Unit Information Management System

Financial Accounting: Theory and Practice (ACCT3321, SEM-1, 2017, Crawley)




UWA Business School




Unit Outline




Financial Accounting: Theory and Practice


ACCT3321


SEM-1, 2017


Campus: Crawley


Unit Coordinator: Dr. Lyndie Bayne


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Copying of this material by students, except for fair dealing purposes under the Copyright Act, is prohibited. For the purposes of this fair dealing exception, students should be aware that the rule allowing copying, for fair dealing purposes, of 10% of the work, or one chapter/article, applies to the original work from which the excerpt in this course material was taken, and not to the course material itself

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Unit details

Unit title Financial Accounting: Theory and Practice
Unit code ACCT3321 Credit points 6
Availability SEM-1, 2017 (27/02/2017 - 24/06/2017)
Location Crawley Mode Face to face

Contact details

Faculty Business School
School UWA Business School
School website http://www.business.uwa.edu.au/
Unit coordinator Dr. Lyndie Bayne
Email lyndie.bayne@uwa.edu.au
Telephone 6488 5841
Consultation hours By appointment and prior to the final examination.
Lecturers
Tutors/ Demonstrators/ Facilitators
Unit contact hours
Lecture time: Tuesdays, 8:00am - 9:00am
Lecture venue:

Please refer to http://www.timetable.uwa.edu.au for the unit timetable

Lecture capture system LCS is implemented for this unit.
Online handbook http://handbooks.uwa.edu.au/units/unitdetails?code=ACCT3321
Unit website https://www.lms.uwa.edu.au

Unit rules

Prerequisites ACCT2201 Corporate Accounting
Corequisites
Advisable prior study
Incompatibility
Approved quota

Unit description

This is an advanced unit in financial reporting focusing on both theories and practices relating to financial reporting and regulation. Current Australian practice is examined and integrated with broader theoretical perspectives, seeking to provide the student with a comprehensive and up-to-date understanding of contemporary accounting standards and significant issues in the current accounting environment.

Introduction

Welcome to ACCT3321 Financial Accounting: Theory and Practice!

The focus of the unit is accounting and public company financial reporting. We explore selected current accounting standards and practices and reasons for these practices. In addition, we consider the setting in which financial reporting occurs and the influences on the reporting process. Completing this unit should equip you with an understanding of the financial reporting environment and important principles and procedures associated with the preparation of listed companies' financial statements. A further objective of the unit is to assist you to develop your ability to consider, analyse and research complex issues, to formulate well-reasoned and coherent arguments and to reach appropriate conclusions and make required judgements.

The unit coordinator and lecturer for this unit is Dr Lyndie Bayne. Lyndie is a qualified chartered accountant with over ten years experience as a university lecturer in the accounting discipline. She has a diverse academic background, with degrees in Economics, Accounting and Mathematical Statistics, an Honours degree in Economics, a Masters degree in Commerce and a PhD in Accounting. Lyndie's research interests include sustainability reporting, integrated reporting, business networks, accounting regulation and the behavioural aspects of accounting.

Unit content

The unit content is organised in three sections. The first looks at the setting in which financial reporting takes place. We investigate the financial reporting framework, standard setting and regulation, and reasons underlying accounting policy choice and disclosure. The second part looks at specific standards and measurement issues relating to revenue and expenses, assets, liabilities and owners’ equity (including agricultural assets, employee entitlements, leases, financial instruments and extractive industry accounting). The third section looks at issues affecting financial statement presentation, including earnings management, ethics and corporate governance, and social and environmental reporting.

Unit goals

ACCT3321 Financial Accounting: Theory and Practice has two goals. The first is to develop your understanding of technical accounting requirements and your ability to apply sections of selected financial statements. The second is to understand the forces which influence financial reporting requirements and the way in which financial statements are prepared.

 

Learning outcomes

Students are able to (1) identify and apply contemporary accounting standards and understand the theories, practices and regulation related to the preparation and presentation of financial reports; (2) critically evaluate and solve accounting problems as an individual and in a team environment; (3) conduct research into accounting issues; (4) demonstrate an ability to work in a team to achieve team goals; and (5) identify and use ethical decision-making tools for practical problems.

Unit structure

Lecture: One hour per week.

Additional On-line practical lecture each week working through examples.

Compulsory workshops: Two hours per week for 12 weeks. Workshops commence in the second week of semester.

(See Timetable)

Unit schedule

Week Date - Week beginningLecture Topic and readingWorkshop topic and readingWorkshop activity and assessments
127 FebruaryAccounting regulation (Loftus Chapter 1) No workshopNo workshop
26 MarchApplication of accounting theory (Loftus Chapter 2)Accounting regulation (Loftus Chapter 1) Meet your team. Discuss assigned questions.
313 MarchFair value measurement (Loftus Chapter 3); Intangible assets (Loftus Chapter 6)Application of accounting theory (Loftus Chapter 2)Workshop test 1: Individual MCQ test (covers week 1 and 2 topics). Discuss assigned questions.
420 MarchLeases (Loftus Chapter 10)Fair value measurement (Loftus Chapter 3); Intangible assets (Loftus Chapter 6)Students missing workshops due to Prosh may attend alternative workshops this week only. Discuss assigned questions.
527 MarchLiabilities (including: provisions, contingent liabilities and contingent assets (Loftus Chapter 8) and Employee benefits (Loftus Chapter 9)) Leases (Loftus Chapter 10)Workshop test 2: Group written test (covers week 3 and 4 topics). Discuss assigned questions.
63 AprilFinancial instruments (Loftus Chapter 11) and Foreign currency transactions and forward exchange contracts (Loftus Chapter 23)Liabilities (including: Provisions, contingent liabilities and contingent assets (Loftus Chapter 8) and Employee benefits (Loftus Chapter 9)) Discuss assigned questions.
710 AprilAccounting for mineral resources (Loftus Chapter 34 e-chapter)Financial instruments (Loftus Chapter 11) and Foreign currency transactions and forward exchange contracts (Loftus Chapter 23)Discuss assigned questions.
Mid-semester study break17 - 21 April
824 AprilOn-line lecture only due to Anzac Day. Expenses (including share-based payment (Loftus Chapter 14))Accounting for mineral resources (Loftus Chapter 34 e-chapter)Students missing workshops due to Anzac day may attend alternative workshops this week only. Discuss assigned questions.
91 MayRevenue (Loftus Chapter 15 and readings on LMS); Agriculture (Loftus Chapter 35 e-chapter) Expenses (including share-based payment (Loftus Chapter 14))Workshop test 3: Individual written test (covers week 5,6,7,and 8 topics). Discuss assigned questions.
108 MayFinancial statement presentation (Loftus Chapter 16); Accounting policies and other disclosures (Loftus Chapter 18); Earnings management (Rankin Chapter 9 available on LMS in week 10 folder) Revenue (Loftus Chapter 15 and readings on LMS); Agriculture (Loftus Chapter 35 e-chapter)Discuss assigned questions.
1115 MayEthics and corporate governance (Rankin Chapter 7 available on LMS in week 11 folder; Dellaportas et al. (2005) Chapter 4, available on LMS in week 11 folder) Financial statement presentation (Loftus Chapter 16); Accounting policies and other disclosures (Loftus Chapter 18); Earnings management (Rankin Chapter 9 available on LMS in week 10 folder) Please hand-in individual research assignment online on LMS by 5pm on Monday 15 May.
Discuss assigned questions.
1222 MaySustainability and corporate social responsibility reporting (Loftus Chapter 22)Ethics and corporate governance (Rankin Chapter 7 available on LMS in week 11 folder; Dellaportas et al. (2005) Chapter 4, available on LMS in week 11 folder) Workshop test 4: Group MCQ test (covers week 9,10 and 11 topics). Please complete rating of yourself and team members on SPARKPLUS by 5pm on Friday 26 May. Discuss assigned questions.
1329 MaySynopsisSustainability and corporate social responsibility reporting (Loftus Chapter 22)
Discuss assigned questions.
Pre-examination study break5 - 9 June
Semester 1 examination period10 - 24 June

Teaching and learning responsibilities

Teaching and learning strategies

The unit has one weekly face-to-face lecture which is recorded and available on LMS using LCS. Each week, there is an additional online lecture available on LMS, which explains practical examples in more detail. You must attend one weekly two-hour workshop, commencing in Week 2. This unit involves team-based learning. You will be allocated to a team in the first workshop of the semester. You must work with your team throughout the semester and you are not permitted to change into another team or to attend a different workshop.

It is your responsibility to prepare for individual and team activities prior to attending the workshops. Preparation is based on course materials (the prescribed Loftus et al. textbook and additional resources provided on LMS).

The team-based learning approach requires that you participate in all team activities and you will be assessed by your peers on your contribution to team activities (please refer to details about SPARKPLUS in the "other important information" section).

The approach to learning is cumulative and reflective. That is, each week builds on the prior week/s and you need to reflect on what you are learning each week to see how the topics fit together. You must monitor your own learning on a weekly basis and take action (self-study, completing practice and demonstration problems, discussion with class members, posting questions on discusssion boards) to ensure that you understand the material presented to you on a weekly basis. In addition, the teaching staff will be available for consultation prior to the final examination and for individual consultation by appointment.

Teaching and learning evaluation

You may be asked to complete two evaluations during this unit: The Student Perception of Teaching (SPOT) and the Students’ Unit Reflective Feedback (SURF). The SPOT is optional and is an evaluation of the lecturer and the unit. The SURF is completed online and is a university wide survey and deals only with the unit. You will receive an email from the SURF office inviting you to complete the SURF when it is activated. We encourage you to complete the forms as your feedback is extremely important and can be used to make changes to the unit or lecturing style when appropriate.

Attendance

Participation in class, whether it be listening to a lecture or getting involved in other activities, is an important part of the learning process, therefore it is important that you attend classes. As confirmation of this, the University regulations formally state that ‘to complete a course or unit students shall attend prescribed classes, lectures, seminars and tutorials’.

Charter of student rights and responsibilities

The Charter of Student Rights and Responsibilities upholds the fundamental rights of students who undertake their education at the University of Western Australia.  The University's charter of Student Rights and Responsibilities is available at www.governance.uwa.edu.au/procedures/policies/policies-and-procedures?method=document&id=UP07/132

Student Guild contact details

The UWA Student Guild is the peak representative body for all students enrolled at UWA. The Guild Student Assist team (consisting of qualified social workers and counsellors) can provide independent, confidential advice on anything affecting your study, including financial, academic, and welfare matters. The Guild also offers hundreds of events, student clubs, volunteering and leadership opportunities, and member discounts. More information and contact details can be found at www.uwastudentguild.com.

Uses of student feedback

ACE/AISE/CARS

Your academic orientation includes three online units which you must complete within the first 10 weeks of your enrolment:

AACE1000 Academic Conduct Essentials (ACE)  (just this for postgraduate)
INDG1000 Indigenous Study Essentials
CARS1000 Communication and Research Skills

Information for students with disabilities

The University has a range of support services, equipment and facilities for students with a disability. If you would like to receive advice on these services please email uniline@uwa.edu.au or visit www.student.uwa.edu.au/life/health/uniaccess

Using peer feedback to assess team contributions

The online tool SPARKPLUS may be used to assess individual contributions to team work. Where Spark is used you will be required to provide feedback to, and receive feedback from, your team members. Based on a series of answers from each team member SPARKPLUS automatically produces two weighting factors: your RPF and SAPA. The use of SPARKPLUS will be explained in class and more information is available on LMS.

Assessment

Assessment overview

Typically this unit is assessed in the following ways: (1) readiness assurance tests; (2) research assignment; and (3) final examination. Further information is available in the unit outline.

For Semester 1, 2017, please refer to the assessment mechanism below.

Assessment mechanism

#ComponentWeightDue DateRelates To Outcomes
1Workshop tests: MCQ and written30% (4x7.5%)Workshop Test 1: Individual MCQ test (7.5%)- week 3.
Workshop Test 2: Group written test (7.5%)- week 5.
Workshop Test 3: Individual written test (7.5%)- week 9.
Workshop Test 4: Group MCQ test (7.5%)- week 12.
1, 2, 4 and 5.
2Individual research assignment
20%Please hand-in individual research assignment online on LMS by 5pm on Monday 15 May.1, 2, 3 and 5.
3Final examination50%Semester 1 examination period: 10-24 June1, 2, 3 and 5.

Assessment items

ItemDescriptionSubmission procedure
#1 - Workshop tests: MCQ and writtenIn the first workshop students will be allocated into teams of six people and these teams will remain fixed for the semester. There will be four workshop tests covering MCQ and long written questions. There will be individual as well as group tests. Please note that there will be no alternative time set to sit missed workshop tests. Tests may only be completed at your assigned workshop. Students who do not participate in team tests will not be given the group score. Your team marks will be adjusted using your SPARKPLUS RPF score.During workshops

#2 - Individual research assignmentStudents will select a research topic from a short list provided. via LMS
#3 - Final examination This examination will be 2 hours in duration and will cover all topics. Details of the final examination will be provided in class. Please note that you need to achieve a mark of 45% or above for the final examination to pass this unit (in addition to a weighted average of 50% or above).

Academic literacy and academic misconduct

The University of Western Australia takes very seriously the matter of academic misconduct by students and has policies in place that define misconduct (including plagiarism) and the penalties that apply. The consequences for misconduct can be severe, including exclusion from the University.

All students are expected to make themselves aware of the definitions and the policies relating to academic misconduct, found at the websites below, and with any additional requirements or stipulations that may be provided by individual coordinators www.governance.uwa.edu.au/procedures/policies/policies-and-procedures?policy=UP07%2F21

Appeals against academic assessment

The full regulations governing appeals procedures are available in the University Handbook at http://rules.handbooks.uwa.edu.au/rules/student_rules/

Penalty for late submission

A penalty of 5 per cent of the total mark allocated for the assessment item is deducted per day for the first 7 days (including weekends and public holidays) after which the assigned work is not accepted. Each 24-hour block is recorded from the time the assignment is due.

 Penalty for exceeding word limit

Where an assignment exceeds the word limit, a penalty of 1 per cent of the total mark allocated for the assessment task applies for each 1 per cent in excess of the word limit.

Textbooks and resources

Recommended texts

Loftus, J, Leo, KJ, Boys, N, Luke, B, Daniliuc, S, Ang, HN, & Byrnes, K 2015, Financial Reporting, John Wiley & Sons, Australia.

ISBN 9780730311119 (available from the Co-Op Bookshop in hard copy and from Wiley Direct (http://www.wileydirect.com.au/buy/financial-reporting-1st-edition/) in hard copy and E-text).

Suggested alternate texts

Additional texts

Technical requirements

It is important that at least one person in each team brings a laptop to each workshop. For tests you may be requested to bring a device to the workshop if the test is conducted online. You will be notified when to bring a device for a test.

Software requirements

Additional resources and reading

Rankin, M, Stanton, P, McGowan, S, Ferlauto, K & Tilling, M 2012,  Contemporary issues in accounting, John Wiley and Sons, Brisbane. ISBN 9780730300267

Copies of this text are available in the Reid Arts and Business Library, High Demand Collection.

We recommend that you bring the assigned Loftus et al. textbook to the workshop each week as we will use material from it during the workshop.

Other important information

Using peer feedback to assess team contributions

The online tool SPARKPLUS will be used to assess individual contributions to team work. SPARKPLUS can be accessed on LMS ACCT3321 site (see "peer review (SPARKPLUS)" under "student tools" on the left of the LMS screen). You will be required to provide feedback to, and receive feedback from, your team members. Based on a series of answers from each team member SPARKPLUS automatically produces two weighting factors: your RPF and SA/PA. You need to complete the SPARKPLUS assessment by 5pm on Friday 26 May.  The SPARKPLUS assessment will be open for completion a week prior to the due date. Your RPF score will be multiplied by each of your team marks to reflect your contribution to the team achievement. Please note that a penality can apply if you do not complete your SPARKPLUS assessment timeously. The use of SPARKPLUS will be explained in class and more information is available on LMS at www.lms.uwa.edu.au

Purpose of assessment

There are a number of reasons for having assessable tasks as part of an academic program. The assessable tasks are designed to encourage you to explore and understand the subject more fully. The fact that we grade your work provides you with an indication of how much you have achieved. Providing feedback on your work also serves as part of the learning process.

In this unit both formative and summative assessment is used. The workshop tests are designed to assess your understanding of the key principles of  each topic and they are designed as formative assessment. The team based learning approach adopted in completing the workshop group tests assists in developing the skills to work effectively in teams and appreciate the advantages of teams. The individual assignment gives students an opportunity to work independently and to develop their research and written communication skills. The final examination assesses knowledge of the learning outcomes in all topics.

Assessment notes 

(1) Supplementary examinations are generally not available in this unit. (2) Your assessed work may also be used for quality assurance purposes, such as to assess the level of achievement of learning outcomes as required for accreditation and audit purposes. The findings may be used to inform changes aimed at improving the quality of Business School programs. All material used for such processes will be treated as confidential, and the outcome will not affect your grade for the unit.

To pass this unit, students are required to achieve a score of at least 45% in the final examination. Students who fail to achieve the minimum standard in the final examination but achieve an accumulated score based on all assessment components for the unit of 50 and above, will be awarded a final grade of Fail (failed component).

Unit Website

The unit makes use of LMS. Weekly lecture and workshop handouts (when applicable) will be made available on LMS.  

LMS provides a discussion board for students to discuss unit content. Each topic has a discussion board. All email questions from students about unit content will be answered via the discussion board by one of the unit’s teaching staff. Please avoid emailing staff directly with content based questions; rather post to the discussion board relating to that topic.

To access LMS go to www.lms.uwa.edu.au/login and log on using your student number and Pheme password. The units in which you are enrolled which use LMS automatically appear under your name. If this is not the case please contact the LMS support staff.

We strongly advise students to regularly access their student email accounts. Important information regarding the unit is often communicated by email and will not be automatically forwarded to private email addresses.



Standard of assessment

The Business School must ensure that the processes of assessment are fair and are designed to maintain the standards of the School and its students. The School follows the UWA marks and grades distribution:

Higher distinction

(HD)

80-100%

Distinction

(D)

70-79%

Credit pass

(CR)

60-69%

Pass

(P)

50-59%

Fail

(N+)

45-49%

Fail

(N)

0-44%

Failed component

(FC)

 

 

The scaling of marks to ensure comparability between classes is an acceptable academic practice. The School and Board of Examiners have the right to scale marks where it is considered necessary to maintain consistency and fairness.

Quality assurance

Your assessed work may also be used for quality assurance purposes, such as to assess the level of achievement of learning outcomes as required for accreditation and audit purposes. The findings may be used to inform changes aimed at improving the quality of Business School programs. All material used for such processes will be treated as confidential, and the outcome will not affect your grade for the unit.

Approved calculators for examinations

The University permits only the use of calculators in examinations when the calculator has an approved sticker and the examiner permits their use.  If the student does not have an approved sticker on their calculator, they will not be permitted to use the calculator.  Calculators can be approved at the Undergraduate Student Centre, the Postgraduate Student Centre or at Student Administration.  Further information is available on the Business School website at www.business.uwa.edu.au/students/assessments

Special consideration/alternative arrangements

If you are unable to attend a class, tutorial or examination due to circumstances beyond your control and are seeking an extension for submission of an assignment or a deferred exam, please read valid reasons for special consideration at www.student.uwa.edu.au/life/health/uniaccess/special-consideration, complete the application form and submit at the Student Centre.
PLEASE NOTE that deferred exams are not available in Summer School units.

Acknowledging Sources of Information and the Business School Policy on Plagiarism

Student Services provides an online plagiarism portal that includes a definition of plagiarism and a link to FAQ www.studentservices.uwa.edu.au/ss/learning/online_services/plagiarism_portal

‘Turnitin' Originality Checking & Plagiarism Prevention is used in the Faculty to allow both educators and their students check written work for improper citation or misappropriated content. More information about 'Turnitin' can be found at http://turnitin.com/static/index.html

eBooks and open book exams

eBooks cannot be accessed at an examination. Please check your exam details and purchase a printed version of any book you would select to take into an open book exam.

Referencing

It is important that the referencing of any sources used in your written work is done properly, if only to substantiate the points you are making in your assignment or project.  The Harvard style is the preferred and there are some notes for guidance which have been prepared by the library staff:  ‘Citing your Sources Harvard Style’ http://libguides.library.uwa.edu.au/harvard

The EndNote software package is a really good system for building up a database of references.  Not everyone will want to invest the time in using this system but you should consider it if you intend to build up resource materials or plan to undertake extensive research in a particular area.  The library staff have also developed a tutoring package: ‘A Quick Guide to Using EndNote’ which provides the basics for using EndNote with an essay http://libguides.library.uwa.edu.au/endnote

Last day to add a unit offered in a semester

The final date to add a unit is the end of week 2 of the semester.  For further information on important dates for 2017, refer to www.student.uwa.edu.au/course/dates/important

STUDYSmarter

STUDYSmarter helps students get more out of their study by equipping you with additional skills needed at university. Explore the range of free on-campus and online services to help you develop academic communication, research, critical analysis, numeracy and study skills. http://www.student.uwa.edu.au/learning/studysmarter