22240 International 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 2025 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksRequisite(s): 22107 Accounting for Business Decisions A OR 22108 Accounting and Accountability
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Description
This subject introduces students to the concepts and accounting issues involved in the recording and reporting of international transactions and business activities. The subject commences with a discussion of differences in accounting rules internationally. It also covers international transaction documentation, foreign exchange gains and losses, foreign exchange hedging and contracts, financing overseas transactions, and facilitation through government and non-government agencies. The subject also explores issues associated with transfer pricing and international taxation.
Subject learning objectives (SLOs)
| 1. | Describe and explain the reason for the diversity in accounting practice around the world |
|---|---|
| 2. | Explain the concepts and accounting issues involved in recording and reporting a variety of frequently occurring international transactions |
| 3. | Discuss the nature and importance of import/export documentation, foreign exchange mechanisms, overseas inflation and the assistance provided by government and non-government agencies |
| 4. | Evaluate major issues in international accounting including transfer pricing, foreign currency financial statement translation and international taxation |
Contribution to the development of graduate attributes
With increasing international business activity, the in-depth study of accounting concepts and techniques associated with such activity is of increasing importance to managers. The subject content is particularly relevant to students who, as decision makers, may find themselves interpreting and using information on various aspects relating to international transactions and operations.
This subject contributes to developing the following graduate attribute(s):
- Professional and technical competence
Teaching and learning strategies
This subject is taught using a lecture and seminar format. Classes will be used to introduce the general concepts on international accounting rule diversity, accounting for international transactions and other international accounting issues. These concepts are further developed during the seminar using questions, videos, discussion, student presentations and case studies. During class students will discuss and debate concepts and issues in a ‘flipped-class’ format. Students are expected to come prepared to class with reviews of case studies and key points emerging from assigned online and hardcopy readings.Group activities in the seminars will include collaboration (usually in groups of three) on practical exercises and also peer-led class discussions. Group activities are especially important as the student cohort comes from varied background and varied learned skills, making collaboration especially valuable.
The individual presentation given by students to the class, whilst not only providing additional information about topics relevant to the course, also provides an opportunity for the students to ask questions of the presenter as would happen in an employment situation.
All students will be provided with the opportunity for initial feedback on their performance in the subject during the first six weeks of the session, for example, quizzes, seminar activities and class discussion and presentations.
UTS Learning Management System is used in this subject for the dissemination of subject materials including lecture slides, seminar questions, case studies and general information. Student learning is also facilitated through online discussion forums which are available throughout semester to all students on UTS Learning Management System. These discussion forums can be used to ask questions relating to subject content and subject administration. The forums therefore provide an alternative method of obtaining feedback on your learning from subject staff and other students.
Subject teaching staff are also available for one-on-one consultation with students. The specific times that staff are available for consultation will be advised in class by your lecturer and can also be found on UTS Learning Management System. Meeting staff during consultation provides an opportunity for students individually or in groups to receive feedback on your learning in this subject.
Content (topics)
- Harmonisation of Accounting Standards
- Foreign currency transactions - importing and exporting
- Import/Export Documentation and facilitators
- International loans and qualifying assets purchased offshore
- Hedging transactions
- Translation of the accounts of foreign operations
- International taxation and transfer pricing
Assessment
Assessment task 1: Study Report and Presentation (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 20% |
| Length: | 1. Video Presentation: Maximum 5 Minutes in length. 2. Business Report: Maximum 1000 words (not including headings, footnotes, references/bibliography) |
| Criteria: | *Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 2: Assignment (Group)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 4 |
|---|---|
| Weight: | 20% |
| Length: | 1. Busness Report: Maximum 3,000 words (not including: headings, footnotes, references/bibliography). |
Assessment task 3: Final Exam (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 60% |
| Length: | This will be a 2 hour CLOSED BOOK exam. It can include any topics covered throughout the course. The exam will be scheduled by UTS Examinations Branch to minimise (hopefully eliminate) any clashes. The Examinations Branch will notify you of the exam date directly by email. |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
There are no required textbooks for this subject.
Recommended texts
AASB Accounting Standards www.aasb.gov.au/Pronouncements/Current-standards.aspx
August, R.,2013, International Business Law, Pearson NJ
Carsbaugh, R.J., 2015, International Economics, Cengage Learning, Boston
Collier, R.S., 2017, Transfer Pricing and the arm's length principle after BEPS, Oxford University Press
Choi, F. and Meek, G., 2011, International Accounting: International Edition, 7th edition, Pearson Education, Upper Saddle River.
Daniel, P., 2017, International Taxation and the Extractive Industries: resources withour borders. Routledge. NY
Doupnik, T. and Perera, H., 2015, International Accounting, 4th edition, McGraw-Hill Irwin.
Doupnik, T., Finn, M., Gotti, G., and Perera, H., 2024, International Accounting, 6th Edition, McGraw-Hill.
Krugman, P.R., 2015, International Trade - theory and policy. Pearson. Boston.
Malbon, J., 2015, Australian export: A Guide to Law and practice. Cambridge University Press, Melbourne
Miller, R., 2018, International Political Economy: Contrasting World Views. Routledge. NY
Nobes, C and Parker, R, 2016, Comparative International Accounting, 13th edition, Prentice Hall, London.
Vicek, W., 2017, Offshore Finance and Global Governance; disciplining the tax nomad. Palgrave Macmillan. London.
CCH Worldwide Tax database. University Library
The Australian Financial Review Newspaper
Other resources
In addition to the above references, students are encouraged to refer to relevant items on the webpages of international accounting and trade organisations. Students in this subject are provided with an extensive list of various resources on the internet through UTS Online and to databases such as Factiva which can be accessed via the UTS Library.