BFA301 Unit Outline Sem2 2014
BFA301 Unit Outline Sem2 2014
Semester 2, 2014
Taught by:
Contents
Email: [email protected]
Campus: Launceston/Hobart
Email: [email protected]
Unit Description
This unit expands the skill, knowledge and understanding students have gained in BFA201 Financial
Accounting. The unit embraces the theory and practice of financial accounting in relation to
corporations and extends students' skills, knowledge and understanding into areas such as
accounting for group structures, consolidation, segment reporting, accounting for equity
investments, joint ventures, and accounting for foreign exchange transactions. As with previous
study of financial accounting, this unit continues with an examination of accounting standards and
their application. The consideration of the issues and techniques in this unit will enhance the skills
students will need to perform effectively in the workplace as a financial accountant. Advanced
Financial Accounting is particularly concerned with the provision of relevant and reliable information
to the firm's stakeholders. It is a compulsory unit in the accounting major.
any extra assistance will be provided by the teaching team in respect of work covered in the
period prior to enrolment; and
penalties will not be applied for late submission of any piece or pieces of assessment that were
due during this period.
INTENDED LEARNING OUTCOMES ASSESSMENT DISCIPLINE LEARNING OUTCOMES GRADUATE ATTRIBUTE OUTCOMES
METHODS
In this unit you will learn: In assessing this unit I will be looking at
your ability to:
Learning Outcome 1 Identify the appropriate AASB or other Test, Assignment Graduates of a Bachelor Degree will be The assessments and teaching activities in this unit
Interpret and apply appropriate pronouncement to apply in a given situation and Examination able to contribute to their profession have been designed to develop the following
International Financial Reporting and to society within a culture of graduate attributes in students.
Interpret correctly the appropriate AASB or other independent lifelong learning.
Standards (IFRS) for the preparation of pronouncement Knowledge – Reasonably detailed knowledge of:
financial reports for complex reporting
Correctly apply the appropriate AASB or other Judgement Accounting concepts, techniques and processes
entities
pronouncement Exercise judgement, with guidance, The legal, regulatory and conceptual framework
to solve routine problems within a as they relate to accounting and business
Where judgement is required in the application business context using a socially practice from both the Australian and
of a particular AASB or other pronouncement, responsible and global orientation. international context
use appropriate concepts and principles to make Problem Solving - The ability to:
an informed professional and ethical judgement Knowledge
Integrate theoretical and technical Apply logical thinking to a range or business
Learning Outcome 2 Perform appropriate calculations Test, Assignment knowledge in accounting and related problems
Prepare and record data for the Assemble appropriate data and Examination accountability. Locate, analyse, evaluate and use information
preparation of general purpose Prepare appropriate working papers effectively and in a timely manner.
Prepare appropriate journal entries Application Skills
financial reports for complex reporting Critically apply theoretical and Communication – The ability to clearly and
entities technical knowledge to solve accurately communicate:
routine accounting and related Written information, considering audience
Learning Outcome 3 Prepare a statement of comprehensive income Test, Assignment problems. needs and appropriate real life situations;
Apply a reporting framework and Prepare a statement of changes in equity and Examination Oral communication skills that enable positive
Prepare a statement of financial position Communication and Teamwork participation in discussions.
prepare general purpose financial
Prepare a statement of cash flows; and prepare Justify and communicate accounting
reports for complex reporting entities Social Responsibility - The ability to determine and
appropriate notes to the financial statements advice and ideas in straightforward
apply an ethical framework to simulated accounting
collaborative contexts involving
tasks for situations involving both Australian and
both accountants and non-
international contexts
accountants in a clear and
Learning Outcome 4 Prepare accurate and well expressed answers to Assignment and independent manner. An awareness and understanding of the social
Communicate effectively and co- written questions Examination responsibilities of accounting and governance
Prepare data, working papers, worksheets, Self-Management practices and the ability to make decisions that
operate with others in a professional
financial statements, and notes in co-operation Reflect on performance feedback to consider sustainability from both the Australian and
manner
with others in tutorials and other forums identify and act upon learning international context
Contribute actively to professional discussions in opportunities and self-
tutorials and other forums improvements. Global Perspective - An awareness of the global
business environment and the ability to evaluate
and incorporate its influence in accounting
practices.
BFA301, Advanced Financial Accounting 6
These are some of the expectations we have of you as a student enrolled in this unit:
It is expected that you actively engage in all scheduled learning activities (lectures and tutorials),
diligently complete independent learning activities, and adequately prepare and revise for the
assignment, test and final examination. The unit will be presented in a face to face format over a
13 week period. There will be a 1 hour 50 minute lecture and a 50 minute tutorial. Students will be
allocated to a tutorial group. It is expected that students will make the necessary time available to
attend these sessions and to prepare adequately.
As indicated, you will need to allocate additional time for independent study. The following table
shows indicative time that you will need to allocate to the study of this unit per week over the 13
week semester:
It is very important for your learning that you attend every scheduled lecture and tutorial. If you
miss any scheduled session, it is your responsibility to obtain any information that you have missed.
Announcements made in lectures, lecture materials, tutorial discussion questions and problems, and
solutions to tutorial problems will be available through the unit's MyLO site.
The University is committed to providing a safe and secure teaching and learning environment. In
addition to specific requirements of this unit you should refer to the University’s policy at:
www.utas.edu.au/work-health-safety.
BFA301, Advanced Financial Accounting 7
Learning Resources
Prescribed Text
A prescribed text is a resource that you must have access to for the purposes of studying this unit.
Deegan, C. 2012, Australian Financial Accounting 7th edn, McGraw-Hill Book Company, North Ryde.
Chartered Accountants Financial Reporting Handbook 2014, ICAA (and Wiley E-text Registration Card
set).
Access to the MyLO online learning environment unit is required for this unit. The unit has its own
MyLO site.
While on campus, you can access the University network and MyLO via a laptop computer or other
mobile device. See: http://uconnect.utas.edu.au/uana.htm
MyLO can be accessed via Library computers and in computer labs on campus. See:
http://www.utas.edu.au/it/computing-distributed-systems/computer-labs-facilities-and-locations
For further technical information and help, contact the UTAS Service Desk on 6226 1818 or at
http://www.utas.edu.au/service-desk during business hours.
When you login to MyLO, you will see a unit called Getting Started with MyLO. Enter the unit to
learn more about MyLO and to practise using its features.
BFA301, Advanced Financial Accounting 8
MyLO Expectations
1. Students are expected to maintain the highest standards of conduct across all modes of
communication, either with staff or with other students. Penalties may be imposed if the Unit
Coordinator believes that, in any instance or mode of communication, your language or
content is inappropriate or offensive. MyLO is a public forum. Due levels of respect,
professionalism and high ethical standards are expected of students at all times.
2. Submission of assessment tasks via MyLO presumes that students have read, understood and
abide by the requirements relating to academic conduct, and in particular, those requirements
relating to plagiarism. All work submitted electronically is presumed to be “signed-off” by the
student submitting as their own work. Any breach of this requirement will lead to student
misconduct processes.
3. MyLO is an Internet service for teaching and learning provided by the University. It is
expected that you check your units in MyLO for updates at least once a day.
IMPORTANT!: Before you are provided with access to your unit’s MyLO resources, you must
complete the Student Agreement form. To do this:
OR
3. Once you have opened the Begin Here folder, click on the Student Agreement file.
OR
4. Read the terms, then check the I agree box. You should now be able to access all available
unit content on MyLO. You only need to do this once in each MyLO unit.
BFA301, Advanced Financial Accounting 9
Lectures
Lectures will be used to introduce the various topics that we will cover in the unit. The Unit Schedule
section of this Unit Outline gives you the weekly program of lecture topics. Lecture slides and case
study examples will be available each week for you to print out from MyLO. That said, most of the
case studies will use Excel templates, so an alternative to printing would be to download the files
and bring your laptop or tablet device to lectures.
It would be a good idea for you to read through the slides before each lecture. By having these
materials with you, you will reduce the amount of writing that you need to do in lectures. The slides
are not a substitute for the notes you will need to take when reading from the text. They are only a
brief outline of each topic but they will provide a structure for discussion in the lecture each week.
Note that important information not contained in the lecture slides will also be provided in lectures.
For example, lectures later in the semester will be used to explain arrangements for tests, the
financial statements case study and the final examination. Notice of these arrangements will also be
provided on MyLO at the end of the relevant week.
Tutorials
Tutorials start in week 2. You will be advised how to sign up for a tutorial in your first lecture and on
MyLO.
In the tutorial, your tutor will guide you through one or two case studies each week. These case
studies will be based on the previous week's lecture topic (they are a separate from the independent
study tasks explained below) and will be placed on MyLO at the beginning of each week. It is
important to realise that financial accounting techniques will be practiced and reinforced in the
tutorials. It is expected that you will have completed the required reading and independent study
tasks prior to attending the tutorial for that topic. This will be necessary so that you can work
efficiently with your tutor to complete the tutorial case studies. Your tutor will also review any
difficulties that you have had in completing the independent study tasks.
Online Activities
Independent Study TasksConsistent with the unit objective of encouraging you to study
independently, having attended a lecture, you will then undertake tasks related to the topic for that
week. This will involve you doing the following: ·
BFA301, Advanced Financial Accounting 10
Preparing answers to review and examination style questions from the text, and in some cases
to special case studies, then comparing (and self-correcting) your answers to the ones that are
provided for you. This will benefit you through developing your understanding of the topic and
providing the basis for the completion of tutorial work and group discussion.·
Reading from the text book and accounting standards where indicated (for the following week)·
Completing self review quizzes placed on MyLO
A schedule of these independent study tasks will be placed on the unit's MyLO site in the first week
of the semester.
You will find the suggested solutions to independent study tasks on the unit's MyLO site after
anticipated completion dates (i.e. generally at the end of the relevant week of study). You should
check your answers with those provided, and mark the corrections on your answers. If you have any
questions (i.e. your answer is different to the solution supplied and you cannot understand) you
should discuss this with your lecturer or tutor.
WHEN YOU HAVE AN ISSUE THAT WILL IMPACT ON YOUR STUDIES OR SUBMISSION OF AN
ASSESSMENT TASK:
If you have a personal question related to your studies or your grades, please contact us by email.
*IMPORTANT* Please email us when you have a question or issue of a personal nature, for example,
you have a family issue that is affecting your studies. For general questions about the unit, please
add them to the Q&A forum on our unit’s MyLO site. This way, other students can also benefit from
the answers.We receive a lot of emails. Be realistic about how long it might take for us to respond.
Allow us at least two (2) business days to reply. Staff are not required to respond to emails in which
students do not directly identify themselves, emails which are threatening or offensive, or emails
that come from external (non-UTAS) email accounts.
When you write an email, include the following information. This helps the teacher determine who
you are and which unit you are talking about
Family name;
Preferred name;
Student ID;
Unit code (i.e. BFA301)
Questions
If your question is about an assessment task, please include the assessment task number or name.
Assessment
Assessment Schedule
In order to pass this unit you must achieve an overall mark of at least 0.5 of the total available marks.
Details of each assessment item are outlined below.
Task Description: This will be a case study style assignment that will require you to work
individually to prepare consolidated financial statements and some of the
notes to the financial statements for a group of companies. The assignment
will be submitted in two parts (see below for submission dates). A detailed
case study brief will be provided at the end of week 4, which will specify the
requirements for the assignment.
Task Length 55 Minutes
Assessment Criteria: 1. Identify, interpret and apply the appropriate AASBs and other
pronouncements in a given situation;
2. Assemble appropriate data, perform appropriate calculations and prepare
appropriate working papers and journal entries.
3. Prepare appropriate financial statements and notes to the financial
statements.
4. Communicate financial information.
Link to Unit’s Learning Outcome 1, 2, 3, 4.
Learning Outcomes:
Due Date: Part A - Friday 12 September 2014 at 2.00 pm and Part B Friday 3 October
2014 at 2.00 pm.
Value: 20%
Assessment Criteria: 1. Identify, interpret and apply the appropriate AASBs and other
pronouncements in a given situation;
2. Assemble appropriate data, perform appropriate calculations and prepare
appropriate working papers and journal entries.
3. Prepare appropriate financial statements and notes to the financial
statements.
Link to Unit’s Learning Outcome 1, 2, 3.
Learning Outcomes:
Due Date: First hour of Week 6 Lecture (Week beginning 18 August 2014).
Value: 20%
BFA301, Advanced Financial Accounting 13
Task Description: The exam will enable you to demonstrate breadth and depth of understanding
across all the course material. All topics are examinable. Further information
about the structure of the examination will be given in the last lecture of the
semester. The final exam is conducted by the University Registrar in the formal
examination period.
Assessment Criteria: 1. Identify, interpret and apply the appropriate AASBs and other pronouncements
in a given situation;
2. Assemble appropriate data, perform appropriate calculations and prepare
appropriate working papers and journal entries.
3. Prepare appropriate financial statements and notes to the financial statements.
4. Communicate financial information.
Due Date: Held in the formal examination period at the end of semester.
Value: 60%
Your final examination for this unit will be held during the scheduled examination period as
indicated by Student Administration in correspondence to you.
Examinations will normally be scheduled Monday to Saturday inclusive. Examinations may be held
during the day or evening and students should consult the university information which will be made
available towards the end of semester.
You are advised to make any necessary arrangements with employers now for time off during the
examination period to sit this examination. Your participation at the scheduled time is not
negotiable unless there are exceptional circumstances. Note that you will be expected to sit the
examination at your recorded study centre. To find out more go to the Exams Office website:
http://www.utas.edu.au/exams/home .
BFA301, Advanced Financial Accounting 14
All assignments must have a TSBE Assignment Cover Sheet, which is available as a blank template
from the TSBE website: [http://www.utas.edu.au/business-and-economics/student-resources]. All
assignments must include your name, student ID number, tutorial day/time, and your tutor’s name.
If this information is missing the assignment will not be accepted and, therefore, will not be
marked.
Please remember that you are responsible for lodging your assessment items on or before the due
date and time. We suggest you keep a copy. Even in ‘perfect’ systems, items sometimes go astray.
Within five (5) days of release of the assessment result a student may request a meeting with the
assessor for the purpose of an informal review of the result (in accordance with Academic
Assessment Rule No. 2 Clause 22 – www.utas.edu.au/university-council/university-
governance/rules). During the meeting, the student should be prepared to discuss specifically the
marks for the section(s) of the marking criteria they are disputing and why they consider their
mark(s) is/are incorrect. The assessor will provide a response to the request for review within five (5)
days of the meeting.
If the student is dissatisfied with the response they may request a formal review of assessment by
the Head of School, with the request being lodged within five (5) days of the informal review being
completed. A Review of Internal Assessment Form must be submitted with the formal review
(http://www.studentcentre.utas.edu.au/examinations_and_results/forms_files/review_of_assessm
ent.pdf).
In units with an invigilated exam students may request a review of their final exam result. You may
request to see your exam script after results have been released by completing the Access to Exam
Script Form, which is available from the TSBE Office, or at the following link –
http://www.utas.edu.au/business-and-economics/student-resources. Your unit coordinator will
then contact you by email within five (5) working days of receipt of this form to go through your
exam script.
Should you require a review of your final result a formal request must be made only after
completing the review of exam script process list above. To comply with UTAS policy, this request
must be made within ten (10) days from the release of the final results (in accordance with
BFA301, Advanced Financial Accounting 16
The TSBE reserves the right to refuse a student request to review final examination scripts should
this process not be followed.
If you do not feel comfortable contacting one of these people, or you have had discussions with
them and are not satisfied, then you are encouraged to contact:
Students are also encouraged to contact their Undergraduate Student Adviser who will be able to
help in identifying the issues that need to be addressed, give general advice, assist by liaising with
academic staff, as well as referring students to any relevant University-wide support services. Please
refer to the Student Adviser listings at www.utas.edu.au/first-year/student-advisers for your
advisers contact details.
There is also a range of University-wide support services available to students, including Student
Centre Administration, Careers and Employment, Disability Services, International and Migrant
Support, and Student Learning and Academic Support. Please refer to the Current Students website
(available from www.utas.edu.au/students) for further information.
If you wish to pursue any matters further then a Student Advocate may be able to assist.
Information about the advocates can be accessed from www.utas.edu.au/governance-legal/student-
complaints.
The University also has formal policies, and you can find out details about these policies from the
following link – www.utas.edu.au/governance-legal/student-complaints/how-to-resolve-a-student-
complaint/self-help-checklist.
BFA301, Advanced Financial Accounting 17
(a) seeks to gain, for themselves or for any other person, any academic advantage or advancement
to which they or that other person are not entitled; or
(b) improperly disadvantages any other student.
Students engaging in any form of academic misconduct may be dealt with under the Ordinance of
Student Discipline. This can include imposition of penalties that range from a deduction/cancellation
of marks to exclusion from a unit or the University. Details of penalties that can be imposed are
available in the Ordinance of Student Discipline – Part 3 Academic Misconduct, see
www.utas.edu.au/universitycouncil/legislation.
Plagiarism is a form of cheating. It is taking and using someone else’s thoughts, writings or
inventions and representing them as your own, for example:
using an author’s words without putting them in quotation marks and citing the source;
using an author’s ideas without proper acknowledgment and citation; or
copying another student’s work.
It also means using ones’ own work from previously submitted assessment items if repeating a unit.
If you have any doubts about how to refer to the work of others in your assignments, please
consult your lecturer or tutor for relevant referencing guidelines, and the academic integrity
resources on the web at http://www.academicintegrity.utas.edu.au/ The intentional copying of
someone else’s work as one’s own is a serious offence punishable by penalties that may range from
a fine or deduction/cancellation of marks and, in the most serious of cases, to exclusion from a unit,
a course, or the University.
The University and any persons authorised by the University may submit your assessable works to
a plagiarism checking service, to obtain a report on possible instances of plagiarism. Assessable
works may also be included in a reference database. It is a condition of this arrangement that the
original author’s permission is required before a work within the database can be viewed.
For further information on this statement and general referencing guidelines, see
www.utas.edu.au/plagiarism/ or follow the link under ‘Policy, Procedures and Feedback’ on the
Current Students homepage.
BFA301, Advanced Financial Accounting 18
Study Schedule
Week Start of Week Topic/s and activities Text Chapter/s Due Dates