Acw3120 Group Assignment|Technical References Assessment Answer
Group Assignment Questions
Background
The purpose of this assignment is to further develop students’ critical understanding of the financial reporting issues of an entity’s specific transactions. Students are required to research applicable accounting regulations and academic literature in order to evaluate the unique reporti0ng issues for the reporting entity.
The development of accounting standards for financial instruments has been controversial. A major issue has been around the categorization of financial instruments at initial recognition, and the subsequent effects on company’s financial position and performance outcome.
In this assignment, you are required to examine the technical content of Maybank Berhad’s financial reports for the years 2017 and 2019, that is, prior to implementation of IFRS (MFRS) 9 and after implementation of the new standard which was enforced in January 2018.
Required:
Group Report
Each group is required to prepare a written report that answers the following questions.
With reference to the Maybank Berhad’s annual reports, identify and explain the major accounting treatments that Maybank Berhad used in its financial statements, in relation to MFRS 39 and subsequently MFRS 9. Your group’s evaluation must provide a discussion of:
1) The most applicable factors or management’s assumptions that, in your group’s
opinion, are likely to be adopted by Maybank Berhad, to determine the accounting treatments
following MFRS 39 and then MFRS 9;
2) The effects of the accounting treatments on Maybank Berhad’s financial position and performance
outcome;
3) Identify and explain if any of the accounting treatments may contribute difficulties to
Maybank Berhad’s financials in the future.
4) Identify and explain, if and how the new changes introduced by the standards can prevent
(or resolve) the problems (financials) inherent within the banking industry. .
In your answer, you must reference relevant paragraphs from accounting standards,
together with supporting technical references (Hint: Technical references are the actual
paragraphs from the relevant accounting standards);
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