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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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