Financial Reporting
Unit code: HBC610
| Credit points | 12.5 Credit Points |
| Duration | One Teaching period |
| Contact hours | 36 hours |
| Campus | Hawthorn |
| Prerequisites | Nil |
| Corequisites |
Related course(s)
A core unit of study in the followint programs:
Master of Professional Accounting *Global Leadership Program
Master of Professional Accounting *Global Leadership Program
Aims and objectives
The overall objective of this unit of study is to develop in participants an ability to think through corporate accounting issues, to develop an awareness of the financial accounting function within a company and to analyse and critically address the various contemporary issues in the practice of financial accounting.
At the completion of this unit, students should be able to:
- Critically assess and appreciate changing impacts of economic, political, social, legal and environmental influences on the financial information needs of users and financial reporting practices of firms.
- Apply theoretical and technical knowledge and skills to explain financial accounting and reporting practices.
- Critically evaluate the principles underpinning the current Australian and International accounting standards and make comparisons with prior accounting standards.
- Apply a principles based approach to develop innovative solutions for accounting and reporting of complex and advanced business transactions.
- Assess and critically analyse a range of financial reporting issues, including measurement and recognition of property plant and equipment, impairment of assets, business combinations, consolidated financial statements and tax effect accounting, from both a practical and theoretical perspective.
- Undertake supervised research to explore financial reporting issues and recommend solutions to financial accounting problems.
Teaching methods
A range of teaching methods will be used including lectures and class discussion of issues and problems.Generic skills outcomes
Specifically this unit aims at promoting and implementing an educational environment that prepares students to function in a business environment and instils an attitude of life-long learning in these students. With the unit delivery and content incorporating topical examples, power point presentations, structured assessment and web learning, we aim to achieve the following in our students:
- Analysis skills
- Problem solving skills
- Communications skills
- Ability to tackle unfamiliar problems
- Ability to work independently
Content
The unit of study covers the following areas:- Nature & Regulation of Companies
- Company Operations
- Shareholders’ Equity: Share Capital and Reserves; and Advanced Issues
- Accounting for Income Tax
- Property Plant and Equipment
- Impairment of Assets
- Business Combinations
- Consolidated Financial Statements (3 Lectures)
- Liquidations
- Disclosure and Corporate Governance
