Intermediate Financial Accounting

Subject ACCT20002 (2012)

Note: This is an archived Handbook entry from 2012.

Credit Points: 12.50
Level: 2 (Undergraduate)
Dates & Locations:

This subject has the following teaching availabilities in 2012:

Summer Term, Parkville - Taught on campus.
Pre-teaching Period Start not applicable
Teaching Period not applicable
Assessment Period End not applicable
Last date to Self-Enrol not applicable
Census Date not applicable
Last date to Withdraw without fail not applicable

Semester 1, Parkville - Taught on campus.
Pre-teaching Period Start not applicable
Teaching Period not applicable
Assessment Period End not applicable
Last date to Self-Enrol not applicable
Census Date not applicable
Last date to Withdraw without fail not applicable

Semester 2, Parkville - Taught on campus.
Pre-teaching Period Start not applicable
Teaching Period not applicable
Assessment Period End not applicable
Last date to Self-Enrol not applicable
Census Date not applicable
Last date to Withdraw without fail not applicable


Timetable can be viewed here. For information about these dates, click here.
Time Commitment: Contact Hours: Semester 1 and Semester 2: One 2-hour lecture and one 1-hour tutorial per week; Summer semester: two 2-hour lectures and two 1-hour tutorials per week for six weeks.
Total Time Commitment: Not available
Prerequisites:

The following:

Subject
Study Period Commencement:
Credit Points:
Summer Term, Semester 1, Semester 2
12.50
Corequisites: None
Recommended Background Knowledge: Please refer to Prerequisites and Corequisites.
Non Allowed Subjects: None
Core Participation Requirements:

For the purposes of considering requests for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this subject are articulated in the Subject Description, Subject Objectives, Generic Skills and Assessment Requirements for this entry.

The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Disability Liaison Unit website: http://www.services.unimelb.edu.au/disability/

Coordinator

Mr Noel Boys

Contact

nboys@unimelb.edu.au

Subject Overview:

Adopting a practical approach, this subject examines key technical, financial accounting topics integral to the preparation of general purposed financial reports. The role of accounting standards in the formatting of and disclosure in financial reports is considered with particular emphasis on entities within the regulatory framework, revaluation of non-current assets (including impairment), foreign currency transactions and translations, accounting for income tax, accounting for leased assets, and accounting for controlled entities (consolidations and equity method accounting).
Objectives:

• Identify and classify different types of entities and their external financial reporting obligations under the Australian regulatory reporting framework
• Identify the key authorities (including the International Accounting Standards Board) that influence the framework for external financial reporting in Australia and explain their roles and functions in this process
• Identify and explain the key components of the Corporations Act 2001 as it applies to external financial reporting obligations
• Identify and explain the key components of Conceptual Framework as it applies to the preparation of General Purpose Financial Statements
• Explain the importance of, and analyse the application of, underlying theory and regulatory provisions of relevant statutes and accounting standards
• Record and disclose transactions and events applying the provisions of relevant Accounting Standards for asset acquisitions (including business combinations), income taxes, foreign currency transactions, leases, investments in subsidiaries and associates
• Identify and explain the following issues as they impact on the preparation of financial statements: materiality, accounting policies, events after balance sheet date, related party disclosures, presentation of financial statements
• Explain the implications for financial reporting arising from alternative accounting policy choice decisions faced by management, particularly when remuneration incentives are linked to performance measured by financial reports

Assessment: A 3-hour end-of-semester examination (70%), a one-hour mid-semester test (20%) and tutorial assessment (10%). Successful completion of this subject requires a 50% pass in the end-of-semester examination.
Prescribed Texts:

You will be advised of prescribed texts by your lecturer.
Breadth Options:

This subject potentially can be taken as a breadth subject component for the following courses:

You should visit learn more about breadth subjects and read the breadth requirements for your degree, and should discuss your choice with your student adviser, before deciding on your subjects.

Fees Information: Subject EFTSL, Level, Discipline & Census Date
Generic Skills:

  • High level of development: application of theory to practice; critical thinking.

  • Moderate level of development: written communication; problem solving; interpretation and analysis; evaluation of data and other information; receptiveness to alternative ideas.

  • Some level of development: oral communication; collaborative learning; team work; synthesis of data and other information.

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