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ITECH1503
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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/buacc2002">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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1
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<p>This unit explores the conceptual and procedural aspects of corporate accounting within the framework of legal, stock exchange, and professional reporting requirements. It focuses on preparing corporate financial statements by addressing key areas such as equity, debt, taxation, reorganisation, acquisition, consolidation, and liquidation. Students will also gain an understanding of ethical principles, sustainability reporting, and international accounting standards, providing a comprehensive view of corporate accounting in Australian and international contexts. The unit covers regulatory compliance, the application of International Financial Reporting Standards (IFRSs), and professional judgment in preparing and analysing financial statements.</p>
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<p>The unit will cover the following key topics:</p>
<p>1. Regulatory Framework and Conceptual Framework</p>
<p> - Accounting regulation (Corporations Act in Australia)</p>
<p> - IFRSs, including IAS 16 (Property, Plant, and Equipment), IAS 12 (Income Taxes), and IAS 36 (Impairment of Assets)</p>
<p>2. Corporate Financial Reporting Processes</p>
<p> - Financial statement preparation (IAS 1 and IAS 7)</p>
<p> - Corporate disclosures under IAS 8 (Accounting Policies, Changes in Accounting Estimates, and Errors)</p>
<p>3. Specialized Corporate Accounting Topics</p>
<p> - Accounting for income taxes, provisions, contingent liabilities (IAS 37)</p>
<p> - Business combinations and consolidated financial statements (IFRS 3, IFRS 10)</p>
<p>4. Corporate Governance and Ethics</p>
<p> - Ethical considerations in financial reporting</p>
<p> - The role of sustainability reporting</p>
<p>5. Complex Corporate Activities</p>
<p> - Accounting for mergers, acquisitions, and reorganisations</p>
<p> - Consolidation mechanics, including intragroup transactions and non-controlling interests</p>
<p> - Liquidation and insolvency accounting</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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