EDITION 18 / 15 DECEMBER 2006
In this issue:
INSTITUTE NEWS
1. New Year Greetings
2. Telekom Malaysia Berhad
Wins NACRA 2006
3. Philips
Lumileds Lighting Co Sdn Bhd wins NAfMA 2006
TECHNICAL NEWS
1. By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian
Institute of Accountants
2. Exposure Draft on New Definitions and Section 290 (Revised) of the IFAC Code
of Ethics for Professional Accountants
3.
International Standards on Quality Control (ISQC) 1 Manual
4. 2007 Budget Commentary
& Tax Information
INTERNATIONAL NEWS
1. Juan Jose Fermin del Valle Assumes Presidency of the International Federation
of Accountants (IFAC); Council names Robert Bunting as Deputy President
2. IFAC's International Auditing and Assurance Standards Board (IAASB) Issues
Exposure Drafts to Enhance the Clarity of Standards on Materiality,
Misstatements and Communications with those Charged with Governance
3. IFAC's International Accounting Education Standards Board (IAESB) Requests
Comments on Proposed Strategic Plan
4. New IFAC Paper Explores the Suitability of SME Accounting Standard to
Micro-Entities
MEMBERSHIP UPDATES
1. MIA e-CAREER
2. Member Firms
Mergers and Affiliations Listing
3. STAR Education Fair 2007
4. Membership Recruitment Drive
5. Hyperlink Support
CPE EVENTS
1. Seminar On Striking Off Companies Under Section 308, Companies Act 1965
2. Accounting for Liabilities
3. Impairment of Assets (FRS 136)
4.
Consolidated Financial Statements (FRS 127 & FRS 3)
5.
Preparation & Presentation of Cash Flow Statements (FRS 107)
6. Evening
Talk on Practice Continuation - Myth or Reality?
RESOURCE CENTRE UPDATES
1. Special Discount on CCH Titles
Institute News
1. New Year Greetings
In two weeks time, we will come to the close of the year. 2006 has been an
eventful year for the Institute and the profession, with many projects
implemented and undertaken.
On behalf of the Council of the Institute, Management and Staff, I would like to
take this opportunity to wish all members a very Happy New Year and Best Wishes
for the year 2007.
Ho Foong Moi
Executive Director
2. Telekom Malaysia Berhad
Wins NACRA 2006
Telekom Malaysia Berhad won the Platinum Overall Excellence award for National
Annual Corporate Report Awards (NACRA) 2006 competition. They also won the Gold
Award for the Best Designed Annual Report and Silver Award for the Best Annual
Report in Bahasa Malaysia.
The Award was presented by the Domestic Trade and Consumer Affairs Minister, YB
Datuk Mohd Shafie Haji Apdal, at a ceremony held in Sime Darby Convention Centre
on 30 November 2006. During the ceremony, a total of 21 awards in 5 categories,
namely Overall Excellence Award, Industry Excellence Awards for Listed
Companies, Presentation Awards, Environmental Reporting Award and Special Award
for Non-Listed Organisations, were presented to the winners.
Please look out for a detailed write-up on the Award ceremony in the Accountants
Today.
3. Philips
Lumileds Lighting Co Sdn Bhd wins NAfMA 2006
Philips Lumileds Lighting Co Sdn Bhd won the Excellence Award in the National
Award for Management Accounting (NAfMA) 2006 competition in recognition of its
outstanding best practices in management accounting. The Award was presented by
YB Dato' Dr Ng Yen Yen, Deputy Minister of Finance 1, at a ceremony held in
Shangri-la Hotel, Kuala Lumpur on 7 December 2006. In addition to the Excellence
Award, the 5 winners for the Best Practice Award and Practice Solution Award
categories were also announced.
Please look out for a detailed write-up on the Award ceremony in the Accountants
Today.
UP
Technical News
1. By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian
Institute of Accountants
At its recent meeting in November 2006, the Council had approved the issuance of
a new set of By-Laws (on Professional Ethics, Conduct and Practice) of the
Malaysian Institute of Accountants ("the By-Laws"). Except for a few sections,
the By-Laws come into effect on 1 January 2007.
As part of the Institute's membership obligations, the By-Laws have incorporated
the provisions of the Code of Ethics for Professional Accountants issued by the
International Federation of Accountants (IFAC), with appropriate modifications
to suit the Malaysian regulatory, legislative and professional environment. The
By-Laws also contain with suitable amendments, certain provisions of the
Institute's By-Laws (on Professional Conduct and Ethics) [Revised 2002].
The By-Laws can be downloaded from the Institute's website at
www.mia.org.my.
2. Exposure Draft on New Definitions and Section 290 (Revised) of the IFAC Code
of Ethics for Professional Accountants
IFAC has recently amended the definition of the terms "firm" and "network firm"
and introduces the concept of a "network". IFAC has also issued section 290
(Revised) of the Code of Ethics which contains 13 additional paragraphs that
cover networks and network firms.
The additional paragraphs and new definitions will be applicable for assurance
reports dated on or after 31 December 2008. Once they take effect, the scope of
independence requirements for assurance engagements will be extended to firms
that will, from the effective date, be considered part of a network.
Due to the far-reaching implications of the above, the Council has approved the
issuance of an Exposure Draft on the New Definitions and Section 290 (Revised)
to members of the Institute and other stakeholders for their feedback.
Members of the Institute are invited to comment on the Exposure Draft which can
be downloaded from the Institute's website at
www.mia.org.my on or after 1 January 2007. All feedback and comments must be
received in writing by 31 March 2007.
3.
International Standards on Quality Control (ISQC) 1 Manual
As part of the profession's commitment to improve the quality of work and to
protect the reputation of members in the provision of assurance services, the
ISQC 1 has been implemented with effect from 1 July 2006. The purpose of
the ISQC is to establish basic principles and essential procedures and to
provide guidance regarding a firm's responsibilities for its own system of
quality control for audit and reviews of historical information and for other
assurance and related service engagement.
The Institute in collaboration with CCH has launched a manual to guide members
to full compliance of the requirements under the ISQC. The manual is available
at RM100.00 per copy for members. For more details, please contact the
Institute's Development & Promotions Department at 03-22799200 ext 324/136 or
email to promotion@mia.org.my. Limited
stocks only.
4. 2007 Budget
Commentary & Tax Information
The latest edition of this popular publication is available for sale now.
Members are encouraged to purchase additional copies of the publication for
their staff and for distribution to their clients and business associates. The
order form can be downloaded from the Institute's website at
www.mia.org (go to the E-Shop/Product &
Services link). For further information, please contact the Development &
Promotions Department at 03-22799200 ext 324/136 or email to
promotion@mia.org.my /
budget2007@mia.org.my.
UP
International News
1. Juan Jose Fermin del Valle Assumes Presidency of the International Federation
of Accountants (IFAC); Council names Robert Bunting as Deputy President
At the IFAC's Board and Council meetings in Istanbul, Turkey from 9 to 13
November 2006, the reins of the organisation were turned over to new IFAC
President, Juan Jose Fermin del Valle of Argentina, and the Council approved the
nomination of Robert L. Bunting of the United States as Deputy President.
Each of these individuals will serve in their respective capacity through
November 2008.
The Council also approved the appointment of five new members to the IFAC Board
and reappointment of three Board members to a second term.
2. IFAC's International Auditing and Assurance Standards Board (IAASB) Issues
Exposure Drafts to Enhance the Clarity of Standards on Materiality,
Misstatements and Communications with those Charged with Governance
As part of its comprehensive program to enhance the clarity of international
standards, the IAASB of IFAC has issued the following three exposure drafts of
proposed International Standards on Auditing (ISAs) that follow its new clarity
drafting conventions.
a) 320 (Revised and redrafted): Materiality in Planning and Performing an Audit
b) 450 (Redrafted): Evaluation of Misstatements Identified during the Audit
c) 260 (Revised and redrafted): Communication with Those Charged with Governance
These exposure drafts form part of IAASB's ambitious 18-month programme to
redraft existing standards and to develop new and revised standards following
the new drafting conventions. Comments on the application of the new drafting
conventions should be submitted by 15 February 2007. The exposure drafts
can be downloaded from www.ifac.org/EDs .
3. IFAC's International Accounting Education Standards Board (IAESB) Requests
Comments on Proposed Strategic Plan
The IAESB of IFAC is seeking comments from IFAC member bodies, regulators,
accounting firms, employers, the academic community and others on an exposure
draft of its Strategic and Operational Plan for the period of 2007-2009.
The IAESB's proposed strategy focuses on projects and activities aimed at
promoting the measurable implementation of International Education Standards (IESs),
with the objective of advancing accounting education worldwide. Comments on the
exposure draft are requested by 28 February 2007. The exposure draft can
be downloaded from www.ifac.org/EDs.
4. New IFAC Paper Explores the Suitability of SME Accounting Standard to
Micro-Entities
IFAC has released a new information paper that explores the needs of users and
preparers of the financial reports of micro-entities. Entitled 'Micro-Entity
Financial Reporting: Perspectives of Preparers and Users', the paper comprises a
review of the existing research on the topic, a survey of the legal status of
micro-entities in different countries, and the various definitions that exist in
different jurisdictions.
The research was prompted by a concern that the International Accounting
Standards Board's (IASB) proposed accounting standards for SMEs, International
Financial Reporting Standards for Small and Medium-Sized Entities (IFRS for SMEs),
may not be suited to micro-entities, which for the purpose of this study are
defined as those with less than ten employees.
The research contained in the paper was undertaken by Dr. Suki Sian of the
Cardiff Business School, Wales and Professor Clare Roberts of the University of
Aberdeen, Scotland. The information paper can be downloaded free-of-charge from
www.ifac.org/store.
UP
Membership Updates
1. MIA e-CAREER
One of the many challenges faced by our Member Firms is recruiting a suitable
and qualified employee to work in their firms. As the regulatory body for
accountants, the Institute is eager to assist our Member Firms in this area.
Hence, the idea of the MIA e-CAREER! This project aligns well with the vision of
MIA which is to be committed to nation-building.
MIA e-CAREER is a web-portal that the Institute has created for graduates from
the universities listed under Part 1 of the First Schedule to the Accountants
Act, 1967 to seek employment with member firms registered with the Institute.
This will assist graduates in securing a job and also to encourage member firms
in employing qualified graduates.
This portal was officially launched during the Accounting Students Conference (ASC)
2006 on 25 November 2006. For more information, log on to the website of MIA
e-CAREER at www.mia.org.my/e-CAREER.
2. Member Firms
Mergers and Affiliations Listing
As part of the Institute's initiative to enhance member firms merger and
affiliations, an on-line register known as the Member Firms Mergers and
Affiliations has been created specially for member firms looking towards merging
or affiliating with their peers. Interested firms would be given the opportunity
to peruse through the listing and identify partners that meet their profile for
alliances, mergers or affiliations and list their firms as potential firms to
merge with. Member firms interested to register in this listing are requested to
provide relevant information using the form in the Institute's website which is
accessible for public viewing at www.mia.org.my (go to the Membership/Member
Firm/Member Firms Mergers & Affiliations Listing link). As of now, there is no
charge being levied for this service.
For more information, please call the Institute's Practice Matters Department at
03-22799200 or e-mail to
practice@mia.org.my.
3. STAR Education Fair 2007
The Institute will be participating in the STAR Education Fair 2007 at the Kuala
Lumpur Convention Centre from 6 to 7January 2007. The Institute will be hosting
an Accountancy Pavilion, together with four other professional bodies namely
ACCA, CIMA, CPA Australia and ICAEW. Members are invited to visit the Pavilion
to gain updates on activities and development of the institute as well as other
Professional Bodies. As this event is mainly targeted for school leavers,
undergraduates and post-graduate students, there will be a Career Talk for
students and parents who are interested to know more about the accountancy
profession. Brochures, information and materials related to the accountancy
profession will be available at booths E01 - E10, Hall 4, Kuala Lumpur
Convention Centre.
4. Membership Recruitment Drive
The Institute is looking forward to recruit more members. As part of this
process, members of the Institute are encouraged to introduce eligible
candidates to browse the Institute's website at
www.mia.org.my to find out more about the Institute's membership.
Alternatively, they could also contact the Institute's Development & Promotions
Department at 03-22799200 ext 340/344/348/349 or e-mail to
promotion@mia.org.my.
5. Hyperlink Support
The Institute is moving one step further to establish relationships with the
public and to assist them to have a better understanding of the Institute and
its functions as the country's national accountancy body. In view of this, the
Institute is seeking the cooperation of companies to feature the Institute's
website hyperlink in their corporate website addresses. Members or non-members
would be able to acquire direct updates and information on activities, courses
and trainings conducted by the Institute. For companies who are interested to
support the Institute in this initiative and get connected to the Institute's
activities or updates, please contact the Development & Promotions Department at
03-22799200 ext 324 or 262 or email to
promotion@mia.org.my.
UP
CPE Events
1. Seminar On Striking Off Companies Under Section 308, Companies Act 1965
21 December 2006, Bangunan MAICSA, Kuala Lumpur
MAICSA is organizing a half-day seminar on the above and offering their member
rates to MIA members. The objective of this seminar is to guide company
secretaries and corporate professionals on the procedures for striking off
companies under Section 308 of the Companies Act 1965 and to clarify any
enquiries on the recent announcement on dormant companies.
Members can download the flyer from the MAICSA's website at
www.maicsa.org.my. For more details
please contact Cik Syahida or Ms Lee from MAICSA's Training Division at 2282
9276 ext 612/608. Members can also contact the Institute's CPE Department at
03-22799200 or log on to the Institute's website at
www.mia.org.
2. Accounting for Liabilities
12 January 2007, Concorde Hotel, Kuala Lumpur
For more details please log on to
www.mia.org.my/mia/event/detail.asp?id=EDUCO070112
3. Impairment of Assets (FRS 136)
15 January 2007, Concorde Hotel, Kuala Lumpur
For more details please log on to
www.mia.org.my/mia/event/detail.asp?id=EDUCO070115
4.
Consolidated Financial Statements (FRS 127 & FRS 3)
15 & 16 January 2007, Concorde Hotel, Kuala Lumpur
For more details please log on to
www.mia.org.my/mia/event/detail.asp?id=EDUCO070115
5.
Preparation & Presentation of Cash Flow Statements (FRS 107)
16 January 2007, Concorde Hotel, Kuala Lumpur
For more details please log on to
www.mia.org.my/mia/event/detail.asp?id=EDUCO070116B
6. Evening
Talk on Practice Continuation - Myth or Reality?
17 January 2007, Melia Hotel, Kuala Lumpur
For more details please log on to
www.mia.org.my/mia/event/detail.asp?id=EDUCO070117
UP
Resource Centre Updates
1. Special Discount on CCH Titles
CCH is having promotions on selected CCH titles until 31 December 2006 with at
least a 20% discount. For further clarification and assistance please contact
CCH at 03-20266003 ext 28.
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 03-2270 5055 or email to
library@mia.org.my.
UP
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