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ACC701 FINANCIAL ACCOUNTING T123
All information in the Subject Outline is correct at the time of approval. KOI reserves the right to make changes to the
Subject Outline if they become necessary. Any changes require the approval of the KOI Academic Board and will be
formally advised to those students who may be affected by email and via Moodle.
Information contained within this Subject Outline applies to students enrolled in the trimester as indicated
1. General Information
1.1 Administrative Details

1.2 Core/Elective
This is a core subject for the Master of Accounting and the Master of Professional Accounting and elective
subject for the Graduate Diploma of Business.
1.3 Subject Weighting
Indicated below is the weighting of this subject and the total course points.

1.4 Student Workload
Indicated below is the expected student workload per week for this subject

1.5 Mode of Delivery Mode of Delivery Classes will be face-to-face or hybrid. Certain classes will be
online (e.g., special arrangements).
1.6 Pre-requisites ACC700 Principles of Accounting
1.7 General Study and Resource Requirements
o Students are expected to attend classes with the weekly worksheets and subject support material
provided in Moodle. Students should read this material before coming to class to improve their
ability to participate in the weekly activities.
o Students will require access to the internet and their KOI email and should have basic skills in word
processing software such as MS Word, spreadsheet software such as MS Excel and visual
presentation software such as MS PowerPoint.
o Computers and WIFI facilities are extensively available for student use throughout KOI. Students
are encouraged to make use of the campus Library for reference materials.
Resource requirements specific to this subject: Students should have a non-programmable calculator.
Applications in smartphones will not be sufficient to perform the required calculations in class.
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2. Academic Details
2.1 Overview of the Subject
This subject introduces students to special topics relating to Australian financial reporting with an
emphasis on recognition and measurement of assets and liabilities. It comprehensively covers a number
of Australian-International Financial Reporting Standards relevant to reporting problems in particular
areas (such as cash flows and revenue), and with reference to particular types of assets and liabilities
(such as intangible assets, share-based payments, leases and complex financial instruments). In
addition, the expanded disclosure is reviewed along with various proposals for strengthening external
financial reporting.
2.2 Graduate attributes for postgraduate courses
Graduates of Postgraduate courses from King’s Own Institute will achieve the graduate attributes
expected from successful completion of a Master’s degree under the Australian Qualifications Framework
(2nd edition, January 2013). Graduates at this level will be able to apply an advanced body of knowledge
from their major area of study in a range of contexts for professional practice or scholarship and as a
pathway for further learning.
King’s Own Institute’s generic graduate attributes for master’s level degree are summarised below:

Across the course, these skills are developed progressively at three levels:
o Level 1 Foundation – Students learn the skills, theories and techniques of the subject and apply
them in stand-alone contexts
o Level 2 Intermediate – Students further develop skills, theories and techniques of the subject and
apply them in more complex contexts, beginning to integrate the application with other subjects.
o Level 3 Advanced – Students have a demonstrated ability to plan, research and apply the skills,
theories and techniques of the subject in complex situations, integrating the subject content with a
range of other subject disciplines within the context of the course.
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2.3 Subject Learning Outcomes
Listed below, are key knowledge and skills students are expected to attain by successfully completing
this subject:

2.4 Subject Content and Structure
Below are details of the subject content and how it is structured, including specific topics covered in
lectures and tutorials. Reading refers to the text unless otherwise indicated.
Weekly Planner:

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2.5 Public Holiday Amendments
Please note: KOI is closed on all scheduled NSW Public Holidays.
T123 has four (4) public holidays that occur during this trimester. Classes scheduled for these public
holidays (Calendar Class Dates) will be rescheduled as per the table below.
This applies to ALL subjects taught in T123.
Please see the table below and adjust your class timing as required. Please make sure you have
arrangements in place to attend the rescheduled classes if applicable to your T123 enrolment.
Classes will be conducted at the same time and in the same location as your normally scheduled class
except these classes will be held on the date shown below.

2.6 Review of Grade, Deferred Exams & Supplementary Exams/Assessments
Review of Grade:
There may be instances when you believe that your final grade in a subject does not accurately
reflect your performance against the marking criteria. Section 8 of the Assessment and
Assessment Appeals Policy (www.koi.edu.au) describes the grounds on which you may apply
for a Review of Grade.
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If you have a concern about your marks and you are unable to resolve it with the Academic
staff concerned, then you can apply for a formal Review of Grade as explained in section 3.2(e)
Appeals Process below. Please note the time limits for requesting a review. Please ensure you
read the Review of Grade information before submitting an application.
Review of Grade Day:
Final exam scripts will not normally be returned to students. Students can obtain feedback on
their exam performance and their results for the whole subject at the Review of Grade Day. KOI
will hold the Review of Grade Day for all subjects studied in T123. The ROG day will be in
Week 16, the date will be announced at a later date and the students will be notified
through Moodle/KOI email.
Only final exams and whole subject results will be discussed as all other assessments should
have been reviewed during the trimester. Further information about Review of Grade Day will
be available through Moodle.
If you fail one or more subjects and you wish to consider applying for a Review of Grade you
are STRONGLY ADVISED to attend the Review of Grade Day. You will have the chance to
discuss your final exam and subject result with your lecturer, and will be advised if you have
valid reasons for applying for a Review of Grade (see Section 3.2 below and the Assessment
and Assessment Appeals Policy).
A formal request for a review of grade may not be considered unless you first contact the subject
coordinator to discuss the result.
Deferred Exams:
If you wish to apply for a deferred exam because you are unable to attend the scheduled exam, you
should submit the Assignment Extension / Exam Deferment Form available contacting
[email protected] as soon as possible, but no later than three (3) working days of the assessment
due date.
If you miss your mid-trimester or final exam there is no guarantee you will be offered a deferred exam.
You must apply within the stated timeframe and satisfy the conditions for approval to be offered a
deferred exam (see Section 8.1 of the Assessment and Assessment Appeals Policy and the Application
for Assignment Extension or Deferred Exam Forms). In assessing your request for a deferred exam,
KOI will take into account the information you provide, the severity of the event or circumstance, your
performance on other items of assessment in the subject, class attendance and your history of previous
applications for special consideration.
Deferred mid-trimester exams will be held before the end of week 9. Deferred final exams will be held
on two days during week 1 or 2 in the next trimester. You will not normally be granted a deferred exam
on the grounds that you mistook the time, date or place of an examination, or that you have made
arrangements to be elsewhere at that time; for example, have booked plane tickets.
If you are offered a deferred exam, but do not attend you will be awarded 0 marks for the exam. This
may mean it becomes difficult for you to pass the subject. If you apply for a deferred exam within the
required time frame and satisfy the conditions you will be advised by email (to your KOI student email
address) of the time and date for the deferred exam. Please ensure that you are available to take the
exam at this time.
Marks awarded for the deferred exam will be the marks awarded for that item of assessment towards
your final mark in the subject.
Supplementary Assessments (Exams and Assessments):
A supplementary assessment may be offered to students to provide a final opportunity to demonstrate
successful achievement of the learning outcomes of a subject. Supplementary assessments are only
offered at the discretion of the Board of Examiners. In considering whether or not to offer a supplementary
assessment, KOI will take into account your performance on all the major assessment items in the
subject, your attendance, participation and your history of any previous special considerations.
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If you are offered a supplementary assessment, you will be advised by email to your KOI student email
address of the time and due date for the supplementary assessment – supplementary exams will normally
be held at the same time as deferred final exams during week 1 or week 2 of the next trimester.
You must pass the supplementary assessment to pass the subject. The maximum grade you can achieve
in a subject based on a supplementary assessment is a PASS grade.
If you:
o are offered a supplementary assessment, but fail it;
o are offered a supplementary exam, but do not attend; or
o are offered a supplementary assessment but do not submit by the due date;
you will receive a FAIL grade for the subject.
Students are also eligible for a supplementary assessment for their final subject in a course where they
fail the subject but have successfully completed all other subjects in the course. You must have completed
all major assessment tasks for the subject and obtained a passing mark on at least one of the major
assessment tasks to be eligible for a supplementary assessment.
If you believe you meet the criteria for a supplementary assessment for the final subject in your course,
but have not received an offer, complete the Complaint, Grievance, Appeal Form and send your form to
[email protected]. The deadline for applying for supplementary assessment is the Friday of the first
week of classes in the next trimester.
2.7 Teaching Methods/Strategies
Briefly described below are the teaching methods/strategies used in this subject:

2.8 Student Assessment
Provided below is a schedule of formal assessment tasks and major examinations for the subject.

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Requirements to Pass the Subject:
To gain a pass or better in this subject, students must gain a minimum of 50% of the total available
subject marks.
2.9 Prescribed and Recommended Readings
Provided below, in formal reference format, is a list of the prescribed and recommended readings.

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3. Assessment Details
3.1 Details of Each Assessment Item
The assessments for this subject are described below. The description includes the type of
assessment, its purpose, weighting, due date and submission requirements, the topic of the
assessment, details of the task and detailed marking criteria, including a marking rubric for essays,
reports and presentations. Supplementary assessment information and assistance can be found in
Moodle.
KOI expects students to submit their own original work in both assignments and exams, or the original
work of their group in the case of group assignments. Material in assignments which comes from the
work of others must be appropriately acknowledged.
Assessment 1
Assessment Type: Formative Assessment – Online Quiz (Compulsory- no weight)
Purpose: This assessment is designed to reinforce subject content taught each week allowing students
to apply accounting principles to analyse and evaluate student comprehension, learning needs, and
academic progress. The purpose of this assessment is to promote learning by considering the progress
of each individual student at the early stage of trimester. This contributes to learning outcomes a, b and
c.
Value: 0% Due Date: Week 4 Sunday 11.59 pm.
Topic: Weekly subject content.
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Task Details:
Each student is required to attempt the diagnostic online quiz through Moodle during week 4. This quiz
consists of 10 multiple choice questions that will cover contents from topics 1, 2 and 3. This assessment
is not graded.
This quiz will be located on the KOI Moodle subject homepage and will close at 11.59pm Sunday of
Week 4.
Assessment 2
Assessment Type: Mid trimester test – Individual Assessment – invigilated open book.
Purpose: This assessment is designed to reinforce subject content taught during the trimester. This
contributes to learning outcomes a, b, c, d.
Value: 20% Due Date: Week 6
Topic: Weeks 1 to 5 subject content.
Task Details: The mid trimester test will be 60 minutes duration, held in Lecture class in week 6.
Students are expected to bring a non-programmable calculator and writing pens to the test. No other
materials will be permitted.
Assessment 3
Assessment Type: Individual research assessment
Purpose: To allow students to apply the technical knowledge of relevant accounting standards to
financial reporting settings. This assessment relates to learning outcomes c, d.
Value: 30% Due Date: Week 9 – 8:00 pm Wednesday of Week 9
Submission: Submission must be made via the Moodle assignment link on the KOI Moodle ACC701
homepage by 8.00 pm AEST time on Wednesday of Week 9.
Topic: Reporting and Disclosure of Revenue
Task Details: Each student is required to choose one ASX listed firm and analyse its financial statement
of the financial year ending in 2022. The analysis must focus on discussing the firm’s reporting and
disclosure practices on revenue. In the discussion, detail the accounting policy that the firm follows in
reporting, measuring, and disclosing its revenue, and provide an analysis of accounting policies. The
discussion must evaluate the current accounting treatment for the recognition and measurement of
revenue under AASB15.
Note that the chosen firm must NOT be in the mining or the banking industry.
Research requirements: Students need to support their analysis with reference to relevant material from
the textbook and minimum of eight (8) suitable, reliable, current, and academically acceptable sources –
this should include at least 2 peer-reviewed academic journal articles.
Presentation: 2000 words (+/- 10%) short report format. Title page, executive summary, table of contents,
appropriate headings and subheadings, recommendations/findings/conclusions, in-text referencing, and
reference list (Harvard – Anglia style), attachments if relevant (as screenshots). Single spaced, font Times
New Roman 12pt, Calibri 11pt or Arial 10pt.
Marking Guide: Interpretation and representation 20%

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Marking Rubric Assessment 3: 30%
Assessment 4
Assessment Type: Final Exam – individual assessment. Students should bring a non-programmable
calculator to the exam. No other electronic or other aids will be permitted.
Duration: On-campus: 2 hours + 10 mins reading time. Online: 2 hours + 30 mins technology allowance.
Purpose: The purpose of the final examination is to test your understanding of the subject’s concepts
and your ability to apply these concepts. The examination may cover materials used in tutorials, class
discussions and/or from the readings. This assessment contributes specifically to learning outcomes a,
b, c and d.

Topic: The examination may cover content from any part of the entire subject.
Task Details: The final exam will require students to explain and apply the subject content to practical
situations as would be found in a modern accountancy practice, identifying issues, drawing conclusions,
and making recommendations.
3.2 General information about assessment
a) Late Penalties and Extensions
An important part of business life and key to achieving KOI’s graduate outcome of Professional Skills is
the ability to manage workloads and meet deadlines. Completing assessment tasks on time is a good
way to master these habits.
Students who miss mid-trimester tests and final exams without a valid and accepted reason may not be
granted a deferred exam and will be awarded 0 marks for the assessment item. Assessment items
which are missed or submitted after the due date/time will attract a penalty unless there is a compelling
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reason (see below). These penalties are designed to encourage students to develop good time
management practices, and to create equity for all students.
Any penalties applied will only be up to the maximum marks available for the specific piece of
assessment attracting the penalty.
Late penalties, granting of extensions and deferred exams are based on the following:
In Class Tests and Quizzes (excluding Mid-Trimester Tests)
o Generally, extensions are not permitted. A make-up test may only be permitted under very special
circumstances where acceptable supporting evidence of illness, hardship or unavoidable problems
preventing completion of the assessment is provided (see section (b) below). The procedures and
timing to apply for a make-up test (only if available) are as shown in the section Applying for an
Extension (see below).
o Missing a class test will result in 0 marks for that assessment item unless the above applies.
Written Assessments and Video Assessments
o There is a late penalty of 5% of the total available marks per calendar day unless an extension is
approved (see Applying for an Extension section below).
Presentations
o Generally, extensions are not permitted. Missing a presentation will result in 0 marks for that
assessment item. The rules for make-up presentations are the same as for missing in-class tests
(described above).
For group presentations, if serious circumstances prevent some members of the group from
participating, the members of the group who are present should make their contributions as agreed.
If a make-up presentation is approved, the other members of the group will be able to make their
individual presentation later and will be marked according to the marking rubric. A video
presentation may be used to facilitate the process.
Mid-Trimester Tests and Final Exams
If students are unable to attend mid-trimester tests or final exams due to illness, hardship or some other
unavoidable problem (acceptable to KOI), they must:
o Complete the Assignment Extension / Exam Deferment Form available by contacting
[email protected] as soon as possible, but no later than three (3) working days after the exam
date.
o Provide acceptable documentary evidence (see section (b) below).
o Agree to attend the deferred exam as set by KOI if a deferred exam is approved.
Deferred exam
o There will only be one deferred exam offered.
o Marks obtained for the deferred exam will be the marks awarded for that assessment item.
o If you miss the deferred exam you will be awarded 0 marks for the assessment item. This may
mean you are unable to pass the subject.
b) Applying for an Extension
If students are unable to submit or attend an assessment when due, they must
o Complete the Assignment Extension / Exam Deferment Form available by contacting
[email protected] as soon as possible, but no later than three (3) working days of the
assessment due date.
o Provide acceptable documentary evidence in the form of a medical certificate, police report or some
other appropriate evidence of illness or hardship, or a technician’s report on problems with
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computer or communications technology, or a signed and witnessed statutory declaration
explaining the circumstances.
o Students and lecturers / tutors will be advised of the outcome of the extension request as soon as
practicable.
Please remember there is no guarantee of an extension being granted, and poor organisation is not a
satisfactory reason to be granted an extension.
c) Referencing and Plagiarism
Please remember that all sources used in assessment tasks must be suitably referenced.
Failure to acknowledge sources is plagiarism, and as such is a very serious academic issue. Students
plagiarising run the risk of severe penalties ranging from a reduction in marks through to 0 marks for a
first offence for a single assessment task, to exclusion from KOI in the most serious repeat cases.
Exclusion has serious visa implications. The easiest way to avoid plagiarising is to reference all
sources.
Harvard referencing is the required method – in-text referencing using Author’s Surname (family name)
and year of publication. A Referencing Guide, “Harvard Referencing”, and a Referencing Tutorial can
be found on the right-hand menu strip in Moodle on all subject pages.
An effective way to reference correctly is to use Microsoft Word’s referencing function (please note that
other versions and programs are likely to be different). To use the referencing function, click on the
References Tab in the menu ribbon – students should choose Harvard.
Authorship is also an issue under plagiarism – KOI expects students to submit their own original work in
both assessment and exams, or the original work of their group in the case of a group project. All
students agree to a statement of authorship when submitting assessments online via Moodle, stating
that the work submitted is their own original work.
The following are examples of academic misconduct and can attract severe penalties:
o Handing in work created by someone else (without acknowledgement), whether copied from
another student, written by someone else, or from any published or electronic source, is fraud, and
falls under the general Plagiarism guidelines.
o Copying / cheating in tests and exams is academic misconduct. Such incidents will be treated just
as seriously as other forms of plagiarism.
o Students who willingly allow another student to copy their work in any assessment may be
considered to assist in copying/cheating, and similar penalties may be applied.
Where a subject coordinator considers that a student might have engaged in academic misconduct,
KOI may require the student to undertake an additional oral exam as a part of the assessment for the
subject, as a way of testing the student’s understanding of their work.
Further information can be found on the KOI website.
d) Reasonable Adjustment
The Commonwealth Disability Discrimination Act (1992) makes it unlawful to treat people with a
disability less fairly than people without a disability. In the context of this subject, the principle of
Reasonable Adjustment is applied to ensure that participants with a disability have equitable access to
all aspects of the learning for the subject. For assessment, this means that barriers to their
demonstrating competence are removed wherever it is reasonably practical to do so.
Examples of reasonable adjustment in assessment may include:
o provision of an oral assessment, rather than a written assessment
o provision of extra time
o use of adaptive technology.
The focus of the adjusted assessment should be on enabling the student to demonstrate achievement
of the learning outcomes for the subject, rather than on the method of assessment.
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e) Appeals Process
Full details of the KOI Assessment and Assessment Appeals Policy may be obtained in hard copy from
the Library, and on the KOI website www.koi.edu.au under Policies and Forms.
Assessments and Mid-Trimester Exams:
Where students are not satisfied with the results of an assessment, including mid-trimester exams, they
have the right to appeal. The process is as follows:
o Discuss the assessment with their tutor or lecturer – students should identify where they feel more
marks should have been awarded – students should provide valid reasons based on the marking
guide provided for the assessment. Reasons such as “I worked really hard” are not considered
valid.
o If still not satisfied, students should complete an Application for Review of Assessment Marks form,
clearly explaining the reasons for seeking a review. This form is available from the KOI website
under Policies and Forms and is also available at KOI Reception (Kent St, Market St and O’Connell
St). The completed Application for Review of Assessment Marks form should be submitted as
explained on the form with supporting evidence attached to [email protected] .
o The form must be submitted within ten (10) working days of the return of the marked assessment,
or within five (5) working days after the return of the assessment if the assessment is returned after
the end of the trimester.
Review of Grade – whole of subject and final exams:
Where students are not satisfied with the results of the whole subject or with their final exam results,
they have the right to request a Review of Grade – see the Assessment and Assessment Appeals
Policy for more information.
An Application for Review of Grade/Assessment Form (available from the KOI Website under Policies
and Forms and from KOI Reception at Kent St, Market St and O’Connell St) should be completed
clearly explaining the grounds for the application. The completed application should be submitted as
explained on the form, with supporting evidence attached to [email protected] .