Intermediate Financial Accounting

This subject has the following teaching availabilities in 2015:

Both of the following:

ACCT10003 may also be taken concurrently with ACCT20002.

Please refer to Prerequisites and Corequisites.

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support: http://services.unimelb.edu.au/disability

This subject focuses on more advanced external financial reporting obligations applicable to entities within the framework of the Australian reporting environment. In particular, it examines key technical Accounting Standards integral to the preparation of general purpose financial statements by reporting entities. It also considers the theories that help explain why financial accounting exists as well as what motivates and affects the judgements of managers when making financial accounting reporting decisions. Finally, it critically reviews important contemporary accounting issues affecting the business community under consideration by accounting standard setters.

• Identify and explain the theories that explain why financial accounting exists and the accounting choices made by managers
• Record and disclose transactions and events applying the provisions of key Accounting Standards
• Critically evaluate how well these standards appropriately incorporate the principles as outlined in the Conceptual Framework
• Identify and explain contemporary financial accounting reporting issues affecting the business community and being considered by standard setters
• Identify and explain financial reporting disclosure and presentation issues as part of an annual report
• Explain the implications for financial reporting arising from alternative accounting policy choice decisions faced by management

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.

You will be advised of prescribed texts by your lecturer.

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

• Bachelor of Arts
• Bachelor of Biomedicine
• Bachelor of Environments
• Bachelor of Music
• Bachelor of Science
• Bachelor of Engineering

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.

• High level of development: application of theory to practice; evaluation of data and other information.
• Moderate level of development: critical thinking; written communication; problem solving; interpretation and analysis; receptiveness to alternative ideas; synthesis of data and other information.
• Some level of development: oral communication; collaborative learning; team work.