ACCT2011 - Reporting on Business Performance - Solutions [USYD]

This unit of study examines the application of key accounting standards to financial statements, focusing on publicly listed entities. Beginning with an overview of the financial reporting environment it develops an understanding of how managerial accounting policy choices are made. The unit covers a range of important topics such as revenue recognition, intangible assets, and an introduction to financial instruments; the underlying importance of different measurement approaches ranging from historical cost to fair value is a consistent theme throughout. The unit also explores the role of credible disclosures not directly covered by accounting standards. As a steppingstone for business performance-based roles, students undertaking this unit will develop confidence through contemporary practical case work and critical evaluation of current issues.

✔ At the completion of this unit, you should be able to:

• describe and understand the conceptual framework and specific standards for preparing financial statements within a regulatory and commercial context
• interpret and apply specific accounting standards to transactions based on varying problems and facts, which require critical thinking and judgement
• critically discuss issues in the interpretation and application of accounting standards, as these affect the information content and decision-relevance of financial statements
• critique Australian accounting standards in order to evaluate financial reporting issues for a reporting entity; develop solid and defensible arguments that reflect your opinion
• work collaboratively with others to analyse the requirements of an Australian accounting standard and understand how these accounting requirements can be applied to an entity's operations
• recognise the requirements of different users of financial statements and appreciate the social and ethical dimensions of the choices made by financial statement preparers.

Prerequisites: (ACCT1001 or ACCT1005 or BUSS1030) and (ACCT1002 or ACCT1006).

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