22754 Corporate Accounting
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 2024 is available in the Archives.
Credit points: 6 cp
Subject level:
Postgraduate
Result type: Grade and marksRequisite(s): 22747 Accounting for Managerial Decisions
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Description
This subject examines the institutional and legal framework of modern Australian financial accounting. The main topics include accounting for investments in subsidiaries (consolidation accounting), investments in associates (equity accounting) and investments in joint arrangements (proportional consolidation). The subject also examines the disclosure practices of corporate groups such as segment reporting, related party disclosures, and Environmental, Social and Governance (ESG) reporting. This is an intermediate level financial accounting subject.
Subject learning objectives (SLOs)
| 1. | apply high level of technical skills to implement national and international accounting standards that determine accounting and re-porting framework for economic entities, including, subsidiaries, associates, and joint arrangements |
|---|---|
| 2. | demonstrate understanding of the disclosures in relation to operating segments, related parties transaction and ESG performance |
| 3. | critically evaluate the conceptual basis of accounting standards and extend accounting and reporting techniques to non-routine circumstances |
| 4. | explain and apply the principles of ethics in financial reporting and disclosure practices of corporate groups |
Course intended learning outcomes (CILOs)
This subject also contributes specifically to the following program learning objectives:
- Evaluate and apply principles of social responsibility, cultural diversity, and knowledge of Indigenous values, to decisions in professional accounting practice (3.1)
Contribution to the development of graduate attributes
This subject is concerned with external reporting by companies and the theoretical and practical issues relating to the formation of those reports. It emphasises the conceptual issues relating to the application of particular accounting techniques. This subject is a specialist subject addressing professional issues about accounting and disclosure by corporations. Its aim is to impart the ability to prepare company and consolidated financial statements, and, as a consequence, understand and analyse the published results of corporate combinations.
This subject contributes to the development of the following graduate attribute(s):
- Intellectual rigour and innovative problem solving
- Social responsibility and cultural awareness
This subject also contributes specifically to develop the following Program Learning Objective(s) for the Master of Professional Accounting:
- Critically analyse, adapt, and apply accounting practices to address complex business problems (1.1)
Teaching and learning strategies
Corporate Accounting is taught using a mix of face-to-face teaching, online resources and self-directed study.
Lectures: The first 1.5 hours are dedicated to the lecture. Lectures are designed to introduce the technical and theoretical aspects of the subject. Lectures cannot cover the entire course content in-depth but provide an overview of each topic and explain more difficult concepts using practical examples and demonstration questions. Lecture notes are available on the learning management system. You are expected to add your own additional notes and explanations. It is recommended that students read the relevant textbook chapter/s prior to attending the scheduled lecture on that topic. This background reading is essential to setting the scene for the lecture.
Tutorials: In the second half of the class, students are expected to work in groups of five to solve in-class problems. Tutorials provide students with the opportunity to review and discuss concepts and receive feedback. Students are expected to contribute and to participate in group discussions and to ask questions. Pre-class preparation is required to solve the in-class problems.
Pre-class preparation: Students are expected to review prior week’s lectures notes, undertake the relevant readings, watch videos and complete the self-study exercises before attending class in order to successfully engage in in-class exercises. The assigned weekly self-study questions and solutions are made available on the learning management system.
Discussion board: Students are encouraged to ask questions on the discussion board at any point during the semester.
Content (topics)
- Accounting for investments in subsidiaries
- Accounting for investments in associates
- Accounting for investments in joint arrangements
- Segment reporting
- Related party disclosure
- Ethics and governance
- Environmental, Social and Governance reporting
Assessment
Assessment task 1: Quiz (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 25% |
| Length: | The quizzes are 50 minutes in length |
| Criteria: | This assessment will be graded on the following criteria:
*Note: Late submission of the assessment task will not be marked and awarded a mark of zero. Students who do not attend the faculty based quiz will have the weighting of that assessment added to the final examination conditional on the students submitting, receiving approval and complying with the requirements of special consideration in accordance with the UTS rules. If the composite mark for the final exam totals more than 50 percent and the student is in the final subject of their degree, the UTS rules on borderline result (range of 45-49) shall apply whereby students will be allowed to undertake a supplementary final examination. Where a student completes and passes a supplementary examination, the maximum mark awarded for the subject will be 50 Pass. |
Assessment task 2: Assignment (Group)
| Objective(s): | This addresses subject learning objective(s): 3 and 4 |
|---|---|
| Weight: | 25% |
| Length: | 10 typed A4 pages (1.5 spaced and font size 12). |
| Criteria: | This assessment will be graded on the following criteria:
?A very detailed marking rubric is provided on Canvas in the group assignment document. |
Assessment task 3: Final Examination (Individual)
| Intent: | This subject contributes specifically to the following program learning objectives:
This assessment task is a compulsory component of the subject. A student must attain no less than 40% of the marks in this assessment to pass the subject irrespective of the subject’s total marks. |
|---|---|
| Objective(s): | This addresses subject learning objective(s): 1, 2, 3 and 4 This addresses program learning objectives(s): 3.1 |
| Weight: | 50% |
| Length: | 2hrs |
| Criteria: | This assessment will be graded on the following criteria:
|
Minimum requirements
A student must achieve 50% or more of the subject’s total marks AND achieve 40% or more in the final exam to pass the subject.
A Fail (X) Grade is awarded to a student who attains 50% or more of the overall subject assessment marks but attains less than 40% of the final exam marks. To pass the subject, the student must then attain 50% or more of the marks in the supplementary task, in which case the student is awarded an overall mark of 50P.
Required texts
Arthur, Luff, Keet, Egan, Howieson and Ram, Accounting for Corporate Combinations and Associations, 2017, 8th edition, Pearson Australia.
You can download the accounting standards (free of charge) from the Australian Accounting Standards Board (AASB) website (www.aasb.com.au).
Recommended texts
Deegan, C., 2012, Australian Financial Accounting, 7th Edition, McGraw-Hill, Sydney.
Faculty of Business: Guide to Writing Assignments (available online).
References
- Alfredson, K., Leo, K., Picker R, Pacter, P., and Radford, J,2009, Applying International Financial Reporting Standards. Wiley, Sydney
- Berry, L.E. 2011, Financial Accounting Demystified. McGraw Hill. NY
- Cassidy, J.,2010, Corporations Law: text and essential cases. Federation Press Annandale NSW
- Clarke, Frank L., 2007, Indecent Exposure: Gilding the Corporate Lily. Cambridge University Press
- Epstein, Barry Jay., 2008, IFRS policies and procedures. John Wiley & Sons, N.J.
- Essers, P.H.J.2009, The influence of IAS/IFRS on the CCCTB, tax accounting, disclosure and corporate law accounting concept - a clash of cultures. Wolters Kluwer Law and Business. Austin
- Fraser, Lyn M., 2010, Understanding Financial Statements. Prentice Hall N.J.
- Hamilton, S and Micklethwait, A., 2006, Greed and corporate failure: the lessons from recent disasters. Basingstoke: Palgrave Macmillan.
- Henderson, S. and G. Peirson, Issues in Financial Accounting, 14th edition, Pearson Education Australia
- Hey-Cunningham, David, 2006, Financial statements demystified. Crows Nest, N.S.W. Allen & Unwin.
- Hoggett, J. R., 2012, Financial Accounting. John Wiley & Sons Australia. Milton Qld.
- Lee, T. A 2006, Financial reporting and corporate governance. Chichester, England; Hoboken, NJ: John Wiley & Sons Inc.
- Leo, K.J., 2102, Company Accounting. Edition 9. John Wiley & Sons Australia. Milton Qld.
- Markham, Jerry W. 2006, A financial history of modern U.S. corporate scandals: from Enron to reform. Armonk, N.Y. M.E. Sharpe.
- Needles, B.E., 2010, International Financial Reporting Standards. Cengage Learning
- Nobes, C., 2010, Current debates in International Accounting. Cheltenham Edward Elgar
- Nobes, C. and Parker, R. (ed.), 2010, Comparative international accounting. New York: Financial Times
- Plumlee, M., 2010, International Financial Standards. Boston Prentice Hall
- Thomsett, Michael C., 2009, Annual reports 101. New York: American Management Association
- Trotman, K. T., Gibbins, M., 2009, Financial accounting: an integrated approach, 3rd ed., Cengage Learning
- Walton, Peter J. and Walter Aerts., 2009, Global financial accounting and reporting: principles and analysis. Cengage Learning
For those of you wishing to do some basic revision, a good book is:
- Horngren, Charles.T., Walter T. Harrison and Oliver, M.S., 2012, Accounting Boston: Pearson/Prentice Hall. (Library Call No. 657 Horn Edition 9)
Other resources
Subject materials (Lecture Outlines and Self-Study Questions, etc.) are available on Canvas. Announcements are posted on Canvas to communicate important information. It is your responsibility to regularly check for and read subject announcements. Should you choose to print and use them, Lecture Outlines in pdf format are available for you to bring to class. These outlines can help minimise the amount of writing you have to do in lectures.