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ACS2730: Financial accounting A

6 points, SCA Band 3, 0.125 EFTSL

Undergraduate – Unit

Refer to the specific census and withdrawal datesfor the semester(s) in which this unit is offered.

Faculty

Business and Economics

Offered

South Africa

  • First semester 2018 (On-campus)
  • Second semester 2018 (On-campus)
  • Term 3 2018 (On-campus)

Prerequisites

ACS1002 or equivalent.

Prohibitions

AFW2710, ACW2710, AFS2730

Synopsis

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.

Outcomes

The learning objectives associated with this unit are to:

  1. describe and understand the requirements of the financial reporting and regulatory environment, including the internationalisation of accounting practices and the underlying theory supporting the accounting treatment in the application of the IFRS requirements
  2. discuss the key aspects of the Conceptual Framework relating to the definitions and recognition criteria of the elements, as applied to the various spectrum of accounting topics
  3. apply IFRS requirements to the accounting for revenue recognition, provisions and contingent liabilities/assets, events after the reporting period, accounting policies, estimates and errors and borrowing costs
  4. apply IFRS recognition, measurement and disclosure requirements to the accounting for various asset topics including inventories; property, plant and equipment; impairment of assets; intangible assets; investment property; and non-current assets held for sale and discontinued operations
  5. apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with financial accounting and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by ACS2730.

Assessment

Within semester assessment: 40% + Examination: 60%

Workload requirements

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.

Chief examiner(s)

Mr Adrian Pilley

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