Accounting Theory And Practice Book
Tanesha Prately
This is an advanced unit in financial reporting focusing on both theories and practices relating to financial reporting and regulation. Current Australian practice is examined and integrated with broader theoretical perspectives, seeking to provide the student with a comprehensive and up-to-date understanding of contemporary accounting standards and significant issues in the current accounting environment.
Students are able to (1) identify and apply contemporary accounting standards and understand the theories, practices and regulation related to the preparation and presentation of financial reports; (2) critically evaluate and solve accounting problems as an individual and in a team environment; (3) conduct research into accounting issues; (4) demonstrate an ability to work in a team to achieve team goals; (5) identify and use ethical decision-making tools for practical problems; and (6) gain insights into the use of information and communication technology in accounting.
100% Online Unit. NO campus face-to-face attendance is required to complete this unit. All study requirements are online only. Unit is asynchronous delivery, with NO requirement for students to participate online at specific times.
100% Online Unit. NO campus face-to-face attendance is required to complete this unit. All study requirements are online only. Unit includes some synchronous components, with a requirement for students to participate online at specific times.
This is a one-unit course that builds on the foundation laid by the first-year accounting courses. AC200 is also intended to provide students with the conceptual knowledge and technical skills necessary for final-year courses in accounting. The course considers the major theoretical and practical approaches to accounting and consists of two main components: financial accounting and management accounting.
Financial Accounting: The course begins with an evaluation of the regulatory environment in which financial accounting operates. This part of the course focuses on the preparation and analysis of the published financial statements of public interest entities operating on their own, or within group structures. The function and content of published financial statements, the issues posed by consolidated accounts, and the analysis of accounting information to evaluate corporate performance will also be examined. A range of specific areas of financial accounting issues will be looked at, for example, segmental reporting, issues in foreign-currency translations, how corporations report their provision of pension for employees, and problems associated with the treatment of taxation. However, the exact composition of the topics may vary from year to year driven by the latest developments in financial reporting, standard-setting and related debates.
Management Accounting: The course then explores theoretical concepts, practices, designs and wider issues of cost and management accounting. The characteristics and use of various systems and models, such as cost-driver analysis and activity-based costing, in organisational decision-making at both operating and strategic levels will be introduced and critically evaluated. This part of the course also considers ways in which non-financial information can be used to complement financial accounting information in order to enable a more holistic approach aimed at providing relevant and useful information to management for the purposes of planning, decision-making, and organisational control.
Teaching is delivered in weekly seminars over 10 weeks across Michaelmas Term (MT) (Weeks 1-10) and Lent Term (LT) (Weeks 1-5, and Weeks 7-11 where Week 6 is a reading week). There will be no seminars in Week 11 of MT but students will be required to participate in a summative assessment this week as scheduled in the timetable. Seminars contain a variety of concept-focused content, practical exercises, and case analyses. This year, some or all of this teaching may be delivered using virtual sessions as an alternative to face-to-face teaching.
Please note that during 2020/21 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the situation of students in attendance on campus and those studying online during the early part of the academic year. For assessment, this may involve changes to mode of delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.
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Auditing: A Journal of Practice & Theory contributes to improving the practice and theory of auditing and encompasses internal and external auditing as well as other attestation activities (phenomena). Papers report results of original research that embody improvements in auditing theory or auditing methodology, discussion and analysis of current issues that bear on prospects for developments in auditing practice and in auditing research, and practices and developments in auditing in different countries. It prints quarterly in February, May, August, and November and is an A* journal indexed in Scopus and SSCI.
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Analysis of contemporary accounting issues within the frameworks of agency theory, capital markets theory and human judgement theory. The aim is to develop a critical understanding of established theories and assumptions underpinning financial accounting.
International financial reporting standards (IFRS) are designed to be a common language for business transactions and events so that financial statements are understandable and comparable across international borders.
It was interesting to see how the Chartered Accountant credential appears to follow more of a liberal arts approach compared to the U.S. CPA designation. It is commonplace for accountants to go to university and study subject matter outside of accounting (art, biology, chemistry, history, etc.) and then enter into the accounting profession, where additional accounting-related courses and training are completed.
The theory is that this approach creates a more well-rounded accountant as many professionals may be providing services to an organization based in the sciences or arts, and this allows a stronger understanding of the industry and accounting work being performed.
Besides, many chapters have been overhauled and updated, especially the chapters covering basic concepts and terms, classification of costs and cost sheet, activity based costing, marginal costing, relevant cost analysis and management decisions, capital budgeting decisions, and cost audit.
The book also includes some of the cost standards set by ICAI, a wide array of illustrations, worked-out examples, and practice exercises. Besides, a large number of MCQs are given online for the students to practice and self evaluation. MCQs are critical in proper understanding and practice of theories and concepts. Also, CIMA Official Terminology is provided online to keep students and professionals abreast of relevant terms used in today's business environment. For online material, visit _cost_ accounting_theory.
Recipient of International Educator Award (2006) from Indian Accounting Association (IAA), International Dedicated Service Award (2011) from IAAER, Eminent Teacher Award (2013) from Calcutta University, Outstanding Researcher Award (2018) from IAA Research Foundation, Dr. Banerjee attended 42 International Conferences abroad and offered seminar to 35 foreign universities. Apart from publishing over 100 articles in several reputed journals in India and abroad, he also published several research books (including two UGC major research projects) on education, accounting, and environmental management (Accounting Education in India, Regulation of Corporate Accounting and Corporate Environmental Management) which brought international appreciation.
One semester of this module focuses on advanced accounting practice. We commence by examining the conceptual framework for financial reporting developed by the IASB and by considering the regulatory framework for financial reporting at national and international levels. We move on to consider accounting standards and current professional debates in specific accounting areas. The areas we will be covering this year are financial instruments, the presentation of financial statements, liabilities, employee benefits & share-based payments, taxation, leases, and accounting for carbon emissions.
The other semester of this module provides a discussion of the various theories of financial accounting and explores their relevance to the study, practice, and regulation of accounting. It covers the measurement of various elements of accounting, the underlying reasons for organizations to provide certain types of accounting information, the underlying reasons for individuals and groups to engage in lobbying for specific accounting methods, the impact of the adoption of different accounting methods on organizations, the reasons for capital market reactions to specific types of accounting information, and alternative measures of income.
Normative theories of accounting;Positive accounting theories;Behavioural accounting theories;Systems-oriented theories;Critical accounting theories;Conceptual frameworks for financial reporting; A regulatory framework for financial reporting;Presentation of financial statements;Specific issues, including financial instruments, leases, liabilities, employee benefits, share-based payments, taxation.
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