BHEA_JKA/CR01-08

UNIVERSITI TEKNOLOGI MARA

COURSE INFORMATION

Confidential

Code : FAR210

Course : FINANCIAL ACCOUNTING 3

Level : Diploma

Credit Unit : 3

Contact Hour : 3

Part : 3

Course Status : Core

(Core/Non Core)

Prerequisite : FAR160

Nama Fakulti: Fakulti Perakaunan Tahun mula: 2013

Nama Diploma Perakaunan (AC110) Tahun semakan: April 2016
Program:
© Hak Cipta Universiti Teknologi MARA
 BHEA_JKA/CR01-08

Course Outcomes

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

 describe the development of financial regulatory framework in Malaysia, reporting

requirements by types of entity, accounting and reporting practices, role of IASB
and application of IFRS as financial reporting standards and role of accountants in
society.

 explain the importance and purpose of the conceptual framework.

 describe and apply the principles of property, plant and equipment, inventory,
receivables, payables and equity valuation.

 explain and apply the use of professional judgments and estimates in measuring
inventory, receivables, payables and equity.

 prepare comprehensive financial statements for publication purposes.

Course Description

This course introduces the students to the financial reporting regulatory framework in
Malaysia. This course also highlights on conceptual framework of financial reporting to
develop knowledge and skills in understanding accounting standards related to property,
plant and equipment and applying professional judgement and estimates pertaining to
inventories, receivables, payables and entity.

Syllabus Content

1. Financial Regulatory Framework in Malaysia

1.1 Historical Perspective
1.2 Current Financial Reporting Regime
1.3 Statutory Regulations on Financial Accounting and Reporting
1.4 Accounting Standard Pronouncements in Malaysia
1.5 Summary of Reporting Requirements by Types of Entity
1.5.1 Non-incorporated entity
1.5.2 Incorporated entity
1.5.3 Non-profit sector
1.5.4 Public sector
1.6 Exempt Entities
1.7 The State-Of-The-Art Accounting and Reporting Practices
1.7.1 Stewardship
1.7.2 Decision usefulness
1.8 The Role of IASB and the Application of IFRS as Financial Reporting
Standards
1.9 Brief Introduction on the Role of Accountants in Society

2. Malaysian Conceptual Framework of Financial Reporting

2.1 The Need for Conceptual Framework
2.2 Objective of Financial Reporting

Nama Fakulti: Fakulti Perakaunan Tahun mula: 2013

Nama Diploma Perakaunan (AC110) Tahun semakan: April 2016
Program:
© Hak Cipta Universiti Teknologi MARA
 BHEA_JKA/CR01-08

2.3 Qualitative Characteristics of Financial Reporting

2.3.1 Fundamental
2.3.2 Enhancing
2.3.3 Pervasive Constraint
2.4 Going concern assumption
2.5 Definition, recognition and measurement of the elements in financial
statements

3. Property, Plant and Equipment (MFRS 116)

3.1 Definition of property, plant and equipment
3.2 Recognition of property, plant and equipment
3.2.1 Initial costs
3.2.2 Subsequent costs
3.3 Initial measurement of property, plant and equipment
3.3.1 Element of cost
3.3.2 Measurement of cost
3.4 Subsequent measurement of property, plant and equipment
3.4.1 Cost model
3.4.2 Revaluation model
3.4.3 Depreciation
3.5 De-recognition of property, plant and equipment
3.5.1 Retirement of property, plant and equipment
3.5.2 Sale of property, plant and equipment
3.6 Disclosure of property, plant and equipment

4. Inventories (MFRS 102)

4.1 Definition of inventories
4.2 Initial Measurement
4.2.1 Cost of inventories
4.3 Subsequent measurement
4.3.1 Lower of cost and Net Realisable value
4.3.2 Methods Used in Determining Cost
4.3.3 Determining Net Realisable Value
4.4 Recognition as an Expense
4.5 Disclosure

5. Receivables (MFRS 139)

5.1 Definition and Types
5.2 Recognition of loan and receivables.
5.3 Measurement of Trade Receivables
5.3.1 Initial Measurement
5.3.2 Subsequent Measurement
5.4 De-recognition of Trade Receivables
5.5 Disclosure of Receivables

6. Payables (MFRS 139)

6.1 Definition and types
6.2 Initial Recognition of Trade Payables
6.3 Measurement of Trade Payables
6.3.1 Initial Measurement
6.3.2 Subsequent Measurement
Nama Fakulti: Fakulti Perakaunan Tahun mula: 2013
Nama Diploma Perakaunan (AC110) Tahun semakan: April 2016
Program:
© Hak Cipta Universiti Teknologi MARA
 BHEA_JKA/CR01-08

6.4 De-recognition of Trade Payables

6.5 Disclosure of Payables

7. Equity (MFRS 101)

7.1 Definition
7.2 Components of Equity
7.2.1 Share capital
7.2.2 Reserves

8. Preparation of Financial Statements for Publication Purposes (Comprehensive

Project)

Teaching Methodology

Lectures
Tutorials

Assessment

Course Work 40%

Final Exam 60%

References

Tan Liong Tong (2015) Financial Accounting And Reporting in Malaysia (Vol. 1) CCH

MASB websites, www.masb.org.my

Nama Fakulti: Fakulti Perakaunan Tahun mula: 2013

Nama Diploma Perakaunan (AC110) Tahun semakan: April 2016
Program:
© Hak Cipta Universiti Teknologi MARA
 BHEA_JKA/CR01-08

COURSE OUTCOMES – PROGRAM OUTCOMES MATRIX

COURSE CODE FAR210 CENTRE OF STUDY FACULTY OF ACCOUNTANCY

COURSE NAME FINANCIAL ACCOUNTING 3 UPDATED BY EMELIN ABDUL WAHID

CREDIT HOURS 3 DATE MARCH 2013

PROGRAM OUTCOMES TEACHING

COURSE OUTCOMES METHODOLOGY ASSESSMENT
PO1 PO2 PO3 PO4 PO5 PO6 PO7 PO8 PO9

1. Describe the Lecture Test 1

development of financial Tutorial
regulatory framework in Mini-cases
Malaysia, reporting
requirements by types of
entity, accounting and
reporting practices, role 3 2
of IASB and application
of IFRS as financial
reporting standards and
role of accountants in
society
2. Explain the importance Lecture Test 1
and purpose of the 3 3 2 Tutorial
conceptual framework Mini-cases

3. Describe and apply the Lecture  PPE,- Test 1

principles of property, 3 3 2 Tutorial and Final exam
plant and equipment, Mini-cases  Inventory – Quiz
inventory, receivables, 1 and Final
payables and equity Exam;
valuation.  Receivables –

Nama Fakulti: Fakulti Perakaunan Tahun mula: 2013

Nama Diploma Perakaunan (AC110) Tahun semakan: April 2016
Program:
© Hak Cipta Universiti Teknologi MARA
 BHEA_JKA/CR01-08

Final Exam;
 Payables –Quiz
2;
 Equity – Final
exam
4. Explain and apply the Lecture  PPE - Test 1
use of professional 3 2 Tutorial and Final exam
judgments and estimates Mini-cases  Inventory – Quiz
in measuring inventory,  1 and Final
receivables, payables Exam;
and equity.  Receivables –
Final Exam;
 Payables –Quiz
2;
 Equity – Final
exam
5. Prepare comprehensive Assignment 1:
financial statements for Tutorial Cash flow
publication purposes. Mini-cases Statement
Assignment 2:
3 3 3 2 1 Group project
Final Exam

n

RATING ON OBJECTIVE IN RELATION TO PROGRAM OUTCOMES : (1) VERY SLIGHTLY (2) MODERATELY (3) SUBSTANTIVELY

Nama Fakulti: Fakulti Perakaunan Tahun mula: 2013

Nama Diploma Perakaunan (AC110) Tahun semakan: April 2016
Program:
© Hak Cipta Universiti Teknologi MARA