Course Title: Theories and Regulation of Accounting

Part A: Course Overview

Course Title: Theories and Regulation of Accounting

Credit Points: 12

Course Code




Learning Mode

Teaching Period(s)


City Campus


615H Accounting


Sem 1 2009,
Sem 1 2010,
Sem 1 2012,
Sem 2 2009,
Sem 2 2010,
Sem 2 2011,
Sem 2 2012

Course Coordinator: Arabella Volkov

Course Coordinator Phone: +61 3 9925 5731

Course Coordinator

Course Coordinator Location: Melbourne

Pre-requisite Courses and Assumed Knowledge and Capabilities

Pre-requisite Courses:

You should have satisfactorily completed the prerequisite course, Corporate Accounting (ACCT1048) and the Bachelor of Business (Professional Accounting) Year 3 Work Integrated Learning Cooperative Education Program or its equivalent before you commence this course. Successful completion of these pre-requisite courses means that you should have an understanding of the role of the accountant in the business/commercial environment and an appreciation of theoretical frameworks applicable to business and the role of the accountant.

Note it is a condition of enrolment at RMIT that you accept responsibility for ensuring that you have completed the prerequisite/s and agree to concurrently enrol in co-requisite courses before enrolling in a course.

Students are expected to be highly proficient in English comprehension and  expression.

Course Description

Through integration of your experience in the Bachelor of Business (Professional Accountancy) Year 3 Work Integrated Learning Cooperative Education program with the material presented and covered in this Course, Theories and Regulation of Accounting aims to develop your understanding of accounting and other theories as it relates to your future role in the accounting profession. 

You will be introduced to a range of case studies and other material which will aid in the identification of accounting theories and motivations of individuals.  In turn this will provide you with the tools to be able to resolve real and potential conflicts of interests among stake-holders in the business.

The emphasis in the course will be on the current theories, which explain contemporary financial accounting practice. This includes both normative and positive theories. The course also examines a number of contemporary accounting issues in the context of the theories studied in the course.

Theories and Regulation of Accounting is a compulsory core unit in the Bachelor of Business (Professional Accountancy) degree. 

If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.

Objectives/Learning Outcomes/Capability Development

The studies undertaken in this course look at the growth of accounting around the world and how cultural and other local factors impact on the development of accounting and Accounting Standards. The studies then look at and question the “one-size fits all” approach to development of IFRS Standards by the IASB. A range of accounting theories are then examined and applied to contemporary financial accounting issues, such as, the historical cost model, alternative accounting models, conceptual framework projects, debt contracts, executive remuneration and sustainability reporting.

Capability Development
The course provides an opportunity for you to develop generic capabilities. These include the ability to:

• Collaborate and work in teams
• Undertake effective research
• Identify and critically evaluate cultural problems
• Apply the relevant accounting theories
• Analyse theoretical issues in accountancy

Upon successful completion of this course you will be able to:
- Form logical arguments based on contemporary theory
- Form judgments about a range of issues that require analysis of the conceptual framework as it applies to accounting standards
- Research the global financial reporting environment
- Critically evaluate the global financial reporting environment
- Apply accounting theories to contemporary business contexts
- Work effectively in a team to respond to a client brief

Successful completion of Theories and Regulation of Accounting means that you should be able to identify accounting theories.  You should also recognise that while governments and regulators require businesses to behave in certain ways, businesses may provide information, useful to stake-holders or act in certain ways even though they are not required to do so under relevant regulations.

Overview of Learning Activities

 Seminars will incorporate the following learning activities: lectures (with relevant contemporary examples), case studies, team work and discussion of prescribed questions. You are expected to consistently apply yourself to the course throughout the semester. Active and constructive participation in seminar activities and team projects is expected in addition to weekly reading and completion of prescribed discussion questions. The seminar setting also provides the opportunity for you to critically evaluate problems and develop confidence in your ability to apply theoretical issues to practical situations.

Overview of Learning Resources

You will be provided  with information, resources and tools for learning in this course through our online systems.

The RMIT Portal gives you access to important announcements, staff contact details, the teaching schedule, assessment timelines and a variety of important teaching and learning materials. You will also be expected to utilise library resources and other electronic resources to engage in research in order to complete your assessment tasks.
Access to this material is via the RMIT Portal site for this course.

Feedback will be provided throughout the semester in seminars and/or online through individual and team feedback on practical exercises and by individual consultation.

Overview of Assessment

Your experience in the Bachelor of Business (Professional Accountancy) Year 3 Work Integrated Learning Cooperative Education program will be integrated in to the assessment of Theories and Regulation of Accounting

Assessment in Theories and Regulation of Accounting may take the form of assessed tutorial work, an in-semester test, and an in-semester research essay designed to test your understanding of the Course material and your research, analytical and written skills.  Some of these assessments may be contained in an on-line environment setting.

An end of semester exam will test the your ability to understand course material and further, your ability to analyse, interpret and respond to accounting issues using an appropriate theoretical framework, and demonstrating logic/reasoning through your written responses.

To pass this course, you need to obtain at least 50% of the available marks in this course.

If you have a long term medical condition and/or disability it may be possible to negotiate to vary aspects of the learning or assessment methods. You can contact the program coordinator or the Disability Liaison Unit if you would like to find out more.

An assessment charter ( ) summarises your responsibilities as an RMIT student as well as those of your teachers.

Your course assessment conforms to RMIT assessment principles, regulations, policies and procedures which are described and referenced in a single document:;ID=ln1kd66y87rc .