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ACCT100 Introduction to Accounting

Teaching organisation

150 hours over a twelve-week semester or equivalent study period

Unit rationale, description and aim

The Accounting Professional Bodies identify financial accounting and reporting skills as a core competency area for accountants. Preparation of financial reports is a statutory requirement for all businesses. This unit explores General Purpose Financial Reporting within the Australian Conceptual Framework (Statements of Accounting Concepts). It also applies the International Financial Reporting Standards (IFRS) and the Australian Accounting Standards as the conceptual basis for accounting activities. It also distinguishes the economic implications of applying Australian Generally Accepted Accounting Principles (GAAP) to various accounting activities. The aim of this unit is to equip students with a sound understanding of the ethical, practical and global application of the historic cost financial accounting model. 

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.

On successful completion of this unit, students should be able to:

LO1 - Ensure compliance and stewardship by exploring the ethical role of Accountants using the new standards of reporting in sustainability such as Triple Bottom Line reporting (GA2, GA5)

LO2 - Critically examine the accounting conceptual and regulatory frameworks, including the Corporations Act of Australia, that underlie accounting practices and policies (GA4, GA5).

LO3 - Apply autonomous and collaborative working skills through evaluating the effect of accounting policies and accounting standards on financial reporting (GA5, GA7).

LO4 - Prepare general purpose financial statements and cash flow statements in accordance with International Financial Reporting Standards (IFRS) or other relevant national standards (GA5). 

LO5 - Apply IFRS and other relevant national standards and record a range of financial accounting events for various business structures and disclose that information in general purpose financial statements (GA5, GA6).

Graduate attributes

GA2 - recognise their responsibility to the common good, the environment and society 

GA4 - think critically and reflectively 

GA5 - demonstrate values, knowledge, skills and attitudes appropriate to the discipline and/or profession 

GA6 - solve problems in a variety of settings taking local and international perspectives into account

GA7 - work both autonomously and collaboratively 


Topics will include:

  • The conceptual framework and regulatory frameworks of accounting including the Corporations Act of Australia
  • The role of accounting in ensuring compliance and promoting stewardship and sustainability including the Integrated reporting and SDG's
  • Assets including inventories, property plant and equipment and intangible assets, amortisation, depreciation, revaluation & impairment and their associated accounting standards
  • Liabilities, provisions and contingent liabilities and their associated accounting standards
  • Revenue recognition issues
  • General purpose financial statements and cash flow statements in accordance with AASB101/IAS1 Presentation of Financial Statements and AASB107/IAS7 Statement of Cash Flows, IFRS and other relevant national standards
  • Accounting for partnerships and basic companies
  • Accounting for employee benefits
  • Accounting for financial instruments and share-based payments
  • Digital technologies as accounting tools for decision-making
  • Working collaboratively in the financial accounting context

Learning and teaching strategy and rationale

The teaching and learning strategy is built on a “student-focused approach,” which can be described as “Level 3. Focus: what the student does” instead of a “teacher-focused approach,” ACU’s learning and 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: This unit is offered in “Blended” mode to cater to the learning needs and preferences of a range of participants and maximise effective participation for isolated and/or marginalised groups. Students attend the class at the campus in the first and last three weeks, “Attendance” mode. The middle six weeks, the unit is delivered in asynchronous weekly discussion, “Online” mode.

Attendance Mode

This unit is taught in a flipped classroom format and will require face-to-face attendance in specific physical location/s. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops, most students report that they spend an average of one hour preparing before the workshop and one or more hours after the workshop practicing and revising what was covered. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for students to prepare and revise. It is up to individual students to ensure that the out of class study is adequate for the optimal learning outcomes and successes.

Blended Mode

In a blended mode, students will require intermittent face-to-face attendance determined by the School. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for students to prepare and revise.  

ACU Online

This unit uses an active learning approach to support students in the exploration of knowledge essential to the discipline. Students are provided with choice and variety in how they learn. Students are encouraged to contribute to asynchronous weekly discussions. Active learning opportunities provide students with opportunities to practice and apply their learning in situations similar to their future professions. Activities encourage students to bring their own examples to demonstrate understanding, application and engage constructively with their peers. Students receive regular and timely feedback on their learning, which includes information on their progress.

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. Assessments are the same regardless of whether teaching mode is attendance, blended, or online. This is indicated in the overview of assessment table below.

Overview of assessments

Brief Description of Kind and Purpose of Assessment TasksWeightingLearning OutcomesGraduate Attributes

Assessment Task 1: Presentation

This assessment task requires students to demonstrate their knowledge of the fundamental stewardship and ethical role of accountants.

Submission Type: Individual

Assessment Method: Presentation

Artefact: Live presentation (equivalent 800 words)



GA2, GA5

Assessment Task 2: Portfolio of Engagement

From weeks 4–9, students will actively participate in online discussion forums and online in-class activities. Students will be evaluated on a combination of their real-time engagement in the unit via discussion board questions, responses to postings, presentation videos, and evidence of successful engagement in online activities.

Submission Type: Individual

Assessment Method: online engagement and completion of regular learning tasks


LO2, LO3

GA4, GA5, GA7

Assessment Task 3: Exam

This assessment task consists of a final exam entailing both descriptive type theoretical questions and numerical calculation type questions. This task requires students to independently draw on their analytical and evaluating skills and apply their knowledge of the topics covered in the unit to the exam questions.

Submission Type: Individual

Assessment Method: Exam

Artefact: Answers to exam questions (equivalent 1500 words)


LO1, LO4, LO5

GA2, GA5, GA6

Representative texts and references

Loftus, J., Leo, K., Daniliuc, S., Boys, N., Luke, B., Ang, H., & Byrnes, K. (2020). Financial reporting (3rd ed.). John Wiley & Sons. (prescribed textbook)

Aerts W. & Walton, P, (2020). Global financial accounting and reporting (5th ed.). Cengage Learning Australia.

Association of International Certified Professional Accountants. (2018), Sustainable Development Goals and the role of the accountant.

Australian Accounting Standards Board. (2019). Conceptual framework for financial reporting.

Australian Accounting Standards Board. (2019a). The AASB’s standard setting process.

Chartered Accountants Australia and New Zealand (2021). Financial reporting handbook 2021 Australia. John Wiley & Sons.

Deegan, C. (2020). Financial accounting (9th ed.). McGraw-Hill.

Department of Finance. (2019). Disclosure of current and non-current assets and liabilities in financial statements (RMG 122).

Leo, K., Knapp, J., Sweeting. J., Meng, L. & McGowan, S. (2021). Company accounting, (11th ed.). John Wiley & Sons.

PwC. (2019). Implementing integrated reporting – PwC’s practical guide for a new business.

The International Integrated Reporting Council. (2021). International <IR> Framework. 

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