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

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President’s Statement Financial Statement97(b)The movements of allowance for impairment loss during the financial year are as follows:2011 2010RMRMBalance at January 1 76,809 17,750Impairment loss recognised during the year 27,639 59,059Balance at December 31 104,448 76,809(c)The ageing analysis of the Institute’s receivables are as follows:2011 2010RMRMNeither past due nor impaired 162,090 148,4590 to 30 days past due 9,570 10,09831 to 60 days past due 7,258 40,53961 to 90 days past due 14,260 850More than 91 days past due 226,591 341,148419,769 541,094Allowance for impairment loss (104,448) (76,809)315,321 464,285Receivables that are neither past due nor impairedReceivables that are neither past due nor impaired are creditworthy debtors with good payment records with theInstitute. No significant change in the credit quality of these receivables has occurred which are still consideredrecoverable. The Institute does not hold any collateral over these balances.Receivables that are past due but not impairedReceivables that are past due but not impaired relate to members and a number of significant creditworthydebtors. No significant change in the credit quality of these receivables has occurred which are still consideredfully recoverable. The Institute does not hold any collateral over these balances.
98Financial StatementPresident’s Statement8. FIXED DEPOSITS2011 2010RMRMFixed deposits with licensed banks 1,815,800 1,131,517The weighted average effective interest rate of the fixed deposits as at the end of the reporting period is 3.03%(2010 : 2.71%) per annum.The fixed deposits have an average maturity period of 2.3 months (2010 : 2.3 months).9. DEFERRED INCOME2011 2010RM RMBalance at 31 December 225,000 225,000On 11 September 2009, the Malaysian Industrial Development Authority approved a grant of RM450,000 to theInstitute under the Services Sector Capacity Development Fund (SSCDF) for the upgrading and modernisationof the Institute’s information technology systems (“the project”) and the Institute has received RM225,000 on 27October 2009.The cost of software to be acquired is estimated to be at RM348,000.The Institute has started the project but it has not been fully completed yet as at the end of the reporting period.The amount received of RM225,000 is taken up as deferred income and will be recognised in the Statement ofComprehensive Income in accordance with the Institute’s accounting policy for Government Grants as detailed inNote 2.11.
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PROGRESS THROUGH PARTNERSHIPSAnnual
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02notice of 54th AGMnotice of annua
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04objects, vision and missionobject
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06MICPA Council 2011 / 2012MICPA Co
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08committees 2011 / 2012Co-opted Me
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10committees 2011 / 2012Disciplinar
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12committees 2011 / 2012Financial S
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14committees 2011 / 2012Membership
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16committees 2011 / 2012Tax Practic
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18President’s StatementTalent is
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20President’s StatementfinanceThe
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22President’s Statement39%CPA Mem
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24President’s Statementprovisiona
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30President’s StatementThe MFRS F
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32President’s StatementSSM had es
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34President’s Statementcommunicat
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36President’s StatementPresentati
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38President’s Statementinvestigat
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40President’s Statementsecretaria
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42Technical PronouncementsPresident
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