HOTSHOT NEWS
MICPA Technical Update (22/8/2008)
The following Circular has been posted on the website:
- TEC/030/08/2008/W dated August 20, 2008 -- Companies Commission of Malaysia
- Notice on Tendering of Company Registration Number
This Circular can be downloaded in the Members' Area.
WARREN BUFFETT Talk on August 20, 2008 (19/8/2008)
Unravelling the Genius of the World's Greatest Investor WARREN BUFFETT by Robert P. Miles
20 August 2008 (9 a.m. - 12.30 p.m.) - Securities Commission, K.L
Session 1: The Genius of Warren Buffett - The Science of Investing and the Art of Managing
Session 2: Warren Buffett Wealth - Principles and Practical Methods Used by the World's Greatest Investor
For further information on the event, click here
Custom's Seminar (15/8/2008)
CUSTOM'S SEMINAR
August 21, 2008 - Grand Blue Wave Hotel, Shah Alam
We are pleased to inform members that Persatuan Pegawai Kanan Kastam Malaysia, Cawangan Selangor, is organising a Custom's Seminar on Thursday, August 21, 2008 at Grand Blue Wave Hotel, Shah Alam.
The main objective of the seminar is to assist importers and exporters to enrich their knowledge about Malaysian customs and also provide a platform for an interactive session with the Custom's department.
The seminar will also provide an insight into the Royal Malaysian Custom's delivery system, functions and responsibilities.
To expedite registration, you may send the registration form to Persatuan Pegawai Kanan Malaysia, Cawangan Selangor by fax (No: 03-55125443). The registration fee is RM550 per person. Those who register for the Seminar will enjoy a preferential rate of RM500 provided the firm registers at least 2 participants.
For further information on the seminar, programme and registration details, please contact En Azman Jusoh at 012-2825894 or click here
MASB - Malaysia's Convergence with IFRS in 2012 (11/8/2008)
In a press release dated August 1, 2008, the Financial Reporting Foundation (FRF) and the Malaysian Accounting Standards Board (MASB) issued a statement about their plans to bring Malaysia to full convergence with International Financial Reporting Standards (IFRS) by 1 January 2012. MASB's chairman, YBhg Dato' Zainal Abidin Putih said, "Since 1978, we have been incorporating the provisions of the international standards into our local accounting standards; and today we are convinced that by becoming fully IFRS compliant, Malaysia's capital and financial market will be further enhanced."
Compliance with IFRS, which are used by more than a hundred countries around the world, will facilitate comparability and increase transparency. "However," he added, "we're not jumping on the bandwagon for the sake of joining the crowd. IFRS is really a robust set of standards. Because of the international consultative approach to standard-setting, a lot of thought has gone into IFRS. It gets input from literally hundreds of people with diverse expertise, from diverse jurisdictions."
To facilitate a phased changeover to IFRS, the effective date for applying FRS 139 Financial Instruments: Recognition and Measurement will be 1 January 2010. By 2012, all approved accounting standards applicable to entities other than private entities will converge fully with IFRS. This convergence plan will not affect private entities that are currently applying the Private Entity Reporting Standards (PERS). Private entities will continue to apply PERS until such time the Board decides otherwise.
Dato' Johan Raslan, chairman of the Financial Reporting Foundation (FRF), the oversight body of the MASB, explains the changeover milestones.
"Other economies, such as Korea, India and Canada have announced IFRS convergence by 2011," he said. "With the adoption of FRS 139 in 2010, and a further 2 years to adopt the remaining standards, 2012 is considered the right date for convergence."
Dato' Zainal advises, "We hope that with this advanced notice, companies will have sufficient time to prepare themselves for the changeover."
He understands that many of them have been preparing for the changeover. "All of our current standards have already incorporated IFRS provisions anyway. Only a few more substantive standards need to be formally adopted between now and 2012, and we have already discussed those with the affected parties."
Welcoming the decision, Securities Commission Chairman Dato' Zarinah Anwar said, "Businesses operate in an increasingly global environment. Therefore, this move will help to give Malaysian companies and our capital market the recognition they deserve."
(Source: www.masb.org.my)
MICPA TECHNICAL UPDATE (7/8/2008)
The following Circular has been posted on the website:
- TEC/029/07/2008/W dated July 31, 2008 -- Royal Malaysian Customs - Security Requirements for Customs Activities
This Circular can be downloaded in the Members' Area.
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