Unit Description

This unit introduces the Accounting Standards concepts and their legislative requirements. The subject begins with an introduction to the regulatory environment for financial reporting and an overview of the conceptual framework for financial reporting principles and standards. The major focus is the form and content of published financial reports and the application of generally accepted accounting principles and specific financial reporting standards relating to concepts of recognition, measurement, disclosure, revaluation and impairment of financial statement elements. Two themes run throughout this unit: (i) a technical strand incorporating the application of specific accounting standards and regulatory provisions to the preparation of financial reports; and (ii) a contextual strand, highlighting the institutional and social contexts of accounting and financial reporting.

The focus of this unit is on gaining an understanding of the regulatory and conceptual frameworks which underpin accounting for corporate entities. Understanding these frameworks and accounting standards ensures that the logic behind existing accounting rules and possible alternative approaches can be understood leading to a deeper understanding of what accounting is trying to achieve.
 

Expected Student Workload

Number of timetabled hours per week: 4 hours (2 hours in lecture and 2 hours in tutorial)

No. personal study hours per week: 6 hours

Total workload hours per week: 10 hours

Prerequisites

ACC101 Principles of Accounting

Unit Weighting

Unit credit points: 10

Total course credit points: 240

Delivery Mode