Unit rationale, description and aim

Accurate and thorough financial reporting skills are imperative for any accountant. This unit builds on studies of financial reporting in earlier units by extending the content to include more complex financial and corporate accounting issues. This unit will equip students with necessary knowledge and skills to be employed in accounting roles which require financial reporting skills. Students will further develop financial reporting skills and prepare financial statements for companies, and groups of companies, that comply with all legal and accounting requirements. Students apply accounting and reporting techniques to non-routine circumstances and new events considering, ethical, practical and global contexts. Students will also learn to use advancing digital and research technologies to determine and highlight where weaknesses exist in financial reporting. The roles of individuals involved in the financial reporting are examined from the perspective of ensuring the common good. 

This unit aims to provide students with an understanding of, and practice in, applying accounting methods that are used to prepare and organise a company’s (or group of companies) financial statements that comply with all legal and accounting requirements.

2026 10

Campus offering

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  • Term Mode
  • Semester 2Campus Attendance
  • Term Mode
  • Semester 2Campus Attendance
  • Term Mode
  • Semester 2Campus Attendance
  • Term Mode
  • Semester 2Online Scheduled
  • ACU Term 2Online Unscheduled
  • ACU Term 4Online Unscheduled

Prerequisites

ACCT207 Financial Accounting

Learning outcomes

To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.

Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.

Explore the graduate capabilities.

Explain the ethical principles underlying accounti...

Learning Outcome 01

Explain the ethical principles underlying accounting professional values and code of conduct to identify threats to compliance
Relevant Graduate Capabilities: GC1, GC3

Evaluate current national and international develo...

Learning Outcome 02

Evaluate current national and international developments in financial reporting and information for corporate entities
Relevant Graduate Capabilities: GC1, GC8

Apply International Financial Reporting Standards ...

Learning Outcome 03

Apply International Financial Reporting Standards (IFRS) and other relevant standards to prepare worksheet entries of complex inter-entity transactions including tax effect for corporate entities
Relevant Graduate Capabilities: GC1, GC9

Prepare entries and consolidated reports for compl...

Learning Outcome 04

Prepare entries and consolidated reports for complex inter-entity transactions in accordance with IFRS and other national reporting standards
Relevant Graduate Capabilities: GC2, GC7

Generate reports by applying accounting and report...

Learning Outcome 05

Generate reports by applying accounting and reporting techniques to non-routine circumstances and new events considering local and global contexts
Relevant Graduate Capabilities: GC2, GC12

Content

Topics will include:

  • Ethical code of conduct and compliance
  • financial reporting of company performance
  • measurement of cost versus value
  • synthesising and analysing regulatory frameworks
  • accounting for foreign currency transactions and translation of the accounts of foreign subsidiaries
  • accounting for income tax
  • accounting for leases
  • Accounting standards and policies and their application including changes in accounting estimates and errors
  • related party disclosure and segment reporting
  • accounting for group structures and business combinations
  • accounting for intra-group transactions
  • accounting for non-controlling interests

Assessment strategy and rationale

Assessments are used primarily to foster learning. ACU adopts a constructivist approach to learning which seeks alignment between the fundamental purpose of each unit, the learning outcomes, teaching and learning strategy, assessment and the learning environment. In order to pass this unit, students must demonstrate competence in all learning outcomes and achieve an overall score of at least 50%. Using constructive alignment, the assessment tasks are designed for students to demonstrate their achievement of each learning outcome.

Students must comply with the university’s Student Academic Integrity and Misconduct Policy. This includes avoiding unauthorised or undisclosed use of artificial intelligence, such as using generative AI, paraphrasing tools, or translation software, unless explicitly authorised in the assessment requirements and properly acknowledged. Breaches of academic integrity will be addressed in accordance with university procedures.

The overview of the assessment table is provided below.


Overview of assessments

Assessment Task 1: Research Report The task req...

Assessment Task 1: Research Report

The task requires students to apply the knowledge of International Financial Reporting Standards (IFRS) and other relevant standards in preparing consolidated reports for complex inter-entity transactions.

Submission Type: Individual

Assessment Method: Report

Weighting

30%

Learning Outcomes LO1, LO3, LO4
Graduate Capabilities GC1, GC2, GC7, GC8, GC9

Assessment Task 2: Open Book Exam This task requ...

Assessment Task 2: Open Book Exam

This task requires students to undertake an invigilated examination between Weeks 10 and 12 of the semester. Students will be provided a case study/materials ahead of time with questions on the day.

Submission Type: Individual

Assessment Method: Invigilated examination

Artefact: Written response

Weighting

30%

Learning Outcomes LO2, LO3, LO4, LO5
Graduate Capabilities GC1, GC2, GC7, GC8, GC9, GC12

Assessment Task 3: Individual Presentation This ...

Assessment Task 3: Individual Presentation

This task requires students to present on contemporary accounting issues. Students will apply their knowledge to a real-life case study considering national and international financial reporting standards in their invigilated presentations.

Submission type: Individual

Assessment Method: Presentation

Artefact: Presentation 

Weighting

40%

Learning Outcomes LO1, LO2, LO5
Graduate Capabilities GC1, GC2, GC3, GC8, GC12

Learning and teaching strategy and rationale

The teaching and learning strategy is built on a “student-focused approach". ACU’s teaching policy focuses on learning outcomes for students. Our teaching aims to engage students as active participants in the learning process while acknowledging that all learning must involve a complex interplay of active and receptive processes, the constructing of meaning for oneself, and learning from others. ACU promotes and facilitates learning that is autonomous and self-motivated, is characterised by the individual taking satisfaction in the mastering of content and skills and is critical, looking beneath the surface level of information for the meaning and significance of what is being studied.

The schedule of the workshop is designed in such a way that students can achieve intended learning outcomes sequentially. Teaching and learning activities will apply the experiential learning model, which encourages students to apply higher order thinking. The unit ensures that learning activities involve real-world scenarios that in turn assist with ‘real-world’ preparedness. The unit also uses a scaffolding technique that builds a student’s skills and prepares them for the next phase of the learning process.

Mode of Delivery:

The unit is offered in three modes—Attendance, Multi, and ACU Online—to accommodate diverse learning needs and increase accessibility.

Representative texts and references

Representative texts and references

Loftus, J, Leo, KJ, Daniliuc, S, Boys, N, Luke, B, Ang, HN, & Byrnes, K 2022, Financial Reporting, 4th edn, John Wiley & Sons, Brisbane. ISBN: 9780730396451

Deegan, C 2023, Financial Accounting Theory, 5th edn, Cengage. ISBN: 9780170465908

Australian Accounting Standard Board 2019, The standard-setting process, <https://www.aasb.gov.au/About-the-AASB/The-standard-setting-process.aspx>.

Barth, ME, Li, K and McClure, C 2021, ‘Evolution in value relevance of accounting information’, (March 2, 2021). Stanford University Graduate School of Business Research Paper No. 17-24, <http://dx.doi.org/10.2139/ssrn.2933197>

Zhao, J., & Wang, X 2024, Unleashing efficiency and insights: Exploring the potential applications and challenges of ChatGPT in accounting. Journal of Corporate Accounting & Finance35(1), 269-276.

Belnap, A., Hoopes, J. L., & Wilde, J. H. 2024, Who really matters in corporate tax?. Journal of Accounting and Economics77(1), 101609.

Zaman, R., Jain, T., Samara, G., & Jamali, D 2022, Corporate governance meets corporate social responsibility: Mapping the interface. Business & Society61(3), 690-752.

Coelho, R., Jayantilal, S., & Ferreira, J. J 2023, The impact of social responsibility on corporate financial performance: A systematic literature review. Corporate Social Responsibility and Environmental Management30(4), 1535-1560.

Velte, P 2022, Meta-analyses on corporate social responsibility (CSR): a literature review. Management Review Quarterly72(3), 627-675.

Tsang, A., Wang, K. T., Liu, S., & Yu, L 2021, Integrating corporate social responsibility criteria into executive compensation and firm innovation: International evidence. Journal of Corporate Finance70, 102070.


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