Queensland University of Technology
Area of Study
Taught In English
PrerequisitesBSB110 or CTB110
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3 - 4
Recommended U.S. Quarter Units4 - 6
Hours & Credits
OverviewSynopsis:Financial Accounting examines the accounting concepts and procedures for the preparation of external financial reports relevant to both partnership and corporate structures within the context of the Australian accounting profession's conceptual framework, the relevant accounting standards, and Corporations Law requirements. Topics include: the formation, operation, and financial reporting requirements for both partnerships and companies; accounting for leases; and the professional role of accountants.Learning OutcomesUpon completion of this unit, you should be able to:
- Identify, analyse and explain specific technical, accounting and legal requirements in financial reporting
- Analyse and synthesise financial data to prepare reports and external financial statements for partnerships; and for companies in accordance with international accounting standards for financial analysis and decision making
- Apply critical thinking and judgement and prepare written reports to analyse and respond to real world accounting issues and social responsibility implications
The generic capabilities this unit develops are:
- Overview - Professional and Regulatory Framework of Financial Accounting; External Financial
- reporting; The Standard - Setting Process Overview.
- Conceptual Framework - Assumptions underlying financial reports; Incentives of Management in
- accounting policy choice; Presentation in financial statements
- Graduate Capabilities - Introduction to Critical Thinking; Written Communication.
- Balance Sheet - Assets; Current and Non Current Assets; Asset valuation; Capitalisation of expenses;
- Asset disposal; Intangible Assets
- Balance Sheet - Liabilities; Current and Non Current Liabilities; Provisions
- Balance Sheet - Leases; Finance and Operating Leases
- Partnerships - legal aspects; Accounting for allocation of profits; Valuation of net assets;
- Admission/retirement of partners; Partnership dissolution; Effect on owners' equity.
- Companies - Shareholders, equity and reserves; Accounting for share issue; Accounting for dividends;
- Reserves; Retained Profits.
- Income Statement - Components of profit; Revenues and Expenses
- Statement of Cash Flows; Cash and cash equivalents; Preparation of cash flow
- statements for partnerships and Companies; Cash Flow ratios; Limitations of cash flows.
AssessmentAssessment name: End of Semester ExaminationDescription: This examination will cover key concepts and techniques covered throughout the semester (weeks one to twelve) and will consist of practical, critical thinking and theoretical questions.Length: 2 hours working plus 10 minutes perusalFormative or Summative: SummativeRelates to objectives: 1, 2 & 3Weight: 55Internal or external: InternalGroup or individual: IndividualDue date: Central Exam PeriodAssessment name: Weekly Tutorial WorkDescription: This assessment consists of two components. The weekly tutorial work includes exam standard questions, which will be collected each week and marked for accuracy at random 3 times during the semester. Each of these submissions is worth a possible 5%. The best 2 of 3 will count towards 10% for this assessment item. Contribution to class discussion on the critical thinking questions will also count towards 10% for this assessment item. The critical thinking answer will follow the AREA framework and must be submitted on one A4 page in a prescribed format. Answers must be typed and be undertaken prior to the tutorial.Formative or Summative: BothRelates to objectives: 1 & 2Weight: 20Internal or external: InternalGroup or individual: IndividualDue date: WeeklyAssessment name: Business ReportDescription: This assignment will require students to research and write a report responding to an accounting situation.Length: 1000 wordsFormative or Summative: BothRelates to objectives: 3Weight: 25Internal or external: InternalGroup or individual: IndividualDue date: Week 7
- Discipline knowledge,
- Synthesis and analysis skills,
- Critical thinking and judgement,
- Written communication, and
- Regulation knowledge and skills.
Courses and course hours of instruction are subject to change.
Eligibility for courses may be subject to a placement exam and/or pre-requisites.
Some courses may require additional fees.
Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.