INTERNAL SUBJECT DETAILS Semester 1, 2013
Subject: ACC 202 Financial Reporting
Subject Lecturer/Tutor: Mr Lye Kok Keong Telephone: 03-20958791 Fax: 03-20957063 Room: 22, KPD Block B, Level 4 Email: firstname.lastname@example.org
Please call or email for appointment
PRE-REQUISITE(S) ACC101 ACC203 FINANCIAL ACCOUNTING 1 FINANCIAL ACCOUNTING 2
SYNOPSIS ACC202 Financial Reporting builds on the knowledge acquired from ACC101 Financial Accounting 1 and ACC203 Financial Accounting 2. This subject requires students to consider the role of accounting in conveying an organisation’s economic and social performance. Students will be introduced to the regulatory environment for reporting entities and an overview of the conceptual framework for financial accounting prescribed by the International Accounting Standards Board and the Malaysian Accounting Standards Board. It aims to develop an awareness of conceptual issues underlying current financial reporting issues. These conceptual issues are implemented in the later topics of this subject as students study specific accounting standards that involve measurement, recognition and disclosure are applied to elements of financial statements. Students will learn to account for intangible assets such as research and development expenditure and natural resources; financial instruments; leases and hire purchase agreements; construction contracts; extractive industries; off balance sheet liabilities; employee benefits; segment reporting; and contingent and post balance sheet events. Students will be required to understand the mechanics of applying the standards, the consistency of particular standards in relation to the reporting/measurement requirements embodied within other standards and the conceptual framework. On completing this subject students should be knowledgeable of a large proportion of the accounting and reporting requirements that pertain to single business entities.
OBJECTIVES Upon completion of this subject, students should be able to: demonstrate a knowledge of the regulatory environment within which accounting procedures and reporting practices operate; appreciate the role of the conceptual framework for financial reporting and understand and apply its components to practical situations; be aware of the place of national statutory, listing and professional regulations in the context of international reporting and international accounting standards; understand how the accounting standard process developed and how it currently operates;
be aware of the structure of accounting standards and be able to recognise structural differences; be able to apply generally accepted accounting principles and specific accounting standards relating to concepts of recognition and measurement of financial statement elements, and be able to apply generally accepted accounting principles and relevant accounting standards relating to the concept of disclosure, e.g. segment reporting, post balance date events.
TOPICS Topic 1 Topic 2 Topic 3 Topic 4 Topic 5 Topic 6 Topic 7 Topic 8 Topic 9 Topic 10 The Malaysian Regulatory Environment The Conceptual Framework of Financial Reporting Measurement and Revenue Recognition Intangible Assets and Research and Development expenditure Accounting for Extractive Industries Provisions, Contingent Liabilities and Contingent Assets Accounting for Leases Accounting for Employee Benefits Accounting for Construction contracts Disclosure-oriented accounting Operating Segments standards for financial reports:
Disclosure-oriented accounting standards for financial reports: Events after reporting period
PRESCRIBED TEXTS Lazar, J. and Huang, C.C. (2012) Financial Reporting Standards for Malaysia, third edition (revised), McGraw-Hill Tan, L.T. (latest) Financial Accounting and...