KING S OWN INSTITUTE* Success in Higher Educatin ACC701 FINANCIAL ACCOUNTING T318 - brief All infrmatin cntained within this Subject Outline applies t all students enrlled in the trimester as indicated. 1. General Infrmatin 1.1 Administrative Details Assciated HE Award(s) Duratin Level Subject Crdinatr Graduate Diplma f Business Master f Accunting Master f Prfessinal Accunting 1 trimester Pstgraduate Patricia Vakafua patricia.vakafua@ki.edu.au P: 92833583 (Ext.156) L: Level 1, 545 Kent St. Cnsultatin: via Mdle r by appintment 1.2 Cre/Elective This is a cre subject fr the Master f Accunting and the Master f Prfessinal Accunting and elective subject fr the Graduate Diplma f Business. 1.3 Subject Weighting Indicated belw is the weighting f this subject and the ttal curse pints. Subject Credit Pints Ttal Curse Credit Pints 1.4 Student Wrklad 4 GDBus 32; MAcc 48; MPA 64 Indicated belw is the expected student wrklad per week fr this subject N. Timetabled Hurs/Week* N. Persnal Study Hurs/Week** Ttal Wrklad Hurs/Week*** 4 hurs/week (2 hur Lecture + 2 hur Tutrial) 6 hurs/week 10 hurs/week * Ttal time spent per week at lectures and tutrials ** Ttal time students are expected t spend per week in studying, cmpleting assignments, etc. *** Cmbinatin f timetable hurs and persnal study. 1.5 Mde f Delivery On-campus 1.6 Pre-requisites ACC700 Principles f Accunting 1.7 General Study and Resurce Requirements Students are expected t attend classes with the weekly wrksheets and subject supprt material prvided in Mdle. Students shuld read this material befre cming t class t imprve their ability t participate in the weekly activities. Students will require access t the internet and their KOI email and shuld have basic skills in wrd prcessing sftware such as MS Wrd, spreadsheet sftware such as MS Excel and visual presentatin sftware such as MS PwerPint. Cmputers and WIFI facilities are extensively available fr student use thrughut KOI. Students are encuraged t make use f the campus Library fr reference materials. Resurce requirements specific t this subject: Students shuld have a nn-prgrammable calculatr. Applicatins in smart phnes will nt be sufficient t perfrm the required calculatins in class. ACC701 FINANCIAL ACCOUNTING T318 30/11/2018 11:56 PAGE 1 OF 5
2. Academic Details 2.1 Overview f the Subject This curse intrduces students t special tpics relating t Australian financial reprting with an emphasis n recgnitin and measurement f assets and liabilities. It cmprehensively cvers a number f Australian-Internatinal Financial Reprting Standards relevant t reprting prblems in particular areas (such as cash flws and revenue), and with reference t particular types f assets and liabilities (such as intangible assets, share-based payments, leases and cmplex financial instruments). In additin, the expanded disclsure is reviewed alng with varius prpsals fr strengthening external financial reprting. These standards are issued by the Australian Accunting Standards Bard (AASB). The principal accunting standards t be cvered are: Australian Standard IFRS designatin Subject f standard AASB 2 IFRS 2 Share-based payment AASB 7 IFRS 7 Financial Instruments: Disclsure AASB 9 IFRS 9 Financial Instruments AASB 15 IFRS 15 Revenue AASB 16 IFRS 16 Leases AASB 107 IAS 7 Statement f Cash Flws AASB 119 IAS 19 Emplyee Benefits AASB 132 IAS 32 Financial Instruments: Presentatin AASB 133 IAS 33 Earnings Per Share AASB 136 IAS 36 Impairment f Assets AASB 138 IAS 38 Intangible Assets 2.2 Graduate attributes fr pstgraduate curses Graduates f Pstgraduate curses frm King s Own Institute will gain the graduate attributes expected frm successful cmpletin f a Master s degree under the Australian Qualificatins Framewrk (2 nd editin, January 2013). Graduates at this level will be able t apply an advanced bdy f knwledge in a range f cntexts fr prfessinal practice r schlarship and as a pathway fr further learning. King s Own Institute s key generic graduate attributes fr a master s level degree are summarised belw: KOI Master s Degree Graduate Attributes Knwledge Critical Thinking Cmmunicatin Research and infrmatin Literacy Creative prblem Slving Skills Ethical and Cultural Sensitivity Leadership and Strategy Prfessinal Skills Detailed Descriptin Current, cmprehensive and cherent knwledge, including recent develpments and applied research methds Critical thinking skills t identify and analyse current theries and develpments and emerging trends in prfessinal practice Cmmunicatin and technical skills t analyse and therise, cntribute t prfessinal practice r schlarship, and present ideas t a variety f audiences Cgnitive and technical skills t access and evaluate infrmatin resurces, justify research appraches and interpret theretical prpsitins Cgnitive, technical and creative skills t investigate, analyse and synthesise cmplex infrmatin, cncepts and theries, slve cmplex prblems and apply established theries t situatins in prfessinal practice Appreciatin and accuntability fr ethical principles, cultural sensitivity and scial respnsibility, bth persnally and prfessinally Initiative, leadership skills and ability t wrk prfessinally and cllabratively t achieve team bjectives acrss a range f team rles Expertise in strategic thinking, develping and implementing business plans and decisin making under uncertainty High level persnal autnmy, judgement, decisin-making and accuntability required t begin prfessinal practice ACC701 FINANCIAL ACCOUNTING T318 30/11/2018 11:56 PAGE 2 OF 5
Acrss the curse, these skills are develped prgressively at three levels: Level 1 Fundatin Students learn the skills, theries and techniques f the subject and apply them in stand-alne cntexts Level 2 Intermediate Students further develp skills, theries and techniques f the subject and apply them in mre cmplex cntexts, beginning t integrate the applicatin with ther subjects. Level 3 Advanced Students have a demnstrated ability t plan, research and apply the skills, theries and techniques f the subject in cmplex situatins, integrating the subject cntent with a range f ther subject disciplines within the cntext f the curse. 2.3 Subject Learning Outcmes Listed belw, are key knwledge and skills students are expected t attain by successfully cmpleting this subject: Subject Learning Outcmes Cntributin t Curse Graduate Attributes a) Explain and apply the cncepts and regulatins relating t financial accunting in accunting settings b) Articulate measurement issues related t the cvered tpics; and lcate and implement the disclsure requirements related t the cvered tpics. c) Identify and slve financial accunting prblems by applying analytical and prblem slving techniques d) Demnstrate technical cmpetence in the relevant cmplex areas f accunting where measurement and recgnitin judgements need t be made. 2.4 Subject Cntent and Structure Belw are details f the subject cntent and hw it is structured, including specific tpics cvered in lectures and tutrials. Reading refers t the text unless therwise indicated. Weekly Planner: Week (beginning) 1 05 Nv 2 12 Nv 3 19 Nv 4 26 Nv 5 03 Dec 6 10 Dec 7 17 Dec 23 Dec 2018 06 Jan 2019 Tpic Cvered in Each Week s Lecture Reading(s) Expected Wrk Accunting regulatin and the cnceptual framewrk Statement f cash flws Revenue Intangible assets Emplyee benefits Mid-trimester test Share-based payment Mid Trimester Break Ch. 1 Ch. 17 AASB 107 Ch. 15 AASB 15 Ch. 6 AAS8 138 Ch. 9 AASB 119 Ch14 AASB 2 as listed in Mdle Assignment review Mid-trimester exams ACC701 FINANCIAL ACCOUNTING T318 30/11/2018 11:56 PAGE 3 OF 5
8 07 Jan Leases 9 19 Jan 10 21 Jan 11 28 Jan Financial instruments Part I Financial instruments Part II Earnings per share 12 04 Feb Revisin lecture 13 11 Feb Study Review Week 14 18 Feb Final Exam Week 15 Student Vacatin begins 25 Feb Enrlments fr T119 pen 16 Results Released 05 Mar 2019 04 Mar Certificatin f Grades 08 Mar 2019 T119 begins 11 Mar 2019 Ch. 10 AASB 16 Ch. 11 (pp. 401-415) AASB 7, 9, 132 Ch. 11 (pp. 416-454) AASB 7, 9, 132 Ch. 19 AASB 133 Case Study due Deferred Mid Trimester Exams - see Sectin 2.6 belw fr mre infrmatin Revisin exercises Please see exam timetable fr exam date, time and lcatin 1 11 Mar Week 1 f classes fr T119 Friday 08 Mar 2019 Review f Grade Day fr T318 see Sectins 2.6 and 3.6 belw fr mre infrmatin. 2.7 Teaching Methds/Strategies Briefly described belw are the teaching methds/strategies used in this subject: On-campus lectures (2 hurs/week) are cnducted in seminar style and address the subject cntent, prvide mtivatin and cntext and draw n the students experience and preparatry reading. Tutrials (2 hurs/week) include class discussin f case studies and research papers, practice sets and prblem-slving and syndicate wrk n grup prjects. Tutrial participatin is an essential cmpnent f the subject and cntributes t the develpment f graduate attributes (see sectin 2.2 abve). It is intended that specific tutrial material such as case studies, recmmended readings, review questins etc. will be made available each week in Mdle. Online teaching resurces include class materials, readings, mdel answers t assignments and exercises and discussin bards. All nline materials fr this subject as prvided by KOI will be fund in the Mdle page fr this subject. Students shuld access Mdle regularly as material may be updated at any time during the trimester Other cntact - academic staff may als cntact students either via Mdle messaging, r via email t the email address prvided t KOI n enrlment. ACC701 FINANCIAL ACCOUNTING T318 30/11/2018 11:56 PAGE 4 OF 5
2.8 Student Assessment Prvided belw is a schedule f frmal assessment tasks and majr examinatins fr the subject. Assessment Type When Assessed Weighting Learning Outcmes Assessed Mid trimester test Week 6 20% a, b, c, d, Case study Week 9 30% c, d Final examinatin (3 hurs) Final Exam Week 50% a, b, c, d, Requirements t Pass the Subject: T gain a pass r better in this subject, students must gain a minimum f 50% f the ttal available subject marks. 2.9 Prescribed and Recmmended Readings Prescribed Text: Lftus, J, Luke, B, Le, KJ, Bys, N, Daniliuc, S, Hng, A, & Byrnes, K 2018, Financial Reprting, 2 nd ed., Wiley, Melburne. PrQuest Ebk Central. ACC701 FINANCIAL ACCOUNTING T318 30/11/2018 11:56 PAGE 5 OF 5