| Effective Term: | 2026/05 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Financial Accounting |
| Unit ID: | BUACC5934 |
| Credit Points: | 15.00 |
| Prerequisite(s): | Nil |
| Co-requisite(s): | Nil |
| Exclusion(s): | Nil |
| ASCED: | 080101 |
| Other Change: | |
| Brief description of the Unit |
Financial Accounting (BUACC5934) is concerned with developing students' appreciation of the role that theory and practice has played in the development of financial reporting and examines contemporary issues, including measurement, the conceptual framework, specific accounting standards, and environmental and social accounting. The unit is designed to develop students' analytical and appreciative skills and provide students with the opportunity to further develop their mastery of technical and critical thinking skills; information literacy in financial accounting; and develop an international awareness of financial accounting issues. |
| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| Placement Component: | |
| 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. | Explain the foundations and the concepts associated with financial accounting |
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| K2. | Analyse recent developments in financial reporting standard setting |
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| K3. | Relate financial accounting theory and concepts to financial reporting practice |
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| K4. | Contrast the application of concepts and practice in specific circumstances |
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| Skills: |
| S1. | Develop cognitive and technical ability in the application of financial accounting theory and concepts to financial accounting practice |
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| S2. | Enhance creative and communicative skills to explain complex financial accounting concepts and practice |
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| S3. | Critically reflect on the limitations of financial accounting theory, concepts and practice |
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| Application of knowledge and skills: |
| A1. | Make informed and autonomous decisions in complex financial accounting settings |
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| A2. | Exercise personal accountability and professionalism with regard to financial accounting situations |
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| A3. | Critique the global nature and context of financial reporting |
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| A4. | Plan and execute a research project in financial accounting evaluating complex situations |
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| Unit Content: |
•Overview and analysis of definition, recognition and measurement issues in financial accounting
•Explain and relate theories of financial accounting regulation
•Interpretation, application and evaluation of selected International and Australian financial reporting regulations, including accounting standards governing a number of topics such as accounting for leasing, employee benefits and financial instruments
•Enhancement of professional and ethical understanding through accounting for corporate social responsibilities |
| 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 at this level will demonstrate an advanced ability in a range of contexts to effectively communicate, interact and work with others both individually and in groups. Students will be required to display high level skills in-person and/or online in: • Using and demonstrating a high level of verbal and non-verbal communication • Demonstrating a mastery of listening for meaning and influencing via active listening • Demonstrating and showing empathy for others • High order skills in negotiating and conflict resolution skills\\ • Demonstrating mastery of working respectfully in cross-cultural and diverse teams. | 1 - Yes | FEDTASK 2
Leadership | Students at this level will demonstrate a mastery in professional skills and behaviours in leading others. • Creating and sustaining a collegial environment • Demonstrating a high level of self -awareness and the ability to self-reflect and justify decisions • Inspiring and initiating opportunities to lead others • Making informed professional decisions • Demonstrating initiative in new professional situations. | 1 - Yes | FEDTASK 3
Critical Thinking and Creativity | Students at this level will demonstrate high level skills in working in complexity and ambiguity using the imagination to create new ideas. Students will be required to display skills in: • Reflecting critically to generate and consider complex ideas and concepts at an abstract level • Analysing complex and abstract ideas, concepts and information • Communicate alternative perspectives to justify complex ideas • Demonstrate a mastery of challenging conventional thinking to clarify complex concepts • Forming creative solutions in problem solving to new situations for further learning. | 1 - Yes | FEDTASK 4
Digital Literacy | Students at this level will demonstrate the ability to work competently across a wide range of tools, platforms and applications to achieve a range of tasks. Students will be required to display skills in: • Mastering, exploring, evaluating, managing, curating, organising and sharing digital information professionally • Collating, managing complex data, accessing and using digital data securely • Receiving and responding professionally to messages in a range of professional digital media • Contributing competently and professionally to digital teams and working groups • Participating at a high level in digital learning opportunities. | 1 - Yes | FEDTASK 5
sustainable and Ethical Mindset | Students at this level will demonstrate a mastery of considering and assessing the consequences and impact of ideas and actions in enacting professional ethical and sustainable decisions. Students will be required to display skills in: • Demonstrate informed judgment making that considers the impact of devising complex solutions in ambiguous global economic environmental and societal contexts • Professionally committing to the promulgation of social responsibility • Demonstrate the ability to evaluate ethical, socially responsible and/or sustainable challenges and generating and articulating responses • Communicating lifelong, life-wide and life-deep learning to be open to the diverse professional others • Generating, leading and implementing required actions to foster sustainability in their professional and personal life | 1 - Yes |
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| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1, K2, K4, S1, S2, A1 | Review of selected topics, based on class activities, reading, and preparation of responses to set questions. | Test | 10-20% | | 2. | K2, K3, K4, S2, S3, A2, A3, A4 | Group case study and/or essay requiring research and the preparation of calculations and/or written responses. | Oral Presentation and / or Written Research Assignment | 20-40% | | 3. | K1, K2, K3, K4, S1, S3, A1, A2 | Comprehensive review of all topics, based on class activities, reading, and preparation of responses to set questions. | Exam | 50-70% |
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