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

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President’s StatementTechnical Pronouncements45(ii)Financial Reporting Standards (FRS) FrameworkFinancial Reporting Standards*ExtantAccountingStandardsSupersededFRS 1 First-time Adoption of Financial Reporting Standards FRS 1 (issued2006)Limited Exemption from Comparative FRS 7 Disclosures for First-timeAdopters (Amendments to FRS 1)MASBOperationalDateJul. 1, 2010Jan. 1, 2011Additional Exemptions for First-time Adopters (Amendments to FRS 1) Jan. 1, 2011Amendments to FRS 1 [Improvements to FRSs (2010)] Jan. 1, 2011Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters(Amendments to FRS 1)Jan. 1, 2012Government Loans (Amendments to FRS 1) Jan. 1, 2013FRS 2 Share-based Payment Jan. 1, 2006Amendments to FRS 2, Share-based Payment – Vesting Conditions andCancellationsJan. 1, 2010Amendments to FRS 2 Jul. 1, 2010Group Cash-settled Share-based Payment Transactions(Amendments to FRS 2)IC Int. 8& IC Int. 11FRS 3 Business Combinations FRS 3 (issued2005)Jan. 1, 2011Jul. 1, 2010Amendments to FRS 3 [Improvements to FRSs (2010)] Jan. 1, 2011FRS 4 Insurance Contracts FRS 202 2004& FRS 203 2004Jan. 1, 2010FRS 5 Non-current Assets Held for Sale and Discontinued Operations FRS 135 2004Jan. 1, 2006Amendment to FRS 5 [Improvements to FRSs (2009)] Jan. 1, 2010Amendments to FRS 5 Jul. 1, 2010FRS 6 Exploration for and Evaluation of Mineral Resources Jan. 1, 2007FRS 7 Financial Instruments: Disclosures Jan. 1, 2010Amendments to FRS 7, Financial Instruments: Disclosures Jan. 1, 2010Improving Disclosures about Financial Instruments (Amendments to FRS 7) Jan. 1, 2011Amendments to FRS 7 [Improvements to FRSs (2010)] Jan. 1, 2011Disclosures – Transfers of Financial Assets (Amendments to FRS 7) Jan. 1, 2012Mandatory Effective Date of FRS 9 and Transition Disclosures(Amendments to FRS 9 (IFRS 9 issued by IASB in Nov. 2009),FRS 9 (IFRS 9 issued by IASB in October 2010) and FRS 7)Disclosures – Offsetting Financial Assets and Financial Liabilities(Amendments to FRS 7)Mar. 1, 2012Jan. 1, 2013FRS 8 Operating Segments FRS 114 2004Jul. 1, 2009Amendment to FRS 8 [Improvements to FRSs (2009)] Jan. 1, 2010
46Technical PronouncementsPresident’s StatementExtantAccountingStandardsSupersededMASBOperationalDateFRS 9(IFRS 9(2009))Financial Instruments (IFRS 9 issued by IASB in Nov. 2009) Jan. 1, 2015Mandatory Effective Date of FRS 9 and Transition DisclosuresMar. 1, 2012(Amendments to FRS 9 (IFRS 9 issued by IASB in Nov. 2009),FRS 9 (IFRS 9 issued by IASB in Oct. 2010) and FRS 7)FRS 9(IFRS 9(2010))Financial Instruments (IFRS 9 issued by IASB in Oct. 2010) FRS 9(IFRS 9 (2009))& IC Int. 9Mandatory Effective Date of FRS 9 and Transition Disclosures(Amendments to FRS 9 (IFRS 9 issued by IASB in Nov. 2009),FRS 9 (IFRS 9 issued by IASB in Oct. 2010) and FRS 7)Jan. 1, 2015Mar. 1, 2012FRS 10 Consolidated Financial Statements IC Int. 112 Jan. 1, 2013FRS 11 Joint Arrangements FRS 131& IC Int. 113Jan. 1, 2013FRS 12 Disclosure of Interests in Other Entities Jan. 1, 2013FRS 13 Fair Value Measurement Jan. 1, 2013FRS 101 Presentation of Financial Statements FRS 101 (revisedJan. 1, 20102005)Amendments to FRS 101 [Improvements to FRSs (2010)] Jan. 1, 2011Presentation of Items of Other Comprehensive Income(Amendments to FRS 101)Jul. 1, 2012FRS 102 Inventories FRS 102 2004Jan. 1, 2006FRS 107 Statement of Cash Flows FRS 107 2004Jul. 1, 2007Amendments to FRS 107 [Improvements to FRSs (2009)] Jan. 1, 2010FRS 108 Accounting Policies, Changes in Accounting Estimates and Errors FRS 108 2004Jan. 1, 2006Amendment to FRS 108 [Improvements to FRSs (2009)] Jan. 1, 2010FRS 110 Events After the Reporting Period FRS 110 2004Jan. 1, 2006Amendment to FRS 110 [Improvements to FRSs (2009)] Jan. 1, 2010FRS 111 Construction Contracts FRS 111 2004Jul. 1, 2007FRS 112 Income Taxes FRS 112 2004Jul. 1, 2007Deferred Tax: Recovery of Underlying Assets (Amendments to FRS 112) IC Int. 121 Jan. 1, 2012FRS 116 Property, Plant and Equipment FRS 116 2004Jan. 1, 2006Amendment to FRS 116 [Improvements to FRSs (2009)] Jan. 1, 2010FRS 117 Leases FRS 117 2004Oct. 1, 2006Amendment to FRS 117 [Improvements to FRSs (2009)] Jan. 1, 2010FRS 118 Revenue FRS 118 2004Jul. 1, 2007Amendment to FRS 118 [Improvements to FRSs (2009)] Jan. 1, 2010FRS 119 Employee Benefits FRS 119 2004Jan. 1, 2003Amendment to FRS 119 [Improvements to FRSs (2009)] Jan. 1, 2010FRS 119(2011)Employee Benefits FRS 119 Jan. 1, 2013
Page 1 and 2: PROGRESS THROUGH PARTNERSHIPSAnnual
Page 3 and 4: 02notice of 54th AGMnotice of annua
Page 5 and 6: 04objects, vision and missionobject
Page 7 and 8: 06MICPA Council 2011 / 2012MICPA Co
Page 9 and 10: 08committees 2011 / 2012Co-opted Me
Page 11 and 12: 10committees 2011 / 2012Disciplinar
Page 13 and 14: 12committees 2011 / 2012Financial S
Page 15 and 16: 14committees 2011 / 2012Membership
Page 17 and 18: 16committees 2011 / 2012Tax Practic
Page 19 and 20: 18President’s StatementTalent is
Page 21 and 22: 20President’s StatementfinanceThe
Page 23 and 24: 22President’s Statement39%CPA Mem
Page 25 and 26: 24President’s Statementprovisiona
Page 27 and 28: 26President’s Statementadvocating
Page 29 and 30: 28President’s Statementtechnical
Page 31 and 32: 30President’s StatementThe MFRS F
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Page 35 and 36: 34President’s Statementcommunicat
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