Program Overview

ACCT207 - Financial Accounting

Unit Rationale, Description, and Aim

The Accounting Professional Bodies identify financial accounting and reporting skills as a core competency area for accountants. Preparation of financial reports is a statutory requirement for all businesses. This unit explores General Purpose Financial Reporting within the Australian Conceptual Framework (Statements of Accounting Concepts). It also applies the International Financial Reporting Standards (IFRS) and the Australian Accounting Standards as the conceptual basis for accounting activities.

Campus Offering

The unit is offered at the following campuses:

• Brisbane
• Melbourne
• North Sydney
• Online

Prerequisites

• ACCT100 - Introduction to Accounting
• OR ACCT210 Accounting Foundations

Learning Outcomes

To successfully complete this unit, students will be able to demonstrate the following learning outcomes:

1. Ensure compliance and stewardship by exploring the ethical role of Accountants using the new standards of reporting in sustainability such as Triple Bottom Line reporting.
2. Critically examine the accounting conceptual and regulatory frameworks, including the Corporations Act of Australia, that underlie accounting practices and policies.
3. Develop skills by evaluating the impact of accounting policies and standards on financial reporting, with reference to the underlying principles of accounting theory.
4. Prepare general purpose financial statements and cash flow statements in accordance with International Financial Reporting Standards (IFRS) or other relevant national standards.
5. Apply IFRS and other relevant national standards and record a range of financial accounting events for various business structures and disclose that information in general purpose financial statements.

Content

Topics will include:

• The conceptual framework and regulatory frameworks of accounting including the Corporations Act of Australia
• The role of accounting in ensuring compliance and promoting stewardship and sustainability including the Integrated reporting and SDG's
• Assets including inventories, property plant and equipment and intangible assets, amortisation, depreciation, revaluation & impairment and their associated accounting standards
• Liabilities, provisions and contingent liabilities and their associated accounting standards
• Revenue recognition issues
• General purpose financial statements and cash flow statements in accordance with AASB101/IAS1 Presentation of Financial Statements and AASB107/IAS7 Statement of Cash Flows, IFRS and other relevant national standards
• Accounting for partnerships and basic companies
• Accounting for employee benefits
• Accounting for financial instruments and share-based payments
• Digital technologies as accounting tools for decision-making
• Working collaboratively in the financial accounting context

Assessment Strategy and Rationale

Assessments are used primarily to foster learning. The assessments are designed for students to demonstrate their achievement of each learning outcome.

• Assessment Task 1: Presentation - This assessment task requires students to demonstrate their knowledge of the fundamental stewardship and ethical role of accountants.
• Assessment Task 2: Analytical Report - The task requires students to examine the regulatory frameworks, accounting policies, accounting theories, and standards that govern financial reporting.
• Assessment Task 3: Exam - This assessment task consists of a final exam entailing both descriptive type theoretical questions and numerical calculation type questions.

Learning and Teaching Strategy and Rationale

The teaching and learning strategy is built on a "student-focused approach". The unit ensures that learning activities involve real-world scenarios that in turn assist with 'real-world' preparedness. The unit also uses a scaffolding technique that builds a student's skills and prepares them for the next phase of the learning process.

Representative Texts and References

• Loftus, J., Leo, K., Daniliuc, S., Boys, N., Luke, B., Ang, H., & Byrnes, K. (2020). Financial reporting (3rd ed.). John Wiley & Sons.
• Aerts W. & Walton, P, (2020). Global financial accounting and reporting(5th ed.). Cengage Learning Australia.
• Australian Accounting Standards Board. (2019). Conceptual framework for financial reporting.

Locations

• Brisbane
• Melbourne
• North Sydney
• Online

Credit Points

10

Year

2026