Financial Accounting and Theory
Overview
This unit develops students’ knowledge of the theoretical and technical underpinnings of current financial and non-financial reporting practices and market reactions to financial and non-financial information. Students will learn the assumptions, principles, methodologies, rules and the regulatory framework informing financial and sustainability accounting practice in a context where increasing emphasis is placed on digital technologies and social and environmental sustainability. The unit incorporates authentic learning experiences where students engage in real world policy issues with economic, social and environmental consequences.
Requisites
01-June-2025
02-November-2025
Learning outcomes
Students who successfully complete this unit will be able to:
- Critically assess and appreciate regulatory influences and professional judgement on financial and non-financial reporting practices of firms
- Apply theoretical and technical accounting knowledge and skills and ethical theories and values to explain financial accounting and reporting practices for firms
- Critically evaluate the principles underpinning the current Australian and International accounting standards and their impact on reporting practices
- Apply a principles based approach to determine accounting treatment for business transactions
- Apply knowledge of accounting theory to predict market reactions to financial and nonfinancial information
Teaching methods
Hawthorn
| Type | Hours per week | Number of weeks | Total (number of hours) |
|---|---|---|---|
| On-campus Class | 2.00 | 12 weeks | 24 |
| Online Lecture | 1.00 | 12 weeks | 12 |
| Unspecified Activities Independent Learning | 9.50 | 12 weeks | 114 |
| TOTAL | 150 |
Swinburne Online
| Type | Hours per week | Number of weeks | Total (number of hours) |
|---|---|---|---|
| Online Directed Online Learning and Independent Learning | 12.50 | 12 weeks | 150 |
| TOTAL | 150 |
Assessment
| Type | Task | Weighting | ULO's |
|---|---|---|---|
| Assignment 1 | Individual | 30 - 40% | 2,4,5 |
| Examination | Individual | 40 - 60% | 1,2,3,4,5 |
| Online Tests | Individual | 10 - 20% | 1,2,3,4,5 |
Content
- Financial reporting regulation
- Conceptual frameworks for financial and a non-financial reporting
- Presentation of Financial Statement and Disclosures
- Measurement models in accounting
- Accounting for revenue, provisions and contingencies
- Accounting for assets
- Positive Accounting Theory
- Accounting for income tax
- Accounting for business combinations
- Preparation of consolidated financial statements
- Application of ethical theories and principles in accounting
Study resources
Reading materials
A list of reading materials and/or required textbooks will be available in the Unit Outline on Canvas.