ACCT19062 - Intermediate Financial Accounting
Term 1 - 2017


All details in this unit profile for ACCT19062 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

In this unit you will examine a selection of Australian accounting standards that address fundamental issues in financial reporting. You commence with an analysis of the role of accounting standards in the regulation of financial reporting in Australia and the concepts in the Australian Framework for the Preparation and Presentation of Financial Statements. You then interpret and apply the requirements of the selected accounting standards to solve routine accounting problems. This unit develops your professional competence in accounting as well as preparing you for future participation in an international and dynamic professional accounting environment.

Details

Career Level Undergraduate
Unit Level Level 2
Credit Points 6
Student Contribution Band 3
Fraction of Full-Time Student Load 0.125

Pre-requisites or Co-requisites

Pre-requisite: ACCT19084 or ACCT11081

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
  • Bundaberg
  • Cairns
  • Distance
  • Mackay
  • Melbourne
  • Rockhampton
  • 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 Undergraduate 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 Quiz(zes) 10%
2. Practical and Written Assessment 40%
3. Examination 50%

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
Weekly video presentations would be useful to support students in their learning. Student evaluation Weekly video presentations will be provided.
It is difficult for students to adequately cover Module One in the first week due to the amount and complexity of the content. Student emails The content of Module One will be separated into two separate modules.
On successful completion of this unit, you will be able to:
  1. Explain the institutional arrangements for developing and revising Australian and international accounting pronouncements
  2. Interpret and apply the financial reporting requirements for entities governed by the Corporations Act 2001
  3. Interpret and apply the AASB’s Framework for the Preparation and Presentation of Financial Statements
  4. Interpret the technical requirements and conceptual aspects of selected accounting standards that address fundamental issues in financial reporting
  5. Apply the requirements of relevant accounting standards, conceptual accounting knowledge and professional judgement, to solve routine accounting problems.

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4 5
1 - Online Quiz(zes)      
2 - Practical and Written Assessment    
3 - Examination    

Alignment of Graduate Attributes to Learning Outcomes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4 5
1. Communication          
2. Problem Solving      
3. Critical Thinking  
4. Information Literacy  
5. Team Work          
6. Information Technology Competence    
7. Cross Cultural Competence          
8. Ethical practice          

Alignment of Assessment Tasks to Graduate Attributes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8
1 - Online Quiz(zes)          
2 - Practical and Written Assessment      
3 - Examination        

Prescribed Textbooks

Issues in Financial Accounting
Author/s: Henderson, S, Peirson, G, Herbohn, K, Artiach, T & Howieson, B Year: 2014
Edition: 15th Edition Publisher: Pearson Australia
City: Frenchs Forest State: NSW
Country: Australia
View textbooks at the CQUniversity Bookshop
Note:

There are two purchase options for the textbook:

1. A paperback version (ISBN 9781442561175) which can be purchased from the CQUniversity Bookshop, and

2. An electronic (VitalSource eText) version that can be purchased directly from the publisher: http://www.pearson.com.au/9781486017980

IT Resources

You will need access to the following IT resources:
  • Internet
  • CQUniversity Student Email
  • Unit Website (Moodle)
  • Microsoft Office or equivalent (wordprocessing)
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 CoordinatorDavid Keene (d.keene@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

The institutional arrangements for developing accounting standards in Australia


Week 2 13-03-2017 The Australian financial reporting environment

AASB 1057 Application of Australian Accounting Standards

SAC 1 Definition of the Reporting Entity

AASB 1053 Application of Tiers of Australian Accounting Standards

Week 3 20-03-2017 The conceptual framework for financial reporting

Chapters 2, 3 and 4

IASB Conceptual Framework for Financial Reporting

On-line tests in Moodle Due Friday (24 Mar 17) 09:00 PM AEST
Week 4 27-03-2017

Fair value measurement

AASB 13 Fair Value Measurement

IFRS 13 Fair Value Measurement Illustrative Examples

Week 5 03-04-2017 Financial statement presentation

Chapters 6 and 16

AASB 101 Presentation of Financial Statements

IAS 1 Presentation of Financial Statements Implementation Guidance


Vacation Week 10-04-2017

Term break

N/A

Week 6 17-04-2017 Accounting policies, estimates and errors

Chapter 19

AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors

Practical and written assignment: Part A due Thursday (20 April 2017) 23:45 AEST.

Week 7 24-04-2017 Provisions, contingent liabilities and contingent assets AASB 137 Provisions, Contingent Liabilities and Contingent Assets
Week 8 01-05-2017 Property, plant and equipment

Chapter 8

AASB 116 Property, Plant and Equipment

Week 9 08-05-2017 Intangible assets

Chapter 11

AASB 138 Intangible Assets

AASB 3 Business Combinations

Practical and written assignment: Part B due Thursday (11 May 2017) 23:45 AEST.

Week 10 15-05-2017 Impairment of assets

Chapter 8

AASB 136 Impairment of Assets

Week 11 22-05-2017 Leases

Chapter 12

AASB 117 Leases


Week 12 29-05-2017

Employee benefits

Chapter 13

AASB 119 Employee Benefits

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

1 Online Quiz(zes)

Assessment Title On-line tests in Moodle
Task Description

This assessment task consists of two open-book on-line tests:

  • On-line Test One which assesses the content taught in Module 1 (The institutional arrangements for developing accounting standards in Australia), and
  • On-line Test Two which assesses the content taught in Module 2 (The Australian financial reporting environment).

Each on-line test contributes 5% towards your total marks for the unit.

The on-line tests will be available for three weeks as follows:

  • Open: 8.00 AM (08:00) AEST Monday of Week 1, and
  • Close: 9.00 PM (21:00) AEST Friday of Week 3.

The on-line tests can be completed in any order. For example, you can complete On-line Test Two either before or after On-Line Test One.

Each on-line test consists of 20 multiple choice questions.

The duration of each on-line test is 40 minutes from the time you start it.

You can make two attempts at each on-line test.

If you make a second attempt, then the highest mark out of the two attempts will be recorded as your final mark.

The on-line tests must be completed during the times that they are open. In the absence of an approved extension, there will be no opportunity to complete the on-line tests after they close.

Number of Quizzes 2
Frequency of Quizzes Other
Assessment Due Date Week 3 Friday (24-Mar-2017) 09:00 PM AEST
Return Date to Students Results will be available in Moodle immediately after completion of each on-line test.
Weighting 10%
Assessment Criteria

Students will be marked on the accuracy of the answers provided in the on-line tests.

Submission Online

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

1. Explain the institutional arrangements for developing and revising Australian and international accounting pronouncements

2. Interpret and apply the financial reporting requirements for entities governed by the Corporations Act 2001

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

2. Problem Solving

4. Information Literacy

6. Information Technology Competence



2 Practical and Written Assessment

Assessment Title Practical and Written Assessment
Task Description

This assessment task is an individual assignment that comprises two parts.

Practical and written assignment: Part A

Is worth 20% of the total marks for the unit.

Is due by 11.45 PM (23:45) AEST on Thursday of Week 6 (20 April 2017).

Practical and written assignment: Part B

Is worth 20% of the total marks for the unit.

Is due by 11.45 PM (23:45) AEST on Thursday of Week 9 (11 May 2017).


Full details of this assessment task will be available in Moodle at the commencement of the term.

The information in Moodle will include:

  • The specific questions, and
  • The assessment criteria.
Assessment Due Date Submit to Moodle
Return Date to Students You will receive your assignment back two weeks from the date that your assignment reaches the marker.
Weighting 40%
Assessment Criteria

When preparing your assignment, you should refer to the assessment criteria as well as to any relevant advice posted in Moodle by the Unit Coordinator.

Referencing Style American Psychological Association (APA)
Submission Online

Submit through Moodle.

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

3. Interpret and apply the AASB’s Framework for the Preparation and Presentation of Financial Statements

4. Interpret the technical requirements and conceptual aspects of selected accounting standards that address fundamental issues in financial reporting

5. Apply the requirements of relevant accounting standards, conceptual accounting knowledge and professional judgement, to solve routine accounting problems.

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

1. Communication

2. Problem Solving

3. Critical Thinking

4. Information Literacy

6. Information Technology Competence



Examination

Outline Complete an examination
Date During the University examination period
Weighting 50%
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

3. Interpret and apply the AASB’s Framework for the Preparation and Presentation of Financial Statements

4. Interpret the technical requirements and conceptual aspects of selected accounting standards that address fundamental issues in financial reporting

5. Apply the requirements of relevant accounting standards, conceptual accounting knowledge and professional judgement, to solve routine accounting problems.

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

1. Communication

2. Problem Solving

3. Critical Thinking

4. Information Literacy


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