Course Code : BAC306/03

Course Title : Advanced Financial Accounting and Reporting

Advisory Prerequisite(s) : BAC305/03
Level : Higher
Credit hours :3
Duration of course : 1 semester

Course Coordinator
Mr. Lim Peng Keat
MBA, University of Portsmouth (UK), FCMA (UK), CGMA (UK/USA), CA(M)

This course equips the student with the knowledge of preparation and presentation of a
company’s external financial reports. The students are required to understand a number of
selected Approved Accounting Standards by MASB and selected relevant Public Rulings from
Director General of Inland Revenue. The course first introduces the student to the MFRS101
Presentation of Financial Statements: the purpose, the components and the overall
considerations required before a financial statement is fit for publishing. This includes structure
and content of the Statement of Comprehensive Income, the Statement of Financial Position
and the Statement of Changes in Equity. The Statement of Cash Flows is discussed in later unit.

The students will then learn how the following items are recorded and published:-

(a) Property, Plant and Equipment (PPE);

(b) Intangible Assets;
(c) Non Current Assets Held for Sale;
(d) Current assets include cash, temporary investments, accounts receivables and
inventory;
(e) Current liabilities;
(f) Contingent assets;
(g) Contingent liabilities;
(h) Owners' equity;
(i) Revenue from contracts with customers;
(j) Financial Instruments; and
(k) Income Taxes.

Learning Outcomes

After successfully completing this course, students should be able to:

1. Apply, record and report the concepts underpinning financial accounting in daily
transactions.
2. Communicate to a knowledgeable audience on how financial accounting information is
generated, processed and used to facilitate a sound economic decision making.
3. Select and apply appropriate accounting treatments in accordance with selected MASB
Approved Accounting Standards.
Topics:

 Financial Reporting, the Statement of Comprehensive Income, and the Statement of

Financial Position
 Current Assets; Current Liabilities; Contingent Assets and Liabilities; Owners' Equity
 Property, Plant and Equipment – Utilisation, Revaluation and Retirement, and Intangible
Assets
 Revenue from Contracts with Customers; Investment in Debt and Equity Securities, and
Debt Financing
 Income Taxes and the Statement of Cash Flows

Main Reference:

1. Lazar, Jane, Huang Ching Choo (2014) Financial Reporting Standards for Malaysia, 4th
edn, McGraw Hill.*
2. MASB (2019) MFRS 101 Presentation of Financial Statements
3. MASB (2019) MFRS 108 Accounting Policies, Changes in Accounting Estimate and
Errors
4. Framework for the Preparation and Presentation of Financial Statements
5. MASB (2019) MFRS 101 Presentation of Financial Statements
6. MASB (2019) MFRS 102 Inventories
7. MASB (2019) MFRS 107 Cash Flow Statements
8. MASB (2019) MFRS 137 Provisions, Contingent Liabilities and Contingent Assets
9. Public Ruling 1/2002 Deduction for Bad & Doubtful Debts and Treatment of Recoveries,
Inland Revenue Board of Malaysia, 2002
10. MASB (2019) MFRS 116 Property, Plant and Equipment
11. MASB (2019) MFRS 136 Impairment of Assets
12. MASB (2019) MFRS 138 Intangible Assets
13. MASB (2019) MFRS 5 Non-current Assets Held for Sale and Discontinued Operations
14. MASB (2019) MFRS 15 Revenue from Contract with Customers
15. MASB (2019) MFRS 7 Financial Instruments: Disclosures
16. MASB (2019) MFRS 132 Financial Instruments: Presentation
17. MASB (2019) MFRS 139 Financial Instruments: Recognition and Measurement
18. MASB (2019) MFRS 107 Statement of Cash Flows
19. MASB (2019) MFRS 112 Income Taxes

*Note: Pending the new edition from the author and publisher.