MFRS 15 & 16 Seminar by ICIA July 4 2019

The Institute is organizing a seminar on the above topic on the 4th of July 2019, at its training center in Kelana Jaya. The seminar will be facilitated by a well known accounting professional and speaker. For more details click the link below or call us at +603-7803 5575;

https://www.icia.asia/wp-content/uploads/2019/06/MFRS-15-16-NgKK-ICIA.pdfOpens in a new window

Overall, this training seeks to provide the participants with high  level coverage of the essentials of both MFRS 15 and MFRS 16, the
challenges that are likely to come and the preparations that may be required.

What is MFRS 15 & 16?

MFRS 15 Revenue from Contracts with Customers replaces all previously issued accounting standards relating to revenue accounting treatments. MFRS 15 streamlines the accounting
for revenue recognition in all industries by providing a single comprehensive revenue recognition model for all contracts with
customers. This standard introduces a new structured 5-step approach in revenue recognition and provides more detailed guidance on revenue recognition It emphasizes on performance obligations in contracts and the allocation of transaction price(s) to those obligations. Participants of this training will be trained on the basic requirements of MFRS 15, how to implement this 5 steps model, with some examples and illustrations under different
scenarios.
MFRS 16 provides for changed requirements in the way lessee accounting for lease transactions. Under MFRS 117, lessees account for such transactions either as on-balance sheet finance
leases or off-balance sheet transactions. Essentially, MFRS 16 requires almost all leases to be recognized on the balance sheet. MFRS 16 affects all businesses and has the potential to gross-up the balance and affect performance reporting and disclosures