SMEs Accounting Practices Executive Need To Know

On 14 February 2014, the Malaysian Accounting Standards Board (MASB) issued a new financial reporting framework for private entities; the Malaysian Private Entities Reporting Standard (MPERS). All private reporting entities are required to apply MPERS for financial statements beginning on or after 1 January 2016.

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— Course Fee: RM 790.00 (Inclusive of 8% Service Tax) —

Explain what is MPERS
Differentiate the differences between MFRS and MPERS
Describe the reporting framework requirement under MPERS
Practical usage of MPERS, presentation and disclosure in financial statement
Able to assist finance manager / accountant for better compliance
Inventories: Understanding the cost formulas; Dealing with impairment in accounting for inventories.
Property Plant & Equipment: Accounting for initial costs and subsequent costs of PPE; Accounting for future costs of dismantling and restoration; Accounting for replacements items and major inspection costs.
Impairment of Assets: Accounting for Impairment of inventories o Indicators of impairment; Understanding “fair value less costs to sell’ and “value in use”, Recognition, measurement and accounting for impairment loss for cash generating units;
How to account for basic financial instruments and other financial instruments; Dealing with initial measurement and subsequent measurement basis; Interest income and expense recognition on effective interest rate; Derecognition (Sale or Disposal) of basic and other financial instruments

MODULE 1 – INTRODUCTION

Meaning of Private Entities

Differences between MFRS and MPERS (Who to use)

Practical application of MPERS principles and concept

MODULE 2 – FINANCIAL STATEMENT AND ITS REPORTING FRAMEWORK REQUIREMENTS FOR: (SECTION 3 – 8)

Section 3 Financial Statement Presentation

Section 4 Statement of Financial Position (Balance Sheet)

Section 5 Statement of Comprehensive Income and Income Statement (P & L)

Section 6 Statement of Changes in Equity and Statement of Income and Retained Earnings; Purposes?

Section 7 Statement of Cash Flow

Section 8: Notes to the Financial Statements

MODULE 3 – ACCOUNTING TREATMENT OF THE SELECTED SECTIONS:

Current Assets:

Section 13 Inventories; Cost vs Net realisable value

Non-current Assets:

Section 17 Property, Plant and Equipment; Depreciation, assets written off and value written down.

Section 27 Impairment of Assets; What is impairment and why required to do so? Most importantly, what are the steps to perform impairment test?

Liabilities and Equities:

Section 11 Basic Financial Instruments; Initial recognition and subsequent measurement. When financial assets carried at amortized cost?

SMEs Accounting Practices Executive Need To Know

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