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FIJI NATIONAL UNIVERSITY

COLLEGE OF BUSINESS, HOSPITALITY AND TOURISM STUDIES


SCHOOL OF ACCOUNTING

UNIT OUTLINE

ACC 803 ADVANCED FINANCIAL REPORTING


TRIMESTER 1, 2017

Pre-requisite: Bachelor of Credit Points: 20


Commerce or
Bachelor of
Accounting or
consent from HOD.
Unit Coordinator: Mr. Sanjiwan Lal
Contact Details: Building 21 E-mail: sanjiwan.lal@fnu.ac.fj
Ph: 339 4000 ext: 2511
Contributing Lecturers: None

Consultation Times: Tuesdays (4pm 6pm)

Lectures
Day Time Venue
Tuesday 6pm 8pm LT01

Tutorials
Day Time Venue
Tuesday 8pm 9pm LT01

E-Information: All pertinent information relating to the unit will be posted on Moodle.
Students are required to check emails regularly for communication from the lecturer.
___________________________________________________________________________

ACC803 Unit Outline Trimester 1, 2017 Page 1


1.0 Welcome
I welcome you to this unit ACC803 Advanced Financial Reporting and hope that you will find it enriching and
interesting

1.1 Course Description


The aim of this unit is to develop students understanding of advanced conceptual and technical issues in financial
reporting. Students will attain significant understanding of disclosure requirements of international financial reporting
regimes. An overview of international financial reporting differences and attempts to harmonize will be examined.
Moreover, accounting treatment for biological assets and consolidate financial reporting will be discussed. This unit also
aims to encourage high quality financial reporting.

1.2 Learning Targets/Outcomes


On successful completion of this course, students will be able to: Level Credits
1.2.1 Evaluate the importance of Financial accounting Conceptual framework and IFRS
8 1
standards.
1.2.2 Prepare and present the financial statements in accordance to IFRS. 8 2
1.2.3 Evaluate the importance of tax effect accounting and able to recognize and measure 8 2
Deferred Tax Assets (DTA) and Deferred Tax Liabilities (DTL).
1.2.4 Apply IAS37 for measurement, recognition and disclosure requirement for provisions, 8 2
contingent assets and contingent liabilities.
1.2.5 Evaluate the concepts of financial instruments and derivatives and ability to recognized 8 2
and disclosure it.
1.2.6 Demonstrate the ability to prepare journal entries to account for different types of hedge. 9 3
1.2.7 Evaluate hierarchy of fair value inputs and provide justifications for reporting under fair 8 1
value.
1.2.8 Carry out an impairment test for an Individual assets and a Cash Generating Units (CGUs). 9 2
1.2.9 Ability to measure, recognize and provide disclosure for biological assets using IAS41. 8 1
1.2.10 Execute business combination acquisition analysis with appropriate journal entries and 9 4
Prepare consolidated financial reports with emphasis on pre-acquisition entities, intra- group
transactions, wholly owned entities and non-controlling interest.

2.0 Resources
2.1 Text
2.1.1 Chartered Accountants Australia New Zealand, Financial Reporting Handbook Australia 2015, John Wiley & Sons
Australia Ltd, Milton, Qld.

2.1.2 Mackenzie, B. Coetsee, D. Njikizana, T. Chamboko, R. Colyvas, B. (2011) Interpretation and application of
International Financial Reporting Standards, 2011 edition, John Wiley.

2.1.3 Alfredson, et. al. (2009) Applying International Financial Reporting Standards, John Wiley & Sons.

2.1.4 There is no single text for this unit. Students must read not only the references listed after each topic, but also
conduct their own independent research.

ACC803 Unit Outline Trimester 1, 2017 Page 2


2.2 Supplementary Materials
Supplementary notes will either be given during the lectures or placed on class share.

3.0 Course Content and Reading References L T Labs/W


Week 1: Financial Accounting Conceptual Framework and IASB 24 12 0
1.1 Financial accounting conceptual framework.

1.2 Role of IASB and Conceptual framework.

1.3 US GAAP and IFRS.

No of Lectures 2
No. of Tutorials 1
No of Labs/Workshops/Practicals 0

Reading 1:Page. M and Spira. L. (1999) The conceptual underwear of financial reporting, Accounting, Auditing &
Accountability Journal, Volume: 12(4).

Reading 2:Moser. R. (2014) IFRS and convergence in China and the USA, Journal of Technology Management in China,
Volume: 9(1).

Reading 3:Damant. D.(2002) A revolution in financial reporting, Balance Sheet, Volume: 10(1).

Week 2: Financial Statement Preparation and Presentation


2.1 Financial Statements

2.2 Preparation and Presentation of financial statements

No of Lectures 2
No. of Tutorials 1
No of Labs/Workshops/Practicals 0

Reading 1: Eccles.T and Holt.A. (2005) Financial statements and corporate accounts: the conceptual framework, Property
Management, Volume: 23(5).

Week 3: Income Tax Accounting

3.1 Tax effect accounting.

3.2 Deferred Tax Assets (DTA) and Deferred Tax Liabilities (DTL).

No of Lectures 2

ACC803 Unit Outline Trimester 1, 2017 Page 3


No. of Tutorials 1
No of Labs/Workshops/Practicals 0

Reading 1: Blake.J., Akerfeldt.K., Fortes.H.J and Gowthorpe.C. (1997) The relationship between tax and accounting rules
the Swedish case, European Business Review, Volume: 97(2).

Reading 2: Zeng.T.(2003)Accounting for Future Tax Assets and Liabilities under CICA Handbook Section 3465, Review of
Accounting and Finance, Volume: 2(2).

Week 4: Accounting for Provisions, Contingent Liabilities and Contingent Assets

4.1 Provisions.

4.2 Contingent Liabilities and Contingent Assets.

No of Lectures 2
No. of Tutorials 1
No of Labs/Workshops/Practicals 0

Reading 1:Lennard.A. (2003) Liabilities and how to account for them, Balance Sheet, Volume: 11(1).

Reading 2: Kieschnick. R.L. (1990) Corporate applications of Contingent claims analysis: a selective perspective.
Managerial Finance, Volume: 16(1).

Week 5: Financial Instruments


5.1 Financial instruments and derivatives

5.2 Recognition and disclosure of Financial instruments

No of Lectures 2
No. of Tutorials 1
No of Labs/Workshops/Practicals 0

Reading 1: Hague.I. (2002) Fair value for financial instruments where to next?, Balance Sheet, Volume: 10(1).

Reading 2:Howieson.B and Hancock.P. (1995) Accounting for Risk in Financial Instruments: A Review of Accounting
Standards, Managerial Finance, Volume: 21(1).
Week 6: Revision Mid Trimester Examination
6.1 Revision

No of Lectures 1
No. of Tutorials 1
No of Labs/Workshops/Practicals 0

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Week 7: Mid Trimester Break

Week 8: Hedge Accounting

8.1 Hedge accounting.

8.2 Journal entries to account for different types of hedging.

No of Lectures 2
No. of Tutorials 1
No of Labs/Workshops/Practicals 0

Reading 1: Wilson.A and Heitger.D.(2002) Accounting for hedges: foreign currency exposures, Balance Sheet, Volume:
10(1).

Week 9: Fair Value Measurements

9.1 Hierarchy of fair value inputs

9.2 Justifications for reporting using fair values.

No of Lectures 2
No. of Tutorials 1
No of Labs/Workshops/Practicals 0

Reading 1:Wilson. A. (2001) Fair value and measurement: where the conflicts lie, Balance Sheet, Volume: 9(4).

Week 10: Impairments of Assets


10.1 Impairments of assets.

10.2 Individual assets and a Cash Generating Units (CGUs).

No of Lectures 2
No. of Tutorials 1
No of Labs/Workshops/Practicals 0

Reading 1: Seetharaman.A., Sreenivasan.J.,Sudha.R. and Yee.T.Y. (2006)Managing impairment of goodwill, Journal of


Intellectual Capital, Volume: 7(3).

ACC803 Unit Outline Trimester 1, 2017 Page 5


Reading 2: Reinstein.A, Lander.G.H. (2004) Implementing the impairment of assets requirements of SFAS No. 144: An
empirical analysis, Managerial Auditing Journal, Volume: 19(3).

Week 11: Accounting for Biological Assets


11.1Biological assets and agricultural produce.

11.2 Disclosure requirements for biological assets.

No of Lectures 2
No. of Tutorials 1
No of Labs/Workshops/Practicals 0

Reading 1:Burritt. R.L and Cummings.L.S. (2002) Accounting for Biological Assets the Experience of an Australian
Conservation Company, Asian Review of Accounting, Volume: 10(2).

Reading 2:Cuckston.T. (2013)Bringing tropical forest biodiversity conservation into financial accounting calculation,
Accounting, Auditing & Accountability Journal, Volume: 26(5).

Week 12 &13: Business Combination and Group Accounting


12.1 Business Combination.

12.2 Acquisition analysis and related journal entries for Business Combination.

13.1Consolidated financial reports with emphasis on pre-acquisition entities, intra-


group transactions, wholly owned subsidiaries and non-controlling interest.

No of Lectures 4
No. of Tutorials 2
No of Labs/Workshops/Practicals 0

Reading 1: Singleton. W.R. (2000) Evidence of the effect of alternative consolidation accounting techniques on the
financial decisions of users. International Journal of Commerce and Management, Volume: 10(3/4).

Week 14: Revision and Project Work Assessment


14.1 Revision

No of Lectures 1
No. of Tutorials 0
No of Labs/Workshops/Practicals 0

ACC803 Unit Outline Trimester 1, 2017 Page 6


4.0 Assessment
Component Weighting Due Date
Individual Assignment 10% Week 6
Mid Examination 20% Week 7
Group Assignment: Week 11
Assignment Write-up 15%
Assignment Presentation 5% Week 12
Final Examination 50%

(b) In order to pass this unit a student MUST obtain a minimum of 50% in the final examination as well as 50%
overall. It is highly recommended that students attend all lectures and tutorials.

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The following grading system will be used:

Letter Grade Scale:


Grade Marks Grade Point
Average
A+ 90-100 4.33-5.00
A 85-89 4.00-4.27
A- 80-84 3.73-3.93
B+ 75-79 3.33-3.60

B 70-74 3.00-3.27
B- 65-69 2.67-2.93
C+ 60-64 2.33-2.60
C 55-59 2.00-2.27
C- 50-54 1.67-1.93
D+ 45-49 1.33-1.60
D 40-44 1.00-1.27
D- 35-39 0.67-0.93
E Below 35 0
DNQ Did Not Qualify 0
W Withdrawn from Unit 0
CT Credit Transfer 0
NV Null & Void for Dishonest Practice 0
I Results Withheld/Incomplete Assessment 0
X Continuing course 0
DNC Did Not Complete 0
CP Compassionate Pass 0
AEG Aegrotat Pass 0
PT Pass Terminating 0
P Pass 0
NP Not Passed 0

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Dissatisfaction with Assessment
The academic conduct of the students is governed by the University Academic and Students Regulation (UASR). All
students must obtain a copy of the UASR from the FNU academic office and familiarize themselves with all academic
matters.
Should a student be dissatisfied with either the internal or external assessment, they can take the following steps to get
redress of their grievance.
Internal Assessment: The student can refer the work back to the unit coordinator for checking and reassessment.
Following this reassessment, if the student is still dissatisfied, the student may refer the work to the HOD. The HOD will
then appoint another lecturer to examine the work and result will then stand.
Final Exam: The student can apply for re-check of the grade as per the procedures laid down in the UASR.

Plagiarism and Dishonest Practice Regulations


Plagiarism is taking another person's words or ideas and using them as if they were your own. It can be either deliberate
or accidental. Plagiarism is taken very seriously in higher education. If even a small section of your work is found to have
been plagiarized, it is likely that you will be assigned a mark of '0' for that assignment. In more serious cases, it may be
necessary for you to repeat the course completely. In some cases, plagiarism may even lead to your expulsion from the
university.

Actions that constitute plagiarism


1. Downloading and turning in a paper from the Web including a Web page or a paper from an essay writing service.
2. Copying and pasting phrases, sentences, or paragraphs into your paper without showing a quotation and adding
proper citation.
3. Paraphrasing or summarizing a sources words or ideas without proper citation.
4. Including a graph, table or picture from a source without proper citation.
5. Getting so much help from a tutor or writing helper that the paper or part of the paper is no longer honestly your own
work.
6. Turning in previously written work when that practice is prohibited by your instructor.

ACC803 Unit Outline Trimester 1, 2017 Page 9


LECTURE GUIDELINE
WEEK MODE TOPIC / FOCUS TUTORIAL/READINGS
1 Lecture Financial Accounting Moodle
Tutorial Preparation Conceptual Framework and
IASB

2 Lecture Financial Statement Preparation Moodle


Tutorial Preparation and Presentation

3 Lecture Income Tax Accounting Moodle


Tutorial Preparation

4 Lecture Accounting for Provisions, Moodle


Tutorial Preparation Contingent Liabilities and
Contingent Assets

5 Lecture Financial Instruments Moodle


Tutorial Preparation

6 Lecture Mid-Trimester Examination


Tutorial Preparation

MID TRIMESTER BREAK

7 Lecture Hedge Accounting Moodle


Tutorial Preparation

8 Lecture Fair Value Measurements Moodle


Tutorial Preparation

9 Lecture Impairments of Assets Moodle


Tutorial Preparation

10 Lecture Accounting for Biological Moodle


Tutorial Preparation Assets

11 Lecture Business Combination and Moodle


Tutorial Preparation Group Accounting

12 Lecture Business Combination and Moodle


Tutorial Preparation Group Accounting

13 STUDY BREAK

14
FINAL EXAMINATION

ALL THE BEST

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