Corporate Accounting PG (11403.4)

This unit extends the discussion on financial accounting systems and practice. It examines accounting regulation and its application in preparing, interpreting and analysing elements of financial statements in the Australian context. The unit focuses on applying and evaluating relevant accounting standards related to transactions and events and discussing ethical issues concerning creative accounting. The unit evaluates the appropriateness of accounting policies and practices and its connection to professional judgement.

Learning outcomes

Upon successful completion of this unit, students will be able to:
1. Apply relevant accounting standards to transactions and events in order to produce elements of general purpose financial statements;
2. Evaluate the appropriateness of accounting policies and practices used to prepare financial statements and understand that accounting involves the application of significant professional judgement;
3. Prepare, analyse and interpret elements of financial statements and their related disclosures and evaluate the alignment between applicable accounting standards and the AASB Conceptual Framework; and
4. Examine specific accounting regulations to identify and assess opportunities for creative accounting and evaluate its impact on users.

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 - 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 - understand issues in their profession from the perspective of other cultures
2. UC graduates are global citizens - communicate effectively in diverse cultural and social settings
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
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

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).