Introduction

The seminar explores the proposed technical requirements of the IASB Exposure Draft entitled “IFRS for Non-publicly Accountable Entities”. This document will be a technical reference point for local standard setters when formulating their own domestic SME or Private Entity standard.

Course outline

• Current issues:
  - The current Malaysian Private Entities reporting environment
  - IASB’s  current project on IFRS for NPAEs
  
• Technical contents of Exposure Draft on “IFRS for NPAEs”
  - Criteria for Non-publicly Accountable Entities
  - Accounting principles and policies
  - Framework for private entities
  - Scope and objectives
  - An examination of the balance sheet, income statement and cash flow statements
  - Presentation and disclosure of components of financial statements
  - Recognition and measurement  criteria for income and expense; assets and liabilities
  - An analysis of accounting for:
    · Property Plant and Equipment
    · Investment Property
    · Intangible Assets
    · Financial Instruments
    · Leases
    · Inventories
    · Impairment of Assets
    · Income Taxes
    · Borrowing Costs
    · Provisions, Contingent Liabilities and Contingent Assets
    · Government Grants and Other Government Assistance
    · The Effects of Changes in Foreign Exchange Rates
    · Related Party Disclosures
    · Events After the Balance Sheet Date
    · Business Combinations, Investments in Subsidiaries, Associates, and Interests in Joint Venture
    · Share-based Payments

Target Audience : All
CPD Code : 090824IP1

Speaker’s profile

Danny, Tan Boon Wooi

Danny has over 25 years of working experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Upon returning to Malaysia in 1996 he took up the position as an audit manager with a firm of accountants.

He is currently the partner of a firm providing financial training and consulting for firms in public practice and industry. Danny specialises in International Financial Reporting Standards as well as UK and Malaysian GAAP. He is an experienced speaker in financial reporting and financial statement analysis for several professional institutions and public listed companies in Malaysia and overseas. Danny also serving as a project manager to the Malaysian Accounting Standard Board in working group WG 48 Government Grants; WG 53 Performance Reporting; WG 54 Financial Reporting by Small and Medium Entities (SME); WG 61 Fair Value Measurement Guidance.

Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a member of Malaysian Institute of Accountants, a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants and an associate member of Malaysian Institute of Taxation.