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

More documents

Recommendations

Info

President’s Statement Financial Statement83Mandatory Effective Date of FRS 9 and Transition Disclosures(Amendments to FRS 9 (IFRS 9 issued by IASB in November 2009), FRS9 (IFRS 9 issued by IASB in October 2010) and FRS 7))*** The mandatory effective date of FRS 9 has been changed from 1 January 2013 to 1 January 2015by the MASB.** Effective immediately on the date of its issue by MASB on 1 March 2012.As explained below, the Institute will be adopting the new Malaysian Financial Reporting Standards(“MFRS”) accounting framework issued by the MASB in preparing its next set of financial statements.The Institute will therefore not be adopting the above new and revised FRSs, IC Interpretations andtheir amendments which are effective for annual periods beginning on or after 1 January 2012.MFRS FrameworkOn 19 November 2011, the MASB issued a new MASB approved accounting framework, the MFRSframework in conjunction with MASB’s plan to converge with the International Financial ReportingStandards (“IFRS”). The MFRS framework comprises standards which are equivalent to the IFRSissued by the International Accounting Standards Board.The MFRS framework is to be applied by all Entities Other Than Private Entities for annual periodsbeginning on or after 1 January 2012, with the exception of entities that are within the scope of MFRS141, Agriculture and IC Interpretation 15, Agreements for Construction of Real Estate including itsparent, significant investor and venturer (hereinafter referred to as “the Transitioning Entities”).Transitioning Entities are allowed to defer the adoption of the MFRS framework for an additional oneyear. Consequently, the adoption of MFRS framework by the Transitioning Entities will be mandatory forannual periods beginning on or after 1 January 2013.All the FRSs issued under the existing MASB’s FRSs framework are equivalent to the MFRSs issuedexcept that there are no equivalent FRS to MFRS 141 and IC Interpretation 15 issued under the MFRSframework and differences in relation to transitional provisions.The Institute will prepare its first MFRS financial statements for the financial year ending 31 December2012 which will also include an opening MFRS statement of financial position at the date of transition toMFRSs which is 1 January 2011.The Institute expects that there will be no significant impact on its financial position and financialperformance upon the adoption of the MFRS framework.
84Financial StatementPresident’s Statement2.4 Plant and Equipment and DepreciationItems of plant and equipment are stated at cost less accumulated depreciation and accumulatedimpairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.The cost of replacing part of an item of plant and equipment is recognised in the carrying amount of theitem or recognised as a separate asset, as appropriate, only when it is probable that future economicbenefits associated with the item will flow to the Institute and the cost of the item can be measuredreliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenanceare charged to the profit or loss during the financial year in which they are incurred.Depreciation is calculated on a straight line basis to write off the cost of the plant and equipment to theirresidual values over their estimated useful lives. The principal annual rates used are as follows:Furniture and fittings 10%Security system 10%Office equipment 20%Computers 33%The residual values and useful lives of assets are reviewed at each financial year end and adjustedprospectively, if appropriate, where expectations differ from previous estimates. Plant and equipmentare reviewed for impairment in accordance with the Institute’s accounting policy for impairment ofassets.An item of plant and equipment is derecognised upon disposal or when no future economic benefits areexpected from its use or disposal. The difference between the net disposal proceeds, if any, and the netcarrying amount is recognised in profit or loss.
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
Page 33 and 34: 32President’s StatementSSM had es
Page 35 and 36: 34President’s Statementcommunicat
Page 37 and 38: 36President’s StatementPresentati
Page 39 and 40: 38President’s Statementinvestigat
Page 41 and 42: 40President’s Statementsecretaria
Page 43 and 44: 42Technical PronouncementsPresident
Page 71 and 72: 70Financial StatementPresident’s
Page 83: 82Financial StatementPresident’s
Page 115 and 116: 114Penyata KewanganPresident’s St
Page 135 and 136:
134Penyata KewanganPresident’s St
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
show all

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

Create successful ePaper yourself

Delete template?

Save as template?