ANU College of Business and Economics Research School of Accounting Business Information Systems Mail Building 26C Australian National University Canberra ACT 0200 Building 21 Australian National University Canberra ACT 0200 Student Office Room 2.01 (Level 2) ANUCBE Building 26C Room 2037 (Level 2) Hanna Neumann Building 21 Phone: 1300 732 120 (local call cost only) +61 2 6125 3807 02 6125 0025 +61 2 6125 0025 International 02 6125 0744 +61 2 6125 0744 02 6125 4310 +61 2 6125 4310 Email: info.cbe@anu.edu.au enquiries.ABIS@anu.edu.au Within Australia International Fax: Within Australia BUSN 7008 Financial Statements and Reporting Course Description This course is designed as an introductory accounting course for graduate students, and provides an introduction to the concepts underlying external financial reporting. The unit utilises a transaction-effect approach to the preparation of financial statements. The course examines the main financial statements produced by an accounting system and the process by which these statements are prepared. The course covers fundamental issues relevant to the use of accounting information as a decision aid. Contents include accounting concepts, double entry and accrual systems of accounting, financial statements preparation and analysis. There are no prerequisites that need to be satisfied. The course assumes no previous knowledge of accounting. Semester and Year Course URL S1 2015 Mode of Delivery Prerequisites Incompatible Courses Two-hour lecture, and one hour tutorial per week on campus. N/A Course Convener Office Location: Phone: Email: Consultation hours: Tutors Student Administrators Dr. Lijuan Zhang Room 3.19, CBE Building 26C 6125 7379 Lijuan.zhang@anu.edu.au To be advised To be advised HN 2037 Hanna Neumann Bldg 21 enquiries.abis@anu.edu.au 6125 0025 or 6125 7968 Office hours : Monday -Friday 9am – 5pm http://wattle.anu.edu.au/course/BUSN7008 With BUSN1002 Accounting Process and Systems and BUSN8181 Financial Reporting and Analysis. Students who have previously studied accounting are encouraged to seek exemption for BUSN7008 and substitute a higher level accounting course. 1 | THE AUSTRALIAN NATIONAL UNIVERSITY & COURSE OVERVIEW Course Learning Outcomes Upon successful completion of the requirements for this course, students will be able to: 1. Identify the main users of financial accounting reports, and the main purpose for which information is used; 2. Distinguish between cash and accrual accounting; 3. Distinguish between assets, liabilities, equity, income and expense; 4. Prepare journal entries, post to ledger accounts, and calculate closing balances, prepare a trial balance, prepare adjusting, reversing and closing entries to collate corporate financial information; 5. Develop the knowledge and ability to prepare the financial statements for organisations characterised by moderately complex financial transactions; 6. Analyse financial statements with regard to key aspects of performance. Research-Led Teaching Students are encouraged to engage with contemporary financial accounting literature as part of their course participation and learning activities. ANU provides world class library facilities so that students have the best access to high quality peer reviewed literature: http: //anulib.anu.edu.au/ Continuous Improvement We use feedback from students, professional bodies and staff to make regular improvements to the course. In response to this feedback, design improvements from the previous version of the course include: • Item 1: Using in-tutorial quizzes instead of the assignment as one of the assessment items. This is a result of feedback from students requesting that more practices should be given to support their learning. • Item 2: Providing more real world examples for some concepts. Student Feedback All CBE courses are evaluated using Student Experience of Learning and Teaching (SELT) surveys, administered by Planning and Statistical Services at the ANU. These surveys are offered online, and students will be notified via email to their ANU address when surveys are available in each course. Feedback is used for course development so please take the time to respond thoughtfully. Course feedback is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching and to improve courses across the university. For more information on student surveys at ANU and reports on feedback provided on ANU courses, visit http://unistats.anu.edu.au/surveys/selt/students/and http://unistats.anu.edu.au/surveys/s elt/results/learning/ 2 | THE AUSTRALIAN NATIONAL UNIVERSITY COURSE SCHEDULE Week Summary of Activities Lecture: Introduction 1 Assessment Reading: Chapter1 2 3 4 5 6 7 8 9 10 11 12 Lecture: The recording process Reading: Chapter 2 Tutorial 1 : Introduction Lecture : Adjusting the accounts Quiz Reading: Chapter 3 Tutorial 2: The recording process Lecture: Accounting systems and processes --Adjusting the accounts --Completing the accounting cycle Reading: Chapter 3&4 Tutorial 3: Adjusting the accounts Lecture: Accounting for Inventories Reading: Chapter 5&6 Tutorial 4: Accounting systems and processes Lecture: Cash and Internal Control / Accounting for receivables Quiz Reading: Chapter 8 &9 Tutorial 5: Accounting for Inventories Mid Semester examination Mid Semester 1 examination Mid semester teaching break (Monday 6 April to Friday 17 April) Lecture: Accounting concepts and principles / Financial Statement Analysis Reading: Chapter 12 &19 Tutorial 6: Cash and Internal Control / Accounting for receivables Lecture: Accounting for non-current assets /Investments Reading: Chapter 10 &17 Tutorial 7: Accounting concepts and principles / Financial Statement Analysis Lecture: Current liabilities/ Non-current liabilities Reading: Chapter 11 & 16 Tutorial 8: Accounting for non-current assets/Investments Lecture : The Cash Flow Statement Quiz Reading: Chapter 18 Tutorial: Current liabilities/ Non-current liabilities Lecture: Companies Quiz Reading: Chapter 14 &15 Tutorial 9 : The Cash Flow Statement 13 Lecture: Accounting for partnerships / Course review Reading: Chapter 13 Tutorial 10: Companies Semester 1 examination period (Thursday 4 June to Saturday 20 June) 1 Final examination The timing of the mid-semester examination is determined by the examinations section. This information will be given to students as soon as it is received by the lecturer. Please be aware that the exam may not be in this week if instructed by the examinations section. 3 | THE AUSTRALIAN NATIONAL UNIVERSITY COURSE ASSESSMENT Assessment Summary Item Title Value Due Date 1. In-Tutorial Quizzes 15% See Weekly Schedule 2. Mid-Semester Exam 25% TBA 3. Final Examination 60% Final Exam Period Linked Learning Outcomes Learning Outcomes 2-5 Learning Outcomes 1-6 Learning Outcomes 1-6 LEARNING OUTCOMES-ASSESSMENT How well have you achieved the learning outcomes for this course? Your lecturer makes this judgement based on your quizzes and examination papers. This table illustrates how each assessment item provides evidence about your achievements against each learning outcome. Course Learning Outcomes Upon successful completion of the requirements for this course, students will be able to: 1. identify the main users of financial accounting reports, and the main purpose for which information is used 2. distinguish between cash and accrual accounting 3. distinguish between assets, liabilities, equity, income and expense 4. prepare journal entries, post to ledger accounts, and calculate closing balances, prepare a trial balance, prepare adjusting, reversing and closing entries to collate corporate financial information 5. develop the knowledge and ability to prepare the financial statements for organisations characterised by moderately complex financial transactions 6. Analyse financial statements with regard to key aspects of performance Tutorial Quizzes Mid Semester Examinati on Final Examinat ion √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 4 | THE AUSTRALIAN NATIONAL UNIVERSITY Assessment Task 1: In-Tutorial Quizzes Details of task: • Students will be required to sit 4 in-tutorial quizzes throughout the semester. • These quizzes will be run according to the schedule on page 3 of this outline (unless otherwise stated by the lecturer). • The quizzes will be 10 – 15 minutes in duration, and held at the end of the tutorial. • Students MUST sit the quiz in the tutorial they are enrolled in; otherwise the quiz will not count. • The content for the quizzes will be limited to the required material for the topic on which the tutorial is held. • Students’ best 3 marks will count towards 15% of their overall course grade. • Students should receive their quizzes back one week after the quiz is held. Note: Students are required to prepare worked solutions to tutorial questions, bring these solutions to tutorials, and be prepared to participate in tutorial discussions. Assessment Task 2: Mid-Semester Exam Details of task: Mid-semester exams are administered by the university exam section and may be held during or after business hours. Students are expected to be available for examination at the time scheduled. The mid-semester exam covers topics covered in lectures from weeks 1 to 6 (inclusive). It will be a closed book, non-redeemable examination of 2 hours (plus 15 minutes reading time) duration, with no formula sheet provided. Further information regarding the exact examination date, time, location and content will be provided in a separate announcement on Wattle. Final Examination The final examination for this course will be conducted at the end of semester at a time to be determined. The link to the final examination timetable will be published on the following website: http://timetable.anu.edu.au. The final examination will involve a 3 hour paper, plus 15 minutes reading time. The examination will be based on all topics covered by this course. The examination will be closed book, with no formula sheet provided. Scaling Your final mark for the course will be based on the raw marks allocated for each assignment or examination. However, your final mark may not be the same number as produced by that formula, as marks may be scaled. Any scaling applied will preserve the rank order of raw marks (i.e. if your raw mark exceeds that of another student, then your scaled mark will exceed or equal the scaled mark of that student), and may be either up or down. 5 | THE AUSTRALIAN NATIONAL UNIVERSITY READING LISTS PRESCRIBED TEXTS Weygandt, Chalmers, Mitrone, Fyee, Kieso, Kimmel, “Principles of Financial Accounting” (3rd edition). The textbook is published by Wiley Recommended Reading Trotman, K., Gibbins, M. & Carson, M., 2013. Financial Accounting An Integrated Approach (5th ed). The textbook is published by Cengage Learning Deegan, C., 2012. Australian Financial Accounting (7th ed). McGraw Hill. Horngre, Harrison, Oliver, Best, Fraser, Tan, Willett., 2013, Financial Accounting (7th ed). Pearson. Hoggett, J., L. Edwards, J. Medlin & Tiling, M., 2009. Financial Accounting (7th ed) Milton: Wiley Deegan C, P., Kieso, D. E, Weygandt, J.J., 2009, Accounting, Building Business Skills, Milton, Qld, Wiley & Sons (3rd ed) TUTORIAL AND/OR SEMINAR REGISTRATION Tutorial and /or Seminar signup for this course will be done via the Wattle website. Detailed information about signup times will be provided on Wattle or during your first lecture. When tutorials are available for enrolment, follow these steps: 1. Log on to Wattle, and go to the course site. 2. Click on the link “Tutorial signup here” 3. On the right of the screen, click on the tab “Become Member of ……” for the tutorial class you wish to enter. 4. Confirm your choice If you need to change your enrolment, you will be able to do so by clicking on the tab “Leave group…” and then re-enrol in another group. You will not be able to enrol in groups that have reached their maximum number. Please note that enrolment in ISIS must be finalised for you to have access to Wattle. 6 | THE AUSTRALIAN NATIONAL UNIVERSITY COMMUNICATION Email If necessary, the lecturers and tutors for this course will contact students on their official ANU student email address. Information about your enrolment and fees from the Registrar and Student Services' office will also be sent to this email address. Announcements Suggested wording: Students are expected to check the Wattle site for announcements about this course, e.g. changes to timetables or notifications of cancellations. Notifications of emergency cancellations of lectures or tutorials will be posted on the door of the relevant room. Course URLs Suggested wording: More information about this course may be found on: • Programs and Courses (http://programsandcourses.anu.edu.au/2014/Catalogue ) • the College of Business and Economics website (http://cbe.anu.edu/courses) and • Wattle (https://wattle.anu.edu.au), the University's online learning environment. Log on to Wattle using your student number and your ISIS password. POLICIES The University offers a number of support services for students. Information on these is available online from http://students.anu.edu.au/studentlife/ ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. You can find the University’s education policies and an explanatory glossary at: http://policies.anu.edu.au/ Students are expected to have read the Student Academic Integrity Policy before the commencement of their course. Other key policies include: • • • Student Assessment (Coursework) Student Surveys and Evaluations Copyright (http://copyright.anu.edu.au/) 7 | THE AUSTRALIAN NATIONAL UNIVERSITY