UNIVERSITI UTARA MALAYSIA

TUNKU PUTERI INTAN SAFINAZ SCHOOL OF ACCOUNTANCY

COLLEGE OF BUSINESS

COURSE CODE : BKAR1013

COURSE : FINANCIAL ACCOUNTING AND REPORTING I
PRE-REQUISITE : NIL

1.0 SYNOPSIS

This is the first level course for financial accounting and reporting. The course covers the
regulatory and conceptual framework underlying the preparation and presentation of
financial statements. Students are also introduced to simple items of assets and liabilities
such as property, plant and equipment (PPE), inventories, cash, receivables, payables,
equity and provisions and contingent liabilities.

2.0 OBJECTIVES

After completing this course, students should be able to:

i. Create awareness of the financial reporting regulatory framework in Malaysia such as
MASB, MIA, SC, Bursa Malaysia etc.
ii. Understand the conceptual framework in financial reporting and expose to students
the components of financial statements.
iii. Describe the preparation of financial statements (FS) according to MFRS 101.
iv. Understand the process of recognizing, measuring and disclosing of assets, liabilities
and equities.
v. Analyse financial statement using basic financial ratios.

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 3.0 LEARNING OUTCOMES
Upon completion of the course, students are able to:
i. Describe the conceptual framework in financial reporting.
ii. Prepare the accounting records and financial statements.
iii. Apply relevant accounting standards in recognizing, measuring and disclosing assets.
iv. Apply relevant accounting standards in recognizing, measuring and disclosing
liabilities and equities.
v. Use financial ratios to analyse financial statements.

4.0 COURSE CONTENT

Weeks TOPIC REFERENCE Hours

1 CONCEPTUAL FRAMEWORK FOR Keiso, D. E., 4

FINANCIAL REPORTING Weygandt, J.
1.1 Objectives of Financial Reporting J., and
1.2 Qualitative Characteristics of Financial Warfield, T. D.
Reporting (2020).
1.2.1 Fundamental Chapter 2
1.2.2 Enhancing
1.2.3 Pervasive Constraint Abdullah, Z.
1.3 Going Concern Assumption et al. (2020).
1.4 Elements of Financial Statement Topic 1
1.5 Recognition of Elements of Financial
Statement
1.6 Measurement of Elements of Financial MFRS 101
Statement
1.7 Misunderstandings about the Conceptual
Framework

2 RECORDING PROCESS Keiso, D. E., 2

2.1 Accounting Equation-Elements of Financial Weygandt, J.
Statements J., and
2.2 Double Entry Rules Warfield, T. D.
2.3 Accounting Cycle (2020).
Chapter 2 and
Chapter 18

3 PRESENTATION OF FINANCIAL Abdullah, Z. 3

STATEMENTS et al. (2020).
3.1 Statement of Financial Position Topic 2

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 3.2 Statement of Comprehensive Income
3.3 Statement of Changes in Equity Tan L. T.,
3.4 Statement of Cash Flows (2018).
3.5 Notes to the Financial Statements Chapter 3
3.6 Introduction to Financial Statement Analysis
Ng E. J.,
(2017).

MFRS 101

4 PROPERTY, PLANT AND EQUIPMENT Keiso, D. E., 4

4.1 Definition Weygandt, J.
4.2 Initial Recognition J., and
4.3 Initial Measurement Warfield, T. D.
4.4 Disclosure (2020).
Chapter 10

Abdullah, Z.
et al. (2020).
Topic 3

MFRS 116
MFRS 136

5 INVENTORIES Keiso, D. E., 4

5.1 Definition Weygandt, J.
5.2 Initial Recognition J., and
5.3 Initial Measurement Warfield, T. D.
5.4 Disclosure (2020).
Chapter 8

Abdullah, Z.
et al. (2020).
Topic 4

MFRS 102

6 CASH Keiso, D. E., 3

6.1 Statement of Cash Flow Weygandt, J.
6.2 Bank Reconciliation J., and
Warfield, T. D.
(2020).

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 Chapter 5&7

Abdullah, Z.
et al. (2020).
Topic 5

MFRS 107

RECEIVABLES
7 Keiso, D. E., 4
7.1 Initial Recognition Weygandt, J.
7.2 Initial Measurement J., and
7.3 Subsequent Measurement Warfield, T. D.
7.4 De-recognition (2020).
7.5 Disclosure Chapter 7

Abdullah, Z.
et al. (2020).
Topic 6

MFRS 9

8 PAYABLES Keiso, D. E., 3

8.1 Initial Recognition Weygandt, J.
8.2 Initial Measurement J., and
8.3 Subsequent Measurement Warfield, T. D.
8.4 De-recognition (2020).
8.5 Disclosure Chapter 13

Abdullah, Z.
et al. (2020).
Topic 7

MFRS 9

INTANGIBLE ASSETS
9 Keiso, D. E., 3
9.1 Definition Weygandt, J.
9.2 Initial recognition J., and
9.3 Initial measurement Warfield, T. D.
9.4 Disclosure (2020).
Chapter 12

Abdullah, Z.
et al. (2020).

4
 Topic 8

MFRS 138
MFRS 136

10 EQUITY Abdullah, Z. 5
et al. (2020).
10.1 Definition Topic 9
10.2 Statement of Changes in Equity
10.2.1 Share capital Tan L. T.,
10.2.2 Reserves (2017).
Chapter 17

MFRS 101

11 PROVISION AND CONTINGENT Keiso, D. E., 5

LIABILITIES Weygandt, J.
J., and
11.1 Definition Warfield, T. D.
11.2 Initial recognition (2020).
11.3 Initial measurement Chapter 13
11.4 Subsequent measurement
11.5 De-recognition Abdullah, Z.
11.6 Disclosure et al. (2020).
Topic 10

MFRS 137
FINANCIAL STATEMENTS ANALYSIS
12 2
12.1 Vertical analysis
12.2 Horizontal analysis
12.3 Ratio analysis

5.0 REFERENCES

MAIN:
Keiso, D.E., Weygandt, J. J., and Warfield, T. D. (2020). Intermediate Accounting, IFRS
edition, 4th ed., John Wiley & Sons Inc., USA.

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 Abdullah, Z., Shaari, H., Chandren, S., Ariff, A.H.M., Sharif, Z., Latif, R. A., Hashim,
A.H. (2020). Financial Accounting and Reporting 1, 1st ed., UUM Press, Malaysia.

ADDITIONAL:
Picker, R. Leo, K.J, Loftus, J. Wise, V., Clark, K., and Alfredson, K., (2012). Applying
International Financial Reporting Standards, 3rd Edition, John Wiley & Sons Inc.,
USA.
Tan L. T., (2017). Financial Accounting & Reporting in Malaysia, Vol. 1 & 2, 6th ed.,
CCH-Asia, Malaysia.
Lazar, J., and Huang, C.C., (2010). Financial Reporting Standards for Malaysia, 3rd
ed., Mc-Graw Hill Education, Malaysia.
Ng E. J., (2017). A Practical Guide to Malaysian Financial Reporting Standards (MFRS
Framework), 5th ed., CCH, Malaysia.
Abu Bakar, F., Abdul Latif, R., Abdullah, Z., and Shaari, H. (2017). A Collection of
Comprehensive Cases: Financial Accounting and Reporting (I, II and III), UUM Press.,
Malaysia.
Malaysian Accounting Standards Board, www.masb.org.my MFRS standards
(Notes: Students are advised to refer to books other than those listed above and to read
related journals in order to be well informed on the latest development in the area of
financial accounting)

.0 ASSESSMENT

Course work:
Mini case ……………………10%
Assignments ……………….. 5%
Comprehensive case ………. 20%
Mid exam ………………….. 15% 50%
Comprehensive Final Examination 50%
100%

7.0 TEACHING METHOD

The course will operate in a lecture/discussion format as much as possible.

Lectures will highlight major chapter topics, and will cover a number of
problems and mini-cases in class. Additionally, the class will be conducted by
using active learning methods through discussion, problem solving and case
study projects. Students are required to make the necessary preparation by
reading through the chapters and the related readings prior to attending lectures.

8.0 ATTENDANCE

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 Attendance for lectures is compulsory. Students who do not fulfill the 80%
attendance requirement will be barred from taking the final examination papers as
stated in the Graduation Rules. The 20% absent from lectures will include all
reasons including medical leave (MC), death and others.

9.0 ACADEMIC MISCONDUCT

Disciplinary action will be enforced to student caught for unethical behaviour

such as plagiarisms, cheating, copying, and sit exam for other student also other
academic misconducts.