Corporate Accounting (11214.2)

Corporate Accounting extends the material covered in Accounting Systems and Practices. This is a technical financial accounting unit which explores accounting standards used by companies in Australia when preparing their annual reports for shareholders and other users of financial information. Topics covered include, but are not limited to, accounting for income taxes, property plant and equipment, impairment, fair value measurement, and consolidation. The unit also evaluates alignment of accounting regulations with the objectives of financial reporting, as articulated in the Conceptual Framework.

Learning outcomes

After successful completion of this unit, students will be able to:
1. Apply accounting regulations to corporate groups with fully-owned domestic subsidiaries;
2. Assess opportunities for creative accounting within accounting regulations and their impact on users;
3. Evaluate the alignment between accounting regulations and the AASB Conceptual Framework and;
4. Engage in active, experiential and reflective learning that focuses on accounting practice and the profession.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - take pride in their professional and personal integrity
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
1. UC graduates are professional - work collaboratively as part of a team, negotiate, and resolve conflict
2. UC graduates are global citizens - adopt an informed and balanced approach across professional and international boundaries
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - communicate effectively in diverse cultural and social settings
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
2. UC graduates are global citizens - think globally about issues in their profession
2. UC graduates are global citizens - understand issues in their profession from the perspective of other cultures
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - be self-aware
3. UC graduates are lifelong learners - evaluate and adopt new technology
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development

Prerequisites

11212 Accounting Systems and Practices.

Corequisites

None.

Incompatible units

None.

Equivalent units

6391 Company Accounting.

Assumed knowledge

A strong understanding of debit credit rules and how to apply the definitions of the major elements of financial accounting (assets, liabilities, owners equity, income and expenses).