FAR320 Financial Accounting 5 UiTM assignment example Malaysia
The objective of this assignment is to discuss how the use of financial statements can be used in order to make informed business decisions.
Given that a company has been organized and operates as a legal entity, it must file reports with the relevant authorities in order for them to understand its financial position. In particular, these authorities might include:
- The Board of Directors
- The Registrar of Companies
- Any other regulatory body responsible for setting accounting standards or carrying out audits within the company
In this assignment, you will be working on a project that is related to financial accounting. You will use various software tools and calculators to complete the task of completing Financial Statements for a Malaysian company. You should familiarize yourself with the different accounting concepts used in this assignment and work with an accountant who can provide you with helpful support as you complete it.
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Assignment Activity 1: Apply concepts and principles of MFRSs in various transactions.
In order to accurately reflect the financial performance of an organization, it is important that its transactions be reported in accordance with Malaysian Financial Reporting Standards (MFRS). MFRS are a set of rules and principles that guide how businesses should report their finances. They cover topics such as income statements, balance sheets, cash flow analyses, and disclosures about debt and equity.
When reporting a transaction under MFRS, your business must comply with all applicable requirements including those related to disclosure forms (such as Form 1040), recordkeeping regulations (such as the Income Tax Act 2009), foreign exchange rates for pricing assets or liabilities during a particular period/year(s), etcetera. You also need to make sure you have the appropriate information available on company websites so that users can easily understand what happened during the transaction.
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Assignment Activity 2: Evaluate consolidated financial statements for various companies based on related Malaysian Financial Reporting Standards.
Malaysian Financial Reporting Standards (MFRS) require that companies present consolidated financial statements in a way that allows the reader to understand and assess the company’s performance. The objectives of this exercise are to evaluate the overall health and ability of a company, its capital structure, liquidity, basic operations and cash flow statement measures;
In order to assess the consolidated financial statements for various companies based on related MFRSs, it is necessary to first identify which items are considered within each company’s separate reporting category. The following items are generally included in a company’s separate financial statement: income (loss), net assets, cash and cash equivalents, total liabilities and shareholders’ equity. For purposes of this report, we will focus our attention on the consolidated results for Q1 2018 because that was when theRecent News Release about Amazon Inc.’s Fiscal Year 2017 Earnings.
Assignment Activity 3: Display ability to consolidate financial statement for various companies based on MFRS 10 and relevant MFRSs.
There are a few key steps that need to be taken while consolidating financial statements for various companies based on MFRS 10 and relevant MFRSs. The first step is to determine the specific primary purpose of each FFRF-registered company. This can be done by reviewing the company’s filing information and using any similar publicly available data sources, such as public filings from other countries or regulatory agencies, to help identify which accounts may represent an important focus of the business. Next, you will need to extract all line items (revenue, expenses, net income) that have been reported in each FFRF-registered company’s most recent Form 10-K or Form 10-Q filed with SEC since their inception date—and also those lines item(s) for which clawback provisions have been applied. If there has been any change in ownership or control over a particular line item during this time period (for example because of an acquisition), then you must also extract these changes as well as any Updates thereto from our website.
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