ACS2730 Financial accounting A

When you finish this unit, you should be able to:

1. 1

   describe and understand the requirements of the financial reporting and regulatory environment, including the internationalisation of accounting practices and the underlying theory supporting the accounting treatment in the application of the IFRS requirements

2. 2

   discuss the key aspects of the Conceptual Framework relating to the definitions and recognition criteria of the elements, as applied to the various spectrum of accounting topics

3. 3

   apply IFRS requirements to the accounting for revenue recognition, provisions and contingent liabilities/assets, events after the reporting period, accounting policies, estimates and errors and borrowing costs

4. 4

   apply IFRS recognition, measurement and disclosure requirements to the accounting for various asset topics including inventories; property, plant and equipment; impairment of assets; intangible assets; investment property; and non-current assets held for sale and discontinued operations

5. 5

   apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with financial accounting and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by ACS2730.