1. NAME OF COURSE  / MODULE PRINCIPLES OF ACCOUNTING
2. COURSE CODE MAB1013
3. NAME(S) OF ACADEMIC STAFF  
4. RATIONALE FOR THE INCLUSION OF THE COURSE/MODULE IN THE PROGRAMME To create awareness of the financial reporting regulatory framework and awareness of IFRS judgments and estimates.
5. SEMESTER & YEAR OFFERED Semester 1/Year 1
6. TOTAL STUDENT LEARNING TIME (SLT) Face to face:

L T E SL
28 14 3 80

L=lecture ; T=Tutorial; E=Exam; SL=Self-Directed Learning

Total Guided and Independent Learning:

125
7. CREDIT VALUE 125/40 = 3.125 (3 credit); 2+2
8. PREREQUISITE (IF ANY) NIL
9. OBJECTIVES 1.   Create awareness of the financial reporting regulatory framework (introduce key players in the financial reporting environment in Malaysia; MASB, MIA, SC, CCM, Bursa etc) and their role in the capital market, SME sector, public sector and non-profit sector (NGOs, charitable organisations etc). (LO5-TS3)

2.   Clarify the role of IASB and IFRS to appreciate the link between national standards and global standards and global capital market. (LO1-C2)

3.   Introduce the conceptual framework, introducing assets, liabilities, equity, income and expenses. The components of financial statements, statement of financial position, comprehensive income statement, statement of cash flow and changes in equity statement (how they relate to each other). (LO2-P2)

4.   Introduce presentation of financial statements (FS), MFRS 101. They are exposed to why the items are presented as such. Introduce financial statement analysis. They can see why the FS is important for the investor. Ask them to evaluate selected FS and discuss the role of the notes to the accounts. (LO1-C2)

5.   Deal with initial recognition, and provide an understanding of various measurements, like historical cost, modified historical cost, fair value. (LO1-C2, LO2-P2)

6.   Introduce simple items like cash, inventories, receivables, payable, provisions and contingent liabilities. (LO5-TS3)

10. LEARNING OUTCOMES Upon completion of this course, students should be able to:

1.   Explain the role of the professional accountant.

2.   Explain the rationale for the conceptual framework.

3.   Identify assets, liabilities, equity, income and expenses.

4.   Explain the different measurement bases and circumstance when these measurement bases are appropriate.

5.   Carry out basic financial statement analysis and interpret the financial ratios.

6.   Explain current developments at IASB and MASB (relating to issues discussed in the course).

11. TRANSFERABLE SKILLS The syllabus is designed to progressively broaden and deepen the knowledge, skills and professional values demonstrated by the student on their way through the qualification.

The syllabus is assessed by a three-hour paper-based examination. Questions will assess all parts of the syllabus and will include computational and non-computational elements.

12. TEACHING-LEARNING AND ASSESSMENT STRATEGY
Teaching & Learning Methods Suggested Assessment
1. Face to face interactions during lectures & tutorials.

2. PBL and presentations.

1. Assignments, internal examinations.

2. Presentation rubric

13. SYNOPSIS In this first level course, students are: 1. exposed to the financial reporting regulatory framework (introduce key players in the financial reporting environment in Malaysia; MASB, MIA, SC, CCM, Bursa etc) and their role in the capital market, SME sector, public sector and non-profit sector (NGOs, charitable organisations etc). 2. Introduced to the conceptual framework, elements such as assets, liabilities, equity, income and expenses, components of financial statements, statement of financial position, comprehensive income statement, statement of cash flow and changes in equity statement (how they relate to each other); 3. Introduced to basic financial statement analysis; 4. Introduced to simple items of assets and liabilities such as cash, inventories, receivables, payable, provisions and contingent liabilities
14. MODE OF DELIVERY Lecture, tutorial and PBL and case presentation.
15. ASSESSMENT METHODS AND TYPES
Component %
Continuous Assessments 40
Final Examination 60
Total 100
16. CONTENT OUTLINE OF THE COURSE/MODULE AND SLT PER TOPIC
Topics L T P E SL Total
Conceptual Framework for Financial Reporting 2 1 6 9
Presentation of Financial Statements 2 1 6 9
Property, Plant and Equipment 2 1 6 9
Inventories 2 1 6 9
Cash 2 1 6 9
Receivables 2 1 6 9
Payables 2 1 6 9
Intangible assets 2 1 6 9
Equity 2 1 6 9
Provision and Contingent Liabilities 2 1 6 9
Formative Assessment 12 14 26
Final 3 6 9
TOTAL 20 10 0 15 80 125
17. REFERENCES Main references:

1.    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.

2.    Tan L. T., (2012). Financial Accounting & Reporting in Malaysia, Vol. 1 & 2, 4th ed., CCH-Asia, Malaysia.

3.    Lazar, J., and Huang, C.C., (2010). Financial Reporting Standards for Malaysia, 3rd ed., Mc-Graw Hill Education, Malaysia.

4.    Ng E. J., (2010). A Practical Guide to Financial Reporting Standards (Malaysia), 3rd ed., CCH, Malaysia.

5.    Malaysian Accounting Standards Board, www.masb.org.my  MFRS standards

Additional reference:

1.    Weygandt, J. J., Kimmel, P. D., and Kieso, D. E., (2011). Financial Accounting, IFRS edition, John Wiley & Sons Inc., USA.

 

Mapping of the course/module to the Programme Learning Outcomes:

WEEK TOPIC / TUTORIAL / COURSEWORK LEARNING LEVEL / STAGE REFERENCE / MATERIAL /STDS/ TOOL
1 Conceptual Framework for Financial Reporting

 

Level 1 & 2

Stage1

Conceptual Framework for Financial Reporting
2 Presentation of Financial Statements

 

Level 1 & 2

Stage 1

MFRS 101
3 Property, Plant and Equipment

 

Level 1-3

Stage 1 & 2

MFRS 116

MFRS 136

4 Inventories

 

Level 1-3

Stage 1

MFRS 102
5 Cash Level 1-3

Stage 1

MFRS 107
6 Receivables

 

Level 1-3

Stage 2

MFRS 9
7 Payables

 

Level 1-3

Stage 2

MFRS 9
8 Formative assessment should use mini-cases and encourage students to work together as a team and share knowledge
9 Intangibles assets

 

Level 1-3

Stage 2

MFRS 138

MFRS 136

10 Formative assessment – should use mini-cases and encourage students to work together as a team and share knowledge
11 Equity

 

Level 1-3

Stage 1

MFRS 101

Conceptual Framework for Financial Reporting

12 Formative assessment – should use mini-cases and encourage students to work together as a team and share knowledge
13 Provision and contingent liabilities

 

Level 1-3

Stage 2

MFRS 137
14 Formative assessment – should use mini-cases and encourage students to work together as a team and share knowledge