This course covers financial accounting practice for a selection of current and complex topics. Both the accounting practice is explained and the implication of the relevant accounting standard is critically appraised, with a view to developing thorough knowledge and critical understanding of applicable accounting principles, concepts, and regulations.

Lectures: 10 x 2-hour lecture

Tutorials: 8 x 1-hour tutorial

ACCFIN4007 - Advanced Financial Accounting Practice (superseded)

ILO

Reassessments are normally available for all courses, except those which contribute to the Honours classification. For non Honours courses, students are offered reassessment in all or any of the components of assessment if the satisfactory (threshold) grade for the overall course is not achieved at the first attempt. This is normally grade D3 for undergraduate students and grade C3 for postgraduate students. Exceptionally it may not be possible to offer reassessment of some coursework items, in which case the mark achieved at the first attempt will be counted towards the final course grade. Any such exceptions for this course are described below. 

This course builds upon Financial Accounting 2. It aims to critically examine current financial accounting theory and practice for a selection of advanced topics, many of which are subject to current debate and review by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the US. The course seeks to develop a thorough knowledge and understanding of the accounting principles, concepts, regulations and practices, applicable to selected topics. An important aim of the course is to develop skills of critical analysis through the study of relevant research papers on financial accounting topics.

By the end of this course students should be able to:

1. Explain the financial reporting requirements for a range of current accounting issues.
2. Solve relatively complex problems of financial accounting practice, by the selection and application of appropriate accounting principles, concepts, and practices.
3. Interpret financial statement information identifying critical issues, numbers and underlying assumptions.
4. Critically evaluate the ongoing debates and differences of opinion in relation to current accounting practices.

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