UNIVERSITI UTARA MALAYSIA COLLEGE OF BUSINESS SCHOOL OF ACCOUNTING _____________________________________________________________________ SEMESTER : SECOND SEMESTER-A112-2011/2012 COURSE : SPECIALISED FINANCIAL ACCOUNTING

(BKAF 3093) PRE-REQUISITE : F !"!# "$ A##%&!' !( "!) R*+%,' !( III (BKAF 30-3) LECTURER : ASSOCIATE PROFESSOR DR A./AR ABDUL RA/MAN EMAIL : "0&1",2034"5%%6#%7 _______________________________________________________________________ 160 S8NOPSIS This course will focus on financial accounting for various specialised industries which is divided into two categories, production based and service based industries. Due to the nature of their activities, most of the specialised industries are governed by various acts and guidelines, apart from the approved accounting standards. There for, the important aspects covered in this course include the application of related standards, guidelines and acts and their effects on the financial statements and reports. Emphasis will also be given to accounting issues related to the specific industries. 260 OB9ECTI:ES Upon completion of the course, students are expected to: 1. Understand the nature of specialised industries with different activities and re uirements. !. Understand accounting issues related to each of the specialised industries. ". Understand how to disclose items in the financial statements according to the accounting standards, acts and guidelines of different industries. 360 REFERENCES M" ! R*;*,*!#*<: 1. #ccountants$ %eport %ules 1&&' !. (enderson, )., *eirson, +., and (erbohn, ,. -!''./, Issues in Financial Accounting, 1"th ed., 0renchs 0orest, 1.).2: *earson Education #ustralia. ". Tan 3. T.-!'1!/, Financial Accounting & Reporting in Malaysia , 4olume 1, ,uala 3umpur: *rofessional #dvancement #chievement 5entre.

6. Tan 3. T.-!'1!/, Financial Accounting & Reporting in Malaysia , 4olume !, ,uala 3umpur, *rofessional #dvancement #chievement 5entre. 7. 2an 0ad8ilah 2an 9usoff, ,u 1or :8ah ,u :smail -!'1'/, ;;)#61'" )pecialised 0inancial #ccounting, ,uala 3umpur: <pen University =alaysia.

A)) ' %!"$ R*;*,*!#*<: 1. ;an>ing and 0inancial :nstitutions #ct 1&.& and %egulations -#ct "?!/ !. ;ulletin @: #uditor$s %eport on 0inancial )tatements *ublished in the *rint =edia by 0inancial :nstitutions. ". 5oAoperatives #ct 1&&" -#ct 7'!/ 6. 5ompanies #ct 1&@7, ,uala 3umpur: :3;). 7. +uidelines on Unit Trust 0und, )ecurities 5ommission issued on "rd =arch !''.. -http:BBwww.mia.org.myBdeptBtechnicalBotherCareaBcircularsB!''.B'"B'7BunitCt rustCfund.pdf/ -0or Topic &/. @. :nsurance #ct 1&." -#ct #76@/ ?. )ecurities 5ommission #ct 1&&6 .. :slamic ;an>ing #ct 1&." &. 3egal *rofession #ct 1&?@
1'. =alaysian #ccounting )tandards ;oard, 0%) 1"!: 0inancial :nstruments:

*resentation, ,uala 3umpur, =#);. 11. =alaysian #ccounting )tandards ;oard, =0%) 111: #ccounting for 5onstruction 5ontracts, ,uala 3umpur: =#);. 1!. =alaysian #ccounting )tandards ;oard, =0%) 161: #griculture, ,uala 3umpur: =#);. 1". =alaysian #ccounting )tandards ;oard, 0%) !'1!''6: #ccounting for *roperty Development, ,uala 3umpur: =#);. 16. =alaysian #ccounting )tandards ;oard, 0%) !'!!''6: +eneral :nsurance ;usiness, ,uala 3umpur: =#);.

17. =alaysian #ccounting )tandards ;oard, 0%) !'6!''6: #ccounting for # uaculture, ,uala 3umpur, =#);.
1@. =alaysian #ccounting )tandards ;oard, =0%) @: Exploration for and

Evaluation of =ineral %esources, ,uala 3umpur, =#);. 1?. )ecurities 5ommissions #ct 1&&" 1.. )ecurities :ndustry #ct 1&.? -#ct #@@1/ 1&. )olicitor$s #ccounts %ules 1&&' !'. Ta>aful #ct 1&.6 !1. Technical ;ulletin @: #uditor$s %eport on 0inancial )tatements *ublished in the *rint =edia by 0inancial :nstitutions. =60 MET/OD OF INSTRUCTION 6.1 3ectures 6.! Discussion 6." +roup proDects 6.6 Tutorials >60 ASSESSMENT 5ourse wor>E 0inal Exam -comprehensive/ 6'F @'F CCCC Total 1''F GGGG E-=id Term Test 1'F, *roDect *aper !'F and assignments 1'F/ /OURS REFERENCES 6.7 5hapter @H?A2an 0ad8ilah H ,u 1or :8ah -2,/ =0%) 161: #griculture I 0%) !'6!''6: #ccounting for # uaculture " 5hapter .A2, 0%) !'1!''6: #ccounting for *roperty Development

-60 COURSE CONTENT NO6 TOPICS 1 1.' A##%&!' !( ;%, A(, #&$'&,* "!) A?&"#&$'&,* 1.1 :ntroduction 1.! %evenue %ecognition 1." %elated :ssues 1.6 Disclosures in 0inancial )tatements ! 260 A##%&!' !( ;%, P,%+*,'4 D*@*$%+7*!' 261 !.! !." !.6 :ntroduction %ecognition of %evenue and 5osts *roperty Development 5osts 3and (eld for *roperty Development "

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!.7 4aluation of Unsold 5ompleted Units !.@ Disclosures in 0inancial )tatements A 360 A##%&!' !( ;%, C%!<',&#' %! C%!',"#'< ".1 :ntroduction ".! Types of 5onstruction 5ontracts ".! :nterrelated 5onstruction 5ontract
3.2 5ontract %evenue

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5hapter &A 2, =0%) 111: #ccounting for 5onstruction 5ontracts

".7 5ontract 5osts ".@ %ecognition of 5ontract %evenue and 5osts Di ".? Disclosures in 0inancial )tatements 6. =60 A##%&!' !( ;%, O $ "!) G"< I!)&<',4 6.7 5hapter 1'A 2, =0%) @: Exploration for and Evaluation of =ineral %esources

6.1 :ntroduction 6.! #ccounting :ssues in the :ndustry 6." Types of Expenditures 6.6 #ccounting for 5apital Expenditure and #mortisation =ethods 6.7 :nventory 4aluation 6.@ 3and %ecovery 6.? Disclosures in 0inancial )tatements 7.
5.0 A##%&!' !( ;%, L*("$ F ,7<

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5hapter 7A 2, )olicitor$s #ccounts %ules 1&&' 3egal *rofession #ct 1&?@

:ntroduction %elated 3aws and +overning ;odies %ecords to Differentiate the Trust =oney :ssues %egarding Uncollected 5osts and 5hanges from 5ash ;asis to #ccrual ;asis 7.7 Disclosures in 0inancial )tatements
7.1 7.! 7." 7.6

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6.0 A##%&!' !( ;%, F !"!# "$ I!<' '&' %!< @.1 @.! @." @.6 @.7 @.@

6.7

5hapter 1A 2, ;#0:# 1&.& -#ct "?!/ :slamic #ct 1&." ;an>ing

:ntroduction #ccounting for #ssets #ccounting for 3iabilities #ccounting for %evenues and Expenses Disclosures in 0inancial )tatements <verview of :slamic ;an>ing in =alaysia @

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260 A##%&!' !( ;%, '5* G*!*,"$ I!<&,"!#* B&< !*<< ?.1 :ntroduction ?.! #ccounting for :nvestments ?." #ccounting for *remiums ?.6 #ccounting for 5laims 6

5hapter !A 2, :nsurance #ct 1&&@ -#ct #ct 77"/ =0%) 6: :nsurance 5ontracts

?.7 #ccounting for %eA:nsurance ?.@ Disclosures in 0inancial )tatements ?.? <verview of Ta>aful in =alaysia .. A60 A##%&!' !( ;%, S'%#B B,%B !( F ,7< ..1 :ntroduction ..! ;odies %egulating )toc> ;ro>ing 0irms .." 0unctions of )toc> ;ro>ing 0irms ..6 Transaction )ystem ..7 *reparation of #ccounting %ecords ..@ :nvestigation of the %ecords ..? *reparation of %eports ... Disclosures in 0inancial )tatements &.' A##%&!' !( ;%, U! ' T,&<'< &.1 :ntroduction &.! Difference ;etween :nvestment in Unit Trusts and )ecurity =ar>ets 963 A)@"!'"(*< "!) D <")@"!'"(*< %; U! ' T,&<'< 96= U! ' T,&<'< :"$&"' %! " 5hapter "A 2, )ecurities 5ommission 1&&6

#ct

)ecurities :ndustry #ct 1&.? -#ct #@@1/ " 5hapter 6A 2, 0%) 1"!: 0inancial :nstruments: *resentationI +uidelines on Unit Trust 0und, )ecurities 5ommission issued on "rd =arch !''.. 3ecture notes 5oAoperatives #ct 1&&" -#ct 7'!/ :5!

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1'

1060 1'.1 1'.! 1'."

A##%&!' !( ;%, C%-%+*,"' @*< :ntroduction %elated :ssues, %ules and %egulations Disclosures in 0inancial )tatements

6.7

11

1160 A##%&!' !( ;%, N%!-P,%; ' O, *!'*) (NPO) O,("! 1"' %!< 11.1 :ntroduction 11.! Difference between 1*< <rgani8ations and *rofit <riented <rgani8ations 11." #ccounting :ssues and 0inancial %eports for 1onA)elfA)ustained 1*< <rgani8ations 11." #ccounting :ssues and 0inancial reports for )elf sustained 1*< <rgani8ations

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3ecture notes