ACCTN571-20A (HAM)

Financial Accounting

15 Points

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Division of Management
School of Accounting, Finance and Economics

Staff

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Convenor(s)

Lecturer(s)

Administrator(s)

: maxine.hayward@waikato.ac.nz

Placement Coordinator(s)

Tutor(s)

: Mtaimur4@gmail.com

Student Representative(s)

Lab Technician(s)

Librarian(s)

: clive.wilkinson@waikato.ac.nz

You can contact staff by:

  • Calling +64 7 838 4466 select option 1, then enter the extension.
  • Extensions starting with 4, 5 or 9 can also be direct dialled:
    • For extensions starting with 4: dial +64 7 838 extension.
    • For extensions starting with 5: dial +64 7 858 extension.
    • For extensions starting with 9: dial +64 7 837 extension.
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Paper Description

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The objective of this paper is to help students develop the technical skills in the interpretation and application of accounting standards and statutory requirements of financial reporting in New Zealand. This paper covers the preparation of general purpose financial reports for partnership, companies and other business combinations. The paper addresses the use and the interpretation of New Zealand International Reporting Standards in the preparation of financial reports. The topics covered in this paper are intended to provide an informed platform to underpin professional practice and continuing education in accounting. Students are expected to be creative and able to make informed choices, exercise judgement and provide good advice in relation to financial reporting. This paper is required by the Chartered Accountants ANZ for students majoring in accounting and as such it meets the academic requirements for students pursuing a career as a professional accountant. It is also prerequisite for some of the the advanced level accounting, auditing and taxation papers.

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Paper Structure

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The paper is taught through lectures and tutorials on a weekly basis as follows:

1 x 1-hour lecture and 1 x 2-hour lecture

1 x one hour tutorial

The lecture time will incorporate lectures, review of problems and selected readings. The tutorial sessions are important. They will help students reinforce their learning through doing practical problems on the topics covered in lectures. In undertaking this paper students can expect to spend around 200 hours of input.

  • use the weekly outline as a guide for time allocation,
  • ensure enough time for tests preparation.

This paper will require substantial time to be spent outside of class working through the textbook, exercises and readings. For every hour spent in class you are expected to spend at least 3.5 hours of study/preparation.

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Learning Outcomes

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Students who successfully complete the course should be able to:

  • 1. Apply New Zealand Equivalent to International Financial Reporting Standards in accounting for assets, liabilities, equity, income and expenses.
    Linked to the following assessments:
  • 2. Apply New Zealand Equivalent to International Financial Reporting Standards, provisions of Financial Reporting Act 2016 and provisions of Companies Act 1993 in the preparation of financial reports for single New Zealand companies.
    Linked to the following assessments:
  • 3. Apply New Zealand Equivalent to International Financial Reporting Standards, provisions of Financial Reporting Act 2013 and provisions of Companies Act 1993 in the preparation of consolidated financial reports for group of companies in New Zealand.
    Linked to the following assessments:
  • 4. Prepare financial statements for partnerships in New Zealand.
    Linked to the following assessments:
  • 5. Account for changes in partnership structure.
    Linked to the following assessments:
  • 6. Explain and critically evaluate the conceptual framework for financial reporting make informed choices, exercise judgement and provide advice on matters relating to financial reporting.
    Linked to the following assessments:
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Assessment

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TUTORIAL ASSIGNMENTS (10%)

This is an individual effort and not team effort.

There will be a total of 5 Tutorial Assignments for this course. This Tutorial Assignments will each cover a particular topic and will have to submitted by hand to the Tutor during your tutorial session. The due date and topic relating to each Tutorial Assignment is provided in the Schedule below. The Assignments should be submitted online via Moodle.

Each Tutorial Assignment is worth 2 marks in total and the 5 Assignments carry a total of 10 marks. The Tutorial Assignment questions will be uploaded in Moodle two weeks before the due date of the assignment submission.

Marks will be given for completion of the Assignment as follows:

0 marks – no attempt at the work has been made

1 mark – some of the work has been completed

2 marks – a good, honest, attempt has been made at all of the required work

NB: It is not about the work being correct but rather that you have really had a good attempt at the work.

TEST 1 (40%)

Test 1 will be done online and held during the lecture session on Wednesday 6 May 2020 between 2.00 – 5.00 pm. The test is a compulsory component of this paper. The test will include all lecture materials up to the week of the test.

TEST 2 (40%)

Test 2 will be done online and held during the lecture session on 10 June 2020 between 9.30 am - 12.30 pm. The test will include all lecture materials up to the week of the test.

ACCOUNTING RESEARCH ASSIGNMENT (10%)

This is a research-based assignment and is to be undertaken in teams comprising of 3 students per team and the question will be uploaded in Moodle. The names of each group members have to be submitted in Week 2. The Research Assignment should be submitted online via Moodle and to be submitted by one of the members of the group on behalf of the group. The submission date of the report of the research assignment is shown in the Schedule below.

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Assessment Components

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The internal assessment/exam ratio (as stated in the University Calendar) is 100:0. There is no final exam. The final exam makes up 0% of the overall mark.

The internal assessment/exam ratio (as stated in the University Calendar) is 100:0 or 0:0, whichever is more favourable for the student. The final exam makes up either 0% or 0% of the overall mark.

Component DescriptionDue Date TimePercentage of overall markSubmission MethodCompulsory
1. Tutorial Assignments
10
  • Online: Submit through Moodle
2. Test 1
6 May 2020
5:00 PM
40
  • Online: Submit through Moodle
3. Test 2
10 Jun 2020
9:30 AM
40
  • Online: Submit through Moodle
4. Accounting Research Assignment
2 Jun 2020
5:00 PM
10
  • Online: Submit through Moodle
Assessment Total:     100    
Failing to complete a compulsory assessment component of a paper will result in an IC grade
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Required and Recommended Readings

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Required Readings

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Deegan, C. and Samkin, G. (2013). New Zealand Financial Accounting, 6th Edition, McGraw-Hill, Auckland, New Zealand.

Reading LIst:

https://waikato.rl.talis.com/courses/acctn202

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Recommended Readings

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Additional Text: Deegan, C. (2016). Financial Accounting, 8th Editioin, McGraw-Hill, NSW, Australia.
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Other Resources

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Alfredson, K, Leo, K, Picker, R, Pacter, P and Radford, J. (2005). Applying International Accounting Standards, John Wiley & Sons Australia, Ltd, Milton, Queensland, Australia.

New Zealand Accounting Standards (NZ IAS)

In The Black Magazine by CPA Australia

Technical Articles on Financial Reporting by ACCA

Technical Articles on Strategic Business Reporting by ACCA

The CPA Journal - The Voice of the Accounting Profession

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Online Support

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If you require online support for myweb please email helpdesk at: wmshelp@waikato.ac.nz
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Workload

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In undertaking this paper you can expect to spend around 200 hours of study input.

  • use the weekly outline as a guide for your time allocation,
  • make sure that you leave enough time for final exam preparation.

This paper will require substantial time to be spent outside of class working through the textbook, exercises and readings. For every hour spent in class you are expected to spend at least 3.5 hours of study/preparation.

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Linkages to Other Papers

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Prerequisite(s)

Prerequisite papers: ACCT570

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Prerequisite(s)

Prerequisite papers: ACCT570 or ACCTN570

Corequisite(s)

Equivalent(s)

Restriction(s)

Restricted papers: ACCT571

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