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ACCT6007 Financial Accounting Theory And Practice allows the students to gather knowledge and skills in the field of financial accounting. This subject explores the relevant theories that are essential for the recording and preparation of financial statements. The students will be provided with the opportunity to examine the financial accounting theory critically. The students are assessed through the written assessment in which the students are expected to provide a report on the financial accounting theory and practice.

Accounting theories serve as the framework for accounting procedures. Accounting theory, in other words, directs accounting practices. All accounting theories are based on the Financial Accounting Standards Board's tenets or foundation for accounting (FASB). This board is in charge of outlining the appropriate financial reporting techniques as well as the primary financial reporting objectives.

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The Financial Accounting Standards Board (FASB) is an independent agency that monitors the preparation of financial statements by both private and public companies. The origins of accounting theory may be traced back to the establishment of accounting as a prominent science. Accounting as a science arose in the 15th century, giving rise to accounting theories employed by corporations today.

Unit Details Of ACCT6007 Financial Accounting Theory And Practice

Unit details of this course include the following:

Unit Code: ACCT6007

Study Level: Undergraduate 

Location: Torrens University, Australia

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Brief on ACCT6007 Financial Accounting Theory And Practice

ACCT6007 assessment answers would develop research and critical thinking abilities. The students are required to review or analyze an academic article critically. The students are expected to highlight how accountants perform their jobs and how technology is impacting accounting. The students will be required to conduct research for understanding the latest trends in the field of financial accounting and the changes in technology.

The accounting theory is a notion that uses methodologies, speculations, and frameworks while studying the concept and purpose of financial reporting. It also explains how the principles of financial reporting are applied in the accounting industry. Generally, these theories serve as the basis for understanding financial reporting and how companies channel their financial statements by adopting the appropriate strategies. These accounting principles serve as the framework for recording, preparing, and presenting accurate financial statements.

The dissemination of financial information to everyone who may require it is an important aspect of accounting. The accounting data is subsequently used by these individuals to make commercial and investment decisions. However, in order to make the best decisions, the information presented must be accurate and timely. We frequently encounter a situation known as information asymmetry in financial reporting. This is a circumstance in which one person knows more or less information than the other.

The institutional theory focuses on the roles of political, social, and economic systems in which the entities can operate and gain their legitimacy. The institutional theory describes the current changes in the accounting field and assesses the development of the accounting system. Institutionalism is generally the direction of the economic theory. The institutional approach in accounting expands the boundaries of studying the accounting theory. The current areas of development in accounting include the focus on IFRS which serves as the universal and effective mechanism for financial reporting. One of the features of institutional theory is that it lacks a unified methodological basis for research.

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Weightage of this ACCT6007 Course Code in Their Semester

The weightage of this course is 20% for the semester.

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