GENERAL UNIT INFORMATION UNIT DESCRIPTION This unit has been designed to provide students with the balanced discussion of different theories of financial accounting. In particular, this course will cover the discussion of financial accounting theories and research, accounting standards, models and conceptual framework, alternative asset-valuation and income determination models, accounting for revenues and expenses, accounting for tax, and ethics and industry-specific accounting issues. PRE-REQUISITE UNITS BBAC 101 Accounting Principles BBAC 301 Financial accounting Practice UNIT OBJECTIVES/LEARNING OUTCOMES On successful completion of this course students will be able to: a) Explain and interpret the accounting theory and regulatory environment b) Critically evaluate alternative models and theories of financial accounting c) Analyse regulatory and accounting practices from an ethical perspective d) Engage in reasoned debate concerning theoretical issues related to accounting policy e) Discuss current national and international developments in financial reporting GRADUATE ATTRIBUTES On successful completion of this Unit, students will have been taught and assessed for the following attributes at an Introductory (I), Reinforced (R) or Advanced (A) level: Graduate Attribute I R A 1 Technical capabilities and skills ☐ ☐  2 Innovative and entrepreneurial thinking ☐ ☐ ☐ 3 Communication and self-management skills ☐ ☐  4 Research and information literacy ☐ ☐  5 Problem solving skills ☐ ☐  6 Ability to interact effectively within a group environment ☐ ☐  7 Demonstration of ethical and professional standards ☐ ☐  UNIT CONTENT The topics covered in this Unit include the following: • Financial accounting theories and research • Financial reporting environments • The regulation of financial accounting • International accounting • Accounting for the effects of changing prices and market conditions • Positive accounting theory and research • Accounting standards, models and conceptual frameworks • Consideration of system-oriented theories • Ethics and industry-specific accounting issues • Critical Perspectives of accounting STAFF AND UNIT DELIVERY ARRANGEMENTS ACADEMIC STAFF LECTURER(S) NAME: Dr. Mohammad Imtiaz Ferdous (Unit co-ordinator) Lan Nguyen ROOM AND BUILDING: Level 5, 422 Lt. Collins Street, Melbourne 3000 PHONE NUMBER (RECEPTION): (03) 8888 6542 (Melbourne) EMAIL (STAFF) [email protected] [email protected] EMAIL (GENERAL) [email protected] CONSULTATION HOURS Refer to Moodle Announcement Forum and Consultation Calendar in Room 4D for changes to consultation times. You may also contact your lecturer for individual consultations. READINGS, TEXTS & OTHER REFERENCE MATERIAL Each week, students are required to: • Read the relevant chapter(s) of the prescribed text before attending the lecture. • Complete the tutorial questions before attending the tutorial. • Attempt all Self-Study questions as listed in the Unit Schedule before consulting the suggested solutions. PRESCRIBED TEXT Deegan, C. (2015), Financial Accounting Theory, 4th Edition, McGraw-Hill, Australia RECOMMENDED TEXTS FROM EBSCO (CIC STUDENTS FREE ACCESS FROM EBRARY) Rutherford, BA 2000, An Introduction To Modern Financial Reporting Theory, London: SAGE Publications Ltd, eBook Collection (EBSCOhost), EBSCOhost Higson, A 2003, Corporate Financial Reporting: Theory and Practice, SAGE Publications Inc. (US), London, GBR. Available from: ProQuest ebrary Godfrey, J., Hodgson, A. and Holmes, S. (2006) Accounting Theory, 6th edition, John Wiley and Sons, ISBN 978 0 470 81064 4 Henderson, S., Peirson, G. and Harris, K. (2004), Financial Accounting Theory, Pearson, ISBN 978 1 741 03031 0 Schroeder, R.G., Clark, M.W. & Cathey, J.M. (2009) Financial Accounting Theory and Analysis: Text Readings and Cases, 9th Edition, Wiley & Sons, US REFERENCE JOURNALS • Abacus • Accounting, Auditing & Accountability Journal • Asia-Pacific Journal of Accounting & Economics • Australian Accountant • CPA Journal • Financial Accounting • Journal of Accountancy • Journal of Accounting and Economics • Journal of Accounting Research WEBSITES • Australian Government, Financial Regulation http://www.australia.gov.au/Financial_Regulation • Australian Securities and Investments Commission http://www.asic.gov.au/asic/asic.nsf • CPA Australia http://www.cpaaustralia.com.au/ • Institute of Chartered Accountants of Australia http://www.icaa.org.au/ • International Accounting Standards Board http://www.iasb.org/Home.htm • National Institute of Accountants http://www.nia.org.au/ UNIT ASSESSMENT DETAILS Students are expected to attempt all assessment tasks and achieve over 50% (overall) to be deemed to have completed the Unit. Cover sheets for all Turnitin submitted assignments are available on Moodle. Students MUST download the correct cover sheet before beginning to work on the relevant assignment as these sheets will form a record of submission for the assignment. Each assignment will have an assessment rubric (marking guide) on Moodle that guides students in preparing their submissions. ASSESSMENT TYPE Weighting (%) Online submission or paper based & date due Learning Outcomes assessed Graduate Attributes assessed Quiz: This quiz will be online through Moodle and will be open for 30 minutes once commenced. The quiz will consist of up to 20 multiple choice and/or true/false questions covering material presented in sessions 1.1-2.1. The link to the quiz will be accessible on Moodle for one (1) week after the completion of Session 2.2. 15 Online individual assessment From session 2.2 a 1 Group Assignment: Each group will consist of two students. Each student is expected to contribute the equivalent of 750-1000 words to this assignment. Both the group members are expected to present their assignment in class. 25 Due in Session 5.2 d,e 3,4,6 End of Term Exam: This is a 3-hour written exam that is designed to assess all material presented in the Unit. Important: To pass the unit students need to achieve at least 25% for the final exam and 50 % in total. 60 Exam week a-e 1,3,5,7 TOPIC/LECTURE OUTLINE Term week Session Topic Relevant reading and / or Assessment tasks 1 1.1 Introduction to financial accounting theory Chapter 1 1.2 The financial reporting environment Chapter 2 2 2.1 The regulation of financial accounting Chapter 3 2.2 International accounting Chapter 4 Online Quiz opens 3 3.1 Accounting for the effects of changing prices and market conditions Chapter 5 3.2 Normative theories of accounting Chapter 6 Online Quiz closes 4 4.1 Positive accounting theory Chapter 7 4.2 Considerations of system-oriented theories Chapter 8 5 5.1 Social and environmental factors within external reporting Chapter 9 5.2 Presentation of Group Work Group assignment due 6 6.1 Critical perspectives of accounting Chapter 12 6.2 Revision Final Exam revision STUDENT WORKLOAD Each lecture topic within a Unit builds on knowledge and skills developed earlier in the Unit to support the progressive acquisition of knowledge. As a result, students are strongly advised to attend all lectures and allocated/selected tutorials. Students should read all relevant material in advance of the lecture to gain the maximum learning experience from the concepts explained in each lecture/tutorial. Students should expect to undertake a total of 20 hours per week of study or 120 hours of study for this Unit over the Term. This includes; 6 hours in-class time per week consisting of 2 x 1.5 hours of lectures and 2 x 1.5 hour of tutorials with staff being available for consultation (refer to Staff Consultation Schedule) or online. An additional 14 hours per week of reading, review of lectures, tutorial preparation, assessment preparation and completion are expected. Students are expected to purchase the prescribed textbooks for the unit. No. of timetabled hours/week* 6 hours No. personal study hours/week** 14 hours Total workload hours/week 20 hours * Total time spent per week at lectures and tutorials ** Total time students are expected to spend per week in studying and completing assignments etc. FEEDBACK Students will receive summative feedback in the form of marks and grades for all invigilated examinations and online quizzes. Group or individual formative feedback will be provided following the mid-term test to allow students the opportunity to seek further clarification on grades and to assist their learning. Assignments will be returned to students within 2 weeks of submission to ensure they are incorporated as part of the learning process and preparation for the end of Term examination. WEEK 7 – SUPPLEMENTARY IN TERM ASSESSMENT All students who miss a mid-term test/exam (due to a valid medical or circumstantial reason) during the term may apply to sit a supplementary assessment test in Week 7. Students who do NOT have a medical certificate or other acceptable and documented reason for missing the original assessment will only be able to gain a maximum of 50% of the available marks for the supplementary assessment. To be eligible for the "Supplementary In-term Assessment" students will need to apply to the Lecturer supervising the subject in writing within 72 hours after the assessment. Details of the "Supplementary in-term Assessment" sessions will be posted on the subject "Discussion Forum" on Moodle. For all further information on CIC policies and general information, refer to "Unit Outline Appendix".