Advanced Financial Accounting Practices & Procedures (PDT131)

03 August 2017 - 04 August 2017

INTRODUCTION
As the competition in the business world gets intensified, the accounting functions of a business become more important in creating a competitive advantage for the business in providing accurate and timely information for decision making. However, in order to be able to accomplish this objective, the accounting personnel must be well versed with the current and in-depth accounting practices and the procedures.

This two-day course aims to assist the participants to expose themselves to various important and current financial accounting standards. The participants will acquire better understanding of the Malaysian accounting practices and procedures in performing their daily functions.

OBJECTIVE
Upon completion of the course, participants will be able to:
• understand advanced financial accounting practices and procedures
• understand relevant issues and concepts in financial reporting
• understand relevant concepts in financial accounting
• understand accounting practices for closing inventories
• prepare financial statements in accordance with MASB Standards
• prepare cash flow statements
• perform analysis and interpretation of financial statements

COURSE OUTLINE

MODULE 1: INTRODUCTION TO MALAYSIAN APPROVED ACCOUNTING STANDARDS
• Statutory regulations on Financial Accounting and Reporting
• Development of MASB Standards

MODULE 2: ACCOUNTING PROFIT
• The meaning and measurement of accounting profit
• Requirements of statutes and accounting standards

MODULE 3: CONCEPTS OF REVENUE RECOGNITION
• MMFRS118 Revenue
• Measurement of revenue
• Timing of revenue recognition
• Recognition of sale of goods
• Recognition of service revenue
• Recognition of interest income
• Recognition of royalties
• Recognition of dividends

MODULE 4: PRESENTATION OF INCOME STATEMENT
• MFRS101 Presentation of Financial Statements
• Nature of expense method
• Function of expense (cost of sales) method
• Profit or loss from ordinary activities
• Extraordinary items
• Correction of fundamental errors
• Changes in accounting estimates
• Changes in accounting policies

MODULE 5: NON CURRENT ASSETS, DEPRECIATION, REVALUATION AND IMPAIRMENT
• MFRS116 Property, Plant and Equipment
• Recognition of property, plant and equipment
• Depreciation
• Review of useful life and depreciation method
• Recoverability of carrying amount
• Retirements and disposals
• Revaluation of fixed assets

MODULE 6: ACCOUNTING FOR INVENTORIES
• Requirements of statutes and accounting standards
• MFRS102 Inventories
• Measurement methods under Historical Cost Convention
• Basis of stock valuation

MODULE 7: CASH FLOW STATEMENTS
• MFRS107 Statement of Cash Flows
• Presentation of Cash Flow Statement
• Operating activities
• Investing activities
• Financing activities

MODULE 8: ANALYSIS AND INTERPRETATION OF FINANCIAL STATEMENTS
• Income statement
• Balance sheet
• Cash flows statement
• Ratios analysis

METHODOLOGY
Workshop, exercises, lectures, dialogue and Q&A sessions

WHO SHOULD ATTEND
Accounts/ finance executives/ officers/ assistants, administrators, supervisors, department heads and executives and staff who need to manage various accounting functions.

TRAINER’S PROFILE
Mr. Lok Char Lee holds a Bachelor of Accounting Degree (Hons) from Universiti Malaya and a Masters Degree in Information Technology from Universiti Sains Malaysia. He is a Chartered Accountant registered with Malaysian Institute of Accountants (MIA), a member of the Chartered Institute of Management Accountants (CIMA) and Fellow of the Chartered Tax Institute of Malaysia (CTIM).

Mr. Lok has more than 15 years of working experience and obtained his accounting and finance experience while working as a statutory auditor and tax consultant in various local and international auditing firms. His work experience encompassed various accounting, auditing, costing and taxation aspects for clients ranging from small medium enterprises to multinational companies which consist of manufacturing, trading, property development, construction and financial institutions.

Mr. Lok has trained directors, managers, executives, officers and clerks in the areas of management, accounting, finance, taxation, costing and budgeting. He is a regular trainer for small and medium sized enterprises, large companies and multinational corporations. Mr. Lok is senior lecturer in accounting at the School of Management, USM. He is also experienced in teaching professional courses such as CIMA, ACCA and AIA at various private colleges.

Mr. Lok is co-author for the book “Principles and Contemporary Issues in Internal Auditing”.

Given below is the list of past assignments accomplished by Mr. Lok:
1. Finance For Non-Financial Managers and Executives
2. Developing Effective Accounts Personnel
3. Cost & Management Accounting Practices & Procedures
4. Preparation Of Financial Budgets & Creative Accounting
5. Advanced Financial Accounting Practices & Procedures
6. Effective Management Of Accounting Functions
7. Effective Management of Corporate Taxation
8. Effective Stocktaking and Evaluation (Conducted in Mandarin)
9. Understanding Financial Reporting Standards in Malaysia
10. Preparation of Corporate Financial Statements Under Financial Reporting Standards in Malaysia

He brilliantly incorporates his knowledge and expertise it into his trainings. Some of the organizations that have benefited from his expertise include:
• Advanced Medical and Dental Institute (AMDI), Bertam
• APM Industries Holding Sdn Bhd
• BOH Plantations Sdn Bhd
• Goh Ban Huat Berhad
• Hovid Berhad
• Jabatan Pembangunan Koperasi Pulau Pinang
• Kaga Components (Malaysia) Sdn Bhd
• Latexx Manufacturing Sdn Bhd
• Malwira Manufacturing Sdn Bhd
• Rajang Port Authority, Sibu
• Santomas Sdn Bhd
• Tanaka Electronics Malaysia Sdn Bhd
• TRW Steering & Suspension (M) Sdn Bhd
• UAC Berhad

DURATION
2 days (9am – 5pm)

COURSE FEE
Program 100% Claimable under SBL Scheme
PSDC Members: RM 800/pax
Non-Members: RM 900/pax

All prices listed above are subject to GST effective 1 April 2015.

Training dates subject to change