10 cp Prerequisites: ACCT100 Introduction to Accounting Teaching Organisation: 4 hours per week for twelve weeks or equivalent
The Accounting Professional Bodies identify financial accounting and reporting skills as a core competency area for accountants. Preparation of financial reports is a statutory requirement for all businesses. This unit explores General Purpose Financial Reporting within the Australian Conceptual Framework (Statements of Accounting Concepts). It also applies the International Financial Reporting Standards (IFRS) and the Australian Accounting Standards as the conceptual basis for accounting activities. It also distinguishes the economic implications of applying Australian Generally Accepted Accounting Principles (GAAP) to various accounting activities. It is designed to provide you with a sound understanding of the practical application of the historic cost financial accounting model.