Financial Reporting

This subject develops the knowledge and skills required to produce basic financial reporting to the level required by Australian Accounting Standards. The financial reporting environment and various regulatory requirements (professional and statutory) governing financial reporting are introduced. This is combined with a theoretical framework that allows critical evaluation of the accounting and reporting practices of reporting entities, and the comparison of alternative accounting methods. Individual topics cover issues such as measuring assets (including intangibles, revaluation and impairment), leases, employee benefits, tax effect accounting, biological assets, cash flow reporting and earnings per share measurement. Extended disclosure (such as corporate social responsibility accounting) and simplified / concise reporting is also considered in the Australian environment.

Awards offering Financial Reporting

This unit is offered as a part of the following awards:

• Associate Degree in Business
• Bachelor of Arts
• Bachelor of Arts and Bachelor of Applied Social Science
• Bachelor of Arts and Bachelor of Business
• Bachelor of Arts and Bachelor of Education (Secondary)
• Bachelor of Business
• Bachelor of Business and Bachelor of Ministry
• Bachelor of Business and Bachelor of Theology
• Diploma of Arts
• Diploma of Business and Diploma of Entrepreneurship
• Diploma of Business and Diploma of Leadership
• Diploma of Business and Diploma of Ministry
• Diploma of Chaplaincy
• Diploma of Chaplaincy and Diploma of Leadership
• Diploma of Entrepreneurship and Diploma of Leadership
• Diploma of Entrepreneurship and Diploma of Ministry
• Undergraduate Certificate in Arts
• Undergraduate Certificate in Business Studies

Unit Content

Outcomes

1. Describe, explain and discuss the regulatory environment for financial reporting in Australia, including the standard setting process, regulatory requirements and the role of the International Accounting Standards Board (‘IASB’);
2. Explain the role and purpose of accounting standards;
3. Apply the main provisions in key Australian Accounting Standards (‘AASBs’);
4. Prepare a set of basic general purpose financial statements with necessary notes;
5. Interpret complex financial statements using disclosed notes to the accounts and AASB standards;
6. Discuss the theoretical principles underlying accounting practice and identify definitional problems, and limitations of reported financial data in respect of complex transactions and events;
7. Identify and critically discuss current national and international developments in financial reporting.

Subject Content

1. Australian Accounting  Environment 
2. Theories of Financial Accounting
3. Accounting for Assets
4. Accounting for Liabilities and equity
5. Leases
6. Employee benefits
7. Accounting for income taxes
8. Issues in performance reporting
9. Other financial reporting issues
10. Accounting for corporate social responsibility.

This course may be offered in the following formats

• Face-to-Face
• Distance / Global Online

Please consult your course prospectus or enquire about how and when this course will be offered next at Alphacrucis University College.

Assessment Methods

• Quizzes/Online Exams (15%)
• Financial Reporting Assignment (25%)
• Exam (60%)

Prescribed Text

Deegan C. (2020). Financial Accounting (9th Ed.). McGraw Hill Education. 

Chartered Accountants Australia and New Zealand (2019), Financial Reporting Handbook 2019 Australia.  John Wiley and Sons, Australia. 

Check with the instructor each semester before purchasing any textbooks