GlobalAcc

Introduction

Although a common charge in accounts drawn up under standard accounting principles. Depreciation is not allowable under the Income Tax Act (the Act) as an expense against taxable income. However, the Act does recognize that a decline in value is a natural feature of owning an asset. Accordingly in place of depreciation, the Act provides for Capital Allowance (CA) and this seminar explores the various circumstances under which the CA deduction would be available.

Capital Allowance is quite a familiar feature in preparing an Income Tax Computation but it has undergone numerous expansions and involves so many definitions and calculations that the subject can often prove to be difficult to understand and implement. This seminar would look into the provisions of Schedule 3 of the the Act and the relevant Public Rulings to guide participants from the simple to the more complex issues.

As is to expected the seminar will feature not only the law and theory of Capital Allowance but will also include case studies and computations to cover the many situations arsing for the acquisition, use, and disposal of assets on which this allowance may be due. The seminar will also explore the potential for effective tax management through appropriate utilization of Capital Allowance.

Date : 5th October 2010
(Tuesday)

Venue : Cititel Mid Valley, Kuala Lumpur

Introduction

The objective of this Essential Accounting Skills Training series is to equip auditing and accounting staffs with basic knowledge and skills to deal with common accounting areas that they frequently encounter so as 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 for both PLCs and SMEs.

Most auditing and account staffs do not have a good knowledge about the principles and rules of deferred taxation and do not possess the skills to compute and reconcile deferred taxation. Despite that much time are spent, there are still many mistakes made in the computation of deferred taxation and also the disclosure in the financial statements.

Most auditing and accounting staffs can prepare and balance simple cash flow statement but when it comes to more complicated cases such as group cash flow statement, it seems inevitable that the cash flow statement somehow cannot be balanced. Again, much time will be spent to find a away to balance it so that the audited financial statements can be issued.

Likewise, many of them do not possess the basic knowledge and skills to work on and accounting for foreign exchange transactions and balances, borrowings and borrowing costs, employee benefits, provisions, contingent liabilities and government grants. Final and audit adjustments are usually raised to rectify the errors and ommissions made in these areas.

Date : 12nd October 2010 (Sunday)

Venue : Crystal Crown Hotel, Petaling Jaya

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 industries to enable the executives and mangers to develop their business acument 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 acquired essential financial and accounting knowledge that will separate them from others. You will become a more complete and important assets of your organisation who know how your action and decision may affect the bottom line of your organisation.

Date : 15th October 2010
(Friday)

Venue : The Legend Hotel, Kuala Lumpur

Introduction

Although the proposed second reading of the GST Bill in the Parliament in march 2010 did not take place as originally planned, many believe that it is a matter of time before GST is finally implemented in malaysia. Generally, the business sector is rather receptive of GST but the Government wishes to give more time to the general public to understand and accept it. many countries including most Asean countries have GST or VAT and Malaysia is also in need of it as part of its tax reform to widen the tax base and reduce the over-reliance on petroleum and
income taxes.

The mechanism of GST may look simple on paper, its impact on businesses, big and small, is more than just pure compliance in terms of invoicing, collecting,filing return, paying, claiming refund etc but may extend to product costing and business competitiveness. it may require changes or adjustments in policy,system and business strategy. it can also be complicated in certain cases and for certain industries or businesses. one case in point is the recently reported tax investigation by indonesian authority into the Vat
claim of Wilmar, an associate of PPB Group Bhd, which cause some negative reaction to its share price. Like income tax,GST requires good planning and management in order to protect the financial position of the companies. Preparing ourselves early in terms of acquiring the necessary knowledge and information about GST is certainly a wise investment decision the main objective of this one-day seminar is to provide an overview and explanation of the important features of a GST
system and to address issues that the businesses and companies are expected to deal with when
transiting to the GST as well as other implementation issues and planning opportunities. this will
assist the participants and their companies to better prepare themselves for the eventual GST
implementation in malaysia.

The trainer for this seminar had been involved in specialised training and consulting on GST in Singapore since GST was implemented in Singapore more than 15 years ago. his tenure at the tax authority of Singapore, he worked exclusively on the implementation of GST in Singapore. With such background and his GST specialty, he is certainly one of the most suited implementation in malaysia.

Date : 19th July 2010
(Monday)

Venue : Sunway Resort hotel & SPA, Petaling Jaya

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 computations will be provided.

In addition, the rules outlined in public Rulings on Benefits-in-Kind and Living accommodation will be discussed since theses are the issues that need to be incorporated in the new STD procedure. such benefits were previously not taken into account for stD deductions. Latest changes in tax laws from the most recent Budget will also be highlighted.

Date : 21st July 2010 (Wednesday)

Venue : Hotel armada, petaling Jaya

Introduction

The year 2010 marks the beginning of a new regime of financial reporting in Malaysia. As a major step towards full convergence with IFRS by 2012, Malaysia is adopting a number of new and revised standards and interpretations to be effective 1.1.2010 and 1.7.2010. After much delay, FRS 139(Financial Instruments : Recognition and Measurement) is finally taking effect in Malaysia from 1.1.2010 onwards. Together with FRS 7(Financial Instruments : Disclosure), the accounting and reporting of financial instruments will take a significant change. Other main changes include the introduction of Statement of Comprehensive Income (FRS 101), the new accounting treatment on business combinations (FRS 3) and the consolidated financial statements (FRS 127). A total of 5 IC Interpretations will be effective 1.1.2010 and another 4 to be effective 1.7.2010 including those dealing with Customer Loyalty Programme, Service Concession Arrangements and Agreements For the Construction of Real Estate.

These two seminars, conducted by Prof Ng Eng Juan who has done research and has practical experience in the implementation of most of these new standards, will definitely be useful in your effort to get ready to apply them in the year 2010.

Seminar 1
FRS 139 Financial Instruments : Recognition and Measurement
Date : 25th May 2010 (Tuesday)

Venue : Cititel Mid Valley

Seminar 2
Other New Revised FRSs and Interpretations Effective 2010
Date : 26th May 2010 (Wednesday)

Venue : Hotel Armada, PJ

Introduction

Cash is often regarded as the life blood of business. Without cash,business cannot function. A profitable business does not guarantee there will be no cash flow issue. Managing cash flow is hence very important. Despite all these known facts, cash flow statement is often neglected in terms of its understanding and preparation. Many will read and analyses income statement and balance sheet but may only take a quick look at cash flow statement. Preparers of financial statements will leave cash flow statement to the last and balancing the cash flow statement is often a challenging and time consuming task.

Date : 5th May 2010 (Wednesday)

Venue :The Legend Hotel, K.L.