Countdown to 2013 - Preparation for Exams

ACCA has issued the timetable for June 2013 and Dec 2013 Exam sessions as per below:

June 2013 session

Monday 3 June	F5 Performance Management	P7 Advanced Audit and Assurance
Tuesday 4 June	F6 Taxation	P4 Advanced Financial Management
Wednesday 5 June	F7 Financial Reporting
Thursday 6 June	F8 Audit and Assurance	P5 Advanced Performance Management
Friday 7 June	F1 Accountant in Business   F9 Financial Management	P6 Advanced Taxation
Monday 10 June	F4 Corporate and Business Law	P3 Business Analysis
Tuesday 11 June	F3 Financial Accounting	P2 Corporate Reporting
Wednesday 12 June	F2 Management Accounting	P1 Governance, Risk and Ethics

December 2013 session

Monday 2 December	F5 Performance Management	P7 Advanced Audit and Assurance
Tuesday 3 December	F6 Taxation	P4 Advanced Financial Management
Wednesday 4 December	F7 Financial Reporting
Thursday 5 December	F8 Audit and Assurance	P5 Advanced Performance Management
Friday 6 December	F1 Accountant in Business	P6 Advanced Taxation
	F9 Financial Management
Monday 9 December	F4 Corporate and Business Law	P3 Business Analysis
Tuesday 10 December	F3 Financial Accounting	P2 Corporate Reporting
Wednesday 11 December	F2 Management Accounting	P1 Governance, Risk and Ethics

Year 2013 is only a few days away. Start the year with proper planning for your exams with some project management tools. A Gantt Chart would be a useful tool (as per below):

 Start your preparations now and a Happy New Year!

US GAAP - No Convergence with IFRS?

On July 13, 2012, SEC released a report (also known as Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuer). The report discusses the many issues of the US to converge with international accounting standards including expense concerns and the US GAAP wide outreach in many existing US laws and regulations. The report, however, did not specify any decision yet by the SEC. The potential withdrawal of the US of a plan to converge with the IFRS may put a damper on a universally recognised accounting standards. More detailed review of the report can be found in many accounting journals and websites including CFO.com, Journal of Accountancy and many others.

ACCA - A Career in Accountancy

Public Ruling No.4/2012

DEDUCTION FOR LOSS OF CASH AND TREATMENT OF RECOVERIES
LHDN has issued a new  ruling, Public Ruling No.4/2012 'Deduction for loss of cash and treatment of recoveries' on 1 June 2012 to replace the previous ruling, Public Ruling No.5/2005 of the same title. 


The new ruling is a rephrasing and rearranging of the previous ruling whereby both underlines the nature of loss of cash caused by theft, defalcation or embezzlement which are tax deductible as well as how their recoveries through insurance, legal action, etc should be taxed. One key difference is the when the recoveries should be taxed as income.


Previously, recoveries of loss of cash is taxed based on when such recoveries are received. This means the recoveries are taxable when the date the cash (for example from the insurance company) is received. However, the new ruling states that the date the cash is received irrelevant. Recoveries are taxable when they are receivable are deemed to have been received. The revision is in line with the accruals concept.

Extension of transitional period for transitioning entities by MASB

On 30 June 2012, MASB issued a statement that it is extending the transitional period for transitioning entities to 1 January 2014. For those who are new to the MFRSs, MASB sets a full-convergence target to the International Accounting Standards (the IFRSs system) for financial year end 1 January 2012 and thereafter. However, the MASB provide for a one year 'transitional period' for the companies involve in the real estate and agricultural industries also known as transitioning entities. This means companies in these industries only need to adopt the MFRSs framework for financial year end 1 January 2013 and thereafter. However with recent further extension, the new adoption date for this entities only starts on 1 January 2014 and thereafter.

WHY THE EXTENSION TO 1 JANUARY 2014? 

REAL ESTATE INDUSTRY
In brief, the current IFRS system (IFRIC 15 Agreements for the Construction of Real Estate) requires real estate developers to recognise revenue only when the project is completed. This is in contrast to the current method adopted by Malaysian property developers which recognise revenue on the percentage-of-completion method. As Malaysian property developers adopts the sell-then-build model, this means that these companies would be reporting costs over the period of the project (potentially losses) and only recognising the revenue at the end of the project period. This would hit the developers bottom line pretty hard. The extension by  MASB is in anticipation of the much awaited new Revenue standard which would recognise percentage-of-completion method for most revenue streams. This new standard is expected to supersede IFRIC 15. However, IASB has postpone the issue of this standard to mid 2013. Thus, the MFRSs adoption extension by MASB for Malaysian developers to 2014. 


AGRICULTURAL INDUSTRY
The agricultural industry in Malaysia finds it difficult to adopt IAS 41 Agriculture which has many elements which are foreign to the industry here including the fair value measurement of biological assets. With the diversity of the agriculture industry in Malaysia including oil palm,rubber, timber harvesting, the list goes on and on, the implementation of this standard remains to be the most controversial in Malaysia. The extension by MASB is to wait for IASBs further amendments to IAS 41. This will be a temporary relief for both industries until come 2014.

How ACCA Tutor (Malaysia) came to be

Welcome to ACCA Tutor homepage! When I first started out in my ACCA education years ago, i find it difficult to find someone who could guide me in facing the difficult subjects of ACCA. After successfully obtaining my ACCA and gaining my fair share of experience in the industry, I say to myself why not? Why dont I guide my fellow aspiring accountants towards achieving the prestige goal of obtaining an ACCA education as I had once hope for someone to guide me. The roads to ACCA has proven to be a difficult but satisfying and fulfilling path to many. I hope that I am able to lend a hand to you in your road to ACCA.