Accounting for Business Combinations in MFRS 3
Acquisitions are a standard business practice, and several motivations exist behind this. For instance, they may be interested in increasing their overall size, diversifying the types of products they sell or services they provide, or expanding into new markets or geographical areas. However, the question that needs to be answered is how we can determine […]
IRBM’s Response to CTIM on e-C 2022 (2)
We would like to inform you that the Inland Revenue Board of Malaysia (IRBM) has disseminated a revised version of the Company Return Form (Form C) for the Year of Assessment 2022. To download a PDF copy of the return – https://t.me/YourAuditor/3259 Chartered Tax Institute of Malaysia’s Previous Feedback Regarding Form e-C 2022, the Chartered […]
IRBM’s Response to CTIM on Appeal Regarding Time Extension Request
In response to the member’s request for an extension of time (EOT) to submit the Income Tax Return Forms(ITRFs), CTIM has sent an appeal letter to the Inland Revenue Board of Malaysia (IRBM). AND the Malaysian Inland Revenue Board has replied as follows: Disclaimer: The information in this article should not be construed as legal […]
WHT Form Submission & Withholding Tax (WHT) Payment of Small Value for Transactions That Recurring
The Inland Revenue Board of Malaysia (IRBM) has given its approval to the CTIM’s suggestion to submit withholding tax (WHT) forms and the payment of WHT of Small Value for transactions that occur repeatedly less cumbersome administratively and less expensive to comply with. An individual or body resident in Malaysia or conducting business in Malaysia […]
IRBM’s Response to CTIM on Profiling Issues
According to what the CTIM has been told, the Intelligence and Profiling Department of the Inland Revenue Board of Malaysia (IRBM) has been making requests for information involving tax practitioners and their clients (such as the names, identity card numbers, tax reference numbers, contact numbers, etc.) to gather data from tax practitioners and other industries […]
IRBM’s Response to CTIM on e-C 2022 (1)
DOWNLOAD The Inland Revenue Board of Malaysia (IRBM) released its answer on 29 July 2022 to the following issues that were brought up in the CTIM Feedback and Comments on Form e-C 2022 on 20 July 2022. Issue No 1 Form e-C for Y/A 2022: The accompanying attachments provide a summary of the statutory income […]
Amendments to MFRS 3 – Reference to the Conceptual Framework
The Accounting Requirements for Business Combinations have not been altered due to the amendments made to MFRS 3 Business Combinations; instead, MFRS 3’s reference to the Conceptual Framework for Financial Reporting has been brought up to date. In addition, the amendments make it clear that contingent assets should not be recognised at the acquisition date. An […]
Annual Improvements to MFRS Standards 2018–2020
Annual Improvements provide a mechanism for dealing efficiently with a collection of minor amendments to MFRS Standards. The Annual Improvements to MFRS Standards 2018–2020 covers amendments to: An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies the amendment for […]
Amendments to MFRS 101 on classification of Liabilities as Current or Non-Current
On 23 January 2020, the International Accounting Standards Board (often known as the “IASB”) published amendments to paragraphs 69 to 76 of the IAS 1 Presentation of Financial Statements. The amendments clarify: In this context, the Malaysian Accounting Standards Board (commonly known as “MASB”) has decided to implement the same amendments for MFRS 101. Amendments […]
Amendments to MFRS 112 on deferred tax related to Assets and Liabilities
TIAS 12 Income Taxes When an entity recognises assets or liabilities for the first time, under IAS 12, the entity is exempted from recognising any deferred taxes. There has been a degree of ambiguity regarding the applicability of this exemption to circumstances in which an asset and a liability are simultaneously recognised in the course […]
