Latest News, Opinion and Articles for Accounting, Tax, Finance, Audit and related Technology
Ijarah Contract: An Overview of Islamic Lease
https://www.theaccsense.com/finance/islamic-finance/ijarah-contract-an-overview-of-islamic-lease/
Understand what is Ijarah, how it works and the application of this Islamic lease-based contract in Islamic Finance.
IFRIC Tentative Agenda Decision: Demand Deposits with Restriction of Use
https://www.theaccsense.com/accounting/financial-accounting/ifric-tentative-agenda-decision-demand-deposits-with-restriction-of-use/
IFRIC tentatively decided in its September 2021 meeting that a demand deposit with restriction of use is cash and cash equivalents.
IFRIC Tentative Agenda Decision: Cash Received via Electronic Transfer as Settlement for a Financial Asset
IFRIC tentatively decided that on the accounting treatment for cash received via electronic transfer for settlement of a financial asset.
Comparison on the financial reporting requirements for leases under MPSAS 13, MFRS 16 and Section 20 of MPERS
Comparison on the financial reporting requirements for leases under MPSAS 13, MFRS 16 and Section 20 of MPERS.
Overview on the Islamic profit sharing contracts - Mudharabah and Musyarakah in Islamic Finance products
Overview on the Islamic profit sharing contracts - Mudharabah and Musyarakah in Islamic Finance products.
Do you wonder how an entity account for player transfer payments? This issue can be relevant in certain sports such as football where the club will receive player transfer payments from the receiving club. Find out how the payments are accounted for in this IFRIC Agenda Decision
https://www.theaccsense.com/accounting/financial-accounting/ifric-agenda-decision-player-transfer-payments/
Understand how a hiring entity accounts for the player transfer payments received from the receiving entity.
MIA and CPA Australia releases updated guides to improve understanding of Company Annual Report. The two updated guides are Guide to Understanding Annual Reports and Auditing and Assurance for Malaysia Listed Companies.
The two updated guides are Guide to Understanding Annual Reports and Auditing and Assurance for Malaysia Listed Companies.
Explanation of financial accounting requirements for Wa’ad, Khiyar and Tahawwut transactions under AAOIFI FAS 38
Accounting & Auditing Organization for Islamic Financial Institutions
Explanation of financial accounting requirements for Wa’ad, Khiyar and Tahawwut transactions under AAOIFI FAS 38.
BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa will test central bank digital currencies (CBDCs) for international settlements
https://theaccsense.com/technology/bis-innovation-hub-and-central-banks-joins-forces-to-test-cbdcs/
Bank Negara Malaysia Bank for International Settlements Monetary Authority Of Singapore Reserve Bank of Australia SA Reserve Bank
BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa will test central bank digital currencies (CBDCs) for international settlements.
An Overview of Islamic Contract: Murabahah. Murabahah is a common sale-based contract used in Islamic financial transactions.
https://www.theaccsense.com/finance/islamic-finance/overview-of-islamic-contract-murabahah/
The article explains Murabahah contract. Murabahah is a common sale-based contract used in Islamic financial transactions.
IASB Practice Statement Exposure Draft on Management Commentary proposes guidance on how and what information included in the commentary
https://theaccsense.com/accounting/financial-accounting/practice-statement-exposure-draft-on-management-commentary-what-should-you-know/
IFRS Foundation
IASB Practice Statement Exposure Draft on Management Commentary proposes guidance on how and what information included in the commentary.
Summary of key financial reporting requirements for Waqf institutions under the newly released AAOIFI FAS 37
https://www.theaccsense.com/finance/islamic-finance/financial-reporting-for-waqf-institutions-whats-there/
Accounting & Auditing Organization for Islamic Financial Institutions
In this article, we bring you the summary of key financial reporting requirements for Waqf institutions under the newly released AAOIFI FAS 37.
It is time to perform check on digital competency for accountants. Find out more on the availability of digital competency assessment tools
https://www.theaccsense.com/technology/digital-competency-assessment-tools-your-first-step-to-embrace-technology/
The Institute of Chartered Accountants of India PwC Malaysia
It is time to perform check on digital competency for accountants. Find out the available digital competency assessment tools available in this article.
Understand the comparison of the financial reporting requirements for intangible assets under MPSAS 31, MFRS 138 and Section 18 of MPERS
https://www.theaccsense.com/accounting/financial-accounting/intangible-assets-comparison-between-mpsas-31-mfrs-138-and-section-18-of-mpers/
Find out the differences in financial reporting requirements for intangible assets under MPSAS 31, MFRS 138 and Section 18 of MPERS.
Bank Negara Malaysia releases the Revised Reference Rate Framework
https://www.theaccsense.com/finance/bank-negara-malaysia-releases-the-revised-reference-rate-framework/
Bank Negara Malaysia
Bank Negara Malaysia has released a revised Reference Rate Framework, which will be effective from 1 August 2022 onwards.
Find out on what is Shariah screening? The methodology and the benchmarks used to screen companies whether they are as Shariah-compliant
https://www.theaccsense.com/finance/islamic-finance/the-importance-of-shariah-screening-in-islamic-finance/
The article shares what is Shariah screening, the methodology and the benchmarks used to screen companies whether they are as Shariah-compliant.
Securities Commission Malaysia releases Shariah Screening Assessment Toolkit for the Unlisted Micro, Small and Medium Enterprises (“MSMEs”)
https://theaccsense.com/finance/islamic-finance/sc-malaysia-releases-shariah-screening-assessment-toolkit-for-the-unlinsted-msmes/
Securities Commission Malaysia
SC Malaysia in its ongoing efforts to enhance the ecosystem has released Shariah Screening Assessment Toolkit, it has total of 6 questions.
Summary of the key financial reporting requirements for disclosure of information relating to operating segments under IFRS 8
https://www.theaccsense.com/accounting/financial-accounting/key-takeways-of-ifrs-8-operating-segments/
The article summarises the key financial reporting requirements for disclosure of information relating to operating segments under IFRS 8.
Summary of the proposal by IASB on a new standard to simplify the disclosures requirements for subsidiaries without public accountability
https://www.theaccsense.com/accounting/financial-accounting/exposure-draft-the-proposed-disclosures-simplification-for-subsidiaries-without-public-accountability/
The article summarises the proposal by IASB on a new standard to simplify the disclosures requirements for subsidiaries without public accountability.
How the financial reporting requirements for provisions, contingent liabilities and contingent assets are different under MPSAS 19, MFRS 137 and Section 21 of MPERS
https://www.theaccsense.com/accounting/financial-accounting/provisions-contingent-liabilities-and-contingent-assets-comparison-between-mpsas-19-mfrs-137-and-section-21-of-mpers/
The article compares the requirements for provisions, contingent liabilities and contingent assets under MPSAS 19, MFRS 137 and Section 21 of MPERS.
Checkout our series of articles on Public Sector Accounting, covering various areas at https://www.theaccsense.com/series/public-sector-accounting/
Understand the differences on how preparers account for agriculture activity between MPSAS 27, MFRS 141 and Section 34 of MPERS
https://www.theaccsense.com/accounting/financial-accounting/agriculture-comparison-between-mpsas-27-mfrs-141-and-section-35-of-mpers/
Understand the differences on how preparers account for agriculture activity between MPSAS 27, MFRS 141 and Section 34 of MPERS
Comparison of the financial reporting requirements in MPSAS 16, MFRS 140 and Section 16 of MPERS relating to the investment property
https://www.theaccsense.com/accounting/financial-accounting/investment-property-comparison-between-mpsas-16-mfrs-140-and-section-16-of-mpers/
The article provides a comparison on the financial reporting requirements for investment property under MPSAS 16, MFRS 140 and Section 16 of MPERS.
Comparison on the accounting treatment for property, plant and equipment under MPSAS 17, MFRS 116 and Section 17 of MPERS
https://www.theaccsense.com/accounting/financial-accounting/property-plant-and-equipment-comparison-between-mpsas-17-mfrs-116-and-section-17-of-mpers/
The article provides a comparison on the accounting treatment for property, plant and equipment under MPSAS 17, MFRS 116 and Section 17 of MPERS.
A comparison of the financial reporting requirements in MPSAS, MFRS and MPERS relating to the presentation of financial statements
https://www.theaccsense.com/accounting/financial-accounting/presentation-of-financial-statements-comparison-between-mpsas-mfrs-and-mpers/
A comparison of the financial reporting requirements in MPSAS, MFRS and MPERS relating to the presentation of financial statements.
Understand significant differences on the accounting requirements for employee benefits under MPSAS 25, MFRS 119 and Section 28 of MPERS
https://www.theaccsense.com/accounting/financial-accounting/employee-benefits-comparison-between-mpsas-25-mfrs-119-and-section-28-of-mpers/
The article discusses the significant differences on the accounting requirements for employee benefits under MPSAS 25, MFRS 119 and Section 28 of MPERS.
Understand how entities account for defined benefit plans given to employees as part of their post-employment benefits
https://www.theaccsense.com/accounting/financial-accounting/accounting-for-defined-benefit-plan/
Lets understand how entities account for defined benefit plans given to employees as part of their post-employment benefits.
Understand how entities should account for their employee benefits. The accounting for short-term benefits are rather straight-forward. Entities should focus on the accounting for the tricker part - post-employment benefits
https://www.theaccsense.com/accounting/financial-accounting/accounting-for-employee-benefits/
Uunderstand how entities should account for their employee benefits. The accounting for short-term benefits are rather straight-forward. Entities should focus on the accounting for the tricker part -
Understand the principles in fair value measurement of assets and liabilities. Also the required disclosures relating to fair value of assets and liabilities.
https://www.theaccsense.com/accounting/financial-accounting/ifrs-13-fair-value-measurement/
Understand the principles in fair value measurement of assets and liabilities in this article. It also provides readers with the summary of the required disclosures relating to fair value of assets
What will happen when asset is classified as held for sale or when there is a discontinued operation
https://www.theaccsense.com/accounting/financial-accounting/assets-held-for-sale-and-discontinued-operations/
Understand what will happen when assets are classified as held for sale or when there is a discontinued operation in this article.
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