Unit Outline

The Accounting Framework is an introductory accounting unit concerned with the fundamentals of financial accounting. The unit includes an introduction to the basic principles of accrual accounting and the five elements of financial reports (i.e. assets, liabilities, owners equity, revenue and expenses). The unit focusses on the key financial statements from the preparers perspective – the balance sheet, income statement and statement of cash flows. Topics covered in the unit include measuring and reporting financial position, the accounting cycle, inventory, internal control and cash, non-current assets, cash flow statements and accounting policy choice.

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 accounting and accountability concepts to accounting systems and reporting
2.	Critique complex financial and non-financial reports for potential accounting issues
3.	Prepare financial statements using contemporary accounting theory and practice for management decision-making

Requisites


REQUISITE TYPE	REQUISITES
Anti-requisite (mutual excl)	BFA707 AND BFA582 AND BFA526 AND BAA515 AND BFA507 AND XPD505

Alterations as a result of student feedback

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:	Case Study Critique	Week 9	35 %	LO2, LO3
Assessment Task 2:	Oral presentation	Week 12	25 %	LO1, LO2
Assessment Task 3:	End of Semester Exam	Exam Period	40 %	LO1, LO2, LO3

Assessment details

Assessment Task 1: Case Study Critique

Task Description:

Students will form a group of three to complete this assessment task. Each group will select an organisation from a list of companies and critically examine its financial and non-financial reports to produce a written report about the organization's business nature, accounting system, financial reports, and sustainability reports. Students will then select specific information in the financial and non-financial reports to support a decision that the management is considering.

Task Length:

2,000 words

Due Date:

Week 9

Weight:

35 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Deconstruct financial reporting issues using contemporary accounting theory	LO2
2	Analyse disclosure strategies in non-financial reports	LO2
3	Evaluate financial statements using contemporary accounting theory and practice	LO3

Assessment Task 2: Oral presentation

Task Description:

Students will divide problems identified in the Group Assignment to individually critique specific challenges with the case study organisation's financial and non-financial reports. Individual students will present on their critique of different and unique challenges for the business, and they will do so chronologically in-class. Groups must ensure that issues are unique across the individual presentations.

Task Length:

10 minutes, plus potential question time.

Due Date:

Week 12

Weight:

25 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Apply accounting theory to financial reporting	LO1
2	Critique issues in complex financial reports	LO2
3	Critique issues in complex non-financial and sustainability disclosure	LO2

Assessment Task 3: End of Semester Exam

Task Description:

The final exam is an invigilated online test comprising of MCQs, short-answered questions and case study questions. Students will need to properly install the Respondus Lockdown Browser in your computers/ laptops before attending the exams. Further instructions on the exam contents and technical issues will be provided closer to the exam dates.

Task Length:

Due Date:

Exam Period

Weight:

40 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Apply concepts of accounting systems for internal control	LO1
2	Analyse elements of financial statements for decision-making	LO3
3	Prepare financial statements using case study organisation	LO3
4	Critique the application of accounting concepts to financial reporting	LO2
5	Critique the application of accounting concepts to non-financial reporting	LO2

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.