FAR560 Financial Accounting And Reporting 4 Assignment Sample UiTM Malaysia

The fourth level course builds on knowledge and skills introduced in Financial accounting and reporting 3 (FAR 510). In this way, it tests students’ abilities to apply their accumulated understanding of relevant MFRSs. Additionally, the course deals with issues about small-medium enterprises by introducing simple group structures as well as business combinations. It also addresses related problems concerning operating segments or interim financial report generation for SMEs.

The course also covers aspects of management decision-making by providing exposure to various types of ratios and their analysis. It further develops skills in interpreting and using accounting information for purposes of forecasting. Creative problem-solving techniques are emphasized through case studies and problems. From the assessment perspective, a mix of individual and group assignments as well as examinations are used to test students.

At the end of this course, students should be able to:

• Understand and apply the recognition, measurement and disclosure requirements about group accounts and business combinations under MFRS 3 Business Combinations;
• Understand the recognition, measurement and disclosure requirements for revenue from contracts with customers as stipulated in MFRS 15 Revenue from Contracts with Customers; and
• Understand the recognition, measurement and disclosure requirements for operating segments by MFRS 8 Operating Segments.
• Understand and apply the requirements for recognition and measurement of assets, liabilities, income and expenses in the preparation of general-purpose financial statements.
• Analyse and interpret accounting information for purposes of forecasting.

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In this assignment, you will be required to prepare a report on the impact of recent changes in the International Financial Reporting Standards (IFRS) on the financial statements of a company. You will be required to use the information provided in the case study to prepare the report. The report should be around 2000 words in length and should be submitted in a Word document.

Assignment Task 1: Demonstrate communication skills in oral and writing using relevant accounting standards for the company and group financial reporting in Malaysia.

In Malaysia, the accounting standards for company and group financial reporting are set out in the Financial Reporting Standards (FRS) issued by the Malaysian Accounting Standards Board (MASB). The FRS covers a wide range of topics, including the recognition and measurement of assets, liabilities, income and expenses; provisions, contingent liabilities and events after the balance sheet date; impairment of assets; financial instruments; cash flow statements; investments in joint ventures and associates; accounting policies and changes in accounting estimates.

The MASB is responsible for issuing standards that promote transparent, reliable and comparable financial reporting by companies in Malaysia. To ensure that these standards are relevant to today’s business environment, MASB engages with various stakeholders such as regulators, investors, preparers and users of financial statements regularly.

Financial reporting in Malaysia is therefore based on internationally accepted accounting principles, providing investors with the information they need to make informed investment decisions.

Assignment Task 2: Assess the accounting data and relate it to the Malaysian Financial Reporting Standard (MFRS) framework of company and group financial reporting in Malaysia.

The Malaysian Financial Reporting Standards (MFRS) framework of the company and group financial reporting is based on the International Financial Reporting Standards (IFRS), with certain modifications to suit the Malaysian environment.

The objective of MFRS is to provide financial statements that are: (a) faithful representations of the financial position, performance and cash flows of an entity; and (b) useful to a wide range of users in making economic decisions. To achieve this, MFRS requires entities to apply accounting standards that result in transparent, comparable and reliable financial statements.

The application of MFRS in Malaysia is overseen by the Malaysian Accounting Standards Board (MASB), which is responsible for issuing accounting standards and ensuring that they are adhered to. The MASB has issued several Malaysian Financial Reporting Standards (MFRSs), which are based on IFRSs with certain modifications to suit the Malaysian environment.

To assess the accounting data and relate it to the MFRS framework of company and group financial reporting in Malaysia, one would need to have a good understanding of both the accounting standards and the Malaysian environment. This includes understanding the requirements of MFRS, as well as the modifications that have been made to suit the Malaysian context.

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Assignment Task 3: Apply knowledge of the Malaysian Financial Reporting Standard (MFRS) framework for company and group financial reporting in Malaysia.

The Malaysian Financial Reporting Standard (MFRS) framework for company and group financial reporting in Malaysia is based on the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). In general, MFRS adopts a principles-based approach, with a strong emphasis on disclosure.

The main objective of MFRS is to ensure that financial statements provide information that is useful to users in making economic decisions. To achieve this objective, MFRS requires the use of judgment in the application of accounting standards. This may result in financial statements which are different from those prepared under other reporting frameworks, but which provide information that is more useful to users.

MFRS are mandatory for companies listed on the Malaysian Stock Exchange and are also adopted by many unlisted companies. The framework is also used by groups of companies for consolidation purposes.

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