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
Kuala Lumpur 14 December 2018- The Malaysian Accounting Standards Board (MASB) announce in a press release today clarifications with regards to the definition of "business" and the definition of "Material".
(a) Definition of a Business (Amendments to MFRS 3 Business Combinations).
(b) Definition of Material (Amendments to MFRS 101 Presentation of Financial Statements and Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors).
The amendments were triggered by amendments of Definition of a Business (Amendments to IFRS 3 Business Combinations) and Definition of Material (Amendments to IAS 1 Presentation of Financial Statements and Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors) respectively issued by the International Accounting Standards Board.