Attention UoM : BCom experts - subject reviews

[mdyki]

I was under the impression that the changes made to the VCE Accounting study design in 2012 were specifically to take the focus off it being merely a bookkeeping course and adding a lot more theory?

My comment about calling VCE Accounting VCE Bookkeeping is based on my experience, with the changes being very new I have yet to teach a student at university level who studied VCE accounting with the new syllabus.

They have added more theory to the VCE course, but the theory relates to the book keeping and control process of a small, generally sole trader, business and takes a preparer’s (accountants) perspective. The Subject ACCT10001 focuses on companies and takes a user focus (the people reading the reports not writing them, so investors, shareholders, lenders etc.). Many of the concepts now taught in VCE accounting will be expanded upon in subsequent accounting subjects not ACCT100001.  ACCT10001 focus is more on the effects of the accountant’s choice and how it may impact the decision of the user. We also consider the effect of management choice on the statements . This difference in focus alone makes the subject different, the underlying base principles are the same but the approach we take is different.

Examples include why does David Jones depreciate buildings over 75 years, Myers 40 years and the tax office suggests 25 years? What effect will this have on the statements thus an investment or lending decision?  On the asset side why is it if Woolworths leases a building from a company that owns shopping centres (Westfield, Centro or Stockland) it’s recorded at fair value in the books of the company that owns it, but if Woolworths owns the same building it its recorded at cost.

For people interested in the difference I have gone through the current VCE Accounting and compared it to ACCT10001 and attached it as a PDF.

Yes Simon (remember you) the old decision making tasks are similar to the new focus and type of questions you could be asked with the new content. Pretty much all tutorial and exam questions are "decision making".

[mziggz]

I completed ACCT10001 last semester with the new course design and can echo Matt Dyki's points in that there is a completely different focus from the standard first year accounting focus, with this subject being alot more interactive and thought evoking, evaluating reasons and ideas behind accounting decisions made. Centred around a user and managerial perspective for accounting statements and information it's still a challenging subject but very enjoyable and definitely an ideal breadth subject in my opinion. Will post a review soon