COURSE : FINANCIAL ACCOUNTING 4

COURSE CODE : FAR270

GROUP PROJECT : PREPARATION OF PUBLISHED FINANCIAL STATEMENT

Definition PLO 9: Personal skills (CLO3)

Personal skills are life skills that learners are expected to use daily. They are normally
portrayed through enthusiasm for independent learning, intellectual and self-development;
by demonstrating confidence, self-control; social skills and proper etiquette; and commitment
to professionalism in the work place. It also includes capability to plan for career
development or further education. Aspects of character such as honesty, punctuality, time
management, keeping to and maintaining deadlines that are important in a work
environment are also important personal skills.

Description
This project requires students to self-create accounting transactions based on the minimum
requirements and prepare the financial statements. The objectives are to test on
independent learning and understand the ability of students in creating the adjustment for
each of the MFRSs that they have learned. The adjustments may also include any MFRSs
that student have learned in previous semester. The adjustments will cover for one- year
accounting period.

The submission is using in a form of a report (type-written, Arial 11), showing a brief
introduction of type of the business (including name of business, address, type of goods
sold, business activities, financial year end).

Peer evaluation form will be used to ensure the assignment is a group work that
demonstrate confidence, self-control; social skills and proper etiquette; and commitment to
professionalism in the work place.

Instructions:
1. Each group should consist of four (4) to a maximum of five (5) members.

2. Student will be given a trial balance (see Appendix A) which consists of related account
balances.
You are required to:

a) Create transactions for one full year of accounting period based on below
minimum requirement.

- 5 adjustments for MFRS 116

- 2 adjustments for MFRS 140
 - 2 adjustments for MFRS 108
- 2 adjustments for MFRS 110
- 2 adjustments for MFRS 137
- 2 adjustments for MFRS 15
- Any 3 adjustments from any previous semester topics

b) Prepare the journal entry for each of the adjustment

c) Prepare the statement of profit or loss and other comprehensive income

d) Prepare the statement of changes in equity

e) Prepare the statement of financial position

f) Prepare notes to the financial statements

- Property plant and equipment
- Contingent liability/contingent asset (if any)

3. Students are allowed to refer any lecture or tutorial that they have learned in class and
required to make their own adjustment.

4. Each group must consult with their lecturer the progressive report (draft) at least two
session in last 4 weeks during the semester.

5. Late submission may be penalised.

6. The cover page shall consist of the title and the name of each group members.

7. Students should also submit their peer evaluation (see Appendix B) together with the
final report.