Advanced Corporate Accounting 1

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Advanced Corporate Accounting

Week 1:
Unit introduction

ACCT2202 Advanced Corporate Accounting:

Unit staff
• Lecturer-in-charge and tutor
• Dr Rick Newby
• Tutors
• Mr Val Chin (
• Mr Kevin Burns (

Unit overview:

Learning outcomes
• Completion of this unit should help you to:
• interpret and apply specific requirements of a range
of Australian Accounting Standards (AASBs)
• critically evaluate accounting requirements under
Australian GAAP
• prepare general purpose financial statements for
Australian reporting entities; and
• discuss and apply advanced concepts to the
preparation of consolidated and/or equity financial

Unit overview:

Educational principles
• We encourage and assist you to develop the ability and
desire to:
• master subject matter, concepts and techniques of
accounting at internationally recognised standards;
• adapt acquired knowledge to new situations;
• think and reason logically and creatively;
• communicate clearly, concisely and logically in
English; and
• undertake problem identification, analysis and

Unit overview:

Expectations of students
• To inform themselves of unit objectives and assessment
• To attend classes, complete their work and use support
facilities wisely
• To show honesty and integrity

Unit overview:

Weekly classes and text
• Classes
• One two-hour lecture
• One one-hour tutorial/workshop

• Texts
• Leo, K., Hoggett, J., Sweeting, J. and
Radford, J. (2009). Company
Accounting. (8th edition). Milton,
Queensland: John Wiley & Sons
Australia, Ltd.
• Additional readings as per unit outline

Unit overview:

• Mid-semester exam (35%)
• 2 hour paper
• 6pm Tuesday September 13th, 2011
• covers material up to the Week 6 lecture
• largely multiple choice
• End-of-semester exam
• 3 hours and 10 minutes paper
• covers material from all of semester
• no multiple choice

Unit overview:

• The ACCT 2202 webpage will include:
• lecture notes
• tutorial (workshop) solutions
• additional text readings
• discussion boards
• other material thought useful

Advanced Corporate Accounting

Week 1:
Principles of disclosure and other reporting

Principles of disclosure/other reporting issues:

• Leo et al. (2009) Ch 10
• Picker et al. (2009) Ch 18
• Standards:
• AASB 101 Presentation of Financial Statements
• AASB 108 Accounting Policies, Changes in
Accounting Estimates and Errors
• AASB 110 Events after the Reporting Period
• AASB 134 Interim Financial Reporting
• AASB 1031 Materiality
• AASB 1048 Interpretation of Standards
• AASB 1053 Application of Tiers of Australian
Accounting Standards

Presentation of Financial Statements
• AASB 101 does not prescribe who must prepare
financial statements, but does describe the format of
financial statements
• Preparation is required by national law
(for example, the Corporations Act) or by the entity’s

General Purpose Financial Reporting
• Are prepared for users who depend on reports for
information to enable them to make decisions about the
allocation of scarce resources
• financial position (Statement of Financial Position)
• financial performance (Statement of Comprehensive
• changes in financial position (Cash Flow Statement)
• statement of changes in equity

Annual Reporting Requirements
• S295 of the Corporation Act stipulates annual financial
reports, deemed to comprise:
• the notes to the financial statements
• the directors’ declaration about the statements and
• Financial Statements (s295 (2)):

a statement of comprehensive income for the year
a statement of financial position as at the end of the year
a statement of cash flows for the year
a statement of changes in equity
and, if required, consolidated accounts...
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