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This unit introduces students to corporate accounting and the external financial reporting environment. The focus throughout the unit is on developing students' skills in the preparation of general purpose financial reports that comply with Australia’s corporate legislation, primarily the Corporations Act, and accounting standards issued by the Australian Accounting Standards Board.
This unit begins by introducing the regulatory environment in which general purpose financial statements are prepared: the conceptual framework, principles of disclosure and requirements for the presentation of the financial statements, and measurement principles applied in the preparation of financial statements. This unit then covers accounting for income taxes and non-current tangible and intangible assets. More advanced topics, such as business combinations and asset impairment, and accounting for investments in subsidiaries and associated entities are also investigated.
A primary objective of this unit is for students to gain an understanding of how to apply the accounting standards in the preparation of consolidated financial statements and the theory that underpins the information content of those financial statements.