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FAKULTI PERAKAUNANUNIVERSITI TEKNOLOGI MARA
40450, SHAH ALAM
Semester: March 2014
PROGRAM NAME : BACHELOR OF ACCOUNTANCY (HONS)PROGRAM CODE : AC220COURSE NAME : PRINCIPLES AND APPLICATION OF FINANCIALREPORTING STANDARDS 1COURSE CODE : FAR 400LECTURE : 2 hours / weekTUTORIAL : 1 hour / weekLECTURER : 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.
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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 affectorganizations
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 makeorganizational 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 skillsPO11 able to demonstrate leadership skills
CO-PO MATRIX
PO1 PO2 PO3 PO4 PO5 PO6 PO7 PO8 PO9 PO10 PO11
CO1
CO2
CO3
CO4CO5
CO6
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PLAN STRUCTURE
NO WEEK TOPIC CONTACT
HOURS
LECTURE/TUTORIAL
COVERAGE
TOPIC OUTCOME (TO) CO PO LEARNING
MODEL
ASSESSMENT
1 1 INTRODUCTIONTO OBE
Ice breaking
Overview of OBE
Overview of thecourse via lesson planand syllabus contents
Ability to:
Understand the significanceimportant of adopting OBEfor the course.
Recognize programeducational objectives(PEOs).
Recognize program outcomes(POs).
Recognize the courseoutcomes (COs).
Recognize the course topicoutcomes (TOs).
Sharing ofmaterials
and
information
Entrance survey
2 1 & 2 MFRS 116PROPERTY,PLANT ANDEQUIPMENT
5 (3L,2T) Property, plant andequipment
Ability to:.
Define property, plant andequipment
Explain the recognitioncriteria of property, plant andequipment
Determine the initial costs ofproperty, plant andequipment.
Show the relevant accountingentries for the acquisition ofproperty, plant andequipment and disclosure inthe statement of financial
CO1 PO1PO3PO8
Lecture &Tutorial
Quiz 1 & Finalexamination
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position.
Explain the recognitioncriteria of subsequentexpenditure as part of thecarrying value of property,plant and equipment.
Explain the accountingtreatment of subsequentexpenditure and show therelevant accounting entriesand disclosure in thestatement of profit or loss andstatement of financialposition.
Explain the initial
measurement of property,plant and equipment
Explain the accountingtreatment of subsequentmeasurement of property,plant and equipment.
Account for depreciation.
Account for derecognition ofproperty, plant andequipment
Explain the disclosurerequirements of FRS 116 on
property, plant andequipment.
3 2 & 3 MFRS 123BORROWING
COSTS
2 (1L,1T) Borrowing costs Ability to:
Define borrowing costs
Define qualifying expenditure
CO1 PO1PO3PO8
Lecture &Tutorial
Test 1
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Discuss the possibletreatments of borrowing costsincurred in construction ordevelopment of qualifyingassets (commencement,suspension and cessation)
Prepare the relevantaccounting entries anddisclosure in the statement ofprofit or loss and statement offinancial position.
4 3 MFRS 120ACCOUNTING
FORGOVERNMENTGRANTS AND
DISCLOSURE OFGOVERNMENT
ASSISTANCE
2 (1L,1T) Accounting forgovernment grant
Ability to:
Define government grants
Explain the recognitioncriteria of government grants
Discuss the possibleaccounting treatments forgovernment grants
Explain the presentation anddisclosure requirements
CO1 PO1PO3PO8
Lecture &Tutorial
Test 1
5 4 MFRS 5NON-CURRENTASSETS HELD
FOR SALE ANDDISCONTINUED
OPERATION
2 (1L,1T) Non-current assetsheld for sale
Discontinuedoperation
Ability to:
Explain what is non-currentassets held for sale anddiscontinued operation
Explain the criteria to besatisfied before non-currentasset could be classified as
held for saleExplain the measurement of
non-current assets held forsale
Explain the disclosure
CO1 PO1PO3PO8
Test 1
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requirement of non-currentassets held for sale
Explain discontinuedoperation and thepresentation of discontinuedoperations on the face of thestatement of profit or loss
6 4 & 5 MFRS 140INVESTMENT
PROPERTY
3 (2L, 1T)) Investment property Ability to:
Define investment property
Explain examples ofinvestment property
Explain the recognitioncriteria of investmentproperty
Compute the initial cost of
investment propertyDiscuss the initial
measurement of investmentproperty
Discuss the subsequentmeasurement of investmentproperty
Discuss the measurementupon transfer from property,plant and equipment toinvestment property andinvestment property to
property, plant andequipment
Prepare the relevantaccounting entries anddisclosure in the statement of
CO1 PO1PO3PO8
Lecture &Tutorial
Test 2
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profit or loss and statement offinancial position
7 5 & 6 MFRS 136IMPAIRMENT
OF ASSETS
3 (2L, 1T) Impairment of assets
Reversal ofimpairment loss
Ability to:
Define impairment Test for impairment
Determine the impairment
loss for individual assets and
cash-generating unit (CGU)
Determine the reversal ofimpairment loss forindividual assets and thecash-generating unit
Prepare relevant accountingentries and disclosure in the
statement of profit or loss andstatement of financial position
CO1 PO1PO3PO8
Lecture &Tutorial
Test 2
8 6, 7 &8
MFRS 117LEASES
5 (3L, 2T) Finance lease inLessees books
Finance lease inLessors books
Operating lease in thebooks of the lesseeand the lessor
Ability to:
Define leases
Discuss the principle ofsubstance over form inrelation to leases
Distinguish between financelease and operating lease(classification criteria)
Explain the accountingtreatment for finance lease in
the books of the lesseeExplain the accounting
treatment for finance lease inthe books of the lessor
Explain the accounting
CO1 PO1PO3PO8
Lecture &Tutorial
Test 2(excludeprepaid lease)
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Sale and leaseback
Leaseback is a financeleaseBooks of lessee andlessor
treatment for operating leasein the books of the lessee andthe lessor
Discuss the reasons for saleand leaseback
Explain the accountingtreatment for sale andleaseback when the leasebackis a finance lease
Explain the accountingtreatment in the books of thelessee and the lessor
Explain the accountingtreatment for sale and
leaseback when leaseback isan operating lease
Finalexamination
9 8 & 9 MFRS 138INTANGIBLES
4 (2L,2T)) Intangible assets
Internally generatedintangible assets
Research andDevelopment
Ability to:
Define intangible assets
Explain examples ofintangible assets
Discuss the recognitioncriteria of intangible assets
Determine the initial cost ofintangible assets
Determine the initialmeasurement of intangible
assetsAssess whether the intangible
assets has a finite or indefiniteuseful life.
Test for impairment
CO1 PO1PO3PO8
Lecture &Tutorial
Finalexamination
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Explain the subsequentmeasurement of intangibleassets that have definite lifeand indefinite life
Explain the accountingtreatment for research anddevelopment
Show relevant entries forintangible assets
Explain the disclosurerequirements of intangibleassets
10 9 & 10 MFRS 108ACCOUNTING
POLICIES,CHANGES IN
ACCOUNTINGESTIMATES AND
ERRORS
3 (2L,1T) Changes inaccounting policies
Changes in
accounting estimates Prior period error
Ability to:
Define accounting policies,accounting estimates and
errors Explain the accounting
treatment for changes inaccounting policies andchanges in accountingestimates
Explain the accountingtreatment for prior perioderror
Explain why changes inaccounting policies and errorsaffect the statement of
changes in equity (RetainedProfit) but not changes inaccounting estimates
Show the relevant entries inthe journal , ledger, statement
CO2 PO1PO3PO8
Lecture &Tutorial
Finalexamination(include all
MFRSs withinFAR 400syllabus)
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of profit or loss and statementof financial position
Explain the disclosurerequirement
11 10&11 MFRS 137PROVISIONS,CONTINGENT
LIABILITIES ANDCONTINGENT
ASSETS
3 (2L,1T) Provisions
Contingent liabilities
Contingent assets
Onerous contract
Future operatinglosses
Restructuring
Ability to:
Define provisions
Define contingent liability
Distinguish betweenprovision and contingentliability
Explain the differencebetween provision andliability
Explain the recognition ofprovision that give rise to
liabilityExplain the accounting
treatment for provision andcontingent liability
Define contingent assets
Explain the recognition ofcontingent liability andcontingent asset
Explain the accountingtreatment for contingentassets, onerous contract,future operating losses and
restructuring Explain the disclosure
requirement
CO2 PO1PO3PO8
Lecture &Tutorial
Finalexamination
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12 11&12 MFRS 121FOREIGN
CURRENCYTRANSACTIONS
2 (1L,1T) Foreign currencytransactions
Ability to:
Explain foreign currencytransactions and relevant rateused
Compute difference onexchange and its accountingtreatment in the statement ofprofit or loss and statement offinancial position
Show the relevant entries forforeign currency transactionsin the journal ledger,statement of profit or lossand statement of financialposition
CO2 PO1PO3PO8
Lecture &Tutorial
Finalexamination
13 12, 13& 14
MFRS 101PREPARATIONOF FINANCIALSTATEMENTS
FORPUBLICATION
8 (4L& 4T)
Preparation offinancial statementsin compliance withMFRS 101 and theMalaysianCompanies Act 1965
Adjustments tofinancial statementsbased on all MFRSsabove.
Ability to:Prepare Statement of Profit or
loss
Prepare Statement of Changesin Equity
Prepare Statement ofFinancial Position
Prepare notes to the financialstatements
Calculate and interpret thefollowing ratios based on theannual reports:
o Performance ratioso Liquidity ratios
o Valuation ratioso Analysis of capital
structure
CO3CO4CO5
PO1PO2PO3PO4PO8PO9PO11
Lecture &Tutorial Finalexamination
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Statement of CashFlows in compliancewith MFRS 107
Prepare Statement of CashFlows using direct method
Reconciliation of cash flowsfrom operation with the netprofit for the period
Prepare Statement of CashFlows using indirect method
Quiz 2 & Finalexamination
Exit survey