Abstract

This subject deals with the accounting and reporting requirements of corporations set down by legislation and the professional accounting bodies in Australia. It follows on from ACC514 Financial Accounting, concentrating on accounting for different forms of business combinations, including parent-subsidiary relationships, foreign subsidiaries, and associated companies.

Syllabus

Accounting for Company Combinations: Business Combinations, Consolidated Financial Statements (intercompany transactions, outside equity interest), Equity Accounting;Accounting for Foreign Dealings: Foreign currency transactions and translating foreign financial statements;Analysis and interpretation of company financial statements;Accounting standards: Segment reporting, Accounting for Leases, Long term construction contracts.

Assessment items

1. Online Test
2. Mid-Term Test
3. Peerwise
4. Final Exam

Learning outcomes

Upon successful completion of this subject, students should:
1.
be able to explain the relationships that exist between a parent company and its subsidiary(ies), an investor and its investee, a company and its overseas subsidiaries;
2.
be able to prepare accounts for each of the above-mentioned business combinations in accordance with relevant professional and statutory reporting requirements;
3.
be able to discuss the relevant accounting standards and statutory reporting requirements for foreign currency dealings, segment reporting, and leases; and
4.
be able to critically assess and report upon the information contained within published financial statements.

Enrolment restrictions

Postgraduate students only.