1. Introduction and Assessment Overview

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AFM505 Advanced Financial Accounting

Trimester 3 2025


This Unit Outline should be read in conjunction with the information contained in the Unit Information and Resources section of this myLearn site. If this is your first unit of study at UNE, please also ensure you have completed the mandatory Academic Integrity Module (AIM).

Introduction

Expand and deepen your understanding of topics underpinning Australian Accounting Standards Board (AASBs) standards, other regulations and statutory requirements, and disclosure by reporting entities, with this advanced accounting unit. With a focus on accounting for group structures, you will explore equity methods of accounting for associates and joint arrangements, operating segments and construction contracts. You will also examine foreign currency transactions, translating financial statements of foreign operations, and financial instruments including derivatives and hedging. Studying this unit will allow you to hone your practical skills solving complex business problems and preparing consolidated financial statements. You will also deepen your knowledge of corporate governance and corporate social responsibility reporting in the context of ethical and social issues.


Learning Outcomes

Upon completion of this unit, students will be able to:

  1. demonstrate an expert understanding of advanced issues in financial accounting with depth in corporate group structures and how to read and interpret/analyse contemporary group financial reports underpinning accounting standards and apply to business-related contexts;
  2. demonstrate an expert knowledge on preparing consolidation journals and worksheet, and consolidated statement of comprehensive income and financial position ;
  3. demonstrate an advanced and integrated knowledge and professional understanding of a range of accounting issues related to accounting for associates and joint arrangements, operating segments, foreign currency transactions and translating foreign operations, financial instruments; and their recording in financial statements and disclosures;
  4. use a range of cognitive, communication and research skills to investigate, analyse, synthesise and reflect on relevant accounting information drawn from financial statements in order to demonstrate critical thinking and judgement in solving complex business-related problems;
  5. work independently and/or collaboratively to plan and execute tasks to enhance professional knowledge and skills in advanced financial accounting; and
  6. demonstrate an advanced understanding of corporate social responsibility and governance disclosure environments, and the ability to recognize, evaluate, reflect on and respond to a range of ethical and social influences on them.

Unit specific information can be found on the UNE Handbook: AFM505


Assessment Summary

Detailed information about each assessment task, including due dates, submission requirements and marking criteria, are available within the Assessments section of this myLearn site.


Assessment Weighting Mandatory Description Offerings Related Learning Outcomes
Assignment 1 20% Yes

Practical exercises and essay type question.

No. Words: 2500

 All 1 2 4 5
Assignment 2 20% Yes

Practical exercises and essay type question.

No. Words: 2500

 All 3 4 5 6
Final Examination 60% Yes

Multiple choice questions, practical exercises plus short essay type questions. Students are allowed to bring recent 'Accounting or Financial Reporting Handbook' (published by CPA or ICAA) into the examination venue to use. Students must obtain at least 50% in the examination (and at least 50% overall) to receive a pass (or better) in the unit.

 All 1 2 3 4 5 6

Note: Students who do not submit all mandatory ('must complete') assessments will be marked as incomplete and will be unable to pass the unit.
Referencing

Referencing is a way of acknowledging the works of others. If your Unit Coordinator has not specified the required referencing style, you should follow the referencing style used by the subject area in which you are studying. If you have questions about referencing, you should contact the Academic Skills Office or your Unit Coordinator.

Plagiarism

Plagiarism is using the work of other people without appropriate acknowledgement. Plagiarism is a form of academic misconduct under the Student Academic Integrity Policy. Advice on avoiding plagiarism is available from the Academic Skills Office.

Extensions and Late Submission Penalties

Information about extensions and penalties for late submission are available via the Assessment Policy. General guidance on how to apply for an extension can be found at askUNE, though processes may vary between Schools. For more information about School-specific policies and processes related to assessments and extensions, please see the School Information site linked in the Block on the right-hand side of your myLearn site.

Marking, Moderation and Feedback

Information about marking, moderation and feedback is available via the Assessment Policy. Please be aware that assessment tasks in this unit may be marked by someone other than the Unit Coordinator. If more than one marker is involved in marking, moderation of marks will be applied to ensure that the assessment criteria are consistently applied.

Approval of Results by Board of Examiners

Please be aware that marks for assessment tasks displayed through the myLearn site are provided as a guide to your progress in the unit. They are not your official grades for the unit. Results displayed are provisional and subject to change. Official results are available in  myUNE following ratification by the Board of Examiners in the relevant School.

UNE Grade Descriptors

The grading system and descriptors used by UNE are outlined in the Assessment Policy Grading System . Additional information about results and grades can be found at askUNE.

Intensive School

No Intensive School

This unit does not have an Intensive School.


Unit Outline Created:
11 June 2025 12:38 pm