This workshop is designed to bring you up to speed with all the requirements on transitioning to MPERS with practical and detailed numerical accounting examples which will be used as illustrations.
KEY TOPICS COVERED
• Understanding who is a first time adopter of MPERS and determining the date of transition from PERS to MPERS
• A detailed understanding of the transitioning process
• Illustration of the difference between the date of transition to MPERS and the reporting date
• Procedures for preparing the financial statements at the date of transition
• Recognising items permitted by MPERS and not recognising those that are not permitted
• Procedures for the preparation of the opening statement of financial position on date of transitioning to MPERS:
o Understanding the changes in accounting policies required by MPERS and selecting the appropriate policies
o Recognition of assets and liabilities required by MPERS and not recognising those assets and liabilities which are not permitted by the Standards;
o Reclassification of assets, liabilities and components of equity recognised under PERS to a different type of asset, liability or component of equity as required by MPERS
o Using the MPERS recognition and measurement principles for measuring all assets, liabilities and equity.
• Understanding the non-mandatory exemptions available in MPERS:
o Fair value as deemed cost
o Revaluation as deemed cost
o Electing to Zero-rise cumulative translation differences of foreign operations on date of transition
o Exemption from applying requirements of the Section relating to Business Combinations and Goodwill in respect of business combinations effected before the date of transition
o No necessity to separate the liability and equity component of compound financial instruments e.g., convertible private bonds issued, if the liability has not yet become outstanding on transition to MPERS
o Exemption from applying the Section relating to Share-based Payment to ESOS or other derivatives that were granted before the date of transition to MPERS
o No necessity to recognise deferred tax assets and liabilities on differences between the tax base and the carrying amount at dare of transition if the process involves undue costs or efforts
• Identifying the prohibitions to retrospective application of MPERS requirements – an entity cannot change retrospectively the following that were done under PERS:
o Accounting estimates made on assets, liabilities and income and expenses
o Derecognition of financial assets and liabilities
o Hedge accounting applied before date of transition and which no longer exists on that date shall not be changed, but those that exist on the date of transition, shall follow MPERS requirements
o Allocation of profit or loss and comprehensive income between non-controlling interests and owners of the parent needs to be done prospectively
• Transitioning to MPERS from PERS
o Classroom examples which will be worked by the facilitator and the participants
o Disclosure requirements that are required to be shown in the first financial statements on adoption of MPERS
At the end of the workshop, participants can expect to be able to:
• Obtain a good working knowledge of the methodology for transitioning to MPERS from PERS and understand the requirements of Section 35 of MPERS
• Apply the requirements of Section 35 for the preparation of the opening statement financial position (balance sheet) on the date of transitioning to MPERS
• Gain practical knowledge in the transitioning process with several examples
• Learn to deal with the retrospective application of the changes in accounting policies required by MPERS and with the exceptions and exemptions to the retrospective application of first-time adoption of MPERS
• Get a good working knowledge of the disclosure requirements relating to the effects of first-time adoption
• Understand the 2015 Amendments to MPERS issued by MASB on 27 October, 2015
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 organisations operating 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