22431 International Reporting
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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) AND 22320 Accounting for Business Combinations AND 22420 Accounting Standards and Regulations)
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Description
In this subject students learn about the causes of international diversity in financial accounting and consider the remaining differences in accounting standards and practice internationally. Students learn the techniques to account for international operations such as foreign currency transactions and translation and the accounting for hedges. They also analyse the accounting issues faced by global enterprises including sustainability, transfer pricing, international taxation and tax avoidance, and international governance and auditing.
Subject learning objectives (SLOs)
| 1. | Examine the sources of diversity in accounting practice and reporting internationally |
|---|---|
| 2. | Explain and account for the differences in financial reporting requirements between IFRS and US GAAP |
| 3. | Apply accounting skills to process foreign currency transactions and complete foreign currency translations |
| 4. | Analyse major issues in international accounting including sustainability, international auditing and governance, and transfer pricing and international taxation |
Contribution to the development of graduate attributes
The subject contributes to the development of the following graduate attribute(s):
- Intellectual rigour and innovative problem solving
- Communication and collaboration
- Professional and technical competence
Teaching and learning strategies
Each 3-hour class (except for Week 1) begins with a tutorial covering question(s) from the topic from the preceding week. The tutorials develop student understanding and skills through small group problem solving. This provides students with the opportunity to collaborate with peers to increase their understanding of subject content and answer questions with the support of their lecturer. The second part of each class is used to outline and discuss the key concepts for each new topic and incorporates discussion problems, exercises, and real-life case studies.
In preparation for class, students are expected to work through learning materials on Canvas including readings, slides and videos. Students also prepare by for class reading the assigned chapters of the textbook(s). Following class, students have the opportunity to consolidate their learning by completing assigned self-study questions from the textbook(s) and other sources.
Students have the ability to ask teaching staff questions in class, during specified consultation sessions and by posting questions on Canvas discussion forums. Feedback is provided to students in multiple ways including feedback from staff and peers in tutorials; reflective feedback from attempting self-study questions outside of class, and from assessors on assessment submissions.
Content (topics)
- Sources of international diversity in accounting practice
- Comparison of accounting rules in IFRS and US GAAP
- Foreign currency transactions and translation
- Issues for global businesses including international taxation, transfer pricing, auditing, governance, and sustainability
Assessment
Assessment task 1: Learning portfolio (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1, 2, 3 and 4 |
|---|---|
| Weight: | 15% |
| Length: | Approximately 30 minutes |
| 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. |
Assessment task 2: Case Study (30% Group and 10% Individual)*
| Intent: | Written report (Group): 30% |
|---|---|
| Objective(s): | This addresses subject learning objective(s): 2 and 4 |
| Weight: | 40% |
| Length: | Report: 12 typed A4 pages (1.5 spaced and font size 12). |
| Criteria: | Written case study report
*Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 3: Final Exam (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2, 3 and 4 |
|---|---|
| Weight: | 45% |
| Length: | Two hours |
| Criteria: | This assessment will be graded on the following criteria:
|
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
Doupnik, T., Finn, M., Gotti, G., and Perera, H., (2024), International Accounting – International Student Edition 6th edition (McGraw Hill)