Exploring The IESBA Code Installment 4 – The Conceptual Framework – Step 3
Exploring The IESBA Code Installment 4 – The Conceptual Framework – Step 3 Addressing Threats 1. The IESBA Code helps professional accountants (PAs) meet their responsibility to act in the public interest. 2. The Code provides a conceptual framework that specifies a three-step approach that all PAs can apply to identify, evaluate and address threats […]
Exploring The IESBA Code Installment 5 – Independence
1. Among other things, the International Independence Standards (IIS) mandate that professional accountants (PAs) in public practice be independent when doing audits, reviews, or other assurance engagement, in addition to adhering to the fundamental principles. 2. Independence is closely linked to the principles of integrity and objectivity and is an important element of serving the […]
Exploring The IESBA Code Installment 6- Conflicts of Interest
1. Conflicts of interest are the type of situation that is most directly associated with the principle of objectivity. All PAs are prohibited from compromising their professional or business judgement as a result of bias, a conflict of interest, or the undue influence of others, according to the Code. 2. Having conflicts of interest isn’t […]
Exploring The IESBA Code Installment 7 – Inducements, Including Gifts and Hospitality
1. Inducements are defined in the IESBA Code as “anything used to influence the behaviour of another individual.” 2. At times, this influence occurs naturally as a result of commercial relationship development, but at other times, the incentive is intended to improperly encourage someone to act unethically. 3. Inducements can range from conventional business partners’ […]
The Publication of MIA’s Practice Review Annual Report 2020 – 2021
Download The Publication of MIA’s Practice Review Annual Report 2020 – 2021 1. The Institute published the Practice Review Annual Report 2020/2021 on the 1 of October 2021. 2. The purpose of the PR Annual Report 2020/2021 is to strengthen the accountancy profession by assisting in establishing high-quality auditing standards, particularly for professional accountants who […]
Post-implementation Review of IFRS 9 – Classification and Measurement
1. The International Accounting Standards Board is conducting a post-implementation study of IFRS 9 Financial Instruments. IFRS 9 Financial Instruments: Recognition and Measurement replaced IAS 39 Financial Instruments: Recognition and Measurement. 👉 To download – https://t.me/YourAuditor/2461 2. The International Accounting Standards Board (IASB) will analyse IFRS 9 in its entirety, but it will begin with […]
Adoption of ISQM 1, ISQM 2 and ISA 220 (Revised)
1. The Malaysian Institute of Accountants has approved the adoption of: ✅ International Standard on Quality Management (ISQM) 1 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, ✅ ISQM 2 Engagement Quality Reviews, ✅ International Standard on Auditing 220 (Revised) Quality Management for an […]
SSM: Movable Property Security Interest (MPSI) Bill
1. In Malaysia, ✅ for incorporated entities, section 353 of the Companies Act 2016 currently regulates the creation, registration, and enforcement of assets for both movable and immovable assets. ✅ However, there is no single legal framework that governs the creation and enforcement of movable assets as security interests created by unincorporated entities (e.g. sole […]
IFRS Foundation announcement on the International Sustainability Standards Board (ISSB)
IFRS Foundation announcement on the International Sustainability Standards Board (ISSB) – PDF 1. The International Financial Reporting Standards (IFRS) Foundation Trustees announced three significant developments at the COP26 global climate change summit in Glasgow, Scotland, on November 3, 2021, to provide the global financial markets with high-quality disclosures on climate and other sustainability issues in […]
MASB Updates No.1 November 2021 – IFRS Interpretations Committee (IFRIC) Agenda Decisions
1. In October 2021, the IFRIC published the following Agenda Decisions: 👉 Non-refundable Value Added Tax on Lease Payments (IFRS 16 Leases) – https://lnkd.in/erU47NX7 👉 Accounting for Warrants that are Classified as Financial Liabilities on Initial Recognition (IAS 32 Financial Instruments: Presentation) – https://lnkd.in/ek38qV7n 2. The IFRS Foundation has also issued Compilation of Agenda Decisions […]
