Financial Accounting

Description

The Accounting Professional Bodies identify financial accounting and reporting skills as a core competency area for accountants. Preparation of financial reports is a statutory requirement for all businesses. This unit explores General Purpose Financial Reporting within the Australian Conceptual Framework (Statements of Accounting Concepts). It also applies the International Financial Reporting Standards (IFRS) and the Australian Accounting Standards as the conceptual basis for accounting activities. It also distinguishes the economic implications of applying Australian Generally Accepted Accounting Principles (GAAP) to various accounting activities. The aim of this unit is to equip students with a sound understanding of the ethical , practical and global application of the historic cost financial accounting model.