PwC experts share valuable insights with Accounting students

Front row, second from left: Mr Tiang, Dr Yong, Ms Kirrthana and Mr Shakir with academics and students

PricewaterhouseCoopers PLT Senior Manager Mr Shakir Abd Razak and Manager Ms Kirrthana Vijaya delivered a guest lecture to about 300 final-year Accounting students from the Faculty of Accountancy and Management on 21 November 2023 at Sungai Long Campus.

The talk was conducted to enhance students’ understanding and application of current issues in relation to financial reporting while strengthening students’ grasp of the principles, concepts and conventions in accounting practices, and accounting regulatory framework.

Mr Shakir during his session

Presenting his topic titled “Fair value measurement”, Mr Shakir spoke about the objective, standards and definition of MFRS 13-Fair Value Measurement. In that session, Mr Shakir also shared the assessment of the valuation techniques used, namely the market approach, the cost approach and the income approach, as well as how fair value measurements are disclosed in the financial statements.

He said, “The objectives of the Standard are to provide a single source of guidance for all fair value, clarify fair value definition and related guidance, and enhance disclosures. The first step of the valuation process is to determine the unit of account, followed by determining the valuation premise. Next, we shall determine the market and valuation technique before determining the fair value. It is important to consider factors specific to the transaction and asset or liability as well; whether the conditions are applicable in determining whether a transaction price is representative of fair value.”

Ms Kirrthana sharing her insights

In her presentation titled “Introduction to integrated reporting and current practices”, Ms Kirrthana shared about the need for integrated reporting. The session saw her enlightening the students on what integrated reporting is and what it looks like. She also explained the integrated report’s content elements, which included organisational overview, external environment, strategy and resource allocation, business model, risk and opportunities, governance, performance, and future outlook.

She shared, “Integrated report is a concise communication about how an organisation’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value in short, medium and long-term. The benefits of integrated reporting are improving the transparency and governance reporting, improving communication with external stakeholders, promoting integrated thinking and easier access to capital.”

The lecture session was followed by Q&A and group photography sessions. Also present at the talk were FAM academics Ms Zufara Arneeda binti Zulfakar, Dr Yong Mun Ching, Ms V. Puvaneswari and PwC Mr Tiang Woon Meng.

Mr Tiang

Students during the Q&A session

Group photo session among FAM academics and guests from PwC