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Unit of study_

ACCT6001: Intermediate Financial Reporting

Semester 1, 2022 [Normal day] - Camperdown/Darlington, Sydney

This unit provides an understanding of the contemporary Australian financial reporting environment. Particular attention is paid to accounting theory and concepts, mandatory reporting practices and reporting policies that reflect either a choice from among several mandated alternatives, or those areas where regulation has not occurred. The unit is intended for those who will be involved in the preparation or use of company financial statements. The unit provides an understanding of accounting techniques, both in terms of technical method and their relative impact on a corporation's financial statements. The emphasis throughout is on both the 'techniques' and the related explanations for their use.

Unit details and rules

Unit code ACCT6001
Academic unit Accounting
Credit points 6
Prohibitions
? 
None
Prerequisites
? 
ACCT5001
Corequisites
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Jo Wang, jo.wang@sydney.edu.au
Lecturer(s) Jo Wang, jo.wang@sydney.edu.au
Type Description Weight Due Length
Final exam (Record+) Type B final exam hurdle task Final exam
Closed book exam covering Topics 1-12
50% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Small continuous assessment Tutorial Participation
Tutorial Participation
5% Ongoing 1.5 hours per week
Outcomes assessed: LO1 LO5 LO4 LO3 LO2
Assignment Individual assignment
Written assignment
20% Week 06
Due date: 28 Mar 2022 at 13:00

Closing date: 07 Apr 2022
1000 words
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
In-semester test (Record+) Type B in-semester exam Mid-semester exam
Closed book exam covering topics 1-5
25% Week 07
Due date: 09 Apr 2022 at 09:00
80 minutes
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
hurdle task = hurdle task ?
Type B final exam = Type B final exam ?
Type B in-semester exam = Type B in-semester exam ?

Assessment summary

  • Tutorial Participation: Students are advised to refer to Canvas for further information.
  • Mid semester test:  The mid semester test will covers Topics 1-5 inclusive. It will be a closed book exam.
  • Individual assignment : This task requires students to demonstrate their capacity to interpret, analyse and discuss the implications of accounting standards/regulations as they relate to contemporary financial reporting issues. Students will be given a current accounting issue and they will be asked to explore the impact this has on accounting standard setting and/or reporting practice. 
  • Final exam: The final exam will cover the material from topics 1-12 inclusive. The final exam is a closed book examination. The final exam is a HURDLE TASK which means you must undertake the exam and achieve a mark above a minimum standard. Students who fail to achieve this minimum standard in this assessment, even when their aggregate mark for the entire unit is above 50%, will be given a Fail grade for the unit. As a result a student's academic transcript will show a Fail grade with the actual mark achieved if between 0-49 and a Fail grade with a capped moderated mark of 49 for all other marks. The hurdle mark for this assessment is 45%.

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

Awarded when you demonstrate the learning outcomes for the unit at an exceptional standard, as defined by grade descriptors or exemplars outlined by your faculty or school. 

Distinction

75 - 84

Awarded when you demonstrate the learning outcomes for the unit at a very high standard, as defined by grade descriptors or exemplars outlined by your faculty or school.

Credit

65 - 74

Awarded when you demonstrate the learning outcomes for the unit at a good standard, as defined by grade descriptors or exemplars outlined by your faculty or school.

Pass

50 - 64

Awarded when you demonstrate the learning outcomes for the unit at an acceptable standard, as defined by grade descriptors or exemplars outlined by your faculty or school. 

Fail

0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see sydney.edu.au/students/guide-to-grades.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.  

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Week 01 Introduction and Australia financial reporting environment Lecture (3 hr)  
Week 02 Measurement: Choice of accounting methods Lecture (3 hr)  
Week 03 Accounting for property, plant and equipment Lecture (3 hr)  
Week 04 Accounting for intangible assets Lecture (3 hr)  
Week 05 Accounting for leases Lecture (3 hr)  
Week 06 Provisions and contingent liabilities and introduction to accounting for income taxes Lecture (3 hr)  
Week 07 Accounting for income taxes Lecture (3 hr)  
Week 08 Accounting for financial instruments Lecture (3 hr)  
Week 09 Equity-preference shares and compound financial instruments Lecture (3 hr)  
Week 10 Revenue Lecture (3 hr)  
Week 11 Ethics in accounting Lecture (3 hr)  
Week 12 Specific Accounting Issues for Extractive Industries Lecture (3 hr)  
Week 13 Review Lecture (3 hr)  

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Henderson, S., Pierson, G., Herbohn, K., Artiach, T., and Howieson, B. (2017). Issues in Financial Accounting (16th ed.). Melbourne, Australia: Pearson

Details of prescribed readings can be found on Canvas.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. apply appropriate accounting standards to produce information for financial reporting purposes.
  • LO2. read and interpret basic financial reports.
  • LO3. analyse financial reporting practice and accounting choices.
  • LO4. demonstrate knowledge of contemporary financial reporting issues within the profession, the standard setting bodies, and the financial press.
  • LO5. critique financial reporting practice and its implications for users.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

Feedback received from students will be reflected in several ways including more in-class tutorial activities and discussions. In semester 1 2022, the tutorials will be extended from 1 to 1.5 hours, and add tutorial participation as a new assessment task to encourage interaction and engagement.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.