|MYR901.00 (including SST)|
In September 2014, the MASB issued the long-awaited MFRS 15 Revenue from Contracts with Customers, which sets a new model for revenue accounting. This new MFRS provides for a systematic approach to revenue accounting for various types of contracts with customers. The new model would change the current practice on revenue accounting of some entities and in some industries. For transitioning entities in the property development sector, this new MFRS provides clear guidance that would resolve the interpretation problems in IC 15 Agreements for the Construction of Real Estate.
In April 2016, the MASB issued MFRS 16 Leases to introduce new models for lease accounting. The new models would affect reporting entities with significant off-balance sheet leasing activities and would bring about fundamental changes to the current practice of lessee accounting. MFRS 16 applies a right-of-use approach to require all lease assets and liabilities to be reflected on the balance sheet. For lessee accounting, there will be no more off-balance sheet lease financing.
In view of these significant changes, it is imperative that preparers and users of financial statements are aware and understand these new developments when the new MFRSs become effective. This technical workshop will equip you with the practical knowledge required in preparing for the complex new standards.
At the end of the workshop, you will:
Module 1: MFRS 15 Revenue from Contracts with Customers
Module 2: MFRS 16 Leases
Tan Liong Tong is a Technical Consultant to Mazars Malaysia. He currently serves as a Project Manager of the Malaysian Accounting Standards Board (MASB) Working Group (WG 63) on Consolidation. He is a member of the Malaysian Institute of Accountants (MIA), Malaysian Institute of Certified Public Accountants (MICPA), and a fellow member of the Institute of Bankers Malaysia (IBBM).
He was previously an Associate Professor with the Graduate School of Management, University Putra Malaysia. He had also served as chief examiner, an academic advisor, and as a project manager for various working groups of the MASB. Tan Liong Tong is the author of Wolters Kluwer’s Financial Instruments: Recognition, Measurement, Presentation & Disclosures (3rd Edition).
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