ACCT5942 Corporate Accounting and Regulation - 2019

ACCT5942
Postgraduate
Term 2
6 Units of Credit
On Campus
Accounting
This course outline is for the current semester. To view outlines from other years and/or semesters, visit the archives

1. Course Details

Summary of Course

Note: Not available to students who have completed ACCT2542 in the last three years.

ACCT5942 examines the preparation of external financial reports by corporate groups that are reporting entities in accordance with the Corporation Act, 2001 (Cth). The primary learning objective of the course is to apply the techniques of group accounting including consolidation accounting, equity accounting and the line-by-line method for jointly controlled operations or jointly controlled assets.

Teaching Times and Locations

Please note that teaching times and locations are subject to change. Students are strongly advised to refer to the Class Timetable website for the most up-to-date teaching times and locations.

View course timetable

Course Policies & Support

Course Aims and Relationship to Other Courses

ACCT5942 aims to educate students about generally accepted accounting practice by large companies. Students are expected to develop knowledge of how to prepare external financial reports for corporate groups. This course has three high-level aims.

The first aim is to provide students with the concepts and experiences necessary to understand the preparation and use of external financial reports in future careers whether as financial accountants, company executives, taxation officers, auditors, financial analysts, actuaries, legal advisors or academics.

The second aim is to instill in students a way of thinking and a way of doing corporate accounting, that is, a structured approach to examining accounting requirements and applying those requirements to problem solving. It is expected that students will develop their technical knowledge through course training and individual practice.

The third aim is to challenge students to think critically about corporate financial reporting by fostering an appreciation of both the rationale of financial accounting techniques and the issues that arise in their practical application.

2. Staff Contact Details

Position Title Name Email Location Phone Consultation Times
Lecturer-in-chargeDrSarowar HossainRoom 3083, Quadrangle building - Ref E15
TBA
LecturerProfGary MonroeRoom 3085 Quadrangle building - Ref E15
TBA
LecturerMsHanghang TuRoom 3109, Quadrangle building - Ref E15
TBA

All questions regarding course administration should be directed to the Lecturer-in-charge, Sarowar Hossain.

When sending an email to a staff member please ensure you identify yourself clearly using both your student ID and your full name. Communications that use short hand and “SMS” language are not acceptable. It is important that any email communication is made from your UNSW student account, not from another provider (i.e., Hotmail, Gmail, Yahoo, etc.). Emails from other sources may not be answered.

Any email inquiry that can be answered by reading the course outline or from: https://www.business.unsw.edu.au/degrees-courses/course-outlines/policies will not receive a reply email from staff.

Seminars are the primary forum for student questions but students may also raise questions with teaching staff during their consultation hours or using the course website on Moodle.

Teaching staff prefers not to answer questions about course content through a chain of emails because it is difficult to identify student learning problems by email. Teaching staff will assist you in your learning of the course content in a person to person meeting, if necessary. Consultation times will be available on the Moodle course site under “staff contacts”.

3. Learning and Teaching Activities

Approach to Learning and Teaching in the Course

At university, the focus is on your self-directed search for knowledge. Seminars, assigned questions, reading materials, other resources and exams are provided to help you learn.

It is up to the student to prepare for the seminars. At minimum, preparation for seminar should include a first reading of the assigned reading for the week and completion of the assigned questions to the best of your ability. After seminar it is then up to the student to decide how much work is necessary to study for the exams. A range of questions with solutions are provided to assist the students in their learning outside seminar. The aim is provide you with a flexible but directed learning approach.

Learning Activities and Teaching Strategies

Learning occurs inside the classroom through a weekly three-hour seminar in which there will be a review discussion of key assigned questions and a lecture. Learning occurs outside the classroom through reading of course learning materials, completing assigned questions, preparing for assessments, self-study group meetings, group work and individual consultation with teaching staff or other students.

Inside the Classroom: Seminars

Students are expected to prepare for the seminars by reading the assigned chapters and seminar notes for the week’s topic and completing all assigned questions to the best of their ability. In seminar, students are encouraged to ask informative questions which demonstrate their understanding of the previewed materials.

Most seminars will begin by discussion based on students’ voluntary attempt to work through questions assigned in the previous week. The lecturers will then proceed to the next topic and demonstrate how the techniques of corporate financial reporting are applied.

All seminar notes are available on Moodle but they are not a complete record of seminars. Students should try to review the relevant seminar notes and attempt all the assigned questions before attending the next seminar.

Outside the Classroom: Self Study

Self-study is a key element of the learning design of the course. The benefits of seminars are fully realised when students prepare in advance. The preparation for each should include the following:

  1. A quick first read of the textbook chapters

  2. Review of the lecture powerpoint slides

  3. Review practice set materials available on Moodle

  4. A handwritten attempt at homework questions

There are two learning approaches here.

Firstly, you learn inductively or learn by example when reviewing answers to questions. The observed solution is the starting point to learning inductively. Students may use the solution to establish or deduce what techniques have been followed to generate the answer.

Secondly, you learn deductively when you attempt preparation and homework questions without reference to the answer. In this case, it is necessary to draw on the logic needed or the techniques or processes that are necessary to generate an answer. What are you trying to achieve? What information is needed to produce the answer? What should be done first, second, etc. Learning deductively is very important to your development as an accounting professional because most of the problems encountered in this business do not already have the answers provided. Deductive thinking is important because this is what students have to do in the mid-sem and final exams, i.e. read and interpret questions and use the information provided to prepare written answers.

Making mistakes and getting stuck is a natural part of the learning process in accounting. When you can’t understand a solution, or are unable to complete a question without the solution, timely action is needed to clear the roadblock in your understanding. Consult other students, raise your difficulties during h and, if still unclear, consult teachers during their consultation hours.

Completing some handwritten work throughout the semester without the solution also provides students with timely feedback on their progression with course topics.

Peer Assisted Student Studies (PASS) is available for this course

PASS offers free, weekly, out-of-class study sessions that are drop-in, drop-out to all students enrolled in a ACCT5942. The PASS classes are facilitated by a leader who is a student who has previously studied and successfully completed the course. Attending PASS regularly can help you to: deepen your understanding of the course content; develop skills for independent university study; make friends; and help you feel more confident in your studies. PASS sessions begin in week 3. Timetables for the PASS groups are handed out at lectures in the first two weeks of session and/or are made available on the course Moodle websites. There’s no need to register. You are recommended to attend the same group regularly but there is no obligation. You can even attend more than one PASS group a week for the same course if you like. You can also choose to attend during some weeks but not other weeks. To get the most out of your PASS class you should: (i) be interactive; (ii) come along with questions and raise issues that you are having with the course content.

5. Course Resources

Prescribed Textbook

Print text
Title: Financial Reporting, 2nd Edition

Authors: Loftus, Leo, Daniluc, Boys, Luke, Ang, Byrnes

ISBN: 9780730344551 (ebook)

Publisher: John Wiley & Sons Australia

The textbook is available for purchase from the UNSW Bookshop

Printed copy available on the shelves in the Bookshop –
https://www.bookshop.unsw.edu.au/details.cgi?ITEMNO=9780730344551

Alternatively it can be purchased direct from the publisher:

http://www.wileydirect.com.au/buy/acct5942/

The E-Text version is available from the publisher’s website represents a significant cost saving.
Copies of the textbook are also available in the high use section of the UNSW library

Moodle eLearning Support

A course website will be maintained. You must be enrolled in the course to access the website. The website will contain blogs, media articles, announcements, powerpoints used in lectures, a practice set for each week, and homework solutions for each week. To access the Moodle online support site, follow the links from elearning to UNSW Moodle Support/Support for Students. For additional technical support, email: itservicecentre@unsw.edu.au; Phone: 02-9385-1333.

The course website on Moodle will also include a discussion board that allows students to ask questions about course content.

Useful Internet Websites

  1. (Australian Accounting Standards Board – all the AASB’s current pronouncements can be downloaded from this site along with pending standards based on IASB standards and Exposure Drafts of proposed standards and other documents)
  2. (International Accounting Standards Board – IASB standards can be downloaded from this site)
  3. (IAS Plus is a site providing news and commentary on international accounting standards – service of Deloitte Touche Tohmatsu)
  4. CPA Australia
  5. Australian Stock Exchange
  6. Australian Securities and Investments Commission
  7. Australian corporate annual reports are available from Connect 4 and Datanalysis databases on the UNSW library web site, and also from EquitiesInfo.
  8. www.ey.com/au (provides a model set of financial statements applying AIFRS)
  9. www.kpmg.com.au (provides a model set of financial statements applying AIFRS)
  10. www.pwc.com.au

6. Course Evaluation & Development

Feedback is regularly sought from students and continual improvements are made based on this feedback. At the end of this course, you will be asked to complete the myExperience survey, which provides a key source of student evaluative feedback. Your input into this quality enhancement process is extremely valuable in assisting us to meet the needs of our students and provide an effective and enriching learning experience. The results of all surveys are carefully considered and do lead to action towards enhancing educational quality.

As a result of student feedback, ACCT5942 has been redesigned to include more assessment activities prior to the final exam.

Student feedback is gathered informally through teacher-student interactions during the semester. This feedback is valuable because it enables teachers to respond to student needs during the semester. For example, the lecturer may decide to revisit an issue in lectures that some students have not understood. Your constructive criticism is welcomed and you can direct any feedback outside the myExperience process to the Lecturer-in-charge at s.hossain@unsw.edu.au.

7. Course Schedule

Note: for more information on the UNSW academic calendar and key dates including study period, exam, supplementary exam and result release, please visit: https://student.unsw.edu.au/new-calendar-dates
Week Activity Topic Assessment/Other
Week 1: 3 JuneTopic_01

Nature, regulation and financing of company operations

CHAPTER 1: Accounting regulation and the conceptual framework

CHAPTER 13: Share capital and reserves

No formal assessment

Week 2: 10 JuneTopic_02

Accounting for company income tax

CHAPTER 12: Income taxes

Topic based in-seminar quizzes

Week 3: 17 JuneTopic_03

Fair value, PP&E and Intangible assets

CHAPTER 3: Fair value measurement

CHAPTER 5: Property, plant and equipment

CHAPTER 6: Intangible assets

Topic based in-seminar quizzes

Group Case Study Presentation

Week 4: 24 JuneTopic_04

Business combinations and Impairment of assets

CHAPTER 25: Business combinations

CHAPTER 7: Impairment of assets

First major quiz based on Topic_1 & 2. You must bring your own electronic device (Laptop, IPad, Table etc.). Mobile phone is not compatible for this online based quiz.

Quizzes must be done in class and your registered seminar only. Anyone completes quiz outside the class, marks will be forfeited.

Week 5: 1 JulyTopic_05

Consolidation: controlled entities and wholly owned subsidiaries

CHAPTER 26: Consolidation: controlled entities

CHAPTER 27: Consolidation: wholly owned entities

Topic based in-seminar quizzes

Group Case Study Presentation

Week 6: 8 JulyTopic 6

Consolidation: Intragroup transactions

CHAPTER 28: Consolidation: intragroup transactions

Topic based in-seminar quizzes

Group Case Study Presentation

Week 7: 15 JulyTopic_07

Consolidation: non-controlling interest

CHAPTER 29: Consolidation: non-controlling interest

Topic based in-seminar quizzes

Group Case Study Presentation

Week 8: 22 JulyTopic_08

Consolidation: other issues

CHAPTER 30: Consolidation: other issues

Second major Quiz based on Topic 5 & 6. You must bring your own electronic device (Laptop, IPad, Table etc.). Mobile phone is not compatible for this online based quiz.

Quizzes must be done in class and your registered seminar only. Anyone completes quiz outside the class, marks will be forfeited.

Week 9: 29 JulyTopic_09

Associates and joint ventures and joint arrangements

CHAPTER 31: Associates and joint ventures

CHAPTER 32: Joint arrangements

Topic based in-seminar quizzes

Group Case Study Presentation

Week 10: 5 AugustTopic_10

Translation of financial statements into a presentation currency

CHAPTER 24: Translation of foreign currency financial statements

Topic based in-seminar quizzes

Group Case Study Presentation

8. Policies and Support

Information about UNSW Business School protocols, University policies, student responsibilities and education quality and support.

Program Learning Outcomes

The Business School places knowledge and capabilities at the core of its curriculum via seven Program Learning Outcomes (PLOs). These PLOs are systematically embedded and developed across the duration of all coursework programs in the Business School.

PLOs embody the knowledge, skills and capabilities that are taught, practised and assessed within each Business School program. They articulate what you should know and be able to do upon successful completion of your degree.

Upon graduation, you should have a high level of specialised business knowledge and capacity for responsible business thinking, underpinned by ethical professional practice. You should be able to harness, manage and communicate business information effectively and work collaboratively with others. You should be an experienced problem-solver and critical thinker, with a global perspective, cultural competence and the potential for innovative leadership.

All UNSW programs and courses are designed to assess the attainment of program and/or course level learning outcomes, as required by the UNSW Assessment Design Procedure. It is important that you become familiar with the Business School PLOs, as they constitute the framework which informs and shapes the components and assessments of the courses within your program of study.

PLO 1: Business knowledge

Students will make informed and effective selection and application of knowledge in a discipline or profession, in the contexts of local and global business.

PLO 2: Problem solving

Students will define and address business problems, and propose effective evidence-based solutions, through the application of rigorous analysis and critical thinking.

PLO 3: Business communication

Students will harness, manage and communicate business information effectively using multiple forms of communication across different channels.

PLO 4: Teamwork

Students will interact and collaborate effectively with others to achieve a common business purpose or fulfil a common business project, and reflect critically on the process and the outcomes.

PLO 5: Responsible business practice

Students will develop and be committed to responsible business thinking and approaches, which are underpinned by ethical professional practice and sustainability considerations.

PLO 6: Global and cultural competence

Students will be aware of business systems in the wider world and actively committed to recognise and respect the cultural norms, beliefs and values of others, and will apply this knowledge to interact, communicate and work effectively in diverse environments.

PLO 7: Leadership development

Students will develop the capacity to take initiative, encourage forward thinking and bring about innovation, while effectively influencing others to achieve desired results.

These PLOs relate to undergraduate and postgraduate coursework programs.  Separate PLOs for honours and postgraduate research programs are included under 'Related Documents'.

Business School course outlines provide detailed information for students on how the course learning outcomes, learning activities, and assessment/s contribute to the development of Program Learning Outcomes.

RELATED DOCUMENTS

 

UNSW Graduate Capabilities

The Business School PLOs also incorporate UNSW graduate capabilities, a set of generic abilities and skills that all students are expected to achieve by graduation. These capabilities articulate the University’s institutional values, as well as future employer expectations.

UNSW Graduate CapabilitiesBusiness School PLOs
Scholars capable of independent and collaborative enquiry, rigorous in their analysis, critique and reflection, and able to innovate by applying their knowledge and skills to the solution of novel as well as routine problems.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 7: Leadership development

Entrepreneurial leaders capable of initiating and embracing innovation and change, as well as engaging and enabling others to contribute to change
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 6: Global and cultural competence
  • PLO 7: Leadership development

Professionals capable of ethical, self-directed practice and independent lifelong learning
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 5: Responsible business practice

Global citizens who are culturally adept and capable of respecting diversity and acting in a socially just and responsible way.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 5: Responsible business practice
  • PLO 6: Global and cultural competence

While our programs are designed to provide coverage of all PLOs and graduate capabilities, they also provide you with a great deal of choice and flexibility.  The Business School strongly advises you to choose a range of courses that assist your development against the seven PLOs and four graduate capabilities, and to keep a record of your achievements as part of your portfolio. You can use a portfolio as evidence in employment applications as well as a reference for work or further study. For support with selecting your courses contact the UNSW Business School Student Centre.





Academic Integrity and Plagiarism

Academic Integrity is honest and responsible scholarship. This form of ethical scholarship is highly valued at UNSW. Terms like Academic Integrity, misconduct, referencing, conventions, plagiarism, academic practices, citations and evidence based learning are all considered basic concepts that successful university students understand. Learning how to communicate original ideas, refer sources, work independently, and report results accurately and honestly are skills that you will be able to carry beyond your studies.

The definition of academic misconduct is broad. It covers practices such as cheating, copying and using another person’s work without appropriate acknowledgement. Incidents of academic misconduct may have serious consequences for students.

Plagiarism

UNSW regards plagiarism as a form of academic misconduct. UNSW has very strict rules regarding plagiarism. Plagiarism at UNSW is using the words or ideas of others and passing them off as your own. All Schools in the Business School have a Student Ethics Officer who will investigate incidents of plagiarism and may result in a student’s name being placed on the Plagiarism and Student Misconduct Registers.

Below are examples of plagiarism including self-plagiarism:

Copying: Using the same or very similar words to the original text or idea without acknowledging the source or using quotation marks. This includes copying materials, ideas or concepts from a book, article, report or other written document, presentation, composition, artwork, design, drawing, circuitry, computer program or software, website, internet, other electronic resource, or another person's assignment, without appropriate acknowledgement of authorship.

Inappropriate Paraphrasing: Changing a few words and phrases while mostly retaining the original structure and/or progression of ideas of the original, and information without acknowledgement. This also applies in presentations where someone paraphrases another’s ideas or words without credit and to piecing together quotes and paraphrases into a new whole, without appropriate referencing.

Collusion: Presenting work as independent work when it has been produced in whole or part in collusion with other people. Collusion includes:

  • Students providing their work to another student before the due date, or for the purpose of them plagiarising at any time
  • Paying another person to perform an academic task and passing it off as your own
  • Stealing or acquiring another person’s academic work and copying it
  • Offering to complete another person’s work or seeking payment for completing academic work

Collusion should not be confused with academic collaboration (i.e., shared contribution towards a group task).

Inappropriate Citation: Citing sources which have not been read, without acknowledging the 'secondary' source from which knowledge of them has been obtained.

Self-Plagiarism: ‘Self-plagiarism’ occurs where an author republishes their own previously written work and presents it as new findings without referencing the earlier work, either in its entirety or partially. Self-plagiarism is also referred to as 'recycling', 'duplication', or 'multiple submissions of research findings' without disclosure. In the student context, self-plagiarism includes re-using parts of, or all of, a body of work that has already been submitted for assessment without proper citation.

To see if you understand plagiarism, do this short quiz: https://student.unsw.edu.au/plagiarism-quiz

Cheating

The University also regards cheating as a form of academic misconduct. Cheating is knowingly submitting the work of others as their own and includes contract cheating (work produced by an external agent or third party that is submitted under the pretences of being a student’s original piece of work). Cheating is not acceptable at UNSW.

If you need to revise or clarify any terms associated with academic integrity you should explore the 'Working with Academic Integrity' self-paced lessons available at: https://student.unsw.edu.au/aim.

For UNSW policies, penalties, and information to help you avoid plagiarism see: https://student.unsw.edu.au/plagiarism as well as the guidelines in the online ELISE tutorials for all new UNSW students: http://subjectguides.library.unsw.edu.au/elise. For information on student conduct see: https://student.unsw.edu.au/conduct.

For information on how to acknowledge your sources and reference correctly, see: https://student.unsw.edu.au/referencing. If you are unsure what referencing style to use in this course, you should ask the lecturer in charge.



Student Responsibilities and Conduct

Students are expected to be familiar with and adhere to university policies in relation to class attendance and general conduct and behaviour, including maintaining a safe, respectful environment; and to understand their obligations in relation to workload, assessment and keeping informed.

Information and policies on these topics can be found on the 'Managing your Program' website.

Workload

It is expected that you will spend at least ten to twelve hours per week studying for a course except for Summer Term courses which have a minimum weekly workload of twenty to twenty four hours. This time should be made up of reading, research, working on exercises and problems, online activities and attending classes. In periods where you need to complete assignments or prepare for examinations, the workload may be greater. Over-commitment has been a cause of failure for many students. You should take the required workload into account when planning how to balance study with employment and other activities.

We strongly encourage you to connect with your Moodle course websites in the first week of semester. Local and international research indicates that students who engage early and often with their course website are more likely to pass their course.

View more information on expected workload

Attendance

Your regular and punctual attendance at lectures and seminars or in online learning activities is expected in this course. The Business School reserves the right to refuse final assessment to those students who attend less than 80% of scheduled classes where attendance and participation is required as part of the learning process (e.g., tutorials, flipped classroom sessions, seminars, labs, etc.).

View more information on attendance

General Conduct and Behaviour

You are expected to conduct yourself with consideration and respect for the needs of your fellow students and teaching staff. Conduct which unduly disrupts or interferes with a class, such as ringing or talking on mobile phones, is not acceptable and students may be asked to leave the class.

View more information on student conduct

Health and Safety

UNSW Policy requires each person to work safely and responsibly, in order to avoid personal injury and to protect the safety of others.

View more information on Health and Safety

Keeping Informed

You should take note of all announcements made in lectures, tutorials or on the course web site. From time to time, the University will send important announcements to your university e-mail address without providing you with a paper copy. You will be deemed to have received this information. It is also your responsibility to keep the University informed of all changes to your contact details.




Student Support and Resources

The University and the Business School provide a wide range of support services and resources for students, including:

Business School EQS Consultation Program
The Consultation Program offers academic writing, literacy and numeracy consultations, study skills, exam preparation for Business students. Services include workshops, online resources, individual and group consultations.
Level 1, Room 1035, Quadrangle Building.
BUS.EQS.Consultations@unsw.edu.au
02 9385 4508

Communication Resources
The Business School Communication and Academic Support programs provide online modules, communication workshops and additional online resources to assist you in developing your academic writing.

Business School Student Centre
The Business School Student Centre provides advice and direction on all aspects of admission, enrolment and graduation.
Level 1, Room 1028 in the Quadrangle Building
02 9385 3189

UNSW Learning Centre
The UNSW Learning Centre provides academic skills support services, including workshops and resources, for all UNSW students. See their website for details.
Lower Ground Floor, North Wing Chancellery Building.
learningcentre@unsw.edu.au
02 9385 2060

Educational Support Service
Educational Support Advisors work with all students to promote the development of skills needed to succeed at university, whilst also providing personal support throughout the process. Check their website to request an appointment or to register in the Academic Success Program.
John Goodsell Building, Ground Floor.
advisors@unsw.edu.au
02 9385 4734

Library services and facilities for students
The UNSW Library offers a range of collections, services and facilities both on-campus and online.
Main Library, F21.
02 9385 2650

Moodle eLearning Support
Moodle is the University’s learning management system. You should ensure that you log into Moodle regularly.
externalteltsupport@unsw.edu.au
02 9385 3331

UNSW IT
UNSW IT provides support and services for students such as password access, email services, wireless services and technical support.
UNSW Library Annexe (Ground floor).
itservicecentre@unsw.edu.au
02 9385 1333

Disability Support Services
UNSW Disability Support Services provides assistance to students who are trying to manage the demands of university as well as a health condition, learning disability or who have personal circumstances that are having an impact on their studies. Disability Advisers can arrange to put in place services and educational adjustments to make things more manageable so that students are able to complete their course requirements. To receive educational adjustments for disability support, students must first register with Disability Services.
Ground Floor, John Goodsell Building.
disabilities@unsw.edu.au
02 9385 4734

UNSW Counselling and Psychological Services
Provides support and services if you need help with your personal life, getting your academic life back on track or just want to know how to stay safe, including free, confidential counselling.
Level 2, East Wing, Quadrangle Building.
counselling@unsw.edu.au
02 9385 5418


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