GlobalAcc

Introduction

In June 2011, MASB issued ED 75 IFRS-compliant FRS which deals with the issues and transition matters for Malaysia to fully converge to IFRS by 1 January 2012. Unless there is late change in this plan, Malaysia can finally claim itself to be fully converged to IFRS on 1 Januari 2012. With this convergence, all standards and interpertations issued by IASB will be adopted by MASB on 1 January 2012. MASB has however stated that IAS 4 1 on agriculture and IFRIC 1 5 on property developers will be dealt with separately.

Accountants, auditors and others who deal with accounting standards and financial statements will need to prepare themselves for the full convergence to IFRS in 2012. Although the current FRS are very much similar to IFRS, there is still a number of new standards or revised standards and interpretations issued by IASB which have not been adopted by MASB or which will only be effective on or after 1 January 2012. Over the last 2 years, MASB has also adopted a number of new/revised FRS and Interpretation as part of the process of the full convergence.

Date : 13th – 14th December 2011

Time : 9AM – 5PM

Venue : Cititel Mid Valley, Kuala Lumpur

The EA Form Seminar
Introduction

The employers have important responsibilities under the Income Tax Act (ITA) 1967 including monthly deduction & payment of PCB and yearly reporting and filing of Form E and issuance of Form EA to the employees. Mistakes made are likely to be picked up during tax audits and penalties and compounds can be expected. There is no doubt that this is an issue that needs to be managed. The key objective of this workshop is to discuss the essential points and issues relating to the tax provisions and Public Rulings (PR) on employment income and employee benefits for purposes of completing Form EA for 2011.

This workshop will also cover the recent tax changes including new rules on travelling allowances, bonus and director fee, other BIKs and others. The speaker, with his 17 years of service in IRB, 4 years in tax practice and his present research and lecturing role in university, will go through and discuss key issues in every section of the EA Form and the relevant laws and Public Rulings. You will certainly benefit from his tax background.

Date : 24th November 2011

Time : 9AM – 5PM

Venue : Armada Hotel, PJ

Introduction

As part of the plan to achieve full convergence to IFRS by 1.1.2012, a number of new and revised FRSs and Interpretations have been issued by MASB recently for adoption in 2010/2011/2012. At the same time, IASB has also released a number of new Exposure Drafts. Many of these recent and forthcoming new and revised standards represent significant changes to the way certain transactions and items are accounted for and how the financial statements are to be presented and reported. In certain cases, the changes made have caused either complication in application or divergence in interpretation or even controversial among accountants. Effective 1.1.2010, Malaysia applies the complicated FRS 139 and FRS 7(certain parts) for the first time and there are bound to be issues and complications in their application and implementation.

The objective of this two-part seminar is to assist accountants and auditors alike to master the complicated accounting standards and to increase their level of knowledge and competencies so as to achieve a sound and smooth application and implementation of these changes. Some of these changes may have important or significant impact to the financial statements of certain companies. This seminar is organised into 2 parts as follow and participants can choose to attend either Part 1 or Part 2 or both parts.

Date : 12th – 13th January 2011

Time : 9AM – 5PM

Venue : The Legend Hotel, Kuala Lumpur

Introduction

As part of the plan to achieve full convergence to IFRS by 1.1.2012, a numbe of new and revised FRSs and Interpretations have been issues by MASB recently for adoption in 2010/2011. At the same time, IASB have also released a number of new Exposure Drafts. Many of these recent and upcoming new and revised standards represent significant changes to the way certain transactions and items are accounted for and how the financial statements are to be presented and reported.

In certain cases, the changes made in the new / revised standards / interpretations have caused either complication in application or divergence in interpretation or even controversial among accountants. For instance, IFRIC 15 have been adopted in Hong Kong, Singapore and Malaysia with different reaction and outcome. The ED on IAS 12 on Recovery of Underlying Assests seems to ‘correct an error’ in the standard. With adopted, it is expected to result in reversal of dererred taxes for certain companies.

Date : 12th – 13th January 2011

Time : 9AM – 5PM

Venue : The Legend Hotel, Kuala Lumpur

Introduction

The employers have important responsibilities under the Income Tax Act (ITA) 1967 including monthly deduction & payment of PCB and yearly reporting and filing of Form E and issuance of Form EA to the employees. Mistakes made are likely to be picked up during tax audits and penalties and compounds can be expected. There is no doubt that this is an issue that needs to be managed.

The key objective of this workshop is to discuss the essential points and issues relating to the tax provisions and Public Ruling (PR) on employment income and employee benefits for purposes of completing Form EA for 2010. This workshop will also cover the recent tax changes including new rules on travelling allowances, bones and director fee, other BIKs and others. Some companies may want to remunerate their employees differently in future years to take advantage of the recent changes.

The speaker, with his 17 years of services in IRB, 4 years in tax practice and his present research and lecturing role in university, will go through and discuss key issues in every section of the EA form and the relevant laws and Public Rulings. You will certainly benefit from his tax background.

Date : 13th January 2011

Time : 9AM – 5PM

Venue : The Legend Hotel, Kuala Lumpur

Introduction

Being ‘financial savvy’ is an edge to achieve success in one’s business, career and life. This workshop is designed for every functional role across induestries to enable the executives and managers to develop their business acumen and be able to apply financial knowledge to their work, business and personal life.

We aim to make it easy for people with no accounting background to acquire essential financial and accounting knowledge that will separate them from others. You will become a more complete and important assest of your organization who know how your action and decision may affect the bottom line of your organization.

Date : 19th January 2011

Venue : Crystal Crown Hotel, Petaling Jaya

Introduction

As we approach the end of 2010, it is time for corporations and business to formulate thier business and financial strategies for the coming year, the year 2011. Malaysian Government presented its annual Budget for 2011 on 15 October 2010 with the theme of ‘Transformation towards a developed and high-income nation’.

So far, economic has rebounded strongly in 2010 after a negative growth last year. Despite this, the FDIs contunue to be not forthcoming in a big way as in recent years. Private sector investments will have to take the lead again to drive the economic. There is no doubt that a highly productive and creative nation is the foundation for a high-income economy. We need not look far for a reference. Just across the straights down south lies a nation with high income economy and low tax regime. Is Malaysia on the right track to transform to that stage ?

Date : 25th November 2010
(Thursday)

Venue : Eastin Hotel, Petaling Jaya

Introduction

For those companies (the PLCs particularly) with financial year ending 31 December, the count-down has started for closing the first set of annual accounts ending 31 December 2010 where FRS 139 applies. Soon after, it will be time to draft and prepare the first full year financial statements where FRS 7 applies as well, if the process has not commenced earlier.

While effects of adoption of FRS 139 on opening balances and shareholders’ equity would have been addressed in the first quarter’s results announcement, any teething issues not adequately dealt with then can be best addressed in the full year results announcement and presentation of year-end financial statements whre it counts most. For non-December year end companies, you would have more time and references to address similar issues.

Date : 14th December 2010 (Tuesday)

Venue : Eastin Hotel, Petaling Jaya

Introduction

The objective of this Essential Accounting Skills Training series is to equip auditing and accounting staffs with essential knowledge and skills to deal with commom accounting areas that they frequently encounter so as to reduce mistakes and to increase the efficiency of their daily works. The topics selected are those that are essential to finalise and issue a complete set of financial statements of both PLCs and SMEs. Fortunately or unfortunately, we also have to deal with 2 sets of accounting standards in malaysia. FRSs and PERs, which means additional effort is required to learn their differences, In short, the key features of this series are :

Workshop 1
Date : 23th November 2010 (Tuesday)
Venue : The Legend Hotel, Kuala Lumpur

Workshop 2
Date : 15th December 2010 (Wednesday)
Venue : The Legend Hotel, Kuala Lumpur

Introduction

The employers have important responsibilites under the Income Tax Act (ITA) 1967 including monthly deduction & payment of PCB and yearly reporting and filling of Form E and issuance of Form EA to the employees. Mistakes made are likely to be picked up during tax audits and penalties and compounds can be expected. There is no doubt that this is an issue that needs to be managed.

The key objective of this workshop is to discuss the essential points and issues relating to the tax provisions and Public Rulings (PR) on employment income and employee benefits for purposes of completing Form EA for 2010.

This workshop will also cover the recent tax changes including new rules on travelling allowances, bonus and director fee, other BIKs and others. Some companies may want to remunate their employees differently in future years to take advantage of the recent changes.

Date : 8th December 2010 (Wednesday)

Venue : Cititel, Mid Valley, Kuala Lumpur

Introduction

The Inland Revenue Board (IRB) introduced a new approach in 2009 on the Schedular Tax Deductions (STD) or Potongan Cukai Berjadual (PCB) on the salaries and other remuneration paid by employers to their employees. There are significant changes in the new system. New STD table and formulas were introduced. Employers have to even take into account matters that may not be within their responsibility or even their knowledge. To some extent, employees would also play a bigger role in ensuring that the deductions made from their remuneration is in accordance with the reliefs and other benefits that they are entitled to. Options are available to employees to increase or reduce the tax deductions depending on the circumstances.

This seminar includes both the principles and laws arising from the Income Tax (Deductions from Remuneration) Rules 1995 and also the manner in which the new duties and procedures are to be complied with. To this end, a detailed study supported by examples and computatins will be provided.

In addition, the rules outlines in Public Rulings on Benefits-in-Kind and Living Accommodation will be discussed since these are the issues that need to be incorporated in the new STD Procedure.

Such benefit were previously not taken into account for STD deductions. Latest changes in tax laws from the most recent Budget will also be highlighted.

Date : 22nd November 2010 (Monday)

Venue : Crystal Crown Hotel, Petaling Jaya