University of New England - AFM305: Advanced Financial Accounting (Solutions)

Expand and deepen your understanding of topics underpinning Australian Accounting Standards Board (AASBs) standard, other regulations and statutory requirements, and disclosure by reporting entities, with this advanced accounting unit. With a focus on accounting for group structures, you will explore equity methods of accounting for associates and joint arrangements, operating segments and construction contracts. You will also examine foreign currency transactions, translating financial statements of foreign operations, and financial instruments including derivatives and hedging. Studying this unit will allow you to hone your practical skills solving complex business problems and preparing consolidated financial statements. You will also deepen your knowledge of corporate governance and corporate social responsibility reporting in the context of ethical and social issues.

Upon completion of this unit, you will be able to:

• demonstrate a broad and coherent understanding of advanced issues in financial accounting with depth in corporate group structures and how to read and interpret/analyse contemporary group financial reports underpinning accounting standards, and apply to business-related contexts;
• demonstrate professional knowledge on preparing consolidation journals and worksheets, and consolidated statements of comprehensive income and financial position;
• demonstrate a broad and coherent understanding of a range of accounting issues related to accounting for associates and joint arrangements, operating segments, foreign currency transactions and translating foreign operations, financial instruments, and their recording in financial statements and disclosures;
• use a range of cognitive and communication skills to review, analyse, consolidate and synthesise relevant accounting information drawn from financial statements in order to demonstrate critical thinking and judgement in solving complex business-related problems;
• work independently and/or collaboratively to plan and execute tasks to enhance professional knowledge and skills in advanced financial accounting; and
• demonstrate a comprehensive understanding of corporate social responsibility and governance disclosure environments, and the ability to recognise, reflect on and respond to a range of ethical and social influences on them.

Advanced Financial Accounting

Security Analysis and Portfolio Management

Intermediate Microeconomics