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22420 Accounting Standards and Regulations

Warning: The information on this page is indicative. The subject outline for a particular session, location and mode of offering is the authoritative source of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.

Subject handbook information prior to 2019 is available in the Archives.

UTS: Business: Accounting
Credit points: 6 cp

Subject level:

Undergraduate

Result type: Grade and marks

Requisite(s): 22207 Accounting for Business Decisions B
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 22240 International Accounting

Description

This subject provides the ability to understand, critically evaluate and apply accounting standards and interpret financial reports. It considers the financial reporting environment and factors influencing the forms of financial reporting, and addresses a range of accounting issues from within a contracting cost framework.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:
1. critically appraise corporate reporting issues
2. interpret accounting regulation
3. apply accounting regulations in various settings.

Contribution to the development of graduate attributes

This subject is concerned with external reporting by public companies, and, in particular, the accounting and reporting practices of companies listed on the Australian Stock Exchange. It is intended for those who will be involved in the preparation or use of financial statements as: accountants, auditors, financial analysts and/or investors. This subject develops students' competencies in relation to the Faculty Graduate Attributes, Attitudes and Values.

This subject contributes to the development of the following graduate attributes:

  • Business knowledge and concepts
  • Communication and interpersonal skills
  • Attitudes and values

This subject also contributes specifically to develop the following Program Learning Objectives:

  • 1.2: Demonstrate inter-relationships between differing business and related disciplinesCritically evaluate data and resources in the context of relevant academic literature
  • 3.1: Convey information clearly and fluently in high quality written form appropriate for their audience
  • 4.1: Critically analyse business decisions in terms of ethical practice and social responsibility

Teaching and learning strategies

The emphasis in this course is on students developing first an appreciation of the environment in which financial reporting occurs, second the ability to identify the objectives of regulation and third the ability to interpret and apply accounting regulation. This view of student learning is reflected in the presentation of course material. First, students are introduced to topics in the lectures and a demonstration problem is worked through with attention directed to the relevant/major issues. Lectures are recorded (audio and video) and made available to students on UTSOnline. Second, students engage in active learning by completing self-study questions accompanied by solutions prior to attending tutorials. During tutorials a collaborative learning model is used where students will work in groups with their peers to solve new questions which are handed out in class. Instructors are present to assist with any questions students have. The instructor then selects a group to present their solution to the class thereby utilizing a ‘flipped learning’ approach. Third, students have access to weekly online quizzes which provide immediate feedback and worked solutions after the third incorrect attempt. These quizzes are not assessable but are a valuable means for students to test their understanding of weekly content and receive immediate feedback. Last, numerous screencasts and videos are also available on UTSOnline which cover practical aspects of each of the topics as well as related areas.

Content (topics)

  • The (diverse) uses of accounting information and the conceptual framework projects.
  • The regulation of financial reporting and international harmonization.
  • Technical accounting regulation covering revenue, assets and liabilities.

Assessment

Assessment task 1: Assignment 1 (Individual)

Objective(s):

This addresses subject learning objective(s):

1 and 2

Weight: 20%

Assessment task 2: Assignment 2 (Individual)

Objective(s):

This addresses subject learning objective(s):

1, 2 and 3

Weight: 20%
Length:

The quiz is timed and students will have 3 hours to complete all questions. Any unsaved answered will be automatically submitted when the timer runs out.

Assessment task 3: Final Exam (Individual)

Objective(s):

This addresses subject learning objective(s):

1, 2 and 3

Weight: 60%

Minimum requirements

Students must achieve at least 50% of the subject’s total marks.

Required texts

Loftus, J., Leo, K., Boys, N., Daniliuc, S., Luke, B., Hong, A., Byrnes, K., Financial Reporting, 2nd Edition, 2018, Wiley.

References

Chartered Accountants of Australia and New Zealand, Financial Reporting Handbook 2018, John Wiley & Sons.

Other resources

Improve your grades

Peer Assisted Study Sessions (U:PASS) are available this session to students of 22420. Experience shows that all students can benefit by regular attendance in the U:PASS Program. U:PASS sessions are also a good way to make friends and develop a study group. Attendance is voluntary. Names are recorded for statistical purposes only. U:PASS sessions are informal and are led by fellow students who have already obtained a Distinction or High Distinction in this subject. The agenda is set by the students so you can be sure that what is important to you is attended to. Sessions are limited in size and admission is on a first-come-first-served basis.

Enrol for PASS at: www.ssu.uts.edu.au/peerlearning/about.html

Enquiries: upass@uts.edu.au

UTSOnline site: http://online.uts.edu.au