Contemporary Financial Accounting (CFA) BUS356 Murdoch University Distinction notes

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Contemporary Financial Accounting (CFA) BUS356 Murdoch University Distinction notes at the Murdoch University. 2022 created, 56 page notes got me Distinction (75%) in the exam.

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About These Notes

The document “TMA 2022 – BUS356 Contemporary Financial Accounting Revision Notes” covers key topics in financial accounting, including shareholders’ equity, asset valuation, impairment, deferred taxes, consolidation, and foreign exchange accounting.

Key topics include:

  1. Shareholders’ Equity – Differences between ordinary and preference shares, journal entries for share issuance, and forfeiture transactions.
  2. Asset Valuation & Impairment – AASB 116 (Property, Plant, and Equipment), impairment tests, and revaluation models.
  3. Deferred Taxes – Temporary differences, tax base calculations, and journal entries for deferred tax assets/liabilities.
  4. Consolidation – Acquisition method, goodwill calculations, intra-group transactions, and non-controlling interest adjustments.
  5. Foreign Exchange Accounting – AASB 121 rules for translating financial statements and handling FX gains/losses.

The document includes worked examples, journal entries, and exam-related guidance for application in practical scenarios.

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