Contemporary Financial Accounting
Semester 1, 2011
Unit Information and Learning Guide
Dr. David Holloway
Murdoch Business School
Room: ECL 4.028
Tel: 9360 2704
Fax: 9310 5004
E-mail : D.Holloway@murdoch.edu.au
© Published by Murdoch University, Perth, Western Australia, January 2011.
Originally written by: David A. HollowayDate: October 2008
Amended by: David A. HollowayDate: December 2010
This publication is copyright. Except as permitted by the Copyright Act no part of it may in any form or by any electronic, mechanical, photocopying, recording or any other means be reproduced, stored in a retrieval system or be broadcast or transmitted without the prior written permission of the publisher.
THREEResources for the unit6
FOURAssessment (for internal students)7
FIVE Assessment (for external students) 8
SIXFinal Exam and Grades9-10
SEVENAssessment and Plagiarism policies11-12
EIGHT Student Appeals and Complaints 13
ONEShareholders equity 2
THREETax effect Accounting 5
FOURExtractive industries 6
SIXFinancial Instruments 8
SEVENPublic sector accounting 9
EIGHTAsset Impairment and Intangibles 10
| | |Contemporary Financial Accounting | |BUS256 |
This information should be read in conjunction with the
material provided on the unit website
that can be accessed via the Learning Management System (LMS).
Welcome to Contemporary Financial Accounting. This is an advanced accounting unit and therefore critically examines and evaluates a number of specific issues selected from the prevailing set of accounting standards promulgated in Australia and legally mandated for use by companies. These range from share issues, consolidations, tax-effect accounting, financial instruments, insolvencies, leases, extractive industries, public sector accounting, asset impairment and intangibles. The unit focuses on definitions, concepts, principles and theories as well as accounting practices in the Australian context.
You will need to have completed BUS160 Introduction to Accounting and BUS217 Technology and Accounting Processes.
Aims and objectives
The broad aims of this unit are to:
1. familiarise students with selected accounting concepts and the appropriate legal and professional requirements that underpin the preparation, analysis and use of financial data; and
2. assist students to understand the conceptual underpinnings of accounting data in the Australian regulatory environment.
On successful completion of the unit, you should be able to:
1. Demonstrate an understanding of the accounting process concerned with equity and share issues.
2. Demonstrate and explicate the nature and purpose(s) of the consolidation process;
3. Identify what constitutes an economic entity and a chief entity, for consolidation purposes;
4. Prepare consolidated accounts for economic entities where the controlled entities are 100 per cent owned and where the controlled entities are less than 100 per...