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Unit (2020)

Information on this page, including unit offerings, is from the 2020 academic year.

Contemporary Financial Accounting (BUS356)

Organisational Unit Business
Credit Points 3
Availability MURDOCH: S1-internal, S1-external
KAPLAN-SGP: TMA-internal
Teaching Timetables Murdoch S1
Description This is an advanced accounting unit and therefore critically examines and evaluates a number of specific issues selected from the prevailing set of accounting standards promulgated in Australia and legally mandated for use by companies. These range from share issues, asset impairment and intangibles consolidations, tax-effect accounting, extractive industries, leases, financial instruments and public sector accounting. The unit focuses on definitions, concepts, principles and theories as well as accounting practices in the Australian context.
Unit Learning Outcomes On successful completion of the unit you should be able to:
ULO 1: Demonstrate an understanding of the accounting process concerned with equity and share issues; ULO 2: Identify and explain the differences between revaluations and impairment of assets;
ULO 3: Demonstrate an understanding of the principles and practices of tax-effect accounting;
ULO 4: Demonstrate and explicate the nature and purpose(s) of the consolidation process and equity accounting;
ULO 5: Identify what constitutes an economic entity and a parent entity, for consolidation purposes;
ULO 6: Prepare consolidated accounts for economic entities where the controlled entities are 100 per cent owned and where the controlled entities are less than 100 per cent owned and minority interest exists;
ULO 7: Understand the legal requirements and the accounting processes involved in the foreign activities;
ULO 8: Understand the process of translating financial statements
Timetabled Learning Activities Workshops: 2 hours per teaching week for South Street campus
All offerings of this unit include the equivalent of 30 hours of structured learning.
Unit Learning Experiences The learning and teaching approach informing the assessment and activity selection and design in this unit are student-centred, constructivist, and outcome-based (SOLO), featuring predominantly active learning strategies with tasks that are open-ended, authentic, and scaffolded.
The unit uses blended learning which combines learning online with interactive workshops. Using this combination of online and face-to-face learning provides flexibility for all students to learn anytime (24/7), anywhere (with an Internet connection) at a pace that suits their learning style. In this unit students explore concepts online prior to workshops, through videos, audio, websites, simulations, readings, quizzes, blogs and online discussions. Workshops (online or face-to-face) are interactive and use active learning such as; guided instruction (e.g. small group and whole class discussion), role plays, simulations, case studies, scenario-based tasks, problem-based tasks, project-based tasks, presentations and enquiry-based tasks
Assessment Assessment in this unit is authentic, real-world and relevant; assessments are constructive, sequential and inter-linked; requiring students to use and engage with progressively higher-order cognitive (skill- processes; assessments are aligned with the desired learning outcomes; and, provide challenge, interest and motivation to learn.)
Assessment comprises four assessments:
Workshop Participation 10%
Mid- Semester Test 20%
Group Assignment 20%
Final Examination 50%
Prerequisites BUS285/BUS217 Technology and Accounting Processes
Exclusions Students who have successfully completed BUS256 Contemporary Financial Accounting may not enrol in this unit for credit.
Appears in these Courses/Majors:
see individual structures for context
Accounting (BBus) [New in 2019]
Accounting (BBus) [New in 2014]
Accounting (BCom) [New in 2018]
Internet Access RequirementsMurdoch units normally include an online component comprising materials, discussions, lecture recordings and assessment activities. All students, regardless of their location or mode of study, need to have access to and be able to use computing devices with browsing capability and a connection to the Internet via Broadband (Cable, ADSL or Mobile) or Wireless. The Internet connection should be readily available and allow large amounts of data to be streamed or downloaded (approximately 100MB per lecture recording). Students also need to be able to enter into online discussions and submit assignments online.


Unit Coordinator
Miss Mellisa Lewis
Lecturer In Accounting

Murdoch Campus
t: 9360 2155
e: m.lewis@murdoch.edu.au
o: 512.2.011 - Murdoch Business School, Murdoch Campus
Unit Contacts

MURDOCH: S1-External
MURDOCH: S1-Internal
Miss Mellisa Lewis
Lecturer In Accounting

Murdoch Campus
t: 9360 2155
e: m.lewis@murdoch.edu.au
o: 512.2.011 - Murdoch Business School, Murdoch Campus
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