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ACFI2011: Financial Accounting for Reporting Entities
OVERVIEW
Course Description
Financial Accounting for Reporting Entities develops two main themes for students. Firstly, it introduces various theoretical models of accounting and accounting policy choice and secondly it investigates selected applied issues in financial accounting. Students develop extended accounting knowledge and skills, analysing multiple sources of information to support their accounting outcomes and conclusions.
Contact Hours
Integrated Learning Session
Face to Face On Campus
Two (2) hour(s) per Week for Full Term
Students are expected to complete 4 hours of guided learning via online preparation, lectures, interactive workshops, tutorials, discussion groups or self-directed learning and an additional 6 hours of independent study per week.
Unit Weighting
10
Requisites
This course replaces ACFI2002. If you have successfully completed ACFI2002, you cannot enrol in this course.
Assumed Knowledge
Students must have successfully completed ACFI1002.
Workload
Students are required to spend on average 120-140 hours of effort (contact and non-contact) including assessments per 10 unit course.
Please refer to the course CANVAS site for details of teaching staff for ALL course offerings. The primary contact for courses is the Course Coordinator, whose details are listed on the course CANVAS site.
Student Consultation A minimum of one (1) hour of consultation per week. Please see
course CANVAS site for details of time and location.
Course Learning Outcomes
On successful completion of this course, students will be able to:
1. Identify the theoretical constructs of contemporary financial accounting;
2. Demonstrate selected accounting standards, including the ability to apply such standards in appropriate circumstances;
3. Investigate and evaluate issues surrounding contemporary accounting controversies; and
4. Analyse, evaluate and synthesise both quantitative and qualitative information to inform accounting practice, choice and decision.ACFI2011: Financial Accounting for Reporting Entities – 2024
ASSESSMENT DETAILS
This course has 3 assessments. Each assessment is described in more detail in the sections below:
|
|
Assessment Name |
Due Date |
Involvement |
Weighting |
Learning Outcomes |
| 1 |
Mid Semester Quiz |
Week 7 |
Individual |
20% |
1, 2 |
| 2 |
Preparation of Financial Statements |
Week 10 |
Individual |
30% |
3, 4 |
| 3 |
Final Examination |
Formal Exam period |
Individual |
50% |
1, 2, 4 |
Time referenced is time in Newcastle NSW
|
Late Submissions |
The mark for an assessment item submitted after the designated time on the due date, without an approved extension of time, will be reduced by 10% of the possible maximum mark for that assessment item for each day or part day that the assessment item is late.
Note: this applies equally to week and weekend days.
|
Assessment 1 - Mid Semester Quiz
Assessment Type
In Term Test
Purpose
The purpose of the quiz is to assess your knowledge and understanding of financial accounting standards and concepts.
Description
The quiz will be held during the workshops in week 7.
The quiz will be based on topics covered in week 1 to week 4. It is a test consisting of multiple-choice questions and short-answer questions. Further requirements of the quiz will be posted on course CANVAS site during the semester.
Weighting
20%
Length
90 minutes
Due Date
Week 7
Students are required to complete this assessment during timetabled class time.
Submission Method
In class
Assessment Criteria
The following three (3) criteria will be used:
− Demonstrate the accurate application of accounting standards.
− Demonstrate a knowledge and understanding of accounting concepts and principles
− Display analytical and problem-solving skills in the context of financial information.
Return Method
Not Returned
Feedback Provided
In-class/ individual consultation
Assessment 2 – Preparation of Financial Statements
Assessment Type
Written Assignment
Purpose
This assignment has been designed to provide you with experience in the preparation of Financial Statements suitable for publication in accordance with accounting standards and the underlying theory.
Description
From provided accounting records and information, you are required to prepare financial statements and note disclosures, using word or excel applications, but not specialised accounting software packages.
Weighting
30%
Length
To be advised.
Due Date
Week 10 Sunday by 11:59 pm
Submission Method
Online: Electronic copy to be submitted by the due date through Turnitin.
Assessment Criteria
The following five (5) assessment criteria will be applied:
− Relevance to the question
− Accuracy of information/argument
− Demonstrated links to corresponding readings
− Clarity of expression.
− Critical thinking and problem-solving skills
Return Method
Online – via Turnitin
Feedback Provided
Online – via course CANVAS site
Assessment 3 - Final Examination
Assessment Type
Formal Examination
Purpose
The examination tests your financial accounting knowledge and skills with respect to contextual practice problems and theoretical constructs.
Description
The exam will be based on all topics covered in the course.
This course has a RESTRICTED OPEN BOOK examination. A memory aid is permitted. The memory aid is a single double sided A4 sheet of handwritten or typed notes for use during the examination. Note: memory aids must be left on the examination table and cannot be removed from the examination venue.
Weighting
50%
Length
120 minutes
Due Date
Formal Exam Period
Submission Method
Formal Examination
Assessment Criteria
The following five (5) criteria will be used to assess your performance in the final exam:
− Demonstrated understanding of theory and relevant concepts
− Demonstrated ability to solve problems
− Accuracy of information/argument.
− Clarity of expression
− Relevance of answer to the question.
Return Method
Not Returned
Feedback Provided
No Feedback. Examination scripts will not be returned to students. Final examination scripts will be made available for review by students, upon request, in a controlled and monitored setting. Students are required to make requests, directly to the relevant course coordinator. Completed examination scripts are kept by the Newcastle Business School for a period of six (6) months only, from the relevant fully graded date. Requests made after the six (6) month period cannot be considered.
SYLLABUS
Course Content
Topics in the course include but are not limited to the following:
1. Theories of Financial Accounting including the Conceptual Framework
2. Accounting for Assets
3. Accounting for Liabilities
4. Revenue Recognition
5. Accounting for Leases
6. Accounting for the Extractive Industries
7. Preparation of External Financial Reports including Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Financial Position and Statement of Cash Flows; and
8. Other Disclosure Issues
Course Materials
Required Text:
Loftus, J., Leo, K., Daniluc, S., Luke, B., Ang, H.N., Bradbury, M., Hanlon, D., Knapp, J.,
Boys, N., and Byrnes, K., Financial Reporting, 4
th Edition (2022) – John Wiley & Sons - Australia
ISBN: E-Text: 9780730396451 / Print & E-Text: 9780730396413
Australian Accounting Standards referred to in the text are available from www.aasb.gov.au
An additional Readings list will be provided on the course CANVAS site.
SCHEDULE
|
Week |
Topic |
Class Preparation |
Assessment |
| 1 |
The Conceptual Framework andTheories of Financial Accounting |
Loftus et al. Chapters 1 & 2 |
No assessment |
| 2 |
Accounting for Liabilities includingEmployee Benefits |
Loftus et al. Chapters 9 & 10 |
No assessment |
| 3 |
Accounting for Assets including PPE |
Loftus et al. Chapter 6 |
No assessment |
| 4 |
Accounting for Impairment Losses |
Loftus et al. Chapter 8 |
No assessment |
| 5 |
Preparation of External FinancialReports |
Loftus et al. Chapter 17 |
No assessment |
| 6 |
Other Disclosure Issues |
Loftus et al. Chapters 19, 20 & 22 |
No assessment |
| 7 |
MID SEMESTER QUIZ |
|
Assessment 1 due: Mid
Semester Quiz during Workshop 7. See course CANVAS site for details.
|
| 8 |
Cash Flow Statements |
Loftus et al. Chapter 18 |
No assessment |
| 9 |
Accounting for Leases Part 1 |
Loftus et al. Chapter 11 |
No assessment |
| 10 |
Accounting for Leases Part 2 |
Loftus et al. Chapter 11 |
Assessment 2 due: Week 10 online via Turnitin. See the course CANVAS site for details. |
| 11 |
Revenue Recognition Issues |
Loftus et al. Chapter 16 |
No assessment |
| 12 |
Accounting for Extractive Industries |
Loftus et al. Chapter 35 |
No assessment |
| 13 |
Course Revision |
|
|