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AFM417 Advanced Financial Accounting

Updated: 28 February 2013
Credit Points 6
Offering
Responsible Campus Teaching Period Mode of Study
Armidale Trimester 1 On Campus
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 candidature in GradDipFinMgt or MCom
Co-requisites None
Restrictions AFM311
Notes None
Combined Units AFM311 - Advanced Financial Accounting
Coordinator(s) Omar Al Farooque (omaral.farooque@une.edu.au)
Unit Description

This is a unit of lectures and tutorials dealing with advanced issues in company accounting, financial reporting and disclosure. Particular emphasis is placed on accounting for group structures and the preparation of consolidated financial statements following AASBs and other statutory requirements. Other important issues to be addressed include: equity method of accounting, joint venture arrangements, operating segments, financial instruments including derivatives and hedging, foreign currency transactions and translation of foreign operations, construction contracts, related party transactions, corporate governance and corporate social responsibility.

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 , On Campus
Recommended Material
Optional 		Text(s):

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

Australian Accounting Standards
ISBN: 9780730300366
Picker R. and others, John Wiley 2nd ed. 2010
Note: plus supplement
Text refers to: Trimester 1 , On Campus
Referenced Material
Optional 		Text(s):

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

Accounting Handbook 2012
ISBN: 9781442558106
CPA Australia, Pearson 2012
Note: Available from the Dixson Library, UNE
Text refers to: Trimester 1 , On Campus
Financial Reporting Handbook 2013 plus E-text
ISBN: 9781118452349
ICAA, ICAA 2013
Note: Available from the Dixson Library, UNE
Text refers to: Trimester 1 , On 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% 2000
Assessment Notes
Practical exercises and essay type question
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1, 2, 3 GA: 1, 2, 3, 4, 5, 6
Assignment 2 20% 2000
Assessment Notes
Practical exercises and essay type question
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 3-5 GA: 1, 2, 4, 5, 6
Final Examination 2 hrs 60%
Assessment Notes
Multiple choice questions. practical exercises plus short essay type questions. Students must obtain at least 50% in the exam to pass the unit.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1-5 GA: 1, 2, 4-7

Learning Outcomes (LO) Upon completion of this unit, students will be able to:
  1. read and interpret contemporary financial reports of group of companies;
  2. analyse corporate group structures and prepare the following types of consolidated financial statements: consolidated statement of comprehensive income (Profit and Loss) and consolidated statement of financial position (Balance Sheet);
  3. analyse extended corporate group structures and distinguish between subsidiary and associated entities and joint venture operations and entities and their respective financial disclosure for consolidated financial statements;
  4. translate foreign currency denominated transactions and translations of foreign currency, financial statements of foreign operations and subsidiaries. Also understand how to account for financial instruments and derivations including hedging and their proper disclosure; and
  5. account for, and disclose financial transactions and arrangements such as operating segments, construction contracts, related party transactions. Also understand corporate governance environment and critically evaluate the process of corporate social responsibility/triple bottom line/ sustainability reporting and their current reporting practice in company annual reports in Australia and elsewhere.

Graduate Attributes (GA)
Attribute Taught Assessed Practised
1 Knowledge of a Discipline
Discipline specific knowledge is taught through lectures, learning materials and resources and practised and assessed through the assignments and final examination. 		True True True
2 Communication Skills
The communication of financial information to diverse groups of users is taught throughout the unit and practised and assessed in the assignments and final examination. 		True True True
3 Global Perspectives
The unit content covers emerging global issues in accounting, in particular the development of social and environmental accounting and the international financial reporting standards (IFRS), its use across countries, continuous changes in IFRSs and accordingly AASBs in Australia and their application in the corporate financial reporting and the development towards having one set of Accounting standards globally including the US. These issues are taught and assessed in regard to relevant topics. 		True True
4 Information Literacy
This unit will help students to develop a broad range of knowledge, skills, attitudes and values to increase their employability. Students will attain information literacy to apply in their current workplace now and in the future. Researching relevant materials for their assignments enables students to practise and develop this attribute and for it to be assessed. 		True True True
5 Life-Long Learning
In this unit, the assessment tasks are designed with a view to ensuring students understand and apply life-long learning principles. 		True True True
6 Problem Solving
In this unit students? learning is primarily focused on developing conceptual understanding and then practising problem solving through real life problems/exercises/cases and review questions for familiarity with accounting problems. This attribute is assessed in the exam and assignments to ensure students can confidently solve accounting problems in their work place. 		True True True
7 Social Responsibility
At least one topic of this unit is devoted to this attribute and involves teaching the role of corporate social responsibility in modern business. 		True True
8 Team Work
In this unit internal students practise team work during tutorials and demonstrate capacity to work effectively in a team. 		True
   

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