Webinar Percukaian 2022

 

Bengkel ODL Siri 2

 

25 Mac 2022 - Sempena pembukaan Semester Mac-Ogos 2022, pihak Fakulti Perakaunan, UiTM Cawangan Perlis mengadakan Bengkel ODL ke-2  bertempat di Makmal Komputer, Perpustakaan Dato' Jaafar Hassan, UiTM Cawangan Perlis hari ini. Antara objektif utama bengkel ini adalah untuk memberi peluang kepada para pensyarah untuk memahami semula, menambahbaik ilmu dan  kemahiran  penggunaan _Adobe Creative Educator, Webex, Zoom, Flipgrid_ dan _Sway_ dalam memastikan proses pengajaran dan pembelajaran berjalan dengan lancar. Bengkel ini telah dirasmikan oleh YBhg. Prof. Ts Dr Mohd Azlan Mohd Ishak, Timbalan Rektor Hal Ehwal Akademik, UiTM Cawangan Perlis pagi tadi. Turut hadir YBrs. Prof. Madya Dr Azrul Abdullah, Ketua Pusat Pengajian, Fakulti Perakaunan, UiTM Cawangan Perlis.Setinggi-tinggi penghargaan dan terima kasih kepada barisan penceramah, Ahli-Ahli Jawatankuasa ODL Fakulti Perakaunan, para peserta dan semua pihak yang terlibat dalam menjayakan bengkel ini.

Sembang Cukai 2022

 

Rabu, 23 Mac 2022- Seramai 93 orang kakitangan UiTM Cawangan Perlis telah menyertai Program Sembang Cukai 2022 anjuran Jawatankuasa Komuniti, Masyarakat dan Alumni Fakulti Perakaunan, UiTM Cawangan Perlis secara atas talian menerusi saluran Webex. Program ini telah dibimbing oleh dua orang Pensyarah Kanan Tuan Haji Abdul Rashid Sintha Madar dan Puan Norizam Ahmad yang arif dalam bidang percukaian. Sesi ini turut dibantu oleh YBrs. Prof Madya Dr Azrul bin Abdullah, Ketua Pusat Pengajian Fakulti Perakaunan dan para pensyarah Fakulti Perakaunan, UiTM Cawangan Perlis. Program ini adalah merupakan perkongsian awal sebelum Webinar "Tax Relief" Tahun Taksiran 2021 dan Khidmat Runding Cara E-Filing yang akan diadakan pada 1 April 2022. Secara umum, program ini telah membincangkan secara santai tentang tatacara percukaian bagi tahun 2021, persediaan dokumen dan beberapa tips dalam perancangan cukai. Ia diharapkan dapat membantu peserta untuk membuat persediaan sebelum mendapat khidmat runding cara secara bersemuka bersama Pegawai dari LHDN Cawangan Kangar pada hari yang sama iaitu 1 April 2022. Program Sembang Cukai 2022 ini turut disertai kakitangan sokongan UiTM Cawangan Perlis. Program ini mendapat maklum balas yang sangat baik daripada para peserta dan berharap dapat berkongsi tips percukaian berhemat kepada warga UiTM Cawangan Perlis.

Besar harapan para peserta mendapat manfaat dari sesi santai ini dan mendapat penjelasan berhubung tatacara percukaian bagi merancang pengurusan dan pelepasan cukai lebih baik.

 

Bagi merancakkan lagi aktiviti penulisan di kalangan pensyarah-pensyarah di Fakulti Perakaunan, Perlis, pihak JK Penyelidikan dan Inovasi telah menganjurkan "Accounting Paper Coaching Clinic" bermula 14 Feb 2022 sehingga 16 Mac 2022.

Penyertaan daripada para pensyarah amatlah dialu-alukan untuk menjayakan matlamat penerbitan jurnal² ilmiah.

Untuk membuat tempahan sessi, para pensyarah diminta untuk mengisi Google Form spt link di bawah. Maklumkan juga kepada kami (pihak jawatankuasa) setelah pendaftaran di Google Form telah dibuat. Terima kasih.

#facperlis
#uitmperlis #goaccounting

https://docs.google.com/forms/d/e/1FAIpQLScBxhEM5ZnLK34A3y9Zijol2_unHROkoHF8DufThuw3I0kNSw/viewform?usp=pp_url

 

 

MFRS116: Before and After Amendments on Proceeds before Intended Use for Property, Plant and Equipment

Nor Kartini Mohd Rodzi, Senior Lecturer of Faculty of Accountancy, UiTM Perlis Branch

 

MFRS116 is a Malaysian Financial Reporting Standard applicable for long-term assets that outlines the accounting treatment for property, plant and equipment. In June 2020, a new amendment on MFRS 116 Property, Plant and Equipment related to the proceeds received before the asset's intended use had been prescribed by Malaysia Accounting Standard Board (MASB). Proceed received before the asset's intended use means the difference between sales of items produced during the testing process and related costs incurred in bringing the assets to their location before the intended use. The effective date of the amendments is on or after 1^st January 2022. However, entities are allowed to apply the amendment before the effective date. These changes applied to all Malaysian corporate entities for the financial reporting of the business.

The current requirement is to deduct the proceeds from selling the items from the initial cost of property, plant and equipment (PPE). It resulted in entities incorporating amounts that did not faithfully represent its performance. The other impacts are understating the entity's income and the carrying amount of the asset. The current practice impaired the usefulness of financial information such as return on asset ratio to users of financial statements.

Different interpretation uses with regards to the proceeds from selling items derived during the testing process. Some entities deduct only the proceeds from the sale of sample items derived during the testing process. Other entities subtract proceeds of all sales until an asset is ready to operate as required by management. The deducted proceeds should exceed the cost of testing and be significant to the initial costs of the assets. To encourage harmonization of the accounting practices among corporate entities in Malaysia, MASB agreed to clarify this matter through the amendments as below:

• Any proceeds from selling items derived during the testing process are recognised as an income in profit or loss per MFRS15 Revenue from Contracts with Customers or MFRS140 Agriculture.

• Costs of such items produced during the testing process using the measurement method of MFRS102 Inventories are recognized in profit or loss.

The scenario below further explains the amendment on proceeds before intended use. Table 1 shows a comparison of the initial cost of the amendment.

Company A acquired machinery from a foreign country to increase the production of organic fertilizer for RM900,000. The following information relates to the new machinery.

 

 

	RM
Delivery cost	50,000
Installation cost	10,000
Testing of machinery by producing samples	12,000
Proceeds from sales of sample produce during the testing process	4,500

Determine the initial cost of the new machinery.

 

Table 1: Calculation of initial cost of the asset before and after amendment using the above scenario

Before Amendment	RM	After Amendment	RM
Purchase price           Delivery cost                   Installation cost             Testing cost                    Proceeds from sales of sample Initial costs	90,000 50,000 10,000 12,000 (4,500) 157,500	Purchase price           Delivery cost                    Installation cost             Testing cost                    Proceeds from sales of sample Initial costs	90,000 50,000 10,000 12,000 (4,500) 162,000
Effects of the adjustment: 1.    Income understated in profit or loss 2.    Carrying amount of asset understated in the financial position		Note: Proceeds from sales of the sample are recognized as an income in profit or loss. Effects of the adjustment: 1.    Improve entities performance 2.    Carrying amount of assets is NOT understated in financial position.

 

The new amendment prohibits entities from deducting proceeds from the sale of sample items as part of PPE costs (Selvarajah, 2021). After the amendment, the amount capitalized as the initial cost is limited to the testing cost of the asset. Instead, sales proceeds and related costs are recognized in profit or loss since they satisfy the definition of income and expenses that reflect the entity's performance for the period.

Entities are required to apply retrospective application by treating as if the new policy had always been in use. The adjustment for the opening balance of retained earnings is compulsory to show the restated balance amount for the earliest prior period presented. The timeline below explains the practice of retrospective application.

 

            Figure 1: Example of timeline for the retrospective application

 Source: (The AccSense Team, 2021)

 

Based on the above example, the PPE item is ready for its intended used by management is on 1^st April 2021. All entities are required to restate the opening balance of retained earnings on 1^st January 2021 to reflect the effect of the amendments. Therefore, any sale proceeds and related costs generated during the testing period are recognized in profit or loss starting on 16 November 2020.

The amendment will improve financial reporting on the entity's performance as well as users’ decision-making. Furthermore, the harmonisation of accounting practices among corporate entities in Malaysia is achievable. It enhances the comparability of the entity's financial reports and makes the accounting information is more relevant and faithfully represented.

 

References:

Selvarajah, J. (2021, September 6). MFRS 116 (IAS16) Property, Plant and Equipment Latest Update. MIA-ACCA Train the Trainer (10th Session).

The AccSense Team. (2021, September 2). Amendments to MFRS 116 Property, Plant and Equipment: Proceeds before Intended Use - TheAccSense. Retrieved from https://www.theaccsense.com/: https://www.theaccsense.com/accounting/financial-accounting/amendments-to-mfrs-116-property-plant-and-equipment-proceeds-before-intended-use/