Professional Accounting
This section outlines the course rules and other requirements for the Master of Professional Accounting offered by the University of Sydney Business School.
Overview of the degree
| Course | Master of Professsional Accounting |
|---|---|
| CRICOS code | 058362F |
| Course abbreviation | MPAcc |
| Credit points required for completion | 72 |
| Duration (minimum) | 1.5 years full-time |
| 3 years part-time |
The Professional Accounting program draws on the strengths of the University of Sydney Business School to help students develop the knowledge and skills required for accreditation with professional accountancy bodies and as a foundation for a career in professional accountancy. The program offers specialised education in accounting, business law, and finance, with electives in economics, econometrics, information systems, and all areas of study taught in the Business School.
Degree structure and progression
Degree requirements
To be awarded the Master of Professional Accounting, students complete 12 units of study (72 credit points), comprising:
- eight core units of study (48 credit points)
- four elective units of study (24 credit points) selected from the postgraduate units of study offered by the Business School, (including those listed under the 'Subject areas for elective units of study'). #
# Students who wish to apply for CPA or Institute of Chartered Accountants accreditation must complete, in addition to the eight compulsory units of study, certain other units of study as electives in the Master of Professional Accounting program. Please refer to the information under the heading 'Professional accreditation in accounting requirements' for details of these required units of study.
Core units of study
- ACCT5001 Accounting Principles
- ACCT5002 Managerial Accounting and Decision Making
- ACCT6001 Intermediate Financial Reporting
- ACCT6007 Contemporary Issues in Auditing
- ACCT6010 Advanced Financial Reporting
- CLAW5001 Legal Environment of Business
- CLAW6002 Corporate Structures in Practice
- FINC5001 Capital Markets and Corporate Finance
Subject areas for elective units of study
Students select four elective postgraduate units of study (24 credit points) from the Business School including units from the following Master of Commerce specialisations (subject to meeting prerequisite / corequisite requirements). Students wishing to meet CPA and ICAA accreditation requirements must select specific elective units as outlined under 'Professional accreditation in accounting requirements'.
- Accounting
- Banking
- Business Information Systems
- Business Law
- Econometrics
- Economics
- Finance
- International Business
- Logistics and Supply Chain Management
- Management and Organisations
- Marketing
- Project Management
- Quantitative Business Analysis
- Quantitative Finance
- Strategy and Innovation
For details of units of study available in each subject area, students should refer to 'Commerce areas of specialisation' under the Commerce section.
Professional accreditation in accounting requirements
The Master of Professional Accounting (MPAcc) is accredited with both the CPA Australia and the Institute of Chartered Accountants in Australia (ICAA), providing certain units are selected in the choice of electives. CPA Australia prescribes at least three of the electives (and four if Taxation is not done with them as part of the CPA program), whereas the ICAA only prescribes one of the four electives. Students wishing to complete the accredited MPAcc program should refer to the information under the heading 'Accreditation Requirements' below for details of the required elective units of study they will need to complete.
1. CPA Australia accreditation
Students who wish to apply for CPA Australia accreditation complete, in addition to the eight compulsory units of study, the following units of study as electives in the Master of Professional Accounting program:
- CLAW6026 Taxation Law and Practice #
- QBUS5001 Quantitative Methods for Business OR ECMT5001 Principles of Econometrics
- ECON5003 Economics for Accountants.
AND one of the following:
- ACCT6014 Designing Accounting Systems
- INFS5000 Information and Systems in Organisations
- INFS6001 Managing Information and Systems
# Students wishing to apply for CPA accreditation may choose to take the unit of study CLAW6026 Taxation Law and Practice as an elective within their degree to meet CPA requirements. Alternatively, CPA Australia allows students the option of completing taxation studies as an elective within the CPA program.
2. ICAA accreditation
Students who wish to apply for ICAA accreditation complete, in addition to the eight compulsory units of study, the following elective unit of study as one of the four electives in the Master of Professional Accounting program.
- CLAW6026 Taxation Law and Practice
Progression guide
The following table illustrates a degree progression example for a student enrolled in the Master of Professional Accounting on a full-time basis undertaking four units of study (24 credit points) per semester.
| Year | Semester |
Units of study |
|||
|---|---|---|---|---|---|
|
1 |
1 |
ACCT5001 |
CLAW5001 |
FINC5001 |
elective |
| 2 |
ACCT5002 |
ACCT6001 |
CLAW6002 |
elective |
|
| 2 | 1 |
ACCT6007 |
ACCT6010 |
elective |
elective |
CLAW6002 Corporate Structures in Practice can be completed in either Semester 1 or Semester 2 in this example.
Please note: The information listed in this example is based on the unit of study offerings for 2012 and is intended as a guide only. Students are usually able to complete the units of study for their course in different sequences to that which is listed (including enrolling in units in Summer or Winter School sessions when available). Students are advised to plan their course based upon their individual needs and to contact the Student Information Office if they need any assistance in planning their progression in their degree.
Units of study for Professional Accounting coursework programs
General information relating to unit of study offerings
For a list of available elective units of study, refer to the table under Postgraduate coursework programs: Commerce.
The unit of study information listed is for 2012 and was correct at the time of publication.
The Business School website (sydney.edu.au/business/pgunits) contains the most up-to-date information on unit of study availability or other requirements. Timetabling information for 2012 is also available on the faculty website (sydney.edu.au/business/timetable). Students should note that units of study are run subject to demand.
Most units of study will be offered in standard semesters (either Semester 1 or Semester 2). Some units are also offered in intensive mode. The intensive sessions are explained in the following table.
Key to intensive unit of study offering sessions
|
Session code |
Description of how the unit will be offered |
|---|---|
|
Summer School: Summer Early (42), Summer Main (43), and Summer Late (44) |
the unit of study will be offered intensively in the Summer School session |
|
Winter School: Winter Main (11) |
the unit of study will be offered intensively in the Winter School session |
The units of study available for 2012 for these programs are detailed under:
- Table of postgraduate units of study: Professional Accounting coursework programs
- Postgraduate unit of study descriptions: Professional Accounting coursework programs
1. Table of postgraduate units of study: Professional Accounting
| Unit of study | Credit points | P: Prerequisites C: Corequisites N: Prohibition | Session |
|---|---|---|---|
Core units of study |
|||
| ACCT5001 Accounting Principles |
6 | Semester 1 Semester 2 |
|
| ACCT5002 Managerial Accounting & Decision Making |
6 | P ACCT5001 |
Semester 1 Semester 2 |
| ACCT6001 Intermediate Financial Reporting |
6 | P ACCT5001 |
Semester 1 Semester 2 |
| ACCT6007 Contemporary Issues in Auditing |
6 | P ACCT6001 |
Semester 1 Semester 2 |
| ACCT6010 Advanced Financial Reporting |
6 | P ACCT6001 |
Semester 1 Semester 2 |
| CLAW5001 Legal Environment of Business |
6 | Semester 1 Semester 2 |
|
| CLAW6002 Corporate Structures in Practice |
6 | P CLAW5001 |
Semester 1 Semester 2 |
| FINC5001 Capital Markets and Corporate Finance |
6 | Semester 1 Semester 2 |
|
Elective units of study |
|||
| Students select four elective postgraduate units of study (24 credit points) from the Business School and the School of Economics including units from the Master of Commerce specialisations. For details of available units refer to the 'Table of postgraduate units of study' under the 'Postgraduate coursework programs: Commerce'. | |||
| Students who wish to complete units for CPA Australia or ICAA accreditation complete electives as set out below: | |||
CPA accreditation electives |
|||
| Students complete the following units: CLAW6026, ECMT5001, ECON5003 (or ECON5001 and ECON5002), and either INFS5000, INFS6001 or ACCT6014. | |||
| ACCT6014 Designing Accounting Systems |
6 | P ACCT5001 |
Semester 1 |
| CLAW6026 Taxation Law and Practice |
6 | P CLAW5001 N CLAW5002 |
Semester 1 Semester 2 |
| ECMT5001 Principles of Econometrics |
6 | Semester 1 Semester 2 |
|
| ECON5003 Economics for Accountants |
6 | N ECON5001, ECON5002 This unit of study is ONLY available to students enrolled in the Master of Professional Accounting and Master of Commerce degrees. |
Semester 1 Semester 2 Summer Main |
| INFS5000 Information and Systems in Organisations |
6 |
This is a defined elective unit of study in the Master of Professional Accounting program. |
Semester 1 Semester 2 |
| INFS6001 Managing Information and Systems |
6 | Semester 1 Semester 2 |
|
| QBUS5001 Quantitative Methods for Business |
6 | N ECMT5001 |
Semester 1 Semester 2 |
ICAA accreditation electives |
|||
| CLAW6026 Taxation Law and Practice |
6 | P CLAW5001 N CLAW5002 |
Semester 1 Semester 2 |
International Exchange Program units of study |
|||
| This units are only available to students participating in the International Exchange Program. | |||
| ECOF6106 International Exchange Program |
6 |
Note: Department permission required for enrolment |
S1 Late Int S2 Late Int |
| ECOF6206 International Exchange Program |
6 |
Note: Department permission required for enrolment |
S1 Late Int S2 Late Int |
| ECOF6112 International Exchange Program |
12 |
Note: Department permission required for enrolment |
S1 Late Int S2 Late Int |
| ECOF6212 International Exchange Program |
12 |
Note: Department permission required for enrolment |
S1 Late Int S2 Late Int |
| ECOF6118 International Exchange Program |
18 |
Note: Department permission required for enrolment |
S1 Late Int S2 Late Int |
| ECOF6218 International Exchange Program |
18 |
Note: Department permission required for enrolment |
S1 Late Int S2 Late Int |
| ECOF6124 International Exchange Program |
24 |
Note: Department permission required for enrolment |
S1 Late Int S2 Late Int |
| ECOF6224 International Exchange Program |
24 |
Note: Department permission required for enrolment |
S1 Late Int S2 Late Int |
2. Postgraduate unit of study descriptions: Professional Accounting
Please note: These unit of study descriptions are listed alphanumerically by unit code.
Core units of study
ACCT5001 Accounting Principles
Credit points: 6 Session: Classes: 1 x 3hr class per week Assessment: Mid-semester examination (25%); Final examination (55%); Individual and/or Group assignment (20%)
This unit provides an introduction to the generally accepted accounting principles and practices underlying financial accounting and reporting. It is intended for both accounting and non-accounting majors. The unit aims to introduce students to the concepts and skills required to prepare, analyse, and interpret financial statements.
ACCT5002 Managerial Accounting & Decision Making
Credit points: 6 Session: Classes: 1 x 3hr class per week Assessment: Weekly in-class feedback of progressive performance in the development of concept and technique knowledge and its application and business practicals (50%); Final Examination (50%)
The unit introduces students to the context and processes of management accounting, considering the role of management accounting technologies in creating stakeholder value through financial resource management. Critical business career skills of problem-solving, communication and negotiation are enhanced through the application of management accounting techniques to organisational resourcing issues in their competitive and ethical context. It is argued that management accountants support and inform the ways in which organisational resources are committed to various portfolios, projects, and possible futures, given the crafting of an organisation's relationship with its environment. The external and internal environments of management accounting are considered in framing managerial decisions and strategy. The main categories of resources available to shape an organisation's strategy and financial performance will be examined (including those acquired through strategic alliances and outsourcing), along with various management accounting technologies accounting for the combination, allocation and performance of these resources.
ACCT6001 Intermediate Financial Reporting
Credit points: 6 Session: Classes: 1 x 3hr class per week Assessment: Mid-semester Test (35%), Final Examination (50%), Assignment (15%)
This unit is intended to provide an understanding of the contemporary Australian financial reporting environment. Particular attention is paid to accounting theory and concepts, mandatory reporting practices and reporting policies that reflect either a choice from among several mandated alternatives, or those areas where regulation has not occurred. The unit is intended for those who will be involved in the preparation or use of company financial statements. The unit provides an understanding of accounting techniques, both in terms of technical method and their relative impact on corporation's financial statements. The emphasis throughout is on both the 'techniques' and the related explanations for their use.
ACCT6007 Contemporary Issues in Auditing
Credit points: 6 Session: Classes: 1 x 3hr seminar per week Assessment: Mid Semester examination (15%); Individual assignment (10%); Group assignment (20%); Final examination (55%)
This unit seeks to improve students' understanding of the function, nature and procedures of commercial auditing in the context of corporate financial reporting. It has particular regard to the business, legal and economic foundations than underpin the audit process. Recurrent reference is made to practical and policy matters of contemporary importance to auditing and auditors, especially as they relate to the function of auditing in ensuring the quality of corporate financial statements and the role of auditors in corporate governance. Matters related to modern cases like Enron, HIH, One.Tel, Parmalat, China Aviation Oil and ABC Learning are also discussed.
ACCT6010 Advanced Financial Reporting
Credit points: 6 Session: Classes: 1 x 3hr seminar per week Assessment: Case studies (25%); Mid-semester examination (25%); Final examination (50%).
This unit is intended to provide students with a detailed understanding of more complex financial reporting issues. The topics examined include: group accounting issues such as the practical application of the control test; multiple subsidiaries; foreign currency translation; consolidated cash flow reporting; segment reporting; accounting for joint arrangements and associates; and related party disclosures. The unit builds on the knowledge base acquired from earlier accounting units with a strong emphasis on the application of technical skills. The unit has a substantial case component, using current examples to illustrate both appropriate technical solutions in accordance with accounting standards and guidelines, as well as the forces which determine the choice of methods. The course will help develop students' ability to read and analyse financial reports and to understand the financial statement implications of management decisions relating to organisational structure, investment and financing.
CLAW5001 Legal Environment of Business
Credit points: 6 Session: Classes: Three hours of classes per week which may include one or more of the following: lectures; seminars; tutorials or workshops. Assessment: Case analysis (15%), Tests (25%), Final examination (60%)
All business conduct is regulated by the law. Every transaction and every relationship is governed by an increasingly complex mix of statutory and judge-made laws. The ability to identify and manage legal risks, and knowledge of compliance and dispute resolution strategies, are essential business management skills. This unit examines the legal framework and regulatory regime within which all businesses operate in Australia and in a global economy. It introduces students to the legal implications of commercial conduct and provides an overview of the Australian legal system and threshold legal concepts of agreement, ownership, and civil and criminal liability. Key areas of substantive business law are examined including contracts, torts (in particular negligence and the economic torts), property and securities, and crime. The unit also provides students with an overview of areas of legal regulation with an increasingly significant impact on business operations including: privacy, intelectual property rights, competition law, consumer law (in particular advertising regulation, product liability and unfair contracts), misleading conduct and unconscionable conduct.
CLAW6002 Corporate Structures in Practice
Credit points: 6 Session: Classes: One three hour class per week which may include one or more of the following: lectures; seminars; tutorials or workshops. Assessment: Mid-semester exam (40%); Final Exam (60%)
The corporation is the dominant structure adopted for business undertakings globally. This unit aims to demystify corporate regulation and its impact in the contemporary commercial context with a view to introducing students to the types of issues they will encounter in the real world of corporations. The unit reviews business structures (joint ventures, partnerships, trusts and companies) from a business perspective with a focus on the corporate form. The unit also examines the different options available for the conduct of businesses and the different stages of the corporate life cycle, including: how corporations are brought into existence and the characteristics attained upon incorporation; how corporations undertake certain activities (including entry into contracts, fundraising, issuing shares, paying dividends); how corporations are managend and power is distributed between participants, how the law places certain duties and obligations upon those who manage corporations; the consequences which may result from any breach of those duties and obligations; and managing corporations in financial distress, liquidation and de-registration. It takes an application-based approach which gives the unit a practical as opposed to theoretical orientation. Curren issues in corporate regulation in Australia and internationally are discussed to provide students with an understanding of the types of issues which confront different types of corporations, and how these issues impact upon their management and the discharge of corporate responsibility.
FINC5001 Capital Markets and Corporate Finance
Credit points: 6 Session: Classes: 1x 3hr seminar per week Assessment: Mid semester-test (20%); Major assignment (25%); Final examination (55%)
This unit provides an introduction to basic concepts in corporate finance and capital markets. It is designed to equip students to undertake further studies in finance. After reviewing some very basic ideas in finance and financial mathematics, the unit provides a thorough treatment of the valuation of equity, debt and companies. The unit then examines issues related to pricing in capital markets and ends with a discussion of theory and practice related to capital structure and dividend policy.
CPA and ICAA elective units of study
ACCT6014 Designing Accounting Systems
Credit points: 6 Session: Classes: 1 x 3hr seminar per week Assessment: Individual and team projects (50%); Final examination (50%).
This unit introduces students to the concepts, challenges and approaches associated with the evaluation, design, introduction, operation and improvement of accounting systems and reflect the differences in the needs of family-owned business, small and medium sized enterprise and multi-national business firms. Elements of those systems include methods of documenting transactions and events; internal control procedures designed to safeguard human physical and financial resources; manual, semi-automated or fully automated source data entry, transaction processing methods and financial and non-financial reports on operational activities. These issues are also considered with regard to the capabilities of contemporary industry-standard accounting and business application software such as spreadsheets, MYOB and SAP in a cost-effective and secure manner. Topics include the design of charts of accounts; in solutions context; internal controls and maintaining audit trails, records management; the identification of requirements and the use of selection criteria for the evaluation, introduction, configuration and operation of packaged accounting software solutions. It provides students with the hands-on skills in the design and implementation of an accounting system to a real-world medium sized organisation using an industry standard accounting software solution by integrating concepts, approaches, commercial realities and capabilities of contemporary enterprise resource planning systems. At the commencement, students are provided with review of business frameworks including cycles, systems, source documents and recording transactions which act as a common starting point on which the unit builds.
CLAW6026 Taxation Law and Practice
Credit points: 6 Session: Classes: One 3 hour class per week which may include one or more of the following: lectures; seminars; tutorials or workshops. Assessment: Mid-semester exam (20%); Major assignment (30%); Class performance (10%); Final exam (40%)
Taxation is an inevitable reality for all individuals and businesses. The impact of taxation on business structures, transactions and decisions is both real and significant. An understanding of how taxation law works is not only vitally important for professional accountants but is also an essential management skill in an increasingly complex business environment. This unit introduces students to the principal forms of taxation within the Australian taxation system with a focus on concepts and principles of income tax law. Students will also learn how tax law is applied in practice. This unit covers key concepts of taxation in Australia (including the concepts of income, capital gains tax, deductions, and the residence and source principles) and examines the taxation of different entities (including partnerships, trusts and companies). The taxation of international business transactions is also considered.
ECMT5001 Principles of Econometrics
Credit points: 6 Session: Classes: 1x3-hr lecture/week, 1x1-hr (non compulsory) tutorial/week Assessment: quizzes (10%), group assignment (15%), mid-semester test (20%) and 1x2hr final exam (55%)
The unit develops the basic principles of data description and analysis, the idea of using the concept of probability to model data generation, and the statistical concepts of estimation and statistical inference, including hypothesis testing. It then develops these concepts and techniques in the context of the linear regression model to show how econometric models can be used to analyse data in a wide range of potential areas of application in economics, business and the social sciences. The unit combines theory and application. The emphasis is upon the interpretation of econometric estimation results and requires software for hands-on experience.
ECON5003 Economics for Accountants
Credit points: 6 Session: Classes: 1x3-hr seminar/week Assessment: mid-semester test (50%) and 2hr final exam (50%)
Note: This unit of study is ONLY available to students enrolled in the Master of Professional Accounting and Master of Commerce degrees.
The broad aim of this unit is to provide an introduction to economic analysis that is useful in the business world. The unit develops vital microeconomic and macroeconomic principles, using case studies to enhance understanding. Particular emphasis is given to explaining how economic agents make choices in a variety of environments. The unit covers situations where strategic interactions are important and investigates the macro-environment in which businesses operate.
INFS5000 Information and Systems in Organisations
Credit points: 6 Session: Classes: 1x 3 hr seminar per week Assessment: Group Assignment (30%); Individual Assignment (10%); In class exercises (10%); Final Exam (50%)
Note: This is a defined elective unit of study in the Master of Professional Accounting program.
Business information systems (BIS) play an important role in organisations as both a tool to support business processes and activities, and as an enabler of business innovation. This unit provides an introduction to business information, processes and systems and their organisational contexts. Understanding how information and systems contribute to business value is important to all business professionals. This unit will help you to understand how information is used to meet organisational objectives; the complex and changing information environment from the perspective of stakeholders; and the management issues associated with making effective use of BIS. You will learn how to use conceptual frameworks and process analysis tools to analyse practical problems in the operations of information systems and identify new opportunities for business value creation through innovative applications of various business information systems.
INFS6001 Managing Information and Systems
Credit points: 6 Session: Classes: 1x 3hr seminar per week Assessment: Mid-semester test (30%), Tutorial work (10%), Research (group) essay (25%), Final exam (35%)
This unit introduces you to the organisational foundations of information systems and their emerging strategic role. You will develop an understanding of critical information management and systems issues in organisations. The unit provides you with a solid understanding of the senior management decisions relating to organisational information and systems and how various information technologies work together to create infrastructure for electronic commerce and electronic business. You will explore the role of information systems in capturing and distributing organisational knowledge and in enhancing management decision making. You will gain a deep understanding into how the information systems function or processes in organisations can be managed. Finally, you will have the opportunity to explore the special management challenges and opportunities created by the pervasiveness and power of information systems.
QBUS5001 Quantitative Methods for Business
Credit points: 6 Session: Classes: 1 x 2hr lecture and 1 x 1hr tutorial Assessment: Assignments (25%); Quizzes (25%); Final exam (50%)
This unit highlights the importance of statistical methods and tools for today's managers and analysts, and demonstrates how to apply these methods to business problems using real-world data. The quantitative skills that students will learn in this unit will be useful in all areas of business. Through taking this unit students will learn how to model and analyse the relationships within business data; how to identify the appropriate statistical technique in different business environments; how to compute statistics by hand and using special purpose software; how to interpret results in the context of the business problem; and how to forecast using business data. The unit will be taught through data-driven examples, exercises and business case studies.
Course rules and resolutions
Master of Professional Accounting
These resolutions must be read in conjunction with applicable University By-laws, Rules and policies including (but not limited to) the University of Sydney (Coursework) Rule 2000 (the 'Coursework Rule'), the Resolutions of the Faculty, the University of Sydney (Student Appeals against Academic Decisions) Rule 2006 (as amended) and the Academic Board policies on Academic Dishonesty and Plagiarism.
Course resolutions
1 Course codes
|
Code |
Course title |
|---|---|
|
FC055 |
Master of Professional Accounting |
2 Attendance pattern
3 Master's type
4 Admission to candidature
(1)
Available places will be offered to qualified applicants ranked on merit in accordance with the following criteria:
(a)
a bachelor's degree, graduate diploma, graduate certificate or equivalent at an institution approved by the Business School and graded at a standard acceptable to the Business School; and where applicable:
5 Requirements for award
(1)
The units of study that may be taken for the course are set out in the Table of postgraduate units of study: Professional Accounting.
(2)
To qualify for the award of the Master of Professional Accounting a candidate must complete 72 credit points, including:
6 Transitional provisions
(1)
These resolutions apply to students who commenced their candidature after 1 January, 2011 and students who commenced their candidature prior to 1 January, 2011 who elect to proceed under these resolutions.
(2)
Candidates who commenced prior to 1 January, 2011 may complete the requirements in accordance with the resolutions in force at the time of their commencement, provided that requirements are completed by 1 January, 2016. The Business School may specify a later date for completion or specify alternative requirements for completion of candidatures that extend beyond this time.