University of Queensland - ACCT2110: Intermediate Financial Accounting

This course builds upon students' basic accounting knowledge to offer detailed insights into the challenges that arise from more complex financial transactions such as leasing arrangements, intangible assets, financial instruments, employee benefits and contingent liabilities. It is suitable for students who seek to better understand the measurement and recognition policy choices underlying financial statements including the balance sheet, income statement and statement of changes in equity.

The primary focus of the course is to examine the effect of accounting standards and other accounting regulations on disclosure in the published financial reports of Australian listed companies. The course also emphasises the relationship between accounting standards issued by the Australian Accounting Standards Board and accounting standards set by the International Accounting Standards Board. ACCT2110 requires detailed knowledge of the requirements of regulations affecting a range of topics that concern particular accounting transactions and/or particular industries. For each topic in the course the issues covered include particular recognition and measurement rules and any measurement choice allowed, specific accounting procedures and accounting concepts, disclosure in financial statements and disclosure in notes to financial statements. The course also examines research on the implications of the choices available to managers and the impact of financial reporting on capital markets.

✔ After successfully completing this course you should be able to:

• Identify national and international influences on the regulation of financial reporting by listed companies.
• Describe and analyse the practical and conceptual issues affecting accounting for a range of topics including revenue recognition, liabilities, property plant and equipment, intangible assets, asset impairment, leases, employee benefits, financial instruments, performance reporting and sustainability reporting.
• Implement and evaluate the requirements of accounting standards and other regulations that govern the accounting practice.
• Critically evaluate and review case study based situations to identify and report on applicable accounting regulations and financial statement consequences.
• Identify and discuss the capital market issues facing accountants in organisations regarding recognition, selection of different measurement attributes and disclosure.