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  • 1. ABF2003L Semester 2, 2000 GRIFFITH UNIVERSITY FACULTY OF COMMERCE AND MANAGEMENT SCHOOL OF ACCOUNTING, BANKING AND FINANCE SUBJECT OUTLINE - SEMESTER 2, 2000 SUBJECT CODE: ABF2003L SUBJECT TITLE: Financial Accounting DISCIPLINE CODE: 0902 COURSES: Bachelor of Business Management STATUS OF SUBJECT: Compulsory: Managerial Accounting and Professional Accounting Majors CREDIT POINT VALUE: 10CP SEMESTER(S) OFFERED: Second RELATED SUBJECTS Prerequisites: ABF1001 (FF11A00) Accounting Principles, ABF1002L Business Accounting Principles Co-Requisites: Nil Prior Assumed: Nil Incompatibles: FF12A20 Financial Accounting, ABF2003 Financial Accounting CROSS REGISTRATION STATUS: Limited TIMETABLING INFORMATION: Offered: Semester 2, 2000 STAFFING Subject Convenor: Associate Professor Chew Ng
  • 2. ABF2003 Semester 2, 2000 BRIEF DESCRIPTION OF SUBJECT: The subject studies the generation and maintenance of an organisation's financial information. It is therefore structured around external reporting issues. These include the accounting system in general, partnership accounting and company formation. OBJECTIVES OF SUBJECT: The purpose of the subject is to expand on material covered in Accounting Principles and expose students to the Accounting Standards that help influence financial reporting in Australia. On successful completion of the subject students will be able to: 1. demonstrate a knowledge of the conceptual frameworks element definition and recognition rules and be able to critically assess the application of these within the context of accounting standards on assets, liabilities and revenues. 2. demonstrate a knowledge of the accounting procedures for partnerships and companies. 3. process a series of transactions and prepare financial reports. Consistent with a number of specific financial disclosure standards (Cash Flow; Leases; Profit and Loss Statements). CONTENT: This subject commences with a revision of the basic concepts and techniques introduced in ABF1002L Business Accounting Principles. From this it develops a more indepth coverage of external reporting issues. Specific areas to be covered are: • the accounting conceptual frameworks • partnership accounting • company formation • company financial statements • accounting for the acquisition of assets • accounting for leases • tax effect accounting • cash flow statements • published financial statements These topics form the foundation of a detailed understanding of financial accounting 2
  • 3. ABF2003 Semester 2, 2000 ORGANISATION OF SUBJECT: Hrs/Wk Class Type 2 workshop Workshops, consisting of both lectures and tutorial, will be used to present accounting techniques and methods, and to raise some issues to be addressed in subsequent subjects with flexible learning support. This subject is part of the Accounting Majors It facilitates students' abilities to solve many problems associated with the production and reporting of financial information. Accordingly the focal question of this subject is: "How do you construct and operate an information system to provide meaningful information about the operation and external viability of an entity?" Addressing this question is a necessary precursor to the in-depth, external reporting issues covered in ABF2004L Company Accounting. Students having completed this subject will have an understanding of the techniques and methods used in reporting and an overview of the basic internal and external reporting frameworks. Students should be able to apply these techniques and methods and appreciate their limitations. Postgraduate students will have the option of doing a research assignment on a topic of their choice, instead of the mid-semester examination. The final examination for postgraduate students will also be different. ASSESSMENT: Item Length %Weighting Due date Mid-semester Exam 1½ hrs 40 14th Sept 2000 MYOB Assignment 10 hr 10 5th Oct 2000 Final Exam 2 hrs 50 Week15 ASSESSMENT RATIONALE/CRITERIA The mid-semester examination is designed to assess students' ability to apply specific accounting techniques to information processing and reporting problems. The final examination will evaluate the students' comprehension and application of the range of techniques covered in the subject. The emphasis on objective testing of technical knowledge in this subject reflects the empirical nature of the content. 3
  • 4. ABF2003 Semester 2, 2000 RECOMMENDED TEXTBOOK Deegan, C. (1999): Australian Financial Accounting, 2nd Edition, Irwin McGraw-Hill, Sydney. RECOMMENDED REFERENCE BOOKS Hoggett, J. and Edwards, L. (2000): Accounting in Australia, 4th Edition, John Wiley & Son, Brisbane. Gaffikin, J., Dagwell, R., Wines, G. and Smith, R. (1998): Corporate Accounting, UNSW Press, Sydney. 4
  • 5. ABF2003 Semester 2, 2000 STUDY CHART Week Module & Topic Learning Activities Readings 1 Module 1 Study the Australian Lecture Notes Conceptual Framework 13 July The Australian Project. Deegan: Chapters 1, 3, Accounting www.aarf.asn.au 9 and 15 Environment www.asic.gov.au www.asx.com.au www.mcgraw- www.cpaonline.com.au hill.com.au/mhhe/acc/d www.icaa.org.au eegan Workshop questions: H&E: Chapter 14 Deegan 1.4, 1.5; 3.5, 3.16, 9.3, 15.3 H&E Ex 14.2, P 14.1 2 Module 2 Revision of materials Lecture Notes covered in ABF1002L 20 July Accounting for Business Accounting H&E: Chapter 15 Partnership Principles Workshop questions: Ex www.myob.com.au 15.2, 15.3, 15.6, P 15.1 MYOB workshop commences 3 Company Formation, Revision of the Deegan: Chapter 13 Share Capital, Debt definition of equity as 27 July Securities and Reserves discussed in Topic 1. GDW&S: Chapter 1 Workshop questions: Deegan 13.3, 13.4, H&E: Chapter 17 13.13, and 13.15 4 Company Formation, Workshop questions: Deegan: Pages 289- 295 Share Capital, Debt Deegan 9.11, 9.14, 3 August Securities and Reserves 13.14 GDW&S: Chapter 2 – Continued GDW&S E 2.13, 2.18 MYOB workshop H&E: Chapter 17 and continues pages 750 – 759 5 Module 3 Revision: Preparation of Deegan: Chapter 16 P&L and Balance Sheet 10 August Published Financial for sole trades H&E: pages 763 – 776 Statements – Profit & Workshop questions: Loss Statement and the Deegan 16.13, 16.15 AASB 1018 Profit & Balance Sheet and 16.16 Loss Accounts 6 Published Financial Revision: Differences Lecture Notes Statements – Cash between the cash basis 17 August Flows Statement and the accrual basis of Deegan: Chapter 18 accounting, major items included in P& L AASB 1026 Statement statement and the of Cash Flows Balance Sheet Workshop questions: Deegan 18.14, 18.15, 18.16 7 MID-SEMESTER EXAMINATION 14 September (Topics 1 – 5) 8 Module 4 Tax-effect accounting, Lecture Notes differences between 21 September Accounting for Income permanent and timing Deegan: Chapter 17 Tax differences, and changes in the tax rates GDW&S: Chapter 3 5
  • 6. ABF2003 Semester 2, 2000 Workshop questions: Deegan 17.10 AASB 1020 Accounting GDW&S 3.8, 3.10 for Income Tax (Tax Effect Accounting) 9 Accounting for Income Use of tax-effect As per Week 8 Reading Tax – Continued accounting worksheet, lists 28 September and treatment of tax losses Workshop questions: GDW&S 3.9, 3.11, 3.14 Deegan 17.12, 17.13 10 MYOB ASSIGNMENT DUE 5 October 10 Module 5 Classification of leases: Lecture Notes finance versus operating 5 October Accounting for Leases leases Deegan: Chpater 10 Accounting for leases – in lessee’s books AASB 1008 Accounting Workshop questions: for Leases Deegan 10.4, 10.7, 10.8, 10.11 11 Accounting for Leases – Accounting for leases – As per Week 10 reading Continued in lessor’s books lists 12 October Workshop questions: Deegan 10.9, and 10.12 12 Module 6 Acquisition of a single Lecture Notes and multiple assets. 19 October Accounting for Accounting for GDW&S: Chapter 4 Acquisition of Assets Goodwill (including companies) Accounting for AASB 1015 Accounting Discount on Acquisition for the Acquisition of Workshop questions: Assets GDW&S Ex 4.12, 4.14, 4.16, 4.17 and 4.19 AASB 1013 Accounting for Goodwill 13 Solving workshop Revision questions as per Week 26 October 12 14 STUDY WEEK 30 Oct – 3 Nov 14 – 16 EXAMINATION PERIOD 4 Nov – 18 Nov 6