FAR660 Advanced Financial Accounting And Reporting 2 Assignment UITM Example Malaysia
The course builds on the knowledge and skills introduced in FARS 410, 460, 510 & 560; it reinforces fourth stage capabilities/competencies with IFRS. The discussion of professional accountants’ role in society is revisited to reinforce notions about public interest And ethics. It also provides an overview for future professionals about how they can be recognized as such by employers or institutions–including what kind of situations would lead someone into becoming one-sidedly biased against others based solely on his own personal desires? You’ll learn more than just Accounting basics here.
In this course, students will learn how to set standards using the IFRS for SMEs. They’ll study comprehensive cases that involve professional judgment and estimates while studying context-specific aspects of accounting such as share-based payments or employee benefits. Focusing on both practical application skillsets we provide you with the tools necessary towards becoming an effective accountant!
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Assignment Brief 1: Critically evaluate the role of professional accountants and various interest groups in formulating accounting standards and the due process of accounting standard setting of specific accounting standards.
It is widely accepted that the Generally Accepted Accounting Principles (GAAP) provide a framework for financial reporting that is more relevant, accurate and transparent than if each company were to develop its own standards. The formation of GAAP is a complex and lengthy process that involves the input of many stakeholders, including professional accountants, regulators, legislators and investors.
One of the key objectives of GAAP is to ensure consistency in financial reporting across all companies. To achieve this goal, the Financial Accounting Standards Board (FASB) – the independent body responsible for setting US GAAP – issues periodic updates known as Accounting Standards Updates (ASUs). ASUs are typically issued in response to changes in legislation or accounting practice, and are open for comment by stakeholders.
Answer: Critics of the profession say that standards and procedures should be developed independently by those who need them, and not by those who will profit from them. But it is important to remember that no set of standards can be both “right” and profitable to the accounting industry at the same time because there are often points of contention between those two goals; as such, many professionals argue that it’s necessary for accountants’ interests to shape what is right because without an interest in formulating standards, they would not bother making decisions like whether a company should show one-time expenses as current or as deferred.
The purpose of good accounting rules is to inform all users about the financial state of a company so they can make rational decisions based on believable information. Investors, in particular, need to have access to accurate and timely financial reports so they can asses a company’s risk before investing.
Assignment Brief 2: Explain the different measurement bases and circumstances when these measurement bases are appropriate in the development of accounting and the profession in the development of accounting and the profession.
The financial accounting profession has embraced the IFRS as its global system of accounting and set out international norms for business. The process is predicated on using the double-entry bookkeeping system, which was first developed by Leonardo da Vinci in 1494. Leonardo da Vinci’s innovation was to create a system where equal values were added to either side of a quadrangle drawn on paper—a plus value and a minus value—allowing for instant verification. This means that any transaction will result in either an asset or liability being accounted for, ensuring that every transaction balances with zero net balance to claim profit/loss at the end of financial year. In accountancy terms, these individual transactions are called debits and credits as they are described in the bookkeeping system.
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The IFRS standard is part of the profession’s attempt to make sure that all transactions are balanced, double-entry-bookkeeping style, wherein every transaction results in either an addition or deduction from the value chain. Every value chain consists of stocks, flows and funds that must be included within the financial statements.
The primary objective of financial reporting under IFRS is to provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions. These are mainly investors, creditors, employees, suppliers and government agencies. It also helps in evaluating management’s ability to use its resources and in predicting future cash flows.
Assignment Brief 3: Explain the importance of professionalization of accountants in the context of the historical development of accounting.
The historical development of accounting is closely tied to the professionalization of accountants.
Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. It is a critical function in any organization, and accurate financial information is essential for sound decision-making.
Accountants play a key role in ensuring that financial information is accurate and reliable. They must be able to interpret complex financial data and communicate it in a way that is understandable to non-experts. They must also be able to develop effective accounting systems and procedures and ensure that they are followed properly.
In order to perform these duties effectively, accountants need specialized training and expertise. That’s why the accounting profession has traditionally been associated with professional organizations such as the American Institute of Certified Public Accountants (AICPA) and the Institute of Chartered Accountants in England and Wales (ICAEW).
The history of accounting is closely tied to the development of these professional organizations. The AICPA, for example, was founded in 1887. It was originally called the National Association of Accountants and included only a few hundred members. Perhaps its most significant early achievement was helping to create a standard set of accounting principles that could be used by business owners, investors, and accountants alike. The AICPA continues to develop new accounting standards today.
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