Outline

Overview

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.

Unit details and rules

Academic unit	Accounting
Credit points	6
Prerequisites ?	ACCT2011
Corequisites ?	None
Prohibitions ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Kaiying Ji, kaiying.ji@sydney.edu.au
Lecturer(s)	Chuan Yu, c.yu@sydney.edu.au
Lecturer(s)	Kaiying Ji, kaiying.ji@sydney.edu.au
Tutor(s)	Emma Della Marta, emma.dellamarta@sydney.edu.au
Tutor(s)	Werner Schulz, w.schulz@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam (Record+)	Final exam Written and numerical questions	50%	Formal exam period	2 hours
Outcomes assessed:
Assignment	Individual Assignment Written task	10%	Week 03 Due date: 19 Mar 2021 at 16:00 Closing date: 29 Mar 2021	800 words
Outcomes assessed:
In-semester test (Record+)	Mid-session exam Written and numerical questions	20%	Week 07 Due date: 20 Apr 2021 at 10:00 Closing date: 20 Apr 2021	1 hour
Outcomes assessed:
Assignment	Group assignment Written task	10%	Week 10 Due date: 13 May 2021 at 16:00 Closing date: 23 May 2021	1500 words
Outcomes assessed:
Presentation	Group presentation Oral group presentation	5%	Weekly	10 minutes
Outcomes assessed:
Participation	Tutorial participation Participation in tutorials	5%	Weekly	Weekly in tutorial
Outcomes assessed:
= hurdle task ? = group assignment ? = Type B final exam ? = Type B in-semester exam ?

Assessment summary

WRITTEN ASSIGNMENTS

Individual assignment (10%): The individual assignment will require understanding, explanation, and application of the definition of control, which is a key concept covered in this unit of study.

Group Assignment (10%): The group assignment will require understanding, explanation, and critical review of a recent financial reporting issue, and its implication in a business world context.

TUTORIAL ASSESSMENTS

Group presentation (5%): 5% will awarded for your participation in a group presentation. You will be allocated to groups in your first tutorial so please make an effort to come to your week 2 tutorial. Your group will then respond to your allocated ‘group presentation' questions as shown in the ‘ACCT3011 – Week by Week Learning Activities’ document. Every student in the group must contribute.

Tutorial participation (5%): 5% will be awarded for your individual participation throughout the tutorials during the semester. Note that you will only receive half of the participation marks if you do not turn on your video for the entire duration of each tutorial and unmute as requested by your tutor.

EXAMS

Mid-semester exam (20%): The mid-semester exam will be a closed book exam. It will focus on the technical process of consolidation including material up to week 5.

Final exam (50%): The final exam will be a closed book exam. The final exam is listed as having a HURDLE TASK which means you must complete the assessment and achieve at least 45% of the available marks in this assessment in order to pass the unit. Students who fail to achieve this minimum standard, even when their aggregate mark for the entire unit of study is above 50%, will be given a Fail grade for this unit. As a result, a student's academic transcript will show a Fail grade and the actual mark achieved if the final mark of the unit is between 0-49 and a Fail grade and a capped moderated mark of 49 for all other final mark.

Replacement exams: Refer to Canvas regarding information on the replacement exams.

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100	Awarded when you demonstrate the learning outcomes for the unit at an exceptional standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Distinction	75 - 84	Awarded when you demonstrate the learning outcomes for the unit at a very high standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Credit	65 - 74	Awarded when you demonstrate the learning outcomes for the unit at a good standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Pass	50 - 64	Awarded when you demonstrate the learning outcomes for the unit at an acceptable standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Fail	0 - 49	When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Week 01	1. Introduction to the unit; 2. Consolidation and the concept of control	Lecture (2 hr)
Week 02	Principles of consolidation and the consolidation process	Lecture and tutorial (3 hr)
Week 03	Fair value adjustments and tax effect accounting	Lecture and tutorial (3 hr)
Week 04	Intragroup transactions (borrowing and inventory)	Lecture and tutorial (3 hr)
Week 05	Intragroup transactions (non-current assets)	Lecture and tutorial (3 hr)
Week 06	Partly owned subsidiaries: non-controlling interest	Lecture and tutorial (3 hr)
Week 07	Segments and related party disclosures	Lecture and tutorial (3 hr)
Week 08	Accounting for associates and joint ventures - the equity method	Lecture and tutorial (3 hr)
Week 09	Joint operations and foreign currency translation	Lecture and tutorial (3 hr)
Week 10	Financial instruments and hedge accounting	Lecture and tutorial (3 hr)
Week 11	Issues in consolidation	Lecture and tutorial (3 hr)
Week 12	Accounting standard setting process	Lecture and tutorial (3 hr)
Week 13	Revision	Lecture and tutorial (3 hr)

Attendance and class requirements

Lecture recordings: All lectures are recorded and will be available for streaming on Canvas for student use. A pdf of the week’s PowerPoint slides will also be made available shortly before each lecture so you can add your own notes to as you listen to the recording. Students do not have permission to record tutorials, consultation sessions, or other discussions.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

All readings for this unit are overviewed in the ‘ACCT3011 - week by week learning activities’ document available on Canvas, and are to be found through the following 2 sources:

Arthur, N., L. Luff, P. Keet, M. Egan, B. Howieson, and R. Ram 2017, Accounting for Corporate Combinations and Associations, 8th Edition, Pearson Education Australia.
The 2020 Financial Reporting Handbook.

All of these texts can also be accessed through the Library eReserve. The 2020 Financial Reporting Handbook is also available online.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. apply, analyse, and evaluate the major methods of accounting for business combinations (including consolidation accounting, accounting for associate companies, and accounting for assets held as available for sale financial assets), and other accounting standards learnt in this unit, also explain some of the key disclosure requirements for supplementing core financial statements, explain standard setting in the international arena, and discuss non-financial developments in external reporting
LO2. analyse and critically evaluate the major methods of accounting learnt in this unit, and explore the extent to which accounting numbers alone can provide a true and fair view of an entity’s activities, and results to users
LO3. apply professional judgement, required by the major methods of accounting learnt in this unit, in order to determine appropriate accounting approaches for particular circumstances
LO4. develop verbal and written communication skills within the context of accounting issues
LO5. develop the ability to work successfully and fairly in a team, within the context of accounting issues
LO6. develop an ethical framework and social skills, within the context of accounting issues.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

The quantity of weekly materials has been adjusted to respond to student feedback that some recorded lectures are over two hours.

Additional information

More information can be found on Canvas.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

WRITTEN ASSIGNMENTS

TUTORIAL ASSESSMENTS

EXAMS

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

ACCT3011: Financial Accounting B

Semester 1, 2021 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

WRITTEN ASSIGNMENTS

TUTORIAL ASSESSMENTS

EXAMS

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect