PASS SLIDES! - WELCOME TO PASS ACCOUNTING 1B Just some...

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WELCOME TO PASS ACCOUNTING 1B
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Just some pre-commencement stuf This is my first time doing some real teaching I’ll be going through each topic in the same manner as how I (would have) studied for this subject For good practice do the past papers/ past paper questions WITHOUT the book. If you can successfully do those questions in the set condition you’re pretty much set for at least a Dstn
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WEEK 1 Financial Reporting Principles and Accounting Standards
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WEEK 1 Financial Reporting Principles and Accounting Standards LO1 – Something about blackboard (irrelevant) LO2 – Recall structures of annual report and construct simple financial statements LO3 – Revise the concept of double entry bookkeeping and accrual accounting and completing t-accounts LO4 – Introduction to differences between rules- based and principles based accounting LO5 – Demonstrate principles, conventions and assumptions that are consolidated in the Framework for the Preparation of Financial Statements
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W1-LO2 Annual Report Structure Essentially it is just asking if you know what the following are (pretty straight forward) Balance Sheet (Week 1-5) Income Statement (Week 6) Statement of changes in equity (Week 6) Cash flow statement (Week 7-8) Notes (mentioned a few times)
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W1-LO3 T-accounts Double Entry system -> Essentially the whole DR/CR journal entry stuf T – Accounts: You should make sure you’re comfortable using this as well (quite important) You should have a good idea how to do these by now If not: Look at Chapter 5 of the Textbook and do the preparation questions. If you’re confident: Do the homework past paper question WITHOUT the book -> This is good practice for finals exam setting
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W1-LO4 Rules v Principles ASIC Corporations Act 2001 Accounting Standards ASX Listing Rules Essentially stuff on how accounting has to be done by IASB The framework Essentially guidelines into how accounting should be done Rules Principles
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W1-LO5 Principles Understandability: Is it understandable? Could you understand it with reasonable knowledge? Relevance: How relevant is it? How will this actually help me(and other users) in terms of making a decision? Additionally: Consider * materiality* -> If I don’t have this information would I make a different decision? Comparability: Can I compare these financial statements to others? (effectively the reason of harmonisation)
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W1-LO5(2) Reliability Reliability: Free from bias and material error, essentially correct Faithful Representation: its a legit rep Substance over Form: Report what is actually economically real. -> If two companies swap inventories they should NOT report each of them as sales even if the transactions/documents suggest otherwise Neutrality: Free from bias
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W1-LO5(3) Prudence + Tradeoff Prudence/Conservatism: You use caution when making estimates under uncertain circumstances. don’t overstate assets/Don’t understate expenses/liabilities
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