MFRS 15 replaces all existing MFRS revenue recognition guidance with a single framework, for reporting periods beginning on or after 1 January 2018. Meanwhile MFRS 16 Leases replaces current guidance in MFRS 117, for reporting periods beginning on or after 1 January 2019. Gain an understanding of these standards from a practical perspective.
Key topics covered:
• Overview of MFRS 15
• Differences in concepts between MFRS 118, MFRS 111 and MFRS 15
• Key concepts which forms the foundation of MFRS 15
• Application of variable considerations and its measurement
• Allocation methods for multiple performance obligations
• Concept of control when performance obligation is satisfied
• Criteria for satisfaction of performance obligation satisfied over time and at a point in time
• Contract cost guidance
• Presentation and disclosures
• Overview of MFRS 16
• The changes to lessee accounting
• Measurement of lease liability
• Measurement of right of use asset
• Accounting for exempt leases
• Updates on Other MFRS
Objectives
Gain practical knowledge of the two new Standards on their recognition, measurement and disclosure policies
Understand the financial impact on the reported results of an entity
Learn the latest updates to other Malaysian Financial Reporting Standards
Know the application of the key principles in the new Standards, amendments and updates
All our workshops are available via in-house training.
Audience
Chartered accountants, advisors, auditors, consultants, investors, investment bankers, Directors, CFOs, finance / accounting managers, supervisors, executives and professionals and staff involved in preparing financial accounting records
