Discuss the measurement of deferred tax in accordance with MPERS.
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The Malaysian Private Entities Reporting Standards (MPERS) issued by Malaysian Accounting
Standards Board (MASB) is applicable to private entities in Malaysia. However, private entities
shall comply either MPERS or Malaysian Financial Reporting Standards (MFRS) in preparation
of its financial statements. The objective of financial statements of private entity is to provide
information about the financial position, performance and cash flows of the entity that is useful
for economic decision-making by a broad range of users.
a) Discuss the measurement of
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- Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or monthsThe Malaysian Accounting Standards Board (MASB) is adopting two sets of accounting framework issued by International Accounting Standards Board (IASB), namely, the International Financial Reporting Standards (IFRS), and the Private Entity Reporting Standards (PERS). All these frameworks are legally approved by MASB and can be applied by entities in Malaysia. Discuss SIX (6) costs of adopting the above-mentioned frameworks in Malaysia.Identify the private sector professional accountancy bodies that regulated the financial accounting and reporting practices in Malaysia before the establishment of the Malaysian Accounting Standard Board in 1997
- Which decision has CPA Canada made with respect to financial reporting for private enterprises? a. To adopt the IFRS standards for small and medium-sized enterprises. b. To retain the current standards. c. To look to US GAAP for standards. d. To develop and maintain its own standards for private enterprises.What type of circumstances would drive an organization to comply with US Generally Accepted Accounting Principles (GAAP)? Choose all that apply. Lender reporting requirements International Financial Reporting Standards (IFRS) requirements Equity investor reporting requirements An audit by the internal revenue services (IRS)An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements. International companies follow the International Financial Reporting Standards, which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements.Critically assess how the use of principles-based standards will aid effective standard-setting by the International Accounting Standard Board (IASB), and aid decisionusefulness for stakeholders. You should develop your arguments in the context of appropriate accounting theory?
- What choice(s) do private enterprises have in their financial reporting in Canada? a. They have no choice at all; they will need to report under IFRS b. They may elect to continue with differential reporting. c. They may adpot accounting priniciples that are appropriate to the circumstances. d. They may elect to report under either IFRS or ASPE but once adopted, must use all the standards.An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements. International companies follow the International Financial Reporting Standards, which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements. Examine the role of accounting concepts and conventions in the preparation of financial statement?Each of these parties plays a role in the quality of financial reporting. Match each group with its function. Groups Functions 1.____________ Financial AccountingStandards Board a. Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded. 2. ___________ International AccountingStandards Board b. Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States. 3. ___________Securities and Exchange Commission c. Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company’s financial statements. 4. ___________ Auditors d. Body that is attempting to develop a single set of high-quality, understandable global accounting standards.
- What are the acceptable methods of accounting for business operations in a foreign country? Choose a publicly-traded company that operates internationally and identify the impact that the foreign operations have on the financial statements. Explain.Discuss the following topic(s) Discuss the internal audit functions in Malaysian public sector organisation.Discuss the internal audit functions in Malaysian private sector organisation.Give examples on the differences of the internal audit function between public and private sector organisation.Explain in more detail below how does this difficulties face in accrual accounting .. explanation and examples One of the most challenging aspects is the Development of new system, 1GFMAS (1 Government Financial and Management Accounting System). Application of accounting standards in the government sector is more difficult than in the private sector which is comparatively less diversify and small in size. This same difficulty was faced by Malaysian government. Another difficulty was obtaining opening balance of the assets owned and controlled by the Federal Government.
