COMMON ERRORS IN PRESENTING FINANCIAL STATEMENTS (2 DAYS)
By Mr. T. Seelan - 25 & 26 October 2017, 9:00 am to 5:00 pm
Kuala Lumpur
(100% Claimable From HRDF/PSMB)
Introduction:

When you have to prepare financial statements in compliance with MFRS, you would be exposed to many external users. Stock exchange, financing institutions, maybe some professional accountancy bodies, investors, shareholders, tax offices and your auditors.

You must ensure that there is compliance with the standards, in order to avoid large penalties.

Objectives
  • Reduce errors in financial statements
  • Reduce penalties imposed by regulatory bodies
  • Reduce auditors time spent on audit.
  • Enhance stakeholder’s confidence.
Duration

14 Hours, 2 Days.

Course Outlines :-
  • IGNORING SUBSTANCE OVER FORM PRINCIPLE
    • Finance lease contracts
    • Operating lease contracts with non-cancellability feature
    • Special purpose entities that you might need to include in consolidation
    • Sale and repurchase contracts
    • Sale and leaseback contracts
    • Factoring of receivables
    • Any contract with embedded derivative features
  • NOT SPLITTING THE NON-CURRENT LIABILITIES
    • Provision for employee benefits (focus on retirement benefits)
    • Asset removal obligations, or liabilities for decommissioning, restoration and similar (especially when decommissioning takes place over period longer than 1 year)
    • Finance lease liabilities
    • Bank and other loans
    • Liabilities from issued debentures or bonds
  • FAILING TO REPORT TRANSACTIONS BETWEEN RELATED PARTIES
    • Transactions between them are so sensitive that separate standard MFRS 124 was issued to guide us in this field.
    • How to avoid this mistake
  • INCORRECT ESTIMATES OF PPE’S USEFUL LIVES
    • When a company buys some piece of property, plant and equipment, management has to decide how long the company is going to use the asset – or what is the useful life of the asset.
    • How to avoid this mistake
  • CHANGES IN ACCOUNTING POLICY WITH CHANGES IN ACCOUNTING ESTIMATES
    • Changes in measurement bases
    • Changes in presentation criteria
    • Changes in recognition criteria
  • IMPROPER APPLICATION OF HEDGE ACCOUNTING
    • Hedging against various risks became very popular over the last decade and companies started to utilize lots of derivatives as hedging instruments.
Your Trainer

MR. T. SEELAN, C.A.(M), FCCA, specialises in designing and setting up of accounting, internal control and operational systems as well as in performing operational audits. His clients include those in the hospitality, education, manufacturing and servicebased industries. His working experience includes years at several public accounting firms, a leading hotel in Langkawi and an established manufacturing organisation. He was also attached to a large tax firm for three years. He also acts as a consultant for a number of groups on financial issues.

Mr. Seelan is also actively involved in the development and implementation of financial and management training programs for various organizations. He has trained accountance and financial advisors in Vietnam, Brunei and Uganda. These programs have produced excellent feedback. He has trained personnel from numerous companies and the public sector, including, Majlis Bandaraya Shah Alam, Permodalan Nasional Berhad, Institut Jantung Negara, Tradewind Hotel Group, Bintulu Development Authority, Ritz-Carlton Hotel, Putrajaya IOI Resort, Majlis Perbadanan Sibu, Lembaga Urusan Tabung Haji, Tenaga Cable Industries, Yeo Hiap Seng, Kobe Precision, Eon Finance, International Islamic University, Petroliam Nasional Bhd, Progressive Insurance Bhd, Subang Jaya Medical Centre, The MINT Hotel, KLIA Pan Pacific Hotel, Bank Rakyat, Toshiba Electronics, UDA Holdings Bhd, Komag USA, Bank Industri & Teknologi (M) Bhd, PPB Group and TH Plantations to name a few. He is a Member of the Malaysian Institute of Accountants, Fellow member of the Chartered Association of Certified Accountants and the Institute of Business Administration.

Course Fee
(Course fee is inclusive of 2 tea breaks, lunch, course material,Certificate of Attendance and 6% GST)
Early Bird for training in KL : ( Book Before 11 October 2017 )
1 person or more ~ RM 1295 / person
Standard
1 person ~ RM 1395 / person
2 persons or more ~ RM 1295 / person
(Course fee is inclusive of 2 tea breaks, lunch, course material, Certificate of Attendance and 6% GST)
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