Advanced financial accounting is designed to provide you with financial reporting and business skills that are applicable in an international professional environment. The subject is based on the International Financial Reporting Standards (IFRSs), which are issued by the International Accounting Standards Board (IASB). Many international jurisdictions have adopted or are progressively adopting the IFRSs. Advanced financial accounting provides information for corporate leadership. Members of the accounting profession with financial reporting skills and knowledge provide business advice to board directors, analysts, shareholders, creditors, colleagues and other stakeholders. Members of the accounting profession who provide assurance services for financial reports also require a good understanding of the IFRSs. Directors are also required to state that the financial statements are fairly stated. These examples reinforce the importance of Advanced financial accounting. Advanced financial accounting is a significant part of an entity’s governance and accountability process, issues that are covered in the subject Ethics and Governance. Compliance with the IFRSs is important because it results in the presentation of fairly stated financial statements. This presentation outcome is also the aim of audit and assurance services. The assurance knowledge and audit skills are taught in the subject Advanced Audit and Assurance. While taxation is covered in the subject Advanced Taxation, and while it is distinct from financial reporting, the accounting for tax is recognised as material information and therefore included in this subject. Financial reporting provides information about the business operations and the financial results.
|Unit name||Advanced Financial Accounting|
|Faculty/School||College of Business & Economics
Tasmanian School of Business and Economics
|Discipline||Accounting and Corporate Governance|
|Available as student elective?||No|
|Location||Study period||Attendance options||Available to|
- International students
- Domestic students
Please check that your computer meets the minimum System Requirements if you are attending via Distance/Off-Campus.
Units are offered in attending mode unless otherwise indicated (that is attendance is required at the campus identified). A unit identified as offered by distance, that is there is no requirement for attendance, is identified with a nominal enrolment campus. A unit offered to both attending students and by distance from the same campus is identified as having both modes of study.
Special approval is required for enrolment into TNE Program units.
|Study Period||Start date||Census date||WW date||End date|
* The Final WW Date is the final date from which you can withdraw from the unit without academic penalty, however you will still incur a financial liability (see withdrawal dates explained for more information).
Unit census dates currently displaying for 2020 are indicative and subject to change. Finalised census dates for 2020 will be available from the 1st October 2020.
|LO1||articulate measurement issues related to the covered topics; and locate and implement the disclosure requirements related to the covered topics|
|LO2||apply IFRSs in the preparation of general purpose financial statements|
|LO3||explain details relating to general purpose financial statements|
|LO4||prepare general purpose financial statements for designated entities, including the exercise of professional judgment|
|Band||CSP Student Contribution||Full Fee Paying (domestic)||Field of Education|
|3||2020: $1,394.00||2020: $2,702.00||080101|
Fees for next year will be published in October. The fees above only apply for the year shown.
Please note: international students should refer to this page to get an indicative course cost.
BFA507 AND BFA605
1 x 2-hr lecture (wks 1-13), 1 x 1-hr tutorial (wks 2-13).
Quiz (10%), Test (20%), Case Study Analysis (20%), Examination (50%).
|Timetable||View the lecture timetable | View the full unit timetable|
Co-op Bookshop links
The University reserves the right to amend or remove courses and unit availabilities, as appropriate.