Applied Financial Accounting and Reporting

This subject is available as a postgraduate-level subject for students studying the Master of Professional Accounting at ICMS.

Subject Code:

ACC821A

Subject Type:

Core

Subject Level:

800

Credit Points:

4 credit points

Pre-requisite:

ACC621A Financial Accounting Theory and Practice

Subject Rationale:

The subject builds on the Financial Accounting Theory and Practice subject, focusing on advanced accounting topics and the effect on financial reporting and disclosure. The topics will be examined in accordance with the measurement, recognition and disclosure requirements of the general-purpose financial reports, incorporating generally accepted accounting principles (GAAP) and relevant accounting standards.

Students will be given the opportunity to practice reporting on corporate group structures and preparing consolidated financial statements. Key knowledge areas include revenue recognition, accounting for income taxes and foreign currency transactions and accounting for investment in subsidiaries. Students will be required to use ethical and professional judgement to assess complex business scenarios, suggest alternative accounting treatments and make recommendations to key business stakeholders.

Learning Outcomes:

a) Critically assess various business situations and transactions, by identifying issues and providing recommendations using advanced accounting knowledge and ethical professional judgement.

b) Critically evaluate accounting standards and policies on how they apply to complex business transactions, business combinations and the preparation of consolidated financial statements for a group of entities.

c) Employ appropriate accounting standards, when proposing accounting treatment for various financial instruments and foreign currency transactions.

d) Critically analyse consolidated financial statements and effectively communicate the findings to senior business stakeholders with reference to relevant accounting standards.

Assessment Information:

Learning outcomes for this subject are assessed using a range of assessment tasks as described in the table below.