ACCY200: Financial Accounting

Subject Outline

6 credit points

Subject Information

Spring, 2025

Section A: General Information

Learning Outcomes

Student Learning Outcomes

On successful completion of this subject, students will be able to:

1.    Demonstrate an understanding of the operating environment and the concepts underpinning the preparation of general-purpose financial reports.

2.    Apply various International Financial Reporting Standards to transactions and events that involve measurement and professional judgement

3.    Solve practical problems for the purpose of preparing and interpreting general-purpose financial reports.

4.    Critically evaluate current national and international developments in financial reporting.

5.    Analyse information from a variety of sources and communicate knowledge and ideas in formal and informal situations

Subject Description

ACCY200 builds on the knowledge and skills students have acquired in both ACCY121 and ACCY122. In this subject, students will apply accounting standards and the conceptual framework to prepare and analyse general- purpose financial reports and related disclosures. This subject also develops the skills of professional judgement required to evaluate accounting practice in the changing legal and economic environment

Course Learning Outcomes

Course Learning Outcomes can be found in the Course Handbook.

Learning Platform

Learning Platform (Moodle) Subject Site

The University's Learning Platform uses Moodle as its Learning Management System, providing access to course materials, activities, and other Learning Platform systems. The Learning Platform (Moodle) subject site can be accessed via your SOLS page

Embedded Work Integrated Learning

This subject contains elements of 'Embedded WIL'. Students in this subject will experience activities that relate to or simulate professional practice as part of their learning.

Major Text(s)

Loftus, J, Leo, K, Daniluc, S, Luke, B, Ang, H, Bradbury, M, Hanlon, D, Knapp, J, Boys, N & Byrnes, K 2023, Financial Reporting, 4th edn, John Wiley & Sons, Australia.

(Referred to as Loftus et al 2023 throughout the subject outline) The text can be purchased as a hard copy $143.95 or e-text $85.

https://www.wileydirect.com.au/buy/financial-reporting/

Textbooks used in ACCY200 prior to 2023 and/or previous edition textbooks are not to be used.

Textbook details are available online from the University Bookshop at https://unishop.uow.edu.au/

Key References

The following accounting standards can be accessed at: https://aasb.gov.au/pronouncements/accounting-standards/

Australian Accounting Standards Board 2023, AASB13 Fair Value Measurement, Australian Accounting Standards Board, Victoria, Australia.

Australian Accounting Standards Board 2023, AASB16 Leases, Australian Accounting Standards Board, Victoria, Australia.

Australian Accounting Standards Board 2023, AASB101 Presentation of Financial Statements, Australian Accounting Standards Board, Victoria, Australia.

Australian Accounting Standards Board 2023, AASB107 Statement of Cash Flows, Australian Accounting Standards Board, Victoria, Australia.

Australian Accounting Standards Board 2023, AASB108 Accounting Policies, Changes in Accounting Estimates and Errors, Australian Accounting Standards Board, Victoria, Australia.

Australian Accounting Standards Board 2023, AASB112 Income Taxes, Australian Accounting Standards Board, Victoria, Australia.

Australian Accounting Standards Board 2023, AASB116 Property, Plant & Equipment, Australian Accounting Standards Board, Victoria, Australia.

Australian Accounting Standards Board 2023, AASB136 Impairment of Assets, Australian Accounting Standards Board, Victoria, Australia.

Australian Accounting Standards Board 2023, AASB138 Intangible Assets, Australian Accounting Standards Board, Victoria, Australia.

Australian Accounting Standards Board 2021, AASB110 Events After the Reporting Date, Australian Accounting Standards Board, Victoria, Australia.