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HE Unit Template
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Financial Accounting
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BUACC2003 - Financial Accounting
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20260200
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Course
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Unit
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3.1
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2026-06-16
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2026-06-16
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Business
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Institute of Innovation, Science & Sustainability
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Business
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Undergraduate
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15
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.125
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080101
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Accounting
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<a href="http://www.federation.edu.au/locate/unit/buacc2003">080101 - Accounting</a>
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Graded (e.g. HD, D, C, etc)
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7
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Bachelor Degree
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Intermediate
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<p>This unit develops students’ understanding of how theory and practice have shaped financial reporting. The unit emphasises contemporary issues such as fair value measurement, conceptual framework, environmental and social accounting, and selected accounting standards, including those related to leases, financial instruments, and intangible assets. Students will build analytical and critical thinking skills, information literacy, and technical expertise while exploring the global nature of financial accounting. The unit provides opportunities to critically evaluate accounting policies and practices, enabling students to apply International Financial Reporting Standards (IFRSs) in complex scenarios.</p>
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<p>Topics may include:</p>
<p>1. Foundations of Financial Accounting</p>
<p> - The conceptual framework and its relevance to financial reporting</p>
<p> - Application of accounting theories</p>
<p>2. Key Standards and Practices</p>
<p> - Measurement and recognition in financial reporting (IAS 16: Property, Plant, and Equipment)</p>
<p> - Fair value measurement and accounting for intangible assets</p>
<p> - Revenue recognition principles (IFRS 15)</p>
<p>3. Specific Topics in Financial Reporting</p>
<p> - Provisions and contingent liabilities (IAS 37)</p>
<p> - Accounting for leases (IFRS 16) and financial instruments (IFRS 9)</p>
<p> - Employee benefits</p>
<p>4. Professional Judgment and Ethical Considerations</p>
<p> - Corporate social responsibility and ethical accounting practices</p>
<p> - Related-party disclosures and segment reporting</p>
<p>5. Global and Contemporary Issues</p>
<p> - Translation of foreign currency financial statements</p>
<p> - Earnings per share and the implications of share-based payment</p>
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<p>Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment.</p>
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2026
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Overview
Key information
Requisites
Learning outcomes
Assessment
FedTASK
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Overview
Unit description
<p>This unit develops students’ understanding of how theory and practice have shaped financial reporting. The unit emphasises contemporary issues such as fair value measurement, conceptual framework, environmental and social accounting, and selected accounting standards, including those related to leases, financial instruments, and intangible assets. Students will build analytical and critical thinking skills, information literacy, and technical expertise while exploring the global nature of financial accounting. The unit provides opportunities to critically evaluate accounting policies and practices, enabling students to apply International Financial Reporting Standards (IFRSs) in complex scenarios.</p>
Unit content
<p>Topics may include:</p> <p>1. Foundations of Financial Accounting</p> <p> - The conceptual framework and its relevance to financial reporting</p> <p> - Application of accounting theories</p> <p>2. Key Standards and Practices</p> <p> - Measurement and recognition in financial reporting (IAS 16: Property, Plant, and Equipment)</p> <p> - Fair value measurement and accounting for intangible assets</p> <p> - Revenue recognition principles (IFRS 15)</p> <p>3. Specific Topics in Financial Reporting</p> <p> - Provisions and contingent liabilities (IAS 37)</p> <p> - Accounting for leases (IFRS 16) and financial instruments (IFRS 9)</p> <p> - Employee benefits</p> <p>4. Professional Judgment and Ethical Considerations</p> <p> - Corporate social responsibility and ethical accounting practices</p> <p> - Related-party disclosures and segment reporting</p> <p>5. Global and Contemporary Issues</p> <p> - Translation of foreign currency financial statements</p> <p> - Earnings per share and the implications of share-based payment</p>
Key information
Institute / school:
Institute of Innovation, Science & Sustainability
Discipline:
Business
Study level:
Undergraduate
Credit points:
15
EFTSL:
0.125
Field of education:
<a href="http://www.federation.edu.au/locate/unit/buacc2003">080101 - Accounting</a>
Offering:
<p><strong>Semester 2</strong><p>Ballarat - Mt Helen (On Campus)</p><p>Berwick (On Campus)</p><p>Gippsland - Churchill (On Campus)</p><p>On-line Learning (Online)</p></p>
Grade scheme:
Graded (e.g. HD, D, C, etc)
Placement component:
No
Requisites
Prerequisite
<p> must have completed <a href="/ords/r/dev/fed_occ/course?p6_code=BUACC1000" target="_blank">BUACC1000</a></p>
Corequisite
None
Exclusion
<p> must not have completed <a href="/ords/r/dev/fed_occ/course?p6_code=BUACC2607" target="_blank">BUACC2607</a> AND must not have completed <a href="/ords/r/dev/fed_occ/course?p6_code=BUACC2004" target="_blank">BUACC2004</a></p>
Learning outcomes
Learning outcomes
<p>On successful completion of this unit, students are expected to gain the following [K]nowledge, [S]kills and [A]pplication of knowledge & skills</p>
Learning Outcomes
Ref
Outcome
K1
<p>Explain the foundations, concepts, and regulatory frameworks associated with financial accounting.</p>
K2
<p>Analyse recent developments in financial reporting standards, focusing on IFRSs such as IFRS 16 (Leases) and IAS 37 (Provisions, Contingent Liabilities, and Contingent</p><p>Assets).</p>
K3
<p>Evaluate the theoretical and practical issues associated with the definition, recognition and measurement of assets, liabilities, equity, revenue and expenses for general purpose financial reporting purposes.</p>
K4
<p>Relate financial accounting theories, including fair value measurement and the conceptual framework, to reporting practices.</p>
K5
<p>Evaluate the application of financial accounting concepts in diverse scenarios, including revenue recognition (IFRS 15) and share-based payments.</p>
S1
<p>Develop the technical ability to apply financial accounting theories and IFRSs to practical problems.</p>
S2
<p>Enhance creative and communicative skills for explaining complex concepts like related-party disclosures and foreign currency transactions.</p>
S3
<p>Critically reflect on the limitations of accounting standards, particularly in addressing global and ethical considerations in financial reporting.</p>
S4
<p>Develop critical thinking and problem solving skills to solve financial accounting problems.</p>
A1
<p>Make informed decisions in complex accounting settings, such as accounting for financial instruments (IFRS 9).</p>
A2
<p>Appreciate the importance of judgement and ethical integrity in financial reporting</p>
A3
<p>Critique the international and cultural context of financial reporting, focusing on global IFRS applications.</p>
A4
<p>Plan and execute research projects that evaluate financial accounting issues.</p>
Assessment
Learning Tasks and Assessment
Ref
Learning task
Assessment type
Weighting
Learning outcomes assessed
1
<p>Actively engage in class and/or online activities which could include: quizzes, tests, discussion activities or engaging with case studies</p>
<p>Individual Learning & Engagement Activities</p>
<p>10-30%</p>
K1, K2, K3, K5, S1, S2, A2
2
<p>Group Assignment: research essay examining current issue(s) in financial accounting</p>
<p>Presentation and report</p>
<p>20-40%</p>
K1, K2, K3, K4, K5, S2, S3, S4, A1, A2, A3, A4
3
<p>Comprehensive review of all topics</p>
<p>Live independently invigilated assessment</p>
<p>40-50%</p>
K2, K3, K4, K5, S1, S2, S3, S4, A1, A2, A3
Supplementary assessment available:
Yes
Supplimentary assessment information:
<p>Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment.</p>
FedTASK
FedTASK
<p>Federation University recognises that students require key transferable employability skills to prepare them for their future workplace and society. FedTASKs (<strong>T</strong>ransferable <strong>A</strong>ttributes <strong>S</strong>kills and <strong>K</strong>nowledge) provide a targeted focus on five key, transferable Attributes, Skills, and Knowledge that are embedded within curriculum, developed gradually towards successful measures and interlinked with cross-discipline and co-operative learning opportunities.</p>
FedTASK
Description of FedTASK outcome
Level
FedTASK 1: Interpersonal
The ability to effectively communicate, interact and work with others both individually and in groups.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 2: Leadership
The ability to apply professional skills and behaviours in leading others.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 3: Critical Thinking and Creativity
The ability to work in complexity and ambiguity using imagination to create new ideas.
<p>Level 3 - Student works independently with limited guidance or works within self-determined guidelines appropriate to context</p>
FedTASK 4: Digital Literacy
The ability to work fluently across a range of tools and applications to achieve a range of skills.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 5: Sustainable and Ethical Mindset
The ability to consider and assess the consequences and impact of ideas and actions in enacting ethical and sustainable decisions.
<p>Level 3 - Student works independently with limited guidance or works within self-determined guidelines appropriate to context</p>
Key information
Institute / school:
Institute of Innovation, Science & Sustainability
Discipline:
Business
Study level:
Undergraduate
Credit points:
15
EFTSL:
0.125
Field of education:
<a href="http://www.federation.edu.au/locate/unit/buacc2003">080101 - Accounting</a>
Offering:
<p><strong>Semester 2</strong><p>Ballarat - Mt Helen (On Campus)</p><p>Berwick (On Campus)</p><p>Gippsland - Churchill (On Campus)</p><p>On-line Learning (Online)</p></p>
Grade scheme:
Graded (e.g. HD, D, C, etc)
Placement component:
No
Disclaimer
<em>Information in the Federation Handbook is correct at the time of publication. The University reserves the right to alter any course, unit, procedure or fee.</em>
Additional information
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Internal reference: BUACC2003 - U3.1