Lecture 1 2010 6 per page

Lecture 1 2010 6 per page - Administrative Matters Welcome...

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1 Lecture 1: Introduction to business combination ACCT3103 Corporate Accounting 1 Lecture 1: Introduction to business combinations Administrative Matters y Welcome! y To enrol in ACCT3103 you should have passed at least an introductory financial accounting course (ACCT2101 or equivalent). 2 ACCT3103 Lecture 1 Semester 2 2010 y ACCT3103 is required for entry to either CPA Australia or the ICAA Admin Matters Continued y Prescribed text: Arthur, Grose, Campbell and Luff, “Accounting for Corporate Combinations and Associations”, 6 th Edition. y You should also have access to the current 3 ACCT3103 Lecture 1 Semester 2 2010 You should also have access to the current Australian Accounting Standards Admin Matters Continued Assessment: y 45% Mid-Semester exam y Topics 1-5 y Held in lectures y 55% Final exam 4 ACCT3103 Lecture 1 Semester 2 2010 55% Final exam y Topics 6-10 y Centrally run exam during November exam period Admin Matters Continued y OHPS on ACCT3103 Blackboard site by previous Friday of every week y Each week, a list of questions/problems is set from the text 5 ACCT3103 Lecture 1 Semester 2 2010 y Some of these are covered in lectures – the remainder are for you to complete in your own time y Solutions to weekly problems/ questions posted the Friday following the relevant lecture What is this course about? y So far, you have dealt with financial reporting issues for single entities such as corporations, partnerships or sole traders y ACCT3103 deals with accounting issues that arise in 6 ACCT3103 Lecture 1 Semester 2 2010 business combinations y Such business combinations involve multiple entities such as parent + subsidiaries y Business combinations are pervasive. Most listed Australian entities are parent entities operating in a group structure
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2 Lecture Objectives y Explain what is meant by ‘business’ and ‘business combination’ y Explain the meaning and indicators of the power to control y Identify the objectives of a consolidated financial report y Outline the general principles involved in the 7 ACCT3103 Lecture 1 Semester 2 2010 Outline the general principles involved in the measurement of the cost of acquisition, date of acquisition and measurement of equity acquired y Outline the principles involved in the preparation of consolidated financial statements y Understand the significance of pre-acquisition and post- acquisition balances Lecture 1 Reading and Study Questions Reading: Arthur et al, Chapters 1 and 2. Note that the rules for pre-acquisition dividends have now changed and section 2.3.3 is no longer applicable. 8 ACCT3103 Lecture 1 Semester 2 2010 Set work: Arthur et al, Q1.1, Q1.4, Q1.5,Q1.12, Q1.14, Q2.2, E2.1, E2.4, E2.7. Accounting Standards: AASB 3 Business Combinations; AASB 127 Consolidated and Separate Financial Statements Investments in other entities y This course is concerned with the treatment of investments in other entities in the external reports of the investor entity y Such investments can take a variety of forms 9 ACCT3103 Lecture 1 Semester 2 2010 y This part of the lecture is intended to provide an
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Lecture 1 2010 6 per page - Administrative Matters Welcome...

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