AFM305 Advanced Financial Accounting

Updated: 01 November 2018
Credit Points 6
Offering
Responsible Campus Teaching Period Mode of Study
Armidale Trimester 1 Online
Armidale Trimester 1 On Campus
Armidale Trimester 3 Online
Intensive School(s) None
Supervised Exam There is a supervised exam at the end of the teaching period in which you are enrolled. The paper-based exam will be held at an established exam venue, and coordinated by UNE Exams Unit.
Pre-requisites AFM211
Co-requisites None
Restrictions AFM311 or AFM505 or AFM541 or AFM417
Notes None
Combined Units AFM505 - Advanced Financial Accounting
Coordinator(s) Omar Al Farooque (omaral.farooque@une.edu.au)
Unit Description

In this unit students will explore advanced issues in company accounting, financial and non-financial reporting. Students will gain a broad and coherent understanding of topics that underpin accounting standards (AASBs), other regulations and statutory requirements, and disclosure by reporting entities aligned with relevant ethical perspectives. The unit places particular emphasis on accounting for group structures and the preparation of consolidated financial statements. The unit also develops students' understanding of advanced accounting issues related to equity methods of accounting for associates and joint arrangements, operating segments, construction contracts, foreign currency transactions and translating financial statements of foreign operations, financial instruments including derivatives and hedging, and corporate governance and corporate social responsibility reporting from a range of ethical and/or social issues.

Important Information

Where calculators are permitted in examinations, it must be selected from an approved list, which can be accessed from the Further Information link below.

Further information

Prescribed Material
Mandatory

Shrink Wrapped Package(s):

Note: Students are expected to purchase prescribed material. Please note that textbook requirements may vary from one teaching period to the next.

Financial Accounting (Print and Connect+)

ISBN: 9781743764039
Deegan, C., Irwin/McGraw-Hill 8th ed. 2016

Text refers to: Trimester 1, On Campus and Online

Referenced Material
Optional

Text(s):

Note: Reference material is held in the University Library - purchase is optional

Financial Reporting

ISBN: 9780730311119
Loftus, J. and others, John Wiley 1st ed. 2015

Text refers to: Trimester 1, On Campus and Online

Financial Reporting Handbook 2017 Australia

ISBN: 9780730343042
CAANZ CAANZ 2017

Text refers to: Trimester 1, On Campus and Online

Disclaimer Unit information may be subject to change prior to commencement of the teaching period.
Assessment
Must
Complete
Title Exam Length Weight Mode No. Words
Compulsory Assignment 1 20% 2000
Assessment Notes

Practical exercises and essay type question(s).

Relates to Learning Outcomes (LO)

LO: 1, 2, 4, 5

Compulsory Assignment 2 20% 2000
Assessment Notes

Practical exercises plus essay type question(s).

Relates to Learning Outcomes (LO)

LO: 3-6

Compulsory Final Examination 2 hrs 15 mins 60%
Assessment Notes

Multiple choice questions, practical exercises plus short essay type questions. Students are allowed to bring a recent 'Accounting or Financial Reporting Handbook' (published by CPA or ICAA) into the examination venue to use. Students must obtain at least 50% in the examination (and at least 50% overall) to receive a pass (or better) in the unit.

Relates to Learning Outcomes (LO)

LO: 1-6


Learning Outcomes (LO) Upon completion of this unit, students will be able to:
  1. demonstrate a broad and coherent understanding of advanced issues in financial accounting with depth in corporate group structures with subsidiaries and distinguish it from extended group structures with associate and joint arrangements, and how to read and interpret/analyse contemporary financial reports for them underpinning accounting standards (AASBs), and apply to business-related contexts;
  2. demonstrate professional knowledge of consolidated financial statements, in particular preparing consolidation journals, worksheet and statement of comprehensive income (Profit and Loss) and statement of financial position (Balance Sheet);
  3. demonstrate a broad and coherent understanding of a range of accounting issues related to equity methods of accounting for associates and joint arrangements, operating segments, construction contracts, foreign currency transactions and translating financial statements of foreign operations, financial instruments including derivatives and hedging, and their treatment in financial statements and disclosures;
  4. use a range of cognitive and communication skills to review, analyse, consolidate and synthesise relevant accounting information drawn from financial statements in order to demonstrate critical thinking and judgement in solving complex business-related problems;
  5. work independently and/or collaboratively to plan and execute tasks to enhance professional knowledge and skills in advanced financial accounting; and
  6. demonstrate a comprehensive understanding of corporate governance and corporate social responsibility practice and reporting environments, and the ability to recognise, reflect on and respond to a range of ethical and social influences on them.