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ACFI2012: Accounting for Corporate Entities
OVERVIEW
Course Description
Company financial statements are a crucial part of the information that stakeholders use in making assessments of companies. Accounting for Corporate Entities is concerned with the mechanisms that underpin the preparation of financial records for corporations including consolidated accounts. The provisions of the Corporations Act, Australian Accounting Standards, International Accounting Standards and Australian Securities Exchange Listing requirements that are relevant to corporate accounting and reporting are covered. The analysis, application and communication of financial information is developed as an essential professional attribute.
Contact Hours
Workshop
Face to Face on Campus
Two (2) hours 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
Pre-Requisites
Students must have successfully completed ACFI1002.
If you have successfully completed ACFI2001, you cannot enrol in this course.
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. Comprehend the nature of the corporate entity and professional contexts of concepts, statutory requirements and other authoritative influences that underpin accounting and reporting in the Australian regulatory environment;
2. Identify and interpret the underlying concepts and issues in accounting for corporations and understand the potential controversies surrounding these issues;
3. Exhibit integrative knowledge of relevant accounting standards, statutory requirements and listing requirements that impact on corporate accounting;
4. Prepare supporting entries, worksheets and working papers for the production of consolidated financial reports;
5. Engage in critical analysis of financial information to support implementation of accounting practice; and
6. Effectively communicate accounting knowledge.
ASSESSMENT DETAILS
This course has 4 assessments. Each assessment is described in more detail in the sections below:
|
|
Assessment Name |
Due Date |
Involvement |
Weighting |
Learning Outcomes |
| 1 |
In Term Tests |
Weeks 3, 6, 9 and 12 |
Individual |
10% |
1, 2 |
| 2 |
Mid Semester Quiz |
In class during week 7 |
Individual |
20% |
3, 5 |
| 3 |
Written Assignment |
Sunday of week 10 by 11:59 pm |
Individual |
20% |
4, 6, 7 |
| 4 |
Final Examination |
Formal Exam Period |
Individual |
50% |
3, 5, 6 |
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 – In Term Tests
Assessment Type
In Term Test
Purpose
These weekly workshop tests will reinforce company accounting concepts developed in the workshop.
Description
An online test based on concepts outlined in the workshop consisting of multiple-choice
questions (4 tests in total set during the semester contributing 2.5% each to Assessment 1).
Note: Students need to complete this assessment online by the due date indicated on Course CANVAS site
Weighting
10%
Length
30 minutes per test
Due Date
Weeks 3, 6, 9 and 12
Submission Method
Online via course CANVAS site. Further instructions are available from the course CANVAS site.
Assessment Criteria
The following three (3) criteria will be used to assess your performance:
1. Demonstrated understanding of theory and relevant concepts
2. Demonstrated application of company accounting concepts, principles, accounting standards and legislation
3. Accuracy of answer
Return Method
Online via course CANVAS site
Feedback Provided
Online via course CANVAS site
Assessment 2 - Mid Semester Quiz
Assessment Type
Quiz
Purpose
The purpose of the quiz is to assess students’ knowledge of company accounting principles and concepts.
Description
The quiz will be based on workshop topics covered in Week 1 to Week 5. It is a open book test consisting of multiple-choice and short-answer questions. Further requirements for the quiz will be posted on the course CANVAS site during the semester.
Weighting
20%
Length
90 minutes
Due Date
Week 7 during the workshop
Submission Method
In class
Further instructions are available on the course CANVAS site.
Assessment Criteria
The following criteria three (3) will be used to assess your performance in the quiz:
1. Demonstrated understanding of theory and relevant concepts.
2. Demonstrated application of company accounting concepts, principles, accounting standards and legislation to solve problems.
3. Relevance and accuracy of answer to the question.
Return Method
Not Returned
Feedback Provided
In class or online via course CANVAS site
Assessment 3 - Written Assignment
Assessment Type
Written Assignment
Purpose
To provide the context to demonstrate advanced knowledge of company accounting concepts and principles in solving problems.
Description
This assignment provides students with a focused exposure to the preparation of
journals and working papers that underpin company financial reports.
Weighting
20%
Length
Not applicable – numeric and theoretical questions.
Due Date
Sunday – Week 10 by 11:59 pm
Submission Method
Online via course CANVAS site. Further instructions are available on the course CANVAS site.
Assessment Criteria
The following four (4) criteria will be used to assess your performance in the assignment:
1. Demonstrated understanding and application of accounting practice
2. Accuracy of calculations, information and arguments
3. Critical thing and problem solving skills
4. Relevance of answer to the question
5. Clarity of expression
Return Method
Online via course CANVAS site
Feedback Provided
Online via course CANVAS site
Assessment 4 - Final Examination
Assessment Type
Formal Examination
Purpose
The examination tests students’ knowledge of company accounting concepts and principles and practical application thereof.
Description
The final exam will require you to answer questions that demonstrate critical thinking, analytical and problem-solving skills in the context of company accounting. Questions will be both of a practical and theoretical nature and the final exam will cover all topics.
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:
1. Demonstrated understanding of theory and relevant concepts
2. Demonstrated application of company accounting concepts, principles, accounting standards and legislation to solve problems
3. Accuracy of information/argument
4. Clarity of expression
5. 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. Nature and Regulation of Companies
2. Company Formation
3. Company Equity and Debt Capital Accounts
4. Accounting for intangibles, financial instruments and foreign currency transactions
5. Accounting for Company Income Tax
6. Consolidation Accounting - Principles
7. Consolidation Accounting - Intragroup Transactions
8. Consolidation Accounting - Non-controlling Interests
9. Accounting for Equity Investments
Course Materials
Required Text:
Loftus, J., Leo, K., Daniliuc, S., Luke, B., Ang, H. N., Bradbury, M., Hanlon, D., Boys, N.,
& Byrnes, K. (2022). Financial Reporting, 4th Edition. Wiley.
ISBN: 978-0-730-39641-3 (paperback) 978-0-730-39645-1 (ebook)
https://www.wiley.com/en-sg/Financial+Reporting,+4th+Edition-p-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 |
Introduction to the Nature and Regulation of Companies |
Chapter 1 pages 2-18 and Supplementary material on CANVAS |
|
| 2 |
Accounting for Intangibles |
Chapter 7 and Supplementary material on CANVAS |
|
| 3 |
Accounting for Company Income Tax |
Chapter 13 and Supplementary material on CANVAS |
Online Test |
| 4 |
Financing Company Operations |
Chapter 14 and Supplementary material on CANVAS |
|
| 5 |
Introduction to business combinations and consolidation issues |
Chapters 26 & 27 and Supplementary material on CANVAS |
|
| 6 |
Consolidation: Wholly- owned entities |
Chapter 28 pages and Supplementary material on CANVAS |
Online Test |
| 7 | Mid-Semester Quiz |
|
Assessment 2 due: Mid
Semester Quiz – In class week 7 workshop
|
| 8 |
Consolidation: Intragroup Transactions |
Chapter 29 and Supplementary material on CANVAS |
|
| 9 |
Consolidation: Non- controlling interests |
Chapter 30 and Supplementary material on CANVAS |
Online Test |
| 10 |
Accounting for Equity Investment |
Chapter 32 and Supplementary material on CANVAS |
Assessment 3 due: Sunday of Week 10 by 11:59 pm |
| 11 |
Accounting for Financial Instruments |
Chapter 12 and Supplementary material on CANVAS |
|
| 12 |
Accounting for Foreign Currency Transactions |
Chapter 24 & 25 and Supplementary material on CANVAS |
Online Test |
| 13 |
Revision |
|
|