ACCT20073 - Company Accounting
Term 1 - 2017


All details in this unit profile for ACCT20073 have been officially approved by CQUniversity and represent a learning partnership between the University and you (our student). The information will not be changed unless absolutely necessary and any change will be clearly indicated by an approved correction included in the profile.

Overview

This unit examines the application of accounting theory, accounting standards and business law to the financial reporting of Australian companies. More specifically the topics being studied revolve around accounting for companies. The areas looked at include company operations, income tax, business combinations, liquidation, and consolidation. In this unit, the student will investigate the common types of corporate combinations and their corresponding accounting issues in relation to recording and reporting transactions. If you have successfully completed the unit ACCT20054 you should not enrol in this unit.

Details

Career Level Postgraduate
Credit Points 6
Student Contribution Band [not found]
Fraction of Full-Time Student Load 0.125

Pre-requisites or Co-requisites

Students must successfully complete ACCT20071 Foundations of Financial Accounting prior to enrolling in this unit.

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Offerings

Term 1 - 2017
  • Brisbane
  • Distance
  • Melbourne
  • Sydney

Website

This unit has a website, within the Moodle system, which is available two weeks before the start of term. It is important that you visit your Moodle site throughout the term. Go to Moodle

Recommended Student Time Commitment

Each 6-credit Postgraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Class Timetable

Assessment Overview

Assessment Task Weighting
1. Online Test 10%
2. Practical and Written Assessment 30%
3. Examination 60%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Procedures for more details of interim results and final grades.

All University policies are available on the IMPortal.

You may wish to view these policies:

  • Grades and Results Procedure
  • Assessment Policy and Procedure (Higher Education Coursework)
  • Review of Grade Procedure
  • Academic Misconduct Procedure
  • Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
  • Monitoring Academic Progress (MAP) Policy and Procedure – International Students
  • Refund and Excess Payments (Credit Balances) Policy and Procedure
  • Student Feedback – Compliments and Complaints Policy and Procedure
  • Acceptable Use of Information and Communications Technology Facilities and Devices Policy and Procedure

This list is not an exhaustive list of all University policies. The full list of University policies are available on the IMPortal.

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Feedback Source Recommendation
Students appreciated the daily group assignment work and they suggested implementing further on it. Students in the class and moodle. It is recommended to continue weekly group assignment presentations in the future.
Students appreciated the major practical and written assignment as it allowed an opportunity for them to apply their theoretical knowledge to Australian listed companies Students in the class and moodle. It is recommended that assignment tasks are assigned so that students can apply their theoretical knowledge to a more practical scenario in listed companies.
On successful completion of this unit, you will be able to:
  1. Analyse and report on how the conceptual framework and Australian accounting standards inform the recording and reporting of changes of business ownership, various forms of business combinations, and tax effect accounting.
  2. For given business problems involving changes of business ownership, various forms of business combinations, and tax effect accounting (and combinations of these), evaluate and select the correct accounting treatment and produce correct financial statements that comply with Australian accounting standards.
  3. Critically evaluate and report on reforms in company accounting based on sound theoretical principles.
  4. Critically evaluate and report on ethical issues in company accounting based on sound theoretical principles.

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4
1 - Online Test    
2 - Practical and Written Assessment  
3 - Examination    

Alignment of Graduate Attributes to Learning Outcomes

  • Professional Level
  • Advanced Level
Graduate Attributes Learning Outcomes
1 2 3 4
1. Knowledge
2. Communication
3. Cognitive, technical and creative skills      
4. Research  
5. Self-management        
6. Ethical and Professional Responsibility      
7. Leadership        

Alignment of Assessment Tasks to Graduate Attributes

  • Professional Level
  • Advanced Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7
1 - Online Test          
2 - Practical and Written Assessment      
3 - Examination        

Prescribed Textbooks

Financial Accounting
Author/s: Craig Deegan Year: 2016
Edition: 8 Publisher: McGraw Hill
City: Sydney State: New South Wales
Country: Australia
View textbooks at the CQUniversity Bookshop

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
  • Microsoft Word
All submissions for this unit must use the American Psychological Association (APA) referencing style (details can be obtained here). For further information, see the Assessment Tasks below.
Unit CoordinatorNatasja Steenkamp (n.steenkamp@cqu.edu.au)
Note: Check the Term-Specific section for any additional contact information provided by the teaching team
Week Begin Date Module/Topic Chapter Events and Submissions
Week 1 06-03-2017

Accounting for leases

11

Week 2 13-03-2017

Revaluation and impairment testing of non-current assets

6

Practical and written assessment Part B (assesses content taught in Week 1)

Week 3 20-03-2017

Accounting for intangible assets

8

Practical and written assessment Part B (assesses content taught in Week 2)

Week 4 27-03-2017

Accounting for income taxes

18

Practical and written assessment Part B (assesses content taught in Week 3)

Week 5 03-04-2017

Accounting for income taxes (continued)

18

Practical and written assessment Part B (assesses content taught in Week 4)

Vacation Week 10-04-2017
Week 6 17-04-2017

Accounting for group structures

25

Practical and written assessment Part B (assesses content taught in Week 5)

Week 7 24-04-2017

Accounting for group structures (continued)

25

Practical and written assessment Part B (assesses content taught in Week 6)

Group Report Part A

Practical and Written Assessment Due Thursday (27 Apr 17) 11:45 PM AEST
Week 8 01-05-2017

Further consolidation issues I: accounting for intragroup transactions

26

Practical and written assessment Part B (assesses content taught in Week 7)

Week 9 08-05-2017

Further consolidation issues I: accounting for intragroup transactions (continued)

26

Online test (Opens Monday 8 May 3.45am, closes 23.45)

Practical and written assessment Part B (assesses content taught in Week 8)

Online Test in Moodle Due Monday (08 May 17) 03:45 AM AEST
Week 10 15-05-2017

Further consolidation issues II: accounting for non-controlling interests

27

Practical and written assessment Part B (assesses content taught in Week 9)

Week 11 22-05-2017

Further consolidation issuesI I: accounting for non-controlling interests (continued)

27

Practical and written assessment Part B (assesses content taught in Week 10)

Week 12 29-05-2017

Unit revision

Review/Exam Week 05-06-2017
Exam Week 12-06-2017

The publisher (McGraw Hill) provided the following prices for buying the textbook:

Option A: Connect (without E-book) $34.50

Option B: Connect Plus (e-book and Connect) $63.59

Option C: Hard copy (includes access code for Connect) $169.95

Connect is the overall platform and includes SmartBook. SmartBook = LearnSmart + E-book. LearnSmart is an adaptive learning platform, probing a variety of questions which tests your knowledge and understanding of the content of the chapter. If you answer the question incorrectly, LearnSmart will direct you to the learning objective and content within the textbook. LearnSmart is integrated with the e-book. LearnSmart also includes a practice quiz for each chapter and additional exercises, such as the end-of-chapter exercises, that you can practice on in your own time. I would highly recommend you to use this resource. In addition you can also track your own learning as you can generate numerous reports about your progress.


1 Online Test

Assessment Title Online Test in Moodle
Task Description

Online test: Week 9

Online test will open at 3.45am AEST and close at 23.45 AEST on Monday (8 May) of week 9. The test is open for 20 hours but you only have 45 minutes to start and complete the test.

The on-line test assesses the content taught from week 1 to week 8.

The test consists of 20 multiple choice questions which may be theoretical, conceptual, and/or practical. They can also include calculations.

The online test must be completed during the 20 hours that it is open on 8 May. You must have received an approved extension from the Unit Coordinator before the test opens, as you will not be able to complete the online test after it closes. To allow the Unit Coordinator to review your application for extension and to grant it, please apply for extension by 1pm on Friday 5 May 2017.

Assessment Due Date Week 9 Monday (08-May-2017) 03:45 AM AEST
Online test
Return Date to Students Results will be available in Moodle immediately after the online test closes.
Weighting 10%
Referencing Style American Psychological Association (APA)
Submission Online

Submit within 45 minutes from starting time. You only have one attempt for the test. Please start the test at least 45 minutes before it closes at 23.45 AEST on Monday 8 May as the system will log you out automatically once the test closes. Please ensure that you save your answers throughout your attempt. If you do not and experience problems with the technology, your answers will not be saved and you will not get a second opportunity to undertake the test. Please take screenshots of any problems you many encounter with technology as evidence.

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Analyse and report on how the conceptual framework and Australian accounting standards inform the recording and reporting of changes of business ownership, various forms of business combinations, and tax effect accounting.

3. Critically evaluate and report on reforms in company accounting based on sound theoretical principles.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Knowledge

4. Research



2 Practical and Written Assessment

Assessment Title Practical and Written Assessment
Task Description

This assessment has two components: Part A is a group report, and Part B consists of 10 weekly assessments.

Part A (15 marks): Group practical and written report

On-campus students will be allocated to groups during the workshop in week 1. Please ensure that you attend the workshop of week 1. The number of groups will depend on the number of students enrolled at each campus. Groups will consist of a maximum of five students. Distance students will be allocated to groups at the end of week 1 and you will receive an email from the Unit Coordinator regarding your group members.

The Part A question will be uploaded to Moodle in week 2 of the term. The group report must be submitted on-line to Moodle by 23.45 AEST on Thursday 27 April 2017 (week 7). The group report must consist of four components: The first component should be an executive summary with a maximum word count of 250 words. The second component should be the main report which should not exceed 1,500 words, excluding references. The third component should be a group report about the group's experience and learning that took place (both on the topic and working in a group) and should not exceed 500 words. The fourth component should summarise the following issues: (a) details of group meetings held (i.e. dates and duration), (b) who attended the meetings, and (c) the nature and extent of each group member's contribution to the meetings.

There is also an optional 'Peer effort assessment-evaluation' that individual team members of each group can complete to indicate each group member's effort and contribution to the group report. This form with be uploaded with the assessment question in week 2. Students can email this form to the Unit Coordinator who will treat it confidentially. The individual mark on the group assignment will be adjusted with the weighted average of the "Peer effort assessment-evaluation'. If no student submits this form for a group, it means the students believe that all group members contributed equally to the group report.

Each group member must retain copies of their working papers showing his/her contribution to the group assignment. Each group must retain a copy of their assignment submission.

Part B (1.5 marks per week for 10 weeks = 15 marks)

Part B assessments begin in week 2 and lag one week. For example, on-campus students will present the content taught in week 1 in the following week, thus week 2.

On-campus students

Groups must work through the set workshop exercises (as per the list of weekly exercises on the Moodle site) in preparation for presenting randomly selected questions in class. The homework exercises on this list is for self-study. The solutions to all the questions will be available in advance. It is important to practice all these exercises (both workshops and homework) as the exam questions will be based on them as well as examples and worked exercises in the prescribed textbook.

A group receives 1 mark for correctly explaining and answering the randomly selected question, which may also include providing satisfactory explanations other students and the instructor ask about the assigned workshop question. A less than satisfactory answer and explanation will receive a lesser mark. Students must demonstrate an understanding of the content of each question. Merely repeating or duplicating the solution will receive a zero mark. Each student will receive 0.5 mark for attendance weekly. If you cannot attend any workshop, please contact your lecturer on campus and get approval for absence. Without such approval, you will receive zero mark for attendance in the week you are absent.

Flex students

The Unit Coordinator will send each group on Friday each week some selected questions which the group must upload to Moodle by the following Wednesday of each week before 23.45 AEST. You must provide an explanation that clearly demonstrates your understanding of the topic and issues. Copying the provided solutions will lead to zero mark. The 1.5 mark each week will be scaled based on a correct and satisfactory answer.

Assessment Due Date Week 7 Thursday (27-Apr-2017) 11:45 PM AEST
Part A: Group report due week 7 Thursday 27 April at 23.45 AEST. Part B: Practical and written assessment component: On-campus students - weekly in-workshop presentations. Distance students - uploaded on Moodle by Wednesday AEST 23:45 of that week. Late submissions are penalised at 5% per day.
Return Date to Students Week 10 Thursday (18-May-2017)
Part A: Group reports can only be marked once moderation is completed. Because the markers will not be able to start the marking immediately, the marked reports cannot be returned within two weeks of submission. This is to ensure quality marking is done. Part B: On-campus students will receive feedback in class. Distance students will receive feedback before cob on Friday of each relevant week.
Weighting 30%
Assessment Criteria

Part A (15 marks)

Executive summary (2 marks), Main report (9 marks) [8 marks for knowledge, understanding, reasoning and analysis, and 1 mark for writing skills, presentation and grammar], Group experience and learning report (2 marks), Group meeting summary (2 marks).

Other matters to note about the group report: 1. Late submission will be penalised by 5% of mark per day. 2. Not complying with the formatting requirements of the executive summary and main report incurs a 20% mark deduction from the total group assignment mark. 3. Exceeding the word counts of the three components will incur a 20% mark deduction from the total group assignment mark. There is a leeway of 10% on the word count. Any material submitted above the specified word counts will not be marked.

Part B (15 marks) (1.5 marks per week for 10 weeks = 15 marks)

On-campus students: 1 mark for the group each week for the explanation in class and 0.5 mark for each student for attendance.

Distance students: 1.5 marks each week for explanation of selected questions.

Referencing Style American Psychological Association (APA)
Submission Online
Hard copy
Group submission

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Analyse and report on how the conceptual framework and Australian accounting standards inform the recording and reporting of changes of business ownership, various forms of business combinations, and tax effect accounting.

2. For given business problems involving changes of business ownership, various forms of business combinations, and tax effect accounting (and combinations of these), evaluate and select the correct accounting treatment and produce correct financial statements that comply with Australian accounting standards.

4. Critically evaluate and report on ethical issues in company accounting based on sound theoretical principles.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Knowledge

2. Communication

3. Cognitive, technical and creative skills

6. Ethical and Professional Responsibility



Examination

Outline Complete an examination
Date During the University examination period
Weighting 60%
Length 180 minutes
Details Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
Calculator - non-programmable, no text retrieval, silent only.
Closed Book
Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

2. For given business problems involving changes of business ownership, various forms of business combinations, and tax effect accounting (and combinations of these), evaluate and select the correct accounting treatment and produce correct financial statements that comply with Australian accounting standards.

3. Critically evaluate and report on reforms in company accounting based on sound theoretical principles.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Knowledge

3. Cognitive, technical and creative skills

6. Ethical and Professional Responsibility


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