Course Overview

Essential MFRS and IFRS Financial Reporting Requirements : Application of International Financial Reporting Standards (IFRS) Financial reporting is essential for statutory financial statements audit and filing for incorporated companies. There are also recent amendments made to IFRS which also cascade to amendments in Malaysian Financial Reporting Standards (MFRS) for companies for reporting periods since Year 2024 and Year 2025 financial reporting year.

The two days programme will cover the applications, calculation, measurement and relevant disclosures as per required by amendments issued by International Financial Reporting Standards (IFRS) and amendments indicated in Malaysian International Financial Reporting Standards (MFRS).

Course Objectives

On completion of this Essential MFRS and IFRS Financial Reporting Requirements programme, participants will be able to:-

1. Understand corporate governance best practice and link to importance of preparation of financial statements using appropriate accounting standards and notes to the financial statements
2. Prepare financial statements and notes to financial statements according to updated International Financial Reporting Standards (IFRS) and Malaysian Financial (MFRS) Reporting Standards
3. Equip oneself with updated relevant IFRS/MFRS relevant to all industries
4. Understand the consequences of non-compliance with financial reporting regulations.
5. Ensure timely, accurate, and audit-ready financial reporting

Methodology

Where appropriate, activities will include the following:

• Interactive Lecture & Videos
• Facilitated Group Discussions & Quiz
• Practical hands on illustrative examples, learning exercises and case studies
• Note: Participants are required to bring laptop devices for excel learning exercises.

Who Should Attend

The Essential MFRS and IFRS Financial Reporting Requirements are programme suitable for:

Management trainees, staff with junior, senior levels of accounting & finance professionals who wish to refresh learning on latest updates on key financial reporting and accounting standards in financial reporting tasks.

Course Content

The key content of the program includes the following:

Module 1: Understanding key regulation of financial statements preparation and impact of amended MFRS 101, 107 and 18.

• Understand types of reporting sections required for Integrated Annual Report for public listed companies such as directors report, auditors report, corporate governance report, Management Discussion and Analysis (MDA), GRI sustainability reporting and Bursa ESG platform
• Understanding amendments for MFRS 101 -Non-current liabilities with covenants and MFRS 107: Statement of Cashflows amendments
• Requirements for MFRS 18 (issued in June 2024) Presentation and Disclosure of Financial Reporting for financial reporting and changes required for public listed company reports
• Mapping of chart of accounts of company based on MFRS 18 requirement for financial reporting

Module 2: Application of accounting standards for assets

• Property, Plant & Equipment (MFRS 116) – Capitalisation criteria and depreciation models
• Fair value and revaluation adjustments (MFRS 13)
• Leased assets (MFRS 16 – Right-of-use assets-ROU) and amendments to MFRS 16: Lease Liability in a Sale and Leaseback effective after 1 January 2024.
• Accounting for Biological Assets (MFRS 14) – Key concepts, measurements, reporting, subsequent measurements and key disclosures

Module 3: Accounting for Impairments and Provisions

• MFRS 136: Recognising and measuring impairment losses
• MFRS 137: Provisions vs accruals; contingent liabilities

Module 4: Accounting for Revenue Recognition

• Revenue from Contracts with Customers (MFRS 15)
  • 5-step revenue recognition model with latest updates
  • Allocating transaction price and contract modifications
  • Common pitfalls in timing and disclosures

Module 5: Amendments for MFRS 9 and MFRS 7 Financial Instruments

• Key amendments for measurement and classification of financial instruments for financial statements reporting after 1 January 2026.

Module 6: MFRS 121 The Effects of Changes in Foreign Exchange Rates and amendments (wef 1 January 2025)

• Amendments for MFRS 121 scope:  Lack of exchangeability
• Determination of exchange spot rate framework
• The know hows of Translation to a Hyperinflationary Presentation Currency for financial statements format.

Module 7: MFRS 19: Subsidiaries without Public Accountability: Disclosures

• Essential disclosures for financial reporting effective from 1 January 2027.