ACCT603 - Accounting for Corporate Structures

Year

Credit points

Campus offering

Prerequisites

ACCT600 Accounting for Decision Making

Teaching organisation

Unit rationale, description and aim

This unit provides an understanding of the accounting methods and standards used globally to assemble financial reports is essential for accounting for corporate structures. In this unit, students will gain an understanding of, and practice in applying, those accounting methods that are used in forming, organising and preparing consolidated reports for companies and groups of companies that comply with all legal, ethical and accounting standards’ requirements. Students will also gain an awareness and understanding of responsibility towards the concept of sustainability accounting within the context of stewardship. Overall, the aim of this unit is to introduce and familiarise students with mandatory reporting practices with an emphasis on the application of international accounting standards and the Australian corporate regulatory framework. 

Learning outcomes

To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.

Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.

Explore the graduate capabilities.

On successful completion of this unit, students should be able to:

LO1 - evaluate the regulatory framework and its role as it relates to corporate entities (GA5, GA8) 

LO2 - prepare financial reports for corporate entities in accordance with National and International Financial Reporting Standards (GA4, GA5) 

LO3 - formulate and organise complex transactions for consolidated companies including tax effect accounting, taking into account various perspectives (GA5, GA6)

LO4 - assess the roles of Accountants in promoting awareness and responsibility towards the concept of sustainability accounting within the context of Stewardship (GA2, GA5)

LO5 - evaluate the application of accounting standards in an organisation’s annual report collaboratively (GA5, GA7)

Graduate attributes

GA2 - recognise their responsibility to the common good, the environment and society 

GA4 - think critically and reflectively 

GA5 - demonstrate values, knowledge, skills and attitudes appropriate to the discipline and/or profession 

GA6 - solve problems in a variety of settings taking local and international perspectives into account

GA7 - work both autonomously and collaboratively 

GA8 - locate, organise, analyse, synthesise and evaluate information 

Content

Topics will include:

• Revaluations and impairment Testing of Non-Current Assets
• Accounting for Foreign Transactions 
• Accounting for Financial Instruments 
• Accounting for Share Based Payments
• Appraising regulatory frameworks 
• Accounting for Income Taxes 
• Segment Reporting 
• Related Party Disclosure 
• Consolidations - Accounting for Group Structures 
• Accounting for Intragroup Transactions 
• Accounting for Non-controlling Interests
• Sustainability accounting within the context of stewardship 

Learning and teaching strategy and rationale

ACU’s teaching policy focuses on learning outcomes for students. Our teaching aims to engage students as active participants in the learning process while acknowledging that all learning must involve a complex interplay of active and receptive processes, constructing meaning for oneself, and learning from others. ACU promotes and facilitates learning that is autonomous and self-motivated, is characterised by the individual taking satisfaction in the mastering of content and skills and is critical, looking beneath the surface level of information for the meaning and significance of what is being studied.

The schedule of the workshop is designed in such a way that students can achieve intended learning outcomes sequentially. Teaching and learning activities will apply the experiential learning model, which encourages students to apply higher-order thinking. The unit ensures that learning activities involve real-world scenarios that assist with ‘real-world’ preparedness. The unit also uses a scaffolding technique that builds a student’s skills and prepares them for the next learning process phase.

Mode of delivery: This unit is offered in different modes. These are: “Attendance” mode, “Intensive” mode and “Online” mode. This unit is offered in three modes to cater to the learning needs and preferences of a range of participants and maximise effective participation for isolated and/or marginalised groups.

Attendance Mode

In a weekly attendance mode, students require face-to-face attendance in specific physical location/s. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops, most students report that they spend an average of one hour preparing before the workshop and one or more hours after the workshop practicing and revising what was covered. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for students to prepare and revise.

Intensive Mode

In an intensive mode, students require face-to-face attendance in weekends or any block of time determined by the school. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for you to prepare and revise.

Online Mode

This unit uses an active learning approach to support students in exploring the essential knowledge associated with corporate finance. Students can explore the essential knowledge underpinning corporate finance and develop knowledge in a series of online interactive lessons and modules. Students are given the opportunity to attend facilitated synchronous online seminar classes with other students and participate in the construction and synthesis of knowledge, while developing their knowledge of corporate finance. Students are required to participate in a series of online interactive workshops which include activities, knowledge checks, discussion and interactive sessions. This approach allows flexibility for students and facilitates learning and participation for students with a preference for virtual learning.

Assessment strategy and rationale

Assessments are used primarily to foster learning. ACU adopts a constructivist approach to learning that seeks alignment between the fundamental purpose of each unit, the learning outcomes, teaching and learning strategy, assessment and the learning environment. In order to pass this unit, students are required to achieve an overall score of at least 50% and attempt all assessment items. Using constructive alignment, the assessment tasks are designed for students to demonstrate their achievement of each learning outcome.

Each of these assessment pieces has been designed to empower students, lead to greater equity and deepen students’ skillsets by virtue of their design. They are assessments that are constructed to integrate the unit’s instruction and curriculum.

Overview of assessments

Attendance mode;

Intensive mode

Online mode

Representative texts and references

Arthur, N., Luff, L., Keet, P., Egan, M., Howieson, B., Ram, R. 2017. Accounting for Corporate Combinations and Associations. 8th Edition, Pearson Australia

Carlon, S., McAlpine, R., Lee, C., Mitrione, L., Kirk, N., Wong, L. 2019. Financial Accounting, Reporting, Analysis and Decision Making. Sixth Edition. John Wiley&Sons Australia.

Deegan, C 2020, Financial accounting, 9th ed., McGraw Hill, North Ryde, NSW.

Henderson, S., Peirson, G., Herbohn, K., Artiach, T., Howieson, B. 2017. Issues in Financial Accounting.16th Edition, Pearson Australia

Humphrey, N., & CCH Australia Limited, publisher, distributor. 2018. Mergers and acquisitions: law and finance (Second edition.). CCH Australia Limited. 

Leo, K., Knapp, J., McGowan, S., Sweeting, J. 2018. Company Accounting. Eleventh Edition. John Wiley&Sons Australia.

Loftus, J., Leo, K., Daniliuc, S., Boys, N., Luke, B., Ang, H., Byrness, K. 2020. Financial Reporting. Third Edition. John Wiley&Sons Australia.