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Practical Accounting in the GST

Regime and MPERS for Accounting Staff


The keeping of good and proper accounting records is crucial for businesses to avoid making
poor business decisions which may jeorpardise business sustainability. Is it crucial for
accounting staff to ensure that this is done efficiently.
As private entities Sendirian Berhads are required to apply the MPERS effective 1 January
2016, the accounting information needs to be in compliance with the MPERS or MFRS
frameworks. Hence it is essential for the accounting staff to have a working knowledge of the
detailed MPERS or MFRS requirements and treatments under different situations for each of the
relevant standard.
In addition, this programmes advance level will cover salient sections of MPERS in detail to
equip account preparers with the practical considerations and applications of Section 35, on the
transition process and reconciliation required for a first-time adopter of MPERS.

Basic Level
Intermediate Level
Advanced Level

: 5 & 6 October 2016 (Wednesday & Thursday)


: 21 & 22 November 2016 (Monday & Tuesday)
: 15 & 16 December 2016 (Thursday & Friday)

Venue: Connexion Conference


& Event Centre @ The Vertical,
Bangsar South, Kuala Lumpur

Practical Accounting in the GST Regime and


MPERS for Accounting Staff

Maintaining good accounting records is an essential function in any business and failure to do may result in poor business decision.
Accounting staff need to compile the information in line with the MPERS or MFRS framework . Adequate knowledge of the
detailed MPERS or MFRS requirement and treatment under different situation for each of the relevant standard are essential to able
the accounting staff to perform their task effectively and efficiently within their tight time constraints .All private entities Sendirian
Berhad would be required to apply the MPERS effective 1 January 2016 . The advance level of this program will cover salient
section of the MPERS in detail and equip the account preparers the practical consideration and application of Section 35 on the
transition process and reconciliation required for a first-time adopter of MPERS .

OBJECTIVES

COURSE OUTLINE

Basic Level: basic accounting principles and concepts for


recognition of assets, liabilities, revenue and expenses
Intermediate Level: preparation of final accounts, cash flow
statements and treatment of GST in accounting
Advance Level: preparation of financial statements in accordance
with MPERS/MFRS framework, and insights into MPERS, and the
differences between PERS and MFRS in recognition of revenue,
services, contract, accounting policies, estimates and error,
property, plant and equipment, impairment of assets, foreign
currency translation
First-Time Adopters: providing an illustration on the transition
process from PERS to MPERS

BASIC LEVEL

METHODOLOGY
Lectures, discussions, practical exercises, case studies and
Q&A sessions.
WHO SHOULD ATTEND
Basic Level
New accounting staff
Junior accounting staff of less than 1 year
Accounts receivable and payable staff
Cashiers
Staff preparing bank reconciliation reports
Accounting staff without proper accounting training
Staff who accumulate accounting data
Intermediate Level
Accounting supervisors
Finance executives
Intermediate level account staff with 2 to 5 years working experience
Advanced Level
Accountants and Auditors
Financial and Business Analysts
Account Executives
Credit Officers
Corporate Finance Officers
Company Secretaries
Senior accounting staff involved in preparation of financial reporting
FACILITATOR
KENNETH TAM
Kenneth has more than 32 years of experience in the field of finance
and accounting, while previously holding various managerial positions
in a global company. He is currently a local counsellor in the Finance
Module of two MBA learning programmes. For the past 25 years, he
has also been a learning consultant and lecturer in strategic financial
management, performance measurement and financial reporting for
professional examination boardsACCA, MICPA & ICSA.
He is a regular speaker at seminars, workshops and in-house
training organised by management consulting firms and professional
accountancy bodies.
Kenneth is a Fellow member of the Association of Certified Chartered
Accountants UK, Associate member of the Chartered Institute of
Management Accountants UK, and member of the Malaysian Institute of
Accountants.

Understand the purpose of accounting


Introduction to fundamentals of accounting and bookkeeping
Accounting process, concepts and principles
users of accounting information
Introduction to double entry accounting system
Rule of double entry system for assets ,liabilities , share capital,
revenue and liabilities
Ensuring relevant supporting documents for accounting transactions
Distinction between revenue and capital expenditure
purpose of Journal entry and its preparation
Balancing of account
Extraction of trial balance
Recognizing and identifying sales and recording account
receivable
Types of account receivable trade and non-trade
at what point sales is recognized as revenue
Delivery terms and impact on sales recognition
understanding the accounting concept of matching and realization
Revenue from sales of goods and rendering of services
Accounting treatment for account receivable-ledger entries required
GST on accounting treatment
Full tax invoice or simplified tax invoice
Taxable supply v exempt supply
Zero-rated supply: Local supply , export of goods and international
services
Place of supply and out of scope supply
Accounting basis for GST e.g. cash or accrual
Time of supply rule for delivery order, tax invoice and payment
received in advance
Input tax credit claim and documents for claiming input tax
Accounting treatment of irrecoverable input tax : Blocked input tax
Principle of offsetting input tax and output tax
Adjustment of input tax and output tax due to debit note and
credit note
Taxable period for GST Submission
Accounting for bad and doubtful debt
Circumstances bad debts written off
Provision for doubtful debt
Recovery of bad debts written off earlier
How these adjustment are recorded in the account
Effective management reports on account receivable
Receivable ageing report and credit utilization report
Accounts receivable in the financial statement
Preparation of bank reconciliation statement
Act as internal control
detection and prevention of fraud
identified the causes the different between bank statement and
general ledger
Approach to bank reconciliation
Investigate and raise journal entries to clear un-reconciliation items
in accounting records
Format of the bank reconciliation report
Reconcile the adjusted cash book with bank statement

Practical Accounting in the GST Regime and


MPERS for Accounting Staff

COURSE OUTLINE

COURSE OUTLINE

INTERMEDIATE LEVEL

ADVANCED LEVEL

Financial statements of limited companies


Types of share capital and reserves
Accounting entries for bonus and right issues
Accounting entries for share issue at premium
Component of shareholders fund

Overview of Private Entities Reporting in Malaysia (MPERS)


Background to MPERS
Components of financial statement
Fair presentation and compliance with MPERS
Statement of changes in equity
Gap assessment between PERS and MPERS frameworks
Impact to companies on deciding either MPERS or MFRS

Preparation of financial statement


Income statement
Statement of financial position
Statement of changes in equity
Accrual and prepayment
Accounting for depreciation
Nature and residual value
Methods of calculating depreciation charges and accounting entries
Disposal of asset
Impact on Financial statement
GST compliance -impact on accounting treatment
Understand the Tax Codes for supply made and for purchase
GST Accounts in General Ledger
Accounting entries for importation of goods and importation of
services (Reverse charge mechanism )
Identify inconsistency accounting entries for specific transaction :
i. Advance payment /Deposit (where deposit is applied as
consideration)
ii. 21 days rule
iii. Deemed supply : Gift rule without tax invoice
iv. Accrued expenses
Preparation of statement of cash flow
Direct v indirect method
Cash and cash equivalent
Cash flow derived from operating activities, investment activities
and financing activities.
Accounting for construction /contract account
Measurement of contract revenue
Journal entries for recognition of contract cost, progress billing,
account receivable and project in progress
Recognition of expected losses
Adjustments for financial statement
Valuation of inventory and its effect on Gross profit and net profit
Common types of error made in the business transaction
Suspense account/ control account
Making appropriate journal entries in correcting the errors
Evaluate the impact of errors in income statement and statement
of financial position
Reconcile the net profit , asset and liabilities after correction
of errors

Accounting Policies, Estimates and Errors


Consistency of Accounting Policies
Retrospective, current period , prospective application
Change in Accounting Estimates
Correction of Prior Period Errors
Revenue
Recognition and measurement
Combining sales of goods and rendering of service contract
Separate the components in a single transaction
Other issues and guidance-customer loyalty program
Property plant and equipment
Measurement at initial recognition and subsequent costs
Decommissioning, dismantling and restoration costs
Depreciation accounting
Measurement after recognition -Cost model or revaluation model
Issue of depreciation, residual value , fair value , changes in estimate
Comparison with PERS and MFRS framework
De-recognition of property, plant and equipment
Impairment of asset
Fundamental concepts of impairment of assets
Steps in performing an impairment test
Recovery of assets in future via value in use or disposal
Estimating the discount rate
Recognition and measurement of impairment loss
Identifying the Cash- generating units (CGU)
Judging conditions when assets is likely to be impaired and when to
reverse a previous impairment loss
Reversal of an Impairment losses .
Foreign Currency translation
Functional and Presentation currency
Reporting foreign currency transaction in functional currency
Settlement of transaction
Recognition of Exchange differences
Reporting at the end of subsequent reporting period
First-time adoption of MPERS
Practical consideration on the transition process
Opening MPERS statement of financial position
Deciding on Accounting Policies
Recognising and de-recognising items
Re-measuring the assets and liabilities
Incorporating the effects of Re-measurements
Reconciliation the entitys first MPERS financial statement
Main Challenges to preparers in implementing MPERS
Transition requirements for first time adopter to facilitate the
implementation
Financial statement amongst company not comparable
Preparer need to fully understand the general requirement of all
applicable MPERS standards
Difficulty and time consuming for the first-time adoption

Participants are required to bring their own calculators.

Practical Accounting in the GST Regime and MPERS for Accounting Staff

REGISTRATION FORM
Please o the appropriate checkboxes.

PROGRAMME FEES

PARTICIPANTS' DETAILS
Participant 1 Full name as per I/C (Dato' / Datin / Dr / Mr / Mrs / Ms):

o Vegetarian Meal

Membership No.:
Designation: Email:
*o Member

*o Non-member *o Sponsored Staff1


(Sponsoring MIA members name & membership no.)

Participant 2 Full name as per I/C (Dato / Datin / Dr / Mr / Mrs / Ms):

o Vegetarian Meal

Intermediate Level
Member
Member Firms Staff
or Sponsored Staff 1
Non-member
Advanced Level
Member
Member Firms Staff
or Sponsored Staff 1
Non-member

Membership No.:
Designation: Email:
*o Member

Basic Level
Member
Member Firms Staff
or Sponsored Staff 1
Non-member

*o Non-member *o Sponsored Staff1

| RM 848
| RM 954
| RM 1,166
| RM 954
| RM 1,060
| RM 1,272
| RM 1,060
| RM 1,166
| RM 1,378

The above programme fee is inclusive of 6% GST.


(Sponsoring MIA members name & membership no.)

Participant 3 Full name as per I/C (Dato / Datin / Dr / Mr / Mrs / Ms):

o Vegetarian Meal

Membership No.:

o Intermediate Level
21 & 22 November 2016 (Monday & Tuesday)

Designation: Email:
*o Member

o Basic Level
5 & 6 October 2016 (Wednesday & Thursday)

o Advanced Level
15 & 16 December 2016 (Thursday & Friday)

*o Non-member *o Sponsored Staff1


(Sponsoring MIA members name & membership no.)

Venue

ORGANISATION'S DETAILS
Organisation:
Contact
Tel
Fax
Industry:
Contact Person:
Email
Address
Address:

Email:

Tel: Fax:

Tel
: 03 2722 9000
Fax
: 03 2722 9003
Email
: sp@mia.org.my
Address : Malaysian Institute of Accountants
Level 33, Tower A, Vertical Business Suite
Avenue 3, Bangsar South
No. 8, Jalan Kerinchi
59200 Kuala Lumpur

o Company
Signature & Company Stamp:

PAYMENT DETAILS
Payment by Cheque
Bank & Cheque No.:

Amount RM:

Payment by Credit Card

o Visa

: Qistina
: 03 2279 9334
: 03 2273 5167
: pd@mia.org.my
: Malaysian Institute of Accountants
Dewan Akauntan,
No. 2, Jalan Tun Sambanthan 3
Brickfields, 50470 Kuala Lumpur

Effective from 22 August 2016, kindly contact us at:

TAX INVOICE to be issued under:

o Individual

: Connexion Conference & Event Centre


@ The Vertical, Bangsar South,
Kuala Lumpur

GST No. : 0 00955203584

o Master

Cardholder's Name:
Card No.:

Expiry Date:

I Authorise Payment of RM:

Cardholder's Signature:

Date:

For complete programme details, please download the full brochure(s) from: pd.mia.org.my
Our programmes can be customised to meet your in-house training requirements. Please call for details.

PROGRAMME FEE
Fee is payable to MALAYSIAN INSTITUTE OF ACCOUNTANTS
Fee includes course materials, lunch and 2 tea breaks per day.
Full payment of the above amount shall be made within thirty (30) days from the date of the
Payment Advice or on the day of the event, whichever earlier.
Admittance may be denied upon failure to make full payment as per the above requirement.
CANCELLATION/ TRANSFER
Upon registering, participant(s) are considered successfully enrolled in the event. Should participant(s)
decide to cancel/ transfer their enrolment, a cancellation/ transfer policy shall be applied as follows.
a) Written cancellation/ transfer received less than seven (7) days from the date of the event:
- A refund (less administrative charge of 20%) will be made
- Unpaid registrations will also be liable for 20% administrative charges
b) Written cancellation/ no show on the day of the programme:
- No refund will be entertained
- Unpaid registrations will also be liable for full payment of the registration fee
- Partial cancellation is not allowed
You can substitute an alternate participant if you wish to avoid cancellation/ transfer charges.
Any difference in fees will be charged accordingly.

IMPORTANT NOTES:
Registration is on a first-come-first-served basis.
Only fully completed registration form will be processed.

*Please select the participant classification carefully as it determines the fee payable. No alteration will
be allowed after the registration is accepted. Terms and conditions apply.
1
The Sponsored Staff must report directly to the sponsoring MIA member in his/ her firm or company.
CERTIFICATE OF ATTENDANCE AND CPE HOURS
Upon full attendance of the programme, participants will be issued an E-certificate. Participants will
receive an email with a download link and are required to download the e-certificate within 30 days. For this
purpose, it is COMPULSORY to fill in the email address clearly.
For MIA members, the CPE hours will be credited into the Membership System within 2 weeks of the event.
DATA PROTECTION
Personal Data is gathered in accordance with the Personal Data Protection Act 2010 (Act 709).
DISCLAIMER
Malaysian Institute of Accountants (MIA) reserves the right to change the speaker(s), date(s) and to cancel the
programme should circumstances beyond its control arises. MIA also reserves the right to make alternative
arrangements without prior notice should it be necessary to do so. Upon signing the registration form, you
are deemed to have read and accepted the terms and conditions.

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