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 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
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.
OPERATIONAL GUIDELINES NO. 1/2018 (AMENDMENT) INLAND REVENUE BOARD OF MALAYSIA
The inland revenue board has issued guidelines for the implementation of the special Program for Voluntary Disclosure (Special Program) for eligible taxpayers following the 2019 Budget announcement by The Honorable Minister of Finance Malaysia on 02 November 2018.
The establishment of the Tax Reform Committee is part of the government’s effort in reforming the tax system to address tax leakages, reduce the existing tax gap and explore new sources of revenue to increase tax collection
For more information please visit the LHDN website at http://lampiran1.hasil.gov.my/pdf/pdfam/GO_012018_02_amd_27112018.pdf
Notice: All information in this post are gathered from Inland Revenue Board of Malaysia circular as per link above.. Please note that ICIA is not responsible for any error or omission therein.