July 4th 2019- The institute of Commercial and Industrial Accountants Malaysia (ICIA) held their first training event at their new premises in Kelana Jaya. The seminar entitled "Understand MFRS 15 & 16" was conducted by a distinguished guest speaker, Mr. Ng Kean Kok CA(M), who is well known as an accounting and corporate trainer.
Participants were also treated to lunch at a Thai Restaurant and several council members were in attendance including our VP En. Amjath, Mr. Lee TK and Mr. Chiam GH. Participants were given comprehensive notes for the seminar and will receive a certificate of participation from ICIA with 8 CDP hours/points.
The Institute would like to thank all those who participated in the seminar and apologizes for any shortcomings during the seminar. Special thanks to Mr. Lee who has worked tirelessly for this event, Mr Chiam GH for his help and En. Amjath for the arrangements. The Institute will continue to organize more seminars in the future at affordable price so that more members and the public can benefit from it; in line with the government's drive to improve the financial literacy of the rakyat.
The Institute is organizing a seminar on the above topic on the 4th of July 2019, at its training center in Kelana Jaya. The seminar will be facilitated by a well known accounting professional and speaker. For more details click the link below or call us at +603-7803 5575;
Overall, this training seeks to provide the participants with high level coverage of the essentials of both MFRS 15 and MFRS 16, the
challenges that are likely to come and the preparations that may be required.
What is MFRS 15 & 16?
MFRS 15 Revenue from Contracts with Customers replaces all previously issued accounting standards relating to revenue accounting treatments. MFRS 15 streamlines the accounting
for revenue recognition in all industries by providing a single comprehensive revenue recognition model for all contracts with
customers. This standard introduces a new structured 5-step approach in revenue recognition and provides more detailed guidance on revenue recognition It emphasizes on performance obligations in contracts and the allocation of transaction price(s) to those obligations. Participants of this training will be trained on the basic requirements of MFRS 15, how to implement this 5 steps model, with some examples and illustrations under different
MFRS 16 provides for changed requirements in the way lessee accounting for lease transactions. Under MFRS 117, lessees account for such transactions either as on-balance sheet finance
leases or off-balance sheet transactions. Essentially, MFRS 16 requires almost all leases to be recognized on the balance sheet. MFRS 16 affects all businesses and has the potential to gross-up the balance and affect performance reporting and disclosures
Notice is hereby given that an Extraordinary General Meeting of the Institute of Commercial & Industrial Accountants will be held on 20th April 2019 (Saturday) at 11:00 am at 30C, 3rd Floor, Jalan SS 6/8, Kelana Jaya, 47301, Petaling Jaya, Selangor
To approve the amendment of the Constitution under Clause 1 – Change of name of the Institute from the current:
‘’INSTITUT AKAUNTAN PERDAGANGAN DAN PERINDUSTRIAN MALAYSIA (INSTITUTE OF COMMERCIAL AND INDUSTRIAL ACCOUNTANTS MALAYSIA)”
“INSTITUT AKAUNTAN BERTAULIAH (INSTITUTE OF CERTIFIED ACCOUNTANTS)”
Reason on the proposed name change is to enhance the value of the Institute and to re-brand the Institute for the benefits of members and society as a whole. With the new name, the Institute will achieve greater heights and higher goal. The Institute has been existing for almost 40 years and there is much room for improvement and with the above proposed prestigious name, it will benefit everyone.