PPE continue to be an important assets to any businesses. This article summarises 10 key takeaways on the accounting requirements for PPE under IAS 16.
Financial Accounting
Latest News, Opinion and Technical Articles for Financial Accounting.
Posted inFinancial Accounting
Inventories: Comparison between MPSAS 12, MFRS 102 and Section 13 of MPERS
This article discusses and compares the accounting treatment for inventories under MPSAS 12, MFRS 102 and Section 13 of MPERS. It highlights the main differences in the accounting treatment for inventories under the three standards. This article, however, will not cover the discussion on which entity will use which standard as this discussion. Instead, the […]
Posted inFinancial Accounting
MPSAS 32: Service Concession Arrangements – Grantor
The article discusses accounting requirements for service concession arrangements for grantor and how it mirrors the operator’s perspective.
Posted inFinancial Accounting
Borrowing Costs: Comparison between MPSAS 5, MFRS 123 and Section 25 of MPERS
The article brings to you the comparison of the accounting treatment for borrowing costs under MPSAS 5, MFRS 123 and Section 25 of MPERS.
Posted inFinancial Accounting
MAIG 3: Preparation of consolidated financial statements for a group that disposed of its only subsidiary during the financial year
In this article, we are bringing to you the latest implementation guidance which discusses the preparation of consolidated financial statements for a group that had disposed of its only subsidiary during the financial year. This implementation guidance, named as MFRS Application and Implementation Guide 3 (“MAIG 3”), is issued by the MFRS Application and Implementation […]
Posted inFinancial Accounting
MPSAS 23: Revenue from Non-Exchange Transactions (Taxes and Transfers)
This article discusses and summarises the revenue recognition requirements arising from non-exchange transactions, including taxes and transfers.
Posted inFinancial Accounting
MPSAS 21: Impairment of Non-Cash Generating Assets
For this round, we discuss a specific public sector accounting standard – MPSAS 21, which talks about the impairment of non-cash generating assets. This accounting standard is not available for entities in the private sector. This is because private sector entities hold assets to generate economic benefits. They are often associated with its ability to generate […]
Posted inFinancial Accounting
IFRIC Agenda Decision: Supply Chain Financing Arrangements – Reverse Factoring
IFRS Interpretation Committee (“IFRIC”) had issued an agenda decision to summarise IFRIC consideration and decision relating to the disclosures and presentation of liabilities to pay for goods and services received under a reverse factoring arrangement. The agenda decision discusses and considers the presentation and disclosure requirements under the IAS 1 Presentation of Financial Statements, IAS […]
Posted inFinancial Accounting
IFRIC Agenda Decision: Configuration or Customisation Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets)
IFRS Interpretation Committee (“IFRIC”) had issued an addendum on 27 April 2021 to summarise IFRIC consideration and decision relating to the configuration and customisation costs in a cloud computing arrangement. This addendum follows the initial discussion on the same issue in its IFRIC Update in March 2021. The issue submitted to IFRIC is on how […]
Posted inFinancial Accounting
Factsheet Series: IFRS 16 Leases – The lessee perspective
In this article, we bring to you IFRS 16 Leases from the lessee perspective. IFRS 16 was issued by the International Accounting Standards Board (“IASB”) in January 2016. IFRS 16 replaces the previous lease standard, IAS 17 Leases with significant changes made on the accounting treatment for lease transactions for lessees. The accounting requirements for […]