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This subject focuses on the nature of accounting from the perspective of a preparer of financial reports. The method of recording and reporting transactions in an accounting system to ultimately provide the foundation for judgements and decisions in preparation of financial reports will be covered. The importance of accounting within the Australian external reporting environment is explained as well as an introduction to the Conceptual Framework for accounting that provides a theoretical underpinning of accounting standards and reporting.
Intended learning outcomes
- Identify the principal regulatory authorities that influence the framework for external financial reporting in Australia and explain their roles and functions in this process.
- Describe the nature and objectives of General Purpose Financial Reporting
- Explain the key components of the Conceptual Framework for accounting as it applies to the preparation of general purpose financial statements.
- Record accounting transactions and prepare the Balance Sheet and the Income Statement.
- Explain the main issues to be considered in relation to reporting of key transactions and balances reported in the Balance Sheet and Income Statement.
- Describe the nature of company transactions and account for various capital transactions and profit distribution.
- Construct and analyse a Cash Flow Statement.
High level of development: problem solving; use of computer software.
Moderate level of development: written communication; collaborative learning; team work; application of theory to practice; interpretation and analysis; critical thinking; synthesis of data and other information; evaluation of data and other information; accessing data and other information from a range of sources; receptiveness to alternative ideas.
Some level of development: oral communication; statistical reasoning.
Last updated: 3 March 2021