PERAKAUNAN AKRUAN di dalam PENGURUSAN ASET

Transcription

Unit Polisi dan Piawaian
Pasukan Pelaksanaan Perakaunan Akruan
Jabatan Akauntan Negara Malaysia
[email protected]
Fungsi Unit Polisi & Piawaian
 Menggubal MPSAS
 Menggubal Polisi Perakaunan
 Kajian Draf Dedahan Piawaian Perakaunan
yang dikeluarkan oleh IFAC dan MASAB
 Pindaan Akta
 Manual Perakaunan
Transitioning to A New Accounting Landscape
2
Proses Penggubalan
Malaysian Public Sector Accounting Standards (MPSAS)
GASAC
PPPA
Unit Polisi dan Piawaian
Draf
MPSAS
Kajian awal
JKP
Government Accounting
Standards Advisory
Committee
Jawatankuasa Pemandu
Perakaunan Akruan
PERAKUAN
DRAF MPSAS
MPSAS
Draf
Dedahan
KELULUSAN DRAF
DEDAHAN
IFAC
International Federation
of Accountants
KELULUSAN
PERAKUAN KOMEN
& MAKLUM BALAS
DRAF DEDAHAN
3
Government Accounting Standards Advisory Committee
(GASAC)
JAB. AUDIT
NEGARA
JAB. AUDIT
NEGARA
UiTM
MIA
MICPA
MASB
CPA
AUSTRALIA
ACCA
CIMA
P PPPA
Pengerusi:
TAN(O)
UP&P
SKP
URUSETIA
JANM
BPOPA
BPTM
JANM
BN
SELANGOR
SELANGOR
JKDM
MOF
UPNM
MBPJ
4
Status Penggubalan MPSAS
DIGUNA PAKAI SEBAGAI MPSAS: 32
IPSAS1: Presentation of Financial Statements
IPSAS2: Cash Flow Statement
IPSAS3: Accounting Policies, Changes in Accounting Estimate
and Errors.
IPSAS4: Net Effect of Changes in Foreign Exchange Rates
IPSAS5: Borrowing Cost
IPSAS6: Consolidated of Financial Statements
IPSAS7: Accounting for Investment in Associates
IPSAS8: Financial Reporting in Joint Ventures
DRAF DEDAHAN (ED): 24
ED1:Presentation of Financial Statements
ED2: : Cash Flow Statement
ED3:Property, Plant & Equipment
ED5:Revenue from Exchange Transaction
ED6:Inventories
IPSAS11: Construction Contract
ED7:Revenue from Non-Exchange Transaction
(Taxes and Transfer)
IPSAS13: Leases
IPSAS14: Event After Reporting Date
ED8:Presentation of Budget Information in
Financial Statement
IPSAS17: Property, Plant & Equipment
ED9:Net Effect of Changes in Foreign Exchange
Rates
IPSAS18: Segment Reporting
ED10:Leases
IPSAS19: Provision, Contingent Liabilities and Contingent
Asset
ED11:Investment Property
IPSAS16: Investment Property
IPSAS20: Relater Party Disclosure
IPSAS21: Impairment of Non-Cash –Generating Asset
IPSAS22:Disclosure of Financial Information about the
General Government Sector
IPSAS23: Revenue from Non-Exchange Transaction (Taxes
and Transfer)
MPSAS1:Presentation of Financial Statements
ED4:Accounting Policies, Changes in Accounting MPSAS2:Cash Flow Statement
Estimate and Errors.
IPSAS9: Revenue from Exchange Transaction
IPSAS12: Inventories
LULUS: 15
MPSAS17: Property, Plant & Equipment
MPSAS3: Accounting Policies, Changes in
Accounting Estimate and Errors.
MPSAS9: Revenue from Exchange Transaction
MPSAS12: Inventories
MPSAS23: Revenue from Non-Exchange
Transaction (Taxes and Transfer)
MPSAS24: Presentation of Budget Information in
Financial Statement
ED12:Provision, Contingent Liabilities and
Contingent Asset
MPSAS4: Net Effect of Changes in Foreign
Exchange Rates
ED13:Impairment of Non-Cash –Generating
Asset
MPSAS13: Leases
ED14: Employee Benefits
ED15:Impairment of Cash-Generating Assets
IPSAS24: Presentation of Budget Information in Financial
Statement
ED16:Intangible Assets
IPSAS25: Employee Benefits
ED17: Event After the Reporting Date
IPSAS26: Impairment of Cash-Generating Assets
ED18: Financial Instrument: Presentation
IPSAS27: Agriculture
ED19: Accounting for Control Entities
IPSAS28: Financial Instrument: Presentation
ED20: Accounting for Investment in Associates
IPSAS29: Financial Instrument: Recognition and
Measurement
ED21: Pindaan PPE
IPSAS30: Financial Instrument: Disclosure
ED22: Borowing Costs
IPSAS31: Intangible Assets
ED23: Interest in Joint Ventures
IPSAS32: Service Concession Arrangements: Grantor
ED24: Agriculture
MPSAS16: Investment Property
MPSAS19 : Provision, Contingent Liabilities &
Contingent Assets
MPSAS21: Impairment of Non-Cash Generating
Asset
MPSAS25: Employee Benefits
MPSAS26: Impairment of Cash Generating
Assets
5
MPSAS versi Bahasa Malaysia
6
Proses Penggubalan Polisi Perakaunan
GASAC
PPPA
PPPA
GASAC
Government
Accounting
JKP
Jawatankuasa
Pemandu
Jawatankuasa Pemandu
Perakaunan Akruan
Perakaunan
Akruan
Unit
Piawaian
UnitPolisi
Polisi dan
dan Piawaian
Government Accounting
Standards Advisory
Standards Advisory Committee
Draf
Polisi
Perakaunan
Draf
Polisi
Perakaunan
Polisi
Perakaunan
Kajian awal
PERAKUAN
KELULUSAN
Committee
7
Proses Kajian Draf Dedahan Piawaian Perakaunan yang dikeluarkan
oleh IFAC dan MASAB
Mengkaji Draf Dedahan Piawaian
Perakaunan yang diterima daripada MASB
dan IFAC
Menyatakan komen dan ulasan Draf
Dedahan
Menghantar komen dan ulasan Draf
Dedahan kepada ANM/ TANK (K)/ P PPPA
untuk kelulusan
Menghantar komen dan ulasan Draf
Dedahan kepada MASB dan IFAC
8
Pindaan Akta
AKTA TATACARA KEWANGAN 1957 (AKTA 61)
Pindaan telah dibuat atas seksyen yang relevan
bagi tujuan pelaksanaan Perakaunan Akruan
Kerajaan Persekutuan
Cadangan pindaan akan
dibentangkan di Parlimen
untuk kelulusan pada Jun
2014.
Akta berikut turut dipinda berikutan Pindaan Akta Tatacara Kewangan 1957:
AKTA KUMPULAN WANG
PINJAMAN PERUMAHAN
1971 (AKTA 42)
Dalam peringkat kajian
oleh BUU, MOF
AKTA KUMPULAN WANG
AMANAH NEGARA 1988
(AKTA 339)
Peringkat kelulusan dasar
oleh MOF
AKTA WANG TAK
DITUNTUT 1965 (AKTA 370)
Dalam peringkat kajian oleh
BUU, MOF
9
Laman web Perakaunan Akruan
POLISI PERAKAUNAN AKRUAN
(Revised February 2014)
I Unit Polisi dan Piawaian I Pasukan Pelaksanaan Perakaunan Akruan I
I Jabatan Akauntan Negara Malaysia I
Kandungan Taklimat
Sesi 1 (8.30 am – 10.30 am)
 Pengenalan kepada Polisi Perakaunan
 Polisi Umum
 Polisi berkaitan ASET
 Polisi berkaitan LIABILITI
Sesi 2 (11.00 am – 12.30 pm)
 Polisi berkaitan HASIL
 Polisi berkaitan BELANJA
 Polisi berkaitan KUMPULAN WANG DISATUKAN
 Polisi lain
12
PENGENALAN KEPADA POLISI
PERAKAUNAN
13
Pengenalan kepada Polisi Perakaunan
Definition
Accounting policies are the specific principles, bases, conventions,
rules, and practices applied by an entity in preparing and presenting
the financial statements [MPSAS 3]
Drawn up to assist users in the application of the Malaysian Public
Sector Accounting Standards (MPSAS).
Scope
This policy document outlines the accounting policies of the Malaysian
Government which to be complied with by all federal ministries and
departments.
14
MPSAS vs Policy
Malaysian Public Sector Accounting Standards (MPSAS)
General accounting requirement:
Accounting Policies
- Definition
Specific:
- Recognition
- Principals
- Measurement
- Bases
- Disclosure
- Conventions
Financial
Statements
- Rules
- Practices
15
POLISI UMUM
16
COMPONENT OF
Statement of
Financial
Performance
Component of
Financial Statements
[MPSAS 1]
Cash Flow
Statement
Statement
of
Financial
Position
Statement of
Changes in
Net
Assets/Equity
Statement of
Budget
Performance
Notes to
the
accounts
17
ACCOUNTING ENTITY and REPORTING PERIOD
Federal
Ministries
Federal
Departments
Every Controlling Officer shall prepare its own Financial
statements
For the year ending 31 December
18
Others General Policy
Presentation &
classification shall be
retained from one period to
the next
Consistence
of
Presentation
The entity will continue in
operation and able to meet its
statutory obligations for the
foreseeable future.
Asset/liabilities shall be
presented as current and
non-current
Accounting
Basis
Going
Concern
Assumption
Current/Noncurrent
Distinction
Accrual Basis of Accounting
and on historical convention
unless specified otherwise
Comparative
Information
Application
of
Materiality
Shall be disclosed in respect
of the previous period for all
amount reported in FS
If it’s omission from, or
misstatement in, the financial
statements could influence a
user’s judgments
Materiality depends on the nature
or size of the item, or a
combination of both.
19
POLISI BERKAITAN ASET
20
CASH & CASH
EQUIVALENTS
INVESTMENTS
INVESTMNET
PROPERTY
RECEIVABLES
PROPERTY,
PLANT &
EQUIPMENT
ASSETS
INTENGIBLE
ASSETS
INVENTORIES
AGRICULTURE
21
Definisi Aset
Aset adalah sumber yang DIKAWAL oleh entiti hasil daripada peristiwa lampau dan
daripada manfaat ekonomi masa hadapan atau potensi perkhidmatannya dijangka
mengalir masuk ke dalam entiti
(MPSAS 1)
Bagaimana untuk menentukan kawalan?
22
Recognition criteria
General Requirements
An item is
recognized as an
assets in an
entity’s financial
statements if:
• The assets meets the definition
of an assets; and
• the amount can be measured
reliably.
23
Cash and Cash Equivalents
Cash at
bank
Cash in
hand
Cash in
transit
(Petty cash)
Consists of
Deposit
(not
exceeding 3
months)
Current
Account
(including
3/12 Imprest
24
Receivables
Recognition:
Recognized when
goods are transferred,
services are rendered
and when the invoices
are raised.
Initial Measurement:
Measured at
transaction amount
(fair value of the
consideration).
Subsequent
Measurement:
Subsequently at
amortized cost and
minus any provision for
doubtful debts.
25
Inventori adalah aset:
1. Dalam bentuk bahan atau bekalan yang akan digunakan dalam proses
pengeluaran;
2. Dalam bentuk bahan atau bekalan yang akan digunakan atau diagihkan semasa
menyediakan perkhidmatan;
3. Dipegang untuk jualan atau pengagihan semasa menjalankan operasi biasa; atau
4. Dalam proses pengeluaran untuk jualan dan pengagihan
(MPSAS 12)
Inventories
26
Pengiktirafan inventori
Threshold
Inventories which have value of RM 1 million or
more per responsible centre as at end of preceding
three financial years shall be CAPITALIZED.
27
Pengukuran Inventori
Initial Measurement
Measured at cost or fair value
(if acquired through nonexchange transaction)
Subsequently recorded:
a) lower of cost and Net
Realizable Value (NRV)
b) lower of cost and
current replacement
cost
Recognized
as expense in
the period in
which the
related
revenue is
recognized
Cost of inventories:
1. Cost of purchase
2. Cost of conversion
3. other costs incurred in bringing the
inventories to their present location
and condition
Method used: Weighted average
28
Jika tiada berkait
dengan hasil,
perbelanjaan diiktiraf
apabila barang
diagihkan atau
perkhidmatan telah
diberi
Apabila inventori dijual,
ditukar, atau diagihkan,
nilai bawaan inventori
hendaklah diiktiraf
sebagai perbelanjaan
dalam tempoh hasil
diiktiraf
Penurunan kepada Nilai
Realisasi Bersih diiktiraf
sebagai perbelanjaan
dalam tempoh
penurunan atau
kerugian berlaku
PENGIKTIRAFAN
SEBAGAI
PERBELANJAAN
‘Reversal’ yang timbul
dari peningkatan NRB
diiktiraf sebagai
penurunan kepada
perbelanjaan inventori
dalam tempoh ianya
berlaku
29
Initially accounted as
investment at cost, using
the equity method or as
a financial asset
Investments
Investment in
Controlled
Entity
Investment in
Associate
Investment in
Jointly
Control
Entity
Subsequently carried at
cost, using the equity
method or as a financial
asset
assessed for impairment
where there is evidence
of impairment.
During transition to accrual accounting in the
year 2015, all Investment shall be accounted as
investment at cost.
30
PPE adalah item ketara:
(a)
dipegang untuk digunakan dalam pengeluaran atau membekal barang
atau perkhidmatan, untuk sewaan kepada pihak lain atau untuk tujuan
pentadbiran; dan
(b)
dijangka digunakan melebihi lebih dari satu tempoh pelaporan.
(MPSAS 17)
Property, Plant & Equipment (PPE)
31
Kitaran Hayat PPE
PENGIKTIRAFAN
RECOGNITION
PENGUKURAN AWAL
INITIAL MEASUREMENT
PENGUKURAN SUSULAN
SUBSEQUENT MEASUREMENT
PENYAHIKTIRAFAN
DERECOGNITION
32
PENGIKTIRAFAN
RECOGNITION
Kriteria
Pengiktirafan
Terdapat kemungkinan
bahawa manfaat ekonomi
masa hadapan atau potensi
perkhidmatan yang berkaitan
dengan item tersebut akan
mengalir masuk ke dalam
kepada entiti
Kos atau nilai saksama
item tersebut boleh
diukur dengan
munasabah.
Threshold: RM2,000 per
item tertakluk kepada
semakan dari semasa ke
semasa.
Low value asset:
Dibelanjakan dan direkod
dalam daftar aset bagi
tujuan rekod dan kawalan.
33
PENGIKTIRAFAN
RECOGNITION
ASET KETENTERAAN
• Semua aset yang diperoleh oleh MINDEF bagi kegunaan
ketenteraan akan dikategorikan sebagai Aset Ketenteraan
• Akan dilaporkan di dalam Penyata Kedudukan Kewangan
sebagai satu baris item
ASET WARISAN
• Hanya akan diiktiraf sekiranya aset tersebut diwartakan di
dalam National Heritage Act 2005. (Accrual Accounting Policy,
revised May 2013)
ASET INFRASTRUSKTUR
• Terdiri daripada rangkaian jalan, sistem pembentungan, sistem
bekalan air dan tenaga, dan rangkaian komunikasi hendaklah
diambilkira mengikut MPSAS 17.
34
PENGIKTIRAFAN
RECOGNITION
Componentization
Gov. Building
in Putrajaya
Fully
Depreciated
Assets
Lands
belonging to
Mission
School
Ownership of
Gov. Asset on
third party land
Life Asset
35
PENGUKURAN AWAL
INITIAL MEASUREMENT
PENGUKURAN SEMASA PERMULAAN PENGIKTIRAFAN
Aset hendaklah
diiktiraf diukur pada
nilai kos/Deemed
Cost (Baki awal)
Jika sesuatu aset diperoleh
dari urusniaga bukan
pertukaran, kosnya
ditentukan pada nilai
saksama pada tarikh
perolehan
Jika PPE diperoleh dari
pertukaran aset bukan wang
atau aset, atau kombinasi
wang dan bukan wang, aset
itu diukur pada nilai
saksama.
e.g. Pemaju telah memberikan
sebidang tanah secara
percuma kepada Kerajaan
untuk dijadikan taman
awam.
36
PENGUKURAN AWAL
INITIAL MEASUREMENT
KOS
BELIAN
Apa-apa kos yang terlibat
untuk membawa aset
tersebut ke lokasi dan
keadaan semasa untuk
digunakan atau untuk
dijual (Contoh: kos
pengangkutan)
LAIN-LAIN
KOS
Harga belian + duti
import + kos
pengendalian –
diskaun perniagaan/
rebat
Komponen
kos
KOS
MENANGGAL
Dismantling
cost
Anggaran kos
menanggalkan/
mengalihnya ke tempat
lain disebabkan
pematuhan ke atas
pembelian PPE atau cara
penggunaan
37
PENGUKURAN SUSULAN
Model Kos
Kos
Susut Nilai
Terkumpul
Kerugian
Penjejasan
Terkumpul
Nilai
Bawaan
38
PENGUKURAN SUSULAN
Model Penilaian Semula
Susut Nilai
Terkumpul
Rizab
Penilaian
Semula
Kerugian
Penjejasan
Terkumpul
Lebihan/
Kurangan
Kos
Amaun
dinilai
semula/
Nilai
Bawaan
39
CONTOH PENGUKURAN SUSULAN – MODEL PENILAIAN SEMULA
i. Jabatan A memilih untuk mengukur tanah
pegangan bebas dibeli pada 01.01.20X1
menggunakan Model Penilaian Semula.
Dt. Tanah
01.01.20X1 Kos Asal Tanah - RM10j
RM10j
Kt. Tunai
RM10j
ii. Jabatan A melaksanakan Model Penilaian
Semula
Dt. Tanah
31.12.20X1 Fair Value Tanah - RM11.5j
iii. Jun 20X2, loji kumbahan dibina berhampiran
tanah menyebabkan nilai tanah jatuh.
Jabatan A menilai semula tanah.
Kt. Rezab Penilaian Semula
Dt. Rezab Penilaian Semula
Kerugian Penilaian Semula
31.12.20X2 Fair Value Tanah - RM8j
RM1.5j
Kt. Tanah
RM1.5j
RM1.5j
RM2j
RM3.5j
40
PENGUKURAN SUSULAN
Mengiktiraf Perbelanjaan susulan
Pembaikan,
pengubahsuaian
dan
penyelenggaraan
(e.g. kos buruh &
consumables) untuk
mengembalikan dan
mengekalkan
faedah ekonomi
masa depan
i.
DIBELANJAKAN
DIPERMODALKAN
Meningkatkan
nilai faedah
ekonomi dan
potensi
perkhidmatan
ii. Memanjangkan
usia guna
iii. Penggantian
Komponen
penting/besar
41
PENGUKURAN SUSULAN
Susut nilai
Susutnilai
• Susutnilai adalah satu kaedah memperuntukkan kos
boleh disusutnilai sesuatu aset ketara dalam tempoh
usia gunanya
Kenapa
menggunakan
susutnilai?
• nilai aset akan berkurangan sewaktu usia gunanya
disebabkan oleh penggunaan, lusuh (wear and tear), fizikal
aset merosot, keusangan teknologi
Oleh itu
• Susutnilai dapat menggambarkan berapa nilai aset telah
digunakan.
• Ia juga digunakan bagi memadankan perbelanjaan aset
dengan pendapatan yang mana aset tersebut telah
membantu mendapatkan pendapatan syarikat.
42
PENGUKURAN SUSULAN
Usia guna aset
Jangkaan
kegunaan aset
Jangkaan fizikal
lusuh
Program
pembaikan dan
penyelenggaraan
Keusangan
teknikal, sifat
dagangan atau
operasi
Undang-undang
atau had serupa
dalam
penggunaan aset
(tempoh pajakan)
Faktorfaktor
yang
menentu
kan usia
guna
43
Property, Plant and Equipment Classification and Useful Lives
44
PENGUKURAN SUSULAN
Penjejasan / Impairment
Adalah caj yang tidak berulang bagi menurunkan nilai buku yang
terlebih nilai
Nilai Buku > Nilai Aliran Masuk yang DiJangka pada Masa Hadapan
Kemerosotan itu diturunkan nilai (write-down) dan menyebabkan
penurunan nilai buku yang terlebih berbanding dengan Nilai Saksama
45
PENYAHIKTIRAFAN
DERECOGNITION
Amaun bawaan sesuatu item PPE hendaklah dinyahiktiraf apabila:
i. dilupuskan; atau
ii. apabila tiada faedah ekonomi masa hadapan atau potensi
perkhidmatan dijangkakan dari penggunaan atau pelupusan
Terimaan bersih
Nilai Bawaan aset
Untung/(Rugi)
46
Investment Property
A property (land or a building - or part of a building - or both) held to
earn rentals or for capital appreciation, or both, rather than for:
(a) Use in the production or supply of goods or services, or for
administrative purposes; or
(b) Sale in the ordinary course of operations.
i. Fair Value Model
•
Recognition criteria:
Initially recognized as an
asset at cost when and only
when:
• it is probable that future
economic benefits or
service potential
associated with the
investment property will
flow to the entity; and
• the cost or fair value of
the item can be
measured reliably.
Subsequent Measurement:
Initial
Measurement:
a) at cost if acquired
through exchange
transaction; or
b) at Fair Value if
acquired through
non-exchange
transaction
•
•
Measure at fair value unless the
fair value is not reliably
determinable on a continuous
basis.
Gain or loss arising from the change
in the fair value is recognized in the
surplus or deficit for the period in
which it arises.
A property interest held by lessee
under an operating lease may be
classified and accounted for as IP if
it meets the definition of IP and the
use of fair value model is
mandatory.
ii. Cost Model (same as PPE)
47
A biological asset is a living animal or plant.
Agricultural produce is the harvested product of the entity’s biological
assets.
(MPSAS 27)
AGRICULTURE
48
Agriculture
Biological asset or agricultural produce shall be recognized
when and only when:
• The entity controls the asset as a result of past events;
• It is probable that future economic benefits or service
potential associated with the asset will flow to the entity;
and
• The fair value or cost of the asset can be measured reliably.
49
Agriculture
Measurement
Biological Asset
Initially measured at fair value less
costs to sell. If fair value cannot be
measured reliably, measured at cost.
Agricultural Produce
Initially measured at fair value less
costs to sell at the point of harvest
and accounted as inventories.
Subsequently shall be measured at fair
value less costs to sell. If cost was
used at initial recognition, and fair
value still cannot be measured reliably,
it shall be measured at cost less any
accumulated depreciation and any
accumulated impairment losses.
50
Intangible Assets
An intangible asset is an identifiable nonmonetary asset without physical substance.
a) meets the definition of an
intangible asset;
b) it is probable that the
expected future economic
benefits or service potential
that are attributable to the
asset will flow to the entity;
and
c) cost or fair value of the asset
can be measured reliably.
Subsequent Measurement:
Initial Measurement:
a) cost of an intangible asset in
an exchange transaction,
b) cost to internally generate
an intangible asset
(Internally generated), or
c) fair value of an intangible
asset acquired through a
non-exchange transaction
i. Intangible assets with finite
useful lives
- Cost model (cost less
amortization and impairment); or
- Revaluation model
ii. Intangible assets with indefinite
useful lives
- Shall not be amortized but is
required to test for impairment
annually.
51
Liabiliti ialah obligasi entiti yang timbul daripada peristiwa lalu, yang
penyelesaiannya dijangka akan menyebabkan aliran keluar dari sumber
entiti yang mengandungi manfaat ekonomi atau potensi perkhidmatan.
[MPSAS1]
POLISI BERKAITAN LIABILITI
52
PAYABLES
UNDER
EXCHANGE
TRANSACTION
PENSION PLAN
AND GRATUITY
TAXES PAYABLE
LIABILITIES
BORROWING
PROVISION
GRANTS AND
FIXED CHARGES
(Promissory
notes issued to
International
Organisations)
GRANTS AND
FIXED CHARGES
(Domestic Grants
and others)
53
General Requirements
An item is
recognized as a
liability in an
entity’s financial
statements if:
• The obligation meets the definition
of a liability; and
• the amount at which the
settlement will take place can be
measured reliably.
54
Payables under Exchange
Transactions
• Recognized when goods
or services are received
or enjoyed.
• For goods or services
received or enjoyed
without issuing Purchase
order payable or accrual
shall be recognized
when invoices are
received.
Initial Measurement
Measured at transacted
amount (fair value of the
consideration)
Subsequent Measurement
At amortized cost.
55
Taxes Payable
Taxes Payables/
accruals shall be
recognized when
refunds are due to
the taxpayer as a
result of assessments
being filed.
Initial Measurement
Measured at
transacted amount
(fair value of the
consideration)
Subsequent
Measurement
Measured at
amortized cost.
56
Provision
Provision is a liability of
uncertain timing or amount
Recognized if, taking account of
all available evidence, it is more
likely than not that a present
obligation exists at the reporting
date.
Measurement
Measured based on the best
estimate of the expenditure
required to settle the present
obligation at the reporting date.
57
Borrowing
Recognized as financial
liabilities at transacted
costs and subsequently
measured at amortized
cost.
Repayment of borrowing
recognized as a reduction
in the carrying amount of
the borrowings at the
transacted cost.
58
Pension Plan and Gratuity
Measurement:
Recognized in the period when
the employee services are
received
Based on the future obligations of the plan
based on actuarial valuation.
The amount recognized as liabilities:
[Present value of the defined benefit
obligation at the reporting date] – [fair
value at the reporting date of plan assets]
Contribution from the Federal Government and
reimbursements made by the State Governments and Statutory
Bodies for seconded staff, Local Authorities into the defined
benefit plan are to be recognized as plan assets.
59
Revenue is defined as “the gross inflow of economic benefits or service
potential during the reporting period when those inflows result in an
increase in net assets/equity, other than increases relating to
contributions from owners.”
[MPSAS 1]
An inflow of resources from exchange and non-exchange transaction,
other than services in-kind
POLISI BERKAITAN HASIL
60
General requirements
Meets the
definition of an
asset
It is probable that
the future
economic benefits
or service
potential
associated with
the asset will flow
to the entity
The fair value of
the asset can be
measured
reliably.
61
TYPES OF REVENUE
Tax Revenue
Non-Tax
Revenue
Miscellaneous
receipts
Revenue from
Federal
Territories
Income Tax
Licenses, Registration Fees
and Permit
Refund of Expenditure
Tax revenue-Land
Assessment
Other Direct tax
Service and Services Fees
Sales of Goods
Customs Duties
Receipts from
Government Agencies
Rental
Interest
Sales Tax on locally
Manufactured
Goods and Imported
Goods, Goods and
Service Tax, Service
Tax, Excise Duties
Dividend
Fines and Penalties
Contributions and
Compensation from
foreign countries and local
contributor
Service In-kind
Miscellaneous Taxes
Exploration of oil and gas
62
Income Tax
Specific requirement:
Tax revenues are
to be recognized
by reference to
the earning of
assessable income
by the taxpayers
Assessment
Year
Submission
Year
Income Tax deduction received
through Pay As You Earn shall be
recognized as revenue at point of
received.
If the assessment amount of tax to be paid
>amount deduction through PCB=
Recognized as Tax Receivables
if the assessment amount of tax to be paid
<amount deduction through PCB=
Recognized as Tax Payables
63
OTHERS TAX REVENUE
Other Direct Taxes
including quit rent
assessment
• Recognized by reference to the occurrence of taxable event and
hence, the requirement takes into account appropriate cut-off, which
would also result in the recognition of tax receivable/refundable.
Customs Duties –
Export & Import,
Excise Duties on
Imported Goods,
and Levy
• Custom duties on import and export are recognized as revenue upon movement
of dutiable goods across customs boundary and custom controlled warehouse.
• Levy for goods vehicle leaving and entering Malaysia are recognized as revenue
• asCustoms
revenue
except
GST shall
recognized
and when the
levy was imposed
and received.
There is be
no requirement
to
accrual
such levy.
revenue
when payment is received.
Sales Tax on Locally
Manufactured
Goods and
Imported Goods,
Service Tax, Excise
Duties
Miscellaneous
Indirect Taxes
as
Taxis
on Locally
Manufactured
Goods and
Imported
Goods, and Serviceprovision
Tax are
• • Sales
This
to
take
advantage
of
the
transitional
of
recognized as revenue upon sale of goods and services (i.e. at point of sale to end user)
MPSAS
givegoods
more
time astorevenue
JKDM
get leave
ready
• Excise
Duties 23
on theto
general
are recognized
whento
the goods
the the
factory.
system
tovehicles
accrued
revenue
it is earned.
• Excise
duty on
produced
locally willwhen
only be recognized
as revenue when the
vehicles are sold but not when the vehicles leave the factory. Excise Duty shall be accrued
as receivable at the end of the fourth year after the vehicles left the factory although not
sold.
• Value-added tax is the undertaking of taxable activity during the taxation period by
the taxpayer;
• Death duty is the duty imposed upon the death of a person owning taxable
property
• Property tax is imposed upon the disposal of a property.
64
Non-Tax Revenue
Licenses,
Registration
Fees and
Permit
• Recognized when licenses and permit are issued except for listed below
which recognized when payment received due to no gaps between
timing of issuance/registration and payment:
• Birth/Deaths/Adopted child/Marriage and divorce/Citizen
• Passport/Visa/Pass for Foreign workers/Other daily pass/Driving
license/Auditor and liquidator
Services Inkind
• An entity may, but is not required to, recognize services in-kind as
revenue and as an asset.
Dividend
• Recognized when the shareholder's or the entity's right to receive
payment is established.
• Measured at the fair value of the consideration received or receivable.
65
Non-Tax Revenue
Service and
Services
Fees
Rentals
• Recognized by reference to the stage of completion of the
transaction at the reporting date when ALL of the following
conditions are satisfied:
• Meet the general requirement; and
• Specific requirements:
• The stage of completion of the transaction at the reporting
date can be measured reliably
• The cost incurred for the transaction and the costs to complete
the transaction can be measured reliably
• Measured at the fair value of the consideration received or
receivable.
• Recognized as revenue on straight line basis over the lease term.
66
Non-Tax Revenue
Sales of
Goods
Exploration
of Oil and
Gas
• Recognized when ALL the following conditions have been satisfied:
• Meet the general requirement;
• Specific requirement:
• The entity has transferred to the purchaser the significant risks and
rewards of ownership of the goods;
• The entity retains neither continuing managerial involvement to the
degree usually associated with ownership nor effective control over
the goods sold;
• The costs incurred or to be incurred in respect of the transaction can
be measured reliably.
• Measured at the fair value of the consideration received or receivable.
• The amount of the cost of goods sold must be expensed to the
surplus/deficit simultaneously with the recognition of revenue.
• Recognized as they are earned/accrued in accordance with the
substance of the relevant agreement unless, having regard to
the substance of the agreement, it is more appropriate to
recognize revenue on some other systematic and rational basis
67
Non-Tax Revenue
Fines and
Penalties
Contributions and
Compensation from
Foreign Countries
and Local
Contributors
• Recognized when the fine/penalty is being imposed. (i.e: Penalty for
late payment of tax imposed by LHDN and Penalty for late payment of
assessment imposed by the relevant authorities.
• Measured at the fair value of the consideration received or receivable,
taking into consideration the expected timing of settlement, where
there is a separation between the taxable event and collection.
• Fine for traffic offence shall be recognized as revenue when payment
for the fine is received and not when the fine is imposed because the
amount of fines cannot be reliably measured. The reasons why amount
of fines cannot be reliably measured are listed as follows:
• Discount is offered from time to time for payment of fine within
stipulated time period;
• Confirmation from the owner of the vehicle is required to determine
the person who has committed the traffic offence.
• The fine is subjected to challenge in court.
• Meet the general requirement
68
Miscellaneous Receipts
Refunds of
Expenditure
• Refund of expenditure for previous year shall be
recognized as revenue at transacted cost.
• Refunds of Expenditure for current year shall be
recognized as a reversal to the relevant expense or
asset account at transacted cost.
Receipts
• If revenue and cost recorded are interfrom
departmental transactions, it should be
Government
eliminated.
Agencies
69
Revenue from Federal Territories
Tax
RevenueLand
Assessment
• Recognized upon passing the annual
levy date
• the requirement may result in the
recognition of tax receivable and
measured at transacted cost.
70
Expenses are defined as decreases in economic benefits or service
potential during the reporting period in the form of outflows or
consumption of assets or incurrence of liabilities that result in decreases
in net assets/equity, other than those relating to distributions to
owners.”
[MPSAS 1]
POLISI BERKAITAN BELANJA
71
TYPES OF EXPENDITURES
Emoluments
Salaries and
Wages
Allowance /
Fixed Benefits
Statutory
Contribution for
Employees
Overtime
Other Financial
Benefits
Special
Allowances
Supplies and
Services
Travelling and Cost
of Living Expenses,
Transportation of
Goods,
Communications
and Utilities, Food
and Beverage,
Supplies and Others,
Maintenance,
Professional and
Other Services and
Hospitality,
Payments for
Temporary Staff
Rental Expense
Grant and
Fixed Charges
Interest,
Dividends and
Debt Charges
Scholarships,
Sponsorship and
Educational Aids
Subscription paid
to international
organizations
Interest on
Borrowings
Transaction
Cost on
Drawdown of
Borrowings
Other Service
Cost on
Borrowings
Other
expenditures
Refund of Tax
Write-offs of
Loans
Receivable)
Write-offs of
Taxes
Insurance Claim
and Compensation
Raw Materials and
Spares
72
Emoluments
Salaries and Wages, Allowance / Fixed
Benefits, Statutory Contribution for
Employees, Overtime, Other Financial
Benefits, Special Allowances
Recognition
Recognized as expense
in the period when
the employee services
are received
Measurement
Measured at
transacted cost.
For expenses not paid
during the period where
employee services are
received, shall be
accrued as appropriate.
73
Supplies and Services
Travelling and Cost of Living
Expenses, Transportation of
Goods, Communications
and Utilities, Food and
Beverage, Supplies and
Others, Maintenance,
Professional and Other
Services and Hospitality,
Payments for Temporary
Staff
• Recognized as expenses in the period when the goods/services are
consumed.
• Such expenses, if not paid during the period where goods/services
are consumed, shall be accrued as appropriate.
Rental Expense
• Recognized as expenses on straight line basis over the lease term
• such expenses, if not paid during the period where goods/services
are consumed, shall be accrued as appropriate.
Raw Materials and • Expensed off or capitalized as inventory depending on the purpose
of the usage of such supplies.
Spares
74
Grant and Fixed Charges
Scholarships,
Sponsorship and
Educational Aids
Subscription
paid to
international
organizations
Insurance Claim
and
Compensation
• Where the assistance constitutes a loan
• Initially recognized as Loan Receivables at fair value plus transaction
cost and
• Subsequently recognized at Amortized cost
• Where the assistance is not a loan
• Recognized as expenses at transacted cost when the obligation to pay
is established.
• Expense off at transacted cost.
• Recognized as provision when:
• an entity has a present obligation (legal or constructive) as a result of a past event;
• it is probable that an outflow of resources embodying economic benefits or service
potential will be required to settle the obligation; and
• a reliable estimate can be made of the amount of the obligation.
• Measured based on the best estimate of the expenditure required to settle the
present obligation at the reporting date.
75
Interest, Dividends and Debt Charges
Interest on
Borrowings
• Benchmark Treatment
• Borrowing costs shall be recognized as an expense in
the period in which they incurred.
• Allowed Alternative Treatment
• Borrowing costs that are directly attributable to the
acquisition, construction, or production of a
qualifying asset shall be capitalized as part of the
cost of that asset.
• Capitalization of borrowing costs shall cease when
substantially all the activities necessary to prepare
the qualifying asset for its intended use or sale are
complete.
• Borrowing costs shall be calculated based on effective
interest method.
76
Interest, Dividends and Debt Charges (contd’.)
Other
Service
Cost on
Borrowings
• Recognized as an expense in the period in which they
incurred,
• if not paid during the period where the obligation arose,
should be accrued as appropriate
Transaction
Cost on
Drawdown
of
Borrowings
• Transaction costs that are directly attributable to
the financial liability are deducted from the
proceeds.
• Such transaction cost is charged to expense and
corresponding amount is added to the financial
liability.
77
The concept of Consolidated Fund will be maintained under
the accrual basis of accounting
POLISI BERKAITAN
KUMPULAN WANG
DISATUKAN
78
Concept of Consolidated Fund
Consolidated
Revenue
Account
• It shall be closed and the balance as at the date of implementation shall be
transferred to the Accumulated Surplus/Deficit in the Statement of Financial
Position under Net Assets/Equity
Consolidated
Loan Account
• It shall be closed and the balance as at the date of implementation shall be
transferred to the Accumulated Surplus/Deficit in the Statement of Financial
Position under Net Assets/Equity.
• Borrowing shall be recognized as Financial Liabilities.
Trust
Accounts
• All Balances of government trust accounts shall be shown as trust reserves in
the Statement of Financial Position under Net Assets/Equity.
• Balances of public trust accounts and deposits shall be shown as liabilities
(single line item) in statement of financial position.
79
Accounting for trust fund
Transaction
Government trust fund
Public Trust Fund
Payment &
Receipt
• Applying accrual basis
• Applying accrual basis
Asset
• Shall be recognized as an
asset of the Government
Trust Fund
• Shall be recognized as an
assets to the Public Trust Fund
Liability
• Liability are recognized as
• Shall be recognized as liability
liability of the
to the Public Trust Fund
Government Trust Fund
• Except for loan acquired
for the purpose of the fund
shall be credited to
General Fund.
Revenue
collected
• Recognized as revenue to
the trust fund
• Recognized as revenue of the
trust fund
80
Transaction
Public Trust Fund
Expense incurred • Recognized as expense to
the trust fund
• Recognized as expense to the
trust fund
Expense incurred • Recognized as expense to
the trust fund
trust fund
• Recognized as expense to
the Government Trust
Fund
Public Trust Fund
Depreciation
charge
Preparation of
• Shall prepare Statement of • Shall prepare Statement of
Financial Reports
Financial Performance and
Financial Performance and
Statement of Financial
Statement of Financial
Position
Position
81
Transaction
Consolidation
Public Trust Fund
• Revenues, expenses, assets • Shall be consolidated:
and liabilities of the
Financial assets and financial
government trust accounts
liabilities of the public trust
shall be consolidated with
accounts shall be consolidated
General Fund.
with General Fund.
• Shall not be consolidated:
Revenues, expenses, nonfinancial assets and nonfinancial liabilities of the public
trust accounts.
82
DEPOSITS
• All payment and receipt transactions shall be accounted for
by applying accrual basis of accounting.
• The balances of deposits shall be aggregated and reported as
liabilities and as a single line item in the Statement of
Financial Position.
83
POLISI LAIN
84
Leases
Event after
reporting
date
Foreign
currency
translation
Impairment
of Nonfinancial
assets
Related
party
disclosure
Others
policy
Accounting
policies,
changes in
accounting
estimate and
errors
Impairment
of Financial
Assets
Contingent
liabilities
Comparison
budget
Segment
reporting
85
Finance Lease – Gov. as lessee
Lease Asset
Initial Recognition
Assets acquired under finance leases
shall be capitalized at amounts equal to
the fair value of the leased asset or, if
lower, the present value of the minimum
lease payments determined at inception
of the lease.
Finance lease payable
Initial Recognition
The associated lease obligations to be
recognized as finance lease payables at
amounts equal to the fair value of the
leased asset or, if lower, the present
value of the minimum lease payments
determined at inception of the lease.
Leased assets are to be depreciated using
policies consistent with that for
depreciable assets that are owned.
Finance lease liabilities shall be reduced
based on the allocation to each period
during the lease term so as to produce a
constant periodic rate of interest on the
remaining balance of the liability.
86
Operating Lease
Government as lessor Lease Revenue
Recognized as revenue on straight
line basis over the lease term.
Initial direct costs incurred by
lessors in negotiating and arranging
an operating lease shall be added to
the carrying amount of the leased
asset, and recognized as an expense
over the lease term on the same
basis as the lease revenue.
Government as lessee Rental Expense
Recognized as expenses on
straight line basis over the
lease term, such expenses, if
not paid during the period
where goods/services are
consumed, shall be accrued as
appropriate.
87
Foreign currency translation
Initial Measurement
For transactions
For foreign operations
• Monetary items, ‘nonmonetary items measured
at historical cost’ and
‘non-monetary items
measured at fair value’
• Apply the spot exchange
rate at the date of
transaction.
• For practical reasons,
AGD rate that
approximates the actual
rate, might be used for
all transactions
occurring during that
period.
• Assets and liabilities shall
be translated at the
closing rate
• Revenue and expenses
translated at AGD rates at
date of transactions
• Remittance to 3/12
Imprest Holder recorded
at spot rate
• Resulting exchange
differences shall be
recognized in foreign
exchange gain and loss
account.
Monetary items translated using the
closing rate.
Non-monetary items
measured at historical
cost - translated using the
rate at the date of
transaction.
Non-monetary items
measured at fair value translated using the rate
at the date when the fair
value was determined.
88
89

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