Content 

Stage 1 Accounting is a 10-credit subject or a 20-credit subject.

The subject is structured around three focus areas:

• understanding accounting
• understanding financial sustainability
• perspectives in accounting.

These focus areas are underpinned by the following learning strands:

• financial literacy
• stakeholder information and decision-making
• innovation.

These learning strands outline the knowledge, skills, understanding, and capabilities fundamental to the learning in the subject.

The learning strands are designed to be taught through the focus areas. The learning strands are not designed to be of equal length. Teachers can place emphasis on the elements of the learning strands that suit their student cohorts and schools. The strands of financial literacy, and stakeholder information and decision-making provide opportunities for students to understand and apply accounting concepts and conventions. The learning strand of innovation is focused on the use of new and emerging technologies to create, store, and communicate accounting information. Technology enables effective connections with business and opens up more opportunities to understand the accounting needs of stakeholders.

For a 10-credit subject, students must study two focus areas.

For a 20-credit subject, students must study all three focus areas.

In Stage 1 Accounting, teachers have the flexibility to design a program of study that best meets the needs of their student cohort.

Accounting practice and accounting activities

The practice of accounting is the process of identifying, measuring, and communicating economic information to facilitate informed decision-making for the stakeholders, as well as to enable control and discharge of accountability by management.

Accounting activities are the actions taken within this process.

Accounting concepts and conventions

The following selected concepts and conventions underpin the accounting focus areas and inform the practice of accounting studied at Stage 1:

• accounting entity
• accounting period
• consistency
• duality
• legal entity
• materiality
• relevance
• faithful representation.

These concepts and conventions are drawn from the Framework for the Preparation and Presentation of Financial Statements prepared by the Australian Accounting Standards Board.