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 2025 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksRequisite(s): 22207 Accounting for Business Decisions B OR 22208 Accounting, Business and Society
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Description
This subject develops students' understanding and application of accounting information in more complex business scenarios; partnerships and companies. It introduces students to accounting software that businesses use to record accounting transactions. It also develops the use of accounting information internally by management, expanding the factors needed to be considered including the skills to facilitate and enhance decision making, accountability and control. Ethical implications of decisions are considered throughout the subject.
Subject learning objectives (SLOs)
| 1. | critically appraise corporate reporting issues |
|---|---|
| 2. | interpret accounting regulation |
| 3. | apply accounting regulations in various settings |
| 4. | apply skills in processing accounting information and preparing financial statements using appropriate accounting software |
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 contributes to the development of the following graduate attributes:
- Communication and collaboration
- Professional and technical competence
This subject also contributes specifically to develop the following Program Learning Objectives:
- Communicate information clearly in a form appropriate for its audience (2.1)
Apply technical and professional skills to operate effectively in business (4.1)
Teaching and learning strategies
The emphasis in this subject is on students developing first an appreciation of the environment in which financial reporting occurs, second the ability to identify the objectives of accounting standards and third the ability to interpret and apply accounting standards. This view of student learning is reflected in the presentation of subject material. First, students are introduced to topics / accounting standards with preparatory materials, including videos that explain and demonstrate technical aspects of accounting standards. This is reinforced with an Interactive Lecture where attention is focused on the practical application of accounting standards by companies and the use of information by financial report users. There is then the opportunity for self learning with self study questions that help to strengthen students’ understanding of the topic. There is also the opportunity for students to get timely feedback by undertaking voluntary weekly online quizzes. Finally, there are tutorials which provide students with the opportunity to consolidate learning, and to engage with other students and their tutor in discussing issues relating to the topic.
An aim of this subject is to help you develop academic and professional language and communication skills to succeed at university and in the workplace. During the course of this subject, you will complete a milestone assessment task that will, in addition to assessing your subject-specific learning objectives, assess your English language proficiency.
Content (topics)
- The international framework for financial reporting and other conceptual framework projects.
- The uses of accounting information for decision support.
- The use of accounting software in the recording and preparation of financial statements/financial reporting.
- Specific technical accounting regulations related to revenue, assets and liabilities.
Assessment
Assessment task 1: Assignment 1 (Individual)
| Objective(s): | This addresses subject learning objective(s): 4 |
|---|---|
| Weight: | 20% |
| Criteria: | Students are assessed based on the technical accuracy of the transactions submitted for recording and financial statements produced (100%). This will be auto-marked by the accounting software platform. |
Assessment task 2: Assignment 2 (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1 and 2 |
|---|---|
| Weight: | 20% |
| Length: | The quiz is timed and students will have 90 minutes between 00:00 and 23:59 on the day of the test to complete all questions. Any unsaved answered will be automatically submitted when the timer runs out. |
| Criteria: |
*Note: Late submission of the assessment task will not be marked and awarded a mark of zero. Students who do not complete 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 3: Final Exam (Individual)
| Intent: | 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 and 3 |
| Weight: | 60% |
| Length: | 2 hours |
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
Loftus, J., Leo, K., Boys, N., Daniliuc, S., Luke, B., Hong, A., Byrnes, K., Financial Reporting, 4th Edition, 2023, Wiley.
References
Chartered Accountants of Australia and New Zealand, Financial Reporting Handbook 2020, 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
UTS Learning Management System: https://canvas.uts.edu.au/