ACFI2002

Financial Accounting

Faculty of Business and Law Newcastle Business School

10 Units 2000 Level Course

Available in 2014

Callaghan Campus	Semester 2
Ourimbah	Semester 2
UoN Singapore	Trimester 2

Previously offered in 2013, 2012, 2011, 2010, 2009

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.

Objectives

On 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.

Content

The 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

Transition

This course is not available to students who have successfully completed ACFI2020.

Industrial Experience

Assumed Knowledge

ACFI1001, ACFI1002

Modes of Delivery

Internal Mode

Teaching Methods

Lecture
Tutorial

Assessment Items

Essays / Written Assignments	Assignment/s
Examination: Formal	Final exam
Group/tutorial participation and contribution	Tutorial tasks and participation
Quiz - Class	Mid-semester quiz

Contact Hours

Lecture: for 2 hour(s) per Week for Full Term
Tutorial: for 2 hour(s) per Week for Full Term

Timetables