Macquarie University

Financial Accounting and Reporting - ACCG224

This unit builds on the first year accounting units, exploring financial reporting issues in greater depth and challenging students to question the foundations of financial reporting. Based on International Financial Reporting Standards (IFRS) and their Australian equivalents (AASB), topics include the regulatory and conceptual foundations of financial reporting, types of company financing (equity and debt financing), accounting for income/deferred taxes, recognition, measurement, revaluation and impairment of different types of assets, accounting for leases, presentation of the complete set of financial reports, and the construction of cash flows using both direct and indirect methods. It also includes a discussion of alternative reporting frameworks such as the Global Reporting Initiative (GRI) sustainability reporting guidelines and the Integrated Reporting Framework. The unit develops graduate capabilities associated with discipline specific knowledge, technical skills and professional judgement, and their application to solving practical financial reporting issues, and with effective business communication skills for accountants.