Lesson Plan Obe Far400 - March 2014 NZ

New format for OBE-SCL Lesson Plan March 2014
Lesson plan/far400/March 2014 Page 1

FAKULTI PERAKAUNAN
UNIVERSITI TEKNOLOGI MARA
40450, SHAH ALAM

Semester: March 2014

PROGRAM NAME : BACHELOR OF ACCOUNTANCY (HONS)
PROGRAM CODE : AC220
COURSE NAME : PRINCIPLES AND APPLICATION OF FINANCIALREPORTING STANDARDS 1
COURSE CODE : FAR 400
LECTURE : 2 hours / week
TUTORIAL : 1 hour / week
LECTURER : MADAM NIK ZAM NIK WAN / ROOM NO: D4-35 / CONTACT NO: 013-3824527

COURSE OUTCOMES

CO1 Explain the relevant requirements of financial reporting standards pertaining to non-current assets: property, plant and equipment,
investment property, leases, intangible assets, non-current assets held for sale and impairment.
CO2 Explain the relevant requirements of financial reporting standards pertaining to reporting performance of an enterprise: changes in
accounting policies, changes in accounting estimates and errors, provisions and contingencies and the effects of foreign currency
transactions.
CO3 Apply the financial reporting standards in preparing financial statements for public companies including discontinued operation.
CO4 Prepare the annual financial statements for publication purpose. These include statement of financial position, statement of
comprehensive income, statement of changes in equity, statement of cash flows and notes to the financial statements.
CO5 Evaluate the financial position and performance of companies.


CO6 Critically discuss the ethical issues in financial reporting process
PROGRAM OUTCOMES

PO1 able to apply knowledge and understanding of accounting and other business applications in an organization
PO2 able to prepare financial statements in accordance with approved accounting standards and report socio-economic events which affect
organizations
PO3 able to prepare tax return, provide tax consultation and perform audits for business entities using appropriate technologies
PO4 able to use and evaluate information technologies and systems for the attainment of organizational objectives
PO5 able to provide, interpret, evaluate and critically analyze financial and non-financial information in assisting management to make
organizational decisions
PO6 able to communicate effectively, both written and verbal
PO7 able to work collaboratively in a team to serve stakeholders' interests
PO8 able to demonstrate behavior consistent with professional ethics and social responsibility
PO9 able to engage information management, demonstrate a commitment to life-long learning and professional development
PO10 able to demonstrate entrepreneurial skills
PO11 able to demonstrate leadership skills

CO-PO MATRIX

PO1 PO2 PO3 PO4 PO5 PO6 PO7 PO8 PO9 PO10 PO11
CO1

CO2

CO3

CO4

CO5

CO6



PLAN STRUCTURE
NO WEEK TOPIC CONTACT
HOURS
LECTURE/TUTORIAL
COVERAGE
TOPIC OUTCOME (TO) CO PO LEARNING
MODEL
ASSESSMENT

1 1 INTRODUCTION
TO OBE

Ice breaking
Overview of OBE
Overview of the
course via lesson plan
and syllabus contents

Ability to:
Understand the significance
important of adopting OBE
for the course.
Recognize program
educational objectives
(PEOs).
Recognize program outcomes
(POs).
Recognize the course
outcomes (COs).
Recognize the course topic
outcomes (TOs).

Sharing of
materials
and
information

Entrance survey
2 1 & 2 MFRS 116
PROPERTY,
PLANT AND
EQUIPMENT
5 (3L,2T) Property, plant and
equipment

Ability to:.
Define property, plant and
equipment
Explain the recognition
criteria of property, plant and
equipment
Determine the initial costs of
property, plant and
equipment.
Show the relevant accounting
entries for the acquisition of
property, plant and
equipment and disclosure in
the statement of financial
CO1

PO1
PO3
PO8
Lecture &
Tutorial
Quiz 1 & Final
examination



position.
criteria of subsequent
expenditure as part of the
carrying value of property,
plant and equipment.
Explain the accounting
treatment of subsequent
expenditure and show the
relevant accounting entries
and disclosure in the
statement of profit or loss and
statement of financial
position.
Explain the initial
measurement of property,
plant and equipment
treatment of subsequent
measurement of property,
plant and equipment.
Account for depreciation.
Account for derecognition of
property, plant and
equipment
Explain the disclosure
requirements of FRS 116 on
property, plant and
equipment.
3 2 & 3 MFRS 123
BORROWING
COSTS
2 (1L,1T) Borrowing costs

Ability to:
Define borrowing costs
Define qualifying expenditure
CO1 PO1
PO3
PO8
Lecture &
Tutorial

Test 1



Discuss the possible
treatments of borrowing costs
incurred in construction or
development of qualifying
assets (commencement,
suspension and cessation)
Prepare the relevant
accounting entries and
disclosure in the statement of
profit or loss and statement of
financial position.

4

3

MFRS 120
ACCOUNTING
FOR
GOVERNMENT
GRANTS AND
DISCLOSURE OF
GOVERNMENT
ASSISTANCE
2 (1L,1T)

Accounting for
government grant

Ability to:
Define government grants
criteria of government grants
Discuss the possible
accounting treatments for
government grants
Explain the presentation and
disclosure requirements
CO1 PO1
PO3
PO8
Lecture &
Tutorial
Test 1

5 4 MFRS 5
NON-CURRENT
ASSETS HELD
FOR SALE AND
DISCONTINUED
OPERATION

2 (1L,1T) Non-current assets
held for sale
Discontinued
operation

Ability to:
Explain what is non-current
assets held for sale and
discontinued operation
Explain the criteria to be
satisfied before non-current
asset could be classified as
held for sale
Explain the measurement of
non-current assets held for
sale
CO1 PO1
PO3
PO8
Test 1



requirement of non-current
assets held for sale
Explain discontinued
operation and the
presentation of discontinued
operations on the face of the
statement of profit or loss
6

4 & 5

MFRS 140
INVESTMENT
PROPERTY
3 (2L, 1T))

Investment property

Ability to:
Define investment property
Explain examples of
investment property
criteria of investment
property
Compute the initial cost of
investment property
Discuss the initial
measurement of investment
property
Discuss the subsequent
measurement of investment
property
Discuss the measurement
upon transfer from property,
plant and equipment to
investment property and
investment property to
property, plant and
equipment
Prepare the relevant
accounting entries and
disclosure in the statement of
CO1

PO1
PO3
PO8

Lecture &
Tutorial

Test 2



financial position
7 5 & 6 MFRS 136
IMPAIRMENT
OF ASSETS
3 (2L, 1T) Impairment of assets
Reversal of
impairment loss
Ability to:
Define impairment
Test for impairment
Determine the impairment
loss for individual assets and
cash-generating unit (CGU)
Determine the reversal of
impairment loss for
individual assets and the
cash-generating unit
Prepare relevant accounting
entries and disclosure in the
statement of profit or loss and
statement of financial position
CO1

PO1
PO3
PO8

Lecture &
Tutorial

Test 2

8 6, 7 &
8
MFRS 117
LEASES
5 (3L, 2T)

Finance lease in
Lessees books
Finance lease in
Lessors books
Operating lease in the
books of the lessee
and the lessor

Ability to:
Define leases
Discuss the principle of
substance over form in
relation to leases
Distinguish between finance
lease and operating lease
(classification criteria)
treatment for finance lease in
the books of the lessee
treatment for finance lease in
the books of the lessor
CO1

PO1
PO3
PO8

Lecture &
Tutorial
Test 2
(exclude
prepaid lease)



Sale and leaseback
Leaseback is a finance
lease
Books of lessee and
lessor

treatment for operating lease
in the books of the lessee and
the lessor

Discuss the reasons for sale
and leaseback
treatment for sale and
leaseback when the leaseback
is a finance lease
treatment in the books of the
lessee and the lessor
treatment for sale and
leaseback when leaseback is
an operating lease

Final
examination
9 8 & 9 MFRS 138
INTANGIBLES
4 (2L,2T)) Intangible assets
Internally generated
intangible assets
Research and
Development

Ability to:
Define intangible assets
Explain examples of
intangible assets
Discuss the recognition
criteria of intangible assets
Determine the initial cost of
intangible assets
Determine the initial
measurement of intangible
assets
Assess whether the intangible
assets has a finite or indefinite
useful life.
Test for impairment
CO1 PO1
PO3
PO8
Lecture &
Tutorial

Final
examination



Explain the subsequent
measurement of intangible
assets that have definite life
and indefinite life
treatment for research and
development
Show relevant entries for
intangible assets
requirements of intangible
assets
10 9 & 10

MFRS 108
ACCOUNTING
POLICIES,
CHANGES IN
ACCOUNTING
ESTIMATES AND
ERRORS
3 (2L,1T) Changes in
accounting policies
Changes in
accounting estimates
Prior period error

Ability to:
Define accounting policies,
accounting estimates and
errors
treatment for changes in
accounting policies and
changes in accounting
estimates
treatment for prior period
error
Explain why changes in
accounting policies and errors
affect the statement of
changes in equity (Retained
Profit) but not changes in
accounting estimates
Show the relevant entries in
the journal , ledger, statement
CO2 PO1
PO3
PO8
Lecture &
Tutorial

Final
examination
(include all
MFRSs within
FAR 400
syllabus)



of profit or loss and statement
of financial position
requirement
11

10&11

MFRS 137
PROVISIONS,
CONTINGENT
LIABILITIES AND
CONTINGENT
ASSETS
3 (2L,1T) Provisions
Contingent liabilities
Contingent assets
Onerous contract
Future operating
losses
Restructuring

Ability to:
Define provisions
Define contingent liability
Distinguish between
provision and contingent
liability
Explain the difference
between provision and
liability
Explain the recognition of
provision that give rise to
liability
treatment for provision and
contingent liability
Define contingent assets
Explain the recognition of
contingent liability and
contingent asset
treatment for contingent
assets, onerous contract,
future operating losses and
restructuring
requirement
CO2 PO1
PO3
PO8
Lecture &
Tutorial

Final
examination



12 11&12 MFRS 121
FOREIGN
CURRENCY
TRANSACTIONS

2 (1L,1T) Foreign currency
transactions
Ability to:
Explain foreign currency
transactions and relevant rate
used
Compute difference on
exchange and its accounting
treatment in the statement of
financial position
Show the relevant entries for
foreign currency transactions
in the journal ledger,
statement of profit or loss
and statement of financial
position
CO2 PO1
PO3
PO8
Lecture &
Tutorial
Final
examination

13 12, 13
& 14
MFRS 101
PREPARATION
OF FINANCIAL
STATEMENTS
FOR
PUBLICATION
8 (4L& 4T) Preparation of
financial statements
in compliance with
MFRS 101 and the
Malaysian
Companies Act 1965
Adjustments to
financial statements
based on all MFRSs
above.

Ability to:
Prepare Statement of Profit or
loss
Prepare Statement of Changes
in Equity
Prepare Statement of
Financial Position
Prepare notes to the financial
statements
Calculate and interpret the
following ratios based on the
annual reports:
o Performance ratios
o Liquidity ratios
o Valuation ratios
o Analysis of capital
structure
CO3
CO4
CO5
PO1
PO2
PO3
PO4
PO8
PO9
PO11
Lecture &
Tutorial
Final
examination



Statement of Cash
Flows in compliance
with MFRS 107

Prepare Statement of Cash
Flows using direct method
Reconciliation of cash flows
from operation with the net
profit for the period
Prepare Statement of Cash
Flows using indirect method
Quiz 2 & Final
examination

Exit survey

Lesson Plan Obe Far400 - March 2014 NZ

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New format for OBE-SCL Lesson Plan March 2014

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