Unit Polisi dan Piawaian Pasukan Pelaksanaan Perakaunan ... · Pengenalan kepada Polisi Perakaunan...

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

GASAC Government Accounting

Standards Advisory Committee

PPPA Unit Polisi dan Piawaian

IFAC International Federation

of Accountants

JKP Jawatankuasa Pemandu

Perakaunan Akruan

KELULUSAN

KELULUSAN DRAF DEDAHAN

MPSAS PERAKUAN

DRAF MPSAS

Draf Dedahan

PERAKUAN KOMEN & MAKLUM BALAS

DRAF DEDAHAN

Kajian awal

Draf MPSAS

Proses Penggubalan Malaysian Public Sector Accounting Standards (MPSAS)

3

Government Accounting Standards Advisory Committee (GASAC)

Pengerusi: TAN(O)

P PPPA CIMA ACCA CPA

AUSTRALIA MASB MICPA MIA UiTM JAB. AUDIT

NEGARA JAB. AUDIT

NEGARA

BN SELANGOR JKDM MOF MBPJ UPNM

JANM SELANGOR

BPTM BPOPA SKP JANM

UP&P URUSETIA

4

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

IPSAS9: Revenue from Exchange Transaction

IPSAS11: Construction Contract

IPSAS12: Inventories

IPSAS13: Leases

IPSAS14: Event After Reporting Date

IPSAS16: Investment Property

IPSAS17: Property, Plant & Equipment

IPSAS18: Segment Reporting

IPSAS19: Provision, Contingent Liabilities and Contingent Asset

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)

IPSAS24: Presentation of Budget Information in Financial Statement

IPSAS25: Employee Benefits

IPSAS26: Impairment of Cash-Generating Assets

IPSAS27: Agriculture

IPSAS28: Financial Instrument: Presentation

IPSAS29: Financial Instrument: Recognition and Measurement

IPSAS30: Financial Instrument: Disclosure

IPSAS31: Intangible Assets

IPSAS32: Service Concession Arrangements: Grantor

DRAF DEDAHAN (ED): 24 ED1:Presentation of Financial Statements

ED2: : Cash Flow Statement

ED3:Property, Plant & Equipment

ED4:Accounting Policies, Changes in Accounting Estimate and Errors.

ED5:Revenue from Exchange Transaction

ED6:Inventories

ED7:Revenue from Non-Exchange Transaction (Taxes and Transfer)

ED8:Presentation of Budget Information in Financial Statement

ED9:Net Effect of Changes in Foreign Exchange Rates

ED10:Leases

ED11:Investment Property

ED12:Provision, Contingent Liabilities and Contingent Asset

ED13:Impairment of Non-Cash –Generating Asset

ED14: Employee Benefits

ED15:Impairment of Cash-Generating Assets

ED16:Intangible Assets

ED17: Event After the Reporting Date

ED18: Financial Instrument: Presentation

ED19: Accounting for Control Entities

ED20: Accounting for Investment in Associates

ED21: Pindaan PPE

ED22: Borowing Costs

ED23: Interest in Joint Ventures

ED24: Agriculture

LULUS: 15

MPSAS1:Presentation of Financial Statements

MPSAS2:Cash Flow Statement

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

MPSAS4: Net Effect of Changes in Foreign Exchange Rates

MPSAS13: Leases

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

Status Penggubalan MPSAS

5

MPSAS versi Bahasa Malaysia

6

Proses Penggubalan Polisi Perakaunan


Perakaunan Akruan


Standards Advisory Committee

PPPA Unit Polisi dan Piawaian


Perakaunan Akruan


Standards Advisory Committee PPPA

Unit Polisi dan Piawaian

Kajian awal

Draf Polisi

Perakaunan

PERAKUAN KELULUSAN

Draf Polisi

Perakaunan

Polisi Perakaunan

7

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

Proses Kajian Draf Dedahan Piawaian Perakaunan yang dikeluarkan oleh IFAC dan MASAB

8

Pindaan Akta

Akta berikut turut dipinda berikutan Pindaan Akta Tatacara Kewangan 1957:

Pindaan telah dibuat atas seksyen yang relevan bagi tujuan pelaksanaan Perakaunan Akruan Kerajaan Persekutuan

AKTA KUMPULAN WANG PINJAMAN PERUMAHAN

1971 (AKTA 42)

AKTA KUMPULAN WANG AMANAH NEGARA 1988

(AKTA 339)

AKTA WANG TAK DITUNTUT 1965 (AKTA 370)

AKTA TATACARA KEWANGAN 1957 (AKTA 61)

Cadangan pindaan akan dibentangkan di Parlimen untuk kelulusan pada Jun 2014.

Dalam peringkat kajian oleh BUU, MOF

Peringkat kelulusan dasar oleh MOF

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 Transitioning to A New Accounting Landscape

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.

Pengenalan kepada Polisi Perakaunan


Malaysian Public Sector Accounting Standards (MPSAS)

General accounting requirement:

- Definition

- Recognition

- Measurement

- Disclosure

Accounting Policies

Specific:

- Principals

- Bases

- Conventions

- Rules

- Practices


Financial Statements

MPSAS vs Policy

POLISI UMUM


COMPONENT OF


Cash Flow Statement

Statement of Financial

Performance

Statement of

Financial Position

Component of Financial Statements

[MPSAS 1]

Statement of Budget

Performance

Notes to the

accounts

Statement of Changes in

Net Assets/Equity

ACCOUNTING ENTITY and REPORTING PERIOD


Every Controlling Officer shall prepare its own Financial statements

Federal Ministries

Federal Departments

For the year ending 31 December

Others General Policy


Accounting Basis

Accrual Basis of Accounting and on historical convention unless specified otherwise

Consistence of

Presentation

Going Concern

Assumption

The entity will continue in operation and able to meet its

statutory obligations for the foreseeable future.

Comparative Information

Application of

Materiality

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.

Current/Non-current

Distinction

Presentation &

classification shall be

retained from one period to

the next

Shall be disclosed in respect

of the previous period for all

amount reported in FS

Asset/liabilities shall be

presented as current and

non-current

POLISI BERKAITAN ASET


ASSETS

CASH & CASH EQUIVALENTS

RECEIVABLES

PROPERTY, PLANT &

EQUIPMENT

INVENTORIES

AGRICULTURE

INTENGIBLE ASSETS

INVESTMNET PROPERTY

INVESTMENTS


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?


Recognition criteria


• The assets meets the definition of an assets; and

• the amount can be measured reliably.

An item is recognized as an

assets in an entity’s financial

statements if:

General Requirements

Consists of

Cash at bank

Cash in hand

(Petty cash)

Current Account

(including 3/12 Imprest

Deposit (not

exceeding 3 months)

Cash in transit

Cash and Cash Equivalents


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.

Receivables


Inventories

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)


Pengiktirafan inventori


Inventories which have value of RM 1 million or more per responsible centre as at end of preceding three financial years shall be CAPITALIZED.

Threshold

Pengukuran Inventori

Initial Measurement

Measured at cost or fair value (if acquired through non-

exchange transaction)

Subsequently recorded:

a) lower of cost and Net Realizable Value (NRV)

b) lower of cost and current replacement cost


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

Recognized as expense in the period in

which the related

revenue is recognized

PENGIKTIRAFAN SEBAGAI

PERBELANJAAN

Apabila inventori dijual, ditukar, atau diagihkan, nilai bawaan inventori

hendaklah diiktiraf sebagai perbelanjaan dalam tempoh hasil

diiktiraf

Jika tiada berkait dengan hasil,

perbelanjaan diiktiraf apabila barang diagihkan atau

perkhidmatan telah diberi

Penurunan kepada Nilai Realisasi Bersih diiktiraf

sebagai perbelanjaan dalam tempoh

penurunan atau kerugian berlaku

‘Reversal’ yang timbul dari peningkatan NRB

diiktiraf sebagai penurunan kepada

perbelanjaan inventori dalam tempoh ianya

berlaku


Investment in Controlled

Entity

Investment in Associate

Investment in Jointly Control Entity

Investments


Initially accounted as investment at cost, using the equity method or as a financial asset

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.

Property, Plant & Equipment (PPE)


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)

Kitaran Hayat PPE

PENGIKTIRAFAN

RECOGNITION

PENGUKURAN AWAL INITIAL MEASUREMENT

PENGUKURAN SUSULAN SUBSEQUENT MEASUREMENT

PENYAHIKTIRAFAN DERECOGNITION


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.


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.




Componentization

Fully Depreciated

Assets

Ownership of Gov. Asset on

third party land

Life Asset

Lands belonging to

Mission School

Gov. Building in Putrajaya


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.



KOS BELIAN

Harga belian + duti import + kos pengendalian – diskaun perniagaan/ rebat

LAIN-LAIN KOS

Apa-apa kos yang terlibat untuk membawa aset tersebut ke lokasi dan

keadaan semasa untuk digunakan atau untuk

dijual (Contoh: kos pengangkutan)

Komponen kos

KOS MENANGGAL Dismantling

cost

Anggaran kos menanggalkan/ mengalihnya ke tempat lain disebabkan pematuhan ke atas pembelian PPE atau cara penggunaan



Kos Susut Nilai Terkumpul

Kerugian Penjejasan Terkumpul

Nilai Bawaan

Model Kos



Model Penilaian Semula



Kos

Susut Nilai Terkumpul

Kerugian Penjejasan Terkumpul

Rizab Penilaian Semula

Lebihan/ Kurangan

Amaun dinilai

semula/ Nilai

Bawaan

40

CONTOH PENGUKURAN SUSULAN – MODEL PENILAIAN SEMULA

i. Jabatan A memilih untuk mengukur tanah pegangan bebas dibeli pada 01.01.20X1 menggunakan Model Penilaian Semula.

01.01.20X1 Kos Asal Tanah - RM10j

ii. Jabatan A melaksanakan Model Penilaian Semula

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.

31.12.20X2 Fair Value Tanah - RM8j

Dt. Tanah RM10j

Kt. Tunai RM10j

Dt. Tanah RM1.5j

Kt. Rezab Penilaian Semula RM1.5j

Dt. Rezab Penilaian Semula RM1.5j

Kerugian Penilaian Semula RM2j

Kt. Tanah RM3.5j

Pembaikan, pengubahsuaian dan penyelenggaraan (e.g. kos buruh & consumables) untuk mengembalikan dan mengekalkan faedah ekonomi masa depan

i. Meningkatkan nilai faedah ekonomi dan potensi perkhidmatan

ii. Memanjangkan usia guna

iii. Penggantian Komponen penting/besar

DIBELANJAKAN DIPERMODALKAN

Mengiktiraf Perbelanjaan susulan



42

• Susutnilai adalah satu kaedah memperuntukkan kos boleh disusutnilai sesuatu aset ketara dalam tempoh usia gunanya

Susutnilai

• nilai aset akan berkurangan sewaktu usia gunanya disebabkan oleh penggunaan, lusuh (wear and tear), fizikal aset merosot, keusangan teknologi

Kenapa menggunakan

susutnilai?

• 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.

Oleh itu

Susut nilai


Transitioning to A New Accounting Landscape

43

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)

Faktor-faktor yang

menentukan usia

guna




Property, Plant and Equipment Classification and Useful Lives

45

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



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


PENYAHIKTIRAFAN DERECOGNITION

Terimaan bersih Nilai Bawaan aset Untung/(Rugi)

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.

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.


a) at cost if acquired through exchange transaction; or

b) at Fair Value if acquired through non-exchange transaction


i. Fair Value Model

• 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)


AGRICULTURE

A biological asset is a living animal or plant.

Agricultural produce is the harvested product of the entity’s biological assets.

(MPSAS 27)


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.


Agriculture


Measurement

Initially measured at fair value less costs to sell. If fair value cannot be

measured reliably, measured at cost.

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.

Biological Asset

Initially measured at fair value less costs to sell at the point of harvest and accounted as inventories.

Agricultural Produce

Intangible Assets An intangible asset is an identifiable non-monetary 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.


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.


POLISI BERKAITAN LIABILITI

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]


LIABILITIES

PAYABLES UNDER

EXCHANGE TRANSACTION

TAXES PAYABLE

GRANTS AND FIXED CHARGES

(Promissory notes issued to International

Organisations)

GRANTS AND FIXED CHARGES

(Domestic Grants and others)

PROVISION

BORROWING

PENSION PLAN AND GRATUITY




• The obligation meets the definition of a liability; and

• the amount at which the settlement will take place can be measured reliably.

An item is recognized as a

liability in an entity’s financial

statements if:

General Requirements

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.



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)


Measured at amortized cost.

Taxes Payable



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.

Provision


Provision is a liability of uncertain timing or amount

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.



Recognized in the period when the employee services are received

Measurement: 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]

Pension Plan and Gratuity


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.

POLISI BERKAITAN HASIL

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


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.



General requirements


Tax Revenue

Income Tax

Other Direct tax

Customs Duties

Sales Tax on locally Manufactured

Goods and Imported Goods, Goods and

Service Tax, Service Tax, Excise Duties

Miscellaneous Taxes

Non-Tax Revenue

Licenses, Registration Fees and Permit

Service and Services Fees

Sales of Goods

Rental

Interest

Dividend

Fines and Penalties

Contributions and Compensation from

foreign countries and local contributor

Service In-kind

Exploration of oil and gas

Miscellaneous receipts

Refund of Expenditure

Receipts from Government Agencies

Revenue from Federal

Territories

Tax revenue-Land Assessment

TYPES OF REVENUE

Income Tax

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


Assessment Year

Submission Year

Tax revenues are to be recognized by reference to the earning of

assessable income by the taxpayers

Specific requirement:

OTHERS TAX REVENUE

• 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.

Other Direct Taxes including quit rent

assessment

• 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 as and when the levy was imposed and received. There is no requirement to accrual such levy.

Customs Duties – Export & Import, Excise Duties on Imported Goods,

and Levy

• Sales Tax on Locally Manufactured Goods and Imported Goods, and Service Tax are recognized as revenue upon sale of goods and services (i.e. at point of sale to end user)

• Excise Duties on the general goods are recognized as revenue when the goods leave the factory.

• Excise duty on vehicles produced locally will 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.

Sales Tax on Locally Manufactured

Goods and Imported Goods,

Service Tax, Excise Duties

• 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.

Miscellaneous Indirect Taxes

64

• Customs revenue except GST shall be recognized as revenue when payment is received.

• This is to take advantage of the transitional provision of

MPSAS 23 to give more time to JKDM to get ready the system to accrued revenue when it is earned.

Non-Tax Revenue

• 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

Licenses, Registration

Fees and Permit

• An entity may, but is not required to, recognize services in-kind as revenue and as an asset.

Services In-kind

• 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. Dividend


Non-Tax Revenue

• 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.

Service and Services

Fees

• Recognized as revenue on straight line basis over the lease term. Rentals


Non-Tax Revenue

• 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.

Sales of Goods

• 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

Exploration of Oil and

Gas


Non-Tax Revenue

• 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.

Fines and Penalties

• Meet the general requirement

Contributions and Compensation from

Foreign Countries and Local

Contributors


Miscellaneous Receipts

• 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.

Refunds of Expenditure

• If revenue and cost recorded are inter-departmental transactions, it should be eliminated.

Receipts from

Government Agencies


Revenue from Federal Territories

• Recognized upon passing the annual levy date

• the requirement may result in the recognition of tax receivable and measured at transacted cost.

Tax Revenue-

Land Assessment


POLISI BERKAITAN BELANJA

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]



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

Raw Materials and Spares

Grant and Fixed Charges

Scholarships, Sponsorship and Educational Aids

Subscription paid to international

organizations

Insurance Claim and Compensation

Interest, Dividends and Debt Charges

Other expenditures

Interest on Borrowings

Transaction Cost on

Drawdown of Borrowings

Other Service Cost on

Borrowings

Refund of Tax

Write-offs of Loans

Receivable)

Write-offs of Taxes

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.

Supplies and Services

• 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.

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 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.

Rental Expense

• Expensed off or capitalized as inventory depending on the purpose of the usage of such supplies.

Raw Materials and Spares


Grant and Fixed Charges

• 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.

Scholarships, Sponsorship and Educational Aids

• Expense off at transacted cost. Subscription

paid to international organizations

• 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.

Insurance Claim and

Compensation


Interest, Dividends and Debt Charges

• 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.

Interest on Borrowings


Interest, Dividends and Debt Charges (contd’.)

• 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

Other Service Cost on

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.

Transaction Cost on

Drawdown of

Borrowings


POLISI BERKAITAN KUMPULAN WANG DISATUKAN

The concept of Consolidated Fund will be maintained under the accrual basis of accounting


Concept of Consolidated Fund

• 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 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.

•Borrowing shall be recognized as Financial Liabilities.

Consolidated Loan Account

•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.

Trust Accounts


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 liability of the Government Trust Fund

• Except for loan acquired for the purpose of the fund shall be credited to General Fund.

• Shall be recognized as liability to the Public Trust Fund

Revenue collected

• Recognized as revenue to the trust fund

• Recognized as revenue of the 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

• Recognized as expense to the trust fund

Depreciation charge

• Recognized as expense to the Government Trust Fund

• Recognized as expense to the Public Trust Fund

Preparation of Financial Reports

• Shall prepare Statement of Financial Performance and Statement of Financial Position

• Shall prepare Statement of Financial Performance and Statement of Financial Position




Consolidation • Revenues, expenses, assets and liabilities of the government trust accounts shall be consolidated with General Fund.

• Shall be consolidated: Financial assets and financial liabilities of the public trust accounts shall be consolidated with General Fund.

• Shall not be consolidated: Revenues, expenses, non-financial assets and non-financial liabilities of the public trust accounts.


• 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.


DEPOSITS

POLISI LAIN


Others policy

Leases

Foreign currency

translation

Impairment of Non-financial

assets

Impairment of Financial

Assets

Comparison budget

Segment reporting

Contingent liabilities

Accounting policies,

changes in accounting

estimate and errors

Related party

disclosure

Event after reporting

date


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.


Leased assets are to be depreciated using policies consistent with that for

depreciable assets that are owned.

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.


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.

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.


Foreign currency translation

For transactions

• Monetary items, ‘non-monetary 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.

For foreign operations

• 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.

Initial Measurement Subsequent Measurement

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