FAR210 Financial Accounting And Reporting Assignment UITM Example
Students will learn about the regulatory framework in Malaysia for financial reporting. They’ll also be introduced to concepts like property, plant and equipment; inventories-receivables difference between active and passive investment policies as well as how it can affect your bottom line when preparing statements or annual reports that are based on these different types of investments among others.
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The topics covered in this course are:
- Financial Regulatory Framework in Malaysia
- Malaysian Conceptual Framework of Financial Reporting
- Property, Plant and Equipment (MFRS 116)
- Inventories (MFRS 102)
- Preparation of the Statement of Cash Flows
- Receivables (MFRS 9)
- Preparation of Financial Statements for Publication Purposes
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Assignment Task 1: Assess development of accounting framework in Malaysia
The development of accounting framework in Malaysia was heavily influenced by the International Accounting Standards Board (IASB). In 2002, the Malaysian Accounting Standard Board (MASB) issued its first Malaysian Financial Reporting Standard (MFRS), which was based on IASB conceptual framework. In subsequent years, MASB continued to issue new MFRSs that were aligned with IFRSs.
The adoption of MFRSs by Malaysian entities has been increasing over the years. As at 31 December 2016, a total of 697 entities had adopted MFRSs, representing 83% of total number of companies listed on Bursa Malaysia. The majority of these entities are large public companies listed on Bursa Malaysia.
The main reason for the high adoption rate of MFRSs is that MASB has been successful in promoting the benefits of using MFRSs. For example, in its annual report released in 2016, MASB highlighted the following benefits of using MFRSs:
(1) improved comparability of financial statements across entities;
(2) enhanced disclosure of information to investors; and
(3) improved allocation of resources by companies.
Apart from the benefits mentioned by MASB, another reason for the high adoption rate of MFRSs is that Malaysian entities are able to use the same set of standards for both financial reporting and taxation purposes. This is because MASB has issued a number of MFRSs which are aligned with Taxation Requirements (TRs), issued by the Malaysian Inland Revenue Board.
Assignment Task 2: Evaluate the scenario and relate to the appropriate accounting standards in preparing the financial statements
If the company is just starting out it must comply with IFRS – International Financial Reporting Standards, or US GAAP – United States generally accepted accounting principles. For an established company that chooses to convert from one to another should have a full understanding of the expense implications and accompanying benefits before switching. Once a company has complied with both standards it can make use of either set of accounting principles for reporting purposes, allowing issuers to choose the standard most appropriate to their individual situation.
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This gives companies operating in multiple countries or regions to adhere to different accounting principles depending on which makes more sense for them. It also give flexibility in communicating its results through taking into consideration what subsidiaries are following IFRS while others are following GAAP. Lastly, it helps investors because they can rely on a companies’ financial statements no matter which standard is used.
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued a joint statement in 2001 acknowledging that both sets of standards have their benefits, but also noting areas where there are inconsistencies between the two. The two boards have been working on convergence of the two standards since then, which is an ongoing process.
The goal of convergence is to develop a single set of high-quality global accounting standards that will be suitable for use by all companies, regardless of their size or location. This will help investors compare companies more easily and eliminate the need of companies to change their financial reporting standard every time their headquarters changes.
Assignment Task 3: Display the ability to comply with the requirements of MFRS101 and relevant MFRSs Standards in preparing the financial statements
The company is preparing its financial statements in compliance with the requirements of MFRS101 and other relevant MFRSs Standards. In particular, the company has accounted for all transactions in accordance with the requirements of MFRS 101, including the recognition and measurement of assets, liabilities, equity and income. The company has also applied appropriate accounting policies in accordance with MFRS 101 to correctly reflect its business operations and performance.
All of the MFRSs (99, 101, and 102) require that the financial statements be prepared with reasonable care. This helps ensure the accuracy and reliability of those statements.
Under Standard 99 – Financial Statements – Disclosures – Materiality – The auditor must evaluate materiality by considering all qualitative factors and quantitative factors that could affect a decision maker’s understanding of any item reported and their overall judgment of figure or statement integrity. When this evaluation is complete, there are two possible conclusions:
1) Auditor has found no items to consider as significant relative to an issuer’s financial statements;
2) Auditor has found one or more items were considered significant relative to an issuer’s financial statements requiring disclosure in accordance with normative guidance.
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