

Australian Financial Accounting
ISBN: 9780071012409
Deegan, C., Irwin/McGraw-Hill 7th ed. 2012
Text refers to: Trimester 1 and 2 , 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% On/Off Campus 2000
Assessment Notes
Essay and problem-based questions.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1, 2, 3 GA: 1, 2, 4, 6
Assignment 2 15% On Campus 1500
Assessment Notes
Problem-based questions.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1-6 GA: 1, 2, 4, 6
Assignment 2 20% Off Campus 2000
Assessment Notes
Problem-based questions.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1-6 GA: 1, 2, 4, 6
Tutorial Participation 5% On Campus
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1-6 GA: 1, 2, 6
Final Examination 2 hrs 60% On/Off Campus
Assessment Notes
Students must obtain at least 50% in the exam to pass the unit.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1-6 GA: 1, 2, 6

Learning Outcomes (LO) Upon completion of this unit, students will be able to:
  1. explain how accounting regulation is developed and how and why changes to accounting regulation over time impact on accounting practice;
  2. account for, depreciate and revalue a variety of assets;
  3. demonstrate an understanding of the effect of income taxes in Australian financial accounting;
  4. construct and understand a cash flow statement;
  5. account for different types of liabilities, and components of owners' equity; and
  6. demonstrate an understanding of the statement of comprehensive income as well as the treatment of after balance sheet date events.

Graduate Attributes (GA)
Attribute Taught Assessed Practised
1 Knowledge of a Discipline
In this unit students will aquire an extensive knowlege of financial accounting. Knowledge of discipline will be taught in the lectures, practised in lectures, tutorials, and self study, and assessed in Assignment One, Two and the Examination. 		True True True
2 Communication Skills
Communication skills are practised in lecture and tutorial sessions as well as during online discussions. Communication skills are assessed in the assignments and examination. 		True True
3 Global Perspectives
The unit content provides students with an understanding of reporting requirements for Australian companies within a global context. 		True True
4 Information Literacy
Students are taught how to search for and identify relevant information. These skills are practised during self study and assessed in the both assignments. 		True True True
5 Life-Long Learning
Academic skills required for life-long learning are emphasised throughout the unit. Students gain an appreciation of the importance of keeping up-to-date with the changes of Accounting Standards, tax laws, industry changes, and technology. 		True True
6 Problem Solving
Students learn how to make professional judgments regarding the application of accounting standards in a variety of situations. This is practised during self study and assessed in assignment one and two and the examination. 		True True True
7 Social Responsibility
Increased awareness of socially responsible practices is emphasised in the unit. 		True True
   

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