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March 4, 1998 TEC0030398

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March 4, 1998 TEC0030398

    The Malaysian Institute of Certified Public Accountants

    (Institut Akauntan Awam Bertauliah Malaysia) (3246-U)

    No 15, Jalan Medan Tuanku, 50300 Kuala Lumpur, Malaysia. Tel: 03-26989622 Fax: 03-26989403 Email: micpa@micpa.com.my Website: www.micpa.com.my

January 26, 2006

    Circular No: Stu/02/01/2006

To: ALL REGISTERED STUDENTS

    RESTRUCTURING OF MODULE D

    IN ADVANCED STAGE EXAMINATION

The Council has undertaken a review of the Institute’s Advanced Stage Examination and has

    decided that the syllabus for Module D, Advanced Financial Reporting be separated into two modules as follows:

    Module D Advanced Financial Reporting

    Module E Advanced Auditing and Assurance

The restructuring of Module D has been undertaken after due consultation with the examiners,

    workshop facilitators and approved training organisations. It is recognised that the current

    syllabus for Module D is fairly challenging as it covers all extant approved accounting and

    auditing standards, emerging accounting and auditing issues, statutory disclosure and reporting

    requirements as well as issues on professional conduct and ethics. The increasing complexity of

    revised / new accounting and auditing standards adds to the intensity of the syllabus.

The revised Module D will focus on the advanced topics and issues relating to accounting and

    financial reporting. The new Module E will cover the advanced aspects and issues relating to

    auditing and other assurance engagements, the legal and professional environment, and

    assessment and advice on corporate governance and business controls.

The current Module E will be re-coded as Module F.

Resulting from the restructuring of Module D, the Advanced Stage Examination will comprise

    the following modules:

    Module C Advanced Taxation

    Module D Advanced Financial Reporting

    Module E Advanced Auditing & Assurance

    Module F Advanced Business Management & Integrative Case Study

    The revised Module D and Module E will be implemented with effect from the November 2006 examination. The syllabus for Module C and Module F remain unchanged.

    The revised examination syllabus for Module D and Module E and the transitional provisions will be posted on the MICPA website in the Students Area by February 8, 2006.

TAN SHOOK KHENG (Ms)

    Secretary

     /Stucir.syllabus

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     THE MALAYSIAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

    (INSTITUT AKAUNTAN AWAM BERTAULIAH MALAYSIA)

    SYLLABUS FOR MODULE D

    ADVANCED FINANCIAL REPORTING

AIM

To ensure that students are able to demonstrate competence and exercise judgement in the preparation

    and presentation of quality financial information in group as well as non-group situations

LEARNING OUTCOMES

On completion of this module, students should be able to:

    ? Demonstrate an understanding of and evaluate the regulatory and financial reporting framework

    ? Select appropriate accounting policies for a business entity

    ? Apply judgement and make recommendations in a variety of business transactions and events by

    applying approved accounting standards and generally accepted accounting principles

    ? Prepare financial statements for group and non-group entities in accordance with the regulatory and

    financial reporting framework

    ? Evaluate current developments and emerging issues in financial reporting

    ? Demonstrate an understanding of financial reporting by specialised industries

SYLLABUS WEIGHTING

    SYLLABUS CONTENT AREA WEIGHTING The regulatory and financial reporting framework 10% Issues in financial reporting 40% Group financial statements 30% Financial reporting by specialised industries 10% Emerging issues in corporate reporting 10%

    Total: 100%

EXAMINATION FORMAT

A 3-hour written paper comprising 5 6 compulsory questions

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    SYLLABUS CONTENT LEVEL

    1. The Regulatory and Financial Reporting Framework A

    a The International Accounting Standards Board (IASB)

    i The role of IASB

    ii The standard setting process

b The Malaysian Accounting Standards Board (MASB)

    i The role of MASB

    ii The standard setting process

    iii Authority of approved accounting standards

c The framework for the preparation and presentation of financial

    statements

    i Objective of financial statements

    ii Qualitative characteristics of financial statements

    iii Elements of financial statements

    iv Recognition and measurement of elements of financial

    statements

    v Fair value basis of measurement

    vi Concepts of capital and capital maintenance

d Other Influences on Financial Reporting

    2. Issues in Financial Reporting A

    a Accounting policies and changes in accounting policies

b Business transactions and events, including

    i Revenue recognition

    ii Property, plant and equipment

    iii Intangible assets

    iv Investment property

    v Financial assets and liabilities B

    vi Leases

    vii Taxation B

    viii Provisions, contingent assets and contingent liabilities

    ix Employee benefits

    x Equity B

    xi Share-based payments B

    xii Impairment of assets

    xiii Events after the balance sheet date

    xiv Foreign currencies

    xv Related parties transactions

    xvi Non-current assets held for disposal and discontinued operations

c Interim financial reporting

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     LEVEL

    d Reporting financial performance

    i Earnings per share

    ii Segmental reporting

    iii Cash flow statement

    iv Statement of changes in equity

    v Correction of errors

    3. Group Financial Statements A

    a Group financial statements in accordance with legal requirements,

    approved accounting standards and generally accepted accounting

    principles, including

    i Direct and indirect interests in subsidiaries, associates and joint

    ventures

    ii Acquisitions, including acquisition in stages

    iii Disposals and dilutions in interest

    iv Foreign operations

    b Group cash flow statements

    c Changes in ownership of entities within the group B

    4. Financial Reporting by Specialised Industries B

    a Agriculture

    b Banking institutions

    c Insurance business

    d Extractive industries C

    5. Current issues in Corporate Reporting including C

    a Management commentary

    b Corporate social and environment reporting

    c Reporting by small and medium-sized companies B

    d Current and emerging issues in discussion documents,

    exposure drafts and proposed standards issued by the MASB,

    MICPA and international standard setting bodies

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EXAMINABLE ACCOUNTING AND FINANCIAL REPORTING STANDARDS

All extant approved accounting standards, exposure drafts, other technical pronouncements issued by

    MASB as well as all extant approved accounting standards, exposure drafts and other technical

    pronouncements issued by the MICPA.

LEVEL OF KNOWLEDGE

The level of knowledge (ranging from A to C) for each syllabus topic is shown at the beginning of each

    topic to indicate the depth at which students can expect to be examined. The level applies to all the areas

    within that topic unless otherwise indicated.

Level A A thorough and detailed knowledge and substantial comprehension, together with the

    ability to solve problems where candidates have to select the information required from

    the fairly unstructured data provided and exercise professional judgement.

Level B A detailed knowledge of the principles, concepts and techniques with the ability to solve

    problems where the information needed is clearly indicated.

Level C An overview or current awareness only.

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    THE MALAYSIAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

    (INSTITUT AKAUNTAN AWAM BERTAULIAH MALAYSIA)

    SYLLABUS FOR MODULE E

    ADVANCED AUDITING AND ASSURANCE

Aim

To develop a comprehensive knowledge relating to the performance of and reporting on financial

    statement audits and other assurance and related engagements in the context of professional and external

    regulatory framework.

Learning Outcomes

On completion of this module, students should be able to :

    ? Identify and evaluate legal, professional and ethical considerations relevant to statutory audits of

    financial statements, other assurance engagements and related services.

    ? Identify corporate governance issues, significant business risks and internal control of an entity

    and assess their effect on engagement strategy.

    ? Plan, perform and complete statutory audits, other assurance engagements and related services in

    accordance with professional standards.

    ? Evaluate and communicate findings and conclusions to interested parties in accordance with the

    nature of the engagement and professional and legal provisions.

SYLLABUS WEIGHTING

    SYLLABUS CONTENT AREA WEIGHTING

    Audit of financial statements 35%

    Other assurance engagements and related services 25%

    Legal and professional environment, including professional ethics 35%

    Current issues in auditing 5%

    Total: 100%

EXAMINATION FORMAT

A 3-hour written paper comprising of 5 6 compulsory questions

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    SYLLABUS CONTENT

     LEVEL

    1. Audit of Financial Statements A

    a Audit process

    i Risk and materiality assessment procedures including

    fraud considerations

    ii Evidence gathering and documentation including

    management representations, using the work of an

    expert

    iii Overall review including subsequent events and going

    concern considerations

    iv Impact of IT environment on audit process b Reporting A

    i Form and content of auditor’s report for statutory and

    financial audits

    ii Other information in documents containing audited

    financial statements

    iii Discovery of facts subsequent to date of auditors’

    report

    iv Communications with management and those charged

    with governance

    c Group engagements

    i Risk assessment in complex group environment

    ii Using the work of other auditors

    iii Reporting on group financial statements

    2. Other Assurance Engagements and Related Services A

    a Special purpose audits

    b Review of financial information and interim financial

    statements

    c Agreed-upon procedures engagements

    d Prospective financial information

    e Pro forma financial information

    f Form and content of auditor’s report and nature of

    engagement

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     LEVEL

    3. Legal and Professional Environment A

    a Code of professional ethics

    i Integrity and objectivity

    ii Conflict of interest and independence

    iii Professional competence and due care

    iv Duty of confidentiality

    v Professional fees and pricing

    vi Changes in professional appointments

    b Professional responsibility and liability

    i Considerations and reporting of breaches in laws

    and regulations

    ii Professional negligence and liability

    iii Fraud detection and expectation gap

    iv Quality control procedures and practice review

    c Corporate accountability

    i Corporate governance principles and practices

    ii Audit committee and good governance

    iii Internal audit and risk management

4. Current Issues in Auditing B

     Current and emerging issues in discussion documents, exposure

    drafts and proposed standards issued by MICPA and international

    standard setting bodies

EXAMINABLE AUDITING AND ASSURANCE STANDARDS

All extant approved standards on auditing, assurance and related services, exposure drafts, and other

    technical pronouncements issued by the MICPA.

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LEVEL OF KNOWLEDGE

The level of knowledge (ranging from A to C) for each syllabus topic is shown at the beginning of each

    topic to indicate the depth at which students can expect to be examined.

Level A A thorough and detailed knowledge and substantial comprehension, together with the

    ability to solve problems where candidates have to select the information required from

    the fairly unstructured data provided and exercise professional judgement.

Level B A detailed knowledge of the principles, concepts and techniques with the ability to solve

    problems where the information needed is clearly indicated.

Level C An overview or current awareness only.

January 2006

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