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Participation in MASB working group meetings and other committees of MASB or eligible events organised by MASB will entitle you to earn 2 credit hours of MIA CPE. As part of MIA Continuing Professional Education, MIA will consider awarding a member of MASB working committees a maximum of 2 CPE hours for attending each meeting, or any MIA member who attends MIA recognised events organised by MASB.
(Chairman: Y.Bhg. Dato' Zainal Abidin Putih; Co-Chairman: Mr Tony Seah; Project Manager: AP Dr. Susela Devi)
WG 1 was responsible for developing Foreword to MASB Standards & Other Technical Pronouncements; DP 1, A Proposed Framework for the Preparation and Presentation of Financial Statements and SOP 1, Exempt Enterprises. The Foreword explains the authority, scope and application of approved accounting standards and other technical pronouncements issued or adopted by the MASB. The DP 1 describes the accounting model that the financial reporting standard-setter use as the conceptual underpinning for their work while the objective of MASB SOP 1 is to provide guidance to relevant parties as to the applicability to an entity of approved accounting standards issued by MASB.
WG 1 was also responsible for issuing MASB ED 53 Framework for the Preparation and Presentation of Financial Statements which supersedes DP 1. The Framework, which is identical to IASB's Framework issued in April 2001, sets out the concepts that underlie the preparation and presentation of financial statements for external users and reflects the revisions made to DP 1 in light of comments received during the exposure period as well as the Board's policy of convergence with the IFRSs.
WG 1 was also responsible for reviewing IASB pronouncements on: (1) ED on An Improved Conceptual Framework for Financial Reporting. This ED comprises 2 chapters Chapter 1 describes the objective of financial reporting, the primary user group to which reporting is directed, the types of decisions made by that group and the financial information useful to that group in making those decisions. Chapter 2 describes the qualitative characteristics that make financial information useful. The qualitative characteristics are complementary concepts but can be distinguished as fundamental and enhancing based on how they affect the usefulness of information. (2) DP on The Reporting Entity. The DP considers issues for the purposes of developing a reporting entity concept for inclusion in the IASB's common conceptual framework.
(Chairman: Encik Ahmad Mustapha Ghazali; Project Manager: Puan Hashanah Ismail)
WG 2 was responsible for developing MASB 1 Presentation of Financial Statements. This Standard prescribes the basis for the presentation of general purpose financial statements in order to ensure comparability with both the entity's own financial statements of previous periods and with the financial statements of other entities. This Standard was renamed FRS 1012004 with effect from 1 January 2005 and subsequently replaced by FRS 101 with effect from 1 January 2006.
(Chairman: Y.Bhg. Datuk Dr. Abdul Samad Hj. Alias; Project Manager: Mr. Woon Chin Chan)
WG 3 was responsible for developing MASB 2 Inventories which prescribes the accounting treatment for inventories under the historical cost system. This Standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realisable value. This Standard was renamed FRS 1022004 with effect from 1 January 2005 and subsequently replaced by FRS 102 with effect from 1 January 2006.
(Chairman: YM Raja Datuk Arshad Raja Tun Uda; Project Manager: Puan Hashanah Ismail)
WG 4 was responsible for developing MASB 14 Depreciation Accounting. This Standard prescribes the accounting treatment for depreciation and deals with issues of determining depreciable asset and its useful life. This Standard was renamed FRS 1042004 with effect from 1 January 2005 and subsequently withdrawn as the subject is now addressed in FRS 116 Property, Plant and Equipment, FRS 138 Intangible Assets and FRS 3 Business Combinations with the issuance of all the three Standards.
(Chairman: Dr. R. Thillainathan; Project Manager: Mr. Woon Chin Chan)
WG 5 was responsible for developing MASB 5 Cash Flow Statements. This Standard requires the provision of information about the historical changes in cash and cash equivalents of an entity by means of a cash flow statement which classifies cash flows into operating, investing and financing activities. This Standard was renamed FRS 1072004 with effect from 1 January 2005.
(Chairman: Y.Bhg. Datuk Dr. Abdul Samad Hj. Alias; Project Manager: Mr. Woon Chin Chan)
WG 6 was responsible for developing MASB 3 Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies. This Standard prescribes the classification, disclosure and accounting treatment of certain items in the income statement so that all entities prepare and present the income statement on a consistent basis. It also specifies the accounting treatment for the changes in accounting estimates, changes in accounting policies and the correction of fundamentals errors. This Standard was renamed FRS 1082004 with effect from 1 January 2005 and subsequently replaced by FRS 108 Accounting Policies, Changes in Accounting Estimates and Errors with effect from 1 January 2006.
(Chairperson: Puan Zahrah Abdul Wahab Fenner; Project Manager: Dr. Foong Soon Yau)
WG 7 was responsible for developing MASB 4 Research and Development Costs. This Standard prescribes the recognition criteria and measurement bases of amounts defined either as research or development costs. It also provides guidance on the application of the recognition criteria to determine when research and development costs should be recognised as an expense and when they should be recognised as an asset. This Standard was renamed FRS 1092004 with effect from 1 January 2005 and subsequently replaced by FRS 138 with effect from 1 January 2006.
(Chairman: Y.Bhg. Dato' Mohamed Adnan Ali; Project Manager: Dr. Foong Soon Yau)
WG 8 was responsible for developing MASB 19 Events after the Balance Sheet Date. This Standard prescribes when an entity should adjust its financial statements for events after the balance sheet date and requires disclosures about the date when the financial statements were authorised for issue as well as about events after the balance sheet date. This Standard was renamed FRS 1102004 with effect from 1 January 2005 and subsequently replaced by FRS 110 with effect from 1 January 2006.
WG 8 also developed MASB 20 Provisions, Contingent Liabilities and Contingent Assets. This Standard prescribes the appropriate recognition criteria and measurement bases to be applied to provisions, contingent liabilities and contingent assets and requires sufficient information to be disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. This Standard was renamed FRS 1372004 with effect from 1 January 2005.
(Chairman: Dr. Nordin Mohd Zain; Project Manager: AP Tan Liong Tong)
WG 9 was responsible for developing MASB 7 Construction Contracts. This Standard prescribes the accounting treatment of revenue and costs associated with construction contracts. It also provides guidance on the application of the recognition criteria to determine when contract revenue and contract costs should be recognised as revenue and expenses in the income statement. This Standard was renamed FRS 1112004 with effect from 1 January 2005.
(Chairman: Encik Ahmad Mustapha Ghazali; Project Manager: AP Tan Liong Tong)
WG 10 was responsible for developing MASB 25 Income Taxes. This Standard prescribes the accounting treatment for income taxes and requires the use of balance sheet liability method, which focuses on temporary differences in accounting for deferred tax. This Standard was renamed FRS 1122004 with effect from 1 January 2005.
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WG 10(R), Income Taxes
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(Chairman: Encik Nik Mohd Hasyudeen Yusoff; Project Manager: Mr Ng Swee Weng)
WG 10(R) was set up to review IASB's Exposure Draft on Income Taxes. The Exposure Draft, if adopted, would replace the existing requirements in IAS 12 Income Taxes. Although the Exposure Draft retains the fundamental requirements of IAS 12, it proposes to remove most of the exceptions in IAS 12, to simplify the accounting and strengthen the principle in standard which will result in more consistent reporting. Among the proposals are the introduction of definitions of tax credit and investment tax credit, changes to the definition of tax basis and removal of the initial recognition exception in IAS 12. The Exposure Draft also provides additional guidance on recognition and assessment of realisability of deferred tax assets. The IASB believes the proposals, if implemented, would resolve issues raised by users of IAS 12.
(Chairman: YM Raja Datuk Arshad Raja Tun Uda; Project Manager: AP Dr. Susela Devi)
WG 11 was responsible for developing MASB 22 Segment Reporting. This Standard establishes the principles for reporting financial information by segment, information about the different types of products and services an entity produces and the different geographical areas in which it operates to help users of financial statements to better understand the entity's past performance, better assess the entity's risks and returns and make more informed judgements about the entity as a whole. This Standard was renamed FRS 1142004 with effect from 1 January 2005.
(Chairperson: Puan Zahrah Abdul Wahab Fenner; Project Manager: Professor Dr. Takiah Mohd. Iskandar)
WG 12 was responsible for developing MASB 15 Property, Plant and Equipment. This Standard deals with the timing of recognition of the property, plant and equipment, the determination of their carrying amounts and the depreciation charges to be recognised in relation to them. This Standard was renamed FRS 1162004 with effect from 1 January 2005 and subsequently replaced by FRS 116 with effect from 1 January 2006.
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