Financial Reporting
Duration
- One Semester or equivalent
Contact hours
- 36
On-campus unit delivery combines face-to-face and digital learning.
Prerequisites
Before enrolling in this unit you must be enrolled in this subject with CPA Australia as part of their CPA Program.
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Aims and objectives
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, general skills outcomes and content.
Teaching methods
Face to Face Mode:
Student workload:
This includes all:
• Scheduled teaching and learning events and activities (contact hours timetabled in a face-to-face teaching space) and scheduled online learning events (contact hours scheduled in an online teaching space), and
To be successful, students should:
• Read all prescribed materials and/or view videos in preparation for each class
• Attend and engage in all scheduled classes (face to face or online)
• Start assessment tasks well ahead of the due date, and submit assessments promptly
• Read / listen to all feedback carefully, and consider it for future assessment
• Engage with fellow students and teaching staff (don’t hesitate to ask questions)
Scheduled hours: Class (12 x 3 hours)
For all teaching and learning structures (both face to face and online), students are expected to spend an average of 150 hours per unit in total over the duration of the study period
• Scheduled teaching and learning events and activities (contact hours timetabled in a face-to-face teaching space) and scheduled online learning events (contact hours scheduled in an online teaching space), and
• Non-scheduled learning events and activities (including directed online learning activities, assessments, independent study, student group meetings, and research)
• Read all prescribed materials and/or view videos in preparation for each class
• Attend and engage in all scheduled classes (face to face or online)
• Start assessment tasks well ahead of the due date, and submit assessments promptly
• Read / listen to all feedback carefully, and consider it for future assessment
• Engage with fellow students and teaching staff (don’t hesitate to ask questions)
Assessment
Class Test (Individual) 20-30%
Assignment (Group) 30 - 50%
Assignment (Group) 30 - 50%
Other (Examination scheduled by CPA Australia) (Individual) 30 - 40%
Please 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.
General skills outcomes
During this unit students will receive feedback on the following key generic skills:
- Teamwork skills
- Analysis skills
- Problem solving skills
- Communications skills
- Ability to tackle unfamiliar problems
- Ability to work independently
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 and references.
Reading materials
Students are advised to check the unit outline in the relevant teaching period for appropriate textbooks and further reading.
References
Swinburne workshop notes, materials and online resources via Canvas and CPA Australia materials including sample exam questions.
Leo, KJ, Knapp, J. McGowan, S. and Sweeting, J. (2018) Company Accounting, 11th Edition, John Wiley & Sons