Details for Accounting Theory and Current Issues
This subject requires students to develop a deep understanding of various accounting theories and to apply that to specific financial reporting issues and the conceptual framework used by the Australian Accounting Standard Board (AASB). Students will critically evaluate both the accounting standard setting process and the theoretical or logical basis of specific accounting standards; and then apply this to topics such as fair value accounting, capital market contracting, earnings management, environmental and sustainability accounting, and the international harmonization of accounting standards.
Quick Info
- Currently offered by Alphacrucis: Yes
- Course code: ACC311
- Credit points: 10
- Subject coordinator: Philip Lee
Prerequisites
The following courses are prerequisites:
Awards offering Accounting Theory and Current Issues
This unit is offered as a part of the following awards:
- Associate Degree in Business
- Bachelor of Arts
- Bachelor of Arts and Bachelor of Applied Social Science
- Bachelor of Arts and Bachelor of Business
- Bachelor of Arts and Bachelor of Education (Secondary)
- Bachelor of Business
- Bachelor of Business and Bachelor of Ministry
- Bachelor of Business and Bachelor of Theology
- Diploma of Arts
- Undergraduate Certificate in Arts
- Undergraduate Certificate in Business Studies
Unit Content
Curriculum Objective
TBA
Outcomes
1. Explain and apply the conceptual framework of accounting;
2. Critically analyse a variety of both normative and positive financial accounting theories;
3. Demonstrate an advanced ability to apply normative and positive accounting theories to current accounting issues, and form judgements about likely outcomes or appropriate responses within an accounting theory framework;
4. Identify and discuss how accounting policy choices available (or under consideration) within International Financial Reporting Standards should be operationalised;
5. Explain and apply the theoretical principles which underlie accounting practice and related disciplines;
6. Critically evaluate the accounting standard setting process in the light of accounting theories;
7. Appraise international harmonization efforts with accounting from both a practical and theoretical point of view;
8. Demonstrate an advanced understanding of current issues (developments) in accounting theory and practice in light of a Christian worldview.
Subject Content
- Introduction to Accounting Theory
- Conceptual Framework
- Accounting Standard setting – National and International (harmonization)
- Measurement
- Theories in accounting
- Positive accounting theory
- Institutional theory & Legitimacy theory
- Stakeholder theory & Contingency theory
- Applying Accounting theory
- Capital market research and accounting
- Fair value accounting
- Contemporary Issues in light of a Christian worldview
This course may be offered in the following formats
TBA
Required Equipment
TBA
Assessment Methods
Two 1,500 word essays, each worth 25%
Two hour exam 50%
Prescribed Text
Rankin, M., Ferlauto, K., McGowan, S. and Stanton, P. (2017). Contemporary Issues in Accounting (2nd ed.). Milton, Queensland: John Wiley & Sons Australia. ISBN: 978-0-730-34353-0
Please check with your instructor BEFORE purchasing any textbooks.
Representative References
TBA