Unit Outline

This unit aims to expand students’ understanding of holistic accounting gained in their previous core accounting units, to develop and apply their accounting knowledge, skills and terminology in the context of broader notion of accounting that includes accountability and social and environmental accounting. In particular, students are introduced to a number of accounting standards, their broader applications, professional reporting requirements and changes taking place within the accounting environment, particularly with regard to International Financial Reporting Standards (IFRS), sustainability reporting, integrated reporting and integrated thinking. The consideration of the issues, activities and techniques in this unit will enhance the professional and technical skills students will need to perform effectively in the workplace as an accountant.

Intended Learning Outcomes

As per the Assessment and Results Policy 1.3, your results will reflect your achievement against specified learning outcomes.

On completion of this unit, you will be able to:


1.	Apply relevant accounting standards to events and transactions and prepare financial statements, including consolidated financial statements
2.	Critically evaluate financial and non-financial disclosures such as sustainability reports published by organisations by utilising accounting theories
3.	Apply critical thinking, research and problem-solving skills to identify and solve problems and communicate recommendations using clear and concise language
4.	Demonstrate collaboration, cooperation and teamwork when solving problems and making decisions

Alterations as a result of student feedback

To Be Determined

How will I be Assessed?

For more detailed assessment information please see MyLO.

Assessment schedule


ASSESSMENT TASK #	ASSESSMENT TASK NAME	DATE DUE	WEIGHT	LINKS TO INTENDED LEARNING OUTCOMES
Assessment Task 1:	Online quiz via Respondus	Week 5	35 %	LO1, LO2, LO3
Assessment Task 2:	Team Video	Week 10	25 %	LO1, LO2, LO3, LO4
Assessment Task 3:	Invigilated Respondus Test	Exam Period	40 %	LO1, LO2, LO3

Assessment details

Assessment Task 1: Online quiz via Respondus

Task Description:

This quiz assesses students on their understanding of the application of accounting standards to different transactions and their ability to critically evaluate the appropriateness of accounting policies used to prepare financial statements. Students are expected to apply critical thinking and problem-solving skills to solve problems using a holistic perspective that includes the use of accountability and sustainability concepts discussed in this unit to recommend to organisations about financial, social and environmental implications of transactions and events.

Task Length:

Due Date:

Week 5

Weight:

35 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Examine accounting problems and apply accounting standards to events and transactions.	LO1
2	Critique the application of accounting standards in given transactions and events.	LO1
3	Prepare journal entries, general purpose financial statements and supporting calculations for accounting problems.	LO1
4	Demonstrate understanding of theoretical principles underpinning accounting and discuss national and international developments in financial reporting.	LO2
5	Discuss and recommend disclosure requirements related to a given transactions and events.	LO2
6	Critically evaluate why organisations publish non-financial disclosures and reports such as sustainability reports and integrated reports.	LO2
7	Apply critical thinking and problem-solving skills to solve problems.	LO3
8	Present your arguments and solutions to problems and issues clearly and concisely.	LO3

Assessment Task 2: Team Video

Task Description:

The team video requires students to work in teams to produce a team video on one of the emerging issues/trends in accounting. Teams will be assessed on their abilities to think
beyond the box and how they demonstrate critical thinking skills in solving real problems currently faced by organisations. For example, teams will be given a scenario based on one of the contemporary issues in accounting to critically evaluate the issue from the accounting standards and policies perspective and reflect on the accounting treatments of transactions and events arising from that scenario and their financial, social and environmental implications. Teams will be encouraged to be creative, innovative and to have an element of fun in the way findings are presented.

Findings must be presented as a business presentation, and students will be assessed on their ability to apply knowledge and concepts learned in this unit to propose how accounting can help in dealing with the issue that has been allotted to the team. Teams will be assessed on their collaboration, cooperation, teamwork, problem-solving skills and advisory skills of providing advice to the businesses that are facing challenges in sustainability reporting. Students will also be required to individually reflect on collaboration, cooperation and teamwork.

Task Length:

10 minute team video and one-page individual teamwork reflection.

Due Date:

Week 10

Weight:

25 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Discuss national and international developments in financial and non-financial reporting .	LO1
2	Justify the impacts of contemporary issues on transactions and events recordings and reporting.	LO1
3	Critique, justify and criticise the use of accounting standards to deal with the situations generated by contemporary issues.	LO1
4	Critically evaluate financial and non- financial disclosures published by organisations.	LO2
5	Provide recommendations regarding financial and non-financial disclosure requirements.	LO2
6	Demonstrate critical thinking and problem solving skills to identify and solve problems.	LO3
7	Present arguments and solutions to problems and communicate clearly and concisely when presenting, discussing, and reporting knowledge and ideas in formal and informal situations.	LO3
8	Applying teamwork principles, work in diverse teams to solve routine accounting problems and use a global, environmental, social and ethical lens to consider accounting issues.	LO4
9	Demonstrate collaboration, cooperation, and teamwork when working towards team goals.	LO4

Assessment Task 3: Invigilated Respondus Test

Task Description:

This invigilated test will assess students’ understanding of the applications of accounting standards to different transactions and events related to issues in reporting. For example, leases, income tax, business combinations, consolidation, foreign currency transactions and sustainability reporting. Students are provided with situations, events and transactions related to issues in accounting to apply critical thinking and problem-solving skills to solve problems using a holistic perspective that includes the use of accountability, sustainability, accounting standards and accounting concepts discussed in this unit to prepare financial statements and make recommendations about financial, social and environmental implications of transactions and events.

Task Length:

TBA

Due Date:

Exam Period

Weight:

40 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Examine accounting problems and apply accounting standards to different events and transactions.	LO1
2	Critique the application of accounting standards in given transactions and events.	LO1
3	Prepare journal entries, financial statements and supporting calculations for accounting problems.	LO1
4	Demonstrate understanding of theoretical principles underpinning accounting and discuss national and international developments in financial reporting.	LO2
5	Discuss and recommend disclosure requirements related to a given transactions and events.	LO2
6	Critically evaluate why organisations publish non-financial disclosures and reports such as sustainability reports and integrated reports.	LO2
7	Apply critical thinking and problem-solving skills to solve problems.	LO3
8	Present your arguments, recommendations and solutions to problems and issues clearly and concisely.	LO3

How your final result is determined

To pass this unit, you need to demonstrate your attainment of each of the Intended Learning Outcomes, achieve a final unit grade of 50% or greater, and pass any hurdle tasks.

Submission of assignments

Where practicable, assignments should be submitted to an assignment submission folder in MYLO. You must submit assignments by the due date or receive a penalty (unless an extension of time has been approved by the Unit Coordinator). Students submitting any assignment in hard copy, or because of a practicum finalisation, must attach a student cover sheet and signed declaration for the submission to be accepted for marking.

Requests for extensions

If you are unable to submit an assessment task by the due date, you should apply for an extension.

A request for an extension should first be discussed with your Unit Coordinator or teaching support team where possible. A request for an extension must be submitted by the assessment due date, except where you can provide evidence it was not possible to do so. Typically, an application for an extension will be supported by documentary evidence: however, where it is not possible for you to provide evidence please contact your Unit Coordinator.

The Unit Coordinator must notify you of the outcome of an extension request within 3 working days of receiving the request.

Late penalties

Assignments submitted after the deadline will receive a late penalty of 5% of the original available mark for each calendar day (or part day) that the assignment is late. Late submissions will not be accepted more than 10 calendar days after the due date, or after assignments have been returned to other students on a scheduled date, whichever occurs first. Further information on Late Penalties can be found on the Assessments and Results Procedure.

Review of results and appeals

You are entitled to ask for a review of the marking and grading of your assessment task if there is an irregularity in the marking standards or an error in the process for determining the outcome of an assessment. Details on how to request a review of a mark for an assignment are outlined in the Review and Appeal of Academic Decisions Procedure.

Required Resources

Required reading materials

You will need the following text:

Deegan, C. 2020, Financial Accounting, 9th edition, McGraw Hill, NSW.