Unit 4 Unit description The focus for this unit is on Australian reporting entities and how they are regulated by the Corporations Act 2001. The Framework for the Preparation and Presentation of Financial Statements (the Framework) and the Accounting Standards are used in the preparation of the financial statements for a reporting entity. The financing options of larger entities are identified and evaluated, particularly in relation to conformity with basic principles, including profitability and stability. The unit addresses corporate social disclosure issues and ethical behaviour within corporations. In implementing Unit 4, teachers must refer to the current practices as prescribed by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. Unit content This unit builds on the content covered in Unit 3. This unit includes the knowledge, understandings and skills described below. This is the examinable content. Financial institutions and systems Financial systems and fundamental principles characteristics of public and large proprietary companies liability of owners number of members and directors continuity of existence legal entity transferability of ownership separation of ownership and management the purpose of accounting standards in: protecting external users assisting directors in discharging their obligations providing confidence to investors in Australian capital markets the role of The Framework and its key elements the nature of the reporting entity the objective of general purpose financial reports evaluation and application of the qualitative characteristics of financial information evaluation and application of asset, liability, income and expense recognition and measurement criteria Statement of Cash Flows as per AASB 107, including: benefits of the cash flow statement information concepts of cash and cash equivalents
Unit 4 Unit description The focus for this unit is on Australian reporting entities and how they are regulated by the Corporations Act 2001. The Framework for the Preparation and Presentation of Financial Statements (the Framework) and the Accounting Standards are used in the preparation of the financial statements for a reporting entity. The financing options of larger entities are identified and evaluated, particularly in relation to conformity with basic principles, including profitability and stability. The unit addresses corporate social disclosure issues and ethical behaviour within corporations. In implementing Unit 4, teachers must refer to the current practices as prescribed by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. Unit content This unit builds on the content covered in Unit 3. This unit includes the knowledge, understandings and skills described below. This is the examinable content. Financial institutions and systems Financial systems and fundamental principles characteristics of public and large proprietary companies liability of owners number of members and directors continuity of existence legal entity transferability of ownership separation of ownership and management the purpose of accounting standards in: protecting external users assisting directors in discharging their obligations providing confidence to investors in Australian capital markets the role of The Framework and its key elements the nature of the reporting entity the objective of general purpose financial reports evaluation and application of the qualitative characteristics of financial information evaluation and application of asset, liability, income and expense recognition and measurement criteria Statement of Cash Flows as per AASB 107, including: benefits of the cash flow statement information concepts of cash and cash equivalents
Accounting-and-Finance-Y12-Syllabus-ATAR-GD.DOCX