Introduction

Welcome to ACCT20002 Intermediate Financial Accounting

This subject focuses on more advanced external financial reporting obligations applicable to entities within the framework of the Australian reporting environment.

In particular, it examines key technical Accounting Standards integral to the preparation of general purpose financial statements by reporting entities. It also considers the theories that help explain why financial accounting exists as well as what motivates and affects the judgments of managers when making financial accounting reporting decisions.

Finally, it critically reviews important contemporary accounting issues affecting the business community and under consideration of accounting standard setters.

Subject Overview and Aims

The  overall  aim  of  Intermediate  Financial  Accounting  is  to  introduce  students  to  the foundation principles and key accounting standards associated with the preparation of General Purpose Financial Statements in the Australian jurisdiction.

Learning Outcomes

Learning Outcomes and Generic Skills

To view the subject objectives and the generic skills you will develop through successful completion of this subject, please see the University Handbook:

https://handbook.unimelb.edu.au/2023/subjects/acct20002

Awareness Issues

At a broader level, studying this subject will increase your awareness of issues such as:

•    The  fundamental   importance  of  accounting   information  derived  from  external financial  reports  as  a  decision-making  tool   used   by  shareholders,   investors, creditors, suppliers and regulators

•    The  potential  for  preparers  of financial statements to  make  policy choices that influence the information contained in external reports (i.e. , earnings management issues)

•    The international nature of accounting and the influence of the convergence of world capital markets (globalisation)

To   view   the    eligibility   and    requirements,    including   prerequisites,    corequisites, recommended background knowledge and core participation requirements for this subject,

please see the University Handbook:

https://handbook.unimelb.edu.au/2023/subjects/acct20002/eligibility-and-requirements

Academic Staff Contact Details

Please see the subject page on Canvas for full contact details of the teaching staff in this subject.

Subject Coordinator and Lecturer

Name: Dr. Like Jiang

Email:[email protected]

Phone: +61 3 83440035

Subject Tutors

Check Canvas Subject Page

Email Protocol

Please note that we are only able to respond to student emails coming from a University email address. Please do not use personal email addresses such as Yahoo, Hotmail or even business email addresses.  Emails from  non-University email addresses may be filtered by the University’s spam filter, which means that we may not receive your email. All correspondence relating to this subject will only be sent to your University email address. Note that you must first activate your University email address before you can send or receive  emails  at  that  address.  You  can  activate  your  email  account  at  this   link: http://accounts.unimelb.edu.au/.

While academic staff endeavor to address queries received via email, it is more appropriate to  resolve  substantive  questions  during  lectures  and  tutorials  and  during  normal consultation hours. With this in mind, we encourage students to attend all lectures and tutorials and to familiarise themselves with the consultation hours offered by the lecturers and tutors in this subject.

Lecture Topic Schedule:

Online Preparation Activities

•    Preparation activities consist of short lecture videos, insights from practitioners, and mini case study materials

•    Preparation activities are delivered via Perusall (directly accessible on Canvas).

Please watch the illustration video on the Canvas subject page to get more information about how to complete the preparation activities in Perusall.

•    Students are expected to complete preparation activities before attending lectures

Face-to-Face Lecture Format and Times

•    Lectures commence in Week 1.

•    Face-to-face lectures will be interactive and discussion based.

•    Face-to-face lectures will be recorded.

•    Face-to-face Lecture Time and venue:

Tutorials

Tutorial Delivery Format and Times

•    Tutorials commence in Week 2.

•    Tutorials will be delivered face-to-face on campus.

•    Tutorial times and venues: Check Canvas subject page

Tutorial Topic Schedule:

Tutorial Materials

Students will be provided with the following tutorial materials:

• Review   and   preparation   questions -   These   are   provided   to   enhance   your understanding  of the  lecture content. Suggested solutions to review and preparation questions will be available from the subject page on Canvas. Review and preparation questions will not be discussed in tutorials.

• Tutorial questions - Assigned tutorial questions will be posted on the Canvas each week. Students are encouraged to attempt these questions before attending the face to-face  tutorials.  In  the  tutorials,  these  questions  will  be  discussed  with  solutions presented. Solutions will also be made available on the Canvas subject page by the end of the relevant tutorial week.

Assessment

Assessment Overview

Your assessment for this subject comprises the following:

Online Preparation activities (20%)

•    Students are required to complete a series of online preparation activities each week. A total of 11 online preparation activities (week 1 to week 11) need to be completed.

•    The online preparation activities should be completed in Perusall. All online preparation activities will be marked based on the quality of the work.

•    When completing online preparation activities, students might be required to:

. Watch short lecture videos about an accounting topic of the week and make comments to the questions outlined in the videos;

. Watch videos about industry insights of the accounting topic of the week and make comments to the questions outlined in the videos;

. Make comments to other students’ comments;

. Read short case study materials relevant to the topic of the week;

. Answer the questions in the case study to prepare for in-class discussions.

• 8 highest marks out of the 11 weekly preparation activities will account for 20% of the overall mark.

Online quizzes (20%)

•    Students are required to take an online quiz each week from week 2 to week 11, a total of 10 online quizzes.

•    Each quiz takes 30 – 45 minutes and will account for 2% of the overall mark.

•    In each week, the quiz will open on Wednesday morning at 10 am and close on

Friday evening at 10 pm. Students can complete the quiz anytime during this period.

•    Solutions to the quizzes will be provided after the due dates. No exam review will be provided for online quizzes.

End-of-semester Exam (60%)

•    The end-of-semester examination will be a three-hour, on campus written examination covering all topics. All questions will be application questions.

•    Practice papers and a practice exam will be provided.

• NO hurdle requirement on the end-of-semester exam to pass this subject.

Subject Resources

Recommended Textbook:

Loftus, J., K. Leo, S. Daniliuc, N. Boys, B. Luke, H. Ang, K. Byrnes, Financial Reporting, Wiley, 2023, 4th  edition.

Accounting Standards

Throughout the course, lecture slides will make reference to Australian Accounting

Standards. Australian Accounting Standards can be accessed at:

https://aasb.gov.au/pronouncements/accounting-standards/

Note that these Standards are presented as reference material only. It is not an expectation that students print or download these Standards.

Subject Learning  Resources

Materials for this subject are available via the subject page on Canvas. The following resources are provided to assist your learning:

➢ Announcements and updates

➢  Subject guide

➢ Feedback for online preparation activities

➢   Lecture notes

➢   Lecture recordings

➢ Videos of industrial insights

➢   Case&nbs