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COMPREHENSIVE CASE 1 BKAR1013 Financial Accounting and Reporting I Conceptual Framework, Recording Process & Presentation of Financial Statements A171 Submission date: 12 October 2017 (Thursday) before 12.00 noon. For presentation : You are required to present the answers for all questions except Question 5 and Question 6 For report submission : Answer ALL questions Mahsuri Bhd, previously known as Mahsuri Sdn Bhd commenced its operations as a textile store in Sintok, Kedah on 1 January 2005. Mahsuri Bhd manufactures tailored garment to government and private institutions and also to retail buyers. After ten years in operation, the business has thrived and the owner has changed the status of the company to public listed companies in order to get more capital to expand the business. As the business has become more complex, many substantial changes have been made and proposed as well as many issues have been raised, such as the recognition and measurement of financial items in financial statement preparation. For that, Mahsuri Bhd has appointed an experience chartered accountant, Mr. Ihsan to lead the accounting department that consists of a few staff, namely Mr. Hasnan, Mr. Zubir, Mdm Tania and Ms. Maira who previously were held responsible for handling company’s account. They have little experience in preparing financial statements in accordance with conceptual framework and MFRS standards as required by MASB. In order to make his staffs familiar with the need for a conceptual framework and related MFRS standards, Mr. Ihsan has arranged a weekly meeting with them to explain the importance of the framework and standards. This meeting officially started on 1 January 2015, in conjunction with the first day of annual accounting term for Mahsuri Bhd. By organizing this meeting, Mr. Ihsan believes his staffs will gradually understand and managed to prepare company’s financial statements properly at the end of the year 2015. In the early meeting, Mr. Hasnan, one of the senior staffs from accounting department has some questions regarding the theoretical framework. He was told that these theoretical frameworks have little
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