Financial Reporting
Duration
- One Semester or equivalent
Contact hours
- 36 hours face to face + blended
On-campus unit delivery combines face-to-face and digital learning.
Prerequisites
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Before enrolling in this unit you must also be enrolled in the same unit with CPA Australia as part of their CPA Program.
Aims and objectives
This unit develops your ability as an accounting graduate to deepen your financial reporting and business skills that are applicable in an international professional environment. The course is based on International Financial Reporting Standards (IFRSs). You will be able to provide relevant business advice to a range of stakeholders. This course integrates the materials from the CPA Program Professional Level segment titled Financial Disclosure and prepares you for the CPA examination.
Unit Learning Outcomes (ULO)
Students who successfully complete this unit will be able to:
2. Apply IFRSs in the preparation of general purpose financial statements
3. Critically evaluate and explain details relating to general purpose financial statements
4. Communicate proficiently and in professional practice and act as a leader or member of a team
Unit information in detail
- Teaching methods, assessment and content.
Teaching methods
Hawthorn
Type | Hours per week | Number of Weeks | Total |
On Campus Class | 3 | 12 | 36 |
Online Directed Online Activities | 9.5 | 12 | 114 |
TOTAL | 150 hours |
Assessment
Types | Individual/Group Role | Weighting | Unit Learning Outcomes (ULOs) |
Assignment | Group | 20-30% | 2,3,4,5 |
| Assessment (Scheduled by CPA) | Individual | 30-40% | 1,2,3 |
Test | Individual | 30-50% | 1,2,3 |
Note:
This unit is to be undertaken in conjunction with the equivalent CPA unit directly with CPA and incurs an additional fee payable to CPA. Students sit the CPA assessment which is then weighted down to 30-40% of the unit’s assessment. Students may fail the CPA assessment component but still pass the unit with Swinburne.
Content
• Module 2: Presentation of Financial Statements: Accounting policies ; Events after the reporting period; and IAS 1 - disclosures and classification
• Module 3: Revenue received from customers: Provisions, contingent liabilities and contingent assets: Provisions; Specific applications; and Contingent liabilities and contingent assets
• Modue 4: Income Taxes: Income tax fundamentals; Recognition of deferred tax assets and deferred tax liabilities; Assets carried at fair value or revalued amounts; and Financial statement presentation and disclosure
• Module 5: Business Combinations and Group Accounting: Business Combinations; Consolidated financial statements; and Investments in associates
• Module 6: Financial Instruments: Recognition and derecognition of financial assets and financial liabilities; Classification of financial assets and financial liabilities; Measurement; and Hedging accounting
• Modue 7: Impairment of Assets: Impairment of individual assets; Impairment of CGUs; and IAS 36 – Disclosure
Study resources
- Reading materials.
Reading materials
Students are advised to check the unit outline in the relevant teaching period for appropriate textbooks and further reading.