MFRS 16 Leases and Consideration of tax issues on adoption of MFRS 15 Revenue from Contracts with Customers and MFRS 16 Leases

Transcription

1 EY MFRS Seminar Series A two-day seminar on MFRS 16 Leases and Consideration of tax issues on adoption of MFRS 15 Revenue from Contracts with Customers and MFRS 16 Leases September 2018 Pullman Kuching

2 Course outline This two-day MFRS Technical Update 2018 seminar has been specifically developed to bring preparers and users of MFRS financial statements up-to-date with recent developments. The seminar content includes coverage of the new accounting standard MFRS 16 Leases, as well as the tax issues to be considered arising from the implementation of MFRS 15 Revenue from Contracts with Customers and MFRS 16 Leases. Implementation issues will be discussed, and clear guidance will be provided using practical examples. Specifically, this seminar will cover the following topics: MFRS 16 Leases an in-depth coverage The Malaysian Accounting Standards Board s new lease accounting standard, MFRS 16 is effective for annual periods beginning on or after 1 January This new standard is a comprehensive standard on lease accounting and will most significantly affect lessee accounting, and the identification of lease arrangements. It introduces a single lessee accounting model, requiring assets and liabilities arising from lease arrangements to be recognized on-balance sheet. We will take you into an in-depth coverage of MFRS 16 over a course of one and a half days. Consideration of tax issues arising from adoption of MFRS 15 Revenue from Contracts with Customers and MFRS 16 Leases MFRS 15 was effective for annual periods beginning on or after 1 January 2018, while MFRS 16 will be effective on and after 1 January Adopting these new standards has further widened the divergence between accounting and tax, so it is pertinent that you are aware of the tax issues arising from the adoption of these standards. In this seminar, our tax experts will discuss some of the tax issues to be considered arising from the application of these standards. We will also go through examples to explain the adoption of the standards for financial reporting purposes and the tax implications associated with them.

3 Programme Day 1 MFRS 16 8:00 a.m. Registration 8:30 a.m. Background and introduction 8:45 a.m. Determining whether an arrangement contains a lease 10:00 a.m. Networking tea 10:30 a.m. Determining whether an arrangement contains a lease (cont d.) 12:30 p.m. Lunch 1:30 p.m. Separating components of a lease 2:00 p.m. Lessee accounting 3:00 p.m. Re-measurement and lease modification 3:30 p.m. Networking tea 4:00 p.m. Lessor accounting 5:00 p.m. End Day 2 MFRS 15 & 16 8:30 a.m. Summary of Day 1 9:00 a.m. Sales and leaseback accounting 10:00 a.m. Networking tea 10:30 a.m. 12:00 p.m. 12:30 p.m. Lunch First-time adoption and transitional provisions Presentation and disclosures 1:30 p.m. MFRS 15 & 16 Consideration of tax issues arising from adoption of MFRS 15 & 16 2:45 p.m. Networking tea 3:15 p.m. MFRS 15 & 16 Consideration of tax issues arising from adoption of MFRS 15 & 16 (cont d.) 4:15 p.m. Wrap up 4:45 p.m. End

4 Our speakers Stephen Oong Technical Advisor, EY (East Malaysia) Member of MIA and MICPA Stephen is a Technical Advisor in EY s Assurance practice. He is actively involved in the consultation and research of issues relating to MFRS and IFRS. In addition, he regularly conducts training and seminars for clients and external parties, as well as internal training on financial accounting and reporting standards. Stephen is also actively involved in financial reporting and accounting standards activities in Malaysia. He was a member of MIA s Financial Statements Review Committee, MICPA s Technical Reference Panel, Working Group member on several of MASB s accounting standards, MIA s Financial Reporting Standards Implementation Committee, MASB s Issues Committee and MICPA s Accounting & Auditing Technical Committee. Julie Thong Partner, Ernst & Young Tax Consultants Sdn Bhd Member of CTIM Julie is a Partner of Ernst & Young Tax Consultants Sdn Bhd based in Kuala Lumpur. She has over 20 years of experience in corporate tax compliance as well as advisory matters, covering a diverse range of industries. Julie heads the tax accounting services practice in Malaysia. She is also the Malaysian Financial Reporting Standards (MFRS) tax champion for EY and has been extensively involved in conducting MFRS tax training and advising clients on MFRS tax implications. Julie is also actively involved in Joint Tax Working Groups for MFRSs. Linda Kuang Director, Ernst & Young Tax Consultants Sdn Bhd Member of CTIM and CPA Australia Linda is a Director in Ernst & Young Tax Consultants Sdn Bhd based in Kuching. She has almost 20 years of professional experience in Malaysian taxation, including corporate taxation, individual taxation, GST, as well as transfer pricing matters. Linda has led engagements on tax compliance, tax advisory and tax investigations involving both local companies and multinationals. She is also well-versed in technical and compliance matters pertaining to individuals. Other than corporate and individual taxation engagements, Linda is actively involved in transfer pricing matters too, and is currently leading multiple transfer pricing engagements for some of EY s clients in Sarawak.

5 EY MFRS Seminar Series MFRS 16 Leases and Consideration of tax issues on adoption of MFRS 15 Revenue from Contracts with Customers and MFRS 16 Leases 8:30 a.m. - 5:00 p.m., September 2018 Registration form Please return the completed form to: woan-cherng.lo@my.ey.com or wee-ni.sim@my.ey.com Contact person: Company: Address: Tel: Fax: Participants details No. Name as per I.C. (To be printed on the certificate of attendance) Designation Tel. Tick if vegetarian Cheque number: Total amount: Fee and payment RM1,498 per person (inclusive of 6% SST). Fee is inclusive of seminar materials, light refreshments and lunch. Group rate of RM1,358 per person (inclusive of 6% SST) for registration of 3 or more persons under the same company or group of companies. Payment of registration fee will be due on the issuance of the invoice. A certificate of attendance will be issued for 16 CPD hours. You may use that to claim your CPD credit hours. All cheques should be crossed and made payable to Ernst & Young on or before Friday, 7 September Please indicate the company s name and MFRS 16 Seminar on the reverse side of the cheque. An official receipt will be issued upon payment. For crossed cheque/bank draft: Payable to: Ernst & Young Mail to: Ernst & Young 3 rd Floor, Wisma Bukit Mata Kuching Jalan Tunku Abdul Rahman Kuching Attn: Lo Woan Cherng / Sim Wee Ni For wire/direct payment: Beneficiary: Ernst & Young Account: Swift code: HBMBMYKL Bank: HSBC Bank Malaysia Berhad Address: Bangunan Binamas Jalan Padungan Kuching HRDF application may be made under the Skim Bantuan Latihan (SBL), subject to approval by Pembangunan Sumber Manusia Berhad. Cancellation A replacement delegate is welcomed at no extra charge if registered delegate is unable to attend. No refunds will be given for cancellations made after Friday, 7 September Registered delegates who fail to attend (and did not cancel their registration) will be liable for the entire course fee. The organizer reserves the right to make changes to the venue, date and/or speakers, including cancellation of the course, if warranted by circumstances beyond the organizer s control. You are deemed to have read and understood the terms and conditions upon submitting the registration form.

6 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com EYGM Limited. All Rights Reserved. APAC no ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com/my