UWA Handbook 2024

Unit Overview

Description

In Financial Accounting and Reporting, students apply International Financial Reporting Standards (IFRS) or local equivalents, and regulatory and ethical requirements to account for and report on a diverse range of business transactions and events.

The unit will advance students' technical knowledge of financial accounting and reporting and develop broader professional and business skills in problem solving, critical thinking, research, evaluation and communication.

Through practical case studies and scenarios, students are required to apply the accounting standards and use professional judgement to determine the appropriate accounting treatment of transactions and events, identify the impacts of those transactions and events on financial statements, and prepare financial statements and related note disclosures. As part of these practical cases studies and scenarios students will be required to identify appropriate courses of action for complex ethical dilemmas within a financial reporting context. Students will also be required to keep abreast of new accounting standards as well as revisions and amendments to existing standards, evaluating these changes and their implications to provide clear, concise and relevant advice.

Credit

6 points

Offering
(see Timetable)

Availability	Location	Mode
Non-standard teaching period	UWA (Perth)	Face to face
Non-standard teaching period	UWA (Perth)	Face to face
Non-standard teaching period	UWA (Perth)	Face to face

Outcomes

Students are able to (1) apply technical knowledge to account for complex transactions and events; (2) prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable legislation; (3) evaluate future changes that impact the financial reporting environment; and (4) evaluate and respond appropriately to complex ethical issues in the context of 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.

This unit is assessed on an ungraded pass/ungraded failed basis. All assessment items must be successfully completed.

Student may be offered supplementary assessment in this unit if they meet the eligibility criteria.

Unit Coordinator(s)

Dr Glen Hutchings

Unit rules

Prerequisites

ACCT5432 Introductory Financial Accounting (ID 2664)
and MGMT5504 Data Analysis and Decision Making (ID 3513)
and ECON5541 Economics for Business: Applications and Policy (ID 5315)
and LAWS5508 Commercial and Company Law (ID 3360)
and FINA5533 Finance Essentials (ID 6240)
and ACCT5511 Intermediate Corporate Financial Accounting (ID 2666)
and ACCT5531 Financial Accounting: Theory and Practice (ID 2669)
and ACCT5633 Accounting for Planning and Control (ID 2672) and for students in the Master of Professional Accounting a weighted average mark of 65%

Co-requisites

Enrolment in

ACCT5706 Ethics, Risk and Technology

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.