Advanced Financial Accounting (ACCT3103)

Course overview

Accounting for corporate group structures, joint arrangements, associates, foreign currency translations, operating segments, external administration and capital structures.

This course is concerned with advanced accounting issues in financial reporting by public companies, the shares of which are listed on the Australian Securities Exchange ("ASX"). The focus of the course is on accounting for corporate structures, namely business combinations such as groups, joint arrangements and associates. The course is intended for people who will be involved in the preparation and/or use of company financial statements whether as accountants, auditors, financial analysts or other financial statement users.

The course takes you through the necessary financial accounting treatments and reporting requirements of companies growing or expanding through a variety of ways from the purchase of assets (not regarded as a business) to the purchase of an interest in an already established business. This latter form of growth/expansion may be achieved by acquiring the business, or purchasing an interest in the entity that owns the business - which is a more flexible and widely used growth strategy. Investment in a company is, potentially, as large or as small as the investor wishes. We are concerned primarily with the larger investment that gives rise to control (forming a parent-subsidiary relationship); significant influence (giving rise to an investor-associate relationship) and joint arrangements/joint venture as forms of association/combination. Within this context we will consider the translation of foreign currency financial statements and segment reporting. Finally, we will also consider the "other side" of growth/expansion of the business and its combinations, that is, the accounting, treatment and financial reporting requirements of external administration and liquidation.

Students are encouraged to read widely and are required to refer to professional websites and academic journal articles. It is an expectation and a requirement that all students consider what transactions are occurring and to what extent these affect both disclosure requirements and the application of the accounting framework.

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Course requirements

Assumed background

Before attempting this course, you are advised that it is important to complete the appropriate pre-requisite course(s) listed on the front of this course profile. No responsibility will be accepted by the School of Business, the Faculty of Business, Economics and Law or the University of Queensland for poor student performance occurring in courses where the appropriate pre-requisite(s) has/have not been completed, for any reason whatsoever.

Topics covered in previous financial accounting courses will be taken as assumed knowledge, and limited revision of these topics will be undertaken in lectures and tutorials.

Prerequisites

You'll need to complete the following courses before enrolling in this one:

ACCT2110 or 3102

Recommended prerequisites

We recommend completing the following courses before enrolling in this one:

LAWS3100

Incompatible

You can't enrol in this course if you've already completed the following:

ACCT7104

Restrictions

Quota: Minimum of 35 enrolments

Course contact

Course staff

Timetable

The timetable for this course is available on the UQ Public Timetable.

Additional timetable information

Please note: Teaching staff doﾠnotﾠhave access to the timetabling system to help with class allocation. Therefore, should you need help with your timetable and/or allocation of classes, please ensure you emailﾠbusiness.mytimetable@uq.edu.auﾠfrom your UQ student email account with the following details:

• Full name,
• Student ID, and
• the Course Code

Aims and outcomes

ACCT3103 Accounting for Corporate Structures is concerned with advanced issues in financial reporting by public companies. The course takes students through the necessary financial accounting treatments and reporting requirements of companies growing or expanding through a variety of ways from the purchase of assets (not regarded as a business) to the purchase of an interest in an already established business. This latter form of growth/expansion may be achieved by acquiring the business or purchasing an interest in the entity that owns the business - which is a more flexible and widely used growth strategy. Investment in a company is, potentially, as large or as small as the investor wishes. We are concerned primarily with the larger investment that gives rise to control (forming a parent-subsidiary relationship); significant influence (giving rise to an investor-associate relationship) and the joint venture as forms of association/combination. Within this context we will consider the requirements for segment reporting and translation of foreign currency statements. Finally, we will also consider the "other side " of growth/expansion of the business and its combinations, that is, the accounting, treatment and financial reporting requirements of external administration and liquidation.

Learning outcomes

After successfully completing this course you should be able to:

Assessment

Assessment summary

Assessment details

Individual Video Presentation

• Online

Mode

Product/ Artefact/ Multimedia

Category

Paper/ Report/ Annotation, Presentation

Weight

20%

Due date

22/08/2024 1:00 pm

Learning outcomes

L01, L03, L05

Task description

Submission guidelines

Blackboard upload (see detailed instructions provided on BB). Make sure you have a receipt of your submission. Penalties for late submission will be applied based on the details on the Late Submission instructions below.

Deferral or extension

You may be able to apply for an extension.

Late submission

A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.

In-Semester Examination

• Online

Mode

Written

Category

Examination

Weight

30%

Due date

Week 8

During Lecture Time

Other conditions

Time limited.

See the conditions definitions

Learning outcomes

L01, L02

Task description

Exam details

Submission guidelines

Deferral or extension

You may be able to defer this exam.

Late submission

Exams submitted after the end of the submission time will incur a late penalty.

Final Exam

• Identity Verified
• In-person

Mode

Written

Category

Examination

Weight

50% Invigilated

Due date

End of Semester Exam Period

2/11/2024 - 16/11/2024

Other conditions

Time limited.

See the conditions definitions

Learning outcomes

L01, L02, L03, L04, L05

Task description

Exam details

Submission guidelines

Deferral or extension

You may be able to defer this exam.

Course grading

Full criteria for each grade is available in the Assessment Procedure.

Additional course grading information

Grades will be allocated according to University-wide standards of criterion-based assessment.

Supplementary assessment

Supplementary assessment is available for this course.

Learning resources

You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.

Library resources

Find the required and recommended resources for this course on the UQ Library website.

Learning activities

The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.

Policies and procedures

University policies and procedures apply to all aspects of student life. As a UQ student, you must comply with University-wide and program-specific requirements, including the:

• Student Code of Conduct Policy
• Student Integrity and Misconduct Policy and Procedure
• Assessment Procedure
• Examinations Procedure
• Reasonable Adjustments - Students Policy and Procedure

Learn more about UQ policies on my.UQ and the Policy and Procedure Library.