unit polisi dan piawaian pasukan pelaksanaan perakaunan ... · pengenalan kepada polisi perakaunan...
TRANSCRIPT
Unit Polisi dan Piawaian Pasukan Pelaksanaan Perakaunan Akruan
Jabatan Akauntan Negara Malaysia [email protected]
Fungsi Unit Polisi & Piawaian
Menggubal MPSAS
Menggubal Polisi Perakaunan
Kajian Draf Dedahan Piawaian Perakaunan yang dikeluarkan oleh IFAC dan MASAB
Pindaan Akta
Manual Perakaunan
Transitioning to A New Accounting Landscape 2
GASAC Government Accounting
Standards Advisory Committee
PPPA Unit Polisi dan Piawaian
IFAC International Federation
of Accountants
JKP Jawatankuasa Pemandu
Perakaunan Akruan
KELULUSAN
KELULUSAN DRAF DEDAHAN
MPSAS PERAKUAN
DRAF MPSAS
Draf Dedahan
PERAKUAN KOMEN & MAKLUM BALAS
DRAF DEDAHAN
Kajian awal
Draf MPSAS
Proses Penggubalan Malaysian Public Sector Accounting Standards (MPSAS)
3
Government Accounting Standards Advisory Committee (GASAC)
Pengerusi: TAN(O)
P PPPA CIMA ACCA CPA
AUSTRALIA MASB MICPA MIA UiTM JAB. AUDIT
NEGARA JAB. AUDIT
NEGARA
BN SELANGOR JKDM MOF MBPJ UPNM
JANM SELANGOR
BPTM BPOPA SKP JANM
UP&P URUSETIA
4
DIGUNA PAKAI SEBAGAI MPSAS: 32 IPSAS1: Presentation of Financial Statements
IPSAS2: Cash Flow Statement
IPSAS3: Accounting Policies, Changes in Accounting Estimate and Errors.
IPSAS4: Net Effect of Changes in Foreign Exchange Rates
IPSAS5: Borrowing Cost
IPSAS6: Consolidated of Financial Statements
IPSAS7: Accounting for Investment in Associates
IPSAS8: Financial Reporting in Joint Ventures
IPSAS9: Revenue from Exchange Transaction
IPSAS11: Construction Contract
IPSAS12: Inventories
IPSAS13: Leases
IPSAS14: Event After Reporting Date
IPSAS16: Investment Property
IPSAS17: Property, Plant & Equipment
IPSAS18: Segment Reporting
IPSAS19: Provision, Contingent Liabilities and Contingent Asset
IPSAS20: Relater Party Disclosure
IPSAS21: Impairment of Non-Cash –Generating Asset
IPSAS22:Disclosure of Financial Information about the General Government Sector
IPSAS23: Revenue from Non-Exchange Transaction (Taxes and Transfer)
IPSAS24: Presentation of Budget Information in Financial Statement
IPSAS25: Employee Benefits
IPSAS26: Impairment of Cash-Generating Assets
IPSAS27: Agriculture
IPSAS28: Financial Instrument: Presentation
IPSAS29: Financial Instrument: Recognition and Measurement
IPSAS30: Financial Instrument: Disclosure
IPSAS31: Intangible Assets
IPSAS32: Service Concession Arrangements: Grantor
DRAF DEDAHAN (ED): 24 ED1:Presentation of Financial Statements
ED2: : Cash Flow Statement
ED3:Property, Plant & Equipment
ED4:Accounting Policies, Changes in Accounting Estimate and Errors.
ED5:Revenue from Exchange Transaction
ED6:Inventories
ED7:Revenue from Non-Exchange Transaction (Taxes and Transfer)
ED8:Presentation of Budget Information in Financial Statement
ED9:Net Effect of Changes in Foreign Exchange Rates
ED10:Leases
ED11:Investment Property
ED12:Provision, Contingent Liabilities and Contingent Asset
ED13:Impairment of Non-Cash –Generating Asset
ED14: Employee Benefits
ED15:Impairment of Cash-Generating Assets
ED16:Intangible Assets
ED17: Event After the Reporting Date
ED18: Financial Instrument: Presentation
ED19: Accounting for Control Entities
ED20: Accounting for Investment in Associates
ED21: Pindaan PPE
ED22: Borowing Costs
ED23: Interest in Joint Ventures
ED24: Agriculture
LULUS: 15
MPSAS1:Presentation of Financial Statements
MPSAS2:Cash Flow Statement
MPSAS17: Property, Plant & Equipment
MPSAS3: Accounting Policies, Changes in Accounting Estimate and Errors.
MPSAS9: Revenue from Exchange Transaction
MPSAS12: Inventories
MPSAS23: Revenue from Non-Exchange Transaction (Taxes and Transfer)
MPSAS24: Presentation of Budget Information in Financial Statement
MPSAS4: Net Effect of Changes in Foreign Exchange Rates
MPSAS13: Leases
MPSAS16: Investment Property
MPSAS19 : Provision, Contingent Liabilities & Contingent Assets
MPSAS21: Impairment of Non-Cash Generating Asset
MPSAS25: Employee Benefits
MPSAS26: Impairment of Cash Generating Assets
Status Penggubalan MPSAS
5
MPSAS versi Bahasa Malaysia
6
Proses Penggubalan Polisi Perakaunan
JKP Jawatankuasa Pemandu
Perakaunan Akruan
GASAC Government Accounting
Standards Advisory Committee
PPPA Unit Polisi dan Piawaian
JKP Jawatankuasa Pemandu
Perakaunan Akruan
GASAC Government Accounting
Standards Advisory Committee PPPA
Unit Polisi dan Piawaian
Kajian awal
Draf Polisi
Perakaunan
PERAKUAN KELULUSAN
Draf Polisi
Perakaunan
Polisi Perakaunan
7
Mengkaji Draf Dedahan Piawaian Perakaunan yang diterima daripada MASB dan IFAC
Menyatakan komen dan ulasan Draf Dedahan
Menghantar komen dan ulasan Draf Dedahan kepada ANM/ TANK (K)/ P PPPA untuk kelulusan
Menghantar komen dan ulasan Draf Dedahan kepada MASB dan IFAC
Proses Kajian Draf Dedahan Piawaian Perakaunan yang dikeluarkan oleh IFAC dan MASAB
8
Pindaan Akta
Akta berikut turut dipinda berikutan Pindaan Akta Tatacara Kewangan 1957:
Pindaan telah dibuat atas seksyen yang relevan bagi tujuan pelaksanaan Perakaunan Akruan Kerajaan Persekutuan
AKTA KUMPULAN WANG PINJAMAN PERUMAHAN
1971 (AKTA 42)
AKTA KUMPULAN WANG AMANAH NEGARA 1988
(AKTA 339)
AKTA WANG TAK DITUNTUT 1965 (AKTA 370)
AKTA TATACARA KEWANGAN 1957 (AKTA 61)
Cadangan pindaan akan dibentangkan di Parlimen untuk kelulusan pada Jun 2014.
Dalam peringkat kajian oleh BUU, MOF
Peringkat kelulusan dasar oleh MOF
Dalam peringkat kajian oleh BUU, MOF
9
Laman web Perakaunan Akruan
POLISI PERAKAUNAN AKRUAN (Revised February 2014)
I Unit Polisi dan Piawaian I Pasukan Pelaksanaan Perakaunan Akruan I
I Jabatan Akauntan Negara Malaysia I
Kandungan Taklimat
Sesi 1 (8.30 am – 10.30 am)
Pengenalan kepada Polisi Perakaunan
Polisi Umum
Polisi berkaitan ASET
Polisi berkaitan LIABILITI
Sesi 2 (11.00 am – 12.30 pm)
Polisi berkaitan HASIL
Polisi berkaitan BELANJA
Polisi berkaitan KUMPULAN WANG DISATUKAN
Polisi lain
12 Transitioning to A New Accounting Landscape
PENGENALAN KEPADA POLISI PERAKAUNAN
13 Transitioning to A New Accounting Landscape
Definition
Accounting policies are the specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting the financial statements [MPSAS 3]
Drawn up to assist users in the application of the Malaysian Public Sector Accounting Standards (MPSAS).
Scope
This policy document outlines the accounting policies of the Malaysian Government which to be complied with by all federal ministries and departments.
Pengenalan kepada Polisi Perakaunan
Transitioning to A New Accounting Landscape 14
Malaysian Public Sector Accounting Standards (MPSAS)
General accounting requirement:
- Definition
- Recognition
- Measurement
- Disclosure
Accounting Policies
Specific:
- Principals
- Bases
- Conventions
- Rules
- Practices
Transitioning to A New Accounting Landscape 15
Financial Statements
MPSAS vs Policy
POLISI UMUM
Transitioning to A New Accounting Landscape 16
COMPONENT OF
Transitioning to A New Accounting Landscape 17
Cash Flow Statement
Statement of Financial
Performance
Statement of
Financial Position
Component of Financial Statements
[MPSAS 1]
Statement of Budget
Performance
Notes to the
accounts
Statement of Changes in
Net Assets/Equity
ACCOUNTING ENTITY and REPORTING PERIOD
Transitioning to A New Accounting Landscape 18
Every Controlling Officer shall prepare its own Financial statements
Federal Ministries
Federal Departments
For the year ending 31 December
Others General Policy
Transitioning to A New Accounting Landscape 19
Accounting Basis
Accrual Basis of Accounting and on historical convention unless specified otherwise
Consistence of
Presentation
Going Concern
Assumption
The entity will continue in operation and able to meet its
statutory obligations for the foreseeable future.
Comparative Information
Application of
Materiality
If it’s omission from, or misstatement in, the financial statements could influence a user’s judgments
Materiality depends on the nature or size of the item, or a combination of both.
Current/Non-current
Distinction
Presentation &
classification shall be
retained from one period to
the next
Shall be disclosed in respect
of the previous period for all
amount reported in FS
Asset/liabilities shall be
presented as current and
non-current
POLISI BERKAITAN ASET
20 Transitioning to A New Accounting Landscape
ASSETS
CASH & CASH EQUIVALENTS
RECEIVABLES
PROPERTY, PLANT &
EQUIPMENT
INVENTORIES
AGRICULTURE
INTENGIBLE ASSETS
INVESTMNET PROPERTY
INVESTMENTS
Transitioning to A New Accounting Landscape 21
Definisi Aset
Aset adalah sumber yang DIKAWAL oleh entiti hasil daripada peristiwa lampau dan daripada manfaat ekonomi masa hadapan atau potensi perkhidmatannya dijangka
mengalir masuk ke dalam entiti (MPSAS 1)
Bagaimana untuk menentukan kawalan?
22 Transitioning to A New Accounting Landscape
Recognition criteria
Transitioning to A New Accounting Landscape 23
• The assets meets the definition of an assets; and
• the amount can be measured reliably.
An item is recognized as an
assets in an entity’s financial
statements if:
General Requirements
Consists of
Cash at bank
Cash in hand
(Petty cash)
Current Account
(including 3/12 Imprest
Deposit (not
exceeding 3 months)
Cash in transit
Cash and Cash Equivalents
Transitioning to A New Accounting Landscape 24
Recognition:
Recognized when goods are transferred, services are rendered and when the invoices are raised.
Initial Measurement:
Measured at transaction amount (fair value of the consideration).
Subsequent Measurement:
Subsequently at amortized cost and minus any provision for doubtful debts.
Receivables
Transitioning to A New Accounting Landscape 25
Inventories
Inventori adalah aset:
1. Dalam bentuk bahan atau bekalan yang akan digunakan dalam proses
pengeluaran;
2. Dalam bentuk bahan atau bekalan yang akan digunakan atau diagihkan semasa
menyediakan perkhidmatan;
3. Dipegang untuk jualan atau pengagihan semasa menjalankan operasi biasa; atau
4. Dalam proses pengeluaran untuk jualan dan pengagihan
(MPSAS 12)
26 Transitioning to A New Accounting Landscape
Pengiktirafan inventori
Transitioning to A New Accounting Landscape 27
Inventories which have value of RM 1 million or more per responsible centre as at end of preceding three financial years shall be CAPITALIZED.
Threshold
Pengukuran Inventori
Initial Measurement
Measured at cost or fair value (if acquired through non-
exchange transaction)
Subsequently recorded:
a) lower of cost and Net Realizable Value (NRV)
b) lower of cost and current replacement cost
Transitioning to A New Accounting Landscape 28
Cost of inventories: 1. Cost of purchase 2. Cost of conversion 3. other costs incurred in bringing the
inventories to their present location and condition
Method used: Weighted average
Recognized as expense in the period in
which the related
revenue is recognized
PENGIKTIRAFAN SEBAGAI
PERBELANJAAN
Apabila inventori dijual, ditukar, atau diagihkan, nilai bawaan inventori
hendaklah diiktiraf sebagai perbelanjaan dalam tempoh hasil
diiktiraf
Jika tiada berkait dengan hasil,
perbelanjaan diiktiraf apabila barang diagihkan atau
perkhidmatan telah diberi
Penurunan kepada Nilai Realisasi Bersih diiktiraf
sebagai perbelanjaan dalam tempoh
penurunan atau kerugian berlaku
‘Reversal’ yang timbul dari peningkatan NRB
diiktiraf sebagai penurunan kepada
perbelanjaan inventori dalam tempoh ianya
berlaku
Transitioning to A New Accounting Landscape 29
Investment in Controlled
Entity
Investment in Associate
Investment in Jointly Control Entity
Investments
Transitioning to A New Accounting Landscape 30
Initially accounted as investment at cost, using the equity method or as a financial asset
Subsequently carried at cost, using the equity method or as a financial asset
assessed for impairment where there is evidence of impairment.
During transition to accrual accounting in the year 2015, all Investment shall be accounted as investment at cost.
Property, Plant & Equipment (PPE)
31 Transitioning to A New Accounting Landscape
PPE adalah item ketara:
(a) dipegang untuk digunakan dalam pengeluaran atau membekal barang atau perkhidmatan, untuk sewaan kepada pihak lain atau untuk tujuan pentadbiran; dan
(b) dijangka digunakan melebihi lebih dari satu tempoh pelaporan.
(MPSAS 17)
Kitaran Hayat PPE
PENGIKTIRAFAN
RECOGNITION
PENGUKURAN AWAL INITIAL MEASUREMENT
PENGUKURAN SUSULAN SUBSEQUENT MEASUREMENT
PENYAHIKTIRAFAN DERECOGNITION
Transitioning to A New Accounting Landscape 32
Kriteria Pengiktirafan
Terdapat kemungkinan bahawa manfaat ekonomi
masa hadapan atau potensi perkhidmatan yang berkaitan
dengan item tersebut akan mengalir masuk ke dalam
kepada entiti
Kos atau nilai saksama item tersebut boleh
diukur dengan munasabah.
Threshold: RM2,000 per item tertakluk kepada
semakan dari semasa ke semasa.
Low value asset: Dibelanjakan dan direkod
dalam daftar aset bagi tujuan rekod dan kawalan.
33 Transitioning to A New Accounting Landscape
PENGIKTIRAFAN RECOGNITION
ASET KETENTERAAN
• Semua aset yang diperoleh oleh MINDEF bagi kegunaan ketenteraan akan dikategorikan sebagai Aset Ketenteraan
• Akan dilaporkan di dalam Penyata Kedudukan Kewangan sebagai satu baris item
ASET WARISAN
• Hanya akan diiktiraf sekiranya aset tersebut diwartakan di dalam National Heritage Act 2005. (Accrual Accounting Policy, revised May 2013)
ASET INFRASTRUSKTUR
• Terdiri daripada rangkaian jalan, sistem pembentungan, sistem bekalan air dan tenaga, dan rangkaian komunikasi hendaklah diambilkira mengikut MPSAS 17.
34 Transitioning to A New Accounting Landscape
PENGIKTIRAFAN RECOGNITION
Transitioning to A New Accounting Landscape 35
Componentization
Fully Depreciated
Assets
Ownership of Gov. Asset on
third party land
Life Asset
Lands belonging to
Mission School
Gov. Building in Putrajaya
PENGIKTIRAFAN RECOGNITION
PENGUKURAN SEMASA PERMULAAN PENGIKTIRAFAN
Aset hendaklah diiktiraf diukur pada
nilai kos/Deemed Cost (Baki awal)
Jika sesuatu aset diperoleh dari urusniaga bukan pertukaran, kosnya
ditentukan pada nilai saksama pada tarikh
perolehan
Jika PPE diperoleh dari pertukaran aset bukan wang
atau aset, atau kombinasi wang dan bukan wang, aset
itu diukur pada nilai saksama.
e.g. Pemaju telah memberikan sebidang tanah secara percuma kepada Kerajaan untuk dijadikan taman awam.
36 Transitioning to A New Accounting Landscape
PENGUKURAN AWAL INITIAL MEASUREMENT
KOS BELIAN
Harga belian + duti import + kos pengendalian – diskaun perniagaan/ rebat
LAIN-LAIN KOS
Apa-apa kos yang terlibat untuk membawa aset tersebut ke lokasi dan
keadaan semasa untuk digunakan atau untuk
dijual (Contoh: kos pengangkutan)
Komponen kos
KOS MENANGGAL Dismantling
cost
Anggaran kos menanggalkan/ mengalihnya ke tempat lain disebabkan pematuhan ke atas pembelian PPE atau cara penggunaan
37 Transitioning to A New Accounting Landscape
PENGUKURAN AWAL INITIAL MEASUREMENT
Kos Susut Nilai Terkumpul
Kerugian Penjejasan Terkumpul
Nilai Bawaan
Model Kos
38 Transitioning to A New Accounting Landscape
PENGUKURAN SUSULAN SUBSEQUENT MEASUREMENT
Model Penilaian Semula
39 Transitioning to A New Accounting Landscape
PENGUKURAN SUSULAN SUBSEQUENT MEASUREMENT
Kos
Susut Nilai Terkumpul
Kerugian Penjejasan Terkumpul
Rizab Penilaian Semula
Lebihan/ Kurangan
Amaun dinilai
semula/ Nilai
Bawaan
40
CONTOH PENGUKURAN SUSULAN – MODEL PENILAIAN SEMULA
i. Jabatan A memilih untuk mengukur tanah pegangan bebas dibeli pada 01.01.20X1 menggunakan Model Penilaian Semula.
01.01.20X1 Kos Asal Tanah - RM10j
ii. Jabatan A melaksanakan Model Penilaian Semula
31.12.20X1 Fair Value Tanah - RM11.5j
iii. Jun 20X2, loji kumbahan dibina berhampiran tanah menyebabkan nilai tanah jatuh. Jabatan A menilai semula tanah.
31.12.20X2 Fair Value Tanah - RM8j
Dt. Tanah RM10j
Kt. Tunai RM10j
Dt. Tanah RM1.5j
Kt. Rezab Penilaian Semula RM1.5j
Dt. Rezab Penilaian Semula RM1.5j
Kerugian Penilaian Semula RM2j
Kt. Tanah RM3.5j
Pembaikan, pengubahsuaian dan penyelenggaraan (e.g. kos buruh & consumables) untuk mengembalikan dan mengekalkan faedah ekonomi masa depan
i. Meningkatkan nilai faedah ekonomi dan potensi perkhidmatan
ii. Memanjangkan usia guna
iii. Penggantian Komponen penting/besar
DIBELANJAKAN DIPERMODALKAN
Mengiktiraf Perbelanjaan susulan
41 Transitioning to A New Accounting Landscape
PENGUKURAN SUSULAN SUBSEQUENT MEASUREMENT
42
• Susutnilai adalah satu kaedah memperuntukkan kos boleh disusutnilai sesuatu aset ketara dalam tempoh usia gunanya
Susutnilai
• nilai aset akan berkurangan sewaktu usia gunanya disebabkan oleh penggunaan, lusuh (wear and tear), fizikal aset merosot, keusangan teknologi
Kenapa menggunakan
susutnilai?
• Susutnilai dapat menggambarkan berapa nilai aset telah digunakan.
• Ia juga digunakan bagi memadankan perbelanjaan aset dengan pendapatan yang mana aset tersebut telah membantu mendapatkan pendapatan syarikat.
Oleh itu
Susut nilai
PENGUKURAN SUSULAN SUBSEQUENT MEASUREMENT
Transitioning to A New Accounting Landscape
43
Usia guna aset
Jangkaan kegunaan aset
Jangkaan fizikal lusuh
Program pembaikan dan
penyelenggaraan
Keusangan teknikal, sifat
dagangan atau operasi
Undang-undang atau had serupa
dalam penggunaan aset (tempoh pajakan)
Faktor-faktor yang
menentukan usia
guna
PENGUKURAN SUSULAN SUBSEQUENT MEASUREMENT
Transitioning to A New Accounting Landscape
Transitioning to A New Accounting Landscape 44
Property, Plant and Equipment Classification and Useful Lives
45
Penjejasan / Impairment
Adalah caj yang tidak berulang bagi menurunkan nilai buku yang terlebih nilai
Nilai Buku > Nilai Aliran Masuk yang DiJangka pada Masa Hadapan
Kemerosotan itu diturunkan nilai (write-down) dan menyebabkan penurunan nilai buku yang terlebih berbanding dengan Nilai Saksama
PENGUKURAN SUSULAN SUBSEQUENT MEASUREMENT
Transitioning to A New Accounting Landscape
Amaun bawaan sesuatu item PPE hendaklah dinyahiktiraf apabila:
i. dilupuskan; atau
ii. apabila tiada faedah ekonomi masa hadapan atau potensi perkhidmatan dijangkakan dari penggunaan atau pelupusan
46 Transitioning to A New Accounting Landscape
PENYAHIKTIRAFAN DERECOGNITION
Terimaan bersih Nilai Bawaan aset Untung/(Rugi)
Investment Property A property (land or a building - or part of a building - or both) held to earn rentals or for capital appreciation, or both, rather than for: (a) Use in the production or supply of goods or services, or for administrative purposes; or (b) Sale in the ordinary course of operations.
Recognition criteria:
Initially recognized as an asset at cost when and only when: • it is probable that future
economic benefits or service potential associated with the investment property will flow to the entity; and
• the cost or fair value of the item can be measured reliably.
Initial Measurement:
a) at cost if acquired through exchange transaction; or
b) at Fair Value if acquired through non-exchange transaction
Subsequent Measurement:
i. Fair Value Model
• Measure at fair value unless the fair value is not reliably determinable on a continuous basis.
• Gain or loss arising from the change in the fair value is recognized in the surplus or deficit for the period in which it arises.
• A property interest held by lessee under an operating lease may be classified and accounted for as IP if it meets the definition of IP and the use of fair value model is mandatory.
ii. Cost Model (same as PPE)
Transitioning to A New Accounting Landscape 47
AGRICULTURE
A biological asset is a living animal or plant.
Agricultural produce is the harvested product of the entity’s biological assets.
(MPSAS 27)
Transitioning to A New Accounting Landscape 48
Agriculture
Transitioning to A New Accounting Landscape 49
Biological asset or agricultural produce shall be recognized when and only when: • The entity controls the asset as a result of past events; • It is probable that future economic benefits or service
potential associated with the asset will flow to the entity; and
• The fair value or cost of the asset can be measured reliably.
Recognition criteria
Agriculture
Transitioning to A New Accounting Landscape 50
Measurement
Initially measured at fair value less costs to sell. If fair value cannot be
measured reliably, measured at cost.
Subsequently shall be measured at fair value less costs to sell. If cost was used at initial recognition, and fair value still cannot be measured reliably, it shall be measured at cost less any accumulated depreciation and any accumulated impairment losses.
Biological Asset
Initially measured at fair value less costs to sell at the point of harvest and accounted as inventories.
Agricultural Produce
Intangible Assets An intangible asset is an identifiable non-monetary asset without physical substance.
Recognition criteria:
a) meets the definition of an intangible asset;
b) it is probable that the expected future economic benefits or service potential that are attributable to the asset will flow to the entity; and
c) cost or fair value of the asset can be measured reliably.
Initial Measurement:
a) cost of an intangible asset in an exchange transaction,
b) cost to internally generate an intangible asset (Internally generated), or
c) fair value of an intangible asset acquired through a non-exchange transaction
Subsequent Measurement:
i. Intangible assets with finite useful lives
- Cost model (cost less amortization and impairment); or
- Revaluation model
ii. Intangible assets with indefinite useful lives - Shall not be amortized but is required to test for impairment annually.
Transitioning to A New Accounting Landscape 51
POLISI BERKAITAN LIABILITI
Liabiliti ialah obligasi entiti yang timbul daripada peristiwa lalu, yang penyelesaiannya dijangka akan menyebabkan aliran keluar dari sumber entiti yang mengandungi manfaat ekonomi atau potensi perkhidmatan. [MPSAS1]
Transitioning to A New Accounting Landscape 52
LIABILITIES
PAYABLES UNDER
EXCHANGE TRANSACTION
TAXES PAYABLE
GRANTS AND FIXED CHARGES
(Promissory notes issued to International
Organisations)
GRANTS AND FIXED CHARGES
(Domestic Grants and others)
PROVISION
BORROWING
PENSION PLAN AND GRATUITY
Transitioning to A New Accounting Landscape 53
Recognition criteria
Transitioning to A New Accounting Landscape 54
• The obligation meets the definition of a liability; and
• the amount at which the settlement will take place can be measured reliably.
An item is recognized as a
liability in an entity’s financial
statements if:
General Requirements
Payables under Exchange Transactions
Recognition criteria:
• Recognized when goods or services are received or enjoyed.
• For goods or services received or enjoyed without issuing Purchase order payable or accrual shall be recognized when invoices are received.
Initial Measurement
Measured at transacted amount (fair value of the
consideration)
Subsequent Measurement
At amortized cost.
Transitioning to A New Accounting Landscape 55
Recognition criteria
Taxes Payables/ accruals shall be recognized when refunds are due to the taxpayer as a result of assessments being filed.
Initial Measurement
Measured at transacted amount (fair value of the consideration)
Subsequent Measurement
Measured at amortized cost.
Taxes Payable
Transitioning to A New Accounting Landscape 56
Recognition criteria:
Recognized if, taking account of all available evidence, it is more likely than not that a present obligation exists at the reporting date.
Measurement
Measured based on the best estimate of the expenditure
required to settle the present obligation at the reporting date.
Provision
Transitioning to A New Accounting Landscape 57
Provision is a liability of uncertain timing or amount
Borrowing
Recognized as financial liabilities at transacted costs and subsequently measured at amortized
cost.
Repayment of borrowing recognized as a reduction in the carrying amount of
the borrowings at the transacted cost.
Transitioning to A New Accounting Landscape 58
Recognition criteria:
Recognized in the period when the employee services are received
Measurement: Based on the future obligations of the plan based on actuarial valuation.
The amount recognized as liabilities:
[Present value of the defined benefit obligation at the reporting date] – [fair value at the reporting date of plan assets]
Pension Plan and Gratuity
Transitioning to A New Accounting Landscape 59
Contribution from the Federal Government and reimbursements made by the State Governments and Statutory Bodies for seconded staff, Local Authorities into the defined benefit plan are to be recognized as plan assets.
POLISI BERKAITAN HASIL
Revenue is defined as “the gross inflow of economic benefits or service potential during the reporting period when those inflows result in an increase in net assets/equity, other than increases relating to contributions from owners.”
[MPSAS 1]
An inflow of resources from exchange and non-exchange transaction, other than services in-kind
Transitioning to A New Accounting Landscape 60
Meets the definition of an asset
It is probable that the future economic benefits or service potential associated with the asset will flow to the entity
The fair value of the asset can be measured reliably.
Recognition criteria
Transitioning to A New Accounting Landscape 61
General requirements
Transitioning to A New Accounting Landscape 62
Tax Revenue
Income Tax
Other Direct tax
Customs Duties
Sales Tax on locally Manufactured
Goods and Imported Goods, Goods and
Service Tax, Service Tax, Excise Duties
Miscellaneous Taxes
Non-Tax Revenue
Licenses, Registration Fees and Permit
Service and Services Fees
Sales of Goods
Rental
Interest
Dividend
Fines and Penalties
Contributions and Compensation from
foreign countries and local contributor
Service In-kind
Exploration of oil and gas
Miscellaneous receipts
Refund of Expenditure
Receipts from Government Agencies
Revenue from Federal
Territories
Tax revenue-Land Assessment
TYPES OF REVENUE
Income Tax
Income Tax deduction received through Pay As You Earn shall be recognized as revenue at point of received.
If the assessment amount of tax to be paid >amount deduction through PCB= Recognized as Tax Receivables
if the assessment amount of tax to be paid <amount deduction through PCB= Recognized as Tax Payables
Transitioning to A New Accounting Landscape 63
Assessment Year
Submission Year
Tax revenues are to be recognized by reference to the earning of
assessable income by the taxpayers
Specific requirement:
OTHERS TAX REVENUE
• Recognized by reference to the occurrence of taxable event and hence, the requirement takes into account appropriate cut-off, which would also result in the recognition of tax receivable/refundable.
Other Direct Taxes including quit rent
assessment
• Custom duties on import and export are recognized as revenue upon movement of dutiable goods across customs boundary and custom controlled warehouse.
• Levy for goods vehicle leaving and entering Malaysia are recognized as revenue as and when the levy was imposed and received. There is no requirement to accrual such levy.
Customs Duties – Export & Import, Excise Duties on Imported Goods,
and Levy
• Sales Tax on Locally Manufactured Goods and Imported Goods, and Service Tax are recognized as revenue upon sale of goods and services (i.e. at point of sale to end user)
• Excise Duties on the general goods are recognized as revenue when the goods leave the factory.
• Excise duty on vehicles produced locally will only be recognized as revenue when the vehicles are sold but not when the vehicles leave the factory. Excise Duty shall be accrued as receivable at the end of the fourth year after the vehicles left the factory although not sold.
Sales Tax on Locally Manufactured
Goods and Imported Goods,
Service Tax, Excise Duties
• Value-added tax is the undertaking of taxable activity during the taxation period by the taxpayer;
• Death duty is the duty imposed upon the death of a person owning taxable property
• Property tax is imposed upon the disposal of a property.
Miscellaneous Indirect Taxes
64
• Customs revenue except GST shall be recognized as revenue when payment is received.
• This is to take advantage of the transitional provision of
MPSAS 23 to give more time to JKDM to get ready the system to accrued revenue when it is earned.
Non-Tax Revenue
• Recognized when licenses and permit are issued except for listed below which recognized when payment received due to no gaps between timing of issuance/registration and payment:
• Birth/Deaths/Adopted child/Marriage and divorce/Citizen
• Passport/Visa/Pass for Foreign workers/Other daily pass/Driving license/Auditor and liquidator
Licenses, Registration
Fees and Permit
• An entity may, but is not required to, recognize services in-kind as revenue and as an asset.
Services In-kind
• Recognized when the shareholder's or the entity's right to receive payment is established.
• Measured at the fair value of the consideration received or receivable. Dividend
Transitioning to A New Accounting Landscape 65
Non-Tax Revenue
• Recognized by reference to the stage of completion of the transaction at the reporting date when ALL of the following conditions are satisfied:
• Meet the general requirement; and
• Specific requirements:
• The stage of completion of the transaction at the reporting date can be measured reliably
• The cost incurred for the transaction and the costs to complete the transaction can be measured reliably
• Measured at the fair value of the consideration received or receivable.
Service and Services
Fees
• Recognized as revenue on straight line basis over the lease term. Rentals
Transitioning to A New Accounting Landscape 66
Non-Tax Revenue
• Recognized when ALL the following conditions have been satisfied:
• Meet the general requirement;
• Specific requirement:
• The entity has transferred to the purchaser the significant risks and rewards of ownership of the goods;
• The entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.
• Measured at the fair value of the consideration received or receivable.
• The amount of the cost of goods sold must be expensed to the surplus/deficit simultaneously with the recognition of revenue.
Sales of Goods
• Recognized as they are earned/accrued in accordance with the substance of the relevant agreement unless, having regard to the substance of the agreement, it is more appropriate to recognize revenue on some other systematic and rational basis
Exploration of Oil and
Gas
Transitioning to A New Accounting Landscape 67
Non-Tax Revenue
• Recognized when the fine/penalty is being imposed. (i.e: Penalty for late payment of tax imposed by LHDN and Penalty for late payment of assessment imposed by the relevant authorities.
• Measured at the fair value of the consideration received or receivable, taking into consideration the expected timing of settlement, where there is a separation between the taxable event and collection.
• Fine for traffic offence shall be recognized as revenue when payment for the fine is received and not when the fine is imposed because the amount of fines cannot be reliably measured. The reasons why amount of fines cannot be reliably measured are listed as follows:
• Discount is offered from time to time for payment of fine within stipulated time period;
• Confirmation from the owner of the vehicle is required to determine the person who has committed the traffic offence.
• The fine is subjected to challenge in court.
Fines and Penalties
• Meet the general requirement
Contributions and Compensation from
Foreign Countries and Local
Contributors
Transitioning to A New Accounting Landscape 68
Miscellaneous Receipts
• Refund of expenditure for previous year shall be recognized as revenue at transacted cost.
• Refunds of Expenditure for current year shall be recognized as a reversal to the relevant expense or asset account at transacted cost.
Refunds of Expenditure
• If revenue and cost recorded are inter-departmental transactions, it should be eliminated.
Receipts from
Government Agencies
Transitioning to A New Accounting Landscape 69
Revenue from Federal Territories
• Recognized upon passing the annual levy date
• the requirement may result in the recognition of tax receivable and measured at transacted cost.
Tax Revenue-
Land Assessment
Transitioning to A New Accounting Landscape 70
POLISI BERKAITAN BELANJA
Expenses are defined as decreases in economic benefits or service potential during the reporting period in the form of outflows or consumption of assets or incurrence of liabilities that result in decreases in net assets/equity, other than those relating to distributions to owners.”
[MPSAS 1]
Transitioning to A New Accounting Landscape 71
Transitioning to A New Accounting Landscape 72
TYPES OF EXPENDITURES
Emoluments
Salaries and Wages
Allowance / Fixed Benefits
Statutory Contribution for
Employees
Overtime
Other Financial Benefits
Special Allowances
Supplies and Services
Travelling and Cost of Living Expenses, Transportation of
Goods, Communications
and Utilities, Food and Beverage,
Supplies and Others, Maintenance,
Professional and Other Services and
Hospitality, Payments for
Temporary Staff
Rental Expense
Raw Materials and Spares
Grant and Fixed Charges
Scholarships, Sponsorship and Educational Aids
Subscription paid to international
organizations
Insurance Claim and Compensation
Interest, Dividends and Debt Charges
Other expenditures
Interest on Borrowings
Transaction Cost on
Drawdown of Borrowings
Other Service Cost on
Borrowings
Refund of Tax
Write-offs of Loans
Receivable)
Write-offs of Taxes
Emoluments
Salaries and Wages, Allowance / Fixed Benefits, Statutory Contribution for Employees, Overtime, Other Financial Benefits, Special Allowances
Transitioning to A New Accounting Landscape 73
Recognition
Recognized as expense in the period when
the employee services are received
Measurement
Measured at transacted cost.
For expenses not paid during the period where employee services are
received, shall be accrued as appropriate.
Supplies and Services
• Recognized as expenses in the period when the goods/services are consumed.
• Such expenses, if not paid during the period where goods/services are consumed, shall be accrued as appropriate.
Travelling and Cost of Living Expenses, Transportation of
Goods, Communications and Utilities, Food and Beverage, Supplies and Others, Maintenance, Professional and Other
Services and Hospitality, Payments for Temporary
Staff
• Recognized as expenses on straight line basis over the lease term
• such expenses, if not paid during the period where goods/services are consumed, shall be accrued as appropriate.
Rental Expense
• Expensed off or capitalized as inventory depending on the purpose of the usage of such supplies.
Raw Materials and Spares
Transitioning to A New Accounting Landscape 74
Grant and Fixed Charges
• Where the assistance constitutes a loan
• Initially recognized as Loan Receivables at fair value plus transaction cost and
• Subsequently recognized at Amortized cost
• Where the assistance is not a loan
• Recognized as expenses at transacted cost when the obligation to pay is established.
Scholarships, Sponsorship and Educational Aids
• Expense off at transacted cost. Subscription
paid to international organizations
• Recognized as provision when:
• an entity has a present obligation (legal or constructive) as a result of a past event;
• it is probable that an outflow of resources embodying economic benefits or service potential will be required to settle the obligation; and
• a reliable estimate can be made of the amount of the obligation.
• Measured based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
Insurance Claim and
Compensation
Transitioning to A New Accounting Landscape 75
Interest, Dividends and Debt Charges
• Benchmark Treatment
• Borrowing costs shall be recognized as an expense in the period in which they incurred.
• Allowed Alternative Treatment
• Borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying asset shall be capitalized as part of the cost of that asset.
• Capitalization of borrowing costs shall cease when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete.
• Borrowing costs shall be calculated based on effective interest method.
Interest on Borrowings
Transitioning to A New Accounting Landscape 76
Interest, Dividends and Debt Charges (contd’.)
• Recognized as an expense in the period in which they incurred,
• if not paid during the period where the obligation arose, should be accrued as appropriate
Other Service Cost on
Borrowings
• Transaction costs that are directly attributable to the financial liability are deducted from the proceeds.
• Such transaction cost is charged to expense and corresponding amount is added to the financial liability.
Transaction Cost on
Drawdown of
Borrowings
Transitioning to A New Accounting Landscape 77
POLISI BERKAITAN KUMPULAN WANG DISATUKAN
The concept of Consolidated Fund will be maintained under the accrual basis of accounting
Transitioning to A New Accounting Landscape 78
Concept of Consolidated Fund
• It shall be closed and the balance as at the date of implementation shall be transferred to the Accumulated Surplus/Deficit in the Statement of Financial Position under Net Assets/Equity
Consolidated Revenue Account
• It shall be closed and the balance as at the date of implementation shall be transferred to the Accumulated Surplus/Deficit in the Statement of Financial Position under Net Assets/Equity.
•Borrowing shall be recognized as Financial Liabilities.
Consolidated Loan Account
•All Balances of government trust accounts shall be shown as trust reserves in the Statement of Financial Position under Net Assets/Equity.
•Balances of public trust accounts and deposits shall be shown as liabilities (single line item) in statement of financial position.
Trust Accounts
Transitioning to A New Accounting Landscape 79
Accounting for trust fund
Transaction Government trust fund Public Trust Fund
Payment & Receipt
• Applying accrual basis • Applying accrual basis
Asset • Shall be recognized as an asset of the Government Trust Fund
• Shall be recognized as an assets to the Public Trust Fund
Liability • Liability are recognized as liability of the Government Trust Fund
• Except for loan acquired for the purpose of the fund shall be credited to General Fund.
• Shall be recognized as liability to the Public Trust Fund
Revenue collected
• Recognized as revenue to the trust fund
• Recognized as revenue of the trust fund
Transitioning to A New Accounting Landscape 80
Accounting for trust fund
Transaction Government trust fund Public Trust Fund
Expense incurred • Recognized as expense to the trust fund
• Recognized as expense to the trust fund
Expense incurred • Recognized as expense to the trust fund
• Recognized as expense to the trust fund
Depreciation charge
• Recognized as expense to the Government Trust Fund
• Recognized as expense to the Public Trust Fund
Preparation of Financial Reports
• Shall prepare Statement of Financial Performance and Statement of Financial Position
• Shall prepare Statement of Financial Performance and Statement of Financial Position
Transitioning to A New Accounting Landscape 81
Accounting for trust fund
Transaction Government trust fund Public Trust Fund
Consolidation • Revenues, expenses, assets and liabilities of the government trust accounts shall be consolidated with General Fund.
• Shall be consolidated: Financial assets and financial liabilities of the public trust accounts shall be consolidated with General Fund.
• Shall not be consolidated: Revenues, expenses, non-financial assets and non-financial liabilities of the public trust accounts.
Transitioning to A New Accounting Landscape 82
• All payment and receipt transactions shall be accounted for by applying accrual basis of accounting.
• The balances of deposits shall be aggregated and reported as liabilities and as a single line item in the Statement of Financial Position.
Transitioning to A New Accounting Landscape 83
DEPOSITS
POLISI LAIN
Transitioning to A New Accounting Landscape 84
Others policy
Leases
Foreign currency
translation
Impairment of Non-financial
assets
Impairment of Financial
Assets
Comparison budget
Segment reporting
Contingent liabilities
Accounting policies,
changes in accounting
estimate and errors
Related party
disclosure
Event after reporting
date
Transitioning to A New Accounting Landscape 85
Finance Lease – Gov. as lessee
Transitioning to A New Accounting Landscape 86
Lease Asset
Initial Recognition
Assets acquired under finance leases shall be capitalized at amounts equal to the fair value of the leased asset or, if
lower, the present value of the minimum lease payments determined at inception
of the lease.
Subsequent Measurement
Leased assets are to be depreciated using policies consistent with that for
depreciable assets that are owned.
Finance lease payable
Initial Recognition
The associated lease obligations to be recognized as finance lease payables at amounts equal to the fair value of the leased asset or, if lower, the present
value of the minimum lease payments determined at inception of the lease.
Subsequent Measurement
Finance lease liabilities shall be reduced based on the allocation to each period
during the lease term so as to produce a constant periodic rate of interest on the
remaining balance of the liability.
Operating Lease
Government as lessor - Lease Revenue
Recognized as revenue on straight line basis over the lease term.
Initial direct costs incurred by lessors in negotiating and arranging an operating lease shall be added to the carrying amount of the leased
asset, and recognized as an expense over the lease term on the same
basis as the lease revenue.
Government as lessee - Rental Expense
Recognized as expenses on straight line basis over the
lease term, such expenses, if not paid during the period where goods/services are
consumed, shall be accrued as appropriate.
Transitioning to A New Accounting Landscape 87
Foreign currency translation
For transactions
• Monetary items, ‘non-monetary items measured at historical cost’ and ‘non-monetary items measured at fair value’
• Apply the spot exchange rate at the date of transaction.
• For practical reasons, AGD rate that approximates the actual rate, might be used for all transactions occurring during that period.
For foreign operations
• Assets and liabilities shall be translated at the closing rate
• Revenue and expenses translated at AGD rates at date of transactions
• Remittance to 3/12 Imprest Holder recorded at spot rate
• Resulting exchange differences shall be recognized in foreign exchange gain and loss account.
Transitioning to A New Accounting Landscape 88
Monetary items - translated using the closing rate.
Non-monetary items measured at historical cost - translated using the rate at the date of transaction.
Non-monetary items measured at fair value - translated using the rate at the date when the fair value was determined.
Initial Measurement Subsequent Measurement
89 Transitioning to A New Accounting Landscape