External Reporting

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Abstract

This subject begins with an introduction to the sources of international financial reporting regulation and an overview of the conceptual framework, both crucial to informing the global debate regarding financial reporting standard formulation and application. The remainder of the subject applies selected financial reporting standards to specific real world business issues including the raising of capital, impairment of assets and management of long-term construction contracts. Students will gain an appreciation of the dynamic and contested arena of financial reporting standard setting. This subject is the first of two with an exclusive focus on financial accounting.

Syllabus

the sources of financial reporting regulation;the conceptual framework for financial reporting;financial report presentation and disclosure;accounting for equity;accounting for intangibles, research and development;accounting for the revaluation and impairment of assets;accounting for leases;accounting for liabilities; andaccounting for long-term construction contracts.

Learning outcomes

Upon successful completion of this subject, students should:

be able to outline the nature of financial reporting regulations that exist for reporting entities and companies in general;

be able to explain the role of the financial reporting conceptual framework and apply its components to practical situations;

be able to critically analyse current issues relating to the global development and application of financial reporting standards;

be able to demonstrate an understanding of the form and content of published financial reports; and

be able to apply generally accepted accounting principles and specific financial reporting standards relating to concepts of recognition, measurement, disclosure, revaluation and impairment of financial statement elements.

Enrolment restrictions

Pre-requisite

Incompatible