MACC 7001 Financial Accounting Foundation

Course Outline
Academic Year 2022/23

I. COURSE INFORMATION

Course Name: Financial Accounting Foundation

Course Code: MACC 7001

Instructor: Dr. Winnie S.C. LEUNG (CPA, HK)

Office: KK1221, HKU Main Campus
Phone: 3917 1123
Email: leungwin@hku.hk

Tutor: Mr. Sean GAO

Office: Rm 205A, Cyberport 4
Email: seang@hku.hk

Tutor: Mr. Dickie YE

Office: Rm 205A, Cyberport 4
Email: dzyye@hku.hk

Textbook: Picker et al. Applying IFRS Standards, 4th Edition. EY & Wiley.

II. COURSE DESCRIPTION

This course aims to equip students with the fundamental knowledge in the preparation,
presentation, interpretation and use of financial statements. It reviews the conceptual
framework underlying financial reporting by business enterprises and focuses on the detailed
recording and reporting of the basic items in the financial statements. This course provides
students with a solid foundation of single-company financial reporting and prepares them for
more advanced accounting courses.

III. COURSE OBJECTIVES

1. To equip students with basic knowledge and skills of single-company financial

reporting, including recording business transactions, explaining and applying the
accounting treatment for basic business transactions;

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2. To develop students’ ability to use financial accounting information in different
decision-making scenarios;
3. To develop students’ awareness of ethical issues in financial reporting;
4. To provide students with a global outlook in the accounting profession; and
5. To develop students' leadership skills and communications skills through team work.

IV. COURSE LEARNING OUTCOMES

On completion of this course, students will be equipped with:

CLO1. Acquisition and internalization of knowledge of single-company financial reporting;
CLO2. Application and integration of financial accounting information in different
decision-making scenarios;
CLO3. Identification of ethical issues in financial reporting;
CLO4. Development of global outlook in the accounting profession;
CLO5. Development of leadership skills and communications skills through team work.

ALIGNMENT OF COURSE ILOs WITH FACULTY LEARNING GOALS

Faculty Learning Goals Course ILOs
1. Acquisition and internalization of knowledge of the programme CLO 1
discipline
2. Application and integration of knowledge CLO 2
3. Inculcating professionalism CLO 3
4. Developing global outlook CLO 4
5. Mastering communication skills CLO 5
6. Cultivating leadership CLO 5

V. TEACHING AND LEARNING ACTIVITIES (TLAs)

TLA1. Interactive lectures

 Lectures: Various topics of financial accounting are covered with lecture notes. The
concepts and techniques are illustrated using practical examples.
 In-class interactions: Students are encouraged to raise questions and share ideas with
their peers. These interactions facilitate students to formulate their own opinion on
controversial issues.
Major focus: CLOs 1, 2, 3, 4 and 5

TLA2. Assignments and tutorial exercises

 Assignments: Students are required to complete assigned homework. Completing
assignments is essential for students to better understand the concepts and techniques
learned in class.
 Tutorial exercises: Students are required to attend tutorials and complete tutorial
exercises to further strengthen the knowledge learned from the lectures.
Major focus: CLOs 1, 2, 3, and 5

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TLA3. Consultations and self-study
 Instructor and tutor consultations: The instructor and tutor will provide both face-to-face
and online consultations to address students’ questions related to the course.
 Self-study: Since the course materials taught in the lectures are cumulative, students are
encouraged to put in timely and continuous efforts to do revisions on their own
throughout the course.
Major focus: CLOs 1, 2, 3, and 4

VI. STUDY LOAD

Course Teaching and Learning Activities Expected Study % of Study
Load (hours) Load
TLA1. Interactive lectures 36 30%
TLA2. Assignments and tutorial exercises 36 30%
TLA3. Consultations and self-study 48 40%
Total 120 100%

VII. ASSESSMENT TASKS (ATs) AND GRADING CRITERIA

AT1. Individual and group assignments 30%

AT2. Mid-term exam 20%
AT3. Final exam 50%
Total 100%

AT1. Individual and Group Assignments (30%)

Students are required to complete different assignments during the course including both
individual and group work.

Grading Criteria
CLO A+ A A- B+ B B- C+ C C- D+ D F
CLOs Provided Provided Provided Provided Provided
1,2,3,4 solutions with solutions with solutions with solutions with solutions with
,5 more than more than more than more than less than 60%
90% accuracy. 80% accuracy. 70% accuracy. 60% accuracy. accuracy.

AT2. Mid-term Exam (20%) and AT3. Final Exam (50%)

The mid-term exam serves as part of the continuous assessment while the final exam will be
held at the end of the course. Both the mid-term and final exam will be closed book. No
make-up exam will be given except for medical or other emergency reasons supported by
proper documentation.

Grading Criteria
CLO A+ A A- B+ B B- C+ C C- D+ D F
CLOs Provided Provided Provided Provided Skipped some
1, 2, 3, accurate accurate accurate accurate problems or
4, 5 solutions to solutions to solutions to solutions to a provided
almost all most some few calculation inaccurate

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 calculation calculation calculation problems, gave solutions to
problems, gave problems, gave problems, gave unclear most
detailed and detailed limited responses to calculation
insightful responses to responses to most discussion problems, gave
responses to all most discussion some questions. poor responses
discussion questions. discussion to most
questions. questions. discussion
questions.

VIII. ACADEMIC CONDUCT

 Plagiarism and copying of copyright materials are serious offences and may lead to
disciplinary actions. You should read the chapters on “Plagiarism” and “Copyright” in the
Undergraduate/Postgraduate Handbook for details. You are strongly advised to read the
booklet entitled “What is Plagiarism?” which was distributed to you upon your admission
into the University, a copy of which can be found at www.hku.hk/plagiarism. A booklet
entitled “Plagiarism and How to Avoid it” is also available from the Main Library.

 You are required to attend all classes on time. In case you cannot attend a class you
should inform the instructor / tutor beforehand.

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IX. COURSE SCHEDULE AND COVERAGE

Lecture Topics

1 The Accounting Cycle

The IASB and its Conceptual Framework (Ch. 1)

Distribution of Group Assignment (ACRC Case):

Financial Analysis of Ocean Park – The Theme Park that Survived on
Government Bailout
(Due date: Sep 25, 2022)

2 IAS 2 Inventories (Ch. 9)

IAS 16 Property, Plant and Equipment (Ch. 11)

3 IAS 40 Investment Properties (Ch. 11)

4 IAS 38 Intangible Assets (Ch. 13)

Mid-term test on Sep 18, 2022 Sunday (covering content from Lecture 1 to 4)

5 IAS 36 Impairment of Assets (Ch. 15)

6 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

IAS 23 Borrowing Costs

7 IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Ch. 5)

8 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (Ch.

16)

9 IAS 10 Events after the Reporting Period (Ch. 16)

10 IAS 1 Presentation of Financial Statements (Ch. 16)

11 IAS 7 Statement of Cash Flows (Ch. 17)

Final Exam on Oct 16, 2022 (covering content from Lecture 5 to 11)

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