Financial Accounting

Course code ACFI2002Units 10Level 2000Faculty of Business and LawNewcastle Business School

Financial Accounting develops along two main themes. Firstly, it introduces various theoretical models of accounting and accounting policy choice and secondly it investigates selected applied issues in financial accounting. Students develop extended accounting knowledge and skills, analysing multiple sources of information to support their accounting outcomes and conclusions.

Available in 2015

Callaghan CampusSemester 2
OurimbahSemester 2
UoN SingaporeTrimester 2
Previously offered in 2014
ObjectivesOn successful completion of this course, you will be able to:
1. Identify the theoretical constructs of contemporary financial accounting;
2. Demonstrate selected accounting standards, including the ability to apply such standards in appropriate circumstances;
3. Investigate and evaluate issues surrounding contemporary accounting controversies;
4. Analyse, evaluate and synthesise both quantitative and qualitative information to inform accounting skill, choice and decision;
5. Independently or collaboratively communicate accounting knowledge and outcomes in both written and oral formats.
ContentThe course topics include but are not limited to the following:

1. Theories of Financial Accounting including the Conceptual Framework
2. Accounting for Assets including Biological Assets
3. Accounting for Liabilities including Employee Benefits
4. Revenue Recognition including Construction Contracts
5. Accounting for Leases
6. Accounting for the Extractive Industries
7. Accounting for Financial Instruments
8. Accounting for Foreign Currency Transactions
9. Preparation of External Financial Reports including Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Financial Position and Statement of Cash Flows
10. Other Disclosure Issues including Adjusting Events, Related Party Transactions and Contingent Liabilities
Replacing Course(s)ACFI2020
TransitionThis course is not available to students who have successfully completed ACFI2020.
Industrial Experience0
Assumed KnowledgeACFI1001, ACFI1002
Modes of DeliveryInternal Mode
Teaching MethodsLecture
Tutorial
Assessment Items
Essays / Written AssignmentsAssignment/s
Examination: FormalFinal exam
Group/tutorial participation and contributionTutorial tasks and participation
Quiz - ClassMid-semester quiz
Contact HoursLecture: for 2 hour(s) per Week for Full Term
Tutorial: for 2 hour(s) per Week for Full Term
Timetables2015 Course Timetables for ACFI2002