MPERS FINANCIAL REPORTING FOR FINANCE PROFESSIONALS WITH CASE STUDIES

Transcription

1 FINANCIAL ACCOUNTING MPERS FINANCIAL REPORTING FOR FINANCE PROFESSIONALS IPOH 04 APRIL 2018 INTRODUCTION This workshop addresses key financial reporting issues arising from the MPERS implementation process, the impact of the Act and the revised Auditors Reports. Practical application and case study examples will be utilised to offer a clearer understanding of the underlying principles to the Standards. WHO SHOULD ATTEND Accountants, finance and corporate finance professional, internal or external auditors consultant, staff of audit and accounting firm PRESENTER Mr J Selvarajah All our workshops are available via in-house training. LEARNING OUTCOMES At the end of the course, participants can expect to be able to: gain practical knowledge of the key financial reporting issues in MPERS, including the impact of transitional provisions on current and comparative financial statements learn the principles of the Standards through actual case studies on MPERS in Malaysia understand how specific sections of Companies Act, 2016 impact the financial statements, the implications for Directors and officers of companies where financial statements do not follow the recognition, measurement and disclosure prescribed by MPERS learn the implications of the Revised Auditor s Report on financial reporting under MPERS and impact of Qualified, Adverse or Disclaimer of Opinion on Directors Reports understand the Auditor s reporting on Material Uncertainties Related to Going Concern and impact on solvency statements required by Sections 112 and 132 Companies Act, 2016 get a good understanding of the impact of Companies Act, 2016 and the Revised Auditor s Reports on the individual Sections of MPERS financial reporting EVENT DETAILS Wednesday 04 April 2018 TIME 9.00am 5.00pm VENUE WEIL Hotel 292, Jalan Sultan Idris Shah Ipoh, Perak FEE (inclusive of 6% GST, lunch and tea-breaks) Member: RM REP/Member staff: RM Non-member: RM LEVEL COMPETENT CLAIM UP TO 8 CPD HOURS

2 KEY TOPICS COVERED Overview of Financial Reporting, Companies Act, 2016 and Revised Auditor s Reports An overview of the latest developments in MPERS The key issues in the Companies Act 2016 ( the Act ), Directors Report and Revised Auditor s Report on financial reporting The various penalties prescribed by the Act on financial reporting and related issues Key sections of the Companies Act, 2016 and MPERS typically applicable to Msian Sdn Bhds with practical case studies The practical case studies incorporate the of MPERS, the impact of the Revised Auditor s Report and key areas of the following sections of the Companies Act, 2016: Companies Act, 2016 > Section on compliance with approved accounting standards including system of internal control > Sections on Directors duties on the preparation of financial statements > Sections on Directors Reports and their prescribed contents as required by the 5th Schedule > Section 261 on Auditor s statements for Exempt Private Companies > Section 112 on Solvency Statement, Redemption of Preference Shares and Financial Assistance > Section on Share Capital Reduction > And other relevant Sections of the Act will be referred to in the practical case studies Revised Auditor s Report > Impact of modified audit reports, comprising of qualified, adverse and disclaimer of opinion on financial statements and Directors Reports; > Impact of the Companies Act 2016 on Directors and officers of the company as a consequence of modified audit reports. Key Areas of MPERS > Focus on the 15 key areas and Sections of MPERS that are the most applicable to the majority of Malaysian Sdn Bhds (including impact of the new Companies Act, 2016 and Revised Auditor s Report). Financial Statements Presentation and Statement of Cash Flows Practical illustration on Statement of Financial ; Practical illustration on single Statement of Comprehensive Income; or Separate Income Statement and Separate Statement of Comprehensive Income learning the preferred choice; Presentation of discontinued operations; Grouping OCI (with practical case studies) Assets Financial Instruments a new area in Sdn Bhd Reporting (with Practical Case Studies) > Basic and Other Financial Instruments what are they and how to apply to a Sdn Bhd > Concept of the right to receive and the obligation to pay > Hedge accounting > Practical case studies in various key financial instruments and the impact of the Act and Revised Auditor s Report Inventories > Impairment issues and cost formulas permitted under MPERS > Case studies in valuation of agricultural produce and aquaculture > Additional disclosure in notes to financial statements

3 Investment Properties > Investment properties to be valued shown at Valuation on continuing basis > Understand the undue cost or effort exemption on valuation on a continuing basis Property Plant & Equipment > PPE to be shown at cost but valuation permitted with conditions > Requirement for component depreciation on significant assets implementing issues dealt with > Treatment of future costs of dismantling and restoration > New provisions on dealing with spare parts, replacements items and major inspection costs for significant items of plant & machinery Intangible Assets (excluding Goodwill) > Useful life of intangible asset to be determined by management s best estimate and not exceeding 10 years, and dealing with the transitional provisions; Impairment of Assets > Practical illustration on the application of indicators of impairment, fair value less costs to sell and value in use Liabilities and equity Practical illustration on dealing with future operating losses or onerous contracts Contingent liabilities and contingent assets how to determine & disclose them Recognition of employee benefits, accounting policy election, and applying this election in practice Share-based Payments - Practical case study illustrations on ESOS and Equity Settled Share Appreciation Rights Understanding equity and liabilities Equity instruments issued as part of business combinations illustration in a practical example Group Illustration of the use of contingent liabilities as a factor in determining goodwill in a business combination Consolidation of Subsidiaries the new control principles: New control provisions and power to govern the financial and operating polices principle o Illustration of each of joint ventures - jointly controlled operations, jointly controlled assets, and jointly controlled entities Income statement Revenue Recognition > Understanding accounting for revenue, deferred payment and exchange of goods or services > Goods shipped subject to conditions, Bill and Hold sales illustration > Customer loyalty points and franchise fees > Recognition of interest income using the effective interest rate method illustration > Royalties & Dividends the practical issues and illustration Government Grants > Treatment of accounting for Government Grants both conditional and unconditional Borrowing Costs > Requirement to mandatorily expense interest on assets under construction > Impact of borrowing costs reversal on uncompleted projects of Housing Developers - bank covenants impact Foreign Currency Translation > Use of functional and presentation currencies > llustration of application of Section on forex translations and criteria on whether they should be shown in profit or loss section or other comprehensive income OCI section of Statement of Comprehensive Income.

4 Other Related Party Disclosures > Illustration of the enhanced disclosure, and techniques of determining the values to be disclosed > Key management personnel included in definition > Practical case studies related party disclosures Specialised Activities > Agriculture > Biological asset and agricultural produce definition and valuation > Dealing with transitional provisions on companies using capital maintenance method for plantations > Property Development Activities > No significant changes from previous PERS dealing with interest capitalised Transitioning from PERS to MPERS or First Time Adoption of MPERS > Hands-on comprehensive transitioning exercise with full practical guidance on the 3 step process; > Impact of the of the Revised Auditor s Report on revised opening balances. GST Impact will be explained in all the illustrations and case studies. SPEAKER S PROFILE MR J SELVARAJAH CPA(Aust); CA(M); ACA(E&W); CA ANZ; FIPA(Aust); FFA(UK); ACTIM; B.Com(Acc)NZ. J Selvarajah, 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 serving a wide range of clients, supported by international committees, task force, frequent meetings and seminars, leading to consistent high standards. He is also the current Chairman of the international network. He has 47 years of work experience in public practice in implementation and consultancy work on financial reporting for public and private entities MFRS and MPERS, internal audits, corporate governance and risk assessments, external audits, company secretarial practice and fraud prevention. 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. Currently, he is also engaged in GST Consultancy services for the clients of the practice. J Selvarajah also delivers regular public and in-house seminars and training on Corporate Governance and Risk Management, Malaysian and International Financial Reporting Standards (MFRS/IFRS), Corporate Governance and Risk Management, Malaysian Corporate Tax Impact of MFRS and MPERS, Corporate Tax Planning and Corporate Taxation, Corporate & Financial Fraud Detection, Prevention and Fraud Risk Management and GST.

5 REGISTRATION FORM ADMITTANCE WILL ONLY BE PERMITTED UPON FULL PAYMENT. REGISTRATION MUST BE FOLLOWED UP BY IMMEDIATE PAYMENT. To register, complete this form and fax, or post it to. You can also register online at cpaaustralia.com.au/malaysiatraining 1 PARTICIPANT DETAILS PARTICIPANT 1 Attending as Member REP / Member staff Non-member PARTICIPANT 2 Attending as Member REP / Member staff Non-member PARTICIPANT 3 Attending as Member REP / Member staff Non-member 2 CONTACT AND BILLING INFORMATION Contact Person Phone Company Billing Name Business Registration no. 3 WORKSHOP AND PAYMENT DETAILS Billing Address State Industry Postcode NO. WORKSHOP TITLE DATE LOCATION PRICE QTY FEE (RM) TOTAL RM 4 MAKE A PAYMENT Do you want the electronic tax invoice/receipt to be under the company s name? Yes No Payment method Credit card: Visit cpaaustralia.com.au/malaysiatraining to register and pay with your credit card with MYR. Cheque: Make payable to (M) Sdn Bhd Cheque number Please indicate registrants full name, membership number and contact number on the back of the cheque. For other methods of payment, call Terms and conditions: 1. Ltd () reserves the right to alter the program/s or presenter/s without further notice, however the event/s is/are intended to run as advertised. 2. reserves the right to cancel the event/s due to insufficient numbers. Registrants will be notified and refunded in full should this occur. 3. Registrations for events are on a first-come-first-served basis. 4. Registrations for events must be accompanied by full payment. 5. Cancellations or transfers must be advised in writing and received by at least 5 working days prior to the event. Registrants will otherwise be liable for payment, including in the event of non-attendance. Transfers are subject to the applicable registration rate and additional payment may be required. 6. Credit transferred must be utilised within the same year from the date of transfer. 7. Registrants who travel to attend the events are required to obtain the workshop confirmation from before the travel arrangement (i.e. flight, bus, hotel etc.) are confirmed. For the full T&Cs, visit cpaaustralia.com.au/utilities/terms/event-terms By signing where indicated below, I agree that I have read, understand and accept the Terms and Conditions above and the Privacy Statement which can be found at s Privacy Policy cpaaustralia.com.au/utilities/privacy/privacy-policy. Signature / / SUBMIT VIA (M) Sdn Bhd ( P), Suite 10.01, Level 10, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, Kuala Lumpur T: F: E: cpd.malaysia@cpaaustralia.com.au cpaaustralia.com.au