306-202 Intermediate Financial Accounting

Coordinator:

Prerequisite/s:

Timetable:

Contact:

Objectives:

On completion of this subject a student should:

• understand the differences in the main research paradigms as they relate to financial reporting;

• be familiar with the nature of, and recognition criteria for, reporting entities;

• be familiar with the nature and objective of general purpose financial reports;

• be familiar with, and be able to apply, the definition of, and recognition criteria for, the elements of general purpose financial reports;

• to understand the regulatory framework for general purpose financial reporting, including the roles of the Corporations Law, the Australian Accounting Standards Board and the Urgent Issues Group;

• be familiar with the content, format and general presentation requirements for general purpose financial reports;

• be competent in the preparation of consolidated general purpose financial reporting practices for jointly controlled entities and associated entities;

• to be able to understand, discuss and apply the appropriate financial reporting practices for jointly controlled entities and associated entities;

• be able to understand and discuss the appropriate treatment of difference on acquisition (goodwill and discount on acquisition);

• be aware of the financial reporting problems arising from engaging in foreign currency denominated business transactions and investments;

• to understand the financial reporting implications of various financing techniques (including finance leases) and be able to apply the relevant financial reporting requirement;

• be familiar with the explanations for and the impact of diversity and choice of accounting methods on general purpose financial reports.

Content:

Introduction to the preparation of general purpose financial reports (annual and half-year), including the role of accounting standards and the regulation of corporate financial reporting.

Assessment:

Prescribed Texts:

To be advised.