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.
Ensure compliance and stewardship by exploring the...
Learning Outcome 01
Critically examine the accounting conceptual and r...
Learning Outcome 02
Develop skills by evaluating the impact of account...
Learning Outcome 03
Prepare general purpose financial statements and c...
Learning Outcome 04
Apply IFRS and other relevant national standards a...
Learning Outcome 05
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)
20%
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
30%
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)
50%
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.