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Accounting for corporate group structures, joint arrangements, associates, foreign currency translations, operating segments, external administration and capital structures.
This course is concerned with advanced accounting issues in financial reporting by public companies, the shares of which are listed on the Australian Securities Exchange ("ASX"). The focus of the course is on accounting for corporate structures, namely business combinations such as groups, joint arrangements and associates. The course is intended for people who will be involved in the preparation and/or use of company financial statements whether as accountants, auditors, financial analysts or other financial statement users.
The course takes you through the necessary financial accounting treatments and reporting requirements of companies growing or expanding through a variety of ways from the purchase of assets (not regarded as a business) to the purchase of an interest in an already established business. This latter form of growth/expansion may be achieved by acquiring the business, or purchasing an interest in the entity that owns the business - which is a more flexible and widely used growth strategy. Investment in a company is, potentially, as large or as small as the investor wishes. We are concerned primarily with the larger investment that gives rise to control (forming a parent-subsidiary relationship); significant influence (giving rise to an investor-associate relationship) and joint arrangements/joint venture as forms of association/combination. Within this context we will consider the translation of foreign currency financial statements and segment reporting. Finally, we will also consider the "other side" of growth/expansion of the business and its combinations, that is, the accounting, treatment and financial reporting requirements of external administration and liquidation.
Students are encouraged to read widely and are required to refer to professional websites and academic journal articles. It is an expectation and a requirement that all students consider what transactions are occurring and to what extent these affect both disclosure requirements and the application of the accounting framework.
✔ After successfully completing this course you should be able to:
- Describe current issues in areas of advanced accounting, including how the themes of control and varying levels of influence pervade accounting for corporate structures.
- Explain current international trends in the reporting of key accounting areas, recognising their impact on Australian reporting entities, and linking these to the relevant Australian Accounting Standards relating to inter-corporate investments.
- Demonstrate the ability to evaluate and apply Australian Accounting Standards to a range of specific issues including company income tax, joint arrangements, associated companies, and external administration including liquidation.
- Demonstrate the ability to explain and evaluate the process of consolidation and undertake the accounting procedures required to consolidate a parent entity and its controlled entities (including partly-owned controlled entities) in compliance with Australian Accounting Standards.
- Analyse and critically evaluate accounting topics in real world scenarios, showing the ability to present findings to peers and professional accountants.
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