GSB 642 Corporate Accounting
The learning objective of the unit is to provide an advanced review and analysis of issues associated with the preparation and presentation of financial statements for economic entities in compliance with requirements of the Australian Accounting Standards Board and the provisions of the Corporations Law. In addition, the conceptual framework, within which contemporary corporate accounting is practised, is considered. Theoretical and research issues arising from corporate financial reporting practices are discussed and investigated.
The unit commences by considering issues relating to accounting for groups of companies, defined to be economic entities. In particular, emphasis is placed on consolidation accounting, equity accounting and joint venture accounting practices, principles and related accounting standards. Other accounting issues within the scope of this course include: segment reporting; accounting for foreign subsidiaries and operations; related party disclosures; and, issues associated with the internationalisation of Australian financial reporting and practice.
Emphasis throughout this unit concerns both 'how' to account for specific transactions and events, and 'why' the current accounting practices, rules, regulations and standards have developed. There remain many unresolved issues in corporate financial reporting and consideration of some of these issues and associated research results is undertaken.
During this unit you are required to become familiar with the current issues that concern corporate accounting and financial reporting in Australia. In order to complete this task it is important that you acquire an understanding of the current regulatory environment within which corporate accounting is practised and become familiar with the form and presentation of corporate financial statements. It is in your interests to obtain copies of current corporate annual reports and to study closely their form and presentation.
The nature of the subject matter covered in the unit is such that it is difficult to catch up if a student gets behind in the study program. The subject matter is cumulative and assumes a strong knowledge of financial accounting.