Internal Code: MAS5550
It is your responsibility as a student to ensure that you have the prerequisites or co-requisites for a particular unit. You may not enrol in this unit if you have previously passed, or are currently enrolled in, any unit identified as incompatible with this unit. If you do not meet these requirements, then you must see your Course Coordinator.
This unit is designed to provide students with an understanding of the practical application of the historic cost financial accounting model. It explores the conceptual basis for accounting activities and the economic implications of applying Australian Generally Accepted Accounting Principles (GAAP) and specific accounting standards. The unit considers General Purpose Financial Reporting within the Australian Conceptual Framework (Statements of Accounting Concepts) and Australian Accounting Standards. The unit also introduces some common tools used by accountants.
1) Reflect on the fundamental and ethical role of Accountants in identifying and promoting stewardship by exploring new standards of reporting in sustainability reporting such as Triple Bottom Line reporting
2. Discuss the theoretical principles of the conceptual framework of accounting that underlie accounting practice.
3. Explain the regulatory framework and the role that this framework plays in the preparation and presentation of financial reports. )
4. Record and disclose a complex range of financial accounting events in accordance with accounting standards.
5. Prepare general purpose financial statements in line with National and International Financial Reporting Standards.
6. Collaboratively evaluate the application of accounting standards in an organisation’s annual report.