Accounting 2014 brochure

Undergraduate information

Accounting Financial accounting Management accounting Auditing and assurance services

Accounting

a

Contents What is accounting?

1

Majoring in accounting Core areas of study Sample course plan Double majors

2 2 2 4

Focus on first year accounting

7

Bachelor of Commerce graduate pathways 8 Honours 9 Careers 9 Professional accreditation 10 Graduate study in accounting 11 Breadth studies in accounting

12

“What I loved most about the Bachelor of Commerce was that there were plenty of opportunities to put theory to practice whether it be by completing an assignment advising a client on how to structure their investment portfolio to participating in the Faculty’s Case Study Competitions. It is these ‘real-life’ applications that solidify your understanding and develop your ability to approach complex business problems.”

Stephanie Lin Stephanie graduated with a Bachelor of Commerce in 2011, majoring in accounting and finance. During her studies, she was the inaugural recipient of the Commerce Alumni Leadership Scholarship, Louise Gourlay Prize for Social Change and Vice-Chancellor’s Service Award for her contribution on the Student Appeal Leadership Committee. Stephanie was also an Executive Director of AIESEC which focused on developing student leadership skills. Upon graduation Stephanie began her career at Deloitte within the Assurance and Advisory practice. She is currently the chair of the Faculty of Business and Economics’ Young Alumni Sub-committee.

b

Bachelor of Commerce

What is accounting?

Accounting is the language of business. It is the way in which organisations present their performance to external parties and it is also the way in which managers understand what happens within an organisation. The ability to understand and interpret this information is an important skill, as a diverse range of users are interested in the operations and performance of organisations.

For these reasons a professional accountant has an extremely valuable skill set. Accounting in today’s business world is extremely sophisticated. An accountant is a strategic adviser and business partner who must have a good understanding of business issues and processes, as well as the skills necessary for sound decision making.

Accounting studies will equip you to understand the financial structure of an organisation and produce and analyse financial information.

Five reasons to choose accounting at Melbourne 1. Leadership

Many of our graduates have gone on to become leaders in industry, government and the profession.

We are building on our position as one of the leading accounting departments in Australia by focusing on our core strengths in accounting, business analysis and accounting information systems.

2. Teaching standards

The Department of Accounting is one of the largest and oldest accounting departments in Australia. It attracts the highest calibre of academic staff enabling it to establish itself as a leader in research, teaching and learning.

3. Innovation

Part of the Department’s success has been its ability to respond to the demand of industry and the profession

by providing high quality graduates, conducting leading edge research, and by providing customised noncredit programs for both industry and the profession.

4. Flexibility

Our programs are dynamic and evolving to meet the changing requirements of the business world. Strong links to the community and industry allow us to tap into current issues and industry requirements, work with business leaders and offer the best to our students.

5. Real world experience

Our academic staff have experience in industry and the profession, and provide advice as consultants and expert witnesses. They have the experience to blend theoretical and practical knowledge in their teaching.

Accounting

1

Majoring in accounting Core areas of study

The discipline of accounting centres around three key areas that are studied by all students who choose to major in accounting. They are: financial accounting, management accounting and auditing and assurance services.

Financial Accounting

Financial Accounting is about the external reporting of a company’s financial position and performance.

Financial accounting information is used in making investment decisions and is widely used to value businesses and predict corporate success and failure.

Management Accounting

Management Accounting provides information to managers to help them measure and control processes within their business in a successful and profitable manner. It aids managers in strategy implementation, costing of new products and services, evaluation of the value added by different areas within a business and managing their performance.

Auditing and Assurance Services

Auditing and Assurance Services is about monitoring and adding credibility to the external reporting disclosures made by companies. In addition, assurance services add credibility to non-financial information, e.g., environmental reporting, customer-satisfaction surveys, internet reporting, and even the Oscar count.

The study of these core components of the accounting discipline, as well as other topics such as economics, statistics, finance, and law (outlined on pages 4-5) provide the foundation for a career as an accounting professional and allow graduates to apply for associate membership of one of the accounting professional bodies.

Sample course plan

1st Year

2nd Year

3rd Year

Semester 1

Introductory Microeconomics

Quantitative Methods 1

Accounting Reports and Analysis

Principles of Business Law

Semester 2

Introductory Macroeconomics

Introductory Financial Accounting

Accounting Processes and Analysis

Breadth

Semester 1

Quantitative Methods 2

Cost Management

Business Finance

Corporate Law

Semester 2

Organisational Behaviour

Intermediate Financial Accounting

Commerce elective

Breadth

Semester 1

Enterprise Performance Management

Financial Accounting Theory

Commerce elective

Breadth

Semester 2

Auditing and Assurance Services

Commerce elective

Commerce elective

Taxation Law 1

Compulsory subjects

Accounting subjects

Finance subjects

Commerce elective subjects

Breadth

Students pursuing accounting accreditation must complete the subjects Principles of Business Law, Corporate Law and Taxation Law 1 as part of their breadth component.

2

Bachelor of Commerce

“I wanted to pursue a career in business and in the process expose myself to a network of like-minded people. I chose Melbourne University because the people here strive for a level of excellence that creates a strong culture of success. Being exposed to a variety of commerce areas outside my major has allowed me to become more literate in the language of business and made the course more interesting to study.

My goal at University was to surround myself with brilliant people and I hope to carry this attitude into my future career.�

Patrick Kelly Patrick is a final year Bachelor of Commerce student, completing majors in accounting and finance. He is a resident at St Hilda’s College and participated in the 2012 International Accounting Study Program in North America.

After completing a four-week summer vacation experience with Pitcher Partners, Patrick secured a graduate position in their Private Clients division.

Advanced elective study

For students interested in pursuing specialist accounting topics we offer two subjects beyond the requirements of the professional bodies.

Business and Financial Analysis

Business Forensics and Fraud

An accountant is a valuable business advisor because he or she has a detailed understanding of how financial information is produced as well as what it means. This subject allows further study of how financial statements assist in understanding the market value of a company as well as a more detailed evaluation of how financial statements help assess the liquidity, performance and financial position of the firm.

More recently, accountants have been much more involved in fraud investigations and corporate disputes. This growth area of consulting is generally known as business forensics. These accountants have skills in valuing firms or investment projects, providing risk management advice, evaluating corporate governance, and assessing corporate fraud. This innovative subject helps students develop some of these skills.

Accounting

3

Double majors It is possible to complete a double major in the Bachelor of Commerce.

Students are able to combine accounting (including full accreditation) with one of the following: > Finance > Management > Marketing Students are advised to obtain course advice and plan their subjects carefully in order to maximise their options, such as eligibility for entry into the honours year.

The example below shows how you can complete a double major in accounting and finance, and meet the accreditation requirements for the accounting profession. This sample course plan also meets honours entry requirements for either accounting or finance.

Sample course plan: Double major in accounting and finance

1st Year

2nd Year

3rd Year

Semester 1

Introductory Microeconomics

Quantitative Methods 1

Accounting Reports and Analysis

Principles of Business Law

Semester 2

Introductory Macroeconomics

Introductory Financial Accounting

Accounting Processes and Analysis

Breadth

Semester 1

Quantitative Methods 2

Cost Management

Business Finance

Corporate Law

Semester 2

Organisational Behaviour

Intermediate Financial Accounting

Commerce elective

Breadth

Semester 1

Enterprise Performance Management

Financial Accounting Theory

Investments

Breadth

Semester 2

Auditing and Assurance Services

Corporate Finance

Derivative Securities

Taxation Law 1

Compulsory subjects

Accounting subjects

Finance subjects

Commerce elective subjects

Breadth

Sample course plan: Double major in accounting and management

1st Year

2nd Year

3rd Year

Semester 1

Introductory Microeconomics

Quantitative Methods 1

Accounting Reports and Analysis

Principles of Business Law

Semester 2

Introductory Macroeconomics

Introductory Financial Accounting

Accounting Processes and Analysis

Managing and Leading Organisations

Semester 1

Quantitative Methods 2

Cost Management

Business Finance

Corporate Law

Semester 2

Organisational Behaviour

Intermediate Financial Accounting

Breadth

Breadth

Semester 1

Enterprise Performance Management

Financial Accounting Theory

Managing in Contemporary Organisations

Breadth

Semester 2

Auditing and Assurance Services

Managing Strategic Change

Organisations, Ethics and Society

Taxation Law 1

Compulsory subjects

4

Accounting subjects

Bachelor of Commerce

Finance subjects

Management subjects

Breadth

“I have always prided myself on breadth of skill and knowledge and wanted to add to this by studying not just accounting subjects but also economics, finance, politics and sustainability. The course has offered me this opportunity and I believe the best skill I have gained is the ability look at issues from multiple perspectives, to see the big picture as well as the detail.

The International Accounting Study Program in North America was a highlight. The site visits were fantastic and we had the opportunity to meet with leaders in industry such as the CFO of Walt Disney Corporation and with regulatory bodies such as the U.S Securities and Exchange Commission.�

Belinda Boyle Belinda is in her final year of the Bachelor of Commerce majoring in accounting, and is also completing a concurrent Diploma in Global Issues.

In 2012 Belinda travelled to North America as part of the International Accounting Study Program.

Sample course plan: Double major in accounting and marketing

1st Year

2nd Year

3rd Year

Semester 1

Introductory Microeconomics

Quantitative Methods 1

Accounting Reports and Analysis

Principles of Business Law

Semester 2

Introductory Macroeconomics

Introductory Financial Accounting

Accounting Processes and Analysis

Principles of Marketing

Semester 1

Quantitative Methods 2

Cost Management

Business Finance

Corporate Law

Semester 2

Organisational Behaviour

Intermediate Financial Accounting

Breadth

Breadth

Semester 1

Enterprise Performance Management

Financial Accounting Theory

Marketing and Society

Breadth

Semester 2

Auditing and Assurance Services

Neuromarketing

Marketing Channels

Taxation Law 1

Compulsory subjects

Accounting subjects

Finance subjects

Marketing subjects

Breadth

Accounting

5

“Through my studies I look forward to having a better understanding of modern day financial systems, accounting practices and principles, and developing skills in these areas that I will be able to take out into the workforce and create a successful career. Eventually I would like to start my own business, potentially in property development.�

Liam Scale Liam is a current Bachelor of Commerce student from Mansfield, Victoria. He is completing majors in accounting and finance, and was a Bertalli Family Foundation Scholarship awardee in 2012.

6

Bachelor of Commerce

The Basement Lecture Theatre in the Business and Economics building

Focus on first year accounting Where theory, technology and practice meet

Whether you are planning on completing a recognised accounting major or considering accounting to round out your other studies our first year program has plenty to offer.

The focus in your first semester is on accounting as an information system and how this information is used by individuals and businesses.

This means you will: > Gain knowledge in the fundamentals of accounting as a source of information for business decisions > Draw upon the University of Melbourne’s links with industry to see how accounting information is used for decision making in a range of industries > Analyse and interpret the financial performance of various businesses > See how businesses use accounting information to make decisions about costs, pricing, planning and performance If you wish to continue your accounting studies in later semesters, you will discover: > The role of business processes and accounting data in supporting the information needs of internal and external stakeholders > The various ways accounting information is captured and recorded > The importance of policy decisions that are made in reporting this information

Accounting Reports and Analysis

> Identify the key activities and processes used by business to achieve their goals and objectives > Make business decisions and identify the financial consequences that flow from those decisions > Evaluate the financial performance of businesses

Introductory Financial Accounting

Accounting Processes and Analysis

> Describe the nature and objectives of General Purpose Financial Reporting

> Explain the role of business processes and accounting data in supporting the information needs of internal and external stakeholders

> Prepare, analyse and interpret company financial information contained in an annual report > Identify and evaluate accounting policy choices and the processes businesses use to determine the most appropriate practice.

> Evaluate, analyse and interpret the efficacy of business processes and the reliability of accounting data generated within business processes > Recommend internal control plans to cover key business process risks and to achieve key business process operation and information control goals

Accounting

7

Bachelor of Commerce graduate pathways Upon completing your Bachelor of Commerce with a major in accounting, there are a number of graduate pathways to employment, further study and research.

Bachelor of Commerce Duration: 3 years full time Choose from the following major areas of study: Accounting, Actuarial studies, Business, Economics, Finance, Management, Marketing www.bcom.unimelb.edu.au

Honours Duration: 1 year full time Available in: accounting, finance, actuarial studies, economics, management or marketing or a combination of two areas.

An honours year enables you to extend your knowledge of your major or area of specialisation through higher level honours subjects and by undertaking an independent research thesis in a single area of study under the guidance of an academic supervisor.

Graduate research degrees1 Duration: 2-3 years full time Melbourne Business School offers a range of Masters by Research and PhD programs.

See www.mbs.unimelb.edu.au for more information.

Graduate professional development degrees1

Graduate professional entry programs1

Duration: Generally 1.5-2 years full time

Duration: Generally 2-3 years full time

Melbourne Business School offers a full suite of graduate business and economics programs with an emphasis on career entry programs for recent graduates and specialist education for professionals. Our expertise spans the fields of accounting, actuarial studies, business administration, economics, finance, human resource management, international business and marketing. See www.mbs.unimelb.edu.au for more information.

Title: Master of, unless otherwise specified: Including: Engineering, Forest Ecosystem Science, Information Systems, Juris Doctor (Law), Teaching, Urban Horticulture, Urban Planning.

See www.futurestudents. unimelb.edu.au for more information.

Employment Melbourne Commerce graduates enjoy careers both locally and abroad in areas such as accounting services, finance, insurance and superannuation services, banks, mining, manufacturing, utilities and transport services, business, management, advertising, market research and statistical services, legal services, retail and wholesale, and computing and telecommunications services.

See www.bcom.unimelb.edu.au/pathways/careers.html for more information.

1 Selection into these programs is based on performance in an undergraduate degree and additional selection criteria may also apply.

Note this information indicates many but not all the possible pathways to graduate study.

8

Bachelor of Commerce

“Studying at the University of Melbourne is not just about the knowledge you learn, there are so many opportunities to develop yourself both personally and professionally. Be part of student organisations, join a sports team, participate in case competitions, study abroad, there are endless opportunities, and you should make the most of it.

I have really enjoyed studying Accounting for my Honours year.

Not only have I been exposed to great research papers with interesting ideas, but have also developed strong critical analysis skills.�

Tony Cao Tony is a Bachelor of Commerce (Honours) student, and also works as a senior tutor in the Department of Accounting. In 2012 he represented the University at the Marshall International Case Competition at the University of Southern California, competing against 29 leading business schools from around the world.

Honours Our Honours program provides a unique opportunity to undertake a challenging and rewarding year of additional study in a department committed to encouraging and supporting academic talent. The program is specifically designed to develop communication, analytic and applied problem-solving skills, as well as research capabilities.

The Honours program is conducted by academics specialising in teaching and research in one or more of the following broad areas: management accounting, financial accounting, accounting information systems or auditing.

Careers The Department of Accounting is growing, and recent years have seen growth in a number of exciting areas of research across all disciplines. Our internationally renowned staff excel at teaching and research; and we offer supervision in stimulating and cutting-edge areas.

Our Honours graduates are eagerly sought after by high profile organisations, major corporations, consulting and accounting firms such as Goldman Sachs, L.E.K. Consulting, A.T. Kearney, Australian Accounting Standards Board and the Royal Bank of Scotland. Some of our recent graduates have gone on to pursue further academic studies including graduate and research degrees either at the University of Melbourne or other leading domestic and international business schools. These include the University of Chicago, Harvard Business School and Columbia University.

What are your career opportunities?

The Department of Accounting is leading the way in providing graduates of the highest standard and our accounting graduates are highly sought after. We have strong links with industry and we are a leader in the provision of high quality graduates to areas such as: > Accounting firms in public practice > Management consulting firms > Industry > Banking and financial services companies > Government Experience in industry has told us that employers are seeking graduates who have: > The ability to communicate well, both verbally and in writing > The ability to think creatively > Analytical and problem solving skills > A good understanding of how a business functions

Accounting

9

Professional accreditation To practice as a professional accountant in Australia, graduates are required to become a member of one of the professional accounting bodies: CPA Australia, the Institute of Chartered Accountants in Australia or the Institute of Public Accountants. Bachelor of Commerce graduates may apply for associate membership of professional accounting bodies. Graduates will need to complete the requirements of the professional bodies to obtain full membership.

CPA Australia

Commercial Law

Bachelor of Commerce students must complete the following subjects to become an Associate Member of CPA Australia:

Principles of Business Law

Accounting Systems and Processes

Taxation Law 1

The Department of Accounting does not recommend one professional body over another. Students are encouraged to research prospective employers and compare their preference with the stated aims of the professional bodies.

Financial Accounting

The subjects listed below are the requirements of the professional bodies and may not include the requirements to complete the Bachelor of Commerce.

Students must carefully check they have successfully completed any required prerequisites prior to attempting any subject.

Further information is available at: www.fbe.unimelb.edu.au/accounting

Accounting Reports and Analysis and Introductory Financial Accounting Economics

Introductory Macroeconomics and Introductory Microeconomics Intermediate Financial Accounting and Financial Accounting Theory Quantitative Methods

Quantitative Methods 1 and Quantitative Methods 2 or Introductory Econometrics Management Accounting

Cost Management and Enterprise Performance Management Finance

Business Finance Information Systems Design and Development

Accounting Processes and Analysis Accounting Theory

Financial Accounting Theory

Corporations Law

Corporate Law Taxation

Organisational Functioning

Enterprise Performance Management and Organisational Behaviour Professional and Regulatory Process

Auditing and Assurance Services The Institute of Chartered Accountants in Australia

Bachelor of Commerce students must complete the following subjects (along with the prerequisites) to enter the CA Program and become a member of ICAA: Accounting Systems and Processes

Accounting Reports and Analysis and Introductory Financial Accounting Corporate Accounting and Reporting

Intermediate Financial Accounting Accounting Theory

Financial Accounting Theory Cost and Management Accounting

Cost Management and Enterprise Performance Management Finance

Business Finance Audit and Assurance

Auditing and Assurance Services Legal Framework and Commercial Law

Principles of Business Law Australian Corporations Law

Corporate Law Australian Taxation Law

Taxation Law 1 Institute of Public Accountants

Bachelor of Commerce students who complete a major in accounting (see page 2) become eligible for membership of IPA.

10

Bachelor of Commerce

“I chose to study the Bachelor of Commerce because it is a degree that looks at a fast changing world and aims to bridge the gap between the academic environment and the world outside. This course will allow me to stand out from the rest by honing my skills in business analysis and strategy in the context of a dynamic commercial economy.”

Nimha Pathirage Nimha is in her second year of the Bachelor of Commerce majoring in accounting and finance. She is an international student from Sri Lanka and was awarded an AG Whitlam International Undergraduate Scholarship in 2012.

Graduate study in accounting Career entry programs

Career development programs

Research higher degree programs

Master of Management (Accounting)

Master of Accounting

PhD program in Accounting

This program is available in two versions.

The 18 month program is designed for graduates with an undergraduate degree in a business, commerce discipline or equivalent and the 2-year program is available to graduates with an undergraduate degree in any discipline.

It provides non-accounting graduates with foundation training in the key areas of accounting, economics, management, auditing and information systems and also provides a pathway to a career in professional accounting. The program is certified by CPA Australia and the Institute of Chartered Accountants in Australia.

Upon graduation, you are eligible to apply for Associate Membership; then, after completing three years of practical experience and further study you will be eligible for full membership.

This 2-year advanced, specialised program is ideally suited to recent accounting graduates with no work experience. It is designed to provide awareness of existing and emerging issues in accounting, and advance skills in identifying and solving accounting and business problems of an applied nature.

This three year research higher degree will equip you with fundamental understanding of the research process and prepare you for an academic career.

GRADUATE DIPLOMA IN ACCOUNTING

This 1-year program is designed to develop technical and analytical capabilities while focusing on contemporary issues in accounting, auditing and related disciplines. The diploma is identical to Year 1 of the Master of Accounting program.

The Department of Accounting is considered one of the Asia-Pacific region’s leading research institutions in its field. PhD graduates are eagerly sought after and have accepted positions in the very top academic institutions around the world.

MASTER OF COMMERCE (ACCOUNTING)*

This graduate program represents Year 1 of the new 4-year Doctoral Program in Accounting and is only available to students pursuing the doctoral program.

Students who complete the Master of Commerce (Accounting) with an average subject grade of 75% will be eligible to enrol in the PhD degree. *Please note that University approval for this new program is pending.

Accounting

11

Breadth in accounting One of the cornerstones of Melbourne degrees is the opportunity for all students to take subjects from outside their major area of study. The breadth component enables you to tap into other bodies of knowledge, methods of enquiry and personal and professional skills. No matter what career you choose, basic skills in accounting will enhance your financial literacy, enabling you to participate more effectively in the world of commerce, either as an employee, a business owner or an investor.

Studying accounting as breadth will equip you to understand: > different types of business structures

The following is an accounting breadth track.

> key financial concepts used in financial reporting and the business analysis > how transactions are recorded to ensure completeness and accuracy of financial accounts > how to assess the financial strength and risk of companies in which you might invest.

Understand the business environment and business fraud processes in Australia and internationally, the motivators for committing fraud, fraud prevention, types of fraud and fraud detection.

Depending on the structure of your degree and subject to prerequisites, you can complete accounting subjects as breadth.

12

Bachelor of Commerce

FORENSIC Accounting

1st year

2nd year

Accounting Reports and Analysis Introductory Financial Accounting Business Forensics and Fraud

Accounting

13

Need more information?

Commerce Student Centre +61 3 8344 5317 Toll free: 1800 666 300 +61 3 9347 3986 13MELB@unimelb.edu.au www.bcom.unimelb.edu.au

University Information Course Search web site: http://coursesearch.unimelb.edu.au Call the University Information Centre: 1800 801 662

Information Centre Gate 3, Swanston St The University of Melbourne Victoria 3010, Australia + 61 3 8344 6543 + 61 3 9349 1291 13MELB@unimelb.edu.au

Accounting Undergraduate Information brochure Authorised by: Provost Published by: The Faculty of Business and Economics Copyright: The University of Melbourne, July 2013 CRICOS Provider code: 00116K Intellectual Property: For further information refer to www.unimelb.edu.au/Statutes Copyright: Copyright University of Melbourne 2013. Copyright in this publication is owned by the University and no part of it may be reproduced without the permission of the University.

Disclaimer: The information in this publication was correct at the time of printing. The University of Melbourne reserves the right to make changes as appropriate. As details may change, you are encouraged to visit the University’s website or contact the University of Melbourne Information Centre to obtain the latest information.

Statement on Privacy Policy: When dealing with personal or health information about individuals, the University of Melbourne is obliged to comply with the Information Privacy Act 2000 and the Health Records Act 2001. For further information refer to www.unimelb.edu.au/unisec/privacy/

This brochure is printed on paper that contains 55% recycled fibre and FSC certified pulp

14

Bachelor of Commerce

www.bcom.unimelb.edu.au