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

President’s Statement Financial Statement79NOTES TO THE FINANCIAL STATEMENTSAT 31 DECEMBER 20111. GENERAL INFORMATIONThe Malaysian Institute of Certified Public Accountants (“Institute”) is a company limited by guarantee,incorporated and domiciled in Malaysia.The registered office and principal place of business of the Institute is located at No. 15, Jalan Medan Tuanku,50300 Kuala Lumpur.The principal activity of the Institute is the advancement of the accountancy profession.The number of employees at the end of the financial year is 20 (2010 : 21).The financial statements are presented in Ringgit Malaysia (RM), which is the Institute’s functional currency.The financial statements were approved and authorised for issue in accordance with a resolution of theCouncil on May 12, 2012.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES2.1 Basis of PreparationThe financial statements of the Institute are prepared under the historical cost convention unlessotherwise indicated in this summary of significant accounting policies. The financial statements complywith Financial Reporting Standards and the provisions of the Companies Act, 1965 in Malaysia.The accounting policies adopted by the Institute are consistent with those applied in the previousfinancial year other than the adoption of the new and revised Financial Reporting Standards (“FRSs”),Issues Committee (“IC”) Interpretations and amendments to FRSs issued by the Malaysian AccountingStandards Board (“MASB”), as set out in Note 2.2 below, that are relevant to the Institute’s operationsand effective from the beginning of the current financial year.