ACCT603 - Accounting for Corporate Structures

Year

Credit points

Campus offering

Prerequisites

ACCT600 Accounting for Decision Making

Teaching organisation

150 hours over a twelve-week semester or equivalent study period

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 - Demonstrate and promote the ethical principles underlying accounting professional values and code of conduct to identify threats to compliance (GA3, GA5)

LO2 - Examine current national and international developments in financial reporting and information for corporate entities (GA5, GA6).

LO3 - Construct worksheet entries of complex inter-entity transactions including tax effect for corporate entities that comply with International Financial Reporting Standards (IFRS) and other relevant standards to (GA5, GA10)

LO4 - Record entries and prepare consolidated reports for complex inter-entity transactions in accordance with IFRS and other national reporting standards (GA4, GA5) 

LO5 - Apply accounting and reporting techniques to non-routine circumstances and new events considering local and global contexts (GA5, GA6)

Graduate attributes

GA3 - apply ethical perspectives in informed decision making

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

GA10 - utilise information and communication and other relevant technologies effectively.

Content

Topics will include:

• ethical code of conduct and compliance
• financial reporting of company performance
• measurement of cost versus value
• synthesising and analysing regulatory frameworks
• accounting for foreign currency transactions and translation of the accounts of foreign subsidiaries
• accounting for income tax
• accounting for leases
• Accounting standards and policies and their application including changes in accounting estimates and errors
• related party disclosure and segment reporting
• accounting for group structures and business combinations
• accounting for intra-group transactions
• accounting for non-controlling interests
• accounting for agriculture

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 students 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 must demonstrate competence in all learning outcomes and are required to achieve an overall score of at least 50%. Using constructive alignment, the assessment tasks are designed for students to demonstrate their achievement of each learning outcome.

For assessment, students will be required to evaluate data and information from a variety of sources and perspectives through research, integration, and analysis. Students will also need to apply critical thinking skills to identify and solve problems, inform judgments, make decisions, reach well-reasoned conclusions and make recommendations where applicable. Students are expected to communicate clearly and concisely when presenting, discussing, and reporting knowledge and ideas in formal and informal situations.

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. Assessments are the same regardless of whether teaching mode is attendance, blended, or online. This is indicated in overview of assessment table below

Overview of assessments

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.