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KING’S OWN INSTITUTE* Success in Higher Education ACC201 FINANCIAL ACCOUNTING T120 27/02/2020 15:25 PAGE 1 OF 14 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD© ABN: 72 132 629 979 CRICOS 03171A ACC201 FINANCIAL ACCOUNTING T120 All information contained within this Subject Outline applies to all students enrolled in the trimester as indicated. 1. General Information 1.1 Administrative Details Associated HE Award(s) Duration Level Subject Coordinator B Bus (Accg); B Bus (Mgt & Finance) 1 trimester Level 2 Meth Hewa
[email protected] P: 92833583 L: Level 1, 545 Kent St. Consultation: via Moodle or by appointment 1.2 Core / Elective This is a core subject for B Bus (Accg) and an elective subject for B Business (Mgt & Fin). 1.3 Subject Weighting Indicated below is the weighting of this subject and the total course points. Subject Credit Points Total Course Credit Points 4 BBus(Accg) 96; BBus(Mgt & Finance) 96 1.4 Student Workload Indicated below is the expected student workload per week for this subject No. timetabled hours/week* No. personal study hours/week** Total workload hours/week*** 4 hours/week 2 hour Lecture + 2 hour Tutorial 6 hours/week 10 hours/week * Total time spent per week at lectures and tutorials ** Total time students are expected to spend per week in studying, completing assignments, etc. *** Combination of timetable hours and personal study. 1.5 Mode of Delivery On-campus 1.6 Pre-requisites ACC100 Introduction to Accounting and ACC101 Introduction to Financial Accounting 1.7 General Study and Resource Requirements o Students are expected to attend classes with the weekly worksheets and subject support material provided in Moodle. Students should read this material before coming to class to improve their ability to participate in the weekly activities. o Students will require access to the internet and their KOI email and should have basic skills in word processing software such as MS Word, spreadsheet software such as MS Excel and visual presentation software such as MS PowerPoint. o Computers and WIFI facilities are extensively available for student use throughout KOI. Students are encouraged to make use of the campus Library for reference materials. Resource requirements specific to this subject: Students should have a non-programmable a calculator. Applications in smart phones will not be sufficient to perform the required calculations. Approved by KOI Academic Board for T1 2020 mailto:
[email protected] ACC201 ACC201 FINANCIAL ACCOUNTING T120 27/02/2020 15:25 PAGE 2 OF 14 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD© ABN: 72 132 629 979 CRICOS 03171A 2 Academic Details 2.1 Overview of the Subject This subject introduces students to topics relating to Australian financial reporting with an emphasis on recognition and measurement of assets and liabilities. It covers several Australian Financial Reporting Standards with respect to various types of assets and liabilities (such as intangible assets, share-based payments, leases and financial instruments). It examines the interpretation and application of following accounting standards issued by the Australian Accounting Standards Board (AASB). 2.2 Graduate Attributes for Undergraduate Courses Graduates of the Bachelor of Business (Accounting), and the Bachelor of Business (Management and Finance) courses from King’s Own Institute will gain the graduate attributes expected from successful completion of a Bachelor’s degree under the Australian Qualifications Framework (2nd edition, January 2013). Graduates at this level will be able to apply an advanced body of knowledge in a range of contexts for professional practice or scholarship and as a pathway for further learning. King’s Own Institute’s key generic graduate attributes for a bachelor’s level degree are summarised below: Across the course, these skills are developed progressively at three levels: o Level 1 Foundation – Students learn the basic skills, theories and techniques of the subject and apply them in basic, stand-alone contexts. o Level 2 Intermediate – Students further develop skills, theories and techniques of the subject and apply them in more complex contexts, beginning to integrate the application with other subjects. o Level 3 Advanced – Students have a demonstrated ability to plan, research and apply the skills, theories and techniques of the subject in complex situations, integrating the subject content with a range of other subject disciplines within the context of the course. KOI Bachelor Degree Graduate Attributes Detailed Description Knowledge Current, comprehensive and coherent knowledge Critical Thinking Critical thinking and creative skills to analyse and synthesise information and evaluate new problems Communication Communication skills for effective reading, writing, listening and presenting in varied modes and contexts and for transferring knowledge and skills to others Information Literacy Information and technological skills for accessing, evaluating, managing and using information professionally Problem Solving Skills Skills to apply logical and creative thinking to solve problems and evaluate solutions Ethical and Cultural Sensitivity Appreciation of ethical principles, cultural sensitivity and social responsibility, both personally and professionally Teamwork Leadership and teamwork skills to collaborate, inspire colleagues and manage responsibly with positive results Professional Skills Professional skills to exercise judgement in planning, problem solving and decision making Approved by KOI Academic Board for T1 2020 ACC201 ACC201 FINANCIAL ACCOUNTING T120 27/02/2020 15:25 PAGE 3 OF 14 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD© ABN: 72 132 629 979 CRICOS 03171A 2.3 Subject Learning Outcomes This is a Level 2 subject. Listed below, are key knowledge and skills students are expected to attain by successfully completing this subject: Subject Learning Outcomes Contribution to Course Graduate Attributes a) Analyse fundamental accounting theory and standards in order to critically evaluate their relations b) Present accounting reports for different types of business structures and industries c) Identify, analyse and solve a range of financial accounting problems by applying analytical, standards, and problem solving techniques d) Make soundly based financial accounting decisions by applying critical and logical reasoning e) Describe the implications to various stakeholders of the ethical and regulatory dimensions of accounting. 2.4 Subject Content and Structure Below are details of the subject content and how it is structured, including specific topics covered in lectures and tutorials. Reading refers to the text unless otherwise indicated. Weekly Planner: Week (beginning) Topic covered in each week’s lecture Reading(s) Expected work listed in Moodle 1 09 Mar Accounting regulation and the conceptual framework, fair value measurement, business ethics Chs.1; 3 AASB 13 Tutorial exercises 2 16 Mar Revenue Ch.15 AASB 15 Tutorial exercises 3 23 Mar Property, plant and equipment Ch.5 AASB 116 Tutorial exercises 4 30 Mar Intangible assets, impairment Chs.6; 7 AASB 136; AASB 138 Tutorial exercises 5 06 Apr Leases Ch.10 AASB 16 Online quiz 1 due 6 13 Apr Mid trimester exam Mid trimester exams Assignment review 19 Apr 2020 – 26 Apr 2020 Mid trimester break 7 27 Apr Natural resources Ch.34 AASB 6 Tutorial exercises 8 04 May Provisions, contingent liabilities and contingent assets Ch.8 AASB 137 Tutorial exercises 9 11 May Employee benefits Ch.9 AASB 119 Deferred mid trimester exams - see Section 2.6 below for more information 10 18 May Share-based payments Ch.14 AASB 2 Assessment 3 due (Individual) Approved by KOI Academic Board for T1 2020 ACC201 ACC201 FINANCIAL ACCOUNTING T120 27/02/2020 15:25 PAGE 4 OF 14 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD© ABN: 72 132 629 979 CRICOS 03171A 11 25 May Financial instruments Ch.11 AASB 7; AASB 9; AASB 132 Online quiz 2 due 12 01 Jun Revision Tutorial exercises 13 07 Jun Study Review Week 14 15 Jun Final Exam Week Please see Exam Timetable for exam date, time and location 15 21 Jun Student Vacation begins Enrolments for T220 open 16 29 Jun Results Released 30 Jun 2020 Certification of Grades 03 Jul 2020 T220 begins 06 July 2020 1 06 Jul Week 1 of classes for T220 Friday 03 Jul 2020 – Review of Grade Day for T120 – see Sections 2.6 and 3.6 below for more information. 2.5 Public Holiday Amendments Please note: KOI is closed on all scheduled NSW Public Holidays. T120 has six (6) days of public holidays (Easter Holidays and the Queen’s Birthday) that occurs during classes this trimester. Classes scheduled for these public holidays (Calendar Class Dates) will be rescheduled as per the table below. All other public holidays fall within the mid-trimester break period. This applies to ALL subjects taught in T120. Please see the table below and adjust your class timing as required. Please make sure you have arrangements in place to attend the rescheduled classes if applicable to your T120 enrolment. Classes will be conducted at the same time and in the same location as your normally scheduled class except these classes will be held on the date shown below. Calendar Class Date Rescheduled Class Date Friday 10 April 2020 (Week 5) Saturday 11 April 2020(Week 5) Monday 13 April 2020 (Week 6) Tuesday 09 June 2020 (Week