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. 

2026 10

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  • Term Mode
  • Semester 1Campus Attendance
  • Term Mode
  • Semester 1Campus Attendance
  • Term Mode
  • Semester 1Campus Attendance
  • Term Mode
  • Semester 1Online Scheduled
  • ACU Term 1Online Unscheduled
  • ACU Term 3Online Unscheduled

Prerequisites

ACCT100 Introduction to Accounting OR ACCT210 Accounting Foundations

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.

Ensure compliance and stewardship by exploring the...

Learning Outcome 01

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
Relevant Graduate Capabilities: GC2, GC6

Critically examine the accounting conceptual and r...

Learning Outcome 02

Critically examine the accounting conceptual and regulatory frameworks, including the Corporations Act of Australia, that underlie accounting practices and policies
Relevant Graduate Capabilities: GC2, GC7

Develop skills by evaluating the impact of account...

Learning Outcome 03

Develop skills by evaluating the impact of accounting policies and standards on financial reporting, with reference to the underlying principles of accounting theory.
Relevant Graduate Capabilities: GC1, GC3

Prepare general purpose financial statements and c...

Learning Outcome 04

Prepare general purpose financial statements and cash flow statements in accordance with International Financial Reporting Standards (IFRS) or other relevant national standards
Relevant Graduate Capabilities: GC1

Apply IFRS and other relevant national standards a...

Learning Outcome 05

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
Relevant Graduate Capabilities: GC2

Content

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

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, multi-mode, or online.

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.

This is indicated in the overview of the assessment table below.

Overview of assessments

Overview of Assessments

Assessment Task 1: Presentation This assessment ...

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)

Weighting

20%

Learning Outcomes LO1, LO2, LO3
Graduate Capabilities GC1, GC2, GC6, GC7

Assessment Task 2: Analytical Report The task r...

Assessment Task 2: Analytical Report

The task requires students to examine the regulatory frameworks, accounting policies, accounting theories, and standards that govern financial reporting.

Submission Type: Individual

Assessment Method: Report

Weighting

30%

Learning Outcomes LO1, LO4, LO5
Graduate Capabilities GC1, GC2, GC6

Assessment Task 3: Exam This assessment task con...

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)

Weighting

50%

Learning Outcomes LO2, LO3, LO4, LO5
Graduate Capabilities GC1, GC2, GC3, GC7

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, 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. https://www.cimaglobal.com/Research--Insight/sustainable-development-goals-and-the-role-of-the-accountant/.

Australian Accounting Standards Board. (2019). Conceptual framework for financial reporting. https://www.aasb.gov.au/admin/file/content105/c9/Conceptual_Framework_05-19.pdf.

Australian Accounting Standards Board. (2019a). The AASB’s standard setting process. https://www.transparency.gov.au/annual-reports/office-australian-accounting-standards-board/reporting-year/2018-2019-26.

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). https://www.finance.gov.au/publications/resource-management-guides/disclosure-current-and-non-current-assets-and-liabilities-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. https://www.pwc.com/gx/en/audit-services/publications/assets/pwc-ir-practical-guide.pdf

The International Integrated Reporting Council. (2021). International <IR> Framework. https://www.integratedreporting.org/wp-content/uploads/2021/01/InternationalIntegratedReportingFramework.pdf. 

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