MIA E-NEWS EDITION 41, 12 November 2008

In this issue:

INSTITUTE NEWS
1. National Accountants Conference 2008
2. National Annual Corporate Report Awards (NACRA) 2008 Awards Presentation
3. The Official Newsletter of WCOA 2010 InTouch October 2008
4. Invitation to Participate in MIA PAIB Committee’s Articles of Merit Award 2008
5. Accountants Today - November Issue

TECHNICAL NEWS
1. Release of Handbook on Malaysian Approved Standards on Quality Control, Auditing, Review, Other Assurance and Related Services
2. News from the Securities Commission
3. News from the Bursa Malaysia
4. Circular No. 59/2008 : Technical links
5. Circular No. 60/2008 : International Professional Practices Framework (IPPF) Issued by the Institute of Internal Auditors (The IIA)
6. Circular No. 61/2008
7. Circular No. 62/2008 : Public Ruling No. 3/2008
8. Circular No. 63/2008 : Review of the Companies Act, 1965 - Final Report issued by the Corporate Law Reform Committee of the Companies Commission of Malaysia
9. Circular No. MF3/2008 : Updates of the Tax Agent's Personal Tax Assessment and Renewal of Tax Agent Licence under Section 153(3), Income Tax Act, 1967

INTERNATIONAL NEWS
1. IASB Staff Position on SEC-FASB Clarification on Fair Value Accounting
2. IASB Announces Next Steps in Response to Credit Crisis
3. IASB Provides Update on Applying Fair Value in Inactive Markets
4. IASB Proposes Improvements to Financial Instruments Disclosures
5. IAASB Issues Amendments to IAS 39 and IFRS 7 Permitting Reclassification of Financial Instruments
6. IASB and FASB launch Consultation on Proposed Enhancements to the Presentations of Financial Statements
7. IFAC Supports Convergence in the Reporting of Financial Instruments

MEMBERSHIP UPDATES
1. National Accountants Conference 2008 (NAC 2008) : Sponsorship & Exhibition
2. Publications on Sale
3. Special Members’ Briefing – 2012 Convergence with IFRS
4. Updates on CPE Compliance
5. Reminder : Audit Licence
6. Membership Recruitment Drive
7. Hyperlink Support
8. Advertisement & Database Rental Services

CPE EVENTS
1. Financial Essentials for Entrepreneurs / Professionals
2. Effective Audit of Construction Contracts
3. Building Financial Models for Decision Making
4. Technical Update on Financial Reporting Standards (FRS) & International FinancialReporting Standards (IFRS)
5. Company Secretarial Practice and Annual Return
6. Understanding Generally Accepted Accounting Practices in Malaysia
7. Financing Your Business (What the Bankers Look For & Putting it in Writing)
8. Auditor’s Risk Assessment Procedures
9. Commercial Application of Malaysian Company Law – What Accountants Need to Know
10. Fundamentals of Finance for Executives
11. Public Practice Programme

RESOURCE CENTRE UPDATES
1. New Acquisitions
2. Book Loan for Non - MIA Member
3. Seminar Papers and Journals for Sale

e-ADVERTISEMENT
1. Direct Access Open House

Institute News

1. National Accountants Conference 2008

“Driving A Credible Profession : Enhancing the Value Chain”
25 & 26 November 2008, Kuala Lumpur Convention Centre
*SIDC Accredited – 10 CPE Points, HRDF Claimable & 16 MIA CPE Hours*

The NAC2008 is a key event for every accountant, finance professional, corporate executive and business professional across the country! This year’s programme enables you to gain valuable insights and enhance the desired business performance and credibility of your organization through a responsible and professional manner alongside global challenges and opportunities heading your way. This Mega Event of the year is also an ideal networking platform for professionals and business leaders.

For more information on the conference visit www.mia.org.my/nac. Participants will receive Complimentary 8-Page Business Book Summary & Audio CD worth RM140 in value!

Don’t miss the opportunity to sign up for a 1-day Post-Conference Workshop by Chris Randolph exclusively arranged for the NAC 2008 delegates at a preferential rate of RM390 (Normal fee: RM1000). Sign up and save RM610. Seats are limited! For more information on the post-conference workshop visit www.mia.org.my/mia/event/detail.asp?id=EDUWO081127

2. National Annual Corporate Report Awards (NACRA) 2008 Awards Presentation and Dinner

The National Annual Corporate Report Awards (NACRA) is Malaysia’s most prestigious award in recognition of excellence in annual corporate reporting. NACRA is aimed at promoting greater and more effective communication of financial and business information through the publication of timely, informative, factual and reader-friendly annual reports.

Organisations are invited to purchase tables or seats at the award presentation ceremony that will be held at
Shangri-La Hotel on 19 November 2008. For reservations and more information please contact NACRA Secretariat at 03-2165 4641 or email to nacra2008@mim.org.my.

3. The Official Newsletter of WCOA 2010 InTouch October 2008

Greetings from the Malaysian Institute of Accountants (MIA), your proud host for the 18th World Congress of Accountants (WCOA) 2010.

It was a great honour for MIA to host the IFAC Board Meeting held in Kuala Lumpur from 8-12 September 2008, where three Gold Sponsors fro the WCOA 2010 were announced.

Board Members had a fruitful meeting on business at hand, and also enjoyed the many related events and activities organised for them and their spouses. A pictorial report is featured in this issue of InTouch October 2008.

Should you wish to feature our article on WCOA 2010 in your publication, please write to us at info_wcoa@mia.org.my and we will be glad to assist you. For the latest updates on WCOA 2010, please visit us at www.wcoa2010kualalumpur.com

With warmest regards

WCOA 2010 Organising Committee

Please click HERE to download the official newsletter of the WCOA 2010, InTouch October 2008 issue.

4. Invitation to Participate in MIA PAIB Committee’s Articles of Merit Award 2008

The Institute’s Professional Accountants in Business (PAIB) Committee is organising the Articles of Merit Award for 2008. This award is to recognise the authors of outstanding articles that are judged to make a distinct and valuable contribution to the development of the roles and domain of the professional accountants in business.

The PAIB Committee is looking for articles that are of high quality, current and applicable to today’s vibrant business environment. The submissions should fulfill the requirements of the terms and conditions of the Award that can be downloaded along with the application form from the MIA website at www.mia.org.my/dept/technical/paib/articlesfmac.htm

There would be 3 main prizes and 7 consolation prizes awarded to the authors of the winning articles. The prizes are as follows:
 
Gold Award – RM5,000.00 and a certificate.
Silver Award – RM3,000.00 and a certificate.
Bronze Award – RM1,500.00 and a certificate.

Certificates of Merit and cash prizes of RM500.00 each will be awarded to the next highest ranking articles subject to a maximum of 7 articles. The winning articles may be published in MIA’s journal ‘Accountants Today’ and may also be selected by MIA for submission to the IFAC PAIB Committee articles of merit award.The closing date for submissions is 19 December 2008. Please contact Ms Zulfa or Ms Surinder at 03-22721501 or email zulfa@mia.org.my or surinder@mia.org.my for further information.

5. Accountants Today – November Issue

The Institute monthly journal, Accountants Today which contain a wide range of news and updates from local and international bodies is available online. Check out the November issue of the Accountants Today at www.mia.org.my/at and be the first to get hold of the latest information happening within the accountancy profession. You can read the entire journal in PDF version by simply clicking on the title.

What’s new in this issue:
Accountants in Borderless Society
Special Report : The IFAC Meeting with Regional Accountancy Bodies
Personality: Think Big, Fly High – Captain Patricia Yapp Syau Yin, TUDM
Management & Accounting : Intangible Asset Measurement

and many more articles on a variety of topics for the benefit of readers.

Tired searching for your previous Accountants Today journals? Log on to the website and click ‘The Institute-Resources-Accountants Today’ as it brings you to the collection of the journals from 1999 till to date.

Technical News

1. Release of Handbook on Malaysian Approved Standards on Quality Control, Auditing, Review, Other Assurance and Related Services

The Institute is pleased to inform members that the Institute has released its 2008 Handbook of Malaysian Approved Standards on Quality Control, Auditing, Review, Other Assurance and Related Services. The handbook can be downloaded free of charge in PDF format from the MIA website at www.mia.org.my/handbook/guide/Default.htm.

The 2008 Handbook is presented in two parts. The first part contains pronouncements on auditing, review, other assurance, and related services issued as of 30 June 2008. The second part of the Handbook features seven International Standards on Auditing redrafted to improve their clarity, as well as background information on the clarity project.

2. News from the Securities Commission

ASEAN Securities Regulators Harmonise Disclosure Standards

The ASEAN Finance Ministers announced the release of the ASEAN and Plus Standards Scheme to facilitate cross-border offerings of securities.

The Scheme aims to promote the integration of the region’s capital markets, and will facilitate greater efficiency in cross-border capital-raising and providing cost savings to issuers making multi-jurisdiction offerings within ASEAN. This initiative is a key step forward in achieving the ASEAN Economic Community Blueprint of an integrated ASEAN capital market by 2015. The Scheme will increase the attractiveness of ASEAN as a combined capital market for fund-raising and raise disclosure standards among ASEAN members to an international level, further enhancing the region’s competitiveness globally.

Under the Scheme, issuers seeking to issue equity or debt securities in more than one ASEAN country will be required to prepare only one set of disclosure documents, with additional limited wrap-arounds for multi-jurisdiction offers. This initiative provides opportunities for companies in the region to access savings pools within ASEAN for fund-raising purposes as well as provide opportunities for investors with greater investment choices and lead to the promotion of more intra-ASEAN flows.

The Scheme comprises a set of common ASEAN Standards, and additional requirements prescribed by individual members known as the Plus Standards.

The ASEAN Standards are based on the standards on cross-border offerings developed by the International Organization of Securities Commissions (IOSCO). They also fully adopt the accounting and auditing standards of the International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). The Plus Standards contain additional standards that are required by some ASEAN jurisdictions due to their particular market practices, laws or regulations.

Capital Market Remains Sound - Continued Interest in IPOs

The Securities Commission (SC) has announced that amidst the current volatile global financial environment, the Malaysian capital market continues to attract interest in initial public offerings (IPOs). The release of the SC’s scorecard for the third quarter of this year indicates that there is a significant number of IPOs already approved to be listed on the capital market.

The number of new IPOs approved by the SC up to end-September 2008 increased to 29, aided by the addition of 11 new IPOs approved in the latest quarter. Comparatively, there were 26 IPOs approved in total for the whole of 2007.

Five out of the 11 new IPOs approved are for the Main Board, 3 for the Second Board, and another 3 for the MESDAQ Market. The 11 new IPOs cover a diverse range of sectors including oil & gas, services and construction/engineering.

In total, of the 29 IPO submissions approved up to end-September 2008, 13 are Main Board companies compared to 9 in 2007. Significantly, 6 out of the 13 approved Main Board IPOs are by big cap companies with at least RM500 million market capitalisation.

The third quarter also saw a 50% increase in the number of approved transfers to the Main Board, up to 6 from 4 in the previous quarter. Four out of the 6 upward transfers approved in this quarter are by Second Board companies.

The full series of capital market statistics released by the SC can be obtained from the SC’s website at www.sc.com.my under Press Releases on the main page.

Capital.My

The SC has re-introduced Capital.My, a quarterly bulletin, providing an update of key developments in the Malaysian capital market.

Members are encouraged to download a copy from the SC’s website at www.sc.com.my under Latest Publications on the main page.

3. News from the Bursa Malaysia

Bursa Malaysia Registers Net Profit of RM90.9 Million, 52 % Lower than Last Year

Bursa Malaysia had reported a net profit of RM90.9 million for the nine-month period ended 30 September 2008, a 52% decline compared to the net profit of RM191.1 million for the corresponding period in 2007. The drop in profit was primarily due to the decreased trading volume resulting from the weak performance of the equities market, as similarly experienced by global bourses.

The presentation of the financial results for the nine month period ended 30 September 2008 is available on Bursa’s website at www.klse.com.my/website/bm/media_centre/media_releases.html

4. Circular No. 59/2008 : Technical links

The Institute is pleased to introduce to members the “Technical Links” website. This website comprises URLs containing useful technical materials for members’ reference. The website links cover the following areas:

• Accounting;
• Audit;
• Ethics;
• Tax;
• Regulators;
• Accounting Firms; and
• Publications.

The “Technical Links” is deposited in the technical auditing section in the MIA website and is accessible via this URL www.mia.org.my/psp/links.htm.

The list is non-exhaustive and members are welcome to share other references via this email: technical@mia.org.my.

5. Circular No. 60/2008 : International Professional Practices Framework (IPPF) Issued by the Institute of Internal Auditors (The IIA)

A. Inland Revenue Board (IRB)

List of Public Relations Officers to be contacted for Individual / Company Tax Clearance Letters

The abovementioned list issued by the IRB on 16 October 2008 can be downloaded from the IRB’s website at www.hasil.gov.my/english/pdf/tcl.pdf.

B. Royal Malaysian Customs (RMC)

Remission of Penalty on Service Tax for Professional, Consultancy and Management Services under the Second Schedule of Service Tax Regulations 1975

With reference to Circular No. 25/2007 dated 10 October 2007, members are informed that the Minister of Finance has agreed and approved to waive the penalty imposed on late payment of service tax under Section 16 of the Service Tax Act, 1975 to companies which carry out professional (lawyers, accountants, architects, engineers, surveyors, valuers, appraisers and real estate agents), consultancy and management services. However, the above approval is subject to the following conditions:

i. The waiver of penalty is granted in respect of professional, consultancy and management services which are licensed in year 2008 under the Service Tax Act, 1975;
ii. The waiver of the above penalty is given for the taxable period from January to June 2008 only; and
iii. The relevant service tax has not been collected from their clients.

For further enquiries, the Service Tax Department of the Royal Malaysian Customs Headquarters can be contacted at 03-8882 2424 (Tuan Haji Md Basri bin Bahron). The relevant letter from the RMC can be viewed at www.mia.org.my/mia/tech/technical.asp?id=3&mid=235.

6. Circular No. 61/2008

1. e-Filing System for 2008 Forms e-C And e-R

The e-filing system for Forms e-C 2008 and e-R 2008 scheduled for a temporary cessation of operation from 1 November 2008 to 9 November 2008 has been postponed to 16-20 November 2008 for maintenance purposes. The announcement can be viewed at https://spsd.hasil.gov.my/PKI/e/Penggunae-Filing.html.

2. Minutes of the Working Group Meeting with the Inland Revenue Board (IRB) on 12 September 2008

Minutes of the Working Group meeting with the IRB on issues related to the filing programme for year of assessment 2008 held on 12 September 2008, can be viewed at the Institute’s website at www.mia.org.my/mia/tech/techlist.asp?tid=3&rid=1.

7. Circular No. 62/2008 : Public Ruling No. 3/2008

A new public ruling PR No. 3/2008: Entertainment Expense was issued on 22 October 2008 by the Inland Revenue Board (IRB). This PR can be downloaded from the IRB’s website at www.hasil.gov.my/english/eng_NO4_5_2.asp.

8. Circular No. 63/2008 : Review of the Companies Act, 1965 – Final Report issued by the Corporate Law Reform Committee of the Companies Commission of Malaysia

Members are hereby informed that the Corporate Law Reform Committee (CLRC) which was established by the Companies Commission of Malaysia (SSM) to review the Companies Act, have issued the final report of their recommendations for consideration by the government.

The CLRC had, throughout the Law Reform Programme, issued a total of 12 consultative documents (CD) for public consultations from year 2003 – 2007.

The comments and feedback received from the public over the years for all the CDs were considered and have been compiled in this final report. This report has compressed all the issues discussed in the CDs into the following chapters:-

• Creating a Conducive Legal and Regulatory Framework for Businesses
• Corporate Governance
• Share Capital and Capital Maintenance
• Corporate Insolvency
• Review of Criminal, Civil and Administrative Sanctions in the Companies Act 1965.

There are 188 recommendations in total that are reflective of modern business practices with the aim of simplifying laws and procedures to better facilitate business creativity and operations in Malaysia while ensuring accountability in corporate management and decision making.

Members are encouraged to download the full report (attached below) to understand all the recommendations in greater detail. You are also able to download it from the Institute’s website at www.mia.org.my/mia/tech/detail.asp?tid=6&rid=5&id=685 or SSM’s website at www.ssm.com.my.

9. Circular No. MF3/2008 : Updates of the Tax Agent’s Personal Tax Assessment and Renewal of Tax Agent Licence under Section 153(3), Income Tax Act, 1967

The Institute had via its circular MF3/2008 reminded members on the requirements of tax agent licence application issued by Inland Revenue Board of Malaysia (IRB). The existing tax agent licence holders and applicants who wish to apply for a tax agent licence must ensure that the personal tax assessment is up to date and the personal outstanding tax payable to the IRB has either been settled in full or in accordance with any recent settlement agreement with the IRB that is in writing.

International News

1. IASB Staff Position on SEC-FASB Clarification on Fair Value Accounting
The International Accounting Standards Board (IASB) notes the recent clarification made by the Office of the Chief Accountant of the US Securities and Exchange Commission (SEC) and the staff of the Financial Accounting Standards Board (FASB).

The clarification is not an amendment of FAS 157 Fair Value Measurements, but rather provides additional guidance for determining fair value in inactive markets. The IASB staff has reviewed the clarification by the SEC staff and the FASB staff and considers it consistent with IAS 39 Financial Instruments: Recognition and Measurement. (Please visit www.sec.gov/news/press/2008/2008-234.htm) for the clarification made by the office of the Chief Accountant of the US SEC and the FASB staff.)

2. IASB Announces Next Steps in Response to Credit Crisis

The International Accounting Standards Board (IASB) announced the current status of its response to the credit crisis and its next steps. The IASB has already taken a number of actions to address issues related to the credit crisis. In publishing additional steps, the IASB reaffirms its commitment as a standard-setter to bring transparency to investors and other users of financial statements. In responding to the credit crisis, the IASB recognises the need to clarify International Financial Reporting Standards (IFRSs) to address new market developments.

3. IASB Provides Update on Applying Fair Value in Inactive Markets

The International Accounting Standards Board (IASB) provided an update on its work to consider the application of fair value when markets become inactive. In May 2008 and at the request of the Financial Stability Forum (FSF) the IASB established an Expert Advisory Panel to consider the application of fair value when markets become inactive. The Panel has since met on seven occasions, the latest of which was on 10 October 2008.

4. IASB Proposes Improvements to Financial Instruments Disclosures

The International Accounting Standards Board (IASB) has published for public comment proposals to improve the information available to investors and others about fair value measurements of financial instruments and liquidity risk. The proposals form part of the IASB’s response to the credit crisis and follow recommendations of the Financial Stability Forum, which had the support of the Group of Seven (G-7) Finance Ministers. The exposure draft, Improving Disclosures about Financial Instruments (proposed amendments to IFRS 7) is open for public comment until 15 December 2008. The ED can be downloaded from IASB website at this LINK.

5. IASB Issues Amendments to IAS 39 and IFRS 7 Permitting Reclassification of Financial Instruments

The IASB has issued amendments to IAS 39, Financial Instruments: Recognition and Measurement and IFRS 7, Financial Instruments: Disclosures that would permit the reclassification of some financial instruments.

The amendments to IAS 39 introduces the possibility of reclassifications for companies applying International Financial Reporting Standards (IFRSs) in rare circumstances and the deterioration of the world’s financial markets today is a possible example of the rare circumstances. Companies reporting according to IFRSs may use the reclassification amendments, if they wish to do so, from 1 July 2008. For more information, please visit IASB website at www.iasb.org/News/Press+Releases/IASB+amendments+permit+reclassification+of+financial+instruments.htm

6. IASB and FASB launch Consultation on Proposed Enhancements to the Presentations of Financial Statements

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) has published for public comment a discussion paper on financial statement presentation.

The discussion paper contains an analysis of the current issues in financial statement presentation and presents the Boards’ initial thinking on how those issues could be addressed in a possible future format. The Boards seek views from interested parties on both the objectives for the presentation of financial statements and the proposed format.

The discussion paper titled ‘Preliminary Views on Financial Statement Presentation' is open for comment until 14 April 2009 and is available for download from IASB website at http://www.fasb.org/draft/index.shtml
 
7. IFAC Supports Convergence in the Reporting of Financial Instruments

The International Federation of Accountants (IFAC) supports recent moves by the International Accounting Standards Board (IASB) to contribute to greater consistency in financial reporting and to work towards convergence of international standards, an objective which IFAC views as critical to the efficient operation of global capital markets.

While accepting the value of moving rapidly to remove differences in the application of fair value accounting in different jurisdictions, IFAC strongly opposes attempts to change more radically, or to suspend, the use of fair value accounting without adequate due process. In particular, IFAC considers that making changes at a national or regional level that exacerbate reporting differences would serve to further confuse financial markets and would result in a reduction of confidence in financial reporting - exactly the opposite of what is required in current circumstances. "Reducing transparency is not the answer," says IFAC President Fermín del Valle, "and it will not serve the interests of investors."

Membership Updates

1. National Accountants Conference 2008 (NAC 2008) : Sponsorship & Exhibition

The Institute is pleased to announce the confirmed sponsors for the NAC 2008, which will be held at the Kuala Lumpur Convention Centre (KLCC) on 25 & 26 November 2008.

Gold Sponsors :
• Direct Access, A Division of CIMB Bank Berhad
• Marsh Insurance Brokers (M) Sdn Bhd & ACE Synergy Insurance Berhad
• Petroliam Nasional Malaysia Berhad (PETRONAS)

Silver Sponsors :
• ABX Express (M) Sdn Bhd
• AmBank Group
• AXP Solutions Sdn Bhd
• Bank Kerjasama Rakyat Malaysia Berhad
• Commerce Clearing House (Malaysia) Sdn Bhd
• Equity Trust Labuan Limited
• KPJ Healthcare Berhad
• Labuan IBFC Inc. Sdn Bhd
• Salihin Consulting Group
• SAS Malaysia
• Symphony House Berhad

Bronze Sponsors :
• Executive Mode Sdn Bhd
• IOI Group Berhad
• MAZARS
• MISC Berhad
• Takaful Ikhlas

Official Job Site : JobsDB.com

Official Business Publication : The Edge

Official Daily : The Edge Financial Daily

IT Partner : ICT Zone Sdn Bhd

Supporting Airline : Malaysia Airlines

Media Partner : SME & Entrepreneurship Malaysia

2. Publications on Sale

2009 Budget Commentary & Tax Information
Price : RM 10.00 per copy

Accounting Control Best Practices
Price : RM233.80 per copy

Consolidated Financial Statements 5th Edition
Price : RM112 per copy

Financial Reporting Standards in Malaysia 2nd Edition
Price : RM57 per copy

Financial Reporting Standards issued by MASB
Price : RM75.00 per set

Fraud Auditing & Forensic Accounting
Price : RM233.80 per copy

International Financial Reporting Standards 2007 (IFRS) issued by International Accounting Standards Board (IASB)
Price : RM190.00 per copy

International Standards on Quality Control Manual (ISQC) 1
Price : RM100 per copy

Practical Auditing in Malaysia
Price : RM50 per copy

Please complete the Publication Order Form published in the Accountants Today to place your order. The order form can be downloaded from the Institute website at www.mia.org.my/dept/dp/product%5Fservice/eshop/product_publication.htm. Click on E-Shop to locate the Publication Order Form. Alternatively, you may call 03-2279 9200 ext 344 for more details on how to place your order. You can also email to promotion@mia.org.my. Please allow one (1) week for us to process your order.

3. Special Members’ Briefing – 2012 Convergence with IFRS

17 November 2008, 4.00 pm – 6.00 pm, Pacific Sutera Kota Kinabalu
18 November 2008, 4.00 pm – 6.00 pm, Holiday Inn Hotel Kuching

Malaysia has set 1 January 2012 as the deadline for full convergence with International Financial Reporting Standards (IFRS) which will be applicable to all entities other than private entities. Dato’ Zainal Abidin Putih and Dr Nordin Mohd from the Malaysian Accounting Standards Board (MASB) will be sharing their rational for the convergence decisions and what they mean to the board of directors, CFOs and auditors as well as how companies should prepare themselves for the changeover. Plans will be map out on how companies could prepare themselves as they move towards 2010.

Seats are limited, and registration is strictly on first come first serve basis. Click HERE to download the registration form and register on or before
14 November 2008. For further information, please contact MIA Sabah Branch at 088-261 291 or MIA Sarawak Branch at 082-418 427.

4. Updates on CPE Compliance

The Institute is pleased to announce that the CPE Compliance Department has taken over the portfolio of CPE audit effective 1 September 2008 from the Membership Department. This is in line with the Institute’s objective to develop and enhance members’ competency through continuous education and training to meet the challenges of the global economy.

Members are reminded that CPE learning activities are those learning activities that develop and maintain capabilities to enable professional accountants to perform competently within their professional environments. Participation in CPE learning activities is therefore vital in maintaining high standards and public confidence in the profession. To view your updated CPE credit hours please log on www.mia.org.my/mia/cpeaudit/main.asp?mid=177. If you require a password, please e-mail to password@mia.org.my. For further information please call 03-2279 9200 or e-mail to cpeaudit@mia.org.my.

5. Reminder : Audit Licence

The Institute would like to remind all audit licence holders to be aware of the renewal date of the audit licences. Few members were fined up to RM3,000 per set of account, for signing without having a valid licence. Please be advice on keeping your licences up to date for purposes of compliance with Section 9 (1) of the Companies Act, 1965.

6. Membership Recruitment Drive

MIA is embarking on the recruitment drive to secure more members. Therefore, MIA members are encouraged to introduce eligible candidates to MIA’s website at www.mia.org.my to find out more about the Institute’s membership. Alternatively, MIA members could also refer at least three (3) names to our Marketing & Promotions Department by contacting 03-2279 9200 ext 340/344/349 or e-mail to promotion@mia.org.my.

7. Hyperlink Support

MIA is moving one step further to establish relationship and assist the public to have a better understanding of the Institute and its functions as the country’s national accountancy body. MIA is seeking cooperation with companies to feature MIA’s website in their corporate websites. Members or non-members would be able to acquire direct updates and information on activities, courses and trainings conducted by MIA. For those companies interested to get connected with MIA’s activities and updates, just contact the Marketing & Promotions Department at 03-2279 9200 ext 324 or 262 or email to promotion@mia.org.my.

8. Advertisement & Database Rental Services

Get your message across, promote the latest product and services, or plan an invitation for seminars and conferences through the right media, at the right time! We offer various medium of marketing and promotions from a full colour print advertisement, recruitment ads and notices, to inserts and mailers as well as email broadcasts. We accept profiles from various products and services, brands and companies to utilize the available channels (subject to Terms & Condition). For more information, please call 03-2279 9200 ext 344 for an appointment or email to promotion@mia.org.my.

CPE Events

1. Financial Essentials for Entrepreneurs / Professionals
12 & 13 November 2008, Equatorial Hotel Melaka
20 & 21 November 2008, Impiana Casuarina Ipoh
24 & 25 November 2008, MS Garden Kuantan
*SMIDEC & HRDF Claimable

Every business professional needs a basic working knowledge of finance in order to be effective in his or her professional and personal life. The non-financial professionals may be experts in their own discipline yet can be easily baffled by financial jargons and basic financial reports. This workshop will provide the basic knowledge of accounting and financial reporting, teaching you how to read and analyze financial statements and communicate effectively on financial matters. For more information visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081112C /
www.mia.org.my/mia/event/detail.asp?id=EDUCO081120A /
www.mia.org.my/mia/event/detail.asp?id=EDUCO081124A

2. Effective Audit of Construction Contracts
12 & 13 November 2008, Hilton Petaling Jaya
*SMIDEC & HRDF Claimable

The importance of ‘Audit of Construction Contracts’ is critical due to the costs of buildings and infrastructure of construction contracts awarded that are presently in tens or hundreds of millions and in some cases in billions of Ringgit. Opportunities and possibilities for mismanagement, fraud, corruption, bribery have correspondingly increased with some reported in the media. The main purpose of this course is to detail the five aspects in ‘contracts’ that should be audited by auditors, monitored by Board Audit Committee and the role that should be played by management including line managers and site personnel. For more information visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081112B

3. Building Financial Models for Decision Making
12 & 13 November 2008, Cosmopoint College of Technology, Johor Bahru

With globalisation and rapid changes today, the top management requires information quickly and efficiently in order to make better business decisions. However, due to the complexity of today’s business needs, most accountants or finance managers may find it challenging to support such information needs and this causes inefficiency in meeting the top management’s requirements. This course will equip you with the necessary tools, skills and also business sense you must possess in order to support the top management more quickly and effectively. For more information visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081112A

4. Technical Update on Financial Reporting Standards (FRS) & International
Financial Reporting Standards (IFRS)
17 November 2008, Sheraton Subang Hotel & Towers

This course will look into the technical updates on current pronouncements issued by Malaysian Accounting Standards Board (MASB) and International Accounting Standards Board (IASB) and explain their potential impact on the Malaysian financial reporting environment. Current technical documents issued by IASB are the key indicators to potential changers to Financial Reporting Standards (FRS) in Malaysia. For more information visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081117D

5. Company Secretarial Practice and Annual Return
17 & 18 November 2008, Concorde Hotel Kuala Lumpur
*SMIDEC & HRDF Claimable & SIDC Accredited

The role of company secretaries comes with legal responsibilities under the Companies Act. Besides being compliance officers, they are also expected to handle critical situations professionally especially when directors and shareholders are not in good terms. This two-day course will help you understand the application of law and practical considerations. Illustrations and legal case examples will be shared along with highlights of selected technical issues to update you on the practical practices. The new requirement for submission of Annual Return and the drafting of minutes of meeting and resolution will also be included. For more information visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081117C

6. Understanding Generally Accepted Accounting Practices in Malaysia
20 November 2008, Sheraton Subang Hotel & Towers

As it is imminent that we are moving towards principle base Financial Reporting Standards (FRSs), there will be expectation that there may be divergence of interpretations of the principles in practice. Here the Generally Accepted Accounting Principles (GAAP) contained in FRSs will be scrutinised and examine how these principles are interpreted and applied by practicing accountants and auditors. For more information visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081120B

7. Financing Your Business (What the Bankers Look For & Putting it in Writing)
1 & 2 December 2008, Hilton Petaling Jaya

For a business to really grow it needs external funding. Business fixed assets can be acquired for cash, but only if you have the cash to spare. If you don’t, you may need the assistance of banks or credit companies. Are banks the only source of financing? Which financial institutions can help you acquire your fixed assets? What credit facilities are suitable for you? Find all the answers to these questions by attending this course. For more information visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081201A

8. Auditor’s Risk Assessment Procedures
1 & 2 December 2008, Hilton Petaling Jaya

Increased complexity and a constantly changing business environment, together with recent corporate failures in Malaysia has resulted in additional responsibilities and greater scrutiny of the auditor’s work. The auditor should obtain an understanding of the entity’s objectives and strategies and the related business risks sufficient to identify and assess the risks of material misstatements of the financial statements whether due to fraud or error. This course will help create awareness of the recently revised and approved auditing standards on risk assessment and response to assessed risks. For more information visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081201B

9. Commercial Application of Malaysian Company Law – What Accountants Need to Know
2 & 3 December 2008, Istana Hotel Kuala Lumpur
*SMIDEC & HRDF Claimable

A two-day workshop exclusively designed for accountants to gain a better perspective and understanding in company law enabling them to make the necessary decisions and comply with the latest rules and regulations to avoid legal liabilities. Plus! all paid registrants will receive free copies of “Commercial Application Of Company Law In Malaysia” & “Problem Sets And Legislative Extract” (not sold at any bookstores). For more information visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081202A

10. Fundamentals of Finance for Executives
3 December 2008, Concorde Hotel Kuala Lumpur

Financial statements of businesses contain vital information beneficial for many purposes depending on who the users are. Most users do not have an accounting background but may have the desire to know how to read and analyze financial statements and communicate effectively within the organisation on financial matters. This workshop will provide a basic understanding of the general purpose of financial statements, the manner in which it should be prepared plus fundamental accounting concepts and conventions. For more information visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081203

11. Public Practice Programme
16 & 17 December 2008, MIA Kuala Lumpur

This two-day programme will focus in changing the mindset of participants to that of a ‘professional’ entrepreneur. It will also ensure that members will take into full consideration of all areas related to public practice. For more information and registration, please visit www.mia.org.my/mia/event/detail.asp?id=EDUCO081216A.

Good news for all Small & Medium Enterprises (SMEs) and Small & Medium Practices (SMPs)! SMIDEC has approved the Public Practice Programme under its claimable programme. Qualified SMEs or SMPs pay only 20% of the course fee. Please check with the MIA Professional Development Centre (MPDC) for details on the SMIDEC’s criteria for SMEs and SMPs.

For information on other CPE training events visit www.mia.org.my/dept/cpe/calendar/cpe.pdf

Resource Centre Updates

1. New Acquisitions

The Resource Centre has recently acquired several new publications on accounting, auditing, company law, professional education and other areas which have been added to the present collection.

For an updated book list, please visit www.mia.org.my/mia/ins/res/res_cent/recent. Members who wish to borrow books may contact the MIA Resource Centre librarian at 03-2274 5055 or email to library@mia.org.my.

2. Book Loan for Non - MIA Member
Non-MIA members can now enjoy the privilege of borrowing books or reference materials from the MIA Resource Centre. Those who wish to borrow books are required to pay a deposit and annual fee depending on the borrowing privilege offered to them. MIA Resource Centre will issue a loan card upon completion of the registration process. Terms and conditions apply. For more details, please contact the MIA Resource Centre librarian at 03-2274 5055 or email to library@mia.org.my

3. Seminar Papers and Journals for Sale

The Resource Centre is putting up for sale its past year seminar papers and accounting journals from UK, US, Hong Kong, India etc. which are in good condition. It can be purchased from RM2 onwards. Members who are interested may come to our Resource Centre to purchase them.

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