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ACCT5704 Financial Accounting and Reporting

Credit
6 points
Offering
(see Timetable)
AvailabilityLocationMode
Non-standard teaching periodUWA (Perth)Multi-mode
Non-standard teaching periodUWA (Perth)Face to face
Content
Financial accounting is a pivotal aspect of an accountant's work and is the main reporting mechanism for preparing financial statements for organisations across all sectors of the economy.

This unit includes practical examples and activities that will develop your understanding of the conceptual framework for financial reporting, and enable you to reference Accounting Standards and pronouncements and apply your knowledge to a variety of practical scenarios.
Outcomes
Students are able to (1) learn how to prepare, interpret and analyse financial statements in a diverse range of situations; (2) apply your knowledge of accounting standards to practical situations; and (3) explain a Chartered Accountant's ethical requirements relating to financial reporting.
Assessment
Indicative assessments in this unit are as follows: (1) online assessments and (2) exam. Further information is available in the unit outline.

To pass this unit, a student must: (a) achieve an overall mark of 50 per cent or higher for the unit; and (b) achieve the requisite requirements(s) or a mark of 50 per cent or greater, whichever is higher and specified in the unit outline, for the exam component.

Supplementary assessment is not available in this unit.
Unit Coordinator(s)
Professor Phil Hancock
Unit rules
Prerequisites:
ACCT5432 Introductory Financial Accounting
ECON5541 Economics for Business: Applications and Policy
MGMT5504 Data Analysis and Decision Making
ACCT5511 Intermediate Corporate Financial Accounting
ACCT5531 Financial Accounting: Theory and Practice
FINA5533 Finance Essentials
LAWS5508 Commercial and Company Law
and for students in the Master of Professional Accounting a weighted average mark of 65%
Co-requisites:
Nil
Incompatibility:
Nil
Contact hours
workshops: up to 3 hours per week
Note
Six-month rule
Legislation changes constantly. In the Program modules, you are expected to be up to date with relevant legislation, Standards, cases, rulings, determinations and other guidance as they stand six months before the exam date unless otherwise stated. In some instances the International Accounting Standard may have been updated while the Australian Standard or New Zealand
Standard may not. International Standards can be accessed from the IFRS website (www.ifrs.org), you will need to register to access the content on this website but it is free to do so.

You are always encouraged to be aware of developments in financial reporting. The relevant date for legislation is the date the legislation receives royal assent. The relevant date for Accounting Standards and other material is the issue date. Early adoption of Standards is generally encouraged.
  • The availability of units in Semester 1, 2, etc. was correct at the time of publication but may be subject to change.
  • All students are responsible for identifying when they need assistance to improve their academic learning, research, English language and numeracy skills; seeking out the services and resources available to help them; and applying what they learn. Students are encouraged to register for free online support through GETSmart; to help themselves to the extensive range of resources on UWA's STUDYSmarter website; and to participate in WRITESmart and (ma+hs)Smart drop-ins and workshops.
  • Unit readings, including any essential textbooks, are listed in the unit outline for each unit, one week prior the commencement of study. The unit outline will be available via the LMS and the UWA Handbook one week prior the commencement of study. Reading lists and essential textbooks are subject to change each semester. Information on essential textbooks will also be made available on the Essential Textbooks. This website is updated regularly in the lead up to semester so content may change. It is recommended that students purchase essential textbooks for convenience due to the frequency with which they will be required during the unit. A limited number of textbooks will be made available from the Library in print and will also be made available online wherever possible. Essential textbooks can be purchased from the commercial vendors to secure the best deal. The Student Guild can provide assistance on where to purchase books if required. Books can be purchased second hand at the Guild Secondhand bookshop (second floor, Guild Village), which is located on campus.