Private entities (Sdn Bhd’s) in Malaysia will see a new era in financial reporting with the introduction of a more up-to-date and relevant financial reporting standard – the Malaysian Private Entity Reporting Standards (MPERS) from 1st January, 2016
including 2015 amendments issued by the Malaysian Accounting Standards Board on 27 October, 2015.
This two-day workshop on mastering MPERS is designed to bring you up to speed with all the requirements of MPERS new recognition and measurement requirements, and the enhanced presentation requirements in the financial statements. To help you understand the requirements of MPERS, day-to-day practical and detailed numerical accounting examples will be used as illustrations.
Participants will be given a sample MPERS Financial Statements for 2016 complete with reference to the relevant Sections in MPERS, at the end of the session.
KEY TOPICS COVERED
Latest developments in financial reporting for SME’s
• An outline in summary form of latest developments in Financial Reporting for SME’s in Malaysia and internationally
• Understand the 2015 Amendments to MPERS issued by MASB on 27 October, 2015
• MPERS – companies that will be affected by the introduction of MPERS:
o Definition of a private entities
o Concepts and pervasive principles used in MPERS
o Recognition of assets, liabilities, income and expenses within the framework of MPERS – differences from current PERS
• Transitional provisions – transitioning from PERS to MPERS
o Accounting for compliance with transitional provisions of MPERS
o Dealing with re-measurements based on MPERS recognition and measurement methods
o Illustration on working out a first time adoption of MPERS
(The following topics will be presented with complete accounting illustrations)
• Financial statements presentation and statement of cash flows
o Preparation of the statement of financial position
o Single statement of comprehensive income or Separate income statement and separate statement of comprehensive income
o Statement of changes in equity
o Statement of cash flows
• Basic and other financial instruments
o How to account for basic financial instruments and other financial instruments
o Dealing with initial measurement and subsequent measurement basis
o Interest income and expense recognition on effective interest rate
o Derecognition (Sale or Disposal) of basic and other financial instruments
o Understanding the cost formulas
o Dealing with impairment in accounting for inventories
• Investment properties
o Accounting for investment properties – dealing initial recognition and subsequent measurement
o Accounting for fair value of investment properties and transfer to property, plant & equipment if fair value is unavailable
• Property, plant & equipment
o Accounting for initial costs and subsequent costs of PPE
o Accounting for future costs of dismantling and restoration
o Accounting for replacements items and major inspection costs
At the end of the workshop, participants can expect to
be able to:
• Learn the requirement of Sections 1 to 34 of MPERs, and recognise the changes made by MASB for adoption of MPERS in Malaysia
• Gain a good working knowledge of recognition and measurement policies in MPERS and learn the differences from PERS
• Get a sound understanding of the application of MPERS in accounting and financial reporting with complete detailed illustrative examples
• Get an insight into the preparation of financial statements in accordance with MPERS including a host of new notes that are required to be disclosed in the financial statements
• Review and understand the financial statements of sample MPERS Sdn Bhd
Mr J Selvarajah
CPA(Aust); ACA(E&W); CA(NZ); CA(M); ACTIM; B.Com(Acc)NZ.
He is a senior partner of a well-established professional practice in Kuala Lumpur which is a member of an international network of accounting and consulting firms with more than 300 partners and professional staff.
J Selvarajah is currently involved in the implementation of GST for clients in collaboration with a major software company listed on Bursa Malaysia, as well as SME clients.
He has also undergone the ten day training in Goods &
Services Tax conducted by senior officers of the Royal
Malaysian Customs Department. He has 44 years of work
experience in public practice particularly in the areas
of financial reporting for public and private entities,
internal audits, corporate governance and risk
assessments, external audits, company secretarial
practice and fraud prevention. He has assisted several
Malaysian and international companies and other
in Malaysia and Singapore in setting up the Internal Audit and Risk Management processes and Corporate Governance training.
He is also the internal auditor for several public listed companies on Bursa Malaysia and SMEs’. He has also performed several investigative audits on accounting malpractices, embezzlement and money laundering. He is also a PSMB (HRDF) Certified Trainer.
CFO’s, financial controllers, COO’s, CEOs and managing directors, chartered accountants, advisors, and auditors, company secretaries and business consultants, professionals and staff involved in preparing MPERS financial statements