University of Technology Sydney

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 2022 is available in the Archives.

UTS: Business: Accounting
Credit points: 6 cp

Subject level:


Result type: Grade and marks

Requisite(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.


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 disciplines
  • 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 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.

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 task 1: Assignment 1 (Individual)


This addresses subject learning objective(s):

1 and 2

Weight: 20%

Assessment task 2: Assignment 2 (Individual)


This addresses subject learning objective(s):

1, 2 and 3

Weight: 20%

The quiz is timed and students will have 24 hours to complete all questions. Any unsaved answered will be automatically submitted when the timer runs out.

Assessment task 3: Final Exam (Individual)


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, 3rd Edition, 2020, Wiley.


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.

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