Advanced Financial Accounting

This is a final year specialist accounting unit in the Bachelor of Business (Accounting). It aligns with the core knowledge area of accounting theory for accounting professional accreditation bodies CPA Australia and Institute of Charted Accounting Australia (ICAA). This subject is concerned with developing students appreciation of the roles that theory and practice have played in the development of financial reporting. Accounting students are faced with the challenge of developing technical skills as well as developing their independent learning skills as required by the business community and by the professional bodies. As future accounting professionals, an appreciation of accounting theories allows students to think more critically about the building blocks of financial reporting and how they are used in practice.
The subject examines various theories that investigate and critique the roles of financial accounting in decision-making and theoretically appraise financial accounting practice and regulation. Contemporary issues, including measurement, the conceptual framework, convergence with the International Financial Reporting Standards and corporate sustainability reporting are examined in the context of various accounting theories including normative accounting theories and positive accounting theories. Students will engage with the content through a range of activities associated with contemporary cases and issues. Activities will include peer learning, discussions and online activities. Student learning will be guided and assessed through a semester test, an individual assignment and an exam.