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Intermediate Financial Accounting
ACCTN202-24A (HAM)
What this paper is aboutThe topics covered in this paper are intended to provide an informed platform to underpin professional practice and continuing education in accounting. This paper takes you beyond the mastery of technical skills. Accountants of today (and tomorrow) are expected to be able to make informed choices, exercise judgement and provide good advice.
A key element of corporate governance in New Zealand is Financial Reporting. This paper is designed to familiarize students with the practices, principles and regulations of Financial Reporting in New Zealand. Application of the current statutory requirements and accounting standards for financial reporting, via tutorial exercises and assignments, is the key aspect of this paper and is intended provide students a thorough understanding of the expectations and ethical requirements of the accounting profession.
This paper will require substantial time to be spent outside of class working through the textbook, exercises and readings. For every hour spent in class you are expected to spend at least 3.5 hours of study/preparation.
How this paper will be taught
The objective of this paper is to help students develop the technical skills in the interpretation and application of accounting standards and statutory requirements of financial reporting in New Zealand. The topics covered in this paper are intended to provide an informed platform to underpin professional practice and continuing education in accounting. Students are expected to be creative and able to make informed choices, exercise judgement and provide good advice in relation to financial reporting. This paper is required by Chartered Accountants Australia and New Zealand (CAANZ), CPA Australia and ACCA for students majoring in accounting and as such it meets the academic requirements for students pursuing a career as a professional accountant. It is also prerequisite for some of the Level 3 accounting, auditing and taxation papers.
In undertaking this paper you can expect to spend around 150 hours of effort and studies.
- use the weekly outline as a guide for your time allocation,
- make sure that you leave enough time for final exam preparation.
Timetable
| Event Name | Day | Start Time | End Time | Location |
|---|---|---|---|---|
| Lecture 1 | Mon | 09:00 | 10:00 | S.G.01 |
| Lecture 2 | Tue | 10:00 | 12:00 | S.1.02 |
| Tutorial 1 A | Mon | 15:00 | 16:00 | TA.2.06 |
| Tutorial 1 B | Tue | 12:00 | 13:00 | J.2.18 |
| Tutorial 1 C | Tue | 15:00 | 16:00 | TC.3.36 |
| Tutorial 1 D | Wed | 10:00 | 11:00 | K.B.12 |
What you will study
| Topic |
|---|
Introduction to Partnership Accounting |
Accounting for Partnership continued |
Accounting for Partnership continued |
Introduction to NZ Framework for Financial Reporting |
Accounting for Shareholders Equity |
Income & Revenue Recognition Issues |
Income & Revenue Recognition Issues Continued |
Accounting for Assets |
Accounting for assets continued |
Accounting for Liabilities, Provisions, Contingent Liabilities and Contingent Assets |
Accounting for leases |
Presentation and Disclosure of Financial Information for Companies |
Presentation and Disclosure of Financial Information for Companies continued |
Company Financial Reporting & Disclosure – Statement of Cash Flows |
Company Financial Reporting & Disclosure –Statement of Cash Flows continued |
Accounting for Group Structures |
Accounting for Group Structures continued |
Accounting for Group Structures continued & Revision |
| Week | Topics | Additional Information | ||
|---|---|---|---|---|
| Paper | University | Beginning | ||
| 1 | 9 | Mon 26 Feb | Study Week | 1. Introduction to Partnership Accounting 2. Accounting for Partnership continued Required Reading: Refer to recommended readings list No tutorial this week |
| 2 | 10 | Mon 4 Mar | Study Week | 3. Accounting for Partnership continued 4. Introduction to NZ Framework for Financial Reporting Required reading: Refer to recommended readings list Tutorial Assessment: Tutorial Q1 & Q2 |
| 3 | 11 | Mon 11 Mar | Study Week | Refer to Notes & Questions uploaded in Moodle. Tutorial Assessment: Tutorial Q3 & Q4 Submit Tutorial Assignment 1 (Tuesday) online via Moodle. |
| 4 | 12 | Mon 18 Mar | Study Week | Refer to Notes & Questions uploaded in Moodle. Tutorial Assessment: Tutorial Q5 & Q6 Submit Tutorial Assignment 2 (Tuesday) online via Moodle. Test 1 Tuesday 19 March 10.00 pm 12.00 noon (online via Zoom) |
| 5 | 13 | Mon 25 Mar | Study Week | Refer to Notes & Questions uploaded in Moodle. Tutorial Assessment: Tutorial Q7 & Q8 |
| 6 | 14 | Mon 1 Apr | Study Week | Refer to Notes & Questions uploaded in Moodle. Tutorial Assessment: Tutorial Q9 & Q10 |
| 7 | 15 | Mon 8 Apr | Study Week | Refer to Notes & Questions uploaded in Moodle. Tutorial Assessment: Tutorial Q11 & Q12 Submit Tutorial Assignment 3 (Tuesday) online via Moodle. |
| 8 | 16 | Mon 15 Apr | Teaching Recess Week | |
| 9 | 17 | Mon 22 Apr | Teaching Recess Week | |
| 10 | 18 | Mon 29 Apr | Study Week | Refer to Notes & Questions uploaded in Moodle. Tutorial Assessment: Tutorial Q13 & Q14 Test 2 Tuesday 30 April 10.00 pm 12.00 noon (online via Zoom) |
| 11 | 19 | Mon 6 May | Study Week | Refer to Notes & Questions uploaded in Moodle. Tutorial Assessment: Tutorial Q15 & Q16 Submit Tutorial Assignment 4 (Tuesday) online via Moodle. |
| 12 | 20 | Mon 13 May | Study Week | Refer to Notes & Questions uploaded in Moodle. Tutorial Assessment: Tutorial Q17 & Q18 |
| 13 | 21 | Mon 20 May | Study Week | Refer to Notes & Questions uploaded in Moodle. Tutorial Assessment: Tutorial Q19 & Q20 |
| 14 | 22 | Mon 27 May | Study Week | Refer to Notes & Questions uploaded in Moodle. Tutorial Assessment: Tutorial Q21 & Q22 Submit Tutorial Assignment 5 (Tuesday) online via Moodle. Test 3 Tuesday 28 May 10.00 pm 12.00 noon (online via Zoom) |
| 15 | 23 | Mon 3 Jun | Study Week | |
| 16 | 24 | Mon 10 Jun | Exam Week | Research Assignment Due on Friday 14 June by 5.00 pm |
| 17 | 25 | Mon 17 Jun | Exam Week | |
Required ReadingsRECOMMENDED READINGS 1. Deegan, C. & Samkin, G., (2013) NEW ZEALAND FINANCIAL ACCOUNTING 6E, MCGRAWHILL 2. Janice Loftus, Ken Leo, Sorin Daniliuc, Noel Boys, Belinda Luke, Hong Nee Ang, Karyn Byrnes, (2019). Financial Reporting, 3rd Edition, Wiley. 3. New Zealand Accounting Standards (NZ IAS) 4. In The Black Magazine by CPA Australia 5. Technical Articles on Financial Reporting by ACCA 6. Technical Articles on Strategic Business Reporting by ACCA 7. The CPA Journal The Voice of the Accounting Profession
Learning OutcomesStudents who successfully complete the paper should be able to:
- Prepare general purpose financial statement for the partnership and company business structures in accordance with International Financial Reporting Standards (IFRSs) or other relevant national standards
- Apply International Financial Reporting Standards (IFRSs) or other relevant standards to transactions and other events in financial accounting and reporting
- Evaluate the application of accounting standards to transactions and other events that involve measurement, professional judgement and the accounting for complex practical issues
- Demonstrate knowledge of accounting policies, changes in accounting estimates and errors in the provision of relevant and reliable information
- Describe current national and international developments in financial reporting and information with an awareness of the regulatory framework and the NZ Companies Act
- Make informed choices, exercise judgement and provide advice on matters relating to financial reporting.
Internal Assessment / Examination WeightingThe internal assessment/exam ratio (as stated in the University Calendar) is 100:0. There is no final exam.
Grade MethodWaikato Grading Scale (A+, A, A- etc…)
Assessment
| Assessments | Due Date | Percentage of overall mark | Compulsory | Link to Learning Outcome |
|---|---|---|---|---|
| Research Assignment | 25 | |||
| Research Assignment (25%) | 14 Jun 2024 | - | 1,2,3,4,5,6 | |
| Tests | 65 | |||
| Test 1 - 19.3.2024 (20%) | 19 Mar 2024 | - | 1,2,3,6 | |
| Test 2 - 30.4.2024 (20%) | 30 Apr 2024 | - | 1,2,3,4,5,6 | |
| Test 3 - 28.5.2024 (25%) | 28 May 2024 | - | 1,2,3,4,5,6 | |
| Tutorial Assignment | 10 | |||
| Tutorial Assignment Total (10%) | - | 1,2,3,4,5,6 | ||
| Assessment Total: | 100 |
How you will be assessedAssessment is by course work and tests during the semester. Please note: No Exam: 100% Internal Assessment. Your final mark and grade for the paper will be a weighted average of your course work including tutorial and research assignments and tests. The internal assessment/exam ratio (as stated in the University Calendar) is 100:0. There is no final exam.
TUTORIAL ASSIGNMENT
This is an individual effort and not team effort.
There will be a total of 5 Tutorial Assignments for this course. This Tutorial Assignments will each cover a particular topic and will have to submitted online in Moodle. The due date and topic relating to each Tutorial Assignment is provided in the Schedule below.
Each Tutorial Assignment is worth 2 marks in total and the 5 Assignments carry a total of 10 marks. The Tutorial Assignment questions will be uploaded in Moodle two weeks before the due date of the assignment submission.
Marks will be given for completion of the Assignment as follows:
0 marks – no attempt at the work has been made
1 mark – some of the work has been completed
2 marks – a good, honest, attempt has been made at all of the required work
NB: It is not about the work being correct but rather that you have really had a good attempt at the work.
TEST 1
Test 1 will be invigilated online (via Zoom) and held during the lecture session on Tuesday 19 March 2024 between 10.00 am– 12.00 noon. The details of the test will be provided in Moodle.
TEST 2
Test 1 will be invigilated online (via Zoom) and held during the lecture session on Tuesday 30April 2024 between 10.00 am– 12.00 noon. The details of the test will be provided in Moodle.
TEST 3
Test 3 will be invigilated online (via Zoom) and held during the lecture session on Tuesday 28 May 2024 between 10.00 am– 12.00 noon. The details of the test will be provided in Moodle.
RESEARCH ASSIGNMENT
This is a research-based assignment and is to be undertaken in teams comprising of 3 students per team and the question will be uploaded in Moodle. The names of each group members have to be submitted in Week 2. The Research Assignment should be submitted online via Moodle and to be submitted by one of the members of the group on behalf of the group. The submission date of the report of the research assignment is shown in the Schedule below. The detailed requirements of the research assignment will be uploaded in Moodle.