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MACC7001 Financial Accounting Foundation

The MACC7001 Financial Accounting Foundation course provides students with essential knowledge in preparing and interpreting financial statements, focusing on single-company financial reporting. It aims to develop skills in decision-making, ethical awareness, and global outlook in accounting, while enhancing leadership and communication abilities through teamwork. The course includes interactive lectures, assignments, and assessments such as exams, with a detailed grading rubric for evaluating student performance.

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3 views

MACC7001 Financial Accounting Foundation

The MACC7001 Financial Accounting Foundation course provides students with essential knowledge in preparing and interpreting financial statements, focusing on single-company financial reporting. It aims to develop skills in decision-making, ethical awareness, and global outlook in accounting, while enhancing leadership and communication abilities through teamwork. The course includes interactive lectures, assignments, and assessments such as exams, with a detailed grading rubric for evaluating student performance.

Uploaded by

15306295989
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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MACC7001 Financial Accounting Foundation

Last updated on May 31, 2021

FACULTY OF BUSINESS AND


ECONOMICS

MACC7001 Financial Accounting Foundation

COURSE DESCRIPTION

This course aims to equip students with the fundamental knowledge in the preparation, presentation, interpretation and use of
financial statements. It reviews the conceptual framework underlying financial reporting by business enterprises and focuses on the
detailed recording and reporting of the basic items in the financial statements. This course provides students with a solid foundation
of single-company financial reporting and prepares them for more advanced accounting courses.

COURSE OBJECTIVES

To equip students with basic knowledge and skills of single-company financial reporting, including recording business
transactions, explaining and applying the accounting treatment for basic business transactions;

To develop students’ ability to use financial accounting information in different decision-making scenarios;

To develop students’ awareness of ethical issues in financial reporting;

To provide students with a global outlook in the accounting profession; and

To develop students' leadership skills and communications skills through team work.

PROGRAMME LEARNING OUTCOMES

PLO1: Acquiring and internalizing accounting and business knowledge and skills

PLO2: Applying and integrating accounting and business knowledge

PLO3: Inculcating professionalism and leadership

PLO4: Developing a global outlook

PLO5: Mastering communication skills

COURSE LEARNING OUTCOMES


Course Learning Outcomes Aligned Programme Learning
Outcomes
CLO1: Acquisition and internalization of knowledge of single-company financial reporting PLO1

CLO2: Application and integration of financial accounting information in different decision- PLO2
making scenarios
CLO3: Identification of ethical issues in financial reporting PLO3

CLO4: Development of global outlook in the accounting profession PLO4

CLO5: Development of leadership skills and communications skills through team work PLO3, 5

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MACC7001 Financial Accounting Foundation
Last updated on May 31, 2021

COURSE TEACHING AND LEARNING ACTIVITIES


Course Teaching and Learning Activities Expected Aligned Course
contact hour Learning Outcomes
T&L1. Interactive lectures and tutorials 36 CLOs 1, 2, 3, 4 and 5
T&L2. Assignments and tutorial exercises 36 CLOs 1, 2, 3, 4 and 5
T&L3. Consultations and self-study 48 CLOs 1, 2, 3 and 4
Total 120

COURSE ASSESSMENT METHODS


Assessment Methods Brief Description Weight Aligned Course
(Optional) Learning Outcomes
A1. Individual and group assignments 30% CLOs 1, 2, 3, 4 and 5

A2. Mid-term exam 20% CLOs 1, 2, 3 and 4

A3. Final exam 50% CLOs 1, 2, 3 and 4

Total 100%

STANDARDS FOR ASSESSMENT


Course Grade Descriptors
A+, A, A- Demonstrated very good understanding of the accounting issues in single-company financial reporting.

Demonstrated very strong ability to apply the accounting theories and concepts into practice.

Demonstrated excellent quantitative analysis skills in different decision-making scenarios.

B+, B, B- Demonstrated good understanding of the accounting issues in single-company financial reporting.

Demonstrated strong ability to apply the accounting theories and concepts into practice.

Demonstrated outstanding quantitative analysis skills in different decision-making scenarios.

C+, C, C- Demonstrated fair understanding of the accounting issues in single-company financial reporting.

Demonstrated average ability to apply the accounting theories and concepts into practice.

Demonstrated average quantitative analysis skills in different decision-making scenarios.

D+, D Demonstrated basic understanding of the accounting issues in single-company financial reporting.

Demonstrated basic ability to apply the accounting theories and concepts into practice.

Demonstrated basic quantitative analysis skills in different decision-making scenarios.

F Demonstrated limited understanding of the accounting issues in single-company financial reporting.

Failed to demonstrate basic ability to apply the accounting theories and concepts into practice.

Failed to demonstrate basic quantitative analysis skills in different decision-making scenarios.

Assessment Rubrics for Each Assessment


A1. Individual and group assignments
A+, A, A- B+, B, B- C+, C, C- D+, D F
Provided solutions with Provided solutions Provided solutions with Provided solutions Provided solutions with
more than 90% with more than 80% more than 70% accuracy. with more than less than 60% accuracy.
accuracy. accuracy. 60% accuracy.

A2. Mid-term exam and A3. Final exam


A+, A, A- B+, B, B- C+, C, C- D+, D F
Provided accurate Provided accurate Provided accurate solutions Provided accurate Skipped some problems
solutions to almost all solutions to most to some calculation solutions to a few or provided inaccurate
calculation problems, calculation problems, problems, gave limited calculation solutions to most
gave detailed and gave detailed responses responses to some problems, gave calculation problems,
insightful responses to to most discussion discussion questions. unclear responses gave poor responses to
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MACC7001 Financial Accounting Foundation
Last updated on May 31, 2021

all discussion questions. to most discussion most discussion


questions. questions. questions.

COURSE CONTENT AND TENTATIVE TEACHING SCHEDULE


1 The Accounting Cycle
The IASB and its Conceptual Framework (Ch. 1)

2 IAS 2 Inventories (Ch. 9)


IAS 16 Property, Plant and Equipment (Ch. 11)

3 IAS 40 Investment Properties (Ch. 11)

4 IAS 38 Intangible Assets (Ch. 13)

5 IAS 36 Impairment of Assets (Ch. 15)

6 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations


IAS 23 Borrowing Costs

7 IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Ch. 5)

8 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (Ch. 16)

9 IAS 10 Events after the Reporting Period (Ch. 16)

10 IAS 1 Presentation of Financial Statements (Ch. 16)

11 IAS 7 Statement of Cash Flows (Ch. 17)

REQUIRED/RECOMMENDED READINGS & ONLINE MATERIALS

Required Textbook:

Picker et al. Applying IFRS Standards, 4th Edition. EY & Wiley.

MEANS/PROCESSES FOR STUDENT FEEDBACK ON COURSE

The SFTL questionnaire

COURSE POLICY

Plagiarism and copying of copyright materials are serious offences and may lead to disciplinary actions. Students should read the
chapters on “Plagiarism” and “Copyright” in the Undergraduate/Postgraduate Handbook for details. Students are strongly advised
to read the booklet entitled “What is Plagiarism?” which was distributed to them upon their admission into the University, a copy of
which can be found at www.hku.hk/plagiarism. A booklet entitled “Plagiarism and How to Avoid it” is also available from the
Main Library.

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