Annual Report 2011 - The Malaysian Institute Of Certified Public ...

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President’s Statement29accounting and auditing standardsThe Accounting and Auditing Technical Committee (AATC) hasoverall responsibility for the development and review ofaccounting, auditing and reporting standards and guidelines.The Committee is supported by specialist working groups andad hoc taskforce appointed to undertake specific projects.The Joint Working Group on Securities Guidelines (JWGSG),Due Diligence Working Group (DDWG) and SecuritiesBorrowing and Lending (SBL) Working Group were establishedto allow collaborations between the Institute and MIA in orderto adopt a united and consistent approach in makingrepresentations to the capital market regulators and inproviding technical guidance to members. Ongoing projectsinclude:Development of guidance on the preparation of proforma financial information for purposes of submissionof corporate proposals to the SecuritiesCommission (SC).Development of guidance on the accounting treatmentfor securities borrowing and lending transactions.The completed guidance will be issued to members in due course.The Corporate Governance Blueprint 2011 (CG Blueprint)Working Group was formed during the year to review anddiscuss the recommendations within for onward submission tothe Securities Commission for their consideration. The CGBlueprint detailed 35 recommendations designed to bringabout positive changes to the Malaysian corporate governancelandscape which are to be implemented over a five-year period,some of which through a new Corporate Governance Codeand changes to the Bursa Malaysia Listing Requirements. TheMalaysian Code of Corporate Governance 2012, the firstdeliverable of the CG Blueprint which will be effective onDecember 31, 2012, was recently issued.The AATC also formed joint taskforces with MICPA’sCommerce and Industry Committee (CAIC) to review anddiscuss the recommendations in the Discussion Paper, TowardsIntegrated Reporting – Communicating Value in the 21st Century,issued by the International Integrated Reporting Council andthe Proposed International Good Practice Guidance (IGPG),Evaluating and Improving Internal Control in Organisations, issuedby the Professional Accountants in Business Committee ofIFAC.During the year, the AATC issued a Technical Release (TR) andtwo Auditing Technical Releases (ATR) for members’ guidanceand compliance:TR 1, Guidance on the Role of Reporting Accountant ina Due Diligence Working GroupATR 7 (Revised), Examples of Independent Auditor’s ReportsATR 8 (Revised), Illustrative Letter of Engagement –Statutory Audit for Single Entity and GroupBased on the recommendations of the AATC, the followingIAASB pronouncements were also issued during the year tomembers for guidance:Preface to the International Standards on QualityControl, Auditing, Other Assurance andRelated ServicesGlossary of Terms (February 2009)Amended Preface to the International Quality Control,Auditing, Review, Other Assurance and Related ServicesPronouncementsInternational Standards on Assurance Engagements(ISAE) 3420, Assurance Engagements to Report on theCompilation of Pro Forma Financial InformationIncluded in a ProspectusInternational Auditing Practice Note (IAPN) 1000, SpecialConsiderations in Auditing Financial InstrumentsThe Amended Preface to the International Quality Control, Auditing, Review, Other Assurance and Related ServicesPronouncements withdraws the existing category of pronouncements known as International Auditing Practice Statements (IAPSs)and establishes a new category of pronouncements known as International Auditing Practice Notes (IAPNs).The AATC continued to review and provide feedback on exposure drafts and discussion documents issued by the MASB. Duringthe year, the MASB has issued:(a) 46 new / revised MFRSs, 4 amendments to MFRSs and 27 IC Interpretations under the MFRS Framework, and(b) 9 FRSs, 8 amendments to FRSs, and an IC Interpretation under the FRS Framework.
30President’s StatementThe MFRS Framework is to be applied by all Entities Other Than Private Entities for annual periods beginning on or after January1, 2012, with the exception of entities that are within the scope of MFRS 141, Agriculture, and IC Interpretation 15, Agreements forConstruction of Real Estate, including its parent, significant investor and venture. These entities are allowed to defer adoption of thenew MFRS Framework for an additional one year, following which the adoption of the MFRS Framework is mandatory for annualperiods beginning on or after January 1, 2013.The MASB has also issued the following discussion papers, exposure drafts and request for views during the year:MASB DP i-1, TakafulMASB DP i-2, SukukMASB DP i-3, Shariah Compliant Profit-sharing ContractsMASB ED 75, IFRS-compliant Financial Reporting StandardsMASB ED 76, Management Commentary (Guidance)MASB Request for Views, Private Entities, the Way ForwardMASB ED 75 had been subsequently issued as the new MFRS Framework in November 2011.The MASB has also sought comments on the following International Accounting Standards Board (IASB) Draft Pronouncements:IASB ED/2011/2, Improvements to IFRSsIASB ED/2011/3, Mandatory Effective Date of IFRS 9IASB ED/2011/4, Investment EntitiesIASB ED/2011/5, Government Loans (Proposed amendments to IFRS 1)IASB ED/2011/6, Revenue from Contracts with CustomersIASB ED/2011/7, Transition Guidance (Proposed amendments to IFRS 10)IASB SMEIG Draft Q&As (Batch 3):IFRS for SMEs General, Issue 1: Application of the IFRS for SME for financial periods ending before theIFRS for SMEs was issuedIFRS for SMEs General, Issue 2: Interpretation of ‘undue cost or effort’ and ‘impracticable’IFRS for SMEs Section 3, Issue 1: Jurisdiction requires fallback to full IFRSsIFRS for SMEs Section 3, Issue 2: Departure from a principle in the IFRS for SMEsIFRS for SMEs Section 3, Issue 3: Prescription of the format of financial statements by local regulationIASB SMEIG Draft Q&As (Batch 4):IFRS for SMEs Section 11, Issue 1: Fallback to IFRS 9 Financial InstrumentsIFRS for SMEs Section 30, Issue 1: Recycling of Cumulative Exchange Differences on Disposalof a SubsidiaryIASB Request for Views, Agenda Consultation 2011A number of working groups had been assigned to undertake a review of the discussion papers, exposure drafts and request forviews, and to provide feedback to MASB.
Page 1 and 2: PROGRESS THROUGH PARTNERSHIPSAnnual
Page 3 and 4: 02notice of 54th AGMnotice of annua
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