Course Name: (Perakaunan Kewangan Pertengahan II)

COURSE NAME
: INTERMEDIATE FINANCIAL ACCOUNTING II

(Perakaunan Kewangan Pertengahan II)
COURSE CODE
: ACT 3122
CREDIT HOURS
: 3 (3+0)
TOTAL STUDENT
LEARNING HOURS
: 120 jam per semester
PREREQUISITE
: ACT 3121
LEARNING OUTCOMES
: Students should be able to :
SYNOPSIS
1.
apply in depth the various aspects of company accounts

that relate to accounting and disclosure of financial
information, and advanced issues of asset, liability,
equity, revenue and expense (CTPS)
2.
prepare accounts for selected sectors such as construction

and property development activity (C3, P3)
3.
illustrate advanced issues such as liquidation and capital

reduction and reconstruction (C4)
4.
evaluate optimum accounting method (that comply with

approved accounting standards) in advanced company
issues such as provisions, contingent assets and liabilities
and events after reporting date (C6, A3, TS)
: This course covers financial reporting for companies in

accordance with current reporting framework and financial
reporting for companies under receiverships and are
undergoing winding-up petition.
(Kursus ini merangkumi pelaporan kewangan syarikat
mengikut keperluan rangka pelaporan semasa dan laporan
syarikat yang diletak dibawah penerima dan menjalani proses
penggulungan.)
COURSE CONTENTS
Lecture/Week
L1 (W1)
[3/11/14]
L2 (W2)
[10/11/14]
Contact
Hours
Content
Reference(s)
Topic 1: Accounting Framework and Financial 1) Lazar and Huang (2012): Chapter 1
Accounting and Reporting in Malaysia
2) Tan (2012): Chapter 1
(a) Historical perspectives
3) MFRS 101
(b) Regulatory and accounting standards reporting 4) Balachandran Muniandy and Muhammad
requirements
Jahangir Ali (2012). Development of financial
(c) Present and future direction
reporting environment in Malaysia. Research
in Accounting Regulation, 24, pp. 115125
Financial Information I: Statement of Comprehensive
Income (SOCI)
Topic 2:
(a) Accounting Policies
i) Definition;
ii)
Selection, Application & Consistency;
iii) Changes in accounting policy;
iv) Disclosure.
(b) Accounting estimates
i) Definition;
ii) Changes in accounting estimates;
iii) Disclosure.
1) Lazar and Huang (2012): Chapter 13

2) Tan (2012): Chapter 4 (Sections 4.1 to 4.4)
3) MFRS 108
Topic 3:
(c) Accounting for Errors: Definition & Disclosure
(d) Retrospective and Prospective Adjustment
Lecture/Week
2
Contact
Hours
Content
Reference(s)
Lecture/Week
Contact
Hours
Content
Reference(s)
Financial Information II (REVENUE): Statement of

Comprehensive Income (SOCI)
L3 (W3)
[17/11/14]
Topic 4: Accounting for Revenue

i) Definition;
ii) Measurement;
iii) Recognition;
1. Sales of Goods;
2. Rendering of Services;
3. Interest, Royalties & Dividends.
iv) Disclosure.

3) MFRS 118
Financial Information III (ASSETS): Statement of

Financial Position (SOFP)
Topic 5: Inventories
i) Measurement: Cost / NRV / CoC;
ii) Recognition as an Expense;
iii) Disclosure.
L4 (W4)
[24/11/14]
Lecture/Week
3
Contact
Hours
Topic 6: Construction contracts

i) Combining & Segmenting Const. Contracts;
ii) Measurement: Contract Revenue & Costs;
iii) Variation & Claims;
iv) Recognition: Contract Revenue & Costs;
v) Progress Billings;
vi) Disclosure
Content

3) MFRS 102
2) Tan (2012): Chapter 7 (Section 7.2)
3) MFRS 111
Reference(s)
Lecture/Week
Contact
Hours
Content
Reference(s)
Financial Information IV (ASSETS): Statement of

L5 (W5)
[1/12/14]
Topic 7: Property development activities

i)
Definition;
ii) Land Held for Property Development;
iii) Property Development Costs;
iv) Revenue & Expenses;
v) Unsold completed units;
vi) Disclosure.
1)
2)
3)
4)
Lazar and Huang (2012): Chapter 39

Tan (2012): Chapter 7 (Section 7.3)
MFRS 201
IFRIC 15
Financial Information V (ASSETS): Statement of

L6 (W6)
[8/12/14]
Lecture/Week
Contact
Hours
Topic 8: Accounting for Investment Property

i)
Definition & Classification;
ii) Property held as Operating lease
iii) Recognition & Initial Measurement;
iv) Subsequent Measurement (Cost vs. Fair Value);
v) Transfer (IP PPE)
vi) Disposal;
vii) Disclosure.
Content

3) MFRS 140
Reference(s)
Lecture/Week
Contact
Hours
Content
Reference(s)
Financial Information VI (LIABILITY): Statement of

L7 (W7)
[15/12/14]
Topic 9: Accounting for borrowing costs

i)
Definition;
ii)
Recognition Expense off & Capitalization;
iii)
Disclosure.

3) MFRS 123
Financial Information VII (LIABILITY): Statement of

L8 (W8)
[22/12/14]
Lecture/Week
Contact
Hours
Topic 10: Loan Capital: Bonds, Debentures, Loan

Stocks
i)
Definitions & Comparisons;
ii) Issuance: At Par / Discount / Premium;
iii) Issuance with warrant attachment
iv) Amortisation;
v) Redemption;
vi) Disclosure.
Content
1) Lazar and Tan (2011):

Chapter 2 (Part B);
Chapter 3 (Section 3.3)
Reference(s)
Lecture/Week
Contact
Hours
Content
Reference(s)
Financial Information VIII (LIABILITY): Statement of

L9 (W9)
[29/12/14]
Topic 11: Accounting for lease

i)
Definition & Classification: Finance vs.
Operating;
ii)
Recording: Finance Lease by Lessee & Lessor;
iii)
Recording: Operating Lease by Lessee &
Lessor;
iv)
Manufacturer / Dealer Lessor;
v)
Sale & Lease back;
vi)
Disclosure.

3) MFRS 117
Financial Information IX (LIABILITY): Statement of

L10 (W10)
[5/1/15]
Topic 12: Employee Benefits

i) Short Term benefits;
ii) Post-Employment benefits;
iii) Termination benefits;
iv) Other benefits;
v) Disclosure.

3) MFRS 119
Contact
Hours
Contact
Lecture/Week
Hours
Lecture/Week
Content
Reference(s)
Content
Reference(s)
Financial Information X (LIABILITY): Statement of

Topic 13: Provision, Commitment & Contingency
i)
Definition;
ii)
Recognition;
iii)
Types: Contingent Assets vs. Liability;
iv)
Measurement;
v)
Application in 3-Specific Cases;
vi)
Disclosure.
L11 (W11)
[12/1/15]
Topic 14: Event after reporting period

i)
Definition;
ii)
Events: Adjusting vs. Non-Adjusting;
iii)
Dividends;
iv)
Going Concern status;
v)
Disclosure.

3) MFRS 137

3) MFRS 110
Contact
Hours
Contact
Lecture/Week
Hours
Lecture/Week
Content
Reference(s)
Content
Reference(s)
Financial Information X (LIABILITY): Statement of

L12 (W12)
[19/1/15]
Topic 15: Government Grants & Assistance

i)
Definitions & Comparisons;
ii)
Types: Related to Income vs. Assets;
iii)
Revocation;
iv)
Disclosure

3) MFRS 120
Financial Information X (EQUITY): Statement of

L13 (W13)
[26/1/15]
Topic 16:
(a) Share capital
(b) Reserves
(c) Capital reduction
(d) Capital reconstruction
1) Tan (2012): Chapter 16 (Section 16.1 to

16.5) (For a & b)
2) Lazar and Tan (2011): Chapter 6
(For c & d)
Contact
Hours
Contact
Lecture/Week
Hours
Lecture/Week
L14 (W14)
[2/2/15]
Content
Reference(s)
Content
Reference(s)
Topic 17: Receivership and Liquidation

(a) Receivership vs. Liquidation
(b) Types of liquidation;
(c) Cases Illustration (Malaysia);
i)
Kimlin;
ii) Lim Eng Chuan vs. UMBC;
(d) Statement of affairs and reduction account;
(e) Receipt and payment accounts;
(f) Section 176 of Malaysian Companies Act
Regulatory tool to maximize returns to creditors?
1) Jeter & Chaney (2012): Chapter 10

2) Section 176 of Malaysian Companies Act
ASSESSMENTS
Course Works
Individual Assignment
Group Assignment
Mid-Term Test
5%
20%
25%
Final Exam
50%
See below
See below
Week 7
Date: 15/12/14
7.30PM to 9.30PM
Venue: DKEP 3
Topics: 2 to 7
Individual Assignment
a) Must be hand-written;
b) 1 No. of pages 3;
c) Choose ONE topic, but you MAY consider BOTH;
d) Critically ANALYZE:
i)
Phases of financial reporting evolution in Malaysia;
ii) Factors shaping financial reporting development in
Malaysia.
e) Proper citation a MUST;
f) Maximum reward = 5 Marks;
g) Due Date: Week 5
Group Assignment
a) 1 Members 5;
b) Must be word-processed, Times-New-Roman, Font-12,
Double Spacing;
c) 10 No. of pages 15;
d) Proper citation a MUST;
e) Maximum reward = 20 Marks;
f) Due Date: Week 12
REFERENCES :
10
1.
MAIN: Lazar, J. and Huang, C.C. (2012), Malaysian Financial

Reporting Standards, Revised 3rd edition, McGraw Hill Education,
Kuala Lumpur, Malaysia. (Black Colored Book).
2.
Tan L.T. (2014), Financial Accounting and Reporting in Malaysia,

Vol. 1, 5th edition, CCH Asia, Malaysia
3.
Lazar, J. and Tan, L.L. (2011), Company and Group Financial

Reporting, 7th edition, Pearson: Prentice Hall, Malaysia. (Green
Colored Book).
4.
Jeter, D.C. & Chaney, P.K. (2012), Advanced Accounting, 5th

Edition (International Student Version), John Wiley & Sons, Inc.
Financial Accounting (FA) isnt that difficult. It requires your understanding

on its concepts and later put it into practice. So here is the practice. This
is a group work (Max 5 students) which requires all members to equally
contribute. Follow the instructions below, step by step. [Total marks =
20%]
1.
a) Select ONE accounting standard covered in the course and register
the standard with your lecturer (each group must use different
standard).
b) Choose ONE Malaysian Public Listed Company and register the firm
with your lecturer (each group must use different firm).
c) Assuming that you are the consultant appointed by the Audit
Committee (AC) of the selected firm (in [b] above) and required to
explain the selected accounting standard (in [a] above) in details.
d) Required: Write a report addressing the firms Audit Committee
Chairman covering the following issues:
i) Brief Historical Background of the standard;
ii) Brief description of the standard (structure,
techniques,
disclosure, etc.);
iii) Identification of industry/ies& firm(s) will be affected most by the
standard;
iv) The standards impact on the firms financial statement (SOCI,
SOFP
&SOCiE,
SOCF)
by
providing
hypothetical
demonstration of relevant transactions;

v) Your opinions & suggestions to the AC chairman on the possible
impacts
of
the
standard
on
the
firm
as
whole
(e.g.
Additional/reduction in Human Resource costs, Complexity of

2.
0
reporting, etc.)
Warning:
a. Plagiarism is a serious academic offence. All contents of the
report must be students OWN words and sentences. Anything
(words, sentences and paragraphs) taken from the firms AR or
elsewhere must be properly cited (with page number).
b. All project papers will be screened against applicable software to
check for plagiarism. Report(s) found violating this requirement will
automatically be graded Fail.
11

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COURSE NAME

: INTERMEDIATE FINANCIAL ACCOUNTING II

: 120 jam per semester

: Students should be able to :

apply in depth the various aspects of company accounts

prepare accounts for selected sectors such as construction

illustrate advanced issues such as liquidation and capital

evaluate optimum accounting method (that comply with

: This course covers financial reporting for companies in

1) Lazar and Huang (2012): Chapter 13

Financial Information II (REVENUE): Statement of

Topic 4: Accounting for Revenue

1) Lazar and Huang (2012): Chapter 19

Financial Information III (ASSETS): Statement of

Topic 6: Construction contracts

1) Lazar and Huang (2012): Chapter 11

Financial Information IV (ASSETS): Statement of

Topic 7: Property development activities

Lazar and Huang (2012): Chapter 39

Financial Information V (ASSETS): Statement of

Topic 8: Accounting for Investment Property

1) Lazar and Huang (2012): Chapter 37

Financial Information VI (LIABILITY): Statement of

Topic 9: Accounting for borrowing costs

1) Lazar and Huang (2012): Chapter 23

Financial Information VII (LIABILITY): Statement of

Topic 10: Loan Capital: Bonds, Debentures, Loan

1) Lazar and Tan (2011):

Financial Information VIII (LIABILITY): Statement of

Topic 11: Accounting for lease

1) Lazar and Huang (2012): Chapter 18

Financial Information IX (LIABILITY): Statement of

Topic 12: Employee Benefits

1) Lazar and Huang (2012): Chapter 20

Financial Information X (LIABILITY): Statement of

Topic 14: Event after reporting period

1) Lazar and Huang (2012): Chapter 34

1) Lazar and Huang (2012): Chapter 14

Financial Information X (LIABILITY): Statement of

Topic 15: Government Grants & Assistance

1) Lazar and Huang (2012): Chapter 21

Financial Information X (EQUITY): Statement of

1) Tan (2012): Chapter 16 (Section 16.1 to

Topic 17: Receivership and Liquidation

1) Jeter & Chaney (2012): Chapter 10

MAIN: Lazar, J. and Huang, C.C. (2012), Malaysian Financial

Tan L.T. (2014), Financial Accounting and Reporting in Malaysia,

Lazar, J. and Tan, L.L. (2011), Company and Group Financial

Jeter, D.C. & Chaney, P.K. (2012), Advanced Accounting, 5th

Financial Accounting (FA) isnt that difficult. It requires your understanding

a) Select ONE accounting standard covered in the course and register

demonstration of relevant transactions;

Additional/reduction in Human Resource costs, Complexity of

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