Introductory Financial Accounting

This subject focuses on the nature of accounting from the perspective of a preparer of financial reports in order to understand financial reporting from a user perspective. The method of recording and reporting transactions in an accounting system to ultimately provide the foundation for judgements and decisions in preparation of financial reports will be covered. The importance of accounting within the Australian external reporting environment is explained as well as adherence to the Conceptual Framework for accounting that provides a theoretical underpinning of accounting standards and reporting. Choices within accounting standards and the implications for financial reports are explored. This subject also covers an overview of analytical methods used in assessment of the performance and financial standing of a company.