| Effective Term: | 2025/27 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Corporate Reporting and Financial Accounting |
| Unit ID: | BUACC2004 |
| Credit Points: | 15.00 |
| Prerequisite(s): | (BUACC1000) |
| Co-requisite(s): | Nil |
| Exclusion(s): | (BUACC2607) |
| ASCED: | 080101 |
| Other Change: | |
| Brief description of the Unit |
This unit covers the concepts of the Australian Accounting Framework and financial reporting requirements. Students will gain an understanding of accounting theory and the knowledge and skills pertinent to selected specialised accounting issues. This unit includes theories of financial accounting, the accounting standard process, measurement in accounting, revenue recognition, inventories, property plant and equipment, foreign currency, leasing, financial instruments, preparation of consolidated financial statements for a parent and a wholly owned subsidiary, accounting for corporate social responsibility and ethics in accounting. In addition the concepts of financial presentation and disclosure will be further explored in terms of Corporate and Financial Accounting. |
| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| Placement Component: No |
| Supplementary Assessment:Yes |
| Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment |
| Course Level: |
| Level of Unit in Course | AQF Level(s) of Course | | 5 | 6 | 7 | 8 | 9 | 10 | | Introductory | | | | | | | | Intermediate | | |  | | | | | Advanced | | | | | | |
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| Learning Outcomes: |
| Knowledge: |
| K1. | Identify and critique the accounting regulations pertaining to the preparation and presentation of general purpose financial reports |
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| K2. | Determine the processes of financial reporting by corporations and recognise the role of generally accepted accounting practices and standards |
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| K3. | Evaluate the theoretical and practical issues associated with the definition, recognition and measurement of assets, liabilities, equity, revenues and expenses for general purpose financial reporting purposes |
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| K4. | Evaluate the strengths and limitations of financial reports as a source of information |
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| K5. | Apply accounting standards |
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| Skills: |
| S1. | Review and evaluate corporate and financial accounting procedures in accordance with statutory and professional requirements |
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| S2. | Analyse and utilise communicative skills to contrast and explain corporate and financial accounting concepts and practice |
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| S3. | Research and identify appropriate accounting practices and communicate the solutions to problems |
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| S4. | Develop critical thinking and problem solving skills to solve corporate and financial accounting problems |
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| Application of knowledge and skills: |
| A1. | Develop a critical awareness of contentious issues relating to corporate and financial reporting, particularly company operations and taxation |
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| A2. | Appreciate the importance of judgement and ethical integrity in financial reporting |
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| A3. | Develop a deep understanding of a wide range of corporate and financial accounting topics and application of accounting standards |
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| Unit Content: |
Topics may include:
Accounting regulation and the Conceptual Framework
Property, Plant and Equipment
Income Taxes
Provisions, contingent liabilities and contingent assets
Foreign currency transactions and forward exchange contracts
Intangible assets
Impairment of assets
Business Combinations
Leases
Accounting Theories
Revenue
Inventories
Financial instruments
Presentation of financial statements
Accounting policies and other disclosures
Consolidation: Controlled entities
Consolidation: Wholly owned entities
Consolidation: Intragroup transactions |
| Graduate Attributes: |
| Federation University recognises that students require key transferable employability skills to prepare them for their future workplace and society. FEDTASKS (Transferable Attributes Skills and Knowledge) provide a targeted focus on five key transferable Attributes, Skills, and Knowledge that are be embedded within curriculum, developed gradually towards successful measures and interlinked with cross-discipline and Co-operative Learning opportunities. One or more FEDTASK, transferable Attributes, Skills or Knowledge must be evident in the specified learning outcomes and assessment for each FedUni Unit, and all must be directly assessed in each Course.
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| FED TASK and descriptor | Development and acquisition of FEDTASKS in the Unit | | Level | FEDTASK 1
Interpersonal | Students will demonstrate the ability to effectively communicate, inter-act and work with others both individually and in groups. Students will be required to display skills in-person and/or online in: • Using effective verbal and non-verbal communication • Listening for meaning and influencing via active listening • Showing empathy for others • Negotiating and demonstrating conflict resolution skills • Working respectfully in cross-cultural and diverse teams. | Level 2 - Student demonstrates some independence within provided guidelines | FEDTASK 2
Leadership | Students will demonstrate the ability to apply professional skills and behaviours in leading others. Students will be required to display skills in: • Creating a collegial environment • Showing self -awareness and the ability to self-reflect • Inspiring and convincing others • Making informed decisions • Displaying initiative | Level 2 - Student demonstrates some independence within provided guidelines | FEDTASK 3
Critical Thinking and Creativity | Students will demonstrate an ability to work in complexity and ambiguity using the imagination to create new ideas. Students will be required to display skills in: • Reflecting critically • Evaluating ideas, concepts and information • Considering alternative perspectives to refine ideas • Challenging conventional thinking to clarify concepts • Forming creative solutions in problem solving. | Level 3 - Student works independently with limited guidance or works within self-determined guidelines appropriate to context | FEDTASK 4
Digital Literacy | Students will demonstrate the ability to work fluently across a range of tools, platforms and applications to achieve a range of tasks. Students will be required to display skills in: • Finding, evaluating, managing, curating, organising and sharing digital information • Collating, managing, accessing and using digital data securely • Receiving and responding to messages in a range of digital media • Contributing actively to digital teams and working groups • Participating in and benefiting from digital learning opportunities. | Level 2 - Student demonstrates some independence within provided guidelines | FEDTASK 5
Sustainable and Ethical Mindset | Students will demonstrate the ability to consider and assess the consequences and impact of ideas and actions in enacting ethical and sustainable decisions. Students will be required to display skills in: • Making informed judgments that consider the impact of devising solutions in global economic environmental and societal contexts • Committing to social responsibility as a professional and a citizen • Evaluating ethical, socially responsible and/or sustainable challenges and generating and articulating responses • Embracing lifelong, life-wide and life-deep learning to be open to diverse others • Implementing required actions to foster sustainability in their professional and personal life. | Level 3 - Student works independently with limited guidance or works within self-determined guidelines appropriate to context |
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| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1, K2, K5, S1, S2, A2 | Actively engage in class and/or online activities which could include: quizzes, tests, discussion activities or engaging with case studies | Individual Learning & Engagement Activities | 10-30% | | 2. | K1, K2, K3, K4, K5, S2, S3, S4, A1, A2, A3 | Group Assignment: analysis of current issue(s) in financial accounting and corporate reporting | Presentation and report | 20-40% | | 3. | K1, K2, K3, K4, K5, S2, S4, A1, A2, A3 | Comprehensive review of all topics | Invigilated final exam | 40-50% |
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