MFRS 116 Amendments – what does this mean for your accounts?
International Accounting Standards Board The International Accounting Standards Board (IASB) published an amendment to IAS 16 in May 2020, and it became effective for accounting periods that begin on or after January 1, 2022. Malaysian Accounting Standards Board In the meantime, on June 5, 2020, the Malaysian Accounting Standards Board (hereafter referred to as “MASB”) released […]
ISQC 1: Relevant Ethical Requirements
相关职业道德要求 Para 20 The firm shall establish policies and procedures designed to provide it with reasonable assurance that the firm and its personnel comply with relevant ethical requirements. 第20段：会计师事务所应当制定政策和程序，以合理保证会计师事务所及其人 员遵守相关职业道德要求。 Independence | 独立性 Para 21: The firm shall establish policies and procedures designed to provide it with reasonable assurance that the firm, its personnel and, […]
ISQC 1: Leadership Responsibilities for Quality within the Firm
对业务质量承担的领导责任 Para 18 The firm shall establish policies and procedures designed to promote an internal culture recognizing that quality is essential in performing engagements. 第18段：会计师事务所应当制定政策和程序，培育以质量为导向的内部文化。 Such policies and procedures shall require the firm’s chief executive officer (or equivalent) or, if appropriate, the firm’s managing board of partners (or equivalent) to assume ultimate responsibility for the […]
Taxation of Partnerships – Capital Allowance
Since a partnership is not a legal person it cannot own fixed assets. These, therefore, belong jointly to the individual partners. Those who own the plant or machinery and use it in the course of their trade, business, or profession are the ones who are generally eligible for the capital allowances. Nevertheless, a notable exemption is […]
ISQC 1: Definitions
In this ISQC, the following terms have the meanings attributed below: 就国际质量控制准则而言，对下列术语给予以下定义: Date of Report | 报告日 The date selected by the practitioner to date the report. 是指执业人员在出具的报告上签署的日期 Engagement Documentation | 业务工作底稿 The record of work performed results obtained, and conclusions the practitioner reached (terms such as “working papers” or “work papers” are sometimes used). […]
Accounting for the Liquidation of a Partnership
Liquidation of a Partnership 合伙企业的清算 The following actions must be taken to account for the dissolution of a partnership properly: 合伙企业若要妥善的解散，必须采取以下行动： Illustration 实例 As an illustration, let’s say a partnership has two partners, partner Chin and partner Tan. They share the partnership’s net revenue and losses proportionally (the Profit-Sharing Ratio is 1:1). Furthermore, their respective […]
ISQC 1: Audit Firms must ensure that their Audits adhere to Quality Standards
The purpose of this is to reduce the RISKS of: 审计事务所必须确保他们的审计工作遵守质量标准，其目的是减少以下的风险： There are 2 Different Quality Control Standards 有两种不同的质量控制标准 [*] – However, effective 15 December 2022: [*] – 然而，即将在2022年12月15日生效:- ISQM 1 取代了 ISQC 1; ISA 220 财务报表审计的质量管理取代财务报表审计的质量控制 *Quick note to Audit Firms: Firms are recommended to research the requirements of the three new quality management […]
ISQC 1: Firm Level Quality Control
Scope of this ISQC | 范围 This International Standard on Quality Control (ISQC) addresses a firm’s duties regarding its quality control system for audits and reviews of financial statements and other assurance and related services engagements. The ISQC 1 should be read in conjunction with any applicable ethical requirements. Additional standards and guidance on the […]
ISQC 1: Self Assessment Checklist on the Quality Control Policies and Procedures at the Firm Level
Introduction The purpose of this checklist, among other things, is for each member to perform a self-assessment exercise on the quality control policies and procedures at the firm level. Part I of the checklist is organised around the elements detailed in the ISQC1 [*}. Part II will deal with issues that the Institute would expect […]
Definition of Partnership for Tax Purposes
Definition of a Partnership According to section 2 of the Income Tax Act of 1967 (ITA 1967), the legal definition of a partnership is “any association of any kind between parties who have agreed to combine any of their rights, powers, property, labour, or skill for the purpose of carrying on a business and sharing […]
