Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.
ACS1002 or equivalent.
This unit covers various aspects of financial accounting and builds on the principles introduced in AFW1002/ACW1002. The unit reviews and further analyses the Conceptual Framework and Preparation and Presentation of Financial Statements, with a focus on its application to specific IFRS. This unit introduces IFRS topics, such as revenue recognition; provisions and contingent liabilities/assets; events after the reporting period; accounting policies, estimates and errors; and borrowing costs. The unit further explores the recognition, measurement and disclosure requirements for various categories of assets including accounting for: inventories; property, plant and equipment; impairment of assets; intangible assets; investment property; and non-current assets held for sale and discontinued operations.
The learning objectives associated with this unit are to:
Within semester assessment: 40% + Examination: 60%
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.