Financial Accounting II
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This subject is available under ICMS undergraduate degrees, please click the button below to find an undergraduate course for you.
Subject Code:
ACC203A
Subject Aim:
The aim of this subject is to further develop students’ understanding of financial accounting concepts and skills, including understanding and application of more advanced financial accounting concepts, International Financial Reporting Standards (IFRS) and Australian Accounting Standards, accounting policies and scenarios requiring professional accounting judgement.
Students will learn and apply particular transactions and arrangements, business combinations, international accounting transactions and financial reporting. The subject expands on financial accounting’s theoretical base and provides meaningful, practical applications to real world business scenarios. Students will utilise current industry relevant information technology tools, including the cloud-based Xero accounting software.
Learning Outcomes:
On successful completion of this subject students will be able to:
| No | Subject learning outcome | Assessment task(s) in which this learning outcome is assessed |
| a) | Discuss theoretical principles and regulatory framework underlying accounting practice and financial reporting in Australia. | 2, 3 |
| b) | Apply International Financial Reporting Standard (IFRS) and other relevant standards to recording business transactions and financial statement preparation. | 1, 2 & 3 |
| c) | Discuss the use of accounting policies and professional judgement in preparation of financial statements. | 1, 2 & 3 |
| d) | Prepare, analyse and interpret financial statements and reports incorporating non-financial data and information. | 1, 2 & 3 |
| e) | Discuss the latest domestic and international trends in financial reporting. | 2 |
Assessment Information:
Learning outcomes for this subject are assessed using a range of assessment tasks as described in the table below:
| No | Assessment task | Weighting | Subject learning outcomes to be assessed |
| 1 | Case Study (Individual) – Recording Transactions, Financial Statement Preparation and Analysis using Xero Accounting Software | 25% | b, c, d |
| 2 | Financial Reporting Case Study (Group) | 25% | a, b, c, d, e |
| 3 | Final Exam (Invigilated) | 50% | a, b, c, d |