The Institute is organizing a seminar on the above topic on the 4th of July 2019, at its training center in Kelana Jaya. For more details click the link below;

https://www.icia.asia/wp-content/uploads/2019/06/MFRS-15-16-NgKK-ICIA.pdf

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
scenarios.
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 OF EXTRAORDINARY GENERAL COUNCIL MEETING

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

AGENDA

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)”

to

“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.

GUIDELINES RELATING TO PRACTISING CERTIFICATE FOR SECRETARIES UNDER SECTION 241 OF THE COMPANIES ACT 2016


SSM has issued a guideline  pursuant to section 20C of the Companies Commission of Malaysia Act 2001. Its objectives is to serves as a guidance for individual swho wish to act as a secretary pursuant to section 241 of the Companies Act 2016 (CA 2016).  In general, persons who meets the fundamental requirements and has one of the following qualifications are eligible to apply for a practicing certificate;

  • Malaysian Institute of Chartered Secretaries and Administrators (MAICSA);
  • Malaysian Institute of Accountants (MIA);
  • Malaysian Bar (BC);
  • Malaysian Association of Company Secretaries (MACS);
  • Malaysian Institute of Certified Public Accountants (MICPA);
  • Sabah Law Association (SLA); or
  • Advocates Association of Sarawak (AAS).

However, it stated that a person who has been appointed as a secretary of a company prior to the enforcement of section 241 of the CA 2016 may continue to act as a secretary to the company and is required to register with the Registrar within 12 months from the enforcement date.for more information click the link below

GUIDELINES RELATING TO PRACTISING CERTIFICATE FOR SECRETARIES UNDER SECTION 241 OF THE COMPANIES ACT 2016