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Course Description:
This course covers financial accounting at an advanced level, with a focus on business combination accounting, group accounting (subsidiaries and joint arrangements), and foreign currency accounting (translation). The topics of this course are useful for understanding mergers and acquisitions valuation, financial statement analysis, and financial valuation methods. Financial analysts, financial statement preparers, and merger and acquisition specialists are examples of professions that use this knowledge taught in this course. Students develop their judgement, and critical-thinking skills through study of complex financial accounting issues. The topics provide coverage to develop skills to understand and know the areas that involve professional judgement in financial statement preparation, annual report analysis and insights into potential impacts of contemporary accounting uses affecting the business community under consideration by accounting standard setters.
Course Aims:
This course is an intermediate course in the financial accounting sequence of courses within the Accounting Major in the Bachelor of Commerce. In this course, you will tackle complex issues in financial accounting, namely group accounting in both within-single country and with foreign operations contexts. In this course, you will gain a deeper understanding of financial reporting of firm profitability and risk. The course will be taught from the viewpoint of a financial statement preparer and is intended for students who are interested in understanding financial statements including financial analysts, financial statement preparers, merger and acquisition specialists.
The course aims to enable students to: (1) To acquire new technical skills including the preparation of consolidated financial statements for a wholly owned local group of companies; to account for the effects of changes in foreign exchange rates within a single entity and for groups with foreign entities; (2) To read and apply the relevant financial standards and interpretations, and understand the basis of official accounting standards and conceptual framework to extrapolate to other related complex financial reporting issues in the future. (3) To be equipped with the knowledge to interpret and analyse an entire set of published financial statements of companies.
ACCT2542 is a required course for students considering a job in the accounting profession. ACCT2542 is included in the core curriculum studies required by CPA Australia and Chartered Accountants Australia and New Zealand (CAANZ).
The prerequisite course for ACCT2542 is ACCT2511 (or ACCT1511) and builds on this knowledge. ACCT2542 is itself a prerequisite for the Level 3 courses: ACCT3563 Issues in Financial Reporting and Analysis, ACCT3601 Global Financial Reporting and Analysis, and ACCT3610 Business Analysis and Valuation. ACCT3563 is another core course forming part of an accredited accounting major by the professional bodies. ACCT3601 and ACCT3610 are elective courses and build further knowledge of the financial reporting environment.
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