Outline

Overview

This unit provides students with a detailed understanding of more complex financial reporting issues. Topics examined include: group accounting issues such as the practical application of the control test; multiple subsidiaries; non-controlling interest; foreign currency translation; consolidated cash flow reporting; segment reporting; accounting for joint arrangements and associates; and related party disclosures. The unit builds on the knowledge base acquired from earlier accounting units with a strong emphasis on the application of technical skills. The unit has a substantial case component, using current examples to illustrate both appropriate technical solutions in accordance with accounting standards and guidelines, as well as the forces which determine the choice of methods. The unit also provides students with an awareness of relevant research to assist in an understanding of both current debates and accounting choices. This unit helps develop students' ability to read and analyse financial reports and to understand the financial reporting implications of management decisions relating to internal reporting and organisational structure.

Details

Academic unit	Accounting
Unit code	ACCT6010
Unit name	Advanced Financial Reporting
Session, year ?	Semester 1, 2021
Attendance mode	Normal day
Location	Remote
Credit points	6

Enrolment rules

Prohibitions ?	None
Prerequisites ?	ACCT6001
Corequisites ?	None
Available to study abroad and exchange students	Yes

Teaching staff and contact details

Coordinator	Tina Huynh, tina.huynh@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam (Record+)	Final exam Written exam	55%	Formal exam period	2 hours
Outcomes assessed:
Small test	Quizzes Quizzes	10%	Multiple weeks	10 min per quiz
Outcomes assessed:
Assignment	Case study Case study	20%	Week 11	5 pages
Outcomes assessed:
Small continuous assessment	Tutorial participation Tutorial participation	15%	Weekly	90 min weekly
Outcomes assessed:
= hurdle task ? = group assignment ? = Type B final exam ?

Tutorial participation: Students are expected to attend and actively participate in tutorial discussions and presentations. Groups will be formed within each tutorial class and work on exercises together. Groups must present their answers to the assigned questions. Completion of preparatory readings, quizzes and homework questions prior to class is expected.
Quizzes: This formative assessment involves regular short Canvas quizzes during class time.
Case study: The case study is a group assignment that involves an in-depth analysis, interpretation, and discussion of specific issues relating to business combinations and related consolidated financial statements. Groups are formed within each tutorial class.
Final exam: The final exam may cover topics from the entire unit of study. The final exam is listed as a HURDLE TASK, which means you must undertake the assessment 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 the student's academic transcript will show a fail grade and the actual mark achieved if between 0-49 and a fail grade and 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.

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.

Special consideration

If you experience short-term circumstances beyond your control, such as illness, injury or misadventure or if you have essential commitments which impact your preparation or performance in an assessment, you may be eligible for special consideration or special arrangements.

Academic integrity

The Current Student website provides information on academic honesty, academic dishonesty, 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 dishonesty or plagiarism seriously.

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

Weekly schedule

WK	Topic	Learning activity
Week 01	Introduction to the unit and overview of intercorporate investments	Lecture and tutorial (3 hr)
Week 02	Accounting for business combinations	Lecture and tutorial (3 hr)
Week 03	Principles of consolidation	Lecture and tutorial (3 hr)
Week 04	Fair value adjustments and tax effects	Lecture and tutorial (3 hr)
Week 05	Intragroup transactions	Lecture and tutorial (3 hr)
Week 06	Direct non-controlling interest	Lecture and tutorial (3 hr)
Week 07	Consolidated cash flow statements	Lecture and tutorial (3 hr)
Week 08	Segment reporting	Lecture and tutorial (3 hr)
Week 09	Accounting for associates	Lecture and tutorial (3 hr)
Week 10	Accounting for joint arrangements	Lecture and tutorial (3 hr)
Week 11	Foreign currency transactions and translation 1	Lecture and tutorial (3 hr)
Week 12	Foreign currency transactions and translation 2	Lecture and tutorial (3 hr)
Week 13	Revision	Lecture and tutorial (3 hr)

Attendance and class requirements

Each week the one-and-a-half-hour lecture (1hr 30min) will be recorded and made available on Canvas for student use. In addition, students are expected to attend and actively participate in their weekly one-and-a-half-hour tutorials (1hr 30min).

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

Readings for this unit can be accessed on the Library eReserve link available on Canvas. 

Arthur, N., Luff, L., Keet, P., Egan, M., Howieson, B., and Ram, R. (2017). Accounting for Corporate Combinations and Associations, 8th edition, Australia: Pearson Education Australia.
The Chartered Accountants Australia and New Zealand 2021. Financial Reporting Handbook 2021, Australia: John Wiley and Sons Australia.

Learning outcomes

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. prepare consolidated financial statements
LO2. evaluate alternative solutions to financial reporting problems relating to groups
LO3. choose between financial reporting alternatives in an informed manner
LO4. communicate the results from the analysis of accounting issues effectively.

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
Learning outcomes

Alignment with Competency standards

Outcomes	Competency standards
	Association of Chartered Certified Accountants - 3. FR Financial Reporting
	CPA Australia and Chartered Accountants Australia and New Zealand - TCA02. Financial accounting and reporting
	CPA Australia and Chartered Accountants Australia and New Zealand - TCA02. Financial accounting and reporting
	CPA Australia and Chartered Accountants Australia and New Zealand - TCA02. Financial accounting and reporting

Closing the loop

In semester 1, 2021, quizzes have been introduced as a small formative assessment item to provide students with continuous feedback on their learning.

Additional information

All unit related information will be made available via Canvas. In addition, the following Business School resources may be useful to students.

Key dates
Key dates through the academic year, including teaching periods, census, payment deadlines and exams.
Student administration
Enrolment, course planning, fees, graduation, support services, student IT
Expectations of student conduct
Code of Conduct for Students, Conditions of Enrollment, University Privacy Statement, Academic Integrity
Academic appeals
Academic appeals process, special consideration, rules and guidelines, advice and support
Learning and teaching policy
Policy register, policy search
Financial support
Scholarships, interest free loans, bursaries, money management
Study resources
Learning Centre, faculty and school programs, Library, online resources
Health and support
Student Centre, counselling & psychological services, University Health Service, general health and wellbeing

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.

Current students

Overview

Details

Enrolment rules

Teaching staff and contact details

Assessment

Assessment criteria

Late submission

Special consideration

Academic integrity

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Graduate qualities

Outcome map

Alignment with Competency standards

Closing the loop

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

ACCT6010: Advanced Financial Reporting

Overview

Details

Enrolment rules

Teaching staff and contact details

Assessment

Assessment criteria

Late submission

Special consideration

Academic integrity

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Graduate qualities

Outcome map

Alignment with Competency standards

Closing the loop

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect