BUS201 Financial Accounting

Unit outline

Important Update: Our aim is to provide you with an optimal learning experience, regardless of how this unit is delivered. Teaching will be delivered in line with the most current COVID Safe health guidelines.  This may include a mix of online and face-to-face.  Please check the learning management system for announcements and updates. Thank you for your flexibility and commitment to studying with Sydney Institute of Higher Education. 
Enrolment modes: Year 1, Semester 2
Credit point(s): 12.5
EFTSL value: 0.125
Prerequisite: BUS101 Introductory Accounting
Typical study commitment: Students will on average spend 10 hours per week over the teaching period undertaking the teaching, learning and assessment activities for this unit.
Scheduled learning activities: 4 timetabled hours per week, 6 personal study hours per week

Unit description 

This unit addresses the necessary knowledge and skills of financial accounting. It will instruct students on the reporting requirements applicable to entities as well as the preparation of consolidated financial statements under the International Financial Reporting Standards (IFRSs). Students will be able to perform accounting for assets revaluation and impairment, income tax, consolidated financial statements, investments in associates and foreign currency transactions, all whilst applying professional judgement.


Unit learning outcomes (ULO)   

  On the successful completion of this units student will be able to:
ULO1 Carry out preparation of consolidated financial statements while conforming to the International Financial Reporting Standards (IFRS), Australian Accounting Standards (AASB) and International Accounting Standards (IAS).
ULO2 Perform asset revaluation and impairment and carry out accounting practices for income tax and business combinations.
ULO3 Dissect the accounting frameworks for foreign exchange to record and disclose foreign currency transactions.
ULO4 Analyse consolidated financial statements using conceptual frameworks and accounting principles.
ULO5 Study the nature of associates and joint ventures and perform accounting practices for investments in associates and interests in joint ventures.

Topics to be included in the unit

1. Financial reports and disclosure
2. Accounting for events occurring after reports date
3. Depreciation of PPE
4. Revaluation and impairment testing
5. Accounting for income taxes
6. Business combination through acquisition
7. Consolidation accounting: intra-group transactions
8. Consolidation accounting: non-controlling interests
9. Consolidation accounting: indirect non-controlling interests
10. Accounting for investments in associates
11. Accounting for interests in joint ventures
12. Accounting for foreign currency transactions

Assessment

Assessment Description Grading and weighting
(% total mark for unit)
 
Indicative due week
Assessment 1: Class Participation 10% 12
Assessment 2: Mid-Semester Exam  30% Mid-semester exam week
Assessment 3: Group Assignment 20% 11
Assessment 4: Final Exam 40% Final exam week

The assessment due weeks provided may change. Your lecturer will clarify the exact assessment requirements, including the due date, at the start of the teaching period.