Corporate Accounting PG (11403.3)

This unit extends the discussion on financial accounting systems and practice. It examines accounting regulation and its application to prepare, interpret and analyse financial statements in the Australian context. The unit includes technical materials and discussion on ethical issues including earnings management and off-balance sheet information. This unit contains (but not limited) the following topics: fair value measurement, income taxes, property plant and equipment, financial instruments, impairment, disclosures and consolidation. The unit evaluates the appropriateness of accounting policies and its connection to professional judgment.

Learning outcomes

After successful completion of this unit, students will be able to:
1. Apply relevant accounting standards to transactions and events in order to produce general purpose financial statements, including consolidated financial statements;
2. Evaluate the appropriateness of accounting policies used to prepare financial statements and understand that accounting involves the application of significant professional judgement;
3. Prepare, analyse and interpret financial statements and related disclosures; and
4. Examine specific accounting regulations to identify and assess opportunities for creative accounting such as off-balance sheet financing and earnings management.

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

Prerequisites

6222 Accounting Systems and Practices G

Corequisites

None.

Incompatible units

6391 Company Accounting and 11214 Corporate Accounting

Equivalent units

6227 Company Accounting PG

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).