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

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President’s Statement Financial Statement852.5 Impairment of Non-Financial AssetsThe carrying amounts of non-financial assets (other than inventories of study manuals, and deferred taxassets) are reviewed for impairment at the end of each reporting period to determine whether there isany indication of impairment. If any such indication exists, the asset’s recoverable amount is estimatedto determine the amount of impairment loss. Impairment losses are provided when the carrying amountof an asset exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fairvalue less costs to sell and its value in use which is measured by reference to discounted future cashflows.An impairment loss is charged to the profit or loss in the period in which it arises, unless the assetis carried at revalued amount. Any impairment loss of a revalued asset is recognised in othercomprehensive income for that asset to the extent that the impairment loss does not exceed the amountheld in the revaluation surplus account.An impairment loss for an asset is reversed if, and only if, there has been a change in the estimatesused to determine the asset’s recoverable amount since the last impairment loss was recognised.The carrying amount of an asset is increased to its revised recoverable amount, provided that thisamount does not exceed the carrying amount that would have been determined (net of amortisationor depreciation) had no impairment loss been recognised for the asset in prior years. A reversal ofimpairment loss for an asset is recognised in profit or loss.2.6 Study ManualsThe costs of development of the MICPA study manuals consisting mainly of writers’ and reviewers’ feesare capitalised and amortised on a straight line basis over the economic lives of the study manuals,which are estimated at 3 to 5 years.Fees incurred for updating of the MICPA study manuals are expensed in the year the fees are incurred.Inventories of study manuals are stated at the lower of cost and net realisable value. Cost is determinedon a first-in, first-out basis and consists of printing cost. Net realisable value is the estimated sellingprice in the ordinary course of business less estimated costs to sell.2.7 Intangible Assets Acquired Separately - Computer SoftwareIntangible assets acquired separately are carried at cost less any accumulated amortisation and anyaccumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimateduseful lives, which is estimated at 3 years. The estimated useful life and amortisation method arereviewed at the end of each reporting period with the effect of any changes in estimate being accountedfor on a prospective basis.
86Financial StatementPresident’s Statement2.8 ProvisionsProvisions are recognised when the Institute has a present legal and constructive obligation as a resultof past events and it is probable that an outflow of resources embodying economic benefits will berequired to settle the obligation and a reliable estimate can be made of the amount of the obligation.Where the effect of time value of money is material, the amount of provision is measured at the presentvalue of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflectscurrent market assessments of the time value of money and the risks specific to the liability. Wherediscounting is used, the increase in the amount of a provision due to passage of time is recognised asfinance cost.2.9 Cash and Cash EquivalentsCash and cash equivalents include cash in hand, bank balances, deposits with licensed banks andhighly liquid investments which are readily convertible to known amounts of cash and which are subjectto an insignificant risk of changes in value. The statement of cash flows is prepared using the directmethod.Cash and cash equivalents are categorised and measured as loans and receivables in accordance withpolicy Note 2.15 (c).2.10 Employee Benefits(i) Short-Term Employee BenefitsWages, salaries, social security contributions, paid annual leave, paid sick leave, bonuses andnon-monetary benefits are recognised as an expense in the year in which the associated servicesare rendered by employees of the Institute.Accumulating compensated absences such as paid annual leave are recognised as an expensewhen services are rendered by employees that increase their entitlement to future compensatedabsences. Non-accumulating compensated absences such as sick leave are recognised whenthe absences occur.(ii)Defined Contribution PlansThe Institute provides post-employment benefits by way of contribution to defined contributionplans operated by the relevant authorities at the prescribed rates.Defined contribution plans are post-employment benefit plans under which the Institute pays fixedcontributions into a separate entity (a fund) and will have no legal or constructive obligation to payfurther contributions if the fund does not hold sufficient assets to pay all employee benefits relatingto employee service in the current and prior periods.The Institute’s contributions to defined contribution plans are recognised as an expense in theperiod in which they relate.
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PROGRESS THROUGH PARTNERSHIPSAnnual
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02notice of 54th AGMnotice of annua
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14committees 2011 / 2012Membership
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Annual Report 2011 - The Malaysian Institute Of Certified Public ...

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