Accounting Descriptions


1000-level units of study

BUSS1030 Accounting, Business and Society

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x 1.5hr lecture and 1x 1.5hr tutorial per week Prohibitions: ACCT1001 or ACCT1002 or ACCT1003 or ACCT1004 or ACCT1005 Assessment: tutorial contribution (10%), assignment (15%), mid-semester test (25%), final examination (50%)
Note: Students enrolled in the Bachelor of Commerce, the Bachelor of Commerce and Bachelor of Advanced Studies, and the Bachelor of Commerce and Bachelor of Laws must complete this core unit within the first year of study (full-time students) or within in the first two years of study (part-time students).
This unit investigates the fundamentals of accounting and aims to provide a broad understanding of the role of accounting in the context of business and society. The format of the unit is designed to show that there are many uses of accounting data. The focus moves from accountability to decision making; both functions are explained through examples such as the 'double entry equation', and from an output (financial statements) perspective. Some more technical aspects of accounting are outlined, including the elements of assets, liabilities, revenues and expenses within simple, familiar scenarios. Besides developing an understanding of the role of accounting via conventional financial reports, recent developments including the discharge of accountability by companies through the release of corporate social and environmental reports and the global financial crisis, are explored through an accounting lens.
ACCT1006 Accounting and Financial Management

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x 1.5hr lecture and 1x 1.5hr tutorial per week Prerequisites: BUSS1030 or ACCT1005 Prohibitions: ACCT1001 or ACCT1002 or ACCT1003 or ACCT1004 Assumed knowledge: HSC Mathematics Assessment: tutorial work and/or assignment (25%), mid-semester examination (25%), final examination (50%)
Accounting and Financial Management is an introduction to financial reporting, and the gateway unit to further study in accounting. This unit builds upon the accounting context, presented in BUSS1030 Accounting, Business and Society, and aims to develop the technical skills to record basic business transactions through accounting systems. In addition to this technical focus, specific attention is given to the way in which the accounting information can be used to undertake financial management and analysis, to give students the ability to produce and interpret financial reports.

2000-level units of study

ACCT2011 Financial Accounting A

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x2hr lecture and 1x1hr tutorial per week Prerequisites: (ACCT1001 or ACCT1005 or BUSS1030) and (ACCT1002 or ACCT1006) Assessment: tutorial preparation (5%), group assignment (15%), mid-semester examination (30%), final examination (50%)
This unit examines the accounting and reporting practices of reporting entities, particularly listed public companies. Emphasis is placed on developing an understanding of, and the ability to critically evaluate, the various regulatory requirements (professional and statutory) governing financial reporting. The unit commences with an overview of the financial reporting environment and theories that seek to explain the accounting policy choices of management. This framework provides a basis for examining a range of specific issues in financial accounting. The emphasis throughout the unit is on both the application of specific accounting techniques/rules and the conceptual/theoretical issues associated with alternative accounting methods.
ACCT2019 Management Accounting

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1.5 hour lecture plus 1.5 hour tutorial Prerequisites: (ACCT1001 or ACCT1005 or BUSS1030) and (ACCT1002 or ACCT1006) Prohibitions: ACCT2012 Assessment: in-class assessment (20%); group SAP assignment (30%); final exam (50%)
This unit provides students with an introduction to the core knowledge requirements of management/cost accounting; it equips them with basic skills to use an industry-standard accounting system and management accounting information efficiently and effectively. Areas specifically covered include: cost terms and purposes, cost behaviour, cost - volume - profit analysis, cost estimation, basic and alternative product costing methods, detailed study of the mechanics of the budgeting process (master budgets, flexible budgets, standard costing and variance analysis, capital budgeting), decision making using relevant costs/revenues and cost allocation. This unit also exposes students to key topics linking to the value chain framework, management controls, Balanced Scorecards, strategy maps, responsibility accounting, transfer pricing and organisational structures.

3000-level units of study

ACCT3011 Financial Accounting B

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x 2hr lecture and 1x1hr tutorial per week Prerequisites: ACCT2011 Assessment: Mid-semester examination (30%), group presentations (10%), individual assignment (10%), and final examination (50%)
This unit introduces students to accounting for investments in entities that are controlled, significantly influenced, or jointly controlled by the investor. The unit starts by assessing whether an investment should be consolidated, the process of consolidation, the preparation of consolidated financial statements for corporate groups, including the treatment of goodwill, intra-group transactions and non-controlling interests. Other aspects of group accounting, such as equity accounting, segment disclosures, related party disclosures, and foreign currency translation are investigated. A critical analysis of group accounting is then undertaken, including a consideration of the outcomes of related processes, and the impacts on users. The unit also critically evaluates current issues in accounting regulation and practice, and the politics of the standard-setting process. Accounting issues regarding financial instruments are further developed focusing on hedge accounting as a special case. Finally, voluntary disclosures for social and environmental reporting are considered. This unit aims to further develop students' written communication skills and critical and analytic skills within the context of corporate group activities.
ACCT3013 Financial Statement Analysis

Credit points: 6 Session: Semester 1 Classes: 1x 2hr lecture and 1x 1hr tutorial per week Prerequisites: ACCT2011 Assessment: tutorial participation (5%); individual assignment (10%); in class quiz (10%); mid-semester exam (25%), final exam (50%)
Although the appropriate 'form' of financial analysis depends largely on the specific context (e.g. equity investment, credit extension, analysis of supplier/customer health, competitor analysis, regulatory overview or intervention, valuation for takeover/restructuring), many of the techniques of financial analysis are common to each. A primary purpose of this course is to develop an understanding of these techniques, as well as the inherent difficulties in their application. Specific issues addressed include the analysis of business performance and disclosure, the analysis of earnings quality, cash flow assessment, credit worthiness and accounting-based valuation methods.
ACCT3015 Data Analytics for Accounting

Credit points: 6 Session: Semester 2 Classes: 1.5 hour lecture x 1, plus 1.5 hour tutorial x 1 Prerequisites: ACCT2011 and ACCT2012 Assumed knowledge: Completion of INFS3110 (or INFS2001) is desirable. Assessment: case study (30%); mid-semester examination (20%); final exam (50%)
This unit provides an overview of data analytics for accounting. Traditional accounting techniques and practices were developed in the industrial era (a low information environment) and have changed very little since. Financial reports tend to be historical and financial in nature, heavily aggregated, static and paper based. This unit considers how the mega-trend of 'Big Data', artificial intelligence and robotics is impacting and shaping current accounting, financial reporting and auditing practices and their likely impact on future practices. This UoS also explores how Big Data and artificial intelligence is currently used in accounting practice; and the potential of these techniques to shape future practices in specific areas such as accounting measurement and forecasting, audit sampling and the timing and frequency of reporting (as examples). The unit also introduces students to current accounting research in the field of Big Data and artificial intelligence.
ACCT3016 Sustainability Accounting

Credit points: 6 Session: Semester 1 Classes: one 3 hour workshop that integrates part formal delivery and promotes critical thinking and problem solving Prerequisites: ACCT2011 and ACCT2012 Assumed knowledge: Completion of the stated prerequisites will be sufficient for students to perform at the expected academic level for a 3000 level UoS Assessment: individual research focus (30%); group research assignment and presentation (20%); final exam (50%)
This unit explores the theory and practice of organisational sustainability, focusing specifically on the role of accounting techniques and accountants. Statements from an organisation that it is addressing 'sustainability' may reflect a diversity of concerns, initiatives, and impacts. Organisational sustainability may include initiatives focused on climate change, carbon pollution, water, waste, rethinking the product-base, along with initiatives targeted to employees, customers, investors and/or the broader community. Consideration is initially given to what sustainability can mean, specifically framed within the context of accounting. As such, the unit reviews issues such as sustainability reporting, management control and accounting of sustainability related impacts, assurance of sustainability reporting, and investor analysis. The unit engages closely with published academic research, considering the theory of sustainability accounting, and contrasting this with empirical insights into the realities and challenges in practice. In so doing, the unit encourages a critical lens to explore questions including how accounting tools might enhance control and decision making, and more fundamentally, how can or should organisations and accounting contribute to a more sustainable planet.
ACCT3020 Advanced Issues in Management Accounting

Credit points: 6 Session: Semester 1 Classes: lecture 1.5 hours x 1 and tutorial 1.5 hours x 1 Prerequisites: ACCT2012 and ACCT2011 Prohibitions: ACCT3012 Assumed knowledge: Students are assumed to have competency with the basic tools, techniques and methods of cost and management accounting and an ability to analyse non-directed, comprehensive business/accounting problems. Assessment: individual presentation (10%); individual critique (10%); group research paper (20%); mid-semester examination (20%); final examination (40%)
This unit examines the role of management accounting practices and the use of management controls in organisations. Students learn how management accounting practices and control tools contribute to a variety of firm and strategic objectives. This includes developing an understanding of how such practices and controls are used differently by various groups within an organisation - sometimes at the detriment of said goals. Drawing from interdisciplinary streams of research, students gain insights from research conducted through a range of methods to expand their understanding of the three main components of any management accounting - measurement, incentivisation and communication. This unit is intended for students who are interested in the behavioural implications of accounting use and who favour analytical and critical approaches to solving organisational problems.
ACCT3031 International Corporate Governance

Credit points: 6 Session: Semester 2 Classes: 1 x 3hr workshop per week Prerequisites: ACCT2011 Assumed knowledge: Students are expected to have an understanding of the key principles and rules of specified accounting standards and be able to apply them in the context of business scenarios. Students are also expected to comprehend the form and content of published financial statements and be able to explain their function. Assessment: individual assignment (10%), group assignment (25%), quiz (15%), final examination (50%)
This unit examines the evolving view of corporate governance from an international perspective, with reference to Australian principles. Corporate governance from a narrow view is concerned with how a corporation is controlled, to the establishment of sets of arrangements affecting the conduct of an organisation and its relationship with stakeholders. Specific issues examined in this unit include the legal framework; control and culture of the modern corporation; operations of a Board; role of board sub-committees; Boards and the development or endorsement of strategies; measuring and rewarding performance; corporate governance, financial reporting and disclosure; corporate governance and the audit process; governance within the global financial crisis.
ACCT3400 Industry and Community Project

Credit points: 6 Session: Intensive February,Intensive July,Semester 1,Semester 2 Classes: 3 hrs weekly Prerequisites: 72 credit points Prohibitions: BUSS3110 or BANK3400 or CLAW3400 or FINC3400 or IBUS3400 or INFS3400 or MKTG3400 or QBUS3400 or WORK3400 or WORK3401 Assumed knowledge: BUSS1030 and BUSS1006 and (ACCT2011 or ACCT2019) Assessment: group plan (20%); individual statement (20%); group report (50%); group presentation (10%)
This unit allows students to undertake an interdisciplinary project, working with one of the University's industry and community partners. This experience allows students to address a complex problem set out by the partner by integrating their academic skills and knowledge from more than one discipline. Students also have the opportunity to build their interpersonal and transferable skills required in their professional life.
ACCT3600 Accounting and Auditing in Practice

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1 x 1.5 hour lecture and 1 x 1.5 hour tutorial per week Prerequisites: Completion of at least 120 credit points including (ACCT2012 or ACCT2019) and ACCT3011. Prohibitions: ACCT3014 Assumed knowledge: Students are expected to have an understanding of the key principles and rules of specified auditing standards, and be able to apply them in the context of business scenarios. Students are also expected to comprehend the form and content of published financial statements and be able to explain their function. Assessment: mid-semester exam (30%); research case study (30%); final exam (40%)
Note: This unit should only be undertaken by students in their final semester of the Accounting major / Professional Accounting program. This unit of study must be completed at the University of Sydney Business School.
This unit of study examines the process of auditing, highlighting the important concepts which underpin the practice of auditing. Although the focus is on the audit of corporate financial reports undertaken in compliance with the Corporation Act 2001 (Cth), other forms of audit and assurance activities are referenced. This unit of study is intended to provide an overview of the audit process within the context of Australian Auditing Standards. The unit is both practical and theoretical, with students expected to apply their knowledge to case studies developed from practice. As the capstone unit for the accounting major, this unit bridges the gap between theory and practice by integrating knowledge and consolidating key skills developed across the accounting major. It aims to provide students with practical experience in identifying, analysing, and solving contemporary business problems. Students ensure their career-readiness by demonstrating their ability to apply concepts, theories, frameworks, methodologies, and skills to authentic problems and challenges faced in the field of accounting.
CLAW3201 Australian Taxation System

Credit points: 6 Session: Semester 1,Semester 2 Classes: Two hours of lectures and a one hour tutorial per week Prerequisites: CLAW1003 or CLAW2201 or CLAW2214 Assessment: tutorial papers (30%); mid-semester test (20%); final exam (50%)
This unit is an introduction to Australia's taxation law. It commences with an overview of the Australian tax system, discusses contemporary tax issues and then deals with specific topics, including: the basis of liability to Australian income tax, concepts of residence and source of income, concepts of ordinary and statutory income (including capital gains tax), tax accounting, taxation of fringe benefits, and allowable deductions. It concludes with a study of the general anti-avoidance sections. The taxation of companies, partnerships and trusts, and international taxation are studied in depth in CLAW3202 which, together with this unit, is a solid basis to prepare students for an important aspect of professional accounting practice.
INFS3110 Information Systems for Accountants

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1 x 3-hour workshop per week Prohibitions: INFS2001 Assumed knowledge: INFS1000 or INFO1000 or INFO1003 or INFO1903 Assessment: individual assessment (20%), group workshop assessment (30%), final exam (50%)
This unit demonstrates how accounting information systems (AIS) can improve business performance relating to the conduct of accounting based transactions. It provides students with the skills necessary to identify and assess opportunities for business improvement, by looking at both conceptual and physical AIS and to understand the varied ways in which the business must assess risks, controls, costs and benefits in relation to the implementation of an AIS. From an end-to-end systems perspective, students gain knowledge of approaches and methodologies related to the design, implementation and operation of an AIS. Through graphic representations, visual thinking can be applied to analyse, assess and improve the conceptual AIS with a view to its physical implementation. Students learn the importance of an integrated approach to managing business cycles including expenditure, conversion and revenue where multiple competing requirements often need to be balanced. Students develop expertise in business analysis, a foundation skill for accountants, auditors, project managers and business analysts.