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

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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.
80Financial StatementPresident’s Statement2.2 New and Revised FRSs, IC Interpretations and Amendments to FRSs Adopted by the InstituteDuring the financial year, the Institute has adopted the following new and revised FRSs, IC Interpretationsand amendments to FRSs:FRS 1Amendments to FRS 1Amendments to FRS 7IC Interpretation 4First-time Adoption of Financial Reporting Standards(Revised)First-time Adoption of Financial Reporting Standards- Limited Exemption from Comparative FRS 7Disclosure for First-time Adopters- Additional Exemptions for First-time AdoptersFinancial Instruments: Disclosures- Improving Disclosures about Financial InstrumentsDetermining whether an Arrangement contains a LeaseAmendments to FRSs classified as “Improvement to FRSs (2010)”There is no impact on the Institute arising from the adoption of FRS 1 and Amendments to FRS 1 asthis is not the first time that FRSs are adopted. The adoption of the revised FRS and IC Interpretationand amendments to FRSs did not result in any significant effect on the financial position and financialperformance of the Institute nor any significant changes in the presentation and disclosure of amountsin the financial statements other than those as described hereunder:Amendments to FRS 7, Improving Disclosure about Financial InstrumentsThe Amendments to FRS 7 require enhanced disclosures about fair value measurements and liquidityrisks. Disclosure of fair value measurements of financial intruments has been enhanced by classifyingthem using a three-level fair value hierarchy. In addition, specific disclosures on significant transferbetween Level 1 and Level 2 of the fair value hierarchy and a detailed reconciliation for their fair valuemeasurements in Level 3 of the fair value hierarchy are now required.In accordance with the transitional provisions of Amendments to FRS 7, the new disclosures havenot been provided for the comparative period. The adoption of these Amendments affected only thedisclosure in financial statements and did not have any financial impact on the Institute.
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PROGRESS THROUGH PARTNERSHIPSAnnual
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02notice of 54th AGMnotice of annua
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