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BUSINESS SCHOOL

Unit of Study Outline


Unit Code ACCT6010 Unit Title Advanced Financial Reporting Semester 2, 2013
Pre-requisite Units: ACCT6001 Co-requisite Units: Prohibited Units: Assumed Knowledge and/or Skills: You are assumed to understand and be able to apply the techniques and principles of accounting taught in ACCT5001 and ACCT6001

Unit Coordinator: Neal Arthur Address: Room 346, The Business School Building(H69), The University of Sydney NSW 2006 Email: neal.arthur@sydney.edu.au Phone: 93516624 Consultation Hours: Wednesday 2-4pm. Refer to Blackboard for details of consultation times for other staff. Class Day(s): Monday 2-5 Carlaw Lecture Rooom 350 Monday 6-9 New Law School Annexe SR 342 Required Text / Resources:
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Arthur, N., L. Luff and P. Keet, Accounting for Corporate Combinations and Associations, 7th Edition, Pearson Education Australia, 2012 (ISBN 978-1-44251-956-5). Extensive use will be made of this book which will be available in the bookshop and the library. Course Pack for ACCT 6010 Semester 2, available from the University of Sydney Copy Centre. Accounting Handbook 2013, Pearson (ISBN 9781486006519); OR Financial Reporting Handbook 2013, John Wiley (ISBN 97807 3030 4203). Additional reference which you may choose to use: Booth, B., Student Guide to Accompany 7th Edition, Pearson Education Australia, 2012. This book can be purchased from the Co-op Bookshop on campus as a single item or packaged with the text.

This Guide to Unit Learning Content and Assessment MUST be read in conjunction with the Business School Student Administration Manual for information about all processes (sydney.edu.au/business/currentstudents/student_information/student_administration_manual) and the Business School unit of study common policy and implementation information that apply to every unit of study offered by the Business School (http://sydney.edu.au/business/currentstudents/policy). In determining applications and appeals relating to these matters it will be assumed that every student has taken the time to familiarise themselves with these key policies and procedures.

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1. Unit of study information This unit is intended to provide students with a detailed understanding of more complex financial reporting issues. The topics examined include: group accounting issues such as the practical application of the control test; multiple subsidiaries; foreign currency translation; consolidated cash flow reporting; segment reporting; accounting for joint arrangements and associates; and related party disclosures. The unit builds on the knowledge base acquired from earlier accounting units with a strong emphasis on the application of technical skills. The unit has a substantial case component, using current examples to illustrate both appropriate technical solutions in accordance with accounting standards and guidelines, as well as the forces which determine the choice of methods. The course will help develop students' ability to read and analyse financial reports and to understand the financial reporting implications of management decisions relating to internal reporting and organisational structure. This is the capstone unit for the Master of Professional Accounting and for the Accounting Accreditation steam within the Master of Commerce. This unit should be undertaken in the final semester of study.

2. Program learning outcomes 1. Accounting Knowledge: Our Masters programs develop each graduate to be a knowledgeable business practitioner leading to students who are able to demonstrate an advanced integrated understanding of accounting principles, techniques, standards, regulatory requirements and current global developments in accounting and reporting. (Assured in ACCT6010) 2. Critical Thinking: Our Masters programs develop each graduate to be an autonomous and constructive critical thinker leading to students who are able to interrogate, evaluate and respond creatively to assumptions, propositions and debates within the field of accounting. (Assured in ACCT6010) 3. Business Analysis and Problem-Solving: Our Masters programs develop each graduate to be a capable business analyst and strategic problem-solver leading to students who are able to identify and diagnose complex and unfamiliar challenges and opportunities in accounting and reporting, in diverse contexts and formulate strategically-appropriate solutions. (Assured in ACCT6010) 4. Communication: Our Masters programs develop each graduate to be a persuasive communicator and negotiator leading to students who are able to reach agreement with others about appropriate responses to problems and opportunities within accounting and reporting, using a range of communication strategies. (Written communication assured in ACCT6010) 5. Team Working: Our Masters programs develop each graduate to be a capable team leader in work-related contexts leading to students who are able to influence others to work collaboratively to address complex business challenges and opportunities in accounting and reporting in diverse contexts. 6. Ethical and Social Responsibility: Our Masters programs develop each graduate to be an ethically- and socially-responsible professional leading to students who are able to demonstrate social, ethical, personal and professional considerations in the field of accounting and reporting.

3. Unit learning objectives

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ACCT6010 Advanced Financial Reporting extends the material covered in ACCT6001 Intermediate Financial Reporting which examined reporting issues and requirements relevant to single-entity financial statements. This unit aims to provide each student with an understanding of the concepts, methods and issues relating to accounting for groups. By successfully completing this unit, students should acquire a detailed knowledge of: Methods used to account for investments Reporting the results for segments of a business Debates concerning the measurement of group performance and financial position

By successfully completing this unit, students should be able to: Prepare consolidated financial statements using spreadsheets; Critically evaluate alternative solutions to financial reporting problems relating to groups; Choose between financial reporting alternatives in an informed manner

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4. Assessment
Assessment Name Individual Assignment Mid-semester examination Group Assignment Final Exam Academic Honesty Work Type Individual Individual Group Individual Program Learning Outcomes Assessed 1, 2, 4 1, 2, 4 1, 2, 3 1, 2, 3, 4 Length Weight Due Date 800 1200 1000 2000 15% 20% 15% 50% 26-Aug-2013 14-Sep-2013 14-Oct-2013 Final Exam Period Week 4 Closing Date 09-Sep-2013 14-Sep-2013 28-Oct-2013 Final Exam Period

Assessment Individual Assignment is Compulsory. This means you must undertake the assessment. If you do not undertake the assessment you will receive zero for this assessment. Assessment Mid-semester examination is Compulsory. This means you must undertake the assessment. If you do not undertake the assessment you will receive zero for this assessment. Assessment Group Assignment is Compulsory. This means you must undertake the assessment. If you do not undertake the assessment you will receive zero for this assessment. Assessment Final Exam is Mandatory. This means you must undertake the assessment and achieve a mark above 40%. Students who fail to achieve this minimum standard in this assessment, even when their aggregate mark for the entire unit is above 50%, will be given an AF grade for this unit. As a result a student's academic transcript will show AF and the actual mark achieved if between 0-49 and AF and a capped mark of 49 for all other marks. ** Students must complete the Academic Honesty module in Blackboard with a mark above 80% by the final day of exam, or an Absent Fail (AF) grade will be given for the entire unit. Students can complete the module multiple times until this grade is achieved. Students who completed the module with a score of 80% or above in any previous semesters do not need to do it again. *** The due date for an assessment is the last day on which you can submit the assessment without penalty. If you submit the assessment after that date, you will receive a late penalty, unless excused by special consideration, special arrangement or disability services adjustment. The closing date is the last day on which an assessment will be accepted for marking. A task occurs over a number of weeks, e.g. class presentations, due and closing date are both the first occasion of the task. Conditions of Assessment The Business School has standard conditions governing assessments such as late penalties, word length and so on. Please go to the Business School policy and implementation information at http://sydney.edu.au/business/currentstudents/policy

Referencing Style Students should adhere to the Business School Referencing Guide at http://sydney.edu.au/business/reference_guide

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Assessment details Individual Assignment


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Task Description The Individual Assignment is due by 10 am, 26th August, 2013 and will be awarded 15% of the overall mark for this unit. This assignment must be completed and submitted individually. It requires in depth analysis, interpretation and discussion of identified accounting issues for a specific business combination. The results of each students research and analysis must be presented in a written-form. For program-level assurance of learning purposes, this item is used to assure your proficiency in business written communication.

Assessment Criteria Marks will be awarded for the completeness and accuracy demonstrated in individual assignment answers that: 1. Demonstrate detailed understanding of the changes introduced by a recent accounting standard. 2. Critically analyse and communicate the consequences for a particular class of transactions in response to the provisions and its related judgements introduced by a recent accounting standard. 3. Communicate a coherent analysis of the effects of a recent accounting standard for a specific entitys class of transactions. 4. Correctly use and reference information sources, and prepare an Individual Assignment which is appropriately structured and professionally presented.

Other Information All individual assignments must be submitted electronically via Blackboard and Turnitin. Ensure that your student ID number (SID) is in the top right hand corner of each page. Students should retain a copy of the final version of their Individual Assignment. Full information about how to prepare assignments for electronic submission can be found in the Turnitin Student Guide: http://blackboard.econ.usyd.edu.au/webapps/portal/frameset.jsp?tab_tab_group_id=_20_1 Should submission problems occur, students should contact the School of Business eLearning Support first on 90366433 or business.elearning@sydney.edu.au or the Unit Coordinator as soon as possible. More information and instructions will be provided with the Individual Assignment.

Mid-semester examination
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Task Description The Mid-semester Exam will be held outside the regular lecture period on Saturday, 14 September, 2013 from 1pm to 2.40pm (the locations to be advised via Blackboard) and will be awarded 20% of the overall assessment mark for this unit. This examination will cover material in Weeks 1-6 inclusive. Please put this date and time in your calendar. Assessment Criteria

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Marks will be awarded for the completeness and accuracy demonstrated in examination answers that: a. Demonstrate detailed understanding of the concept of control, consolidation accounting and group reporting b. Communicate effects of group accounting and preparation of consolidated financial statements including consolidation adjustments and techniques and understanding of accounting issues in relation to: 1. Fair value adjustments 2. Intra group transactions 3. Direct and indirect non controlling interest
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Other Information The mid-semester examination is 1.5 hours in duration plus 10 minutes reading time. Further details on the examination will be provided during the semester. Students will be given the opportunity to review their mid-semester examination paper and to consider their answers after class discussion of the examination.

Group Assignment
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Task Description The Group Assignment is due 10am, Monday, 14 October, 2013 and will be awarded 15% of the overall mark for this unit. The Group Assignment requires in depth analysis, interpretation and discussion of specific issues for an entitys segment reporting disclosures. The task requires students to work with others as a team of 3 or 4, to research and utilise material from annual reports and other reference material. The results of each groups research and analysis must be presented in a written-form. Assessment Criteria Marks will be awarded for the completeness and accuracy demonstrated in group assignment answers that: 1. Demonstrate detailed understanding of relevant accounting standards and their application by a specific entity. 2. Identify and critically analyse the consequences of choices permitted in accounting standards. 3. Communicate analysis of issues, interpretations and conclusions that are logically argued and are consistent with other parts of the group assignment. 4. Correctly use and reference information sources, and prepare a group report that is appropriately structured and professionally presented. Other Information It is not necessary for students within a group to attend the same stream (class). You are advised to organise your group as soon as possible as it is difficult to find students to work with close to the due date for submission. Specific instructions will be provided to students when the Group Assignment is released. All group assignments must be submitted electronically via Blackboard and Turnitin. Ensure that your group assignment is correctly identified as per the submission instructions that will be given as part of the Group Assignment instructions.

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Final Exam
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Task Description The final examination will be held during the University Examination Period and is weighted as 50% of the overall assessment mark for this unit. The date, time and venue will be available on the universitys website later in the semester when the examination timetable is announced. This two hour examination (with a further 10 minutes reading time) may cover topics from the entire unit of study, with a focus on the topics not covered in the mid-semester examination. The examination will include both multiple choice and constructed response questions.

Assessment Criteria Marks will be awarded for the completeness and accuracy demonstrated in examination answers relation to some or all of the following: 1. Preparation and understanding of consolidated cash flow statements. 2. Preparation and understanding of segment reporting disclosures, including consideration of connected consolidation matters. 3. Translation of foreign currency transactions, balances and financial statements with consideration of the impacts on consolidated financial statements. 4. Accounting for investments in associates and joint arrangements. Other Information Further information on the examination will be available on Blackboard closer to the date of the examination. Students will be given the opportunity to review their answers to final examination. For program-level assurance of learning purposes, this item is used to assure your proficiency in accounting knowledge, critical thinking and analysis and problem-solving.

5. Other suggested resources for students All lectures and seminars are recorded and will be available within Blackboard for student use. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every class will be recorded. Students should ensure they attend and participate in all classes. Blackboard has further resources and support for students available under Learning Resources. As Blackboard is our primary means of communicating with students outside the classroom, it is essential that students login to Blackboard at least twice per week to check new announcements and other information and resources that have been added to the site. Instructions to log-in to Blackboard can be found at http://blackboard.econ.usyd.edu.au.

Personal Study Questions assigned each week are listed on Blackboard and in the Course Pack.

Solutions to Personal Study Questions will be provided on blackboard. Students are strongly advised to attempt these questions each week after attending lectures and before consulting the

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solutions. 6. Feedback and improvements made in response to feedback The Business School seeks feedback from students and staff in order to continually improve and innovate all units offered. For information on previously collected feedback and innovation made in response to feedback, please see http://sydney.edu.au/business/learning/planning_and_quality/feedback/student

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7. Unit schedule Week/ Topic Materials (e.g. readings) Lecture/Seminar/Problem Based Learning Assessments Due Session Introduction to the UOS; Overview of consolidation and group reporting. Principles of consolidation Fair value adjustments and tax effects Intra-group transactions Non controlling interest Indirect non controlling interest Consolidated cash flow Segment reporting Foreign currency transactions & translation Common week 30 to 6 Oct 10 7 Oct 2013 11 14 Oct 2013 12 21 Oct 2013 13 28 Oct 2013 Refer Blackboard Refer Blackboard Refer Blackboard Refer Blackboard Foreign currency transactions & translation (continued) Accounting for associates Accounting for joint arrangements Revision Group Assignment due 14 October Mid session exam Sat 14 September Individual Assignment due 26 August.

1 Refer Blackboard 29 Jul 2013 2 Refer Blackboard 5 Aug 2013 3 Refer Blackboard 12 Aug 2013 4 Refer Blackboard 19 Aug 2013 5 Refer Blackboard 26 Aug 2013 6 2 Sep 2013 7 9 Sep 2013 8 16 Sep 2013 9 23 Sep 2013 Refer Blackboard Refer Blackboard Refer Blackboard Refer Blackboard

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