ASSIGNMENT CASE STUDY & GUIDELINES

ACC61204 CORPORATE REPORTING: ASSIGNMENT CASE STUDY & GUIDELINES
Group Assignment Written Report
Due date: 4 p. m. on 31 May 2022 (Tuesday)
Length: 3,000 words (exclude checklist and references)
Weighting: 25%
This assignment must be submitted in a group of 3 to 4 students. The aim of the group assignment is to develop
your critical evaluation skills, apply knowledge on international financial reporting standards and provide
solutions to accounting and financial technology-related issues.
MFRS 3 Business Combinations requires that an acquirer must be identified regardless of the form of the
combination. In some business combinations involving exchanges of equity shares a subsidiary may be
identified as the acquirer; in which case the acquirer applies reverse acquisition accounting principles.
MFRS 3 also brings about significant changes to the practice on business combinations. Non-controlling
interests (NCI) may now be measured at acquisition-date fair value and hence goodwill on combination
includes a portion attributable to the NCI. For a step-acquisition, the revised standard requires a
re-measurement of any previously held equity stake with a change in value recognised in profit or loss. It
also requires recycling of components of other comprehensive income to profit or loss.
MFRS 10 Consolidated Financial Statements introduces a single control model to identify a parentsubsidiary relationship. The new control model is a qualitative model based on the three elements of power,
returns and the link between power and returns. An investee may be identified as a subsidiary even if the
investor holds little or no equity interest in the investee. Also, a disposal or decrease in stake that does not
result in a loss of control can no longer be treated as a deemed disposal. Losses are attributed to the noncontrolling interest (NCI) even if the attribution results in a debit NCI in the statement of financial position.
Required:
Each group will be provided with TWO (2) companies that are currently listed in Bursa Malaysia and
evaluate the companies’ annual reports based on the prescriptions of
MFRS 3 and MFRS 10.
1.0 Introduction
An introduction must be provided at the beginning of the report to summarize the structure of the following
sections of the report/assignment and define the scope of assignment, background of the selected
companies and background of the two MFRS.

2.0 Executive Summary
Please provide a one-page executive summary of main issues, findings and conclusion.
3.0 Content of Report
Section A
Complete the following two (2) checklists of
Malaysian Financial Reporting Standards (MFRS) with
reference to:
a. MFRS 3 Business Combinations
This checklist addresses MFRS 3. MFRS 3 prescribes the accounting treatment for business combinations.
A business combination is a transaction or other event in which an acquirer obtains control of one or more
businesses (e.g., through mergers, acquisitions or the acquisition of assets).
b. MFRS 10 Consolidated Financial Statements
This section of the checklist addresses the accounting requirements of MFRS 10, which prescribes the
accounting principles for the presentation and preparation of consolidated financial statements where an
entity controls one or more other entities. The primary objectives of
MFRS 10 are:
(i) define the principle of control, and establish control as the basis for consolidation in the consolidated
financial statements,
(ii) set out requirements on how to apply the principle of control
(iii) set out the accounting requirements for the preparation of consolidated financial statements and
(iv) defines an investment entity and sets out an exception to consolidating particular subsidiaries of an
investment entity.
You are required to complete the left-hand column of each checklist by identifying the relevant MFRS and
its corresponding paragraph number. For example;
MFRS 3 para 6
For the right-hand column, you are required to state which note to the accounts discloses this information
by indicating the note to the accounts number and page number of the annual report.
(For example: Note 37 to the accounts, page 275).
Section B
1. Critically discuss how cloud technology and one other financial technology tool that can be used
by the above two companies to improve accounting quality in the published financial statements of
public listed companies in Malaysia.

2. Please refer to the checklists and highlight to what extent each of the selected company has
complied with the above standards. You are required to critically discuss the checklists, using
personal views and display understanding of accounting standards.
Accounting disclosure checklist- MFRS 3 Company name:

MFRS
Reference
No
Business Combinations-MFRS 3 Reference for
(
name of the
selected company
)
Reference for
(
name of the
selected company)
Purpose This section of the questionnaire addresses
MFRS 3. MFRS 3 prescribes the accounting
treatment for business combinations. A
business combination is a transaction or other
event in which an acquirer obtains control of one
or more businesses (e.g., through mergers,
acquisitions or the acquisition of assets).
Yes/No/ N/A
Notes to the
financial statements
number in the
annual report.
(See note below)
E.g., MFRS 3:6 Has an acquirer been identified in all business
combinations?
Yes, Note 37(a),
(b),(c) of page 275
and 276
Q1 A business combination is defined as a
transaction or other event in which an acquirer
obtains control of one or more businesses. Has
the reporting entity acquired any subsidiary
during the reporting period?
Yes, Note 37 of
page 276
Q2 Has each business combination within the
scope of MFRS 3 been accounted for by
applying the acquisition method?
Q3 Has the entity as of the acquisition date
recognised, separately from goodwill, the
identifiable assets acquired, the liabilities
assumed and any non-controlling interest in the
acquiree?
Q4 Has the acquirer measured the identifiable
assets acquired and the liabilities assumed at
their acquisition-date fair values?
Q5 Has the acquirer chosen to measure any non
controlling interest in the acquiree at fair value
or at the non-controlling interest’s proportionate
share of the acquiree’s identifiable net assets at
the acquisition date?
Q6 Is the acquisition date determined, as the date
on which the entity obtained control of the
acquiree?
Q7 Does the net of the acquisition-date amount of
the identifiable assets acquired and the
liabilities assumed measured in accordance
with MFRS 3 exceed the aggregate of the
consideration transferred?

 

If yes, has the entity recognised the resulting
gain of a bargain purchase in profit or loss on
the acquisition date?

Yes – Indicates compliance with MFRS,
No – Indicates non-compliance with MFRS,
NA – indicates the company does not have this transaction
Accounting disclosure checklist- MFRS 10 Company name:

Num
ber
MFRS
Reference
No
Consolidated Financial Statements – MFRS 10 Reference for
(
name of the
selected
company
)
Reference for
(
name of the
selected
company
)
Purpose This section of the checklist addresses the accounting
requirements of MFRS 10
Consolidated Financial
Statements
, which prescribes the accounting
principles for the presentation and preparation of
consolidated financial statements where an entity
controls one or more other entities. The primary
objectives of MFRS 10 are to (a) define the principle
of control and establish control as the basis for
consolidation in the consolidated financial statements,
(b) set out requirements on how to apply the principle
of control (c) set out the accounting requirements for
the preparation of consolidated financial statements
and (d) defines an investment entity and sets out an
exception to consolidating particular subsidiaries of an
investment entity.
Q1 Does the reporting entity ‘control’ one or more entities
during or at the end of the reporting period?
Q2 Does the reporting entity have power over an
investee?
Q3 Did the reporting entity prepare and present
consolidated financial statements?
If, no. Is this justified on the basis that all of the
following conditions have been met?
I. the parent is itself a wholly owned
subsidiary, or is a partially-owned subsidiary
of another entity and its other owners,
including those not otherwise entitled to
vote, have been informed about, and do not
object to, the parent not presenting
consolidated financial statements;
II. the parent’s debt or equity instruments are
not traded in a public market (a domestic or
foreign stock exchange or an over-the
counter market, including local and regional
markets);
III. the parent did not file, nor is it in the process
of filing, its financial statements with a
securities commission or other regulatory

 

organisation for the purpose of issuing any
class of instruments in a public market; and
IV. its ultimate or any intermediate parent
produces consolidated financial statements
available for public use comply with MFRS?
Q4 Has the reporting entity prepared consolidated
financial statements using uniform accounting policies
for like transactions and other events in similar
circumstances?
Q5 Has the reporting entity begun the consolidation from
the date the reporting entity / investor obtained control
of the investee and cease when the reporting entity /
investor lost control over the investee?
Q6 Do the reporting entity and its subsidiary companies
have the same reporting date?
Q7 If a member of the group uses accounting policies
other than those adopted in the consolidated financial
statements for like transactions and events in similar
circumstances, have appropriate adjustments been
made to that group member’s financial statements in
preparing the consolidated financial statements to
ensure conformity with the group’s accounting
policies?
Q8 Has the parent presented non-controlling interests in
the consolidated statement of financial position within
equity, separately from the equity of the owners of the
parent?
Q9 Does a subsidiary have outstanding cumulative
preference shares that are held by non-controlling
interests and classified as equity?
Q10 If the reporting entity loses control of a subsidiary:
Has the reporting entity derecognised the assets
(including any goodwill) and liabilities of the subsidiary
at their carrying amounts at the date when control is
lost?
Q11 Is the entity applying MFRS 10 for the first time?
If yes, has the reporting entity applied MFRS 10
retrospectively in accordance with MFRS 108
Accounting Policies, Changes in Accounting
Estimates and Errors
, except as specified in
paragraphs C2A–C6 of MFRS 10?

Yes – Indicates compliance with MFRS,
No – Indicates non-compliance with MFRS,
NA – indicates the company does not have this transaction

ASSIGNMENT GUIDELINES
Objectives
After graduation you will be required to apply the knowledge you gained at university and keep up-to date
with developments in your field of expertise. This assignment has been set to develop your ability to do this.
The purpose of this assignment is to apply aspects of corporate reporting, give you experience in working
collaboratively and develop your analytical and communication skills.
Presentation of Assignment
The assignment must be presented in a formal business report format. You are expected to present the
report neatly and organize the report in a manner that allows the reader understands your discussions.
Your report should include the following:
Cover Sheet
Feedback Form
Turnitin Report
Body of the report (as above)
Reference List
Appendices (if any)
Your assignment must be prepared in at least 1 ½ line spacing on single sided page with 1 inch left and
right margins, and 1-inch top and bottom margins. The font size for the characters must be at least 11
(Arial).
Length of the Assignment
The report should not exceed 3,000 words (excluding appendices and references).
Referencing and Plagiarism
You need to ensure that you comply with Harvard referencing conventions in preparing this assignment
and that plagiarism is not an issue. You are expected to adhere to high standards of academic integrity
and all assignments submitted for this module may be checked for plagiarism using text comparison
software, such as Turnitin in TIMeS, and other means.
It is your responsibility, if unsure, to make sure you understand plagiarism, so that you do not present any
assessment containing plagiarism. Plagiarism is regarded as a serious issue within the university system
with severe consequences for students who have been found to have plagiarized.
Subject to any specific requirements of external validating or professional bodies, where a student is found
to have committed an assessment offence a decision must be taken either to take no further action or to
impose an appropriate penalty which may include failing the student and determining whether or not the
student will be permitted another assessment attempt.
Where it is decided that penalty is to be imposed, the penalty could include one of the following:
a) the mark for the assignment be reduced; or
b) the mark awarded for the assignment be reduced to zero; or
c) the student be deemed to have failed the module, and is not permitted for another assessment attempt
for the module.

Submission of Assignment
Students are expected to present a paper of professional quality. Prior to submission of the assignment,
check to ensure that at the very least all aspects of the requirements have been addressed, and that there
are no spelling and grammatical errors.
Only one assignment should be submitted. Please ensure that the assignment is submitted together with
the assignment cover sheet (with the correct student ID and name) on the assignment cover sheet.
Late Submission of Assignment
Assignments submitted within 24 hours after the published deadline will be penalized as below:
a) A mark of more than 50% for the assignment will be reduced to 50%. This reduced mark will be used
in the calculation of the overall module mark;
b) A mark of 50% or less will stand and be used in the calculation of the overall module mark.
Assignments will not be accepted after the 24-hour window and will be recorded as a non- submission. A
mark of ZERO will be awarded. Please see the section on Non-Submission of Assignment below for more
details.
Extension of Deadline
No extension will be granted for the assignment, except in the case of extenuating circumstances. Please
refer to the section on Extenuating Circumstances in this booklet, should you like to request for
consideration of extenuating circumstances. Students, whose application for extenuating circumstances is
accepted, will not receive their marks when the other students who submitted on time receive theirs
approximately one month after the submission deadline.
Non-submission of Assignment
Students who do not submit their assignment will be deemed to have forfeited their right to a second attempt
(resit) of the module. These students will be required to repeat the module with attendance and undertake
all assessments again [as their third attempt (repeat)]. Note that students are granted only four attempts at
a module. If you do not pass the module in the fourth attempt, you will be excluded from the Dual Award
programme.
Feedback and Marks for the Assignment
The marks and feedback on the assignment will be provided on a Feedback Form. The purpose of the
feedback is to help you to assess your ability to apply the knowledge and concepts taught in the module
in sufficient depth, as well as your progress toward meeting the module objectives. The feedback and
marks for the assignment will be given to you within four weeks of your submission of the assignment.
Assessment Offences
You are to use the Harvard referencing styles consistently for all written assessments. Taylor’s University
treats any acts of dishonesty relating to assessment of University modules very seriously. It is vital that
students acquaint themselves with the University’s policy on assessment offences. Assessment Offences
is defined here as passing off the work of others as one’s own including copying (reproducing or imitating),
cheating, collusion (agreement to deceive, using words or ideas of colleagues or other students and passing
them off as your own), plagiarism and other breaches of assessment or other examination

regulations. Cheating, collusion and plagiarism are the use of unfair means of presenting work for
assessment; aiding another student in the use of unfair means of presenting work for assessment; or
preventing or attempting to prevent another student from being able to be assessed properly.
The University is to check any work submitted by students using text comparison software, for instance
Turnitin. The similarity index produced by the software is an important tool to assess a student’s
performance. However, the index is not the only tool to conclusively determine the existence of breach of
academic integrity. It is important to note that although the rate of similarity may be significantly high or
otherwise, the lecturer/tutor/instructor is responsible to exercise his or her independent professional
judgement to determine the actual existence of a breach of academic integrity.
Allegations of and investigations into assessment offences will be dealt with in accordance with the
regulations and procedures in force at Taylors University for the module. Where a student is found to have
committed an assessment offence a decision must be taken either to take no further action or to impose an
appropriate penalty which may include failing the student and determining whether or not the student will
be permitted another assessment attempt.
Where it is decided that penalty is to be imposed, the penalty could include one of the followings:
a) the mark for the relevant piece of assessment be reduced; or
b) the mark awarded for the relevant piece of assessment be reduced to zero; or
c) the student be deemed to have failed the module, and is not permitted for another assessment attempt
for the module.
Please refer to Taylor’s Dual Award Programme Guide for details on Assessment Offences.

The Marking Criteria – Please refer to the marking rubrics

Marking Criteria Maximum Marks
Introduction, Executive Summary & overall report:
Clear, formal and well-structured report complying with the assignment
instructions. Structure of report includes:
Relevance of points
Logical flow within different points
Good use of information sources
Predominately analytical rather than descriptive
Use of language
Correct Harvard referencing format & compliance to word count
/10
Section A:
Demonstrate a broad and coherent, theoretical and technical knowledge
to develop a comprehensive analysis and synthesis of compliance of the
selected MFRS of a public listed company supported by a checklist.
Identify which MFRS and its paragraph number.
Demonstrate the understanding for each paragraph in the checklist.
State which Note to the Accounts disclose this information by indicating
the note to account number and page number of the annual report.
/30
Section B:
Q1
Critically discuss how cloud technology and one other financial
technology tools can be used by the above two companies to improve
accounting quality in the published financial statements of public listed
companies in Malaysia. (10 marks)
Demonstrate and support your critical discussion with journals and
articles (10 marks)
Q2
Use supporting evidence to discuss the extent that the selected company
has complied with the above standards. (10 marks)
Able to make a comparison between two companies. (5 marks)
Identify a wide range of various authors’ opinions, arguments and
conclusions by reviewing the most interesting perspectives, angles,
issues, arguments and points. (10 marks)
Weigh up opposing arguments and evidence fairly. (5 marks)
Make good connections between different ideas, opinions or other
arguments related to the points being discussed. (5 marks)
Draw conclusions about whether arguments are valid or justifiable based
on good evidence and sensible assumptions. (5 marks)
/60
TOTAL MARKS /100

Strengths of this assignment are:
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Weaknesses of this assignment are:
____________________________________________________________________________________
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The two main ways to improve this assignment are:
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Dual
Award Programme
– Group Assignment Cover Sheet
Please complete the form (in capital letters) and attach it securely to the front of your assignment before submitting your
assignment.
Student ID: ………………………………………………. Student ID: ……………………………………………….
Student ID: ………………………………………………. Student ID: ……………………………………………….
Student ID: ………………………………………………. Student ID: ……………………………………………….
Name of module: CORPORATE REPORTING……… Name of tutor: …………………………………… ………

Module code:

Assignment title: …………………………………………………………………………………………………………………..
Due date & time: ……………………………………………………………………………………………………………….
We have read and understood the TU Dual Award Regulations on cheating, plagiarism and collusion. We declare that this piece of work is our
own and does not contain any unacknowledged work from any other sources.
We authorise the University to test any work submitted by us, using text comparison software, for instances of plagiarism. We understand this
will involve the University or its contractor copying our work and storing it on a database to be used in future to test work submitted by others.
Note: The attachment of this statement on any electronically submitted assignments will be deemed to have the same authority as a signed
statement.

Signed: Signed: Signed: Date:
Signed: Signed:

Fold corner of EACH copy separately and seal to obscure your name
List of students (State full name & tutorial group in block capital)
1. ………………………………………. …………………………..
2. ……………………………………………………………………
3. ……………………………………………………………………
4. ……………………………………………………………………
5. ……………………………………………………………………