Accounting

Understanding MFRS 116 : Accounting on Property, Plant, and Equipment

Understanding MFRS 116 : Accounting on Property, Plant, and Equipment
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(Acc Update) Understanding MFRS 116 : Accounting on Property, Plant, and Equipment

Let’s learn MFRS 116, a key accounting standard for buildings, machinery, and equipment. Uncover the crucial guidelines it establishes and understand their impact on businesses globally.

What is MFRS 116?

MFRS 116 is a rule from Malaysia on how to account for property, plants, and equipment (PPE), updating the old rule, MFRS 117.

It tells companies how to recognize PPE as assets if they think these assets will bring future benefits and if they can accurately figure out the costs. This includes adding up all costs needed to get the asset ready for use.

Main Points Explained

Recognizing Assets

MFRS 116 focuses on correctly identifying PPE assets, making sure they will likely bring future benefits and that their costs can be accurately measured. This helps keep financial reports trustworthy, letting others understand a company's assets clearly.

Measuring Costs

After an asset is recognized, its cost is calculated by taking the original cost and subtracting any depreciation (value loss over time) and losses in value. All costs directly related to getting or building the asset are included. This careful calculation helps in making smart decisions and keeps financial reports clear.

Depreciation

Depreciation spreads out the cost of an asset over its useful life. Companies must choose a depreciation method that matches how the asset's benefits are used up over time. This makes sure the asset's value in the books matches its real contribution to the business.

Revaluation

MFRS 116 lets companies adjust the book value of an asset to its current market value, but it's not required. If companies choose to do this, they need to update the values regularly. This option lets companies show the true value of their assets.

Telling Others

Companies must share detailed information about their PPE, including values, depreciation methods, and life spans. This openness helps investors and others understand the company's financial health better.

Example: Updating Equipment Value

Imagine a company with a factory that suddenly becomes more valuable because of new technology. MFRS 116 says the company should update the factory's value in their books to show its true current worth. This shows the rule's focus on keeping financial information up-to-date and reliable.

Why It Matters for Businesses

Following MFRS 116 is important for companies because it affects their financial reports, taxes, and decisions. By sticking to these rules, companies make their financial statements more believable, clear, and trustworthy. This also helps compare different companies more easily, improving analysis within and across industries.

To sum up, MFRS 116 guides businesses in accurately and transparently accounting for their buildings, machines, and equipment. Understanding and applying these rules helps businesses deal with accounting challenges confidently, earning trust from those involved.

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Understanding Profitability Ratios

Understanding Profitability Ratios
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{Acc Update} Understanding Profitability Ratios

Understanding your company's financial health is key to success, especially for small and medium enterprises (SMEs) in Malaysia. Our 'Understanding Profitability Ratios: A Practical Guide for Non-Accountants''‘ is designed to simplify financial insights for non-English speakers.

At THK, a leading accounting firm in Malaysia in Southern region, we provide comprehensive services in auditing, taxation, bookkeeping, corporate secretarial, and business advisory. This guide uses straightforward language to explain crucial financial concepts, helping you make informed decisions for your business.

Simplified analytical tools are key to unlocking the mysteries of financial data, offering clear insights into a company's financial story. These tools, especially profitability ratios, are easy to understand and vital for assessing a company's efficiency, stability, and overall financial health.

Simplified Guide to Profitability Ratios:

Join us as we explore four key types of profitability ratios in an easy-to-understand format:

Gross Profit Margin

  • What It Means: This ratio shows what a business earns after paying for the direct costs of making its products or providing services (like labor and materials).

  • Simple Formula: (Gross Profit / Net Sales) x 100%

  • Why It's Important: It helps you understand how well the company is controlling its direct costs.

Operating Expense Ratio

  • What It Means: This ratio helps us look at a company's overall costs and how efficiently it handles its everyday operations.

  • Simple Formula: (Total Operating Expenses / Net Sales) x 100%

  • Why It's Important: It shows how effectively a company is managing its regular expenses compared to its income.

Pre-Tax Profit Margin

  • What It Means: This tells us what percentage of sales becomes profit before considering income tax.

  • Simple Formula: (Profit Before Tax / Net Sales) x 100%

  • Why It's Important: It offers insights into how efficiently a company operates and earns profit before taxes.

Net Profit Margin

  • What It Means: This ratio reveals the actual profit a company makes in a year, after taxes are paid.

  • Simple Formula: (Profit After Tax / Net Sales) x 100%

  • Why It's Important: It gives a clear view of the company's ultimate profitability after tax expenses.

In conclusion, understanding these profit ratios is crucial for the financial well-being of your business. Our firm, KTP, is dedicated to assisting Malaysian SMEs in navigating their financial journey with our expert auditing, taxation, bookkeeping, corporate secretarial, and business advisory services.

Visit our websites at www.ktp.com.my and www.thks.com.my for more insights and professional assistance.

Loans and Financial Assistance to Directors

Loans and Financial Assistance to Directors
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{Acc Update} Loan Transactions and Financial Assistance for Directors: A Guide to Complying with Companies Act 2016

Navigating the Companies Act 2016 is essential for companies, when considering loans to directors and financial assistance. In this guide, we explore the nuances of these transactions, highlighting key provisions of the Companies Act 2016.

Whether you're an Exempt Private Company (EPC) or a Private Limited Company, understanding these regulations is vital for maintaining compliance and corporate integrity.

Loan to Directors

As per Section 224(1) of the Companies Act 2016, a company is prohibited from:

  • making a loan to a director of the company or a company deemed related under Section 7 of the Company Act 2016, or

  • entering into any guarantee or providing any security for a loan made to such a director by any other person.

Forms of Loan to Directors

There are three types of loans to directors:

  • Cash advances: Typically, short-term and repaid in lump sum.

  • Payment on behalf of the Director

  • Loan formalized in an agreement: Usually for the longer term and repaid by installments.

Guarantee

A guarantee is a contract to perform a promise or discharge the liability of a third person in case of default.

Example: If a director takes a loan from bank , the Company provides a corporate guarantee to the bank.

Security

Security is an asset pledged to guarantee loan repayment, satisfaction of an obligation, or compliance with an agreement.

Example: A director takes a loan from bank and Company allows a charge to be placed on its land in favor of the bank.

Approval Loans to Directors of Exempt Private Company (EPC)

  • Allowed for any purpose.

  • Board’s approval is required.

  • If the loan to the director/shareholder is interest-free, the Board must justify that this decision is in the Company’s best interest.

  • The loan must be repaid within 12 months.

Financial Assistance

According to Section 123(1) of the Company Act 2016, financial assistance given to any person to purchase existing company shares or to subscribe for new shares is prohibited.

Allowable Financial Assistance

  • For private or unlisted public companies, not exceeding 10% of shareholders’ funds, Shareholders’ Approval and Directors’ Solvency Statement are required.

  • Employee share option scheme (subscription of new shares) for the benefit of employees and executive directors.

  • Purchase of fully-paid shares, registered in the name of the employee or a nominee company.

  • Business nature exceptions:

    a) Licensed money lenders

    b) Asset management company registered with the Securities Commission

It is crucial to handle loan and financial assistance transactions carefully to ensure compliance with the Companies Act.

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Accounting for Stock In Trade

Accounting for Stock In Trade
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Accounting for Stock In Trade

''Stock in trade,'' often referred to as ''inventory'' in accounting and business terminology, encompasses movable and immovable property and materials used in day-to-day business operations.

Accurate identification and tracking of stock in trade are vital for precise financial reporting, particularly for the balance sheet, as it significantly affects a company's financial health and performance.

Valuation of Stock in Trade

There are two primary methods for valuing stock in trade:

(a) Acquisition Cost

This includes:

i. Direct expenses related to the purchase of goods intended for resale or materials and components used in the production of finished goods.

ii. Other direct expenses explicitly associated with acquiring stock or bringing it to its current condition and location (e.g., customs duties, direct labor, transport, and packaging).

iii. A portion of any overhead expenses properly attributable to manufacturing goods (e.g., office rent, utility charges, stationery, and maintenance services).

(b) Cost Methods

There are three primary cost methods:

i. First-In, First-Out (FIFO): Assumes the earliest items in inventory are the first to be sold or used, and their costs are allocated to the cost of goods sold.

ii. Last-In, First-Out (LIFO): Assumes the most recent items in inventory are the first to be sold or used, and their costs are allocated to the cost of goods sold. Note that LIFO is not allowed under International Financial Reporting Standards (IFRS) and is unacceptable for income tax purposes.

iii. Weighted Average Cost (WAC): Calculates an average cost for the entire inventory based on the total cost of all units in stock and the total number of units in stock.

Summary

In conclusion, properly valuing stock in trade is critical for financial reporting and business performance. Understanding the cost methods can help businesses make informed decisions about their inventory management, financial health, and compliance with accounting standards.

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Capital Expenditure vs Capital Revenue

Capital Expenditure vs Capital Revenue
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Capital Expenditure vs Capital Revenue

The Difference between Capital Expenditure and Capital Revenue

Capital expenditure refers to the funds invested in acquiring or enhancing long-term assets, while capital revenue represents income generated from the sale of capital assets or other sources contributing to the capital of a business.

1. Purpose of Funds

Expenditure – Funds invested in long-term assets or development in the business. These expenses are intended to provide long-term benefits to the company.

Revenue – Funds spent on day-to-day operations of the business, covering routine expenses necessary to keep the business running.

2. Nature of Expense

Expenditure – Typically non-recurring in nature.

Revenue – Generally recurring in nature.

3. Designation

Expenditure – Often referred to as Development Expenditure. These investments are aimed at improving the company's capacity or capabilities.

Revenue – Commonly known as Non-Development Expenditure because it does not involve the development or acquisition of new assets.

4. Accounting Treatment

Expenditure – Capitalized on the balance sheet and depreciated over time. The cost is spread out over its useful life through depreciation, which means the expense is recognized gradually over time to match the asset's value consumption.

Revenue – Recorded as income in the profit and loss statement. It contributes to the company's total income for the period in which it is earned.

5. Financial Statements

Expenditure – Affects the balance sheet by increasing assets and the income statement through depreciation.

Revenue – Impacts on the income statement as a source of income.

6. Examples

Expenditure – Plant & Machinery, Buildings

Revenue – Raw Materials

Conclusion

Understanding the distinction between capital expenditure and capital revenue is essential for effective financial management in any business. Capital expenditure involves investments in long-term assets, which impact the balance sheet and long-term strategic planning.

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What are The 2 Types of Shares?

What are The 2 Types of Shares?
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What are The 2 Types of Shares?

We delve into the world of shares, exploring their intricate definitions, classifications, and the impact they have on financial and accounting practices, with a special focus on International Accounting Standard (IAS) 32.

1. Shares Defined under Accounting Standards

Shares represent units of ownership in a company, but their classification under IAS 32 is vital. Shares are considered equity when there's no contractual obligation to transfer cash or other financial assets. Furthermore, when such shares are subsequently sold or disposed of, they can trigger income tax or real property gain tax (RPGT) implications.

2. Two Types of Shares

Our discussion uncovers two primary types of shares:

• Para 3(b) Shares under IFRS 2 - Shares Based Payment

• Real Property Company (RPC) shares

3. Definition of Para 3(b) shares under IFRS 2 - Shares Based Payment

Para 3(b) shares refer to the exchange of assets for shares in a controlled company.

4. Definition of RPC Shares

RPC shares, on the other hand, pertain to shares in a real property company. A company qualifies as an RPC if it meets two conditions: it's a controlled company and owns real property or RPC shares that collectively account for at least 75% of total tangible assets (TTA).

5. When Shares Qualify as Both Para 3(b) and RPC Shares

Intriguingly, there are instances where shares meet the criteria for both Para 3(b) and RPC shares. In such scenarios, the priority lies with Para 3(b). Consequently, these shares won't be categorized as RPC shares, even if the company transitions into an RPC or already is one during the circumstances described in Para 3(b).

Key Summary

In conclusion, shares are the embodiment of ownership in a company and hold significant importance in financial and accounting contexts. Whether they fall under the umbrella of equity or have tax implications can significantly influence financial reporting and strategic decisions for both investors and companies.

Furthermore, the distinction between Para 3(b) and RPC shares plays a pivotal role in understanding a company's standing concerning real property ownership and associated tax considerations.

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Cost Classification

Cost Classification
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Cost Classification and its types

Cost classification is the process of categorizing various expenses incurred by a business or organization into specific groups or categories based on their nature, function, behavior, or other relevant criteria. This classification helps in analyzing and managing costs more effectively, making informed decisions, and preparing financial statements.

Cost classification according to behavior

Cost classification according to behavior refers to costs that are observed through their behavior on production of units produced. This type of cost can consist of various components, including:

a. Fixed Cost

b. Variable cost

c. Mixed Cost

Fixed Cost

Fixed cost is an expense that does not change when sales or production volumes increase or decrease. Examples include factory rental, depreciation expenses of factory building, transportation, and so on.

Characteristics of Fixed Costs:

a. Stability: Fixed costs remain the same regardless of whether a business produces one unit or a thousand units of a product. They provide a stable foundation for a company's cost structure.

b. Time-Based: Fixed costs are typically considered on a monthly or yearly basis. For example, if a business pays a monthly rent of $1,000 for its office space, that $1,000 remains constant each month as long as the lease terms do not change.

c. Non-Production Dependent: These costs are not tied to production or sales activities. Even if production comes to a halt or sales decrease, fixed costs persist. 

Variable Cost

Variable cost is an expense that changes in proportion to production units or activity units. Examples include direct raw materials, direct labor, sales commission and so on.

Characteristics of Variable Costs:

a. Direct Relationship: Variable costs have a direct and linear relationship with production or sales. If a business doubles its production, its variable costs will roughly double as well.

b. Per-Unit Basis: Variable costs are typically expressed on a per-unit basis. For instance, the cost of raw materials per unit or the direct labor cost per unit produced.

c. Production-Dependent: These costs are directly tied to production activities. As more units are produced, more resources (and costs) are required.

Mixed Cost

Mixed cost is a cost that contains both fixed costs and variable costs. Examples include utilities, rent, salaries, landline telephone bill and so on.

Characteristics of Mixed Costs:

a. Combination of Fixed and Variable Elements: Mixed costs have both a fixed portion and a variable portion. The fixed portion remains constant over a certain range, while the variable portion changes with production or activity levels.

b. Step-Like Behavior: Mixed costs often exhibit a step-like behavior, where they remain constant within a certain range and then abruptly increase when production or activity exceeds that range.

c. Non-Linear Relationship: The relationship between mixed costs and production or activity is not linear. This means that the variable portion of mixed costs does not change at a constant rate.

In conclusion, cost classification is a vital accounting process that involves categorizing expenses within a business or organization based on various criteria, including their behavior. The behavior-based cost classification, in particular, is crucial for understanding how costs relate to production or activity levels.

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Accounting Concepts

Accounting Concepts
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Accounting Concepts: Consistency, Going Concern & Prudence

What are Accounting Concepts?

It is the basic rules, ideas, and conditions by which companies record their financial transactions and organize their bookkeeping.

What is the objective of Accounting Concepts?

To achieve uniformity and consistency in preparing and recording financial reports.

What is Consistency Concept?

The same accounting method should be used consistently once it has been adopted by the company, unless a change is required by law or other valid reasons to do otherwise.

It will prevent manipulation in accounts and make the financial numbers comparable across different periods or years.

What is Matching Concept?

The matching concept is linked to the accruals concept.

It requires revenue earned and expenses incurred to be matched and recorded during the same accounting period.

Example 1:

Deposit of RM 500 received from the customer on 27 December 2022 for a dinner reservation on 10 January 2023.

No expenses have been incurred yet if the RM 500 deposit is recorded as revenue on 27 December 2022.

Hence, the RM 500 deposit should be booked as “Deposit from Customer (Balance Sheet)” in December 2022 and adjusted as “Sales revenue (Income Statement)” in January 2023 to match the expenses incurred on 10 January 2023.

Example 2:

ABC Sdn Bhd’s financial year ended on 31 December 2022. It only issued invoices to its customers in January 2023 for work carried out in December 2022.

An accounting adjustment needs to be made for the unbilled revenue as “Accrued revenue” on 31 December 2022 to match the expenses incurred during the financial year.

What is Going Concern Concept?

Also known as the continuity assumption, this assumption assumes that a business will continue its operations for the foreseeable future.

It implies that financial statements are prepared with the expectation that the business will continue to exist and not be liquidated.

Examples of situations that may cast doubt on the going concern assumption include:

  • Continuous losses: If a business consistently incurs significant losses, it may raise concerns about its ability to continue operating in the future.

  • Legal or regulatory issues: Legal disputes, loss of key licenses or permits, or significant changes in regulations can impact a business's ability to continue its operations.

What is Prudence Concept?

This is an accounting concept that suggests caution and a conservative approach in preparing financial statements.

The prudence concept suggests that losses such as bad debts, inventory obsolescence, or decline in the value of investments, should be accounted for even if they have not yet occurred.

However, gains should only be recognized when they are realized.

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Accrual Accounting Concept

Accrual Accounting Concept
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Accrual Accounting Concept

What is Accounting Concepts?

It is the basic rules, ideas, and conditions by which companies record their financial transactions and organize their bookkeeping.

What is the objective of Accounting Concepts?

To achieve the uniformity and consistency in preparing and recording financial reports.

What is the importance of accounting concepts?

• Serves as a uniform set of rules for each step in recording a financial transaction of a company.

• Provides quality management reports and financial statements.

• Helps users to make financial decision by making the reports reliable, relevance, understandable and comparable.

The 5 commonly used accounting concepts:

• Accrual Concept

• Consistency Concept

• Matching Concept

• Going Concern Concept

• Prudence Concept

What is Accrual Concept?

Revenue is booked when it is earned, NOT when cash is received.

Expenses are recorded when they are incurred, NOT when cash is paid out. Accruals can be passed by journal entries at the month/year end.

Example 1:

Goods delivered on 25 May 2023 and Sales Invoice of RM 1,000 issued on 26 May 2023, but money received from customer on 10 June 2023.

To recognize sales on 26 May 2023:

DR Accounts Receivables RM 1,000

(Balance Sheet)

CR Sales RM 1,000

(Income Statement)

Example 2:

Salary of RM 3,000 incurred in May 2023 but payment to staff only made in early June 2023.

To record expenses on 31 May 2023:

DR Salaries RM 3,000

(Income Statement)

CR Accruals RM 3,000

(Balance Sheet)

More accounting concepts to be continued in the next posting…

 

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Common Accounting Mistakes

Common Accounting Mistakes
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Common Accounting Mistakes

Introduction

Accounting is not just for tax reporting purposes, but it can help to identify areas in which costs can be cut or resources can be added to increase the profit and efficiency of the company.

Some accounting mistakes can lead to incorrect financial status presentation and hence wrong business decisions being made.

Let's find out the common mistakes in accounting.

1. Assuming Profit equals Cash Flow

This common misconception by many people will distort the company’s real financial position.

When a company buys machines to increase production, the profit of the company will not be reduced by the same amount of payment for the purchase of machines. Instead, the cost of the machines will be recorded as Property, Plant and Equipment under Balance Sheet.

2. Data Entry Error

Accounting work is all about details. While having an accounting software is essential to efficiency for complex and high transactions, nonetheless, human being can make mistakes whether we are using accounting software or manual way.

For example, wrong double entries being keyed, wrong amount being recorded or deposit paid not deducted from invoice.

It is important to have segregation of duty with other personnel to do the review work to minimize this type of errors.

3. Mix up between personal and business accounts

Many people will feel maintaining 2 bank accounts to separate personal and business accounts as very tedious work. Actually, it is not. In fact, it will smoothen the whole accounting process and increase efficiency.

It is important to have the mindset that business accounts should be strictly for business purpose. If the personal expenses are mixed up with business expenses, the accounts will be scrutinized by the auditors and tax officers even tighter.

Likewise, it is a good practice to do proper filing by separating business and personal bills.

4. Consistency in Classification between Direct and Indirect cost

Cost structure refers to different type of expenses a business incurred, which comprises of direct and indirect costs.

Direct costs are expenses that can be attributed to a specific product, while indirect costs are expenses required to maintain and run a company.

If the classification of the direct and indirect costs is not being identified properly or consistently, it will lead to unusual fluctuation in the gross profit margin. This will further affect decision making made by the company.

5. Not Reconciling Books with Bank/Loan Statements

This process, called reconciliation, helps verify that your financial records match your bank/loan statements. Failing to do this can lead to inaccuracies.

6. Not Accounting for Petty Cash

Small, petty cash transactions can add up over time and lead to noticeable discrepancies if not properly recorded.

7. Inaccurate Depreciation Calculations

Incorrect calculation of asset depreciation can lead to an overstatement or understatement of asset values.

8. Using the Cash-Based Accounting Method

Businesses usually use either cash-based or accrual accounting. Using the wrong method for your business type can lead to discrepancies.

9. Not Back-up Accounting Data

Imagine the consequence if the financial data is lost, stolen or hacked, and you don’t have any back up.

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Difference Between Tax Capital Allowance and Accounting Depreciation

Difference Between Tax Capital Allowance and Accounting Depreciation
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3 Key Difference Between Tax Capital Allowance and Accounting Depreciation


1. New Asset Yet in Use
MPERS S17: Depreciation of an asset begins when available for use. The asset must be in use.

2. Assets Acquired from Related Party
Account point of view: Cost is depreciated over the asset’s useful life. Tax point of view: Only remaining residual expenditure qualifies.

3. Company Assets Used by Related Party
According to Public Ruling No. 5/2014, assets not for business purpose is not entitled to claim capital allowance.

References
1. Public Ruling No. 5/2014
2. MPERS 17 – Property, Plant and Equipment
3. Income Tax Act 1967

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Insolvency Test for A Company

Insolvency Test for A Company
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Insolvency Test for A Company

In terms of the “solvency test”, solvency relates to the assets of the company, which are fairly valued, equal or exceed the liabilities of the company.

What does it mean to be insolvent?

It is a state of financial distress where a company is unable to pay its bills.

What are the warning signs of insolvent companies?

  • Inability to pay your debts.

  • Poor profitability.

  • No access to finance.

  • Unpaid creditors beyond normal credit terms.

  • Unable to raise further equity funding.

What is the company insolvency test?

  • Cash flow test

  • Ratio test

The purpose is to analyze:

  • Existing debt of company

  • The dates any company income will be received

  • The date each debt will be due for payment

  • The company’s present and expected cash resources

  • Whether the company’s debts are payable in the near future

Ratio Insolvency Test

Quick Ratio = Projected Cash + Account Receivable / Current Liabilities

Reveal the reliability of the company’s repayment of short-term debts with current assets and inventory.

Solvency ratio = Projected Net Profit + Depreciation / Current Liabilities

It is to measures the ability of a company to meet its short-term debts.

Current ratio = Projected Current Assets / Current Liabilities

It is commonly used as a quantification of short-term solvency and give a sense of the efficiency of a company’s operating cycle or its ability to turn its product into cash.

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What is Use of Right Assets in Accounting?

What is Use of Right Assets in Accounting?
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What is Use of Right Assets in Accounting?

Background

MFRS 117 introduces the treatment of both finance lease and operating lease, but operating lease is treated as an off-balance sheet lease.

MFRS 16 superseded MFRS 117 and introduced the “right to use” approach, which requires lessee to recognize the rights and obligations arising from the lease arrangement in the balance sheet with the effect from 01.01.2019 in order to standardize the treatment for both finance and operating lease.

Definition of Right-of-Use Asset -  MFRS 16

  • Lessee has the rights to control the use of an identified asset for a period of time. [Para 9]

  • Lessee able to obtain all of the economic benefits generated from the use of assets. [Para 9]

  • Lessee able to decide how and for what purpose the asset is used [Para 9]

  • Lessee has the obligation to make payment for the identified asset [Para 9]

  • Risk and reward of the ownership for the asset is still mainly retained with the lessor. [Para 65]

Exemption of MFRS 16 – Para B6

  • Short term lease (Less than 12 months) and contain no purchase option.

  • Lease for asset with a low value when new

Initial measurement:

(i) Cost of the right of use asset should include [Para 24]:

  • Lease liability

  • Prepayment of lease payment – lease incentives

  • Initial direct costs

  • Dismantling costs

(ii) Lease liability [Para 26]:

  • Present value of lease payments

Subsequent measurement:

(i) Right of use assets [Para 30]

  • Cost – accumulated depreciation – accumulated impairment loss

(ii) Lease liability [Para 36]

  • Recognise lease interest and payment

Tax implications:

Lessee:

  • Not entitled to claim the capital allowance on the leased assets [Public Ruling No. 5/2014 - Para 11.3]

  • Depreciation charged is non-tax deductible

  • Interest expenses is tax deductible if fulfilled the condition of Section 33 (1) of Income Tax Act 1967 

Sources:

  • MFRS 16

  • Section 33 (1) of Income Tax Act 1967

  • Public Ruling No. 5/2014

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MPERS Section 7 Statement of Cash Flows

MPERS Section 7 Statement of Cash Flows
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MPERS Section 7 Statement of Cash Flows

What is the Statement of Cash Flows?

This is the statement showing the inflows and outflows of cash for the reporting period and showing separate changes from operating activities, investing activities and financing activities.

Information to be presented in the Statement of Cash Flows

1) Operating activities

The main activities that generate revenue for the company.

Example:

o Cash receipts from sales and other revenue

o Payments to suppliers and employees

o Payments or refunds of income tax

2) Investing activities

The acquisition and disposal of long-term assets and other investments not included in cash equivalents.

Example:

o Purchase and proceeds from the sale of Property, plant and equipment

o Purchase and proceeds from the sale of marketable securities

o Advance or repayment of advances and loans made to other parties

3) Financing activities

It results in an entity's equity and borrowings changing in size and composition.

Example:

o Proceeds from issuing shares or other equity instruments

o Proceeds from issuing short-term or long-term borrowings and repayment of debts

Method to present the cash flow statement

2 types of methods to represent:

A) Indirect method

Determined by adjusting net Profit or loss for the effects of: -

  •  Changes in inventories, receivables, and payables;

  •  Non-cash items, such as depreciation, unrealised foreign currency gains and losses and etc; and

  •  All other items that relate to investing or financing.

B) Direct method

Major classes of gross cash receipts and payments are disclosed.

Information may be obtained such as:

  •  From the accounting records; or

  •  By adjusting sales, cost of sales and other items in the income statement for:

  • Changes in inventories, receivables, and payables;

  • Other non-cash items; and

  • Other items that are investing or financing.

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Month End Closing

Month End Closing
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Month End Closing

The month-end close is the collection of financial accounting information, review, and reconciliation of records each month. This is a financial reporting requirement for some companies and helps businesses keep accurate records throughout the year.

Appended below is the checklist for month end closing :

  • Record incoming cash

  • Update account payable

  • Reconcile bank accounts

  • Review petty cash

  • Review fixed assets

  • Count stocks

  • Check revenue and expense account

  • Adjust journal entry

  • Final review

  • Plan for next month

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MPERS Section 32 - Events after the end of the reporting period

MPERS Section 32 - Events after the end of the reporting period
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MPERS Section 32 - Events after the end of the reporting period

1. What is the Event after the reporting period?

These are the events that may affect the financial statement that occurs between the end of the reporting period and the date of the financial statements.

There are two types of events which are

Adjusting events

- provide evidence of conditions that existed at the end of the reporting period

Non-adjusting events

Non-adjusting events

- indicative of conditions that arose after the end of the reporting period

2. Recognition & Measurement

a) Adjusting events after the reporting period

- Adjust the amounts recognised in its financial statements, including related disclosures

- Example of adjusting events:

o Impairment of assets with audit evidence

o contingent liabilities

o the bankruptcy of a major customer which confirms that a loss existed

o discovery of fraud or errors that show the financial statements were incorrect

b) Non-adjusting event

- No adjustment to be recognised in financial statements but including the related disclosures

- Types of non-adjusting events

o disposal of a major subsidiary

o announcement of a plan to discontinue an operation

o major purchases or disposals of assets

o destruction of a major production plant by a fire

o entering into significant commitments or contingent liabilities

3. Disclosure

a) Adjusting events after the reporting period

- Shall adjust the amounts recognised in its financial statements, including related disclosures, to reflect adjusting events after the end of the reporting period.

b) Non-adjusting events after the reporting period

- Disclosure shall include: -

 the nature of the event; and

 an estimate of its financial effect, or a statement that such an estimate cannot be made.

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Exposure Draft on Section 23 Revenue of the IFRS for SMEs

Exposure Draft on Section 23 Revenue of the IFRS for SMEs
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Exposure Draft on Section 23 Revenue of the IFRS for SMEs

Section 23 of the IFRS for SMEs Accounting Standard set out requirement for SMEs to recognise revenue. It is based on IAS11 Construction Contracts and IAS 18 Revenue.

The IASB has applied the alignment approach to IFRS 15 Revenue from Contracts with Customers and is proposing to revise Section 23 by introducing a single framework for recognising revenue for goods and services.

The IASB is proposing to

  1. introduce a framework for recognizing revenue which require revenue to be recognized when the customer obtains control of the goods/service, based on the 5 step model in IFRS 15.

  2. simplify requirements of IFRS 15 to make the five-step model easier for SME

  3. provide transition relief to allow SME to apply their current revenue recognition policy to contracts already in progress.

Framework for recognizing revenue

1. Identify the contract with a customer

2. Identify the promises in the contract

3. Determine the transaction price

4. Allocate the transaction price to the promises in the contract

5. Recognise revenue when (or as) the entity satisfy a promise

What would this proposal mean for SME?

A comprehensive framework for determining when and how much revenue to recognise for goods and services.

For many contracts, the revised Section23 is expected to have little, if any, effect on the amount and timing of revenue recognition.

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Accounting for government grants

Accounting for government grants
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MPERS vs MFRS : Government Grants

In this article, we share the main differences in the accounting requirements for associates under MFRS 120 and Section 24 of MPERS.

Government Grants

Government grants are assistance by the government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity.

They exclude those forms of government assistance which cannot reasonably have a value placed upon them and transactions with the government which cannot be distinguished from the normal trading transactions of the entity.

Section 24 of MPERS - Government Grants

Use income approach as all government grants are income transactions.

If there is no specified future performance condition imposed, the grant is recognized upon receivable.

If there is a specified future performance condition imposed, the grant is recognized when the condition is met.

Government grants are measured at the fair value of the assets received or receivable.

MFRS 120 Government Grants

Use income approach as all government grants.

Conditions :

1. The entity will comply with the conditions imposed.

2. The grants will be received.

Recognise grants in P/L on a systematic basis over periods in which the entity recognise the related costs.

Non-monetary grants is measured by

  1. The fair value of assets received.

  2. Nominal amount paid

 

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Accounting for intangible assets

Accounting for intangible assets
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MPERS vs MFRS : Intangible Assets

In this article, we share the main differences in the accounting requirements for associates under MFRS 138 and Section 18 of MPERS.

Intangible Assets

An item meets the definition of intangible asset if it poses the three criteria:

  • Identifiability.

  • Control over resources.

  • Existence of future economic benefits (or service potential).

An intangible asset is an identifiable non-monetary asset without physical substance. Such an asset is identifiable when it is separable, or when it arises from contractual or other legal rights. Separable assets can be sold, transferred, licensed, etc.

Examples of intangible assets include computer software, licences, trademarks, patents, films, copyrights and import quotas.

Section 18 of MPERS - Intangible Assets

Research and development expenditures should be recognized as expenses.

All internally generated intellectual property should be recognized as an expense.

MFRS 138 - Intangible Assets

Development expenditure of R&D activities that meet the recognition criteria must be capitalize.

All research and other development expenditure are recognized as an expense.

Internally generated intellectual property should not be recognized as an asset.

An entity is to recognise an intangible asset only if the two criteria are met:

1. It is probable that the expected future economic benefits (or service potential) will flow to the entity; and

2. It can measure the cost or fair value of the asset reliably.

MFRS 138 allow an entity to capitalise expenditure from the development phase if it can demonstrate all of the following conditions:

  • The technical feasibility of completing the intangible asset so that it will be available for use or sale.

  • Its intention to complete the asset and use or sell it.

  • Its ability to use or sell the intangible asset.

  • How the intangible asset will generate probable future economic benefits or service potential.

  • The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.

  • Its ability to measure reliably the expenditure attributable to the intangible asset during its development.

MFRS 138 provide an accounting policy choice to subsequently measure an intangible asset either using the cost model or the revaluation model.

MFRS 138 states that intangible assets may have a finite or indefinite useful life. This requires an entity to assess and determine useful life. An intangible asset with indefinite useful life is not amortised but must be tested for impairment annually.

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Accounting in Associates

Accounting in Associates
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MPERS vs MFRS : Associates

In this article, we share the main differences in the accounting requirements for associates under MFRS 128 and Section 14 of MPERS.

Associates

Investment in associate refers to the investment in an entity in which the investor has significant influence but does not have full control like a parent and a subsidiary relationship. Usually, the investor has a significant impact when it has 20% to 50% of shares of another entity.

Section 14 of MPERS - Associates

Measure investment in associates

  • The cost model

    Investment is measured at cost less impairment. The quoted associate must be measured at fair value.

  • The equity method

    No exception for temporary investment and for conditions of severe restriction.

  • The fair value model

    Investment is measured at fair value through profit and loss. Any investment which is impracticable to measure fair value must be measured using the cost model.

When an associate becomes a subsidiary or joint venture, a remeasurement is required with gain or loss recognized in P/L account

MFRS 128 - Associates

Measure investment in associates under the equity method in the consolidated financial statements.

No exception for temporary investment and for conditions of severe restriction.

When an associate becomes a subsidiary (not joint venture), a remeasurement is required.

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