Financial Accounting & Reporting (FIN) Module outline

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1 Financial Accounting & Reporting (FIN) Module outline Last updated: 03 December 2014 FIN module outline

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3 Chartered Accountants Program Financial Accounting & Reporting Financial Accounting & Reporting Overview Financial accounting is a pivotal aspect of an accountant s work and is the main reporting mechanism for preparing financial statements for organisations across all sectors of the economy. FIN includes two case studies and other practical examples and activities that will develop your understanding of the conceptual framework for financial reporting, and enable you to reference Accounting Standards and pronouncements and apply your knowledge to a variety of practical scenarios. The FIN module is one of the five compulsory modules in the Chartered Accountants Program. It requires a good understanding of financial accounting from a candidate s previous tertiary studies. Units The FIN module comprises the following units: Unit Name of unit Approximate hours 1 Financial reporting 8 2 Presentation of financial statements 11 3 Revenue 5 4 Income taxes 9 Online assessment 5 Foreign exchange 3 6 Fair value measurement 3 7 Property, plant and equipment 5 8 Intangible assets 5 9 Financial instruments 15 Online assessment 10 Impairment of assets 6 11 Provisions (including employee benefit entitlements), contingent liabilities and contingent assets 5 12 Leases 5 13 Earnings per share 5 14 Share-based payments 4 15 Business combinations 5 Online assessment 16 Accounting for subsidiaries Accounting for joint arrangements and the equity method of accounting 6 18 Preparation of financial statements 8 Final examination 120 Module outline Page 1

4 Financial Accounting & Reporting Chartered Accountants Program How is the FIN module taught? The FIN module is 12 weeks in duration and offers flexible learning options with the delivery of materials online through mylearning. MyLearning is accessible after you enrol in the module by logging into myaccount and selecting mylearning. Assessment The assessment components are outlined below: 3 online assessments 20%. Final examination 80% (3 hours plus 15 minues reading time, open book) To pass the module, candidates must pass the final examination (achieve 50% or more of the available marks), and pass the module overall (achieve 50% or more of the available marks). Time allocation The expected workload for this module is a minimum of 10 hours per week over 12 weeks, or 120 hours in total, excluding module orientation, online assessments, final exam and study time for the final exam. Candidates are advised to plan their enrolment carefully around work and other commitments, to ensure they are able to devote the time required to their studies. Assumed knowledge It is assumed that candidates have a good understanding of financial accounting and reporting from their tertiary studies. Detailed below is a summary of the assumed knowledge of the module: Understanding of the relevant framework, in particular the definitions of and recognition criteria for assets, liabilities, equity, income and expenses. Basic understanding of financial accounting and reporting concepts, particularly the general format and content of a set of financial statements. Understanding of the principles of disclosure relating to the presentation of financial statements. Understanding of the principles relating to the selection and changing of accounting policies. Understanding of the accounting treatment and disclosure of changes in accounting policies, accounting estimates and corrections of errors. Basic understanding of revenue recognition requirements. Understanding of the principles of accrual accounting. Basic understanding of the taxation treatments for assets, liabilities, income and expenses. Understanding of accounting for inventory. Basic understanding of accounting for property, plant and equipment and intangible assets. Basic understanding of the principles of consolidated financial statements. Basic understanding of accounting for intragroup transactions. Basic understanding of acquired goodwill its nature and accounting treatment under the relevant standard on business combinations. Understanding of the concept of the time value of money and discounted cash flows and how to calculate its impact. Understanding of accounting for equity. Understanding of accounting for the issue of equity and movements in retained earnings and other reserves. Page 2 Module outline

5 Chartered Accountants Program Financial Accounting & Reporting Basic understanding of the accounting for income tax. Basic understanding of the accounting for a business combination. Understanding of the translation of an amount from one currency to a foreign currency. An assumed knowledge quiz can be accessed when you log into MyLearning. From this landing page, click on Chartered Accountants Program then scroll down to Additional support. Learning resources and supports Each technical module has a range of resources and supports available for candidates, including: Online learning material Introduction. Core content. Worked examples. Activities. Excel worksheets, supporting selected activities. Adaptive learning lesson. Readings. Quick reference guides. Unit quiz. Mind maps. Additional support Optional virtual classrooms the focus of the virtual classrooms will be on the more challenging topics within the module. Recordings of the virtual classrooms will also be available these can be accessed by all candidates, regardless of whether or not they attended these sessions. Candidate Study Guide (CSG) after enrolment candidates will receive a CSG for all technical modules, containing the core content, the scenario and task for the activities and the readings for each unit. Discussion forums Technical query forums where candidates can post specific questions to a technical specialist. Peer-to-peer forums where candidates can form study groups or discuss issues with other candidates. Past exams to help candidates prepare for the final exam, past exams will be available to download with examiner s feedback. Prescribed reading material The required reference for this module is: For Australia: Chartered Accountants Australia New Zealand, Financial Reporting Handbook Australia 2015, John Wiley & Sons Australia Ltd, Milton, Qld. Module outline Page 3

6 Financial Accounting & Reporting Chartered Accountants Program For New Zealand: Chartered Accountants Australia New Zealand 2015, Financial Reporting Handbook New Zealand 2015, John Wiley & Sons Australia Ltd, Milton, Qld. Module summary The FIN module will help you develop your knowledge and understanding of the conceptual framework for financial reporting and the Accounting Standards relevant for the preparation of a set of financial statements. This understanding is important for both the preparation and interpretation and analysis of financial statements. For more information and to enrol Take a look at the timetable to find out when you can enrol in this module. Page 4 Module outline